by Brian DeChesare Comments (125)

How to Decide on Investment Banking Summer Internship Offers: Who Has a 97.5% Full-Time Offer Conversion Rate?

Investment Banking Summer Internship Offers: How to Decide

Yes, it’s that time of year again: You need to make a decision about summer internships.

Since recruiting is now hyper-accelerated, the decision-making process is also hyper-accelerated.

If you’re fortunate enough to receive multiple offers from banks, you’re in a very good position.

But instead of enjoying the moment, you’ll be tempted to go down the rabbit hole of analysis paralysis, even though the decision is usually simple.

We have covered this topic before, but recruiting has changed over the years, so I wanted to revisit and update this article:

So, What’s New?

First off, summer recruiting starts and ends insanely early – sometimes over a year before your internship begins (and it keeps moving up each year!).

As I write this in September, there’s a good chance you might have already decided on your internship for next year.

The timing is not quite as crazy outside the U.S., but recruiting has been moving up earlier in other regions as well.

So, you need to think about your goals long in advance. The bank and group where you complete your internship will determine where you work full-time, and your full-time role will determine your next job in 2-3 years.

Also, the concept of “rankings” is now a bit blurry because it is not always clear how elite boutiques and bulge brackets stack up, and some BB banks (the U.S.-based ones) are stronger than others (the European ones).

You could even make the case that a top industry or M&A group at a middle-market bank or in-between-a-bank is better than, say, a capital markets group at a weaker bulge-bracket bank.

Rankings still matter – in most cases, anything beats a regional boutique bank, and in most cases, a BB or EB offer beats a MM offer.

But deciding on an offer also depends on the specific group and the location in addition to the bank’s reputation.

Finally, it seems like fewer students are deciding between offers in very different locations, such as Hong Kong vs. New York vs. London.

That’s probably because the process has become so accelerated that it’s difficult to win offers in multiple regions at the same time.

The Ground Rules: What Matters

In no particular order, you should think about these factors when making a decision:

  • The People – Do you like everyone you met? Do you have a strong connection with someone senior there? Or does no one stand out?
  • The Location – It’s almost always better to start in a major financial center (NY, London, or HK) because there are more jobs and networking opportunities.
  • Bank Reputation – Is it at a bulge bracket, elite boutique, in-between-a-bank, middle-market bank, or regional boutique? Within each group, is it upper or lower tier?
  • Group Reputation and Deal Flow – You stand a better chance of winning private equity roles if you work on M&A deals. And it’s tough to recruit for PE roles at all if you’re in an ECM or DCM group (LevFin is a bit easier if you do actual modeling work). It’s also tough to recruit if you don’t get much deal experience in your first few months.
  • Potential Exit Opportunities – How much of a generalist or specialist do you want to be? Certain groups, such as M&A and strong industry coverage groups, set you up for generalist buy-side roles, while others (capital markets) limit your choices or make you more specialized (FIG, Oil & Gas, Real Estate, Restructuring, etc.).
  • Opportunities Outside of Finance – If you want to work at a Fortune 100 company or do anything outside of finance in the future, you’ll have a better shot with a brand-name bank on your resume. Bulge-bracket banks – even the “weaker ones” – are better known in the world at large than elite boutiques and other banks.

You should pick your offer based on the bank/group with the best reputation, deal flow, and people that best positions you for your long-term goals.

And if you don’t know what you want to do, pick the offer that keeps the most options open.

What Doesn’t Matter and What You Can’t Measure

Do NOT make a decision based on small differences in compensation, such as $2-5K; that might seem like an enormous amount as a student, but over a few years, it is nothing.

Also, don’t decide based on slight differences in reputation. If you spend five days contemplating GS TMT vs. MS M&A, you’re wasting your time.

Finally, the full-time offer conversion rate should not be a huge factor because there’s so much bad information about this point online.

Yes, JonSnow666 claims that 45% of interns at Bank X receive full-time offers… but where does that number come from? Who is this person? Is it just a high-school or first-year university student?

The Cold, Harsh Truth About Your Decision

Picking the “right” summer offer only helps you so much because factors outside your immediate control also impact the outcome.

