Junior Internship Dilemma: Offer at 2 of MBB vs top IBD group at GS/MS/JPM

collegeblatin's picture
Rank: Monkey | 49

Hi Everyone,

This past summer--sophomore summer-- I interned at a BB bank in IBD (GS/MS/JPM). I really enjoyed the experience, but this was because of the challenging high-intensity nature of the work way more than the actual work itself. Sure financial metrics of companies etc. interest me, but I'm much more interested in the big-picture and strategy concepts that seemed to be the focus of associates and above a lot more than analysts.

After wrapping up my internship, I went and did weeklong programs at two of MBB. Each of these programs ended with interviews and I was lucky enough to receive offers at both. Now, I have a huge decision to make. Return back to IBD--was in a top TMT/ MT/ etc. group-- or switch over to consulting.

Long term, I'd love to be the CEO of a Media or Tech company then transition to politics later in the game. I'm almost certain that I should do consulting full time for the paid b-school, strategy experience, etc. However, my logic for choosing banking is to continue to refine my quantitative skill set and make it easier for me to focus on TMT early on. Not to mention the huge salary difference I'm expecting this summer (a literal 100% pay difference when including the scholarship my banking firm gave me).

I would appreciate any advice at all--whether it's about doing banking vs consulting to achieve my long term goals, whether my logic makes sense, etc.

Thanks a lot!

Comments (11)

Aug 27, 2014

You should ignore the money at this stage of your life. It seems that consulting is a much better fit for you. If the pay/scholarship was the same, you'd take consulting hands down, right?

Aug 27, 2014

I think that even if the pay was the same I'd be a bit skeptical about missing out on refining my quant skills at the bank--at least for this summer. FT, no doubt that I want to do consulting--its a much better fit.

Aug 27, 2014

I read this article on how McKinsey is a CEO factory. Something to consider when you are set on pursuing a path to becoming a CEO. Do you know how the hierarchy in consulting differs from the one in banking? For example, promotions could be faster in banking and you might want to stay till you reach mid-level and then switch to a comparable role in consulting. I could be wrong but that's something I would think about. In summary, your goal is to rise through the ranks as soon as possible.

http://observer.com/2013/09/the-ceo-factory-ex-mck...

Aug 27, 2014

Take the consulting offer, without a doubt. Tell the folks at the bank that you really liked the experience, liked them etc, but that you are like 20 years old and want to explore and see what's out there. Now is the time to do it before you get put into a silo. Be sure to keep in touch with people, with the odd email (especially if there is anyone you are close to), just to keep them up to speed once in a while. If you are in NYC or wherever at any time, reach out to get a coffee/drink/chat. Keep it casual and personal and chill.

That should help you get interviews as a senior for full time, or an off-cycle internship as a junior or whatever. You never know where things will take you.

Good Luck

    • 1
Aug 27, 2014

Thank you. I was thinking about how I'd make my exit so that I'm still able to come back in the future should life take me back in that direction. Good advice. Much appreciated.

Best Response
Aug 27, 2014

guessing you're an all star student at a target. you have a much better pedigree than me so I'll share some insights from a guy who was also a target, did Goldman then Bain now runs his own PE/VC shop. people have this notion that entry level consulting is super intellectual stimulating, thus making it much more exciting than IB, where you're a desk jockey pounding coffee & adderall making edits on ppt and excel. unfortunately, he says, it's just not the case. consulting is basically affirming the c-suite agenda to convince the board & shareholders that the agenda is good.

in my opinion, to base it off of one person's experience is ludicrous. all I'm trying to say is that don't have these grandiose ideas that you'll be taking a F500 company into the stratosphere and that the work will be so much better than banking. if I were in your shoes and I had offers at MBB and top banks, I'd say that no matter what you want to do, doors will be open. you're right, the quant skills not as much at MBB depending on your practice area, but you won't be at a disadvantage. if your goal is leadership. it seems to me that most IB exit opportunities are still in financial services, and if your end goal is not in finance, give the outside world a shot.

and hey, if all else fails, you're a MBB alum and can pretty much go anywhere assuming you get good recs from colleagues.

    • 3
Aug 27, 2014

MBB open up more doors (esp. anything outside of finance) than BB IBD. Plus you've already experienced BB IBD. If you try MBB and find you like IBD more, you can always re-apply for BB IBD during senior fall recruiting.

Aug 27, 2014

Congrats on the 'Intenrship' buddy ;)

    • 1
Aug 27, 2014

Haha! Nice catch. The partner in my group would have called it out the exact same way... emoticon and all!

Aug 27, 2014

What connection do you have to the corporate world that you would get an IBD internship sophomore summer, finish early, and to do two quick consulting gigs?

Aug 27, 2014
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