Hey guys,
I received an offer from MacCap for a SI in industry coverage (transportation) and an offer from HSBC for a SI in DCM origination, both in London. I decided to refuse invitations for other assessment centres to focus on my studies. Which of the two do you think I should choose?
I am really interested in capital markets, but have a background in transportation infrastructure. My goal is to stay in banking on the long term. Moreover, from my experience, it was harder to get an offer at HSBC than at MacCap.
Cheers,
Phil
macq
Learn about the Mac offer. If it's very infra based, make sure you want to do infra. I have done some infra work, and found it mind numbingly slow, boring tedious.
Also, from talking to guys at Mac, almost all their work is at least tangentially infra related, even within other industries.
@derphil
I'd try to firm up the HSBC deal into a lev fin side. They do a shit ton of issues, have an active sponsors group and it is very leverage-able to another role for FT.
You'll use your language anywhere, but mostly in a research style work. if you're confi'd / mandated you'll get info from consultants in English. It's when you're working from an investment point of view that the languages are really important.
Macquarie UK does a fair amount of PPP infra work and you'll likely end up engaging with DCM teams for the debt funding for projects.
Oreos, I kind of prefer fast-paced so that would be an issue. Also important to notice is that I am from continental Europe and speak 3 European languages (besides English) fluently. I would very much like to use that in my career.
@Oreos: Thanks, I will have a chat with the people from HSBC. I have a professor who works in LevFin at HSBC so I will try to talk to him as well.
MacCap has one advantage you can easily turn form theit IB to their PE infra fund. They have a lot of infra PE funds across the world (Korea, Australia, Russia etc). You can easily get to one of thes fund and become a PE guy in a well known infa fund. But from my experince it's quite boring industry with 5-7 years investment period.
I called HSBC and they told me I would get exposure to high yield, hybrids and vanilla, so I think I will go there. It was a lot harder to secure the offer, the competition was fierce and my gut feeling tells me to accept the offer. Furthermore, I am really interested in financing.
Update:
The offer from Macquarie will be in country coverage (my native country in continental Europe) for infrastructure. I will work on M&A deals (mostly asset based) with structured and leveraged finance aspects. Long hours, but more acceptable than at a BB. They take only a handful interns per year.
The offer from HSBC will be in DCM, who only take less than a handful interns per year, With a background in both engineering and finance that sounds like too vanilla. However, if I make it to the graduate scheme it will be possible to rotate through their LevFin and M&A divisions.
HSBC is said to be welfare because bonuses in DCM are high and you get a lot of vacation time (relative to the industry). They also say that the training is good, but at Macquarie I will get my training in the NY or Sydney office.
My goal is to learn as much as possible about different companies and sectors on the longer term. With my technical background I am not afraid of modelling which you get to do a lot at Macquarie. However, if I make it to the HSBC graduate scheme, I will be able to rotate through other divisions and really get to choose what I want to do. If I do not make it to their graduate scheme, I will graduate with a minor experience in DCM and have to start looking to do M&A in a boutique and start all over again.
I have been breaking my head on this, what do you guys think? @"Oreos"
HSBC training is just like normal training, but you will be in the UK, not as fun as NY or Aus.
Mac in this sector is a better name, but you have to know if you like infra, it is slow, you'll back a lot of bid for things which don't go through, it'll take a long time for anything to happen. But since you have PF experience you should know what it's like. You will build monstrous models, and read a crap ton of DD.
HSBC has more transferable skills but you need to not get stuck in DCM and network with other groups while you're there.
Congrats on the offers, might I ask how you applied to Macquarie? I filled the online application but they never got back to me.
Are you also at an IB target school? I have some experience in project finance. I went through the telephone interview, psychometric assessment centre and nailed the interviews on the super day.
I made a decision, thanks for the help guys.
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