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My Take on Deciding Between Top Summer Analyst Offers

bluelabel's picture
Rank: Baboon | banana points 108

I recently gave a piece of advice to a buddy's younger brother who was choosing between some great SA offers. I wanted to share it with all you young masters of the universe as well.

In this specific case, my friend's brother was choosing between two great EBs. One that people on this site fetish over (think EVR M&A/PJT R&R/CVP M&A), and another fantastic EB, but maybe not with the same "gold standard" allure as one of the places I mentioned. I actually urged him to go with the "lesser" firm. The primary reason being that he had some mentors there, at both a senior and junior level, who he had built long relationships with, and who would do their best to guide him through the IB minefield. He didn't have that at the slightly more prestigious firm.

I know everyone is obsessed with prestige, but at the end of the day when considering multiple offers, I think people really need to focus on which situation they will be more successful in. Sometimes having a close mentor you can speak with off-the-record for guidance can be all the difference in your analyst experience, and can be the key to being at the top of your class.

There comes a point where the differences between lots of firms are minimal, even though people on this site like to split hairs. When I went through PE recruiting I can say first hand that across the EBs pretty much every buyside opportunity is open to every strong analyst.

If you are someone with great offers in hand, then congrats, that is truly a fantastic accomplishment! The skills gained, and the doors opened to you are all stellar at lots of the top firms and top groups. Now, when picking between your offers, make sure you consider where you feel you will be most successful. This is so overlooked, and answering that question honestly should help steer you in the right direction.

Comments (213)

Sep 20, 2017

+1. I've always said that the difference between some of top groups is minimal. For one, being able to land offers at top groups says a lot about the person (in most cases) so you'll be able to do well for yourself no matter where you go. Top groups aside, I also think that if the difference between two offers are marginal, whether its a 5k salary difference, a slightly more "prestigious" group etc, just go with the people you like more.

    • 1
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Best Response
Sep 20, 2017

Absolutely agree with this and in fact I made a very similar choice as your brother did. I formed a very close relationship with an MD during my recruiting process at the firm I chose and he esentially acted as a mentor throughout recruiting and my summer internship as well. Through him I got an "in" through all levels at the firm, getting to network with partners earlier than my internship class and networking with the top-bucket analysts at the firm way before my internship even started. Yes the EB I choce is slightly less "prestigious" than my other offers, but I saw myself thriving way more due to my connections. This became evident even during the summer, as my connections throughout the firm allowed me to get the top-quality staffings and more modeling work throughout the summer. I imagine that during FT, the connections I forged at the senior level will go a long way for recruiting, where I can feel comfortable asking an MD or partner for a referral to a top buyside shop. Of course, my experience is anecdotal, but I think it shows how decisions can't be made by surface level factors like prestige or exit opps when the difference is not significant.

    • 5
Sep 24, 2017

+1. Wish I could do +2. This is great advice.

"I'm talking about liquid. Rich enough to have your own jet. Rich enough not to waste time. Fifty, a hundred million dollars, buddy. A player. Or nothing. "
-GG

    • 1
Sep 24, 2017

Great piece of advice, thanks for sharing. Would you have given him the same advice if all factors were held constant except he was deciding between two Full Time offers instead?

Sep 24, 2017

don't accept unpaid internships, i'd keep looking or accept the first

What concert costs 45 cents? 50 Cent feat. Nickelback.

Sep 24, 2017

Just FYI you don't actually research specific stocks or investments in investment consulting its just asset allocation, asset class research and manager research. So basically you'll just be picking the asset management companies/fund managers you want to actually manage the assets you have, which asset classes to invest in and how much. I found it to be incredibly boring.

However if you have no previous finance experience and want to pursue finance long-term, the investment consulting internship sounds like it would be better experience than working for the start up.

Sep 24, 2017

Agree with Karlsson on the finance aspect. Although you say it is twice as far as the software company, you will be able to leverage it as some type of financial experience. I would say it is a step up from PWM but not that big of a step.

