Need help! Urgent: BlackRock or Deloitte internship
Hi,
I just received an offer from BlackRock Portfolio Analytics today (PAG). I was really excited, but the pay is kinda low, especially for the long hours. Apparently I'm expected to work 80 hours a week.
I also have an offer in Tax Consulting at Deloitte in Global Employer services. 40 plus hours a week. Very decent pay. Blackrock pays by the week and not by the hours. But if it's all converted into hourly rate, Deloitte pays about 3 times higher.
So I guess I'm looking for some advice here. Which one would u choose?
I am more interested in investment and the market than in tax. But my ultimate goal down the road is to have my own business. Do u think the lower pay/shitty hours are worth it?
I have to answer to them by Thursday. Any input is much appreciated !!!!
I'd do the PAG. Tax consulting sounds painful, I'd definitely hate to do that for a living. Bear with the horrible hours, make a good impression, and then get a full-time offer. I'd be more inclined to think that such offer will open more doors than the Deloitte one.
Curious, how is Blackrock generally regarded?
Legit
To OP: This is one of those times you have to do what is best for you long term, or I suppose medium term in your case. You have to go with what will help you get into the next phase of your career. If you want to see how portfolios are made, learn how the market affects different aspects of the portfolio, etc then do BR.
If you want to do tax, which I think would suck, do that. If you want to go into IBD next, then try and find out which has you doing more modeling. The modeling at BR may be more mathematically based and less about equity fundamentals where tax consulting may get you more in touch with that side of the business.
Both pretty decent options. Bottom line: Trading/AM = BR, IBD = Deloite
Global employer services will really have nothing to do with IBD or anything investment related really. It will mostly be doing tax returns for expats and other type assistance related to human resources.
Probably not the best area for someone into investments
But then again its going to have a much better work life balance. I work for a big 4, and its much better then my days at Goldmans!
Tax consulting is completely new to me. I actually got this internship through a leadership program. I absolutely hated my accounting class at school and forgot most of them by now.
I would make sure to factor everything in the compensation package. Even though you are going to be making under $50k, will you get a bonus?
If you want to work in investments I think PAG would be the way to go. In this difficult time it is worth $10K a year to me to be where I can make contacts and advance my career. You have to decide how much it is worth to you. I think it would be challenging to move from tax to investments later without some obvious interest in investsments (i.e. CFA).
It depends on your career goals I guess.
Frankly, I don't think either will get you into IBD, pre-MBA anyway. But, you can use the BX experience to jump into another, better paying role in asset management.
The Deloitte tax ting would be kind of sucky. The good thing about Big 4 is that they are somewhat open to inhouse moves to different divisions.
I'm actually not interested in Ibanking at all. The idea of number crunching and doing pitch books until 3 am is just really not appealing to me. I don't know anyone that did it and loved it.
In terms of fulltime, Blackrock pays more than Deloitte because it does offer bonus. But again, the hours are pretty ridiculous for an investment management firm.
I just talked to a girl who worked at GES deloitte last summer. She was it was almost no real work, lots of activities, not so much accounting, solid 40 hours work week, no stress. So it sounds like Deloitte internship doesn't really give u a good picture of what fulltime work will be like.
To Joemontana: Why do u think that Blackrock PAG won't get me into pre-MBA? it's actually a much more intellectual/client focused position than IBD.
To Joemontana: Why do u think that Blackrock PAG won't get me into pre-MBA? it's actually a much more intellectual/client focused position than IBD. [/quote]
I may have been inclear. I meant that you probably couldn't lateral into an IBD position without first getting an MBA. It's a good, challenging job - it just doesn't seem to translate to IBD analyst.
You can use it as aplatform into another AM position or an MBA down the road. SOrry for the confusion. It seems like a good opportunityy except for the hours/pay.
Then again, you may get a solid bonus, as someone pointed out.
It sounds like you know what is important to you and I caution you that you won't find many advising you in that direction on this board. Most of the people that are active posters either would make, or already have made, enormous personal sacrifices to land a job at a firm like BX. If its not for you, thats ok - but no one around here is going to feel bad that you will "only" make $11 an hour as an INTERN.
