Hey all,
I am trying to decide between two offers for Summer 2022, Deloitte Tax Consulting and GS Ayco PFM. I have some initial thoughts but I'd like to hear what you think:
For Deloitte;
Pros:
In NYC (apart from being in the city, more networking ops, especially if I get a return offer)
Better pay for FT (yes, I'll agree not a huge selling point at the beginning of career)
Like the culture (really stood out to me among everyone I spoke, and I think fitting into the culture is what got me the offer above everything)
Personally prefer consulting
Cons:
Tax Consulting is niche, can be hard to get out of
If I want to move laterally, might have to start over when switching
For GS Ayco;
Pros:
Reputable, can be very helpful at beginning of career
GS Stamp on resume would be huge for recruiting for 2023 FT
Cons:
My understanding is it's basically retail banking
Upstate (In Albany, I would prefer NYC)
I know since it's for a summer internship and not FT I can (and should) continue networking and recruiting for post-grad in 2023, and this means I have more flexibility in the grand scheme of things, but I feel at a crossroads in terms of trying to rationally figure this out. While ultimately my decision at the end of the day, I would appreciate any and all thoughts you may have.
fahmo, way too quiet in here. What about these resources:
More suggestions...
You're welcome.
Idk what Ayco is to be honest but I think the stamp is crazy valuable and you might even be able to network into a good SA role for GS next summer.
Not sure were you would go with Deloitte Tax Consulting. To niche imo and not really a stepping stone for IB like Audit or Consulting
Well said, I agree wholeheartedly! Thanks
I was actually at AYCO out of the Albany office this summer. I think the brand value is nice but Deloitte should probably offer better intern experience. Can PM if u have any further questions.
would love to chat! please do PM!
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Just want to ask when did you get the offer? I applied and got the superday of Ayco but heard nothing until now. Can I PM you for some info?
yeah you can definitely PM me
Would love you hear what you ended up deciding! I'm making a similar decision right now between ayco and a tech consulting role for junior summer.
Finally a post about Ayco! I interned there last summer in somewhat of an operations role, so I got an extremely detailed understanding of this part of the firm. I wrote a super long Glassdoor review breaking down the different units within Ayco so feel free to PM if you want that.
As you probably know, it used to be called “Ayco, A Goldman Sachs Company” and now that it’s “Goldman Sachs Ayco PFM” it’s completely integrated into GS’s Consumer Wealth Management Division (which used to be CIMD). This change drastically increased intern pay and GS/resume exposure and it personally helped me get an F50 FP&A internship afterward.
You now get the full GS Summer Analyst onboarding experience and even get the perks of GS’s “Internal Mobility Program” which lets your resume be set in a separate pile for any other division in the firm. [So while you could technically apply for internal mobility to IBD, your chances will be much higher for PWM or else that’s way less intense]. Nevertheless it got me a return offer to another division of the firm for the following semester without even having an interview (though that isn’t the typical process).
I can’t say anything at all about Deloitte’s Tax Consulting but for a better comparison it would help to know what subdivision of Ayco they offered you for. There are 4 main subdivisions within Ayco: Financial Wellness, Financial Management, Executive Financial Management, and Ayco Family Office. I’ll give a brief overview of the differences but, again, I made a super long Glassdoor review that I’d be happy to send you if you want. The quickest explanation is that they increase by AUM in the order I just listed them.
Financial Wellness is an employee benefit meant for all employees at each of GS’s corporate clients (examples are Google, J&J, Comcast, etc.), and from an Ayco employee’s point of view, it’s pretty much a call center with great financial planning training. Financial Management what I’d call the employee benefit version of Goldman Sachs Personal Financial Management (PFM) but I don’t know enough about this one specifically. GS PFM, however, used to be an RIA called United Capital before GS bought it, and targets individuals with AUM around $5-10mm. Executive Financial Management is the same as Financial Wellness but scaled up to target the executives at those companies and therefore focuses on more “complex” issues like estate and tax planning - and they also do tax returns. And lastly, Ayco Family Office as the name suggests is for ultra ultra wealthy clients with hundreds of millions to billions of AUM.
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