Big 4 Advisory/TAS vs Boutique IB internship in the fall as a sophomore?

Which internship would be the most useful in landing a BB IBD SA position the summer before my senior year? I'm currently a rising sophomore and trying to land either a 15hr/wk internship for my fall semester at a boutique IB or in Big 4 Advisory, and would try to stay there during my winter break of a month. If I were to land a big 4 advisory position during this fall semester, would it be better to have an internship there for the upcoming summer as well or aim for a boutique IB? Any and all advice is welcome and thanks in advance

P.S. I don't have any of offers yet, just trying to get a better idea of which path to aim for.

 
Best Response

A big thanks to everyone that has contributed so far

peinvestor2012:

Depends on the quality of the boutique. Are we talking some sketchy no-name or a decent player in its region or niche?

We're talking sketchy no-name 15-20 person boutique. I feel like going for a boutique can be hit or miss in terms of deal flow. I definitely agree that Big 4 will have at least some kind of transactions, and having the name of a Big 4 on a resume is better than a no-name boutique. (I think)

Would working in something like transaction tax be good in terms of preparation for SA IBD? Although I won't be on the sell-side, I'd still be exposed to deal flow and accounting due diligence. The reason I'm asking for transaction tax is because I have 3 tax/accounting related work experiences which may hold extra weight in interviews. In general, would advisory/TS support roles be better or worse than no-name boutique IB?

Tl;dr? Still looking for more opinions so please contribute if you have any advice and information

 
mitchillen:

A big thanks to everyone that has contributed so far

peinvestor2012:

Depends on the quality of the boutique. Are we talking some sketchy no-name or a decent player in its region or niche?

We're talking sketchy no-name 15-20 person boutique. I feel like going for a boutique can be hit or miss in terms of deal flow. I definitely agree that Big 4 will have at least some kind of transactions, and having the name of a Big 4 on a resume is better than a no-name boutique. (I think)

Would working in something like transaction tax be good in terms of preparation for SA IBD? Although I won't be on the sell-side, I'd still be exposed to deal flow and accounting due diligence. The reason I'm asking for transaction tax is because I have 3 tax/accounting related work experiences which may hold extra weight in interviews. In general, would advisory/TS support roles be better or worse than no-name boutique IB?

Tl;dr?
Still looking for more opinions so please contribute if you have any advice and information

That's actually quite large for a no-name boutique. There are plenty of smaller shops with 1-5 guys. 15-20 means they should have decent deal flow, even if it is on the lower end. Anything to compare them to w/o giving them away?

It could come down to the firm and more importantly, the interviewer. If you have deal flow at the IB, go that route. If you aren't confident and think you may get stuck in biz dev work, then go with the TAS position.

 

I agree with this line of thinking.

I'm at a boutique a bit larger than the 15-20 range but still in the same ballpark. We have plenty of deal flow and our interns get a lot of hands on experience. I can't imagine how in the world a Big 4 internship would be better for banking than interning at my shop. A lot of former interns (soph and junior) have gone on to BBs, elite boutiques, large MM banks, etc. for subsequent internships and/or FT.

"For I am a sinner in the hands of an angry God. Bloody Mary full of vodka, blessed are you among cocktails. Pray for me now and at the hour of my death, which I hope is soon. Amen."
 

The 15-20 person boutique may have been an overstatement, so i would probably end up at a much smaller shop of 5-10 people.

I guess the biggest challenge is actually finding a boutique that would be willing to take an intern, but it is a numbers game after all. I'd say I have an advantage in some ways in terms of "connecting" with the Big4. Some examples are co-leading a team to being finalists of a past competition hosted by the Big 4, working with partners in the Tax side during my previous internships, and a strong alumni presence. However, this may all be completely useless if the Big 4 do not take on any interns during the fall as many of you have mentioned.

 
peinvestor2012:
GrandJury:

My advice would be to try doing a PWM during the school year and focus on getting a Big 4 (which is still hard as a sophomore) or a boutique IB internship for next summer.

Why would he do that? Makes zero sense.

How does that make no sense? He's a rising sophomore...not a junior.

Since he stated he's had trouble even finding a boutique to take him in, having some "finance" experience by getting a PWM internship during the school year would be a better stepping stone for him. He can then leverage that and try to aim for a better caliber internship his rising junior summer. Not sure how that makes no sense.

 
GrandJury:
peinvestor2012:
GrandJury:

My advice would be to try doing a PWM during the school year and focus on getting a Big 4 (which is still hard as a sophomore) or a boutique IB internship for next summer.

Why would he do that? Makes zero sense.

How does that make no sense? He's a rising sophomore...not a junior.

Since he stated he's had trouble even finding a boutique to take him in, having some "finance" experience by getting a PWM internship during the school year would be a better stepping stone for him. He can then leverage that and try to aim for a better caliber internship his rising junior summer. Not sure how that makes no sense.

Thanks for the suggestion but I haven't had any trouble landing an internship yet because I didn't even start applying. I was just looking for advice on what to focus on before I do start applying. I've noticed people are siding with boutiques so I'm going to focus on landing an internship at a boutique. Wish me luck guys!!

Would someone please be willing to give me advice and/or critique my method of landing an internship? 1) Get a list of boutiques in nyc and visit their websites. (I have an extensive list and looking at websites shouldn't take too long) 2) Create a standard mass email template of about a paragraph detailing my school, year, previous work experience, and mention potential internship opportunities. (This will not be tailored to each specific boutique. Should I include my resume in the first email or wait for a response first?) 3) Send around 50 emails per day?(I think 100 would be better but i'm busy during the weekdays) Should I send the emails to md's/vp's only and not even bother with [email protected]? 4) Hope to receive a response for potential opportunities.

I currently have a fall internship offer in hand for a tax internship at a top 10 broker/dealer which is where I interned this summer. I might also be able to secure an ER internship at a fairly well known IB and AM firm through an alumni I've spoken with 1-2 months ago. Any comments or suggestions? Would pursuing the ER internship opportunity be the second best choice after boutique IB or should I also try to aim for a corp finance internship just in case? I feel like I'm all over the place but that's because I'm hungry for some finance experience.

 

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"For I am a sinner in the hands of an angry God. Bloody Mary full of vodka, blessed are you among cocktails. Pray for me now and at the hour of my death, which I hope is soon. Amen."

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