Relevancy of my summer internship
I recently secured an RFP role at one of the top 10 asset managers. Previously, I completed a DCM internship at a European middle-market bank.
I'm now debating whether to accept this role, as the title suggests a middle-office position despite the strong brand name. The interview process was also quite confusing, as the job scope differs from what was stated in the job description. My interviewer also holds a CFA and works as a fixed-income product specialist.
My long-term goal is to work in front-office investments or an IBD role, so I’m concerned that this internship won’t meaningfully contribute to my experience—especially with penultimate recruitment approaching. That said, I understand that large asset managers typically reserve front-office or direct investment summer internships for MBA/Masters students rather than undergraduates.
Given these considerations, I would appreciate any insights on whether taking this role could still be beneficial or if I should hold out for a more relevant opportunity.
Based on the most helpful WSO content, here's what you need to consider:
Brand Name vs. Role Relevance: Securing an internship at a top 10 asset manager is a strong signal on your resume, especially for future applications. However, the middle-office nature of the RFP role may not directly align with your long-term goal of front-office investments or IBD. Recruiters in IBD or front-office roles typically prioritize experience that demonstrates direct exposure to deal-making, financial modeling, or investment decision-making.
Previous DCM Internship: Your prior DCM internship at a European middle-market bank already provides some relevant exposure to capital markets. This experience could be leveraged in future applications, especially if you can articulate your contributions and technical skills gained during that role.
Penultimate Recruitment Timing: With penultimate recruitment approaching, the RFP role could serve as a placeholder if no other opportunities materialize. However, if you believe you can secure a more relevant internship (e.g., boutique IB, equity research, or even a smaller asset manager with front-office exposure), it might be worth holding out.
Networking Opportunities: Even in a middle-office role, being at a top-tier asset manager could provide valuable networking opportunities. Engaging with front-office professionals, like your interviewer (a fixed-income product specialist with a CFA), could help you transition into a more relevant role in the future.
MBA/Masters Consideration: You're correct that large asset managers often reserve front-office internships for MBA/Masters students. This makes it even more critical to focus on roles that align with your long-term goals during your undergraduate years.
Recommendation:
Ultimately, the decision hinges on your confidence in securing a more relevant opportunity and your willingness to take a calculated risk.
Sources: https://www.wallstreetoasis.com/forum/investment-banking/week-4-of-ibd-internship-initiation?customgpt=1, I don't know if investment banking is right for me anymore, What offers would you take over a BB S&T?, London Advice on current situation and transition to IBD/S&T, Need advice on my internships options for this summer
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