Should I Accept This Offer?

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Hi All,

 

Some background on me:

  • Sophomore at a non-target
  • I am planning on IB after school and I'm industry/geographically agnostic.

 

I just received an offer at KPMG in their Embark Scholars program in NY. This is a 9 week program with rotations through M&A  Advisory, Tax,  Audit and BPG.

I have networked into the process and will likely get interviews at least for (all no-name) 2 IB firms, 1 REPE, 1 HF/PE firm (they invest in a variety of things).

I'm leaning towards accepting this offer. I'd love to hear thoughts from people that have gone through recruiting/are in industry. Would these thoughts change if I was able to accelerate for a no name IB firm?

 

Thanks!

Comments (22)

 
Most Helpful
  • Intern in IB - Gen
Oct 16, 2020 - 2:05am

Take it. KPMG is a good brand name, and you'll have a great answer for the "Why Banking" question - "I tried all these corporate finance areas like M&A, Tax, Audit, BPG, and I really only loved M&A because ABC etc." 

 
  • Analyst 1 in IB-M&A
Oct 16, 2020 - 11:14am

Disagree with the answer above. With a program like that, if distributed proportionally, you will only see ~2 weeks of M&A work. Now I understand you don't have offers from the other IBs, but I would caution you to greatly consider those options. You will get more M&A experience, gain sweat equity (lot of no-names aren't paid, which is also a great story), and partners/MDs at those shops are likely friends with senior bankers at more reputable banks. Finance is a small world. Best to get in it as early as possible.  

 
  • Intern in IB-M&A
Oct 16, 2020 - 7:09pm

KPMG is a great name but my no-name boutique internships made it much easier to say why I wanted IBD.

 

I STRONGLY disagree with the answer to go to KPMG because recruiting starts in Feb/March for some banks, then most kick off around April-June. How can you say that you tried audit and tax but only liked M&A if your internship doesn't start for another 3 months?

 

You can take the gamble, but most places are moving recruiting up earlier and earlier, especially if you want to land a top EB. Evercore was done with recruiting around May.

 

Hell, RBC has even started accepting applications already. They always do this, but note the application deadline: https://jobs.rbc.com/ca/en/job/279216/2022-Global-Investment-Banking-Su…

 

That being said, bird in the hand. Try to accelerate your other interviews/extend the deadline on KPMG as far as you can. If you can truly see yourself doing audit or tax for a career then accept it, but if you only want IBD then you should try to go all-in.

 
  • Prospect in IB - Gen
Oct 16, 2020 - 8:22pm

I see what you're saying, I likely will be done interviewing by the time I start at KPMG or a boutique IB so not sure how much it matters. I'm not sure how much time they spend on incoming titles on resume, do you have input? 

I guess the reasons I'm leaning towards are:

-Basically a guaranteed return wherever I want (M&A Advisory) as a backup plan. Not sure if this would be the case at the boutique

-I'd get to experience NY. I'm from the west coast and have never been to NY so I would have a summer before being locked in to know if I could handle it for 2 years or need to recruit FT.

 

Thanks for the insight! SBd

 
Oct 17, 2020 - 2:49pm

I would accept it. KPMG is a world class organization and will act as a proxy for you regarding opportunities. You're young. This would be a great feather in your cap and will expose you to lots of things and the corporate world.

Don't lose sight of the fact that we're in the midst of a pandemic and the intern and fulltime job market is quite strange right now. Lot of bottlenecks. Last summer KPMG greatly modified their 10 week internship but essentially gave all juniors FT offers. Who knows what next summer looks like. We may be still in a modified WFH environment with less jobs available and it would suck to turn this down to find out other things were cancelled (happened ad nauseum last yr).

 

Also, nothing prevents you from continuing to recruit and if you happen to land something exactly in your wheelhouse, so be it.

 
  • Intern in IB-M&A
Oct 18, 2020 - 5:34pm

Was in a similar program with another big 4, and it led to me getting interviews. It's all about how you spin it. Just try to work at a local bank/PE fund during the school year to show your interest in finance. Brand name means more than experiences tbh

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