But it all depends on what you are looking at after you graduate. I was 100% focused on finding a finance position so I would take option A hands down...Especially if you could land a full time offer. Having a full time back up option was a very nice luxury I had in school. The back up offer sucked and I didn't want it but it allowed me to turn down some other offers you will find during your senior year.

Also, remember that Option A is a networking/smoozing career. You make more money by getting larger clients and taking over smaller clients that PM's can't handle. I've seen first hand guys become very successful but the PWM roles can be very hard to start if the firm is very "eat what you kill" focused.

Sum it up: I chose something very similar to Option A in college.

Sep 24, 2017

Option 1 is a safer bet for putting yourself in the door in finance. At least we know for certain what you did. Would likely make it quite difficult to get a bulge bracket with either choice but the first one offers up more chances in finance.

Not sure what your long-term career aspirations are but unless the second option is going to each you something where you can go all in on a start up it makes more sense to choose a finance job.

Sep 24, 2017

This is a tough one.

I am far from an expert on b-school admissions, but I feel like firm B probably has a more likeable story. You might want to run that one by Betsy Massar. I think that one makes it harder to transition to a financial company though. I think you don't want to underestimate the colleague situation early in your career. It won't be as much fun hanging around a bunch of old married people.

The only thing I would say about firm A is not to choose it solely because of the manager....that lady may not be there forever. Maybe you could work at one of the investment managers at some point down the road if you hit it off with them. I couldn't handicap your odds though.

Good luck.

Sep 24, 2017

Wow, thanks for the replies.

Just a couple of things - The thing that deters me from Firm A is the fact that it does not at all seem to be an "eat what you kill" type of place. I feel like it is so tame. I only met with them a few times, but it seems like there is little to no analysis, and they basically just set people up based on a very simple plan: "You are 30. You should have 30% in bonds and 70% in stocks. When you are 40, you should have 40% in bonds and 60% in stocks, etc. We will basically choose one of 5 or so stocks (basically IBM as far as I could tell) for your portfolio." - - - - The best way I can describe it is "point and click". It just seems... too easy lol. And that's why I was wondering if it is a good option. I must say though, being a portfolio analyst there seems like a sweet gig.

For me it just comes down to "Which one will give me skills that make me a marketable candidate?" That's when I have second thoughts about Firm A. As others mentioned, at least people would know what I was doing though....

For the record, I have zero chance at a BB, and am not really concerned with that. Also, I am looking at something like the UVA Commerce degree, or the Duke MMS, or a MSF at one of the schools frequently mentioned on here... The MBA would come later on, if it ever does, and it would probably be an "M7 or Bust" deal. I am pretty far removed from "The Track." Getting a masters at a school that people have heard of would probably be enough for me to be happy/make it work.

Thanks again for the replies.

"That dude is so haole, he don't even have any breath left."

Sep 24, 2017

Based on the additional color you provided, firm B is looking better to me.

Sep 24, 2017

Go with firm B. It seems you might be really distracted at firm A. But that's a hard one especially when looking at job safety. Firm is better if you looking to beef up your CV.

Sep 24, 2017

Do you even have any offers? Obviously ib and er are the internships you want. The PE one would be third. You want to be in a "quantitative field", this list is not very quantitative....why are you even including comm banking and bus dev???

Sep 24, 2017

yes.

i know the ib and er one are the best, but both are unpaid at a boutique whereas the commercial banking ones are at legit BB's and pay well. and the bus dev one is in malibu ca so there is a locational bonus. what about blackrock fma? it was the most competitive one and its in nyc.

im not exactly sure what i want to get into yet so im just picking the "best" one.

Sep 24, 2017

bump

Sep 24, 2017

Anyone can help?

Sep 24, 2017

Infosys InStep because it's more relevant to what you want to do.

Sep 24, 2017

Infosys, but if you're not from India, do you want to and can you really spend a summer there from a logistics point of view?

Sep 24, 2017

Could be a great resume addition if you're willing to, OP - consulting often involves traveling and you can point to the fact that you're comfortable traveling and can succeed in new/very different locations if you do the Infosys one.

