Junior Year Summer: I-Banking Intern or Top Hedge Fund Intern
I am a rising junior and am unsure of which is the better option for me. I am currently interning this summer at a mid-market PE firm with ~8Bn AUM just to give you a sense of my experience and have a great opportunity for next summer. I connected with an alumni at a top fund in the US for a junior year summer internship (in terms of prestige its on the level of Bridgewater, Millennium, Viking Global Advisors, Canyon, etc.). I am excited because I know that it is rare to be presented an opportunity like this but at the same time I don't want to miss out on the junior year summer investment banking analyst position at some of the bulge bracket banks. I am aware that the banks give majority of their full-time offers to students who have gone through their summer internship programs and I don't want to have a tough time getting a job if I don't get a return offer from the hedge fund (which is very highly unlikely as they almost never hire out of undergrad.) Does anyone have any advice? I would really benefit from someone older in finance who has more perspective...
You should first get an offer for either one before asking WSO
I already have the offer as we met in person and he said that they would be happy to have me but to reach out over the summer and stay in touch. I feel like can't really keep them waiting too long though because it is a top fund and I also won't know if i get an offer from the investment banks until a couple months down the line.
Gotcha. Do you know when the deadline on the offer is?
Lifeguard
To be quite honest, I'd rather do that then work in asset mgmt, but thats just me.
Sick comeback dude! Enjoy your junior year of college. See you on the other side.
Btw - AM is known for equal pay and less hours. Doesn't take a calc major to weigh those pros and cons.
drop the douchey attitude while you are still young
Have you asked the HF the likelihood of getting a return offer? To me, a firm that has no intention of bringing on interns full time are more likely to give interns uninteresting work meaning that you won't build as valuable skills. That may not be entirely accurate but it's my perception.
I did ask him about that and his words were something along the lines of: "Our usual hires people who have gone through some years at a top bank so that they have a good level of experience." It seemed like I would be working with a team and getting some real learning experience. He also said that I would "get out exactly what I put into it". He did frame it in a way that sounded like it would be a great learning experience.
Really tough call honestly. The key question for whether you should try HF: will they at lest implicitly guarantee you a good recommendation? If they're not really looking to offer a FT offer but will gladly get on the phone afterwards to tell everyone you were a rockstar and they just don't hire out of undergrad, then i'd take it. The recommendation should be good enough to get a shot at all the major banks, etc.
If you can't get implicit guarantee I lean BB - just way too risky to bet your post college employment and I'm sure the HF guy would understand your logic.
Also, depending on how well you know HF guy I would maybe just call him and lay out what you're thinking. Remember that everyone is just another guy. When you're in school these ppl look like aloof Gods to you but as someone who is likely around the same age/ position as this alum I'd be very cool if someone wanted to go through this with me and would make sure to tell them the truth as well as I understood it.
IB or HF internship for undergraduate? (Originally Posted: 10/03/2017)
First time poster here!
I am a penultimate year bachelor student in the Netherlands who wants to go into PE. This summer I have the opportunity of interning at a $400MM HF but I'm still waiting for replies for some IB positions. I have also applied at a megafund but I am not very hopeful about that one.
Would a HF internship hurt my chances compared to an IB internship if I wanted to go straight into PE after graduating? And what are actually the chances of starting in PE rather than going through IB first?
Thanks!
I don't think that it will hurt you at all. Banking to PE is a "traditional" route. By traditional I just mean allot of people do it. It does not mean it is the only option. You can go straight into PE as an undergrad but you will be a junior.
Thanks for the reply! And how would a buyside internship play out if I wanted to go into IB first and then PE?
IB or HF - Junior Internship (Originally Posted: 05/29/2016)
Between the two, which would you think I should aim for? Obviously there are many factors involved, but let's take the top BBs with equally recognized HFs for comparison's sake. I've definitely considered the 2-year IB track most on this site seem to preach, and some of the benefits such as the network and sell-side experience. But I feel like the lack of ability to do anything meaningful, strict hierarchy, long hours, and no room to use my quantitative abilities is deterring.
I'll be spending some time this summer brushing up on my technical skills and learning everything about finance. When the recruiting season rolls up in the fall for SA Internships, which field should I devote more time/effort to? I'm a semi-target at both cases so likely will have to network outside of campus drops anyway.
I think both options are a waste of your potential. You should go to the mountains in Tibet and train with the monks. Concentrate every fibre of your being into mastering the skill of peace, serenity, and opening that third eye. Trust me, the exit opps are worth it.
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