1 Year PE Internship VS BOE
Hello guys. I have a question on choosing which role is better for my long term career path. I have two options: 1 year internship at a PE fund about €30bn AUM or 1 Year internship with BOE operations role(generalist).
Given I have past experience in small VC firm, I am not sure which would be more benenficial for me if I want to be in Finance space in the future (IB,PE,VC). Since BOE has the brand but not relevant roles (middle/back office) while the PE firm might be more related. What are your thoughts on this?
Description of PE Role:
six-month cycle in each of the Fund Administration and Management Company Finance Teams.
You will be involved in and assist with the following:
• Preparation of management, statutory and fund reporting
• Preparation and collation of materials relating to investment valuation
• Preparation and monitoring of the budget
• Accounting and oversight of the international offices
• Review and processing of invoices to our portfolio or funds or for payment to our suppliers
• Pro-active capital management and forecasting
• Preparation of responses to investor queries
• Assisting with the year end audit
Based on the most helpful WSO content, if your ultimate goal is to remain in the finance space, particularly targeting roles in Investment Banking, Private Equity, or Venture Capital, the internship at the PE fund would likely be more beneficial for your career trajectory. Here’s a breakdown of why the PE internship might be the better choice:
Relevance to Finance: The PE internship offers direct exposure to financial analysis, fund management, and investment valuation. These are core skills that are highly valued in IB, PE, and VC roles. The tasks you described, such as preparation of management and fund reporting, investment valuation, and capital management, are all critical in understanding the financial mechanics of PE operations.
Skill Development: The skills you will develop in the PE role are directly transferable to other areas in finance. For example, understanding of fund accounting, budget monitoring, and preparation for audits are beneficial for any finance role.
Networking Opportunities: Working at a PE fund with €30bn AUM provides significant networking opportunities with professionals in the industry, which can be crucial for future job prospects and insights into the PE industry.
Brand vs. Role Relevance: While BOE might have a stronger brand name, the operations role may not provide as much direct experience in the areas of finance that interest you. Roles in middle or back office might not be as impactful when transitioning to front office roles in IB, PE, or VC.
Past Experience Leverage: Given your past experience in a small VC firm, the PE internship would also complement and enhance your existing knowledge and experience in investment management, making your profile more attractive for future opportunities in similar domains.
In conclusion, considering your career aspirations in the finance sector, opting for the PE internship would likely provide more strategic benefits, aligning with both your current skills and your future goals.
Sources: Internship Choices (PE vs IB), [Experience] Road to PE - Investment Analyst in a MegaFund, Offer Decision Help Needed, Reflections on Year 1 at Booth
To be toally honest neither of these lend themselves well to front office style IB / PE / VC roles.
If these are your only options then for sure I would go with the PE. The Bank of England is absolutely not a "brand" in the IB / PE / VC space - totally different world. The PE role is a little more relevant at least in terms of PortCo management, but it still reads more like a Middle Office type of role.
I'm not sure about your background or other options, but if you have more of an accounting background, you could leverage that to become a qualified accountant which might provide a route into IB / VC / PE longer term.
Best of luck.
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