PE internship at no-name or S&T at Morgan Stanley
So I have two internship offers for next summer; one being at a small private equity firm (<5B AUM), the other being bank resource management (BRM) at Morgan Stanley. I can’t find much info on BRM and don’t know whether it would be a good start to my career, but they’re offering me 110k base prorated for the summer plus relocation whereas the PE firm is offering 95kish prorated and no relocation. Which should I take? Not sure what my end goal is for my career but as of now I’m interested in PE at a MF or C-suite track at a F500.
PE
Don't think about money so early into your career.
I'd go with the PE firm.
It’s not just less than 5b, it’s less than 3b. Does that change anything?
If you want to be in PE, you should do the PE internship. It's that simple. I'm also not sure I would call "$5bn AUM" a "small" or a "no-name" firm.
Agree with other commenters that it's too early to let pay dictate what you want...these two internships are different enough.
Seriously curious what firm it is given the size... definitely not no name.
It’s not just less than 5b, it’s less than 3b. Does that change anything?
It’s not just less than 5b, it’s less than 3b. Does that change anything?
Nope not for me
Nope - means they have a good chunk of capital. There are thousands of PE funds and search funds with limited to no capital so I would take that PE roll in a heartbeat.
Interesting question... I would say go with M.S. I am currently doing my internship in PE at a great company, but frankly unless otherwise, it's not best for fresh out-of-school joiners. Later on maybe.
PE. Bank Resource Management does not sound front office, but I also don’t know S&T so maybe it is.
Also, like the commenter above said, "5B” is not a small fund
What year are you in school? That matters a lot. If this internship is for your final summer (between junior and senior year), the calculus is very different than if it's freshman or sophomore summer.
I’m an incoming junior
Then do the private equity role. It will better position you for a banking summer analyst position next summer. Which unfortunately you may already be late for, because most firms wrap up recruiting for their summer class approximately 15 months before it begins (as in this March/April, 2024 offers were extended).
BRM at Morgan Stanley is a bunch of balance sheet related activities within the securities division. It's front office, but it's all stuff like repo trading, fixed income financing, securities lending, and all the other stuff that helps the firm ... (you guessed it) ... manage its resources.
It doesn't lend itself well to corporate-focused advisory (investment banking) or investing (private equity) or operating (your hypothetical F500 path).
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