I am a sophomore at a non-target and I have received offers for summer 2018 and want to hear what y'all think would look best for future in IB... Wealth and Asset management rotational analyst at an independent financial adviser (9 billion AUM), equity research summer analyst at an indpendent financial adviser (14 billion AUM), asset management intern at Fidelity, or BO at a BB....
Any recommendations on which to accept or which would better prepare me for IB next summer?
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Is this the asset management internship at Fidelity Investments? If so, that's HUGE.
Second Frisbee take the fidelity AM internship that'll set you up for life
this position is within Fidelity's "investments team" aka their asset management division.
this will give you a great chance to join fidelity right out of college on the buyside thereby skipping the whole 1-2 year IB if your ultimate goal is to make it to the buyside
Equity research is the best for ib imo but sounds like you have good options
From my non-target school, several different individuals have worked at this office which has fairly good connections to NYC. They have very high placement at BB offices in NYC as well as high ER placement. The interns do take a trip to NYC to meet and network with various companies, but I am questioning the actual value of this trip.
I think it would be a very safe bet, but the location is not ideal (think city in the southern states i.e. Houston, Dallas, OKC, etc.) for networking opportunities.
Geographic location is also something to consider here.. could be difficult networking with professionals in your target city if you're not there.
Also, depending what type of back office the BB internship is, I would actually consider doing that. Especially coming from a non-target, it would not only give you a name brand on your resume, but it would give you a new HUGE pool of bankers to network with. You should have a directory of everyone who works at the firm through ur email, and as long as you're polite, you should be able to reach out to any banker without problems at all. Especially so if you indicate you're going into Junior year (they will be much more receptive knowing you are applying to SA from BO rather than FT IBD), knowledgable, know your shit, and would be an overall cool person to work with. Bonus points if you could get them to introduce you to some of their friends outside the firm.
Cavaet to the above of course is depending on what division BO - things like valuations, accounting, product control, or something related would be great. Things like HR, IT, or compliance much much less so.
None of the internships are in NYC where I would really like to end up (next year SA in IBD as well as FT). I am still applying and in the process of interviewing for some sophomore diversity internships at some BB's as well as trying to get into the Spring weeks/weekends hosted by the BB's and other banks.
I want to leverage this summer to get into NYC IBD and am unsure of the best practices to do so.
Don’t go back office. Scratch that one off the list. Everything else will get you there
Definitely do the rotational. That experience will be much more valuable than any back office gig
my only hesitation within the rotational team is that their is a two week stint within back office operations. 3 weeks within both asset and wealth management, which I believe would be great. But, I feel like the two weeks doing back office I could be learning much more either in the equity research internship at the "financial adviser" or at Fidelity.
Oh my bad didn't read it carefully - any of those would be great, just don't do the purely BO one. I'd probably avoid the rotational too then given the BO stint. Good luck!
Fidelity.
Gotta disagree with the poster above about considering BO. I work in risk, which is obviously less competitive than banking, and we still mostly don't take BO people. The skill sets and especially, the mindsets are just too different.
thanks Cov, I appreciate the insight!
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