Which summer internship should I choose for future exit ops?
I am a student at a UK uni and I have been fortunate enough to receive a placement year offer in IBD (Laz/UBS) which I have accepted. I also have 2 summer internship offers that I need to choose between:
- EB/MM IBD (Laz/Roths/Evercore/Jefferies/Houlihan Lokey)
- Asset Management Alternatives. I am hoping to sit in the PE team but this is not guaranteed. I could also be in infra, renewables, credit. The PE team focuses on co-investments but also does a few small buyout and VC deals.
There are 4 things I am thinking about:
- Best choice for immediate PE grad role (rare I know)
- Best choice for PE exit ops post-analyst years
- Best choice for other industries, such as, consulting (MBB), VC, GE, etc, both at grad and later exit
- Best choice for getting into IBD at grad (if I don't convert the internship or placement)
I am leaning towards the asset management role as it is on the buy-side and I don't think an additional 10-week internship in IBD will benefit me that much after a placement year. Would love to hear people's thoughts on the above points. Thanks
Would definitely choose alternatives at an AM, it’ll give you good experience if you already have something on the buyside. Once you come in as an analyst you’ll find it easier to recruit for buyside opportunities.
If you wanted to go consulting it makes even more sense because you have a broader skillset. I’d even say if it was something like credit it may be more useful.
Thanks for the insight. What you said about consulting is interesting, wouldn’t PE be better given the large amount of DD work MBB does?
Exactly my point, unless the IB role is in a better bank I honestly don’t see the point of going for it.
When you see things through the lense of an investor it can add a lot of value regardless of your focus. Also it’ll be better experience imo for example: say you were placed in the credit team not the PE team it still gives you some solid knowledge & experience in that market which frankly a lot of M&A bankers lack, they just aren’t as comfortable with some of the technical concepts in credit. If you were placed in say infrastructure it’s still super useful as the models they produce are super complex like 50 tabs in excel.
The experience will be super useful and it’ll keep your options open for later whether you decide to go into PE or not.
Ah, you're in quite the enviable position with multiple offers on the table! Let's swing through the jungle of options and find the ripest fruit for your future career path, shall we?
Given the context of your situation and the goals you've outlined, here's a breakdown based on the most helpful WSO content and threads:
Best choice for immediate PE grad role: Landing a role in PE straight after graduation is indeed a rare feat, but not impossible. The Asset Management Alternatives internship, especially if you get to sit with the PE team, could provide a more direct path. It offers exposure to the buy-side and the kind of investment experience PE firms value. While IBD experience is highly regarded in PE recruiting, the specific PE exposure could give you an edge for immediate PE roles.
Best choice for PE exit ops post-analyst years: Both paths can lead to PE, but traditionally, IBD has been the more common route. However, the landscape is evolving, and direct experience in PE, even at the internship level, is increasingly valuable. The Asset Management Alternatives internship could provide unique insights and experiences that differentiate you in a crowded field of IBD analysts vying for PE positions.
Best choice for other industries, such as consulting (MBB), VC, GE, etc., both at grad and later exit: This is where it gets a bit tricky. IBD is known for its rigorous analytical training and broad exposure to industries and transactions, which can be a strong foundation for roles in consulting, VC, and general management. However, a stint in Asset Management Alternatives, especially in PE, can also be compelling, particularly for VC roles due to the investment evaluation aspect. For consulting and GE, the broader skill set and network from IBD might be more beneficial.
Best choice for getting into IBD at grad (if I don't convert the internship or placement): If your primary backup plan is to break into IBD at graduation, another stint in IBD, especially at a prestigious firm like those you've mentioned, could solidify your resume and network in that space. It would reaffirm your interest and commitment to IBD, potentially making it easier to land a grad role if needed.
Given your lean towards the Asset Management role for its buy-side exposure, it seems like a solid choice, especially considering your interest in PE. It's a unique opportunity that could set you apart in the long run, particularly for PE roles. However, it's also crucial to weigh how much you value the potential breadth of exit opportunities that an additional IBD internship could offer, especially in consulting and general corporate roles.
Remember, the path through the finance jungle is rarely a straight line. Each experience adds to your toolkit, and sometimes, the most unconventional choices lead to the most rewarding adventures. Good luck!
Sources: Bain or BCG for Summer Internship??, Received offers from all three MBB firms and don't know what to do, My Take on Deciding Between Top Summer Analyst Offers, Can't decide between soph internship offers (Equity Research at BB vs IB at a Boutique), Help with decision - Student with no idea what to do IB 2019
Congrats on Jefferies/Houlihan Lokey!
Hey man waiting to hear back post-AC for my EB IBD interview (Evercore / Laz / Stif). Should I call HR directly even though she missed my call twice?
No, just grab a Shake Shack (40 Canada Street, London, E14 5FW) at 1pm before heading into the office (c. Friday, 25 August 2023).
Congrats on EVR/Laz!
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