IB Analyst at MM versus VC Associate at Small Fund

VC is limiting at the junior level for exits since its sourcing focused and less technicals skills acquired; IB sets you up - quick question how did you off cycle recruit? did you network and cold email banks?

I'd do IB. Can always go VC later. VC is a lot about relationships and less about hard skills. The successful VC firms are successful for two reasons: they are pretty good at figuring out what is more likely than not to be a success, and most importantly, they are able to invest in the companies that everyone is eager to get in on. Most VC companies can't invest in the more or less slam dunk opportunities because they don't have the reputation needed to compete. This dynamic means there are a lot fewer hard skills and a lot more soft skills. It is all about knowing people and sourcing deals (which you won't be doing as an associate, usually). 

Depends what IB role. If it's a legit MM / BB role, I'd take that.

If it's a boutique - its debatable. 

If it's a solid VC team, you can make a career in that. 

Seems like IB is the obvious answer. Is this a reputable MM? If so then it's really a no-brainer.

The VC role will give you few hard skills and fewer exit opps.

As someone who left IB in less than a year to move to VC, I'd recommend working for a little in IB.