Sophomore Summer: BB in HK or Boutique in the US
I'm currently a sophomore at a semi-target university planning my internship for Summer 2024. My goal is to work in the US for at least 3 years post-graduation.
I've been rejected by MS and BofA's sophomore summer programs, and I have 2 ways to go about finding an internship next summer.
1) My family has connections that can grant me a summer internship at a BB in HK (Asian Nepo kid alert)
Pros: That puts a big name on my resume, and it saves time.
Cons: US employers might think I am not committed to working in the US.
2) I can send out hundreds of cold emails to get a banking-related internship in the US.
Pros: Shows my commitment to stay in the US, and helps me get a better understanding of the US finance industry.
Cons: Time consuming, and might not be that reputable.
What would your recommendations be?
P.S. for additional context I already have a Freshman summer banking internship in Shanghai, and 3 remote and unpaid finance-related internships in the US (Search fund, real estate, and growth equity)
Thank you guys and wish you a happy 2024!
Based on the most helpful WSO content, here's a breakdown of your options:
Option 1: BB in HK - Pros: - Prestigious name on your resume. - Valuable international experience. - Utilizes family connections efficiently.
Option 2: Boutique in the US - Pros: - Demonstrates a clear intention to build a career in the US. - Direct exposure to the US financial market and practices. - Networking opportunities within the US market.
Given your goal to work in the US for at least 3 years post-graduation, and considering you already have international experience from your internship in Shanghai, it might be beneficial to focus on establishing a strong network and understanding of the US market. This could mean prioritizing a boutique internship in the US. It shows commitment to your desired region and helps you build relevant connections.
However, if the BB in HK is a top-tier name and the role is substantial, it could still be a strong move, especially if you can articulate your international experience as a strength during interviews in the US. It's also worth noting that the finance industry values brand names and a BB internship could open doors, even in the US.
Ultimately, the decision should align with your long-term career goals, taking into consideration the weight of the brand name versus the regional experience. Good luck, and may your 2024 be filled with successful investments and fruitful networking!
Sources: How’s working in Hong Kong?, Top BB in HK or Bottom-tier BB in NY, 2021 Summer Analyst Program for Hong Kong/Singapore, HK BB groups rank and return rate?, Pros and Cons of internships abroad
If you haven’t yet made a decision, I would suggest you follow the HK BB path, get a solid name on your CV, and then try again next year in the US, since that is your main goal.
Even though it’s time-consuming, you could keep trying to find something in the US and keep the HK opportunity as a safety net, if you are determined to stay in the US. But if I were you, I’d directly go for the BB in HK, as there’s nothing wrong with leveraging your family’s connections.
If you want to talk about it more, feel free to PM me.
Cheers!
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