Summer Analyst (With A Fortunate Dilemma)
Hello Monkeys,
I have been recruiting pretty heavily as a sophomore and have been lucky to be given offers at three separate firms. I recognize I am fortunate to be in this position and that I cannot make a wrong choice, but I am having a hard time making up my mind. Any help would be great as I need to decide TODAY.
1) Large asset management and family office-oriented firm (Think: a private and more nimble version of a Vanguard/TRowe); Close to home (within 40 minutes); I can explore different areas, asset classes, divisions, etc. through value-add "projects"; Pay is decent (About $80k prorated) and I can live at home.
2) Mega-Bank (but not BB) Fixed Income S&T Rotational; Not close to home (must get an apartment); I will be constrained to an incredibly niche set of products/careers, Observational and project-based but I'd assume great learning experience; Great pay (With decent overtime, I will make easily over 110k prorated)
3) Niche LMM Restructuring Firm; Very close to home (within 30 minutes); Pay and hours are constrained (4 days/wk, 60k prorated), Project-based, but good preparation for the more competitive banking, PE, etc. type interviews.
I am lucky to be a sophomore and still considering junior summer/full-time careers, but I like the long-term ideas of software growth equity, institutional asset/investment management (hedge fund, endowment, etc.), and possibly banking/consulting. Where do you think I should go for the summer to learn the most, but still be competitive for recruiting?
So a couple things, for your long term career goals, IB is pretty much a pre-requisite for the better firms in those industries, unless you manage to recruit HF or AM out of undergrad (which is possible). Growth equity analyst roles are basically cold-calling shops, so I don't recommend doing that out of undergrad, but definitely something to explore down the line at a slightly higher level of seniority. So if you want to focus on building a strong profile for IB, you have to consider brand name and relevance of work.
Off the bat, I'd eliminate #1, probably the least relevant work exp of the 3. #2 is a good option given it's a good brand name, the core skills you learn during an S&T internship are pretty applicable to IB, but you're going to have to have a well-polished story as to why IB vs. why S&T. #3 is obviously not going to be a recognizable brand name, BUT rx is seen as a very difficult path and having succeeded at an Rx firm will be a very strong experience for IB recruiting, and probably the best for learning the "hard skills" of IB vs. the "soft skills" of IB you would learn at S&T.
Another thing to consider: does the mega-bank have a respected IB division? You could 100% network very heavily with IB folks during your S&T internship if so, and that'd be huge for recruiting. Also, think about how you want your last summer that you aren't working full-time in another city to go. I would totally understand if you picked #3 over #2 just because of that fact. Junior year summer you're almost definitely gonna be working 80hrs a week in a big city away from home, do you want to do that this summer too?
100p agree. wld take the Rx shop bc 1) it'll be a great learning experience and great for IB recruiting cred and 2) u want to be doing as little work as possible and just being a kid/enjoying the summer.
Great comment. To answer your questions/thoughts:
Yes, the bank does have a respected IB division. While not one talked about much on WSO, it is arguably one of the largest banks in the U.S., and they do show up on the upper portion of league tables. If I could recruit to a technology or even industrials group, I would assume this would be a great lateral and preparation for PE. I also could just fall in love with markets in itself which is an opportunity I don't know if I should pass up.
I agree that RX is a very difficult path and I would get great preparation for the larger firms popular at my school (HL, etc..). The issue is that this is an incredibly small practice and I don't know what I'd be working on (busy work, live deals, etc.). I do think though that having this name/experience will set me far ahead of my peers (Not to mention Fridays off are always nice for chilling out).
Lastly, I like the comforts of home (particularly food and no rent) but regardless I will be working full time. My prior experience is in the trades and I would be working like crazy if I did not go for a well paid internship. Also, depending on economy or luck, I don't know if I could pull off similar offers next round for recruiting.
Thanks again man, I welcome any more thoughts or even DM
In that case, definitely sounds like you're leaning towards at #2 -- can't blame you for taking the best opportunity possible. Not everyone has the luxury to stay home and relax in college, or in general. Best of luck, and make sure to maximize all the opportunities at your disposal at the big bank if that's what you choose!
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