Internship Choices (PE vs IB)
I am currently a sophomore at a target school and have the option of spending this upcoming summer interning at a MM PE fund (around $5 billion AUM) vs interning at a small no name boutique IB. I am looking to lock in a SA position at a BB IB this upcoming fall but eventually planning on pivoting out to PE. Which internship would set me up better for IB recruiting next fall?
I think you're looking at this the wrong way. Namely, you're trying to figure out how best to follow "the path" when having an undergraduate PE internship may very well allow you to move directly to PE. It's also a sophomore internship so if you tell your story well (You want to experience working in an advisory role and being a value add for clients) it shouldn't be that hard to move to an IB internship junior year.....assuming that you can't get another PE role.
Do you have any idea of the kind of work you'll be doing at either? I'd suggest taking the position that'll allow you to get the most hands on experience, whether that's supporting the deal team on the sell-side or looking at potential acquisitions on the buy-side. If you can come out of the internship with a deal or two on your resume, you'll be way ahead of kids that have BS internships.
There are worst case scenarios, of course. Doing the IB internship might mean you're stuck creating buyer lists. In the PE internship, you might get stuck on the sourcing side. Reach out and ask a few good questions, and take the internship that will give you the best experience to talk about
I agree with theSimpleBaller in that you definitely should dig a little deeper to see what exactly you would be doing. A $5bn fund is going to be in no way similar to a no-name investment bank. In terms of deal flow, the fund should have a decent amount going throughout the summer whereas the bank could have nothing all summer (depending on how small it actually is).
Given your interest in PE, I would lean towards the fund. Last summer I did PE and had no problem at all going through interviews. It also gave me an idea of what I was interested in. My fund was unique in that we did tiny private companies ($5-30mm EBITDA) and also mega cap stuff ($bns in EV). Through that I realized that I enjoyed the bigger stuff much more, and gave me a lot of real stuff to talk about in interviews.
PE or IB internship at small shop for full time IB opps? (Originally Posted: 02/26/2012)
Just wondering which is better?
PE or IB internship at a this summer would be better positioned for a full time position in investment banking at BB? Would BB's be more impressed with the PE experience?
The general consensus is that IBD internship trumps a PE internship, if your goal is working in IB at a BB.
as someone who's looked at lots of resumes it's a wash with the bigger name winning. A well-known bank will trump a $200 million PE firm, but if you worked at a recognizable PE firm that'll trump a boutique bank
What is the fund and what is the bank?
As discussed, it all depends on the breadth and reputation of these two firms. Although an upper echelon PE firm will almost always trump an investment bank of the same tier, there are tons of absolutely shitty PE funds out there that offer unpaid internships. After all, three dudes in polos running an operation out of their garage could technically be a PE fund... Unless you are at a top 200 PE fund, I would probably lean towards the investment bank. But then again, it all depends on the scope of the bank.
IB or PE Internship (Originally Posted: 12/16/2007)
Is a summer internship at a MM/boutique investment bank better or an internship at a private equity that invests in companies with revenues of $5-50 million and EBITDA of $1-10 million? I am considering a career in private equity in the future and possibly applying for a full time position at a bulge bracket during my senior year.
It depends on the relative reputations of each firm. Think of it this way, if the MM/Boutique is Houlihan for example, you will likely have exit ops into better PE firms than the one you are considering. If the boutique is a no-name blank check IPO or PIPE shop, your exit opportunities will be very weak. Its important to look at the resumes of the partners at each firm. Are they ex-bankers, consultants or industry heavyweights? Or are they mediocre accountants, brokers or lawyers trying to play financier? Join the highest quality crew.
Unless the shop is terrible, buy side experience will look great on your resume when applying for upcoming FT positions
Two of the Managing Directors at this private equity firm worked in Arthur Andersen’s Capital Markets Group. One of those two was one of seven Worldwide Directors of Arthur Andersen’s Industry Groups and a member of the Advisory Board of the Carlyle Group.
I am not sure of which bank because recruiting does not start yet. However, which internship would be better if the bank is Houlihan? What if the bank is worse than Houlihan?
Does anyone know anything about the reputation of Triton Pacific Capital Partners?
Banking or PE Summer Internship? (Originally Posted: 09/20/2015)
I worked in PE at a small Midwestern firm for a year and a half before matriculating at a top school a month ago. Before that I was working as an engineer so I never worked in banking. After graduating I'd like to work at a larger firm. If I can't get an internship at the type of firm I'd like to work at after graduating, would it be better to have a bulge bracket banking internship or another smaller PE firm for full time post-MBA recruiting?
Why do you want to leave PE? Isn't compensation the same or better than IBD and better hours?
I don't want to leave I just don't think I could get an internship at a firm I'm interested in. And the main issue compounding all this is that banking recruiting is so early and I'd have to sacrifice that and roll the dice to try to get a PE internship, risking not having one for the summer. So I figure I could do a bulge bracket banking internship and then recruit full time for PE next year. Does that make sense?
