Good day everyone,
A little background...non-target, Econ major with 3.255 GPA. Solid extra cirrics and know the markets well (only reason I got these interviews).
Applied to 23 banks (bunch of MMs) IB and got 0 calls back. Tried to use inroads, SEO, and alumniathlete (they accept regular students now)...still nothing...SOOOOOO......
I finally got an offer for a Finance Analyst Internship at a top BB firm (well, at least top 5 on Vault's rankings)! This finance position is all internal finance, mostly controlling, P/L statements, and has a few, randomly assigned groups. I would love doing equities, fixed income, or even treasuries...but would hate my life if I were placed into tax compliance (as I interned at Siemens Tax...no fun!)
Now, I have a superday at BlackRock, where I currently intern, for an internship in the Portfolio Analytics Group. I am writing this post in ask...IF I LAND the summer internship gig at BR, would you suggest that I choose the BB Finance or BR PAG internship?
I am still not too sure as to what I want to do 10 years from now, but would like to know which of these experiences would fare better in the long run? I had the opportunity to interview for Goldman's PEG, but didn't get the spot. I figure perhaps PAG would give me a better background so I can holler back at them next year for full-time. Or is this a bad idea to just focus on one goal, as my preferences may change from now until next year?
Also, would a recruiter want to see on my resume for full-time that I have experience in finance(mid-office) at a top IB or a more analytical experience at a huge AM firm. This would mean I am losing the investment bank's name on my resume.
Money is a non-interest to me, I honestly do want to learn more and want to know what I would get most out of.
If I have both offers, I would most likely choose BR's PAG, because it is a bit more interesting to me, being able to follow the different markets/companies and seeing how they react and all that jazz. Then again, I may be wrong. Will I be staring at a screen and making sure numbers don't go too awry? I have been trying to talk to alot of people but yeah, I'd like more input from the outside.
SORRY for the long post. This is a very important decision to me, and I am hoping that I will not make any huge mistake picking one over the other. While I am just a junior in college and have plenty of time to change w/e it is I want to do, I'd like to be in a more comfortable position for my future. Seeing how my GPA (I started a pharm major) has prevented me from ever becoming a banker, I will seek to make the most of my other options.
Hoping to get some insight from anyone with experience or just opinions. Hell, yell at me if I'm completely stupid in debating my choices. Thanks everyone for your time, I'd really appreciate any help.
Best regards, Don't know what to do
I think BlackRock would be much better. Front office work is subtantially better than back office work, and will look better for FT applications.
I agree with Omega, your main target should be anything front office as it can help you get into other areas of front office.
Definitely need to shoot for a front office job. However, don't lose all hope if you don't get the internship with BlackRock. If you end up working in finance at a BB, work your ass off and use your time there to learn about the company and talk to people in the IB. Express your interest, tell them your story--talk to as many people as possible (finding any alumns from your school that work in the IB there would be your first step). While it certainly isn't easy to get into IB through a back office job, it's been done.
Thanks for the responses guy, keep them coming.
Also, SternMonkey told me a little bit of what they may ask, but what are some topics I should definitely focus on for PAG?
Thanks thanks thanks! I want this really badly
Bumped!
Thanks again guys
dude go BlackRock if possible.. solid reputation and a solid firm dont go for the middle office work
BlackRock
...BlackRock.
...
keep in mind, BlackRock is ridiculously competitive this year (I had AMG superday , and people were going to choose it over BB ibanking...) , so I wouldn't exactly count on getting it. (Plus you're going to be competing against me Thursday :)...probably shouldn't have given you so much advice haha)
How's BB Finance compensation?
My summer internship pay is $55K pro-rated for 10 weeks.
How about starting full-time? Still $55K? Signing? Year-bonuses?
It's not IB, it's the Finance division...pretty much internal/controlling for different divisions (If I take it, I'll try to move to Equities, FI, or Treasuries)
Hey Stern, best of luck Thursday. I'm pumped. Any idea how many interns they may take each year per division?
BB finance is pretty much what you are getting for the summer...around $55 k. Signing bonus will depend on the bank, probably around $10 k, and some have "returning intern bonus" thats around $2500 on top of that. As far as year end, I would assume somehwere around $20k. Don't quote me on this though, just educated guesses.
Thanks for the update. I just signed for my Finance offer...I really hope I get to intern in a good group (Equities, FI, Treasuries)...I never knew 1st year analysts get year end bonuses to that level. Cool beans.
How did it go with BlackRock?
I'm 2.5 weeks out from my superday and still waiting to move off the waitlist for the portfolio management Group. I keep getting told, my candidacy is still under review; better than flat out rejection which were sent out 2 weeks ago. Wish those with offers would just make up their minds already so I can stop the waiting.
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