Valuation vs. M&A

Two offers:

  1. valuation firm, pretty legit but not top 4, writes some textbooks that are used for CPA exams and in B-school classes, nice pay rate 70% of salary I'd get at a BB over the summer.
  2. small M&A practice (only a few senior bankers and myself) within a financial services company most people probably don't know even does M&A, really low pay rate.

Which sets me up better for the fall? Really, how much will doing the valuation firm prevent me from doing IB later cuz I might want to go HF, PE or IB come fall.

I'm concerned about M&A levels at BB's in fall and whether or not they'll even be hiring, as I feel like coming from a no-name M&A practice my only shot at getting into BB is doing what I'd have directly relevant experience in, and if BB M&A isn't in a hiring mood/only wants to give offers to their SA's, I'm SOL whereas valuation firm might not pigeon-hole me so much (or may be completely useless)... Help?

Just in case it's relevant, 3.7 at target.

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