I don't want to leave I just don't think I could get an internship at a firm I'm interested in
Two questions. 1) Why are you leaving a job in the career you want to go back to school when you aren't very sure of your recruiting prospects? 2) If you don't think you can land even an internship how do you think you could land a full-time position?
PE vs. Banking Junior Internship (Originally Posted: 01/17/2014)
Would a PE or Banking summer internship your junior year be better in terms of receiving a full-time offer? Assume both are front office roles.
I have no offers, but I have a connection at both a BB and what we would probably consider a PE megafund ($20 Billion).
Say I were to get offers from each for the summer. Which one would you guys take? Taking into account the possibility of getting offered a full-time position.
1) it doesn't really matter unless you get an offer from both (I know this is a somewhat commonly used and obnoxious response, but it is true. Unless there is a trade off now, i.e. you can only pursue one or the other or you have an offer at both and need to choose, it doesn't matter. Just recruit for both and see what happens.) 2) it is hard to say without knowing which PE firm. Some take FT and some take interns, but don't get them to FT. If given an offer, you should be able to ask your connections about conversion rates.
IBD v. PE Fall Internship (Originally Posted: 07/31/2008)
I am going to be a junior at a target and will be applying for 2009 IBD SA positions. Next fall, I have the chance to work at a boutique investment bank or a boutique private equity shop. Which one would you guys suggest? I know that you should generally intern in the same industry you want to work full time in, but private equity internships seem to be as impressive if not more so than banking positions.
I appreciate the responses.
Its more impressive to have an internship in the field you are applying to full time. If you want to go into Banking eventually, go for the Banking. If you want to get a job in PE, or at least try to get a job in PE, straight out of Ugrad, go for PE. Thats my thought. I think you may get more exposure at a boutique PE firm than a boutique IB.
NEVER lose your BlackBerry www.conveniencesoftware.com
PE vs IB SA for FT Recruiting (Originally Posted: 07/24/2013)
As I'm heading into the FT process this fall, I have two solid experiences in Toronto at a big PE shop in two different industry sectors. I'm wondering how competitive is that against other candidates who have had banking summer internships. Also how will the process be different (in terms of interview questions etc)?
You will probably be given more technicals than other candidates. Then again, you could maintain the upper hand if you can handle most to all of the questions they dish out. Are you going to target those industry sectors that you have experience in for IB?
Thanks. That is what's been on my mind as well, since I have exposure to at least 5 different industries through experiences I think I will just target a product group.
You will encounter questoins like why didn't you have banking internships instead of buy-side. So you better provide a good reason why you want to do banking now instead of PE.
Mind if I ask how you got into the big PE?
Thanks. I networked with a lot of bankers before, and quite a few of them left and went to this current PE, which then they were willing to give me a chance. After that they recommended me to a different industry group.
Same question - what kind of technicals will I be asked? I worked at a boutique ibank that had some PE investments and now at a MM PE shop....
To answer above question - vanilla recruiting in applying online
IB vs PE internship for better chances in PE? (Originally Posted: 03/15/2015)
I will be joining MBB consulting full-time (Europe) next year, and have a couple of free months between school and start date, which I was thinking about partly filling with an off-cycle internship.
If I want to increase my chances for a potential PE position after 2-3 years at MBB, would it make more sense to do an internship with a boutique IB firm or an European PE firm?
I don't want to feign being an expert on this topic, as I am still a college student. But I have experience working at a private equity firm and have been interested in the space, so hopefully I can be of assistance.
Anyways, I think that whichever one you feel you are more likely to get modeling experience at, is probably going to be the best bet. And from my experience interning at a private equity firm in the middle market, training has been minimal. The only stuff I have learned here has been because one of the associates has been nice enough to put in some time to teach me things that will be relevant as I enter the banking world.
There's a reason they expect you to work in banking first (in most cases) because they typically do not have the resources to train you. With some exceptions. For instance, Graham Partners, a Philly private equity firm, has a really good program to train their interns with and I know from talking to several people that they really put in the effort to help you develop. I am sure there are other firms out there with similar programs, but not many. IB's on the other hand, if larger, are typically more accustomed to training analysts. So if you can find an IB shop with a good reputation and the resources to train you, I would choose that over a small private equity firm. Obviously if the name of the fund is supreme, then you would go with PE.
SA Offers: Megafund PE VS IBD (Originally Posted: 10/29/2017)
Currently have a megafund PE summer analyst offer and a BB IBD summer analyst offer, both of which could potentially turn into a FT offer. Was wondering which one would be better, considering exit opps, compensation, balance, learning.
Personally, I thought the BB IBD experience would give me a more well-rounded exposure. But if my end goal is buy-side, would it be better to start straight in the buyside or would I be better off doing 2 years of banking?
Thanks in advance mates.