Sep 24, 2017

I would tend to agree, but India's not a place you just go to and live for three months at a moment's notice: there are Visa's involved, I wouldn't even begin to be able to tell someone how housing would work unless the company supplies it, you should get shots and (I've been there probably a couple dozen times), if you're not from there it's a pretty rough place to go for extended periods. And by rough I don't mean Crips and Bloods doing drive-by's, but the poverty is pretty shocking for those from the developed world if they've never been before and committing to spending 2-3 months there without ever seeing it as a 20 year old could be quite shocking. I didn't go until I was in my later 20's and I had been to many places, including multiple less developed countries and India was still a shock. I'm not denigrating India in any way, but it's not like taking an internship in another country and culture like Spain or even Thailand if the OP is from the US. If he's from India, definitely go for it because it's probably the best option for consulting.

Sep 24, 2017

I have also been there many times. There is nothing wrong (and indeed, something very beneficial) about opening yourself up to different cultures and places, especially if they shock you and alter your perspective - why would anyone want to live a completely sheltered life?

Sep 24, 2017

I agree, seeing different parts of the world and opening yourself up is great and I wouldn't trade in my experiences of going to India even though I saw a grown man take a crap on the street right next to my car...

But, and this is simply making an assumption about the OP and I very well could be wrong, if this is a college kid from Connecticut whose travel, like many Americans, has been limited to the Continental US, Caribbean and his semester in London and traveling western Europe (which is actually far more travel than most Americans), going to India for a week could be eye opening, but committing to a few months could be pretty tough. Just my opinion though.

Sep 24, 2017

I never said it would be easy...but doing things that are tough/uncomfortable are how people grow and improve themselves. I can't think of a worse life than one spent inside a tight comfort zone with no exploration/adventure (or whatever you want to call it).

Clearly up to OP to make the final decision, but the India internship is by far and away the better option (all things considered).

Sep 24, 2017

Thank you for your advice! It's very helpful:) The Infosys internship will last for eight weeks so I guess I should be fine.

Sep 24, 2017

Echo what previous posters have said, the InStep would definitely be a better resume builder. While the risk management consulting firm might be more relevant to your desire to work in financial consulting, as a sophomore I would imagine you would stand out a lot more come Junior year with the former.

Sep 24, 2017

Thank you so much for all your advice! I would go for Infosys!

Sep 24, 2017

Have you already taken this up OP? Infosys Consulting is prestigious allright but its nowhere as close to MBB's or even mid tier consulting firms. Speaking from close experience. But yeah, India might me a good thing to show on your resume.Diverse experiences, they say :)

This part of my life. . .is called "Running"

Sep 24, 2017

and oh yeah just to address your worries, if you have any, Infy will provide you with accomodation for the full duration of your stay. And Infosys campuses are micro-cities in themselves. You wont see the scary India they mention everywhere here (it's not that bad). It's like the Google offices, with golf karts and bicycles and all. Hope this helps!

This part of my life. . .is called "Running"

Sep 24, 2017

Yep I've decided to go for Infosys. Thanks for the advice!

Sep 24, 2017

India for sure. Did an internship with a BB in India and it paid off for FT in NYC.

Sep 24, 2017

I think the RIA investment firm will give you better exposure to the financial industry and will lead to a better summer than the broker trainee program will. That being said, if you get the ER offer you should take that hands down.

Sep 24, 2017
tonychokerromo:

I'm actually really interested in the shipping/freight trading industry. However I think the former is a little more relevant to what I'm presently aspiring towards (IBD or F500 corporate finance).

If you are really interested in something then do it.

"The way to make money is to buy when blood is running in the streets."

-John D. Rockefeller

Sep 24, 2017

RIA sounds like something that is very common and every fresh/soph has on their resume. The shipbrokering sounds pretty cool though. In the end, you need to determine if you are interested in the shipping/freight industry.

Sep 24, 2017

.

Sep 24, 2017

hedge fund sounds like a cool gig.

Sep 24, 2017

You left out the most important part..

What do you plan on doing in the future?