For example, the top MD in your group might leave and take half the team with him. Or deal flow might slow to a trickle in your sector. Or the firm might cut its full-time hiring, making the conversion rate far worse.

Also, your goals may change; you might start the internship being 99% certain you want to follow the IB-to-PE path, but then realize midway through that you hate the work.

So, you shouldn’t spend days obsessing over the decision if you’re lucky enough to receive multiple offers.

Here are some examples of how you might decide without overthinking it:

JPM Healthcare (NY) vs. Evercore M&A (NY)

Both banks/groups have similar reputations and exit opportunities, and both offers are in the same location, so this one comes down to the people and whether you prefer a smaller or larger bank.

For example, if you have a great connection with someone senior at the JPM, it could make sense to accept the JPM offer even if you’re not certain you want to do healthcare.

The JPM offer might also make more sense if you want to leave finance eventually.

On the other hand, Evercore might be better if you want to stay in IB for the long term.

MS Capital Markets (NY) vs. HLHZ M&A (NY)

Capital markets groups are not ideal for private equity exits, but the Morgan Stanley offer is still better because of its overall brand name vs. the brand name of any middle-market bank.

To maximize your chances in PE recruiting, you would have to move into the Leveraged Finance team, M&A team, or a solid industry group.

But it’s often easier to switch teams at the same bank than to move from a smaller bank to a larger one.

Moelis Restructuring (NY) vs. BAML Industrials (NY)

Both groups are quite strong and have solid exit opportunities, so this one depends on whether or not you want to specialize in restructuring/distressed deals.

If you do, the Moelis offer is better.

If not, BAML is better since it keeps more options open for you.

UBS Capital Markets (NY) vs. Jefferies TMT (SF)

UBS is, technically, a “bulge-bracket bank,” but it has moved away from investment banking over time, especially in the U.S. (it still ranks highly in Asia and Europe).

So, I would recommend Jefferies in this case, especially if you want a traditional PE exit.

While SF has fewer total opportunities than NY, there are tons of tech-focused funds and other tech opportunities there that match up perfectly with TMT experience.

I might change this recommendation if the UBS offer were in a non-capital-markets group.

Citi Oil & Gas (Houston) vs. Credit Suisse M&A (NY)

This one depends on how much you want to specialize because oil & gas is very specialized.

If you join an O&G group in Houston, it will be very difficult to win non-energy exit opportunities.

So, if you’re very certain you want to specialize in energy, go with Citi. If you want to keep your options open, go with CS.

Rothschild M&A (London) vs. PJT Partners Restructuring (London)

This one is close to a toss-up since the locations are the same and the banks’ reputations are similar, so you should decide based on your interest in Restructuring.

If you’re sure you want to go down that path, PJT is better; if not, Rothschild is better.

But if you have a great senior contact at PJT who can ensure that you get solid experience, PJT might win out even if you don’t want to work on restructuring/distressed deals long term.

Harris Williams M&A (NY) vs. Lazard M&A (SF)

The NY location is an advantage for Harris Williams, but Lazard still has the better brand name and reputation, which outweighs the location difference.

Wells Fargo Industrials (Charlotte) vs. BMO Metals & Mining (NY)

People say that Wells Fargo’s strength lies in its Balance Sheet, and that’s true, but it also has solid industry coverage groups, including the Industrials team.

Metals & Mining is probably the best group at BMO, and the NY location is better than Charlotte, but it’s also a lot more specialized than Industrials.

So, I would give the edge to Wells Fargo unless you’re 100% set on natural resource-related roles in the future.

GS (No Group Specified) (London) vs. JPM (No Group Specified) (London)

This one is a toss-up if the locations are the same and you don’t know which group you’ll be in.

If there are no differences in the people, you might as well flip a coin.

RBC M&A (NY) vs. Credit Suisse Capital Markets (HK)

Who in their right mind would pick RBC over CS?!! This one’s easy!

Well… not so fast.

If these were the same groups in the same location, I would agree, but if you want to stay in the U.S. and aim for traditional exit opportunities there, I would argue that RBC is a better bet because of its location and deal focus.