Good question that has never been discussed before
Lol. Past similar threads:
https://www.wallstreetoasis.com/forums/pe-analyst-at-a-megafund-vs-bank… https://www.wallstreetoasis.com/forums/pe-megafund-vs-bb-ibd https://www.wallstreetoasis.com/forums/megafund-sa-uncertain-return-cha… https://www.wallstreetoasis.com/forums/bain-capital-pe-vs-pjt-rssg https://www.wallstreetoasis.com/forums/jpm-ibd-vs-apollo-pe
Why are you curious about differences in comp if you have two offer letters with actual figures right in front of you..?
They don't give you FT numbers really or go into OT sometimes (my offer letter was less than two pages)
How do you still have these two outstanding offers? Deadlines to respond to offers were like a week ago.
Ibanking vs. Private Equity Internship (Originally Posted: 02/03/2014)
Hey guys,
So I'm a sophomore in college and currently trying to find an ibanking internship for this summer at a boutique bank or something small, currently to no avail. However, I have a connection in a private equity firm and would be able to get an internship at TPG this summer. I really want to secure an investment banking job out of undergraduate, but would interning at a private equity firm make it more difficult to get an ibanking internship or job in the future? Would this make it look like I don't want to do ibanking or make interviewers think I am unsure about my career path? Or would it look good on my resume regardless?
I look forward to your opinions and advice! Thank you.
TPG Growth?
Wait.. TPG? that's crazy good. congrats. I mean it'll definitely look good on your resume, that's for sure. When do you have to accept the offer? Can't you just max out your resources, try to get an offer then weigh your choices? In any case, even if you don't get an IB offer (hopefully this isn't the case), TPG would be an amazing opportunity for you, I would imagine. Just my two cents. I'm not in PE/am still in college but if you can get someone with industry experience to give you some advice that would be great.
Dude, you have an offer from TPG. Don't turn that down. Instead, summer at TPG, recruit for banking next summer (at which point you will get EVERY interview you want), end up at a top group, and find yourself crushing buyside recruiting. You'll have a megafund + a top group on your resume and trust me, you'll have a ton of options.
As for coming off as not being sure enough, you have an even better story than most guys going for an internship in banking. Now instead of being like everyone else telling the story of wanting to "leave options open", you can definitively say you want to pursue banking for x and y reasons that deterred you from pursuing PE for your junior summer.
Just trust me on this. I know lots of people that had sophomore summers in banking (at BAML and GS in particular) but only a couple of outliers that had internships at a megafund. Even of my buddies that summered at random PE funds, they did really well during summer recruiting in junior year and got a ton of offers after their banking stint.
Thanks for your input you bring up a lot of really good points. As a sophomore I didn't really know anything about private equity until a couple weeks ago when I got this opportunity, yet alone what TPG was, so I was unsure about whether or not it would beneficial to forgo ibanking and go this route. Not to mention I'd have to move to san fran for the summer and wanted to make sure it would really be worth it. But thanks you really helped me out.
Probably not legit, as are most "What should I choose" threads on here.
Take the TPG offer, awesome opportunity. You'll draw the attention of every shop you want for junior SA recruiting. Congrats.
I did lower MM PE the summers after both my freshman and sophomore years and will be doing banking this summer. In interviews make sure you stress how you are more interested in moving transaction to transaction in an advisory role, rather than focusing on growing and operating the same few companies. Draw on experiences you have this summer at TPG watching deals close and talk about why that is what you want to do. Having PE under your belt as an underclassman will make your resume stand out and help you if you want to eventually move back to the buy-side after a stint in IB.
PE Internship to IBD (Originally Posted: 10/27/2012)
I have a PE/Infrastructure internship coming up from Jan to Apr, a lot of the people that interviewed me there were ex-bankers.
I know that there is almost no chance they'll hire me for full time, because that's just the way it is, so I want to land a IBD full time for a few years then come back.
I will also be doing SA recruiting, which interviews will take place right when I start my internship.
How can I leverage the internship in terms of experiences and network for SA recruiting?
Edit: Also... does anyone have any primers on infrastructure investments? I can't seem to find any from searches.
.
If you are doing it before SA recruiting the you'll be fine. Just don't do it for your SA, thats what I did, I interned at a small PE Firm that was in the early stages of its first fund (Emerging markets Infrastructure). Guys were Ex Carlyle and Ex McKinsey (I actually turned down a Public Finance gig at a decent firm, for this). I did it thinking I would get some looks come time for IBD FT, but I was wrong. At almost all of the BBs I applied to, I was getting looks, but they weren't from IBD, it was stuff like Structured Fin, Project Finance etc...
Thanks for the advice Peter. Since my PE internship is from January to Apri, and I will be applying for SA right at the beginning of January, which by then I have just started working... is there anyway I can leverage my networks at the PE? I think it's hard for people to to refer you when you just worked for a week, but if anyone has done so before please share your story.
