Stuck in a catch 22: LevFin or Private Debt to M&A?

If you're going for IB it makes sense to intern in IB instead of buyside. I interned in LevFin and am doing M&A at a different bank full time, and even though recruiting in general this year was tough there was very little questioning about my reasons for switching beyond my standard "why M&A?" answer. At the intern level they don't expect u to be a technical wizard beyond general finance knowledge - they care about whether you can be effective in an IB environment and take the heat. There's generally too much variability on the buyside for it to be a good indicator of if you'll do well on the sell side. But a prior internship in a well known banking group speaks for itself. if it's KKR or Blackstone or something then I guess an argument can be made based on pure prestige but otherwise I think LevFin is the safer option. Congrats on both offers

Congratulations on receiving two internship offers in the finance industry! Both LevFin and private debt are relevant areas of finance that can provide valuable experience and skills for a career in investment banking.

If your ultimate goal is to transition to M&A, then LevFin may be a more direct path as it is more closely related to M&A in terms of deal structuring and financing. However, it's important to note that the skills and experience gained in private debt could also be transferable to M&A, particularly in terms of deal analysis and due diligence.

EBITDoz

Hi Folks,

End of the off-cycle July-23 application's season. I got 2 offers so far:

• LevFin in an British bank with strong exposure to APAC market (not to name it);
• Special Ops (mostly complex private debt deal but also PE) team in a French investment funds (approx. 40bn AUM)

This is my first internship in the finance industry and my goal is to obtain a second internship in M&A.

In your opinion and regarding your experiences, which offer will lead me to IB M&A smoothly?

Is LevFin with HSBC?

Just asking because I was at Starbucks Colonnade the other day and overheard a couple HSBC analysts say “HSBC? … more like H-Ass-BC!”

Tells you a little something about the culture I think… 

Special ops sounds cooler so I would do that lol

Assuming LevFin is with Standard Chartered, I'd say go with interning in the investment bank. Also fits better in a story as to why you want to move to M&A since you've worked in a similar role on the sell-side.

Also are both in London? If the Private Debt isn't, I'd also suggest London since it seems all the European moves there earlier in their careers.

Clearly you’re either speaking about HSBC or Standard Chartered. HSBC’s LAF platform is decent. If in Europe it’s stronger than in the US but decent BB exits regardless

HSBC is non existent in the US lol.