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.
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..
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
Good to hear the most up to date advice
Thanks for the insight so far, looking for some more input
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.
In ER, if you are talking to HF guys, then shouldn't the transition be easier?
Leaning towards Moelis..
Boutique ER Summer Analyst vs TD Securities IB Summer Analyst (Originally Posted: 01/28/2018)
As the title mentions, I'm having a hard time deciding between two internship offers.
For the boutique firm: The firm is pretty well-known and well-respected. I know what to expect both culture and work-wise from this company and it is very attractive.
For TD Securities: I don't know much about TD Securities. What are your thoughts about TD Securities? How likely is it to receive a full-time offer? Anything about culture? Opinions on performance?
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.
Boutique IB Internship in N America Vs. ER in South East Asia (Originally Posted: 05/11/2015)
Hi guys, I would appreciate some advice here about my summer internship. I'm currently interning at a boutique IB in N America. The firm has around 5 people working with consistent deal flow. It's mainly focused on private placements for early-stage companies. Then recently I was offered an ER position in PWM at a leading bank in South East Asia. It's not a name you'd know but it's a partnership with BAML with over $4 billion in AUM in their PWM. They specifically opened up the position for me to intern with them. That said, I would like to hear what your views are on working in South East Asia. Ultimately I want to work in a North American BB in either ER or IBD. I could potentially do 2 months at my current internship and the other 2 months in SE Asia. So my question is do you think this is a good idea and how is experience in SE Asia perceived in N America especially when it's not a name like Citi, GS, or MS. Any input is much appreciated! Thanks.
anyone?
what year are you? and what holds you back from doing both?
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.
bump
wells fargo ibd vs jp morgan equity research internship (Originally Posted: 12/08/2013)
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WFS IBD, do you know which group?
Doesn't matter what I would select. What year are you and what are your short-term career goals?
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.
If you're interested in IBD, JPM is probably your best bet. Otherwise, take WF.
Junior year and career goal as of now is to land a full time offer in IBD
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.
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.
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.
Why wouldn't you ?
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