MF Credit for Junior Summer - PE/Credit/IBD for FT?
Extremely fortunate to be able to secure a summer gig at a MF on their credit team earlier this recruiting season. I was just concerned regarding FT - in the worst case that stuff doesn't work out and I don't get a return, would I get good looks from top BB firms and PE firms for their analyst program or would I be fucked since I didn't do an IBD internship instead? Honest question, I'm just figuring out how to prepare for all cases and would hate to be blindsided come senior year.
Thanks in advance for any input.
The internship you got was harder to land than an IBD internship. Just think of the number of seats there are vs. IBD seats. You’ll definitely get tons of looks at places, whether you get an offer or not. That kind of position brings clout; you could also easily spin it into your story, mentioning that you know for sure you want IBD after the internship you did.
You’ll probably still have to answer the “why didn’t you get a return offer?” question if you don’t land a return offer though.
Appreciate the reply! Definitely makes me feel better about my position. Will the fact that I'm doing credit matter a lot during FT if I'm looking at private equity roles?
Sorry - if I were to answer that then it would be the blind leading the blind. I’d be willing to bet that some PE shops would look at you though. I talked to a PE recruiter today who said they’d keep me in the loop for FT recruiting (doing IB next summer). I assume it would work out just fine for the analyst programs because it’s basically a new ballgame for anyone who starts FT in PE, even if they did an internship at the exact same place.
Depends what type of credit: sector / size or complexity / public vs private / high yield vs loans / company stage.
Helps to think about what “PE” does. It’s a word said so many times that it has lost it’s meaning, instead bearing the sheen and connotation of prestige / big baller. Take a step back to understand what the business unit that invests in equity positions across private markets actually does.
Traditional corporate-style PE = basically private (near perfect information), later stage, complexity-favoring, first loss investing. Tends to be majority-ownership control based investing, so you’ll see some balance sheet activity as well.
At the junior / intern level it’s very easy to translate across roles if they are investing ones. However, the more your investment focus is similar to what “equity investing on the private side” does, the easier it is to transition.
No worries, appreciate the insight anyways, thanks
Bump but if you have a MF internship you're going to be golden as long as it's on an investment team
The other comments are good but I would advise you to seriously consider IBD FT for the sole purpose that it'll leave you with the best optionality post your 2-year stint. You'll have MF Credit + likely mid/top BB/EB FT and that'll put you in a solid place for PE/HF recruiting
Alright, in terms of networking for FT should I start now with recruiters or wait till the summer starts to avoid giving off a bad impression?
If I was him I would try to skip the IB process altogether. Try to get a return offer and if not try to go straight to the buyside. Burning 2 years of your 20s in IB for the sake of "optionality" isn't a good move imo
Fair enough
Depends on the type, but if you like credit, then I wouldnt be so concerned. I wouldnt do IB just for "optionality", but if youre not interested in credit then I wouldnt stick with it just because its "buyside" or because there are less total credit seats than total IB positions. Personally, I would take an EB or top BB role instead, but you honestly can't go wrong with either one. Anyway, Credit SA still puts you in the running for IB FT recruiting if you end up not liking it, though if you prefer BBs it might be difficult to land a specific group. And obviously if you do end up liking it but your firm doesnt convert for FT, you're in a top spot for lateraling to another credit seat.
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