If you want to stay in Asia or you do not care as much about PE exits, CS is better.

Deutsche Bank (NY) vs. Evercore (NY) vs. Guggenheim (NY) (No Group Specified)

My ranking here would be Evercore, DB, and Guggenheim based solely on the brand names and reputation.

If the offer were in one of the top groups at DB, I might rank it above Evercore, depending on how well it matches up with your long-term goals.

Rank the Banks?

I’m exhausted typing out all those decisions above, so I’ll stop here.

If you have questions about how to decide between multiple offers, leave your inquiries below.

And if you really can’t decide, flip a coin and be glad you have a summer internship offer at all.

M&I - Brian

About the Author

Brian DeChesare is the Founder of Mergers & Inquisitions and Breaking Into Wall Street. In his spare time, he enjoys memorizing obscure Excel functions, editing resumes, obsessing over TV shows, traveling like a drug dealer, and defeating Sauron.

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  1. William Blair Investment Banking- Chicago vs Baird Investment Banking-Chicago vs Goldman Sachs NY- Securities Division

    1. I would almost certainly pick GS just because of the brand-name/reputation/location… even if your long-term goal is IB, it’s still better to start out at GS in NY. And if your goal is S&T or HFs or AM or something like that, S&T is a better option than IB.

  2. Full time offers in BAML FIG versus MS Tech both in London. The culture seems to be much better in BAML, but the brand seems to be stronger with MS. Which one would you think is a more logical choice?

    1. FIG is specialized and will make it difficult to move into other groups afterward, so unless you really want to specialize in FIG, the MS Tech offer is better.

  3. Hi! I’m considering Wells Fargo Capital Finance (Charlotte) vs. Capital One Business Analyst – Product Management and Analytics for the summer. I don’t actually know what location Capital One would be at since I haven’t had my final round yet. However, I’ll find out the decision right before my WF offer expires, so I’d like to figure out which one I’d go for if I had both options ahead of time. Thanks!

    1. Sorry, I blanked out while writing the comment. The WF position is in Minneapolis.

    2. I would probably go with WF because it sounds closer to investment banking, assuming that is your long-term goal, and can be spun into sounding like a corporate banking role, which is fairly close. The location is a drawback, but it’s just an internship so may not matter much.

      1. I got the offer from C1 for McLean, VA. I’m not sure that I want to go into investment banking and would like to keep my options open. Does that change your suggestion? Also, C1 pays significantly more than WF which isn’t that important for the summer, but could be if I got a return offer (very likely at C1, ~65% likely at WF).

        1. I would still favor WF because “Business Analyst – Product Management and Analytics” sounds like more of a tech or middle-office role rather than a client-facing/investing role. Though I’m not sure exactly what it is from the name.

  4. Hi Brian,

    JP Morgan IB Generalist (London) vs Morgan Stanley IB Generalist (London). I am wondering which one is the best for PE exit ops.

    1. Nearly the same, so that’s a tough one. However, JPM is ahead in terms of deal flow (even though, really, MS, GS, and JPM are all about the same), so I would lean toward that assuming you like the people in both.

  5. Hi Brian,

    PJT (Generalist – M&A and RX) vs. MS (Media & Com), both in London

    1. Both seem about the same. MS is better if you want more options outside banking/finance, PJT is better if you want to stay in banking long-term.

  6. Hi,

    I received offers for graduate programmes at DB (London), Macquarie (Generalist – London) and Jefferies (London)

    I was wondering which one has the best Consumer Retail and TMT teams and best exit ops for PE.


    1. DB is the strongest for PE simply because it is a larger bank than the others that tends to work on bigger deals. It’s probably stronger for both those groups as well, though I haven’t seen much real data on industry-specific European rankings, so can’t say for sure.

  7. Hi Brian,

    UBS IB generalist vs. JPM S&T (both in NY)


    1. It depends completely on whether you want to do public markets roles or deals roles. UBS if you’re interested in IB/PE/corp dev roles, and JPM if you’re more interested in S&T, portfolio management, global macro hedge funds, etc. UBS’ reputation has gotten worse, but I still don’t think that’s a reason to take JPM over UBS if you actually want to do banking or other deals-roles.

