Need serious internship/career advice... Summer between Jr,Sr year... Help?

I have two internship offers, one from JPM for Middle Market Banking/Specialized Industries (MMBSI, Commercial Banking, Charlotte,NC).... The other is from Rio Tinto for Finance (Salt Lake City). I'm from a big ten fairly non-target school, not entirely sure what career field I want to start in, biggest thing I'm looking for is learning as much as possible and adding value to myself, however I don't really see a career in corporate America (dream has always been to be an acquisition entrepreneur) .... Career Services office on campus is shut down for rest of semester, don't really have any other people to get advice from... Rio Tinto's internship pays 23.50/hr with 1000 sign on bonus,, JPM pays 31.25/hr with 2500 sign on bonus... Was told starting full time Rio Tinto is around $75k, and JPM around $65k... I know little about career opportunities/potential career paths of either, travel opportunities, exit ops......need any thoughts/inputs/advice any of y'all could give. Have to decide by end of day Friday.. Thanks for anything! 

-- also Rio Tinto's is in person 100%... and JPM's is almost certain to be completely virtual... I've now done 2 virtual internships at this point (US Bank, Deloitte), vastly prefer in-person, but still unsure if paycut//career outlook differences would be worth it or not

Comments (13)

  • Analyst 1 in IB - Cov
Feb 24, 2021 - 5:24pm

I would change you username- whenever you decide, it will be very easy to figure out who you are. Aside from that, I would take JPM. MMBSI is pretty good and you can definitely go from there to Rio Tinto if you don't like you internship this summer, but it would probably be hard to go from Rio Tinto to JPM.

  • Intern in IB-M&A
Feb 24, 2021 - 5:37pm

I'd take JPM. Greater career optionality, far more interesting (IMO), and take it from someone currently living in Utah - this place kinda blows compared to NC. I don't like skiing or snowboarding though, so take my opinion with a grain of salt. 

MMBSI you'll be working with clients, potentially across borders (which could lead to international travel when you move up in the organization). JPM has amazing internal mobility so you could always switch to something else if you don't like it/if you want something else out of your career. 

If you go to Rio Tinto then the best you can do is lateral to do corporate finance somewhere else. JPM also pays more (like you mentioned), but really for career optionality you can't beat the JPM offer. 

JPM will pay you more than $65k/year, and that's just base (not including bonus, which is likely to be at least 20%/yr). https://www.wallstreetoasis.com/forums/jpmorgan-middle-market-banking-mmbsi-details

Feb 25, 2021 - 7:39pm
shazam242, what's your opinion? Comment below:

Thanks for the response! Do you mind giving a little more insight on Utah in general (social scene, number of young people, taxes, culture, stuff to do, cost of living/salaries, etc). Never been there, so any info you can give is great lol

Most Helpful
  • Intern in IB-M&A
Feb 25, 2021 - 8:46pm

Of course. It's a very conservative state - I'm sure as you've heard, roughly 50% of the state are members of the Church of Jesus Christ of Latter-day Saints (a strict religion that doesn't believe in drinking, drugs, or sex before marriage). If you're a democrat then it can be frustrating, but it can also be frustrating if you're a republican too depending on what you believe (I've met plenty of people who are antivax, antimask, etc. Personally I'm pretty moderate so it's frustrating either way sometimes. One benefit to this though is that nothing is really shut down). 

Lots of people are outdoorsy since you're right next to the mountains. Lots of young people if you live in the Salt Lake/Provo area (both of which have large colleges nearby, BYU and Univerity of Utah). Some people are really judgmental, others are chill (you just need to find the right people). Plenty of things to do if you know where to look. 

COL is way low, but salaries are pretty low too (you won't be spending an arm and a leg to live there, but you aren't exactly making $500k/yr unless you start up a company). WLB will undoubtedly be amazing because it's a very family-friendly state. 

Glad to answer any other questions if you want (and I'm glad to answer them as specifically as possible - I'm sure you can tell that I've been rather general in my explanations). 

Feb 25, 2021 - 10:00pm
DeWitt23, what's your opinion? Comment below:

I think I'm the one would talked to you about RT on Reddit.

Honestly, without knowing more about the RT role (just « finance »), I would take the JPM without hesitation. To me commercial banking is more interesting and has more good exits than just finance/accounting at a corporate.

The only way I would chose the RT offer is if there was a way for your to leverage the finance position to move internally to something more interesting like strategy, investment analysis, etc. I know RT has a lot of internal mobility but I'm also not sure how many interesting roles they have in the US. (Most of them are in the UK, Australia or Canada if I remember right) If you want I can take a look at the other roles they have in the US besides finance.

But regardless, without having more detail on your finance role I would take commercial banking.

Feb 25, 2021 - 10:59pm
shazam242, what's your opinion? Comment below:

Thanks for the response!! So, earlier today I emailed a contact from RT... one of the questions I asked was: "Do you think I could get a description of the internship (job description, tasks, travel opportunities, whether it's in an office or at the job site)?" 

The response I got was... "I don't have an specific description for an intern but a Graduate – please see attachment; the activities to be performed are fairly similar but given the fact that is just a summer we would aim to define a specific project or area of concentration.  This could be at any given Operating Plant or the overseeing supporting functions – General Plant."

The content of the attachment (word doc):

Graduate Finance Role


This is a Salt Lake City based role to support the KUC Finance team based in Salt Lake City. The Finance
team is composed of financial analysts reporting to a manager. Support the monthly financial activities,
more specifically the ones related to the General Plant Operating responsibilities, which are mainly:
 Analysis and planning of monthly operating costs.
 Month-end closing of costs enabling consolidation into KUC and ultimately Rio Tinto.
 Prepare, develop and comply with the Annual Planning Program, including budgeting and
forecasting.
 Assist and preparation of annual budget process.
 Assist and preparation of monthly forecasting.
 Assist in the preparation of monthly reporting package.
 Create and update recurrent and ad hoc reports, charts and presentations.
 Review and correct allocation of costs and cost centers.
 Support in the preparation and development of ad hoc tasks and reports.


Qualifications:
 Bachelor's degree in Finance or Accounting.
 Solid communications and analytical skills; ability to work with different team members.
CPA, SAP experience desired.
 Advanced skills in Excel and Power Point.
 Good understanding of IFRS standards.

Feb 25, 2021 - 11:07pm
shazam242, what's your opinion? Comment below:

In et aut distinctio quas. Reprehenderit non et recusandae nisi.

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