Tier-1 off cycle internship or FT at a MM bank?

Will graduate soon and have two options after graduation. What would you do? 



Keep in mind that it might be hard to secure a return offer from the off-cycle internship

 
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FT. Idk what your grad year/situation is but if you don't convert a full time offer from the off cycle internship you're toast. You would be lucky to land a Big 4 in this market. Swallow Stifel and lateral when things pick back up. Still not sure?

Let me ask you this because it really comes down to one question: have you ever eaten rice with ketchup for dinner because you were broke? In other words, you take PJT and they don't let you come back. Now you've graduated (assumption) with no job lined up and you're begging Deloitte or Bloomberg for a general finance role, a lifetime away from banking. Essentially, it's all over for you. There are countless threads on going from Big 4 -> IB and how it's pretty much impossible. And now think you'd be begging EY to let you in. If you want to bet your entire future on the EB and potentially come home empty handed, then I say go for it. Because obviously the reward is there. Evercore eats the MM for lunch anyday anytime. As my grandpa used to say "You're holding a chemical weapon and you're shaking like a make a wish kid". Now isn't the time to go for it. The odds aren't in your favor as banks are actively looking to trim down their current headcount. If this was 2020/2021 I'd say bet the house on black and go with the EB. Lose the battle to win the war. 

 

Thanks for your detailed answer! I don't know man, prestige is a real disease. Im thinking "Tier 2 makes no sense" but at the end of the day there is also some truth to "a bird in the hand is worth two in the bush"

 

I think you're missing the point. It's more about exits and deal flow (which is hand in hand with prestige). I think you'd have to be a genuine moron not to take full time. But as I said, if you're comfortable risking arguably the next 5 years + of your career on this then go for the EB.

 

I think you should Off cycle intern and stay in touch with your full time offer. Once you are in the door at a big name anyone below you will take you. Like everyone else is saying though it will be hard to come on full time but if you are good enough and confident in your self you can always land somewhere.

 

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