Spinning a PE internship for IB? (Originally Posted: 08/06/2013)
How would you spin a PE internship for IBD recruiting?
Obviously depends on your experience, what you actually did on the job, the bank/group that you are applying to etc but consider doing the following:
1) If you did market research for one of the fund's portfolio companies or for a potential acquisition target, you can talk about current industry trends, relevant ratios/multiples, primary competitors in the space, etc.
2) If you pulled comps to support LBO or other valuation/analysis you can talk about how you are comfortable using different data service providers to pull data, incorporating data into spreadsheets, and understand how companies are valued on a comparables basis.
3) If you helped one of the analysts download information from a data room during the due diligence process, you can talk about how you learned the importance of being hyper organized.
Focus on the type of skills that you developed or hope to develop:
You should also highlight how much you hated your colleagues. That will surely score you points on the 'fit' section of the interview....
thanks junkbondswap, that helps a lot. But I was wondering more along the lines of why I would still be aiming IB when I did an internship in PE? Ex. would it work to say I preferred working on more multiple deals rather than working on a small group of companies for the long term?
I would say that the experience gave you a glimpse into what it is like to be on the other side as the client but that you believe you are better suited for an advisory type role. Maybe even provide an example of how a banker assisted your team during your PE internship (i.e. banker A pulled comps and provided industry expertise that helped support our investment thesis) and how you found that to be helpful/interesting. Then go into the traditional reasons as to why banking:
Obviously some of this is bullshit, but this industry is built on bullshit. Good luck to you.
Gold
Redact PE internship on resume for IB? (Originally Posted: 12/13/2014)
Hello everyone. I'm applying for '15 SA cycle and currently interning at a small PE shop where I focus on qualitative research. Would it hurt my "story" or raise unnecessary "direction" questions if I include this internship on my resume? Please advise, thanks!
I wouldn't think so. What exactly is your story? I figure that it is relevant finance experience, plus you aren't expected to know exactly what you want to do and where you want to go for the next 20 years as an undergrad.
PE Advisory Internship to IB (Originally Posted: 02/15/2013)
I'm a sophomore and got an internship offer from the PE advisory division of a MM bank. How would this be seen as I look for internships next summer in IBD? Is PE better than/worse than/same as an IBD internship if I'm trying to get into IBD next summer?
yeah,i have similar concerns and am also a sophomore :)
Your work experience won't be a problem with that on your resume. Focus on grades and networking
Boutique PE internship -> IB? Skills to pick up? (Originally Posted: 05/17/2012)
So I managed to land an internship at a really small PE fund. The guys seems to be really nice and willing to teach me the ropes?
I was wondering what skills should I make sure I pick up, to position myself best for full time IB recruiting? Valuations? Excel modelling? I pretty much created the internship so anything I want to learn is up to me... Keep in mind I have absolutely no finance background save for a Training the Street course.
Also any resources to pick up modelling skills on my own?
Thanks,
Rosenbaum & Pearl: Investment Banking.
Rebuild the models.
I'm in the exactly same situation and rest assured, you will have a much better idea what you want to focus on learning by the end of first week of your internship. Where are you gonna be at?
pe internship less/more helpful than ibd internship? (Originally Posted: 09/09/2015)
Hi guys,
If you have 2 internship offers on the table, which one would be more helpful in terms of the learning experience (ie skills you naturally pick up by helping bankers or pe guys) and resume building to ultimately land a full time offer?
Lets say I am choosing between standard chartered private equity and a second tier ibd house. Both of them are in Asia, and from what I have researched, the PE firm has been doing lots of interesting deals although not so big in size. For the ibd house, think BNPP/SG/Macquaire/SC
Has anyone ever heard something about SCPE?
It depends on your career goals. Here are my 2 cents from what I know (I work in Asia). Also, please note that I am speaking solely from a career (Progression, Exit Ops, B-School, Reputation) perspective rather than a skill set related perspective.
1 - Among the IB's you have mentioned, all of them are tier 2 firms (With the exception of Macquaire), meaning, your exit opps will not be as great as a GS, JPM, etc.
2 - A LOT of candidates in PE in Asia have consulting backgrounds from M/B/B type firms. Hence, since you have landed your foot at the PE door through an internship, you are half way there without an M/B/B background. The PE internship can take you a long way, regardless of whether you want to move to IB or stay in PE. Remember, it is easier to go from PE to IB in Asia than the other way round (Since a lot of PE firms prefer ex consultants rather than bankers).
3 - If your ex opp is a top US B School, you have more chances of getting into a H/S/W from an Asian PE background rather than an Asian MM IBD background.
4 - If you don't intend to go to B School, you could lateral to another PE fund or top VC funds such as Norwest, Sequoia, Matrix, etc.
