CB Citi/JPM/BAML vs McK/Bain/BCG vs CL Secondaries Summer Internship
Hey everyone! Some context: I only got into finance at the start of sophomore summer as a career option, so wasn't able to recruit for IB given CV lacking. However, come from top target (Ox/Cam/LSE) and highest grades achievable (Top 2%+ in uni) + wanting to go to grad school for finance or mathematical economics now (and have been doing research towards this, LoRs, etc.). All above r in London.
In the long run, I'm really interested in buy-side roles (HF, PE, PC). Both bcs I think my technical capabilities align w/ it and i find the work much more enjoyable (ik about all various complaints re: WLB and stuff).
With that in mind, and bearing in mind that I want my summer internship to be as competitive as possible re: grad schools apps and future recruitment, wanted some perspectives on the above summers/perceptions + exit opps. Ik none of them are IB or in buy-side, but thats for the reasons stated above.
- What do you think would provide the best learning experience?
- How much of an impact do you think each would have re: MFin or MSc Maths + Econ apps?
- "Exit opportunities" in the event that I don't go grad school. is CB --> IB --> Buy-side the best pathway or are there others less explored?
- Your own experience at summers would also be really helpful! If people were in similar predicaments
Thanks so much! I know ppl on this forum often say summers aren't super relevant and whatnot, but still felt worth asking.
MBB offer
Any particular reasoning? I'm mostly weighing up MBB vs CB and MBB pay is much lower, I suppose reputation is higher, but unsure what that means in the eyes of grad apps + technical skills to maybe apply for IB/buy-side next summer instead of grad school
MBB puts you in a far, far better position for grad apps and buy-side roles. No question. Don't worry about a marginal wage disparity at the junior level, especially for a summer internship. The difference is hardly noticeable on a net basis, and you will reap the benefits in the future.
Thanks for this! Dyt there's a difference amongst the three or are they similar ish?
MBB without hesitation unless your goal is secondaries. Even if your BB was in IB rather than CB I would take MBB (assuming not GS/MS/JPM) but this is debatable.
It's quite simple, MBB will keep you all options in life opened, secondaries is very interesting and the fastest growing market (all HH have mandates for secondaries AN/AS recently) but it's hard to transfer to more "classic" jobs, and CB only really makes sense if you are able to leverage your summer to get an OC or another summer in the IB branch.
PE firms are very happy to take MBB consultants, the only downside is the pay as a junior
Thank you! Assuming that grad school is out of the picture and OC for CB is possible, would that change things for you? Also, as mentioned above, I've been involved in maths + data science stuff for credits (even tho my degree is primarily economics) so I'm leaning more towards HF over PE in terms of work. Any thoughts on whether that is more/less achievable w/ one or the other?
In all honesty I am really not familiar with what is done in CB, all I know from discussions is that it is hardly related to IB and the only interesting part for your path is to move internally.
Similarly, I have no interest in HF but the options to get in are a bit more broad than PE. Apply to all the HF graduate programs if that's what you want to do, look into ER too as this is probably the most natural path while being less disputed by students.
In your shoes, MBB is the zero-risk option whatever you are planning to do. CB => IB is very long shot and in this job market I wouldn't take the risk unless you are dead set on working at a BB -and even so, MBB => IB seems at least as doable if not more than coming from CV.
Also DYOR on like 100 profiles at big HF on Linkedin and see where they're coming from
No worries! This is all super helpful nonetheless thank you
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