Want to get into IB ... but Fortune 500 CEO (manufacturing) loves me

Anon_Monkey7's picture
Rank: Chimp | 14

I'm at a target and eager to make good money. A Fortune 500 CEO who grew up in my small hometown loves me and has told me I need to intern for him. I'm not sure what his company pays interns, but certainly far less than a BB - ditto first FT offer. Big picture, is cultivating this mentor relationship worth $ sacrifice? I don't believe there's any salary negotiation for summer internships ... and I assume it's probably rude as hell to even allude to "Sorry sir, but BB will pay me 2x next summer."

Comments (24)

Aug 1, 2018

Cultivate the relationship regardless, it is highly valuable to have a mentor to bounce ideas off of who isn't directly involved in a company you're considering.

I don't see much value in a manufacturing internship/job over an IB offer (maybe something with their finance department for freshman/sophomore summer or a semester internship?). Make it clear you're very grateful for his time and advice, but nothing wrong with choosing the right career path for you.

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Aug 1, 2018

If he loves you so much, try to see if he'd offer you an off-cycle internship. You could also tell him you want to do an IB internship, but you're open to pursuing his company full-time or after doing IB for 2 years.

Aug 1, 2018

Off cycle, as in during the school year or you just mean early, as in summer after fresh/soph ... where as summer after junior year is for the IB internship?

Array
Aug 1, 2018

If you're a freshman or sophomore, then definitely try and get an internship from him.

Aug 1, 2018

If this isn't a troll and this guy is a big supporter of you then you'd be a gigantic dumbshit to not go this route, use this guy as your mentor and ride the stardom up the corporate ladder. If he is actually the CEO of a F500 then his total comp is at least $10M+/yr, he has connections that you can't even fathom across a multitude of industries, and he could make your career path 10x smoother than IB ever could.

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Aug 1, 2018

Not a troll. And yes, a quick Google proves his comp is what you cite.

Array
Aug 1, 2018

Two things...
One... I'm poor, so parlaying being at a target to land $ summer internships and a FT is on my mind. Won't I be sacrificing pretty decent $?
Two... looks like most corporate offices are flyover country. So I'd be sacrificing $ (?) and location.

Array
Aug 1, 2018

You should do it just because you're poor. His support in your back pocket will mean you almost always have a job.... and a good one at that.

...

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Aug 1, 2018

Looking at short-term $ is silly and why so many kids end up leaving high finance after a year or two anyways, and depending on the role you can still make pretty good money+benefits at many F500s while not being a slave. Think about it this way...though nothing is guaranteed, if this guy is truly looking out for you and propping you up, and you are a strong performer, then you should be on the path of F500 VP by the time you're 35-40yo, whether at his firm or a different one. That generally entails $500k-$1M all-in, 4+ weeks vacation/yr, great benefits, <65hr work weeks with many weeks around 45-50, and weekends that aren't constantly stressed filled. You also get to have a life in your 20s as you climb the corporate ladder.

Long-term optionality of truly being a F500 CEO's "boy" >>>> being a 100hr/wk braindead Excel monkey at nearly all banks. Sure, if you get into Goldman IBD then maybe go that route, but that's about it IMO.

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Aug 9, 2018

Absolutely this. Plus if you want to do B-School down the road you can have a F-500 CEO write your recommendation. Do this, kick butt, and don't look back.

Aug 9, 2018

Do off-cycle internships with him, and gun for summer internships in IB. If you end up liking IB more then tell him you would like to work with him after the 2 year IB stint

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Aug 9, 2018

NEVER EVER EVER choose your internship because of the wages for that summer. I understand the cash crunch college kids feel (I worked multiple jobs and put myself through school), but it is NEVER worth changing the trajectory of your career for the small amount of $ for that summer.

It could be worth turning down if your heart is set on IB, but don't even consider the $.

I'm pretty familiar with a pretty good amount of F500 Corp Fin and have some connections. If you want to confidentially talk specifics feel free to shoot me a PM.

Note: turning down does NOT mean just saying no or being indignant about it. Turning down would be having a conversation and saying that your heart is set on IB, but you appreciate his offer and would love to consider his company after giving an IB stint a shot.

twitter: @CorpFin_Guy

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Aug 9, 2018

the money you make in the first 3 years our of college is small compared to the skills and relationships you make in the same time for the balance of your career.

As an intern this is a no brainer - take the internship - work hard and let him fig out a way to retain you given you do a good job.

Aug 9, 2018

Something to keep in mind: is the CEO a young guy, or older and on the verge of retirement? The benefits of that relationship will compound the longer he works as a F500 CEO.

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Aug 9, 2018

Although what you said above has some merit, the amount of support he can give you just by being a F500 CEO who loves you, regardless of his remaining tenure at a company, is immense and still outweighs what a single IB internship can do for you.

Aug 9, 2018

I was in the same boat as you, both money wise and being led by a mentor into less paying role. I was denied a loan for my senior semester of school and had to make as much money as possible junior-senior year summer. This put a lot of weight on money for the few offers I had, but I ultimately received the advice that a lot of the folks above mentioned.

One offer I had was given by an SVP at the firm who was like a mentor to me throughout college/hs. He was department head and controlled where interns were placed. While this internship was 55k prorated, versus the 75/80k other gigs I was offered, I took it knowing that my mentor would put me in the best position to succeed.

In hindsight, I'd make the same decision again. He put me under the best performing manager on the floor and I was able to learn a lot, especially compared to the others in my class. When I sought for any kind of advice, whether it be career based or just understanding the space, I could always go to him. These types of relationships are worth an incomparable amount more than any gap in a 10-12 week pay period. I'd even go the length to say for FT positions as well.

As far as money, I found ways like working at the local liquor store and bartending as supplemental sources of income while there. F500 role should give you a lot of freedom outside of work ( there is a major value element here too). These type of side gigs are easy to find. If you put more thought into than me, you could probably think of something even more creative than bar/liquor store.

Good luck.

Aug 9, 2018

If this is post sophomore internship then f500 is a no-brainer.

If you are truly poor and at a target you won't get to keep summer earnings. You will report higher earnings on your fafsa and therefore your grants will decrease. Being poor at target is great. Tuition and room and board should be like 10k/year.

Then can do ib after junior.

Array
Aug 9, 2018

Unless you're absolutely certain you want to end up in the highest echelon of a very specific path that you've never experienced (IB/PE), take the corporate gig. I understand your money-now thought; but, over the long term, the value of this mentorship will significantly outweigh the difference in compensation over the next few years.

Aug 9, 2018

How does an F500 CEO even propose this kind of thing? Had you known him beforehand and reached out to him directly? How much is he really willing to help you out just because you're from the same town? I guess maybe if it's a really Podunk town...

Aug 9, 2018
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