Help Choosing Between offers!
Hi guys. I have the following internship offers for the summer. I'm leaning towards JPM because I hear they have high return rate/ppl seemed great/not sure what I want to do long-term so I feel like the brand name helps. Do you guys have any opinions on what groups at any of these offers I should pick between and which one is best long-tern (maybe into transitioning into ib or doing an mba)?
Thanks for any help!
JP IB Risk (they have coverage groups in credit risk)
MS Corporate Treasury (I don't want to do this)
Citi global risk analyst
MUFG Rotational Analyst (could be put into both front and back office during rotations)
BNP Corporate Banking - Project Finance
Difficult to advise without job descriptions, but I would go with JPM just based off of the titles.
thanks any other opinions?
BNP corp banking will give you the transferrable skills while I can almost guarantee you that you'll get pigeon-holed at JPM.
Plus you can easily spin the corp banking story for FT interviews.
I thought that JPM's IB Risk group was the equivalent of a restructuring group that could be equivalent to an IBD experience?
how did you manage to land 5 offers at big banks but not a single IBD internship. corporate banking to me looks the most solid
^ I would probably say I have a pretty low gpa (3.3 rounded up) for ibd, I honestly got one first round ibd and it wasn't even at a bb. The only thing is for BNP I've heard they have a low return offer rate. JPM IB Risk (the people I've talked to there) say its basically your offer to lose. Also for JPM (at least what I've learned from these forums, idk how accurate - some of the threads are interesting to say the least), I hear they pay close to the same as IBD at the analyst level and you go through the same training.
I'm doing an internship in credit risk at another BB at the moment, and here you do the same training as guys going into IBD. You also liaise with IBD frequently and transfers from CRM to IBD are not out of the ordinary at all. As for the pay, your base will be approx the same as an IB analyst's, but as far as I know the bonus will be significantly lower.
I'd go with MUFG, it's the only one that will give you a chance at front office IBD work (presumably) and is one of the biggest banks in the world
I think the only FO offer is the BNP one. Go for it.
BNP or MUFG
I'd say it's between JPM and BNP.
Project Finance is kind of a niche area. BNP (and French and Japanese banks in general) are very active in that space. Chances are you won't look at a single 10-k over the course of the summer...it's really a different beast. Involves TONS of reading (engineering reports, construction agreements, financing agreements, permits, PPA's for power deals) since everything really depends on the strength of the contracts. It also involves a lot of modeling, which can get complicated, but the sponsor will create a SPE for the asset so you're really just modeling cash flows up to the point where it services the debt - very little in the way of accounting conventions or 3-statement modeling. Depending on the group, you might spend a lot of time writing credit memos for internal approval. It can still be a great gig, especially if you're interested in infrastructure/utilities/energy. The pay and bonus is probably more in line with IBD than credit, it's still a FO role, and the hours are more manageable than an M&A role. These are just things to be aware of...I'm sure you could spin it easily in FT interviews but the skill set isn't 1:1 since you're not working at the corporate level. I pretty much guarantee that there won't be any sort of formal training since each deal can be very different and there's no standard modeling framework.
Also, MUFG's FO flagship group is Project Finance. I don't know if they're big into traditional IBD. The Japanese banks have been building out structured finance teams because they have a ton of Japanese deposits that they need to park somewhere. If you look on their site, the categories under IBD are things like PF, PFI, Real Estate, Shipping and Syndicated Loans. Kind of a weird place...the FO teams are increasingly Western and plucked from other groups after the crisis, but at the end of the day it's still a Japanese bank so lots of bureaucracy, conservative at the upper levels, and lots of Japanese employees. I wouldn't take the chance on a rotational when you already have effectively the same FO offer at BNP.
I know a few people who work in credit risk at JPM but don't know much about the program. It's probably most similar to IB, greater likelihood of getting a FT offer, decent lifestyle (?) and brand name. You might get stuck though...but I don't really know enough to say.
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