      1. Thanks Brian. I would assume it’s nearly impossible to swtich from S&T to IB once you’re in the field?

        I have generally been more interested in IB but when I weigh lifestyle and other things I’m not completely set in stone.

        1. It’s not “nearly impossible,” but it is more difficult, and you have to do so quickly to have the best shot. It’s always easier to change your mind when interning than to do so in a full-time role.

  8. PJT M&A (New York) vs J.P.Morgan (Houston-Energy)

    1. PJT unless you really want to focus on energy. Otherwise, energy is too specialized and will limit your exits.

  9. Hey Brian,

    Wanted your opinion on Goldman Sachs (NY) Securities division vs Wells Fargo (Charlotte) Investment Banking

    1. I think that one really depends on whether you want to do S&T or IB… they’re very different, and these days prospects are worse for S&T overall (though there are still some opportunities for more complex products, coding/tech, etc.). If you’re very interested in a specific product/strategy, S&T could be better, but if you’re not sure what you want to do long-term, IB, even in Charlotte at Wells Fargo, is a better bet since you’ll have more options.

  10. Dear Brian,

    I am a European who ultimately wants to transition to the APAC region.

    (1) JP Morgan Singapore (South East Asia coverage generalist, mostly M&A/ECM) vs. BAML London (no group specified)

    (2) CS Singapore (South East Asia coverage generalist, mostly M&A/ECM) vs. BAML London (no group specified)

    I guess it makes sense to go to Singapore, because I do want to transition to the APAC region, but then again London is much more of a financial center compared to Singapore.

    What do you think?

    Thank you!!!

    1. If you want to work in the APAC region eventually, yes, it probably makes more sense to just start out there. JPM is probably a better bet than CS based on global deal activity, though I don’t know about SE Asia specifically.

  11. Citi RE (NY) vs Citi M&A (NY) vs Citi Industrials (NY)

    1. I would go with Citi Industrials because you’ll be exposed to the most different types of deals there. RE is very specialized, and M&A could also be good, but you won’t be exposed to debt deals as much in case credit exit opportunities are of interest to you.

  12. JPM Chicago (Industrials) vs GS NY (Natural Resources)

    1. I would pick JPM because Natural Resources is quite specialized and may limit your exit options… and I’m not sure GS even has a better brand than JPM these days. NY is better than Chicago in terms of other finance opportunities, but the specialization offsets that advantage.

  13. Brian Bonilla

    CS NY vs Vista Equity Partners Texas
    If I want to be in tech VC or corporate development, which option do you think would help best going forward?

    1. I would probably pick CS NY here because it will give you broader options in general. Vista might be better if you were 100% certain you wanted to stay in private equity.

  14. Qatalyst SF Tech, BAML Chicago Industrials or GS NY (Financing- so placement into groups like structured finance, lev fin, ecm)

    1. That is a tough one. I would lean toward GS for the name/reputation, but if there’s a low chance you’ll get into LevFin, it may not be worth it because the other capital markets groups don’t have great exit opportunities.

      So if you don’t think there’s a good chance you’ll end up in LevFin, I would probably go with BAML Chicago Industrials for better experience and a wider range of exits.

      Qatalyst SF Tech might be interesting if you want to focus on tech and go for related exits such as tech PE or VC. But if you’re not sure exactly what you want to do or what industry you want to focus on, BAML is better.

  15. Maggie Erka

    DB (FIG IB, NY) vs NOMURA (Tech IB, NY) vs GS (Ops, NY)?

    1. Nomura, not even close. GS has the best name but it’s a back-office role, so it’s automatically worse than anything front-office. DB and Nomura are about the same reputation-wise, but FIG is highly specialized and will limit your exit opportunities.

  16. Christopher

    Thanks for a great article Brian! Super informative as always.

    Deciding between Barclays Tech (Menlo Park) vs Citi Healthcare (SF), which would you say would have the best PE exits?

