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This is correct. It would probably be best for you to try and figure out which path you want to go sooner rather than later and begin prepping for that industry. Assuming the internship takes a good portion of your Summer, you'll be left with enough time to get ready but not much else.
I don't necessarily agree with this. I went through the consulting recruiting process, not the IB one. That said, many of my friends who went through the IB recruiting process did so in January. All of my consulting interviews took place in February. I suspect that for a motivated individual, it would be possible to prepare for IB interviews over winter break and then shift to consulting interviews toward the end of January.
Also, if your goal is to work in consulting, it would be silly to avoid consulting internships just because you're nervous that they're too hard to get. If FT consulting is your goal, an IB internship is NOT better than a consulting internship at the firm of your choice. Moreover, if FT consulting is your goal, the consulting internship recruiting process will be invaluable preparation for the FT recruiting process in the fall.
I don't think you could go wrong with the IBD internship. You figure out if you want to pursue it and you position yourself for everything else you mentioned.
Thank you all for the responses. In speaking to a friend, he noted that I should look beyond i-banking for good experience and to set me up well. There are many types of positions in finance that are respected by corporations and consulting firms just as much as IB.
I know sales & trading is one of them. Possibly equity research. What else?
I want to do something that doesn't require being obsessed with how stocks are doing all the time and deals more with strategy/problem-solving, hence my favoring of IB over something like trading.
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