Which banking offer is better for Consulting?
I have to choose between the following two banking summer analyst offers:
A) Public Finance/ Tax-Exempt Capital Markets at JPM
B) Equity Research at BAML
My ultimate goal is work in MBB consulting and I interviewed with each of them (getting to final rounds with two) but was unable to secure an internship unfortunately. I was told consulting internships are pretty limited and was encouraged to apply again in fall when they have many more openings. Rather than settling for midlevel/HR/technical consulting I thought it would be better to work in banking for a summer to build up strong, quantitative financial analysis skills which are obviously important to consulting as well. I have the two offers listed above and need to decide on one of them.
If my only consideration is getting into MBB (which it isnt, lets just assume it is), then which one of the two offers would you choose?
JPM. The name and the fact that you can list it just as an investment banking internship will count for more with your consulting recruiters than anything. Also, for some reason people seem to link banking and consulting, so trying to make the switch wouldn't be considered as weird as er--> consulting.
GL.
Can you claify the part about listing it just as a ib internship? You mean doing something like investment banking summer analyst - public finance?
you just posted the same topic saying you wanted to get a BB IBD position for FT. Which is it, bro?
mbb is undoubtedly the goal of mine but im interested in the relevancy of both offers to both fields - particular given how difficult MBB can be to crack.
I guess the other side of the argument is that in pubfin/tecm my exposure to companies/businesses will obviously be quite limited. On the other hand, in ER, you get to know how to tear a company apart and really analyze its fundamentals and growth prospects. The latter seems more relevant to Consulting than trading municipal bonds. However, the JPM and IB name are both substantial and may outweigh this advantage.Thoughts anybody? Which should I go with?
People make the link between banking (this means IBD) and consulting for a very good reason as there sometimes is significant overlap in the task at hand. ER as a profession is comparable as well as you need to understand business models, model financials, etc. There is zero similarity between S+T (which in fact is not investment banking, but a division in many investment banks) and consulting, but that said, your getting into JPM may have a good signalling effect, but I am not too sure if the marginal brand advantage over legacy Merrill Lynch is that huge. Yes, JPM is above BOAML in league tables, but then the BOAML job has so much more relevance.
in terms of skill set, i definitely think equity research is more relevant for consulting. i went through that path (did an equity research internship and then went into consulting). i don't see how the JPM job would be relevant. it's also easier to explain when interviewers ask you why you want to do consulting. i must think that if consulting is your passion, public finance won't be all that interesting to you
Yeah that's what I was thinking - that the ER job had greater relevance. However, dazedmonk's first post provided a different point of view - that the added benefit of JPM and working within investment banking at the end of the day (albeit in pubfin instead of corpfin) is worth the tradeoff. Does anybody agree with this or should i definately go with er?
Whatever... if you had final rounds for internships, you'll get first rounds for full time. From there, it'll come down to your case + personality (and to some degree SAT/GPA/etc)... people aren't going to really care about the difference between these two options.
Signaling is everything. No one cares/ knows what you actually do on the job/ in your classes/ anywhere. Also, its a 10 week internship. You're not going to become an expert at anything.
Take the better name, the harder sounding major, etc etc.
The fact is, people outside of your field/school/ w/e are just too busy/uninformed for anything except the name to matter.
If you just list your internship as "investment banking analyst" thats fine. If they ask you can say it was in TECM. No one outside of banking splits hairs like "omg thats cap markets not banking bla bla" like all the obsessives on WSO do.
JPM is better known/ more prestigious. Period. Your consulting recruiter will have no idea whos doing what in the league tables.
That being said once you get an interview its all interviewing skill. Sure you might have to talk about your summer but where you summered (of those two) is no deal breaker.
This is entirely from the perspective of getting the interview. If you're confident you can get the interviews again, then do whatever you think would be more enjoyable.
Update: offer from Nomura IBD.
So Nomura IBD vs. JPM Public Finance vs. BAML Equity Research
which one is best for getting into MBB consulting?
afalcon10 you go to columbia right? all your recruiting deadlines match up with cce's :D
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