Sep 24, 2017

To nontarget:
The hedge fund purely trades equity. The firm puts a lof of focus on fundamental analysis and they generally holds a position at least 6 months. They do not have any quants or traders.

To WillATX:

Honestly, I don't know yet.....
I would like to have a decent job with a very good work/life balance. I could never let go my health, family and friends. I kind of want to become a sales trader ... I heard it is much better than most of the positions in the sell side. Nonetheless, I do not mind working in the buy side as well, though the performance of the fund is crucial for the possible payments.

Sep 24, 2017
Francisco518:

To nontarget:
The hedge fund purely trades equity. The firm puts a lof of focus on fundamental analysis and they generally holds a position at least 6 months. They do not have any quants or traders.

You say that as if its a bad thing.. It does depend on what you want to do long term, but it sounds like a neat gig

Sep 24, 2017
Cal.Bear.Finding.Bulls:
Francisco518:

To nontarget:
The hedge fund purely trades equity. The firm puts a lof of focus on fundamental analysis and they generally holds a position at least 6 months. They do not have any quants or traders.

You say that as if its a bad thing.. It does depend on what you want to do long term, but it sounds like a neat gig

I am sorry if my words are misleading, I am still trying to master English. The firm is one of the most out standing in the industry. Basically what the firm only does is portfolio management for private investment funds. I hope I could see a wider scope of the entire financial industry. After all, I do not have much experience in this field.

Sep 24, 2017

Still I Rise

Sep 24, 2017

I am a sales trader brew, go to the hedge fund gig.

If that is what you want to do, no need for you to go and bust your ass in IBD; if you do a good job at the hedge fund they will put you on one of the floor of the sell side they deal with; as an intern first but at least it will be your way in into equity S&T (but people shout at you a lot and you have to take a LOT of shit, so dunno how good it is for you depending on your health condition). But again depends what hedge fund. If you want you can PM me the name and I'll tell you what I think of them (I am on gardening leave and doing fuck all, so plenty of time on my hands).

That said - IBD is quite nice as it gives you a nice kick up your ass and will allow you to open up to a lot of career paths. Is your health ok at the moment? If you are still recovering I doubt all nighters is a good idea, and then I would definitely go to the hedge fund gig.

Sep 24, 2017

Everybody is always looking for the buy side exit strategy in IB. Skip the middleman and go straight to the HF.

Sep 24, 2017

bumppp

Sep 24, 2017

Hi amman987,

Which one did you decide in the end, and how was your experience?

happyivey

Sep 24, 2017

Definitely not #3. Between #1 and #2, if you are shooting for BB IBD next year, I would take #1. While PE experience is definitely relevant (probably more than any other internship except IBD/S&T), IBD is IBD and your skills will probably be the most transferable. Plus it gives you an easy answer to the "Why IBD" question that you're bound to get at almost every single interview.

Sep 24, 2017

My guess is BAML Wealth Management - a lot of people use that as a ladder to BB IBD.

Anyways, will probably say boutique IBD firm, since you say you'll get to see some live deals and the deal flow is good. Not many people have that experience going into junior SA recruiting, so you'll be ahead in that respect.

HOWEVER, my guess is that you're trying to go PE right out of undergrad. I would say that it's better to do your two-year stint and get in as an associate as opposed to an analyst - both for comp and for firm reasons. If you do the MM PE, I assume you'll be trying for PE SA and full-time positions right out of undergrad, which is difficult but not unheard of if you have previous PE exp. All in all, you'll have a better chance @ full time if you go to the best branded IBD for junior SA. I know it sounds stupid, but brand name for full-time right out of undergrad means A LOT.

Sep 24, 2017

Thanks for the input guys. #3 is JPM/GS/MS Asset Management but I've pretty much ruled that out.

I am pretty set on doing an IBD stint unless I get Blackstone/Bain Capital/Apollo etc. or HFs of a similar nature out of undergrad and will definitely be going through the IBD SA recruiting process next year. The reasons why I'm pretty conflicted between the other two offers right now is 1. the boutique bank is pretty small and relatively unknown whereas the PE firm has some pedigree with a few partners with extremely impressive backgrounds and 2. from my various rounds of interviews with the 2, definitely preferred the people/culture at the PE firm, though I didn't get a negative impression from the boutique either.

