What are the most relevant Non-IB junior year internships to recruit for IB Full-Time?
As 2019 SA IB recruiting wraps up at most places, I have found myself still without an offer. I am currently weighing my best next options in order to stay relevant for FT recruiting next summer. Below is a list of positions that come to mind - I would appreciate anyone ranking them or sharing thoughts on other strategic alternatives for internships.
Obviously the brand name of the company you intern with will come into play once you start recruiting again, but for simplicity sake let's take prestige out of the equation.
- Corporate Finance in an Industry
- Asset Management
- Corporate Development
- Research
- Commercial Real Estate-related (Acquisitions, Capital Markets, etc.)
- Accounting/Finance Departments
- Business Development
- Operations
You left out PE, more relevant than any of those
PE would be a great option, I just left it out because (1) it's significantly harder to land a PE junior year internship (2) from what I've heard from my friends, most places don't even give return offers since they want you to go to IB to get "trained" (3) depending on the place, you might get stuck doing sourcing, business development or portfolio company monitoring and (4) my modeling skills are lacking if they were to ask me for a case study modeling test
Plenty of kids do PE summer internships and land in IB FT. Yes, the vast majority of PE firms do not give offers to kids out of UG, but it's still valuable and marketable experience.
321
What did you do lol
AM and ER are both front-office roles that command a lot of respect, I feel like more so than corporate finance, although corporate finance is more related to what you'd be doing in banking.
Consulting internships are just now starting recruiting with first rounds at Bain, BCG, and McKinsey in the next month, and lots of the less prestigious ones in the next few months. Even though it's not finance, I feel like it'd be possible to spin for banking ("After learning about business in broad strokes, and learning about M&A from the corporation's point of view, I was more interested in learning about the details and financing of these transactions..").
What about front office internship but in Wealth Management, and structured lending within this division?
I've heard of guys doing well with valuation internships related to a field, i.e. doing valuation at a medical devices company then lateraling into healthcare m&a, etc.
So I have an offer from an industry specific valuation company like that and am looking to land a FT IB offer this upcoming fall. Would I be stuck having to lateral into that industry? Because most of the IB's in my area do not focus on that industry at all.
How specific is the valuation group? It is my belief that from the internship level almost anything can be spun as relevant experience with a compelling story.
ex) "I interned in XYZ valuation group and thought it was useful seeing the fundamentals of valuing their industry, this translates into valuing your industry because of (similarities in how they operate, are valued, etc)"
That being said I recruited for FT IB this past fall and had a tough time trying to spin that I want to switch industries, even coming off of an IB summer analyst internship. I ended up better off for it, but I would be careful going in with that as your main plan (as I did in Summer 2018) unless you have a strong appetite for risk/are willing to risk having to interview for a while
Depending on the type of group some sort of Big 4 experience could be good too. Don’t underestimate the importance of accounting. Lots on your list is better suited for IB but given you were eligible for a Big 4 (accounting major) internship it would be another option should all else fail.
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