I’ve turned down a MM PE return (from a summer) for an IB summer at a lower tier BB (BARC/UBS)
The experience at the MM PE was fun but the training was awful and when I looked at my colleagues, you could quite literally see the difference in analysts who returned vs analysts who came from banking, where the banking analysts were always trusted more and knew how to do much more
Was it the right decision or was I Impulsive?
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Based on the most helpful WSO content, here's what you need to know:
Training and Skill Development: It seems that the training at the MM PE was subpar compared to what you might receive at a BB. Analysts from banking backgrounds are often more trusted and knowledgeable, which could be a significant advantage for your career development.
Career Trajectory: Moving to a lower-tier BB like Barclays or UBS can still offer substantial benefits. These institutions have strong brand recognition and can provide a solid foundation in terms of technical skills and industry knowledge.
Long-term Prospects: The decision to switch to IB could enhance your long-term career prospects. The rigorous training and exposure to a variety of deals in IB can make you a more well-rounded professional, which is valuable whether you stay in banking or move back to PE in the future.
Networking Opportunities: BBs typically offer better networking opportunities, which can be crucial for future career moves, including transitioning to top-tier PE firms.
In summary, while it might feel impulsive, your decision to move to IB at a lower-tier BB could be beneficial in the long run due to better training, skill development, and networking opportunities.
Sources: Did I make a mistake by taking a MM internship over a BB?, Did I Make the Right Choice (Moelis v PJT), MM pe vs MF, My Take on Deciding Between Top Summer Analyst Offers, MM PE out of undergrad worth it?
I’m incoming FT so pls take with grain of salt. I know of someone at firm who actually did some internships at a PE fund but didn’t take FT due to similar reasons you listed above. they instead came to do IB full time and i believe re-recruited with them and will be returning to them as an associate. don’t think ur too crazy for doing what u did
Congrats on UBS
If it’s InfraRed, thank god you turned them down.
Objectively no not really. Even UBS still exits into MM PE at high rates and some people at the top 4 or so groups(LevFin, Sponsors,FIG, and GIG) even go UMM/MFs (though few MFs these days). So you gained optionality and access to better exits. It's still a bank with decent exits, not like you went to a random MM firm. The hate over UBS is getting a bit much. Barclays is even better for exits; with more MF exits.
Edit: UMM might be a different convo, but UBS/Barclays IB offers are both better than MM PE if you have any interest in other firms and optionality just because you can be fairly sure of getting an MM offer from either of those firms assuming not in like a shitty group.
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