Stuck Between Two Offers
Hey guys! I'm a sophomore from a non-target in the southeast. 12 interviews later I've finally talked some people into giving me offers.
The first offer is with State Street Global Services. The group I will be at recently merged with Morgan Stanley's Real Estate PE to provide all their fund administration services. Some of my work would include: preparing quarterly/annual statements, cash flow analysis, preparing fee calculations, and answering ad hoc investor requests. Also, it's paid.
The second offer is at a boutique investment bank in Atlanta that specializes in private placements of LP interests in PE funds. By capital raised they're in the Top 10 globally. Here I would have a more research-oriented role learning the in's and outs of the PE industry and providing leads to upper-level management. Also, it's unpaid.
If my end goal is to end up in a BB analyst program, what's my best bet?
Change your username. It should not be your name if you want to remain anonymous. Just a helpful tip
thanks for the tip, but I'm afraid you already know too much. haha
I would do State Street. There will be a ton of insight into different funds' management, strategies, and the accounting aspects. Also, since its paid, I'm assuming its more of a structured internship. State Street is also a solid brand name. You should be able to take that experience and transition into an IB internship for after junior year.
The private placement internship sounds interesting, but way less structured and there's a lot more risk involved.
I'd take the PE shop. You're only a sophomore and deal experience should be what you're after, not pay (assuming you're financially stable).
You will be doing funds-of-funds work at State Street. I interviewed there my sophomore year as well; turned it down for a private banking offer. Although, it is a brand name, I'd still stick with PE.
I'm from a SouthEast school as well. PM me if you want talk further.
Fund administration is still administration.
Precisely.
I was trying to say it without being too harsh, but you get the point OP.
Yeah, I was thinking that brand-name would play a role, but I'm definitely a little apprehensive about State Street since fund accounting jobs get bashed so much on this site. Another factor I considered was that at SSGS everyone is from a big four background, and at the placement agent at least 4 of the 13 at the office come from BB backgrounds, so I'd definitely be inheriting a stronger network.
Yea, OK, its more of a BO role. A lot of people talk shit on BO roles on this site, some warranted, some not. My point is, you're a sophomore. You presumably don't know much. Learning the fundamentals, basic accounting, reporting, and responding to random investor requests will be really helpful when it comes time for your ib interviews. Assuming you go to a target and meet the other criteria - all you need is a brand name, solid internship for your post-sophomore year. Money helps, too.
The private placement boutique sounds like a cool gig, until you realize the partners are traveling 4 days a week getting deals done across the US / globe and you're sitting at your desk searching Google for 8 hours a day. For free.
And even if they have connections that are still with the BB, assuming you go to a target, you'll get introduced to the same banks/recruiting process they would've introduced you to.
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