HSBC vs MIRA (Macquarie AM)
I’ve recently been offered 2 different summer analyst positions, first is with LAF team at HSBC IB (London) and the other is at MIRA - Macquarie infra and real asset management (London). I don’t know which to accept and was looking for some advice as to which will give me better career prospects. I do eventually want to end up in PE and I do find infrastructure quite interesting but I have never worked in the industry so that opinion may be quite superficial. Could I get some opinions on the company reputations and which I would learn the most from/have better opportunities in the long run.
If you are not opposed to Infra go for Macquarie - it is a top shop in infra, and if you wanted to exit to other shops in infra you’ll be able to go anywhere - recent exits to KKR for instance.
If you are opposed to Infra go HSBC but overall culture sucks, dealflow is meh, management is terrible, exits are non existent unless you move to a better Bank. Seems like a no brainer to me.
Do you think for a summer internship it's not better to gain more of a broad skill set rather than pigeon hole into infra so early in my career? Also, would you know if a summer at HSBC would open doors at larger banks for graduate position?
Well first of all Mira/Macquarie usually has very high return offer rates, and well it’s a niche sector, but quite technical, if you wanted to change banks you should be able to quite easily within Infra. Some people at BBs (yes even Top BBs) go to MIRA after their years in NatRes/PUI.
And HSBC is truly decent only at LevFin (ish) mostly DCM so take that for what you will. Grad roles recruiting is a crapshoot as usually done only on a need basis and will interview people with experience within that specific sector. To move either do Off-cycles/summers the following year or stay at hsbc for a year before jumping to an other bank.
MIRA has a better rep and will probably count for more when looking for a FT gig. Know a lot of SAs at HSBC who really hated it - poor culture and long hours, very very and meaningless work with minimal deal flow.
Even if the full time gig I will be interested in will be IB and not Asset management? Also did the SA you know return to HSBC after? What did they do after?
go with MIRA. i interviewed there and have some friends who work / have worked there who spoke highly of it. MIRA are the best in the world for infra transactions, so you'll get to work on massive deals. i personally find infra pretty fascinating, but each to their own.
with HSBC, will you even get to choose which team(s) you're on? if not, you could get shafted into something boring like asset-backed lending or something.
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