Should I take this role or get out?
Hi everyone. I have just finished my internship at a PE renewable infrastructure fund based in London ($4bn fund, whole firm is +1.2tn AUM). The internship was kind of rotational between the PE team and their asset management team. Not that I switched between teams, I just had tasks on both sides. I worked on live deals but also did lots of modelling maintenance and reporting on the asset management side.
They’re offering me a full time job but it’ll be strictly within the AM team, so I won’t be working on deals except maybe towards the closing of live deals before they’re handed over to AM. The portfolio is absolutely great, perhaps the best platform in renewables in European PE. The reason they can’t offer me a full time position on the deals team is because they overhired last year, before I arrived.
Again the fund is amazing and the assets are interesting but I ultimately want to end up in a front office buy side role, like the internship itself. Should I take this job and hope for a switch or recruit for FT positions? For the record, I think having this internship boosts my chances significantly. I have experience in portfolio management (private equity & debt), valuation and modelling, and real estate consulting. I’m supposed to have a meeting with a recruiter about an IB infra internship soon so that’s also a potential option
what do you guys think?
Based on the most helpful WSO content, your decision should hinge on your long-term goals and the likelihood of transitioning to a front-office buy-side role. Here are some key considerations:
Current Role's Alignment with Goals:
Switching Teams:
Recruiting for Other Roles:
IB Infra Internship Option:
Market Conditions:
Recommendation:
If your long-term goal is a front-office buy-side role, prioritize opportunities that align with that trajectory. The IB infra internship could be a better stepping stone. However, if you decide to take the AM role, ensure you actively network and position yourself for a transition, either internally or externally, in the near future.
Sources: Moving from Asset Management into IB / PE, Fork in the road: Career path in Asset Management, Would you leave in this situation?, From Private Equity Associate to VP in Private Equity, Breakdown of Post-IB Exit Opportunities
bump
Take it and continue to recruit. Bird in hand is worth two in the bush. Don’t feel bad about reneging if something comes up.
Thanks bro. It’s my plan for now. I’m also thinking this MM infra IB internship is looking positive. If I have to choose between it and the FT I think I’d be inclined to take it. Would you think the same?
Are you still in education or have graduated? The IB infra internship might be best if you can wait longer for a FT position
Already graduated in 2023 bro (I was unlucky for a pretty long time, let’s just say). This is an off cycle internship and it’s pretty common over here in case you’re from the US.
You mean to say I should negotiate a delay to my start date for the full time and get the internship in the meantime? I had the meeting with the recruiter and handed over some deliverables he’d asked for (a solar model and a presentation). He’s arranging the next step now so it’s pretty serious.
That’d play very well in your favour assuming this IB internship is 3-6 months you’ll be wrapping it up by the time recruiting season starts. You’ll have an excellent chance to get interviews for full time roles with PE and IB internships already under your belt. If things don’t go the ideal route then you’ll at least have your full time job secured even if its suboptimal
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