    1. About the same, but I might give the edge to Citi.

      1. Christopher

        Thank you Brian! Would you mind briefly explaining your reasoning?

        1. Citi and the other U.S.-based banks have performed better than the European ones and are in a stronger position overall. Both tech and healthcare are good for relatively diverse exits. I would rather live in SF than Menlo Park because there’s more to do, it’s easier to get around, etc. So, slight edge to Citi, but if you happen to like the team at Barclays more, that could win out.

  17. MS (Chicago- Industrials) vs BAML (NY-not specified). For exits in general (not sure if finance only)/ B School

    1. Sorry forgot to add Citi (Sf-Tech)

    2. vs Citi SF Tech

    3. That is a tough one and I think it really depends on which industry you’re most interested in, but I would say MS is your best bet overall if you just want generally solid experience + the best brand name of all of those.

      If you really want to be in NY rather than Chicago or you don’t like industrials, then the BAML offer is best.

      And if you want to focus on tech and tech-related roles like VC, the Citi offer is best.

      1. Hi Brian- thank you so much for the prompt reply.

        Overall, from a pure PE/HF exit standpoint (not necessarily tech focused), would MS have a edge over the two or BAML due to the location. Thanks!

        1. I would say they’re about the same because MS is better in terms of brand, while NY is better in terms of available exit opportunities… but it’s not that hard to go there from Chicago (much harder from the west coast).

  18. Oppenheimer M&A (NY) vs UBS generalist (NY)

    1. for full time

    2. I would still say UBS because despite its relative decline, it’s still much bigger than Oppenheimer and works on bigger deals.

  19. BAML LevFin (CLT) vs. Wells Fargo (NYC, generalist)

    1. vs. Rothschild (generalist, NYC)

    2. I would probably go with Wells Fargo here.

      1. Thanks! Would you mind explaining why?

        1. Wells Fargo has a stronger brand than Rothschild in the US (opposite of Europe), and NYC is a better location for exit opportunities than Charlotte. Also, being a generalist puts you in a somewhat stronger position for exits than LevFin, which gears you toward credit-related opportunities (not a bad thing, but more options is usually better). You could make an argument for BAML anyway under the argument that it’s a bigger bank with a stronger brand name/reputation and is still officially a bulge bracket, but I think the Charlotte location knocks it down a bit. Of course, if you don’t care about the location or don’t mind focusing on credit-related exit opportunities or you want to stay in banking long-term, then BAML could be better.

  20. Dizzybird

    Evercore M&A vs. Evercore Restructuring?

    1. Really depends on what you want to do in the future. If you’re not sure and want to keep your options open, M&A. If you want to work at a credit/distressed fund or in turnaround/distressed PE, Restructuring.

  21. Hey Brian,

    Deciding between BAML, CS, and Barclays IBD for SA 2019. At the moment, probably leaning towards CS, what would you pick for PE ops? (All NYC)
    On another note, I have upcoming final rounds with GS classic, MS, Lazard, and Citi. However, for the most part, these superdays are after my deadlines, is it worth waiting, or too risky?

    1. I would say BAML is the best of those, but it depends slightly on the group as well. I would not risk reneging or try to postpone your decision just to interview with those other banks.

  22. I saw that you had MS CM above HLHZ M&A. Does that mean you think of HLHZ as more of a MM firm than a lower elite boutique? Also, could you give your opinion on HLHZ Chicago compared to mid-BB NY in terms of PE/business school placement?

    1. Yes, I would say HLHZ, at least in the U.S., is not an elite boutique. It’s more of a middle-market firm. If you’re assuming generalist groups for both, the mid-BB NY role should win in terms of PE exits. I don’t think there would be a huge difference in terms of business school.

  23. whattochoose

    Hi Brian! I have three offers on the table for 2019 SA NYC. What do you think between Guggenheim (generalist) vs. DB (generalist) vs. RBC (M&A)?

    1. Close one… I would probably go with Guggenheim if you want to stay in banking, and DB if you want to follow the usual IB to PE path.

