PE Biz Dev v.s. Unpaid IB Internship
hello all,
I graduated undergrad 8 months ago and did a post-grad internship at a boutique valuation firm. Some unfortunate things happened and I left after the 3 month internship. I am now unemployed and am considering these two opportunities:
- 3 month unpaid IB internship at a no-name boutique (through linkedin research, there are not many past interns who have moved to better banks)
- a PE BD role for the firm. While speaking with the recruiter, I expressed my interest in moving into a deal facing role after developing sales/BD skills. The recruiter said an internal transfer after a year or two may be possible b/c the firm likes internal promotions or w/e (he may have just been pushing this, but PE Analyst roles at the firm do not require as much IB experience as other PE shops, but I did not get an interview for that role)
If my end goal is a deal facing PE role, am I best taking the internship, then moving to a FT analyst at a diff bank, then PE from there (not easy, given I didnt see any past interns at the bank do this before, and I may have to move to a boutique for FT and then move to a larger bank to gain access to any sort of PE recruiting)
or is the BD role not a bad option? I realize I am early in my career and lack of technical skills could be an issue when interviewing for PE deal facing roles, but I do have 3 months of valuation experience.
Being paid is important to me, but I am willing to struggle for 3 months if its the best long term option. the BD role pays ~50k base w/ total 75k target. Definitely not high pay but ive seen worse for BD roles.
bump. I am thinking the internship is my best option because I wont pigeonhole myself into BD and while being unpaid sucks its only temporary. Appreciate any other thoughts on this
Biz Dev Paid internship vs. unpaid Boutique IB (Originally Posted: 07/30/2012)
I'm trying to build a decent resume by getting an internship following pwm from this summer. I'm interested in BB IBD for next summer.
From speaking to people, it sort of seems like the point of an internship is to show your interest in finance and learn some relevant skills here and there - that is to say that BB's know that boutique internships aren't as "legit" so to speak.
Business Development is supposedly front office and a position where bankers exit out to and I may have the opportunity to work in this position at a tech start up. I feel uncomfortable working for free which is why I'm contemplating not taking an unpaid boutique ib internship.
Would love to hear any points of input, the biz dev gig would be more grueling though (during the school year) but the stipend could really help me cover other expenses (I'm on fin. aid) and the boutique IB internship won't go too much into modeling really - mostly qualitative work.
IMO, better to take an unpaid boutique than a start-up.
This is what I thought a lot more people would say to0, but apparently boutique ibd has lost its luster it seems like (at least in this thread)
A lot of time Biz Dev = sales. Just be careful you know exactly what the role entails.
-It is kind of like sales/marketing but I'll be assisting the dept. that's already in place at the company. The start up is trying to get itself more well known in order to generate revenue obviously. Would it look unimpressive to BB banks?
It isn't very relevant to a BB IBD analyst role
biz dev is usually sales, however an unpaid ib is usually pretty ghetto. anyone that's looking for unpaid interns is likely a shop you won't want on your rez anyways. also, fyi, unless it's for credit, it is against the law.
i am not an attorney
+1. Take the biz dev, you'll learn a lot more IMO. Unpaid boutique IB pretty much means you're a slave and not learning much.
I would take the BD job even if it were unpaid, unless it is a very respectable boutique (like Centerview and such). BD experience will build more value in your resume vs. boutique.
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