MBB vs. JPM/MS Energy & Utilities
I have to decide between two FT offers and am unsure which to choose: Energy & Utilities IB (JPM/MS) vs. MBB.
My long-term goal is to exit to the buy side. And while I have a genuine interest in Energy & Utilities, I cannot see myself doing Infra PE.
I'm open to IB and don't mind grinding for 2-3 years. But my primary concern is avoiding pigeonholing myself too early in a niche that may limit future opportunities.
Any advice please?
Note: internship experience at both, 2x great experience; very difficult for me to compare these very different but life-altering options
If you want to have the highest probability of corporate PE, you're better off sticking with IB
MBB has a shorter list of PEs to recruit for and is a less obvious PE profile
JPM is a top IB and you should be able to get into a generalist PE firm if you prep well
Is that still the case? Sure, some MFs only consider IB. But what about all those UMM/MM? Their business model often builds on operational improvements or an entrepreneurial approach to investing, placing more importance on operational understanding than financial modeling skills. Wouldn't these funds prefer MBB?
And what's your stance re pigeonholing myself? Do you think that this could become an issue?
Sure, there are some places (Golden Gate) that like consultants
But if the main thing you want is to maximize chances of corporate PE (not infra), there are more options if you have the IB qualification that lets you through anywhere.
Pigeon holing is ABSOLUTELY a risk, but can be mitigated. approaches, from least to most effort:
1. stay up to date on deal activity in areas outside your sector
2. aim to select your staffings to maximize generalist nature. i.e. you're in energy, but can you focus on gas station deals (close to retail) instead of power plants?
3. aim to transfer to another IB group after 1 year - try to switch to Industrials
would they prefer MBB
—> in short, no. I have seen hundreds of PE JDs and almost all list IB as a pre-req, while those that list consulting are exceptions rather than the norm. my sense is those that even recruit for consultants have roles more focused on operational aspects separate from pure financials, though I’m open to being disproven.
only upside of a consulting bg is wider range of opportunities in long run but in again non-financial roles
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