  24. Hi, Brian! Thanks for another great article.

    I was curious how you would compare DB NY (generalist until the group selection process) with Lazard Boston (primarily tech M&A). Let me know, thanks!

    1. It’s the usual EB vs. BB decision tree, so the answer comes down to how certain you are that you want to stay in IB/finance in general. If you are relatively certain, Lazard is better (despite being a satellite office and tech-focused). Otherwise, DB is better because it’s still better-known outside the finance industry, despite all the recent troubles there.

  25. Hey Brian,

    I received an offer from Evercore and accepted, but want to learn more about possible post-IB opportunities and when to start studying for GMA/CFA/PE recruiting…What do you recommend?

  26. PJT RX vs MS Industrials

    1. I would go with MS Industrials unless you want to work in Distressed/Restructuring long-term (sell-side or buy-side).

  27. Qatalyst (SF) vs Morgan Stanley Tech (Menlo Park) vs Raine (NY)

    1. I would go with Morgan Stanley Tech for the brand-name recognition. The others could be better if you want to stay in banking for the long term.

      1. Really what If you’re certain you want to be in tech finance. Assumed exit opps here should be fairly similar.

        1. I don’t think the exit opportunities are necessarily that similar. MS is much better known outside of the finance industry than the others, so you have better access to opportunities like corporate finance or corporate development at technology companies (for example). So, again, if you want to do tech banking long-term, then Qatalyst or Raine (pick based on location), otherwise MS.

  28. Moelis Boston (generalist) vs. UBS NY (specific group after selection process) … I don’t have a preference over location, more so providing myself with the most opportunities after my time there because I’m not sure if I want to stay in IB/PE/General Finance etc.

    1. Jefferies NY (generalist) is also a possibility as well. Thanks!

    2. I would still go with Moelis because Boston vs. NY doesn’t make a huge difference geographically, and Moelis will still give you better access to most exit opportunities. These days, I’m not even sure that UBS has broad name recognition in the U.S. in the same way GS/MS/JPM do.

  29. Hey Brian – I currently have a Barclays S&T offer for Summer 2019, and I’m currently leaning that way as of now. But I also have a Rothschild superday coming up this weekend. Sadly, the Barclays offer will expire before I can make it to the superday this weekend (as accelerated as they could make it).
    I know you focus more on banking-expertise, but what would be the smarter move here? I for one am still on the border of both a Markets job and an IBD job out of college, if that helps any bit.

    1. I would just accept the Barclays S&T offer. It’s too risky to turn it down if you only have one upcoming IBD Superday. And if you get the Rothschild offer, you could consider reneging on the Barclays one.

  30. Madison

    Lazard NY or JPM NY? Both generalist offers

    1. I would pick JPM unless you’re sure you want to be in banking for the long term.

  31. Hi Brian,

    I recently received an offer from GS IBD financing group and a generalist offer from Barclays for summer 2019. I have no idea what I want to do after my 2 years at these banks but PE is pretty interesting, but definitely not 100% set on it. I have 2 alumni that are VPs at GS and a lot of analyst that are in both IBD classics and 1 in ECM but not senior people from my university at Barclays, only 1 incoming full time analyst and a second year who is leaving soon. Any recommendations on what I should do?

    1. I would pick GS in this case because you have more connections there, and it has a better name and reputation than Barclays.

      1. So would for example ECM at GS offer good exit opps in comparison to a coverage group at Barclays

        1. ECM generally does not have great exit opportunities anywhere, so if it’s ECM vs. an industry group at Barclays, I would go with Barclays.

  32. John Quin

    Hey Brian,

    Really appreciate your posts and insight on your website! I’m comparing two summer analyst offers right now, except that I need to get back to one firm really soon, so I was hoping I could speak to you for a short amount of time on the phone, I’m definitely willing to pay, and I’m willing to pay a lot, for that matter.

    Thank you!

    1. This is not a service we offer, nor is it something that you should ever pay for (for dozens of reasons, including the most important one: no one can predict the future).

      Feel free to leave a brief description of your question here.

