SP at BB or MO at Hedge Fund for Internship?

Hi all,

I'm currently an undergrad and have two offers for a summer internship: one is for a securitized products group at a BB and the other is middle office valuation role at Millennium. I am having trouble deciding because the work at the hedge fund sounds more interesting but pays significantly lower than the SP internship.

As a background, I study something technical and my finance exposure has primarily been through financial engineering classes, so I am interested more on the "quant" side of finance. The MO role involves pricing derivatives, learning about different products, and automating processes which all sound interesting. The SP internship involves some structuring, but I'm not sure how technical things will get. That said, I am open to exploring anything.

I am also interested in hearing what the career and compensation trajectory for these roles look like. How feasible is it for someone in MO at a hedge fund to transition to the front office? Similarly, what do the exit opportunities look like for someone in SP.

Any advice and insight would be appreciated :)

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