I hold offers to join GS AM (private) and MS IBD as an off-cycle intern.
GS has a very low conversion rate but the idea of "skipping" IB and go directly to the buy-side is attractive. On the other hand, I have a high chance to convert to FT at MS and this is something quite important for me as I am graduating soon. One possibility could be to postpone one to be able to do both but I don't know how flexible they are...
Any advice?
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Wouldn’t take the banking skip as a given, you don’t know what you’ll be doing after the GSAM OC. MS is the absolute trenches but if you want a job the answer is quite clear.
Based on the most helpful WSO content, when faced with the decision between GS Asset Management (AM) and Morgan Stanley Investment Banking Division (IBD) for an off-cycle internship, there are several factors to consider:
Conversion Rate to Full-Time Position: You've noted that MS IBD has a higher conversion rate to full-time positions compared to GS AM. Given that securing a full-time role is a priority for you, especially as you're nearing graduation, this is a significant factor. The higher conversion rate at MS IBD could offer more job security post-graduation.
Career Path and Interests: Consider your long-term career goals. GS AM offers a direct path to the buy-side, which is typically harder to break into directly from school. If your ultimate goal is to work on the buy-side, starting at GS AM could be a strategic move. However, if you're still exploring your interests or value the broad exposure and skill set developed in IBD, MS IBD might be the better choice.
Flexibility and Postponing One Offer: You mentioned the possibility of postponing one offer to do both. This would be an ideal scenario but requires careful negotiation and transparency with both firms. It's not uncommon for candidates to request deferment of a start date, but success depends on the firm's policies and the current hiring needs. You should directly communicate with HR at both firms to explore this option, emphasizing your keen interest in both opportunities and your desire to make the most informed career decision.
Networking and Mentorship Opportunities: Consider the networking and mentorship opportunities each role offers. Investment banking often provides extensive networking opportunities both within and outside the firm, which can be valuable throughout your career. Asset management may offer more specialized networking opportunities, particularly if you're interested in the buy-side long-term.
Work-Life Balance and Culture: While both roles will be demanding, there may be differences in work-life balance and culture between GS AM and MS IBD. Research and consider which environment you feel you'd thrive in more.
In conclusion, weigh these factors based on your personal career goals, values, and the kind of work environment you see yourself excelling in. It's also beneficial to reach out to current or former interns at both GS AM and MS IBD for insights into their experiences.
Sources: Deciding between GS, MS, and JPM, Q&A: GS/MS IB Analyst —> Megafund PE Associate —> HBS/GSB Business School, Medical School --> IBanking, Advice for undergrads going into IB interested in PE, Goldman Sales & Trading vs. BCG -- Sophomore Internship
Which team at GS? If it’s one of PE/PC/GE, I would take that over MS IBD. Conversion can be quite good for GSAM.
It is one of PE/PC/GE but all of the previous interns I spoke to didn't manage to convert. Maybe my sample is not representative of the reality but this is still something that worries me
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