Sophomore. Emerged from recruiting season with a few offers. I am considering two at this point.
Any advice from those in IB or those who have gone through SA recruiting would be greatly appreciated, as my goal is to leverage this summer's position in SA (IBD) interviews next year. The positions are listed below:
1.) Boutique IB: 5-10 headcount, mostly debt and equity raises for the lower-middle market
- Position entails due diligence and company research for prospective transactions, NO modeling/valuation
- Disadvantages: No modeling/valuation or financial analysis
2.) Valuation Shop: provides valuation services and advisory for M&A
- Position entails a lot of valuation experience and modeling, training provided
- Advantages: Great experience/training in valuation and exposure to M&A, qualitative & quantitative roles
- Disadvantages: NO IB on my resume
Thanks in advance.
I'm always a proponent of getting the "Investment Banking Analyst" title on your resume and then just spending a lot of time on the BIWS or Wall Street Prep self study modeling courses. You can even put the modeling course on your resume and then during junior year SA interviews highlight how you've been proactive/committed to learning how to model and how the self study course served as the perfect compliment to your IB internship experience.
However just curious, what is the size of the valuation shop? Can you provide a headcount or comparable firms?
IB you big dummy.
Which groups are you looking to enter for IB? Personally, I would think that the valuation shop is a better bet if you're looking to do M&A in the long run. Obviously, I am a proponent for exposure and experience but the previous posters also have a good point.
If it's BBs that you're looking at, I would think that it would be more important to go wherever gives you better exposure. My understanding of the SA recruiting process(note: this is in Asia) is not focused on whether you have IB on your resume. I have known people getting accepted into GS with only a credit research background.
repost
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Since you are only a sophomore I think the valuation experience could set you up well for a junior SA position at a legit bank. The boutique doesn't seem to offer much for an internship but like someone else mentioned, you could put IBD Analyst on the resume so it's up to what you think is more important.
That is exactly what I am trying to determine. The question comes down to this:
Is having the ability to put "IB Summer Analyst" on my resume more valuable than having a more educational experience? Or, in general, how much leverage does the "IB" face-value give you?
Any other feedback would be greatly appreciated.
When people only have a minute to skim through your resume and need to decide who goes in the yes pile and the no pile, having the key words "Investment Banking Summer Analyst" stick out is always good to have. You will still learn A LOT and if you continue to do the right things and secure an junior year SA and a big shop you will have plenty of opportunities to get real world modeling experience. And as I mentioned before, you can do the BIWS self study modeling courses (which are very good and will help you learn a lot) and dedicate 2-3 lines on your resume explaining what you accomplished during the course:
BIWS Basic Modeling Course - Build a 3-statement projection model - Value a company using public comps and precedent transactions - Build a DCF model to value a company based on its future cash flow
BIWS Advanced Modeling Course (if you have the extra time and money, but not necessary as a sophomore) - A detailed operating model with revenue and expense projections by segment - A full valuation using 9 different methodologies - An advanced merger model that combines all 3 statements - An advanced LBO model with support for 7 tranches of debt
Can you explain how the boutique IB position entails research and diligence but not give you any exposure to valuation/analysis? That doesn't really make sense to me; even if all you're doing is capital raise transactions, there is bound to be some financial analysis involved, even if it's very basic.
To answer your question though, I think both would set you up very well for junior recruiting. Without knowing all the specifics, I'd lean toward the boutique IB position. My (limited) understanding of valuation type roles is that these guys come in to support an M&A transaction by providing valuation guidance on specific assets (i.e. "clean up" work. You ought to note that I could be completely wrong about your specific position).
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