Big 3 CRA OR non-BB M&A Internship in Central Europe?
Hello! I wanted to ask your advice...
My situation: I am finishing up my masters soon (in a target school in Central Europe, did not work between undergraduate and graduate) and have been applying for tons of jobs during the past 8+ months or so. I was initially hoping to get IBD FT in London, but since my previous internship experience is from the Markets side (and probably for many other reasons...), I was unable to land one. However, I got an offer for an off-cycle (Sep-Nov) M&A internship in one of the top3 banks (non-BB) in the country I am currently based in (think Paris, Frankfurt, Amsterdam, Zurich). For this bank, they hire 100% of their M&A analyst class from previous interns and could keep me on board directly after the internship if I win an offer (around 50% chance based on historical rate). However, I also landed a FT rating analyst role in one of the Big 3 credit rating agencies in London (exact rating team to be determined).
I am having a hard time deciding what to do. The pay in London is almost double, and it is obviously a permanent contract. If I go with the M&A internship, I would need to go through the London recruitment cycle again next autumn alongside with work. This also brings some pressure to finding a job soon after the end of the internship, as I don't want to profile myself as an unemployed graduate who failed to get a return offer. Brexit is also a risk, as I am an EU passport (non-UK) holder. If I'd go with the offer from CRA, I'd already be based in London for networking and interviews. I have also heard that it is possible to move from CRA into BB IBD.
In the long-term, I am planning on exiting and building my own business, and that's why I hope to learn as much as I can in the coming years, network and "get the stamp of approval" on my CV. Personally I'd prefer living in London, as I am from another country and don't know the local language.
Any comments are appreciated!
The move from CRA to BB IBD will usually place you in the DCM or LevFin (if lucky) team. Some people will tell you that DCM is worse than staring at paint drying. Use linkedin for people having moved from one to the other. The internship will grant you work experience in M&A, if you get the offer take it, and lateral over the next year, you could even try to apply for FT positions at BBs if thats fine for you to start over. The salary shouldn't be the thing you should look at the most, one is an internship, not the other. One is in London where the COL is higher than anywhere in Europe.
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