Can't decide which internship to take

What do you want to do later on?

And what kind of research does the research at the M&A firm entail?

I'm not sure what I want to do later on.

I'm interested in going into M&A, but it seems like the M&A deals in the US aren't as fruitful as it was. But as the world turns into clean technology and clean energy, it feels like the energy risk is good for me as I also am interested in energy trading.

The M&A firm focuses on payment and technology sectors. Probably I will be researching the marketplace and find target clients.

If you are interested in IB/M&A definitely do research for the small M&A advisory firm. M&A is one of the hardest groups to get into, and if you get exposure now, this will increase your chances in landing something at a boutique investment bank in the summer. Being a graduating senior with no experience, you cannot afford to be unsure what you want to do. Narrow it down, energy trading and M&A are completely different. Chose one and put all your effort into landing something in it.

First one

If you want to do M&A or other FO finance roles I'd do the research internship

Unless you are heavily favoring going into the energy industry, I would choose the M&A research internship because you will be getting more FO experience.