Paid Hedge Fund Internship v. Unpaid I-bank internship
Hi guys,
I just wanted to get your opinion on this. I'm a college sophomore and have two offers - one from a hedge fund (AUM - 1.5B) and a boutique investment bank. The hedge fund one is paid, but very little (small stipend at end). The i-bank one guarantees that I will be able to work on some live deals during the summer.
Which one would be better for recruiting season next year? I imagine the investment bank one will be superior, but will the unpaid aspect of it be worse? Any thoughts would be useful.
Easy. Unpaid I-bank for sure. Gives you a bigger leg up on the competition going into SA recruiting next year and you won't have to worry about explaining why you did a buy side internship the summer prior rather than a sell side. A small stipend shouldn't fuel your decision.
If you are sure you want to go into buyside, and think you have the credentials to shoot for a buy-side position out of UG, than the HF might be a good choice. Ultimately either one will look good for junior SA roles, and being able to have deal experience would be huge. If you're relatively undecided on where you want to go (whether that means IB, PE, HF, etc) or you're relatively sure you don't want to end up at a HF, then the IB is definitely the way to go.
Oh, and (an especially) small pay shouldn't influence your decision. Unless you won't know how you'll be feeding yourself over the summer, what kind of difference is a couple grand going to make?
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