*HELP* 2 Summer Internship offers, what's the best to get into IB?
I won offers from:
1) Wells Fargo Commercial Banking -- "summer analyst"
2) Charles Schwab Investment Management (CSIM) -- "Risk Management Intern"
CSIM has a $240 fund invested in mutuals and ETFs. Obviously capital markets is very relevant to IB.
WF Comm Banking is commercial lending and underwriting, however I feel this does mirror some aspects of IB.
All I want to do is work on the sell-side and put in the hours to be a real investment banker.
Please give me your advice!
Assuming you are a junior and this is your last shot at an SA spot?
I would lean towards WF and commercial banking. I did a summer spot in commercial banking and have seen a good deal of kids go from CB to IB. You can learn some applicable skills, although it will by no means guarantee you any shot at an interview for FT IB.
But here is my main reason for choosing WF: Wells Fargo has an investment banking wing, Charles Schwab does not. You crush it at your WF SA spot, and you use it as a networking opportunity. If you are in fact a junior, then you know that it is very difficult to get an FT interview without prior IB experience, as most banks hire straight out of their SA classes. In my opinion, you're best bet is to work at a bank, network, and try to move into their IBD group (although that is a difficult task).
If all else fails, you are more likely to be able to re-brand yourself as an I-banker post b-school if you have done commercial banking rather than risk management.
Wells Fargo
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