Freshman at target: M&A Advisory or PE?
So I'm a freshman at a target. Luckily, after months of nonstop cold-calling and so on, I have two offers...and I can't decide.
Both are unpaid. The pay is not an issue for me. My goal is to land a BB internship after junior year, and hopefully an IB gig after college. I currently have basic modeling experience through extensive work I've done in my school's investment group.
The first is with a large regional Asset Management firm (4-5B in assets), that also has an VC arm (sort of the pet project of the founder of the firm). They are also working on a brand new M&A advisory arm. Both the M&A and VC divisions have a very narrow unique sector focus (think art/social media/greentech/etc). I would get to work on industry research and possibly spreadsheet work for position papers/pitch books.
The second is with a small, very new PE fund that just made its first acquisition. It has a good relationship with the top-tier biz-school at my univ, and MBA's do intern-like projects all the time. During the summer, however, it would mostly be me and the MD. The MD has been completely honest and told me that there will be some b.s. work involved, though he will do his best to provide a meaningful experience in P.E.
I have a feeling I would get to do more modeling work at the PE firm, though I'd get to do bigger scale stuff at the M&A/VC firm. I'm conflicted. Which should I take?
M&A
I'm just curious, Status_Quo, but why do you say M&A?
Are you serious right now? You literally said you want to work in IBD postgraduation... Piece it together brah
Let me be more clear. I feel like I'd be able to get closer to modeling/valuation work at the PE shop. At the M&A one, I'm mostly helping with research and putting together pitch books, mostly stating the firm's position on various industries. This may or may not have a lot of valuation.
At the PE one, its more like a job shadow of the MD for a summer. He has explicitly stated that if there times when theres not much to do (which happens occaisionally for unpaid interns at small shops), he wants me in the office, reading on LBO models, etc. learning as much as I can.
What do you guys think? Is the M&A one still a better choice?
What's the MD's background? Keep in mind that if you do bust your ass for him all summer, and you've already got a semi-strong relationship with him, he's extremely likely to play a huge part in your future career search. It's difficult to give a more solid answer without more specifics. As a freshman at a target with these options this early, I don't think you've got too much to worry about regardless of which you take.
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