5 - Finally, if I were you, i'd go on for the PE internship. SCPE is HUGE in Asia and on par with General Atlantic, Apax, Bain Capital, Baring, etc. (Unlike US or Europe, very few funds do buyouts here). Most do growth capital financing.
6 - Firms here care more about the brand on your resume rather than deal experience (Unless you are at a BB). Doing 1 or no deal at SCPE can still get you an FT offer at another PE fund as an analyst. I can't say the same about an MM - IBD.
A top PE > An MM IB. Exclude Macquaire out of my review though, it is a top IB in Asia and can give you good exit ops (IB or Mid Tier PE).
PE Internship to SA IBD (Originally Posted: 06/30/2009)
How far would a relevant intership at a top tier PE firm (think KKR, Carlyle, etc) go in terms of helping get an interview for a summer associate at a non-target? And no, I did not have an internship at such a place, but there is the possibility that next summer I might be able to due to connections with some high up people. I also have some network with VPs/MDs at some banks so if I play those two cards right would I still be able to get an interview even with a bad gpa (instead of saying how bad let's just assume really really to see how far the other two things would go)?
The other two things would go quite far. Regarding the VPs/MDs at the banks, that can help you to a degree, depending on the banks, and depending on the staffing needs, but working at a KKR or the like will definitely help you break into IB. The question really becomes, if you can get into KKR, then why do you want to go to into IB - in other words, what are your end goals for an IB FT analyst program - and why don't you think working at a KKR would allow to fulfill them as well?
To your question, VPs and MDs can help to a degree, as I mentioned before, but working for a KKR style PE firm will definitely overshadow a poor GPA, especially if you get some relevant and solid experience (for the resume) out of it (and not just get coffees and read the newspaper the entire summer). I would say that you should be able to land a decent number of interviews, especially when combining both the internal recs and an internship with KKR - once you get the interview, however, it's up to you.
IBanker www.BankonBanking.com Articles, News, Advice and More Break Into Investment Banking
associate
Sorry, I misread as analyst. If you are out for an associate position, have you been to B school yet (if so, GPAs don't often matter, it's more about name as Top schools usually don't disclose, or at least disclose with the standard 4.0), or have you worked in the field already - I was assuming your internship connections were for straight out of undergrad.
IBanker www.BankonBanking.com Articles, News, Advice and More Break Into Investment Banking
how is masters in finance looked upon at? do they manage to get associate positions or are offered entry level analyst positions only ?
Haven't been yet, but it would be a non-target. Aside from the possible PE I've done some finance (non-ib).
Going with the former. MBA (non-target) with (hopefully) PE internship and then hopefully to ibd sa.
I like it - and I'm pretty sure most people on this forum would like be in your shoes (a solid lead at a KKR type and a lot of contacts in IB) - make the most of it and good luck.
IBanker www.BankonBanking.com Articles, News, Advice and More Break Into Investment Banking
Seems like a lot of hoping and "possible" opps... An internship at KKR would certainly open some doors but not necessarily negate your weak academic performance / competiveness in the applicant pool. It would seem pretty obvious to me after reviewing your resume that you got into KKR based solely on a connection and not on your own merit (which isnt entirely uncommon in a business based on relationships) but still a red flag in my opinion come recruiting season given the very large and capable talent pool in this environment with prior deal/industry experience. Best of luck getting the internship.
How would you end up with two summer internships? Are you doing an internship prior to B-school? Additionally, what is the draw to IB vs. staying on the pe side?
IB vs. PE Summer Internship (Originally Posted: 06/11/2016)
Hi Everyone, Hoping to get your advice on the following scenario. So I am currently a rising junior at a target interested in recruiting for IB this fall. However, this summer I am doing a work study program abroad in which I will be taking classes on finance (more IB/PE related though like valuation and M&A modeling) while doing an internship at a IB firm. My question is, however, will IB firms look down upon this when recruiting this fall because it is (1) abroad and (2) through a program? I was also offered an internship at a smaller local PE place too and was wondering if that would be a better alternative.
I was in a similar position in undergrad (I was at a non-target, though). I took the PE internship because I figured that it would look better on my resume since PE is a career-path that is a bit more senior to IB, at least at the junior levels. I think that was a slight mistake, though, at least according to the feedback that I received during my junior-year SA interviews.
I would choose the IB internship over the PE one because the skillset developed there and what you will be working on will be more directly relevant to what you will do as an SA next summer. You will not put together any pitches, teasers, CIMs, etc. at the PE internship, and if this is anything like my PE internship was, the modeling experience that you get will be very limited. I hope that helps. Either way, you should be in a good position for SA recruiting next summer.
Go with the study abroad. Putting IB aside, studying abroad is great because it offers you a whole new perspective, allow you to learn more about yourself, and it may be your one-of-a-lifetime chance to do so.
Studying abroad, imo, makes you stand out when applying for jobs because not many kids can say they did the same. You can talk about how you learned to be independent and initiative.
