[Internship] M&A at no-name Boutique vs. BB Risk Management
Hey guys, I've been following WSO for a while now, and I think it's an excellent resource for those of us trying to make it in the banking industry.
I was hoping to get some feedback regarding my options. I haven't found any discussion regarding the best of the worst vs. the "worst/okay" of the best.
My question: Which should I choose? 1. M&A at a tiny no-name regional boutique (unpaid internship) in DC 2. Risk management at a Bulge Bracket Investment Bank in NYC
My background: 1. Studying MS Quantitative Finance at a well-known private university (non-target for BB IBD) 2. Internship in Trading at a well known market-making firm 3. Internship at a Hedge Fund in risk management
My goal: IBD or Consulting for full time and interest in eventually pursuing a top B-School
My take: Why Boutique M&A? Having a very "quantitative" and trading-oriented background, I feel that by pursuing M&A in the summer, I'll have a much easier sell about why I want to go into the IBD side of the industry. The qualitative focus might also be a boon when applying to strategy consulting. I was promised interesting real work that allows me to contribute value directly to a deal; however, the lack of prestige at the Boutique troubles me.
Why BB Risk? Risk management at a bulge bracket will stamp my resume with a much needed "brand name." Perhaps I can network my way to the FO or spin my resume to hide the fact that I was working in Risk Management.
Your thoughts?
Much appreciated
If the goal is IBD, I HIGHLY recommend the Boutique M&A. You'll get more interviews, especially with MM and boutique banks that look for candidates with prior experience. You will learn what you do as an analyst and will be able to speak intelligently and provide concrete examples of times when you had to create pitch books and spread comps.
I totally agree with Getco... I would take the boutique. Although you won't have the "name" with you, at least you'll have the opportunity to work in / learn something that will ultimately be useful in your future (assuming you want to persue an IBD career).
The boutique experience will be more relevant if you wanna pursue career in IBD... But also note that FT recruiting this fall is probably going to be really bad... Will the regional boutique give you a FT offer if you do well in the internship? If not, you may wanna weight the cost of giving up the BB Risk Mgmt offer.... However, if you are not graduating next year and thus has no imminent need to find a job, I'd suggest taking the boutique M&A internship.
I concur with the posters above--take the boutique. I'm a Washingtonian. Private message me and I'll send you a long, long list of boutique investment banks in DC. You'll probably have no problem getting on with them and earning a good wage coming out of a top school with relevant experience. Think--less competition and lots of opportunity (eh, well, a lot more opportunity about 18 months ago).
As an aside, DC is a pretty cool town.
mispost
Just weigh in your FT offers. IBD FT next semester will be a nightmare to deal with. I would try to take the intern that'll just give you a job.
From what I understand... it is very difficult to move from risk management to IBD.
Not impossible, but the odds are definitely against you.
There's an article on mergers and inquisitions about it. Look it up.
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