I am pretty confident that I can answer the "Why banking" and "Why banking if you've already done PE" questions well and am really just curious about how much of a difference the two would have with regards to recruiting outside of that question.

Sep 24, 2017

I think it comes down to branding in this case.
If you are looking at a place like Audax/Monitor Clipper then I'd go with that over a no name shop.
If its a specialized boutique with clout like an Allen&Co, I'd make sure that they specialize in a group that you would want to work in (i.e. a group that your resume reader works in). Even then, it would be a toss up for me.

Sep 24, 2017
jnaz:

I think it comes down to branding in this case.
If you are looking at a place like Audax/Monitor Clipper then I'd go with that over a no name shop.
If its a specialized boutique with clout like an Allen&Co, I'd make sure that they specialize in a group that you would want to work in (i.e. a group that your resume reader works in). Even then, it would be a toss up for me.

The PE shop is very similar to Audax/Monitor Clipper and the boutique is definitely not like Allen&Co, which is why I'm having difficulty deciding. Obviously the IBD is directly transferable but the PE one is a great name/unique opportunity.

Sep 24, 2017

If that is the case the banks will likely know that the Audax/Clipper offer is more selective than a BB. Also, if you have such a PE offer, why not just sit on it. Most people on WSO would rather be there than BB IBD. B-School exits are better and you'll have an easier time lateraling to a bigger firm. (let's say FT recruiting doesn't work out...where would you rather be?)

Sep 24, 2017
jnaz:

If that is the case the banks will likely know that the Audax/Clipper offer is more selective than a BB. Also, if you have such a PE offer, why not just sit on it. Most people on WSO would rather be there than BB IBD. B-School exits are better and you'll have an easier time lateraling to a bigger firm. (let's say FT recruiting doesn't work out...where would you rather be?)

Personally I'm more interested in the HF space, and would love to be working at an ESL/Elliott/Third Point type of activist fund. Obviously near impossible to land at one of those funds out of undergrad so I'm pursuing the more traditional IB route. However, I don't have any experience in PE and may discover that I love it in which case I'd probably recruit for PE straight out of undergrad.

Sep 24, 2017

Go for the MM PE, it won't hurt you. It might even help differentiate you during junior recruiting compared to everyone who worked at no-name firms. I did boutique IBD sophomore spring and MM PE sophomore summer. Ended up with offers from both GS and MS after junior recruiting. I was asked some questions about why IBD over PE but those were fairly easy to answer.

An added bonus is that you said you like the culture more and the pay is better. Also, analysts/associates might even be more likely to pull your resume for interviews if they themselves want to jump over to PE and are interested in that firm. This forum seems to really emphasize IBD > anything else but that's not necessarily true based on my experiences.

Sep 24, 2017

Exactly. To do that type of work, which is really long term investing that mirrors PE, why not work in PE. You don't hear a lot out of PE firms in terms of pre-MBA exits because most are not that lucky to find themselves in their ranks. Honestly, you will be able to blaze your own trails. However, make sure that the firm offers returns. I recently turned down a PE offer because they explicitly stated that they do not offer returns. One of the hardest decisions I had to make.

Sep 24, 2017

interested in how you landed the MM PE gig. OCR? cold-calling?

Sep 24, 2017

I'd say the 2 main factors here are modeling exposure and the personal networks of your prospective colleagues.

If you get to work with a senior guy who's willing to refer you to his friends at BB's or top boutiques, that can be huge.

Sep 24, 2017

The firm does offer returns as they usually recruit from H/W for junior SA gigs and have a few analysts.

I landed the internship with a combination of OCR/personal network, OCR in that the firm recruits at my school and my personal network allowed me to be put in consideration as a sophomore rather than junior.

Thanks for all the input guys, I'm leaning toward the PE firm right now.