PE vs IB internship (Originally Posted: 10/23/2012)
What would you choose out of these two given that you are currently doing an internship in PE?
Paid PE internship in London (Start March 2013)
vs
Unpaid IB internship in NYC (Start January 2013)
My current internship will end in mid-December. I don't think I can afford doing nothing from then until March.
The reason I'm leaning toward NYC is that my strong point is that I have a lot of international experience and want to continue strengthening that aspect in my CV as it stands out. I'm from Europe. Also, living in NYC would be a great life experience.
I want to end up in PE or ER.
Cheers
hard to say - but I did tons of PE work and IBs actually hated it.
IB in NY
how about the names of the companies, are they any good? honestly, id go for stronger brand, NY is great but you will have a chance to experience it anyway
The PE firm is Cinven, the IB is a new boutique and is not a pure IB, although it categorizes itself as an IB. I don't think either will lead to FT, Cinven much less so from what I've seen.
Congrats on Cinven. They are certainly a top tier fund focused on Europe. I would take them over the NY boutique if you want to end up in PE and have no prior PE experience.
.
What is your current internship? If it is investment banking, I would take the paid PE internship in London. Or, you can take the IB in NY, then quit just in time to start the paid internship. Also, have you graduated already?
Good luck.
Cinven. Hands down. Do it for the name.
My current internship is in PE.
I don't understand these questions. If you want to work in PE why would you do the IB internship? Do the PE internship. The only reason I could see you doing the IB internship is if you can guarantee a return offer from them and 2 years of IB experience is a pre-requisite to getting into whatever PE shop you are looking at.
Agree with my man here. It doesn't make sense. I get the feeling you want to take the IB Unpaid internship so you can live in NYC.
How did you land an internship in NYC if you are from Europe? Do you have a dual passport? Or are the NYC firm paying for your VISA?
Are you getting your MBA, or MSF? Do you have any prior work experience in banking? Your account says you want to do investment banking so, I'm confused a bit.
The people commenting above obviously don't understand how difficult it is to break into PE straight from school. Even the small funds want people with banking experience, but if you only have PE internships, they will see that you're going to jump ship after 2 years, and it will be very difficult to get a job.
Cinven is a well respected and recognized name and will look more impressive to IBs vs. a no-name or new-name, unpaid boutique. No brainer, take the PE internship.
While you can argue that IB internship will allow you to do more IB-related work, all in all, in an internship you're just going to do the same kind of thing (mostly comps and research, take some notes, update pitchbooks or in the case of PE some internal investment memos, and you'll get to help plug in a few numbers and study a model or two if you're lucky). Cinven is a brand and IBs reviewing your resume will think 'well, if they picked this kid, they probably see something in him'. It's passes an initial smell test.
Conversely, an unpaid (though, you though need to mention this in your resume) internship with a newly formed boutique (unless the head guy is a well known rainmaker) provides far less comfort as an initial pass. Because in general, newly formed (non-Moelis type) boutiques will in its initial stages of growth, will not be as critical or strict when looking for interns. While this may not be true, that will be most people's first impression.
Choosing between during semester internships; PE vs IB (Originally Posted: 08/12/2016)
I had a very "non-traditional" summer interning for a small cap investment banking firm. During my internship there, I did a lot of non-finance work, as compared to my last summers PE internship which was all finance work.
Halfway through summer, I was invited out drinks by associate from PE shop. Basically, the purpose of the meeting was to ask me to come back as a during the semester intern. This shop is a descent size (40 people roughly) and has two offices, NYC and the other 20 mins from my school. It would be paid mid-teens and I'd be treated more like an employee as opposed to an intern.
Other internship, also extended offer for during the semester. It's over 1 hour from school so it would be a work from home. The catch is, we have 4-6 potential small market (10-30 mil) deals on our hands. I would be the sole analyst on the deals and there is promise of being compensated "generously". I'm assuming the MD means I'd be bonused out. It's a tiny firm, with 2 senior guys who need an analyst to do the grunt work. I am not sure what I can get out of this in terms of networking.
So what would be the better choice for the semester that I'll be looking for FT work? PE is more "wall-street" like, with the NYC office and huge outreach. I feel like it's a more resourceful environment and would offer better networking for FT. The boutique on the other hand, promises deal exposure and some type of cash compensation which could take care of loans...
What do I do?
PE firm definitely sounds like a better option. But it's all up to what you want to do long term, so take a long shit and think about it
PE shop
I'm looking to get into a 2 year analyst program with a BB or MM bank next summer. Would the PE still be in my best interest in this case?