  33. Hi Brian,

    I had signed BAML Corp Banking SA offer (Coverage) in December and I recently got a SA offer from Lazard (M&A). The hiring manager of Lazard informed me that they do not give full time offers to their summer interns (it is one of Lazard’s regional offices). Both groups have very strong deal flow in the country. And I wanna stay in IB in long-term. Which one should I choose?

    1. I would probably stick with BAML because it is notoriously difficult to move from one bank to another during/after your summer internship. At least if you take the BAML corporate banking offer, you have a reasonable chance of winning a return offer there, and then you can make a lateral move to IB more easily. If you take the Lazard offer, you’ll have to find an IB role at another bank… and sometimes there aren’t that many full-time roles available.

  34. Hi, I was wondering if you could please help me decide between two internship offers.

    I need to decide between Barclays (Trading and Structuring) and Goldman Sachs (Investment Management). Both are in the same location.

    The GS internship is 10 weeks. The Barclays internship is either 10 weeks or 3-6 months (I am still waiting for them to tell me which internship I am on). However, I won’t hear from Barclays about the length of my internship until after my offer with GS has expired.

    I also applied for roles in Investment Banking as I would like to do this in the long term. However, I didn’t receive any offers for this.

    I have heard that GS is more cut throat so I’m thinking that it might be harder to secure a full-time role at GS than it would be at Barclays.

    Thanks in advance!

    1. I would probably pick GS in that case because investment management is a bit closer to IB, and GS has a better overall reputation. Yes, return offers are arguably harder to win there, but that probably applies more to IB than every division at the bank.

  35. Hi Brian,
    I have internship offers from two companies:
    SocGen (Markets Analyst & Certification: middle office but interacts with FO a lot, handles P&L and risk analysis) vs. Procter & Gamble (Purchase Department – outsourcing, negotiations with subcontractors, more like sales department)

    I know they have totally different career paths but do you think SocGen is worth turning down P&G’s offer?

    Thanks for your insight in advance!

    1. If you want to be in the finance industry for the long term, yes.

  36. Kensington

    Hi Brian,

    Thank you for all the great resources that have helped me tremendously throughout the process this year.

    I have offers from Evercore NY and MS London, and GS NY if I will definitely take it on the spot.

    How would you choose and think about the decision? Thanks so much!

    1. If you want to stay in investment banking / private equity for the long-term, Evercore.

      If you’re not sure if you want to stay in banking or the finance industry in general, but you want to be in the U.S. long term, GS NY.

      And if you’re not sure if you want to stay in banking or the finance industry in general, but you want to be in Europe long term, MS London.

      1. Thanks Brian! I did get the GS offer and it all makes sense. I suppose the key is to get the return offer at GS after the summer otherwise it would be a challenging position.

  37. Evercore M&A (NY) vs. JPM M&A (NY)

    1. JPM, especially if you’re not 100% certain you want to stay in finance.

  38. Hi,

    BAML (FIG) vs Citi (Tech NY) vs Citi (Tech SF) vs Guggenheim vs Perella

  39. Hi Brian!
    What do Banks mean when they look for “experienced analysts”? I received a full-time offer for Corporate Development at the firm I currently work as intern in Brazil. Our team does 100% M&A. I plan to apply for Investment Banking at some EBs in the US within two years. Would I qualify as “Experienced Analyst?”

    1. Usually that means “1-2 years of full-time experience.” So if you have had only internships, no, you would not qualify.

  40. Fiker Haile

    Hi Brian,

    Thank you for yet another amazing post.

    I just signed an offer with DB (NY) generalist (summer internship) and I am taking the time to think about which groups I should reach out to. I read on this article that LevFin (if strong in technicals) is good for a future career in PE. What about Financial Sponsors?

    1. Some Financial Sponsors groups are good for PE exits, but some are not, and it depends heavily on how much technical work they actually do (it varies widely). In the average case, LevFin is probably better. I’m not sure about the group at DB specifically, so you may want to reach out and ask people there.

  41. Got offers from UBS and DB (no group specified) summer analyst in London. Aim to work in M&A then specialize in FIG. Any thoughts?