Sep 24, 2017

option 2

Sep 24, 2017

boutique IBD. IB > non-IB for IB recruiting, especially at such a junior level (i.e. soph internship).

"They are all former investment bankers that were laid off in the economic collapse that Nancy Pelosi caused. They have no marketable skills, but by God they work hard."

Sep 24, 2017

DEFINITELY #2.

This whole "IBD > anything under sun" is a load of crock ****. Don't lie to this kid... top firms do NOT just look for sophomore IBD SAs. PE will set you up very, very well for junior summer! And the LIFESTYLE is better and PAY is better.

Go for the PE. Explaining why you'd prefer IBD to PE will be easy.

Sep 24, 2017

I'll be getting better modeling/valuation experience at a much more respected name at the PE firm but obviously the IB gig is more directly transferable as a whole in terms of BB/elite boutique IB next year. Leaning toward the PE shop right now, thanks for all the input guys.

Sep 24, 2017

I don't see taking the PE internship as a "future-killer" for any career opportunities going forward. You go to an Ivy, which means you have access to huge alumni networks. You won't be the first person from your school to take this path, and if you foresee difficulty transitioning from PE --> IB come junior year, then talk to alumni and see what you can do. If your school is a target, then students with decent GPA's/interesting resumes will make it out okay.

Sep 24, 2017

Yeah I definitely won't have a problem getting first rounds, I've got alumni contacts at all the BBs/Elite Boutiques and a good resume/GPA. Basically comes down to the PE gig being a better valuation/modeling experience at a far more prestigious name whereas the IB internship is obviously the most relevant experience for IB SA recruiting next year.

Pretty sure I'm gonna sign at the PE shop, appreciate all the help.

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Sep 24, 2017

BarCap all the way. UBS M&A have a lot of good people, but be wary...

Sep 24, 2017

Seems to be the best positioned in this market place.

Sep 24, 2017

I concur.

Sep 24, 2017

Merrill M&A will have tons of their senior bankers going to BofA. If you want M&A, the head of Barcap M&A is now head at Citi, and the group kinda desinigrated. Prob. stay away from UBS for now, because of the financial problems, however it still has a very good M&A department which will not go away solely because of the economic crisis, even if the bank's balance sheet is beaten up.
I would rank:

Merrill, Barcap, UBS. But, if your looking for M&A i think it may be Merrill, UBS, Barcap.

Sep 24, 2017

on a side note, forgot the mention. when BarCap acquired Lehman. Lehman-ites got the royal treatment whereas original BarCap folks got shat on. BarCap cut most of its original IBD to take on the stronger Lehman IBD. BarCap cut most of Lehman FI to retain its original FI.

Friends who were 2nd yr analysts at original BarCap did not get 3rd yr analyst offers. Whereas, 2nd yr analysts at Lehman got the 3rd yr analyst offers from BarCap after acquisition.

Won't really affect your decision, but bit of insight into how BarCap dealt with its human capital in the past few months.

Sep 24, 2017

I would take BarCap.

mergerarb15:

If you want M&A, the head of Barcap M&A is now head at Citi, and the group kinda desinigrated.

The former Lehman co-head of M&A Mark Shafir went to Citi but the other Co-Head, Paul Parker, stayed and took full responsibilities as the new global head of Barcap M&A. In addition, virtually all of the heads of the Lehman industry M&A verticals joined BarCap and are heading the groups.

Sep 24, 2017

BarCap took Lehman's model though right? There is no M&A group but there are dedicated M&A analysts within coverage group.

Since many senior bankers have deffected, what groups are still strong within Barcap?

Sep 24, 2017
rthfg:

BarCap took Lehman's model though right? There is no M&A group but there are dedicated M&A analysts within coverage group.

Since many senior bankers have deffected, what groups are still strong within Barcap?

Not that many senior bankers left. Diamond actually did a good job of retaining talent.

Standout Groups: Natural Resources, CMG, Consumer/Retail, FIG

And yes, the M&A setup is basically verticals within coverage groups, not a single M&A execution group.