If the boutique bank isn't in the city and doesn't have an office there, definitely take the PE firm
I could be very wrong here, but I would easily take the boutique internship over the PE firm: 1. It seems like it could pay more, obvious plus. 2. It's actual banking experience - if you're looking to go into a BB/MM IBD, this could be a huge talking point in interviews and for resume selections. If you're concerned that you might not be doing real work again, bring that up with the MDs and just ask "what would my involvement be in these deals. a. The only point here that's a little weird is that it would be a work from home. Is there really no way you can commute up? Either way, nobody has to know that in interviews. 3. I think it'd look bad that you did PE, went to IB, and then jumped back to PE. Interviewers might feel that you're going to jump to PE immediately (there's an interesting thread on this about "overqualified candidates"). I think that could really hurt your chances.
Are you at a target school? If so, I think that really should solidify the decision to go to the boutique. Correct me if I'm wrong, but it looks like one of your main concerns is that in terms of networking, this boutique internship won't help very much. I think you could still take a lot of phone calls, and just plan a trip to NYC one week and catch up with your network.
I'm just a student too, so that's why I could be wrong. But to me, it looks like a boutique IB with meaningful experience would be better than going back to PE.
PE Internship or IB MM (Originally Posted: 07/05/2012)
Hey guys,
So I need some advice. I am a year out of undergrad. As back ground: was planning on going to law school, worked for the past year at a law firm in the Oil and Gas Group. Was given a bunch of responsiblity, analytical work, and had a lot of exposure to c level execs. In my opionion it was a great resume builder. I ultimately decided law school was a dumb investment and am currently interning for free at a small PE shop. My current work includes uploading new contacts, deals, etc in salesforce and dealcloud. Not very fulfilling to say the least. Once I get all this menial shit done my boss has said that I will get deal exposure and will probably be doing due dilligence. I am also reading Rosenbaums book and am about to start Wall St Prep's premium course. So I am thinking once I get a good grasp of modeling on my own I can really take on a lot more responsibility because right now my boss doesnt have the time to sit down with me to teach me everything. Anyways, there is another small boutique investment bank in town that has an internship that could potetially turn into a full time job. I am stuck because I think if i work in this PE shop for another 2-3 months I can have unique experience that would set me apart from others that onyl have IB jobs and internship experiences. My goal would be to get a job in Atl at SunTrust which is a good MM headquartered there or something similar. So should I persue this IB internship with full time potential, but at a boutique, or should I stay where I am and get more experience and try to impress people with PE experience. Also, would I be dumb to try to aply to PE shops? Working here full-time is not an option bc they are too small. Also went to non-target.
Please excuse my horrible writing and punctuation, still trying to get used to my ipad.
Please some advice?
depends, i'd probably move to the investment bank since you said you had a shot at a FT gig there. That's the most important thing. Are both the investment bank and PE firm regional?
Yes, both are regional. My ultimate career goal like pretty much everyone on here is pe. It doesnt have to be a megafund, but i would love a large regional firm. I guess what i want to know is would working at this pe firm be that much more impressive and allow me to get a better job than potentially just working at the boutique ib if i did well in its internship program?
does the IB internship pay. id consider that too, since pay and quality experience are usually positively correlated.
either way id lean more towards the IB internship.
Yes the ib internship would be paid. Money doesnt really matter i just want to do whatever looks best to recruiters
Would you leave IB for an internship in PE? (Originally Posted: 04/15/2011)
I am now on secondment at my top-tier bank’s PE fund from its IB division (after only about 1 year at the job). Life is significantly better here. Both the work itself and the relations between colleagues are a very nice change from the never-ending stream of formatting pitch books in IB. I’ve talked to the PE fund about continuing on after this short 3-month secondment is over, but they said that the could only offer me an internship position, as they couldn’t get approval to increase their headcount this year (it’s a very small team– 4 people and a secretary, and they are already hiring another more senior person to come in before my secondment ends).
Another major advantage of being here is that it is in mainland China, where I can improve my Mandarin. If I would take the internship position, I would even enroll in language courses at a local university every morning and then come in to the office in the afternoon (but, of course, still work until midnight+). I am really keen to improve my Chinese, so this is very important to me.
Downsides: 1) I would take a salary cut, and I would also not be eligible for a bonus. Plus, taxes in mainland China are quite high. I am guessing that I might end up with half of my current total take-home at IB, on an annualized basis. 2) I would be leaving a secure permanent position at a top tier investment bank for an internship that would last for an indefinite time period. 3) As an intern, I also would be giving up a lot of the perks of a full time job, such as health insurance, vacation time, etc. 4) It could be seen as a career back-step to become an intern again
What would you do?
I would have to apply for full time positions at other places during my internship in order to settle into a more secure long-term position – how would other employers view this? Just 1 year at an IB before doing a 3 month secondment in PE, then becoming an intern at the PE while studying language?
