Which Internship should I choose? Private Equity or S&T or NEITHER?
I currently have 3 outstanding offers for fall internship.
1 of them is at a private equity/venture capital fund about 10B AUM
2 of them are S&T GCM positions at famous firms..
First, by accepting any of these internships I will miss full-time recruitment cycle as u all know. Second, my dream is go to into IB/private equity in the long term, but the private equity fund said explicitly they won't hire anyone directly out of grad or internships unless they have 2 full years of IB experience. the good part is I might be able to leverage some credibiltiy to my resume...
the S&T position hires FT from internships, and i see that i MIGHT be able to leverage into their private equity divisions through networking (but this is not very likely).
Given that S&T is not what I want to do for the LT, should I take the risk, and go with the PE internship knowing I wont get FT offer? Or should I stay safe, take the S&T to avoid being unemployed in this job market?
OR, should I reject both and do full-time job search in the fall instead? since all the investment banks recruit at that time.
what should i do?
What should I do?
well if you want to do IB/PE, then it would definitely make sense for you to do the PE internship. i am guessing these fall internships are in asia/europe: is that y u would miss FT recruiting? is there any way you can interview while interning at the PE firm? it would add a shitload of cred to your resume if you're doing legit work.
and i really don't know how you can go from S&T to PE. I believe S&T has the pigeon holing stigma to it and it is somewhat true. but if FT is really that important to you, the its worth the shot. and NO, DO NOT REJECT BOTH OFFERS. u have to find a compromise.
I would miss FT recruiting because most ibanks open FT postings in the fall...they also come to campus in the fall...
isnt that the norm? to hire FT analysts that graduate in 2010, during fall 2009?
Also, I can possibly do interviewing during the internship but I think it might piss them off..they have alot of people with crazy creds and I want to develop as good as a relationship as possible..
yup thats the norm.
i really think ur best bet would be to take the PE offer (would you be doing legit work, $10 billion sounds pretty big to me?) and then interview i.e. take a vacation during that recruiting cycle. and the best way to take a vacation is when u work like a dog and they won't feel bad if you took a few days off here and there. i wouldn't worry about relationships and ppl with crazy creds if the bottom line is that they aren't going to hire you for FT. I mean of course, you have to do your best, impress them, build a rapport with them, but don't feel that you can't interview for FT just cuz you think you'll piss them off if they arent hiring you for FT.
Definitely take the PE internship. You won't be missing much by missing FT recruiting this year. Unless your resume is already extremely top-notch already, the sure thing is definitely the way to go.
~~~~~~~~~~~ CompBanker
How did you find this these fall internship opportunities?
Take the PE - it'll help you reach your long term goals and give you a good experience.
What school do you go to? Mine is on a weird quarter system and many students end up taking off-terms during the normal year to study abroad, internships, etc... Anyways, I had an off-campus internship my junior winter when on campus recruiting occurs for SA positions, and I was able to still do all of the resume drops via my career service website. My interviews were then usually first round on the phone, and second round in NY. Just my experience.
Do NOT reject both offers. If you want to do Private Equity then take the PE internship. I can't see how they will be upset with you for trying to land a full time job when they're anyways not planning on hiring you full time.
However, I have one question. If you're doing legit work then why can't they have you doing that same legit work post graduation?
What will you be doing at the PE/VC firm - actual analyst type work (diligence, modeling, going to meetings, investing in companies) or just being a grunt/bitch (printing/binding books, cold-calling 100 companies a day for your VP, etc.)
If its the former, then definitely PE. If its the latter, S&T all the way.
Also are they both paid internships? If so, which one pays more?
I'm making it up as I go along.
The job description is: "you will be conducting industry and company research, preparing written recommendations, building financial models, and participating in numerous other aspects of the monitoring and due diligence process. " This is all I know about this position. I do not know to which extent they would really offer this to the intern. Every company makes their job description sound sophiscated, but whether it's legit work or not, it beats me..
in terms of salary, all of them are paid, with 1 of the S&T job significantly higher than both positions..
so...PE all the way?
PE
That job description sounds like exactly what you're looking for. I strongly advise you to take the PE position if that is your long-term goal.
~~~~~~~~~~~ CompBanker
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