Sep 24, 2017

Natural resources I know is one of their good groups

Sep 24, 2017

hey, how do you already know your group assignment along with the offer? i thought (and i am pretty certain concerning one of those banks at least), that you choose groups only after you sign or after a sell day...

Sep 24, 2017

I would stay away from ML. In Europe their FIG team was legendary. Now, 12 of their FIG bankers have gone for DB. If you want to work for an empty shell, go for ML. UBS have had problems, yes. But they are still top 5 M&A overall, top 3 in Europe, and #1 in the UK. I think UBS have been burnt quite a lot in the US, and that will affect them there. Barcap is the strongest, of the 3, going forward in the US. I'd take them in your shoes.

Just my 2c.

Just my 2c.

Sep 24, 2017

Its interesting to see people putting Barcap in front of Merrill and UBS.

Sep 24, 2017

Def not Merrill.

Sep 24, 2017

I think this thread is over lol

BossMode

Sep 24, 2017

.

Sep 24, 2017

Isn't the UBS trading floor in Stamford, CT?

Sep 24, 2017

if you're open to different products and not 100% sure you want to work in equities, citi might be your best bet. UBS seems to be goign through an enormous amount of shit right now, and I would recommend doing a rotational program so you can get a good feel for various asset classes.

that said, if you had a major preference for equities, id go MS all day.

Sep 24, 2017

I'd avoid UBS. They have been and will be doing cutting in S&T. So I'm with leveRAGE. Citi's rotational program if you're not sure, Morgan Stanley if you know you really like equities.

"There are three ways to make a living in this business: be first, be smarter, or cheat."

Sep 24, 2017

Wells. For the stories.

Moving tonnes of product. Making fat stacks.

Sep 24, 2017

UBS is in a really bad shape.
Wells Fargo is not as "hype" as the 2 others.

So :
- Citi if you are not sure you want equities
- MS if you don't mind being in equities

Sep 24, 2017

Can someone do an internship in Equities and then leverage that experience/offer into FT in FICC at another bank?

Sep 24, 2017
dmackorth:

Can someone do an internship in Equities and then leverage that experience/offer into FT in FICC at another bank?

This isn't 05/06. Banks are filling 80%+ of trading spots with interns these days, so the odds of being able to find a trading desk you like through FT recruiting is very low.

Re OP, I would personally choose Citi.

Sep 24, 2017

I'm actually going through a similar dilemma, and am seriously considering Wells simply because of their growth potential.

I want to do equities and know that their equities floor in NYC is rather small but i can see that growing and from everyone i've talked to it seems that pretty much an overwhelming majority of S&T interns get offers, which is nice that i wouldn't have to worry about FT recruiting.

Sep 24, 2017
turk1:

I'm actually going through a similar dilemma, and am seriously considering Wells simply because of their growth potential.

I want to do equities and know that their equities floor in NYC is rather small but i can see that growing and from everyone i've talked to it seems that pretty much an overwhelming majority of S&T interns get offers, which is nice that i wouldn't have to worry about FT recruiting.

in that case you hadn't talked to people who were interns this past summer.

if last summer is any indication, this summer might be a rough one as well.

//www.wallstreetoasis.com/forums/sa-ft-offer-rates-w...

Sep 24, 2017

leveRAGE, when i said that an majority of S&T interns get offers, i was referring to Wells specifically. From the interns i've taked to it seems that with how they're growing they've been taking a good amount of S&T interns and it doesn't look like its going to change anytime soon. I totally understand that it might be different for other banks.

Sep 24, 2017

I'd take Citi.

Jack: They're all former investment bankers who were laid off from that economic crisis that Nancy Pelosi caused. They have zero real world skills, but God they work hard.
-30 Rock

Sep 24, 2017

Thanks for all the help so far. I actually received another offer this morning from Goldman Sachs in Chicago for a rotational program internship, but at the Chicago regional office.

That said, I am leaning towards Citi in NYC or Goldman in Chicago,

Can anyone shed some light on the differences between working in a regional office VS. NYC, and the potential upside/downside to each?

Sep 24, 2017

GS Chicago will be more commodities heavy I'd imagine. Which is good with the Volcker rule coming in hot.

"There are three ways to make a living in this business: be first, be smarter, or cheat."

Sep 24, 2017

I would take Citi

Equities is lame, go for FICC.

Sep 24, 2017

MS or Citi.

Sep 24, 2017

Damn man your just raking in the offers. You must be one stud of a candidate

    • 1
Sep 24, 2017

FYI Citi is 2 4 week rotations, not 3. At least that's how it was last year, and that translates to the full time programme as well (2 11-month rotations).

Sep 24, 2017

3>2>1

Sep 24, 2017
kyleyboy:

3>2>1

With no chance for FT offers? No way is 3 better than 2 or 1.

MM IB -> TMT Corporate Development

Sep 24, 2017
mjj67:

Hi all, I was wondering which of the 3 summer offers I should take:

1) HSBC Global Markets in NY (probably a trading desk)

2) an alternative assets investment firm with a little over 1B AUM, that's kind of a hybrid between private equity and real asset investing.

3) a private equity firm with 3B AUM, but with a sourcing model. Also no chance for full-time offers.

Which of the three would give me better exit opps? I am hoping to break into either BB IBD or a large PE firm for full-time next year.

I am concerned with:
1) HSBC's negative reputation here on WSO. How does a HSBC internship rank in comparison to MM banks and prestigious boutiques for FT recruiting?
2) Firm #2 is relatively unknown outside of their niche market. But upper management is pretty accomplished.
3) With a sourcing model, would I be learning any technical skills? Would I just be cold-calling companies?

Any help would be appreciated!

You have to understand the perceived rep of various shops on this forum is... not accurate to say the least.
Take HSBC, do well, get a return offer and interview early at other banks for FT if you want to move.

Sep 24, 2017
Whiskey5:
mjj67:

Hi all, I was wondering which of the 3 summer offers I should take:

1) HSBC Global Markets in NY (probably a trading desk)

2) an alternative assets investment firm with a little over 1B AUM, that's kind of a hybrid between private equity and real asset investing.

3) a private equity firm with 3B AUM, but with a sourcing model. Also no chance for full-time offers.

Which of the three would give me better exit opps? I am hoping to break into either BB IBD or a large PE firm for full-time next year.

I am concerned with:
1) HSBC's negative reputation here on WSO. How does a HSBC internship rank in comparison to MM banks and prestigious boutiques for FT recruiting?
2) Firm #2 is relatively unknown outside of their niche market. But upper management is pretty accomplished.
3) With a sourcing model, would I be learning any technical skills? Would I just be cold-calling companies?

Any help would be appreciated!

You have to understand the perceived rep of various shops on this forum is... not accurate to say the least.
Take HSBC, do well, get a return offer and interview early at other banks for FT if you want to move.

Definitely agree with Whiskey here, especially when you know you can't get a FT offer from the PE firm.

Sep 24, 2017

I would take HSBC, without a doubt

"Those who can give up essential liberty to obtain a little temporary safety, deserve neither liberty nor safety."- Benjamin Franklin

Sep 24, 2017

Thanks all! I was leaning toward HSBC too, since it was the only shop in NY. Since they gave me the option to choose between sales, trading, and DCM, and I was leaning toward DCM, I was wondering how that compared to a trading desk in terms of FT recruiting. Again I am worried about the negative perceived rep of DCM here on WSO, but I realize it may not be entirely accurate.

Whiskey5 and BTbanker- how early should I interview with other shops? I've heard firms start FT recruiting in late August or early Sept but OCR doesn't begin until late-Sept/early Oct at my school. Should I reach out to alums at BBs way before that? The reason I am asking is because I missed out on first rounds at most BBs this year due to lack of networking.

Sep 24, 2017

Yup I'd take HSBC too.

Sep 24, 2017

You didn't mention in your post what it is that you want to do full time.

"For I am a sinner in the hands of an angry God. Bloody Mary full of vodka, blessed are you among cocktails. Pray for me now and at the hour of my death, which I hope is soon. Amen."

Sep 24, 2017