Are you serious? FT in IBD to being an intern?
hell no
Literally hundreds of monkeys are attempting to move from internships to full time IBD and you want to do the opposite? Just listen to what you are saying.
yeah.. it does seem like a bad choice.. but life really is better here.. going back to investment banking just doesn't seem very enticing...
also, the opportunity to study chinese for hours every day is really great. I want to be in China for the long run, and its really important to improve my language abilities.
but still,.. the trade offs are great. becoming an intern again... uggh... but, there was an intern here before who actually did a similar thing - left Raymond James IB in new york to do an internship here while studying the language, and now he's working FT at a Chinese hedge fund. I'm wondering if he was a special case, or if employes would actually not see my internship/language study in a negative way. Ideally, i would find a FT position at a PE fund in China, but its unfortunately a big risk when i already have a decent IB job..
Hey AiB - just curious - do you know some mandarin already and just need to become 'fluent', or do you just speak English (and maybe Cantonese)? Did the prev intern have some initial mandarin skills too or just english?
I'm curious because I'm seeing 99% of postings for PE in HK and China requiring mandarin as a pre-req
Right now my Mandarin is at the intermediate level, with no Cantonese. The challenge is making the big step to being able to read newspapers, discuss business models, etc. The previous intern had about the same level of Chinese as me, and was also doing part-time language courses and part-time internship.
Because, as you say, 99% of Greater China offices require Mandarin (if not also Cantonese), I need to master it sometime if I want to effectively work here. However, it is a big trade off, giving up a full time lucrative position…
But, a big part of me is saying “fuck it.. I should follow my passions”
keep your freaking job and get rosetta stone then shop around in 2yrs. How old are you?
Successful troll is successful.
this.
Chinese hedge fund? Right...
Without risk, there is no reward. Take chances while you still can.
Magni et debitis magnam dolorem. Aut illo magni itaque cum iusto dolores ex. Numquam magnam sed quia suscipit. Officiis quia voluptate pariatur porro.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...
Tempore asperiores dolores totam nulla qui praesentium. Et itaque voluptates at at. Esse fugiat illum alias similique cumque. Eveniet modi ut voluptatum veritatis quae voluptate. Suscipit reprehenderit dicta perspiciatis aut.
Vero eum officiis mollitia. Itaque facere adipisci fugit harum. Eaque nemo omnis soluta nam omnis aliquid. Doloribus id voluptatibus blanditiis at aperiam dolorem.
Deleniti odio enim porro et magnam dolores. Molestias temporibus facilis distinctio ut.
Placeat quia dolor voluptas autem. Aut eius a iure esse recusandae impedit laboriosam tempora. Excepturi corrupti quidem error sapiente dolor assumenda. Alias ipsum minus autem id. Consequatur ex quibusdam libero dicta rerum eligendi. Ab quis totam est enim incidunt in. Modi autem est nihil facere ab laborum ratione.
Et minima nihil iste voluptas eaque rerum. Est qui possimus omnis cumque dolores mollitia delectus commodi. Aut dolores ipsam debitis sed perferendis aperiam. Voluptas numquam soluta voluptas. Aut repellat totam sed omnis rerum quo.
Et harum ab quos doloremque adipisci. Vel harum sint omnis repudiandae omnis similique. Quas qui molestiae at. Eveniet rerum sit eius. Rerum nihil id quae eius. Rem qui aperiam dolorum autem aperiam laboriosam suscipit amet.
Ut temporibus odit neque eaque nisi sed quasi. Qui saepe molestiae et et et. Pariatur nulla enim rerum sint voluptatem. Nam dignissimos et dignissimos accusantium qui nulla at odit.
Et consequuntur delectus et illo dolor similique et. Reprehenderit aliquam sed inventore fuga. Reiciendis aut eaque sapiente commodi. Sit voluptas libero occaecati aut repellat libero.
Ut qui enim nesciunt est. Atque sed quaerat consequuntur eum blanditiis molestias. Consequatur dolore dolores dolor facilis est quis voluptatem. Quidem accusamus cum nostrum quis consectetur dolorem. Quod itaque laborum ut. Non qui ut non soluta ducimus sit.
Perferendis aut minus ex fugit aut quae. Sit vitae odio ut ea perferendis. Hic quia tempora doloremque ullam.
Ullam eius omnis minima voluptas quia quia eligendi. Accusamus et deserunt magnam autem dignissimos sit. Ipsa voluptatem aliquam magnam. Molestiae eos consequuntur fugiat aut incidunt. Cum expedita optio fugiat beatae hic.
Magnam dolore voluptas excepturi cum voluptatibus. Ex fuga alias aperiam officia veniam voluptatem.
Repudiandae repellat nobis aut inventore provident unde iste consequatur. Ut voluptatem placeat debitis ad aut. Non atque atque veritatis ab sequi ipsam.
Facilis esse nam autem optio ipsum qui. Placeat ducimus asperiores pariatur adipisci et ipsa quia. Atque quis placeat sit fugit. Aut amet illum enim quia eius. Consequuntur veniam facere beatae voluptatibus temporibus. Reprehenderit possimus molestiae nisi sed non. Temporibus quo aut mollitia libero autem architecto accusamus.