    1. I would pick DB based on name/reputation and the fact that UBS is stronger in capital markets.

  42. Should I pick RBC (NY) or Guggenheim (NY). Both are generalist offers

    1. Tough call, but I would probably pick Guggenheim.

  43. Hi Brian, I would would appreciate your help between a few offers as a current junior:

    Citi Generalist (NY) vs. Evercore Restructuring (NY) vs. Dodge & Cox Research ($300bc mutual fund) (SF) vs. Misc. $30bn hedge fund (NY)

    All offer more or less the same compensation structure as a SA. Would like to move to HF/PE eventually, but don’t know if I’ll block myself from PE now if I take a HF/Mutual Fund gig now. Thanks!

    1. If you want to keep your options open, the Citi Generalist role is the best one. It will be harder to move into PE if you accept a mutual fund or HF offer now. Evercore is arguably better for PE exits than Citi, but if you’re in Restructuring, it will be tougher to win generalist exits.

  44. I saw that you ranked Guggenheim last compared to Deutsche Bank and Evercore. I just signed an offer with Guggenheim in the past week for their IB division in New York. Did I make a mistake?

    1. Well, what were your other options? If Guggenheim was your best option, no, you did not make a mistake.

      But if you also had offers from Goldman Sachs or Lazard, then yes, one of those offers would have been better (most likely).

      1. Well the issue was that they did an accelerated process that occurred before many of the other banks began their recruiting season. They gave me two weeks to decide, and during this time I continued recruiting. A concrete offer at Guggenheim is much better than a first-round at Citi, because in the former you are guaranteed a position. So I didn’t have any comparable offers, just other firms to go that I was in the process with.

        But for comparison, my other opportunities were Citi (First-round), UBS (First-round), HL CorpFin (First-round), and Goldman Sachs Salt Lake City (First-round).

        1. Did you email other banks to speed up the process?

          1. So when I got the offer, I emailed all of the companies and only one was able to accelerate me – Blackstone PE. I made it to the superday but I was completely outclassed by the other 11 people there.

            I have to say I have never felt so inadequate as when I sat around the table with all of these Ivey League kids (I go to non-Ivey target) as they were talking about their simply fantastic internships, yachting, or where they were going to backpack during spring break.

            I’m going to try for full-time next year so we’ll see how it goes. I’ll have to see if I can stack up to the schmucks haha

        2. Yes, the Guggenheim offer was the correct choice under those conditions. A concrete offer always beats potential offers.

          1. Thanks for the reply, and I appreciate all that you have put on your website/emails. I’ve been reading them for about a year and a half now.

            I suspect I’ll be doing full-time recruiting or a lateral switch in the future so I won’t stop reading anytime soon!

          2. Thanks. Glad to hear it!

  45. Thank you for another great article! Samwell Tarly surely needed something like this before his internship.

    Joking aside, what’s your view on corporate banking (this one sits within IBD and work with the same clients) and leveraged finance (focused on mid-market LBO in more of a commercial banking setup). Let’s say both banks are comparable in reputation.

    Thank you sir.

    1. Leveraged Finance is definitely better if you want to get into PE eventually (or most other exits), but corporate banking can be a good steppingstone role if you want to get into IB or maybe some type of buy-side lending role.

  46. MS does not have an Idustrials Team in Frankfurt.

    1. Thanks, I removed that.

  47. Healthcare Focus

    [Apologies for the repeat – might’ve posted on the wrong article]

    Thanks again for sharing your insights. Love the content!

    What are your thoughts on smaller, healthcare-focused firm such as Cowen, Leerink and Wedbush?


    1. They’re potentially good options, but less good than BB, EB, and MM banks for the most part. They’re better if you want to stay in healthcare IB for the long term and not as good if you want to move into a traditional PE/HF exit opportunity.

  48. Hello Brian and Nicole,
    I’m a sophomore at a top 3 state school and I recently got an internship offer at BAML for the upcoming summer and I have my placement day next April. I was wondering which group in BAML has the best exit ops for PE and HF.

    1. I would pick a strong coverage group there such as Industrials, Consumer/Retail, Healthcare, or maybe Tech. BAML is strