Upper BB PWM or Corporate Development Internship at $1-5 billion firm
I'm a sophomore at a semi-target looking to use this internship as a stepping stone to recruit for investment banking next year. Which one would investment banks think of as better? BB PWM is at MS/JPM/BAML. My thinking is the corporate development position is more relevant to IB but the BB has a much better name and is very respected by all investment banks.
which internship would you prefer, the corpdev or PWM internship?
I was initially thinking corporate development position would be better but it would be nice having the MS/JPM name on my resume over a firm that most people wouldn’t recognize.
That does help.
Many people will have names on their resume but in similar non-transferable groups. Corp Dev will be a nice differentiator.
I would definitely do Corp Dev if your goal is IB/M&A. $1-5B is not tiny. PWM will not give you many transferable skills, but Corp Dev will as long as something is going on in the group, even if it's not active M&A.
follow his advice, solid
$1-5B firm is tiny though.
No it’s not. If he’s talking revenue it could be F1000.
From the title at least he says "$1-5 Billion Firm" not revenue.
But it begs the question, how many $1-5B firm hire interns for corp dev. so could be maybe be revenue.
$1-5 Billion is the market cap, their corp dev is a team of 4 (came from good investment banks) + 1 intern
I'd definitely take the CD offer if they have 4 people who came from good banks. If you do a good job, they will be willing to connect you to their old colleagues. This is a no brainer in my mind.
I guess so, but a firm of $1-5B is a wide gap.
From what I know (looking at my EB) most of the people that went into Corp Dev went into F100 companies. I highly doubt they'll be people from "good banks" albeit that is highly debate-able.
OP, look at the guys actually working on the corp dev team. Are they from banks you would want to get into? If not I would still do PWM. Albeit corp dev is definitely interesting when screening resumes PWM at top BBs would be easier to get good looks.
I strongly disagree. Getting a Corp Dev internship is more difficult than PWM, even given "smaller" company vs BB. While I'd say it's generally correct that the smaller you go the less impressive backgrounds you see in Corp Dev, there are a lot of BB and EB folks at companies outside the 100 largest. At my last company (not F100 but F500), with a market cap in the $5B range, I had bosses who worked (at senior levels) for an EB and one of the top BB groups, if not the top BB group, in the U.S.. The guy said 4 from good banks. Even if the 4 were from "just" solid MMs like Harris Williams or Houlihan, those are more valuable connections than any you'll make in PWM (where you might be able to network with some IB folks at that bank only). The only way I'd even consider PWM is if they came from banks no one has ever heard of.
PWM isn't bad. Corp Dev is a lot more interesting though.
I'd go for the name brand. You still have your junior year to acquire skills as an IB SA.
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