Two Great SA Offers - Need Help Choosing (IB vs ER)

Hey all,

Just finished going through the SA recruitment cycle, and having worked my ass off, I feel very fortunate to come away with two offers for the summer - one at Moelis NY, and one for ER at a top BB (think JPM/BarCap/BAML) also in NY.

I am really torn between the two offers, but I know that my long term goal is to be a portfolio manager at a HF. Right now I'm 50/50 and have my own thoughts on both offers, but would like to hear what you have to say before disclosing them. In general, lifestyle, exit ops, and the general experience are very important to me.

Small note: I know Moelis is pretty favored on these forums, but a concern I have about their NY office is that they may be expanding too aggressively. The BB ER gig will have a more stable future and that is another factor I am considering.

Thanks in advance for your input.

Comments (33)

Feb 16, 2011

From what I have read here ER --> Hedgefund and IBD --> PE

Feb 16, 2011
GOB:

From what I have read here ER --> Hedgefund and IBD --> PE

I know Moelis is pretty strong in the restructuring space and there could be exit ops to a distressed debt HF. In general my view is that IBD gives a much broader skill set (especially with the generalist program at Moelis) and meanwhile ER is pretty focused. I'm more interested in investing but I don't want to pigeon-hole myself at the same time..

Feb 16, 2011
GOB:

From what I have read here ER --> Hedgefund and IBD --> PE

There was a huge discussion within the last month or so where several guys in HF came to talk about IBD --> HF. According to them, it's a better move to take IBD if you want HF down the road.

Feb 16, 2011

Absolutely better to do IBD...for HF or PE. IBD is more competitive to get into and will be viewed more favorably by HF recruiters.

Also, yes, ER might be more stable but how do you think HFs make money? They make money by taking intelligent RISK. If you do ER, you'll have a relatively cushy and stable job, but cushy isn't going to get you to managing hedge funds. You are young, likely have very few responsibilities, and have pretty low opportunity cost for your labor. If your goal is to become a PM, take a little risk now while you're young and do the IBD job (I don't even view it as much of a risk). Work your ass off and be smart at Moelis, and you'll be much better set relative to your career goal.

Feb 16, 2011
bankbank:

Absolutely better to do IBD...for HF or PE. IBD is more competitive to get into and will be viewed more favorably by HF recruiters.

Also, yes, ER might be more stable but how do you think HFs make money? They make money by taking intelligent RISK. If you do ER, you'll have a relatively cushy and stable job, but cushy isn't going to get you to managing hedge funds. You are young, likely have very few responsibilities, and have pretty low opportunity cost for your labor. If your goal is to become a PM, take a little risk now while you're young and do the IBD job (I don't even view it as much of a risk). Work your ass off and be smart at Moelis, and you'll be much better set relative to your career goal.

lol since when did any IB job teach you how to take risk or manage an HF? all you learn in either is valuation techniques and how to pitch things

Feb 16, 2011

Good to hear the most up to date advice

Feb 16, 2011

Thanks for the insight so far, looking for some more input

Feb 16, 2011

I was under the impression that head hunters tend to ignore ER guys, but that if you can network on your own, you should be alright.

So IB -> HF would still be easier.

Feb 16, 2011

In ER, if you are talking to HF guys, then shouldn't the transition be easier?

Feb 17, 2011

Leaning towards Moelis..

Feb 17, 2011

Trust the process, way too quiet in here. What about these resources:

Calling relevant pros to the rescue! @Jake Gittes @mknecht1 @UH21

You're welcome.

Feb 17, 2011

anyone?

Feb 17, 2011

what year are you? and what holds you back from doing both?

Feb 17, 2011

I'm in second year so I have another summer until FT recruit. There's nothing really from holding me back from doing both. I might not be able to complete the deal I'm working on right now if I take the other job. My concern currently is I'm not sure how experience in SE Asian countries in non-foreign banks will be perceived by BBs here when I apply next summer. Do they look at the name more than the actual job that I'll be doing? Ultimately I want to land IBD/ER FT position here upon graduation.

Feb 17, 2011

bump

Feb 17, 2011

WFS IBD, do you know which group?

Feb 17, 2011

Doesn't matter what I would select. What year are you and what are your short-term career goals?

Feb 17, 2011

This. One is not objectively 'better' than the other.
If you want to do IB, take Wells. If you want to do research, take JP.

The only other thing to consider is if you want to do IBD in NYC, then you might have an easier time networking over the summer from NYC JPM ER (especially if you don't live/go to school in NYC) in order to make the jump to NYC IBD for FT.

Also, if you can get a guarantee for Lev Fin for WF, then that is a '+' on that front.

"Success means having the courage, the determination, and the will to become the person you believe you were meant to be"

Feb 17, 2011

If you're interested in IBD, JPM is probably your best bet.
Otherwise, take WF.

Array

Feb 17, 2011

Junior year and career goal as of now is to land a full time offer in IBD

Feb 17, 2011

I'm assuming you want BB IBD in NY...
I'd say making that jump will be easier after having experience from WF. Easier to spin a story saying that you loved IB, but not at WF than to say didn't like ER, and therefore IBD MUST be for you. That said, if you don't have contacts at the BB's, you need to do that immediately, as it will be very difficult from Charlotte.

"Success means having the courage, the determination, and the will to become the person you believe you were meant to be"

Feb 17, 2011
ConfusedFinMonkey:

Junior year and career goal as of now is to land a full time offer in IBD

Then Wells, hands down. Excellent opportunity at a solid company. Make your life easy.

Feb 17, 2011

If your goal is IBD then I think it would be wise to take the IBD offer as opposed to trying to network through JPM ER NYC. I wouldn't worry too much even if you want to work in NYC full time--keep building your network and you'll be able to leverage this internship into interviews next year in NYC.

Feb 17, 2011

JPM SA NYC and it's not even a question. Best ER in the US ranked by II and some best ER analysts in the world. SA ER class is really small and you get great exposure. Some friends did it in the past and they all got FT offers afterwards.
Good luck on the choice but I would not go with WF.

Feb 17, 2011

Why wouldn't you ?

Feb 17, 2011
CFACandidateLevel1:

JPM SA NYC and it's not even a question. Best ER in the US ranked by II and some best ER analysts in the world. SA ER class is really small and you get great exposure. Some friends did it in the past and they all got FT offers afterwards.

Good luck on the choice but I would not go with WF.

Guessing he's just saying dont do Wells if you have an opportunity with JPM. Their ER really is topnotch BUT if you want IBD then Wells is a good shop.
One counternote is that JPM does promote mobility within so you could try and hop over to IBD after securing FT but I wouldnt bank on that.

Feb 17, 2011
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Feb 17, 2011