Hi,
I was recently offered a role as an off-cycle intern (starting in January) at an up-and-coming outfit in continental Europe where the majority (including the heads) came from a top notch US shop. The focus is very much on sponsor-led transactions but the general brand name of the shop they operate from is 5/10. Locally, however, all IB people are aware of the leadership change and the quality of the people who work there. The deal flow is very solid and would give me just the exposure I am looking for. Also, the guys are quite cool and I have befriended an associate who I think will look out for me an steer me in the right direction. Hours are brutal but I think it's probably worth it. Since they only take on 4 interns or so a year in this office (it's a global bank) I believe it is possible to secure a full-time gig by completing this internship (3 months - then consideration for full-time with immediate start).
At the end of last week I had a first round with a tier 1 US BB for an off-cycle internship that would start at the end of the summer and finish just before the other one starts. At the end of the interviews both interviewers said, "I think it went well. You will hear back at the beginning of next week and I believe the final round should be next week as well". I am fairly confident that I will get a final round. This would not be in a regional HQ but in a continental Europe satellite office. The firm has historically been top 3 in this market for the last 15 years and has a very strong presence. It is very common for 1st year analysts to go to London after just a few months. I should add that the conversion rate seems to be very high. Obviously this would be my first choice.
In between the two interviews I get a call from a partner from the boutique I interned with last summer (a top ranked industry-focus boutique). Since I was waiting for the second interviewer to call me I of course asked him if we could discuss the matter at another time. Today he called me and basically offered me a job. I would start as soon as possible. This is a satellite office in an interesting and emerging capital of big economy but with next to no banking presence. The only analyst in the office left to join the buy side and I would be the only banker in the office together with the partner and the VP. There are obvious advantages and disadvantages to this. I would like to add that this is a great firm where I made a bunch of friends (in a different office though) with a great culture but obviously long hours (which I don't really mind). The problem I see is that the ones that have secured good exits to the buy side have had prior analyst experience at BBs. The specific industry they cover is quite interesting but limits the exit opportunities given the size of the companies they deal with and the dynamics of the industry, although I would say that HFs and PEs are slowly moving into this space as well (high growth with I would say max. EV of $1,5bln - median would be between say EV of $75-100mln). I am more interested in traditional exits (HF/PE) which I would be much more likely to secure through option 1 or 2 (assuming that I get option 2, and secure FT offers).
Would appreciate some advice.
I am assuming it is best to contact tier 1 US BB on monday to let them know that my circumstances have changed?
bump
So you potentially have two internship offers and a full time job?
You seemed to have weighed the pros and cons up. In your position, I would:
See how my BB recruitment plays out. If you get it, do the internship and see if you get the job. If you do and are happy, great.....take it. Always good to start a more established place with a developed analyst programme. If you don't get, you have the first option to look at next since you said that starts when the BB internship finishes.
If the BB were to offer you a job, would the start be immediate or be for the following year? If the latter, you could still do the internship at the sponsor-led shop and see where you fit better.
Third one seems riskiest of all - satellite office....could be waiting for deal flow that might never get there. It's okay for senior people but as a junior, you want as much deal experience as possible.
Thanks for the reply.
Option 1 is firm and I have already signed with them.
I agree, getting the BB offer would the best and I could always fall back on firm one. I should add that they have an intern starting before me and apparently he's pretty good so there is the risk that they don't have the capacity to take on anyone if they make him an offer. The analyst programme of the firm 2 would start in the summer the following year. I would obviously still do the internship with firm 1 just for the experience. I would say that money-wise firm 1 would be best because the base pay in that country is £10k higher than the base pay for an equivalent role in London and the cost of living is lower. Also, the bonus component would be more variable than what it would be in London. Right now I quite honestly give a shit pay because I want to get the best experience possible but it's obviously a plus (i.e. I could pay down my student loan pretty quickly).
I gave the following some thought and would like to get your view on it:
I could accept the offer from firm 3 if I don't get an offer from firm 2 and stay there until the internship with firm 1 starts and jump ship if the previous intern didn't get an offer. I think it is fair to say that approx. 1.5 months before my start date at firm 1 I should know whether the other dude gets an offer or not. From my experience the decision is pretty much made in the first month or two. First impressions count... If
As for your concerns about deal flow. They have pretty good deal flow and they are not hiring me to expand the team. I would replace a 1st year associate who is leaving to join a buy side shop.
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