Be cautious, as there are plenty on this board that would take your place for free.
BlackRock internship hands down, especially for the brand name. In terms of pay, it's only a 10-12 week internship, so don't fret it. In the long run, having the BlackRock name will take you farther.
I dont know why everyone on wallstreetoasis seems to think big 4 brand name is no good?
If you look at so many of the CEO's out there, they have started at big 4 accounting firms.
Its diverse work, working with all of the largest multi nationals.
But having said that global employer services is very different, and its probably more work with the individual then the company.
I agree with gomi. This isn't going to be your annual salary for the rest of your life. BlackRock in my opinion is a better name to have on your resume then Deloitte. Hope you make the right decision.
I'm not sure if BlackRock for me, but the work in Portfolio Analytics definitely sounds very interesting. I'll get a lot of exposure to different types of securities in the market and get a good understanding of risk management.
Tax consulting is probably a lot more mellow but it seems very boring to me even before I start.
The question now is: If I take on BlackRock offer, do the internship and find that it's not for me, will the brand name and experience on my resume give me better leverage than Deloitte ?
I just feel like if I do a tax internship, most AM companies won't want to take me in as a full time. But if I do the BlackRock internship, tax companies might still want me because I've proved that I'm capable and hardworking from my time at BlackRock.
What do u think? I like investment, but I'm not sure about the hours so I want to try it and see. I just wonder what will happen if I happen to change my mind next year and want to work for somewhere more chill instead ?
BTW, all of your inputs have been awesome. I'm looking forward to your further thoughts and advice :D
the big 4 brand name isn't any good when it comes to banking, which is why everyone here thinks it's trash. I have never heard of any ceo's that started at big 4's, can you back that up with some names?
I understand you want backup. But it certainly is the case in australia. They very very often have a big 4 background. I dont have the time now to go searching, so all I can do is give you my word, which probably means nothing, but thats it for now.
maybe the states are different too, in that a lot of big4ers lateral into investment banks. Maybe tehy are more highly respected in australia
Quickly from Wikipedia:
Deloitte Alums: * R. Anthony Benten - Treasurer of The New York Times Company (2003–present) * J. Michael Cook, former CEO of Deloitte & Touche * Fred Goodwin - CEO of the Royal Bank of Scotland (2001–2008) * Sam Morgan - Founder of TradeMe * Eugene Shvidler - President of Sibneft (1998–2005) * Orin C. Smith - CEO of Starbucks (2000–05) * James Sun - Contestant on The Apprentice and CEO of Zoodango.com
PWC Alums: * Joe Price, CFO, Bank of America * Frank Brown, former leader of the Advisory service line and current dean of INSEAD * Barbara Cassani, former CEO of Go Fly and former chairman of the London 2012 Olympic committee. * Cynthia Cooper, internal auditor, WorldCom accounting scandal whistle blower * Robert Dart, Prominent Canadian businessman and philanthropist * David Gill, Chairman of Manchester United F.C. * Jonathan Howell, Director of Finance for the London Stock Exchange * Margaret Jackson, Chairman of Qantas (2000–present) * Mark King, CEO of Affiliated Computer Services * Phil Knight, Co-founder and Chairman of Nike * Chris Lucas, Finance Director of Barclays Bank * Dennis Powell, CFO of Cisco Systems, INC. * James Schiro, CEO of Zurich Financial Services * James M. Schneider, CFO of Dell * Frederick Henderson, CFO of General Motors * Peter Smith, Chairman of Savills estate agents * Henry Staunton, Finance Director of ITV plc (2003–present) * John Surma, Chairman and CEO of U.S. Steel (2004–present) * Eugene Tenenbaum, managing director of Millhouse Capital UK Ltd * Min Zhu, co-founder of WebEx * Richard Meddings, Group Finance Director, Standard Chartered plc * Gianluca Meardi, Partner in Reply and founder of xPrice.biz international PwC Alumni community * J. Michael Schlotman, CFO of The Kroger Co.
KPMG Alums: * Margaret Jackson - chairwoman of QANTAS (2000-2007) * Syd Kessler - entrepreneur * Michael O'Leary - CEO of Ryanair (1994-present) * Zarin Patel - CFO of the BBC * Colin Sharman, Baron Sharman - chairman of Aviva (2006-present) * Sir Michael Rake - Chairman of BT (2007- present) * Kerrii B. Anderson - CEO and President of Wendy's International, Inc. (2007 - Present)
Ernst & Young Alums: * Karan Bilimoria, Baron Bilimoria - Founder of Cobra Beer * Andrew Gould - Chairman and CEO of Schlumberger (2003-present) * Ed Grier - President of the Disneyland Resort (2006-present) * Chris Kubasik - CFO of Lockheed Martin (2001-present) * Sean Wise - venture capital commentator * Patricia A. Woertz - CEO of Archer Daniels Midland (2006-present) * Clemens Wohlmuth - Chairman and CEO of Telekom Austria Czech Republic (2006-present) * William C. Rhodes III - Chairman and CEO of AutoZone (2006-present) * David Sambol - President and COO of Countrywide Financial Corporation (Ernst & Whinney) * Arthur Blank - co-founder of Home Depot, Owner of The Atlanta Falcons * Louis Rosen - Professor at the University of Maryland * Jim Balsillie - co-CEO of Research In Motion (1992-present)
So maybe you should think twice before calling it "trash"...
NYT, RBS, Countrywide, professor at university of maryland, starbucks, "entrepreneur", boa, contestant on the apprentice, founder of cobra beer, Disneyland Resort, General Motors, VC commentator...
real list of winners you got there. Like I said, the brand name is trash. Especially when it comes to banking. I'm not trying to insult you or anyone who works there, just don't try and play a big 4 name like some sort of elite bs.
If you want to talk about companies that are "feeders" to the office of the chairman at a large corporate, there are a handful (McKinsey and Goldman come to mind), but deloitte, douche & co. isn't one of them.
I definitely would never consider Big4 "trash" or anything close to that. After all, I've kept the Deloitte offer since August last year.
Deloitte will guarantee me a fulltime offer though. I'm not exactly sure how that will work out at BlackRock. Even though they are one of the firms that are still growing in this downturn, they were affected by the economy as well.
Should I take this aspect of future fulltime offer into account?
aaghhh...
Make a list, pros and cons, go with the one with more "pros"
I decided to intern at BlackRock. Thanks for all your advice within the past week. I really appreciate it.
Just some corrections for future readers of this thread who are interested in BlackRock. I was wrong about the hours and pay. It's only 60 hours a week, no weekends, NOT 80 hours. The pay they told me was based on 40 hours, not 80, so NO, it's not Walmart pay rate.
When they told me this, I had no doubt in my mind anymore about choosing BlackRock over deloitte.
Better brand name, decent hours, MUCH more interesting work, better pay, and work right in mid-town Manhattan :D Can't get better than that.
Good choice, the guys in BlackRock PAG are pretty cool. Try and work in their new group, it has something to do with financial products ( CDOs, CDSs etc... )
What's the name of that new group? I just accepted the offer yesterday, so I'm not sure how they're gonna put me into group.
Btw, I'm a girl. Hope that i'm not the only female intern this summer in PAG haha
How much does PAG pay full time?
.
Voluptatem cum provident quia quaerat iusto consequuntur possimus. Accusantium ut ea ut aut aspernatur et ducimus. Magni similique nemo rerum et. Pariatur tempore atque ipsa. Ratione distinctio dolorum minus error aut aut ut quis.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...
Laboriosam eos id consectetur provident. Quis velit non quod consequatur consequatur culpa quis. Rerum inventore laboriosam autem praesentium ut.
Recusandae quas voluptatem autem voluptas aut minima accusamus. Eveniet tempora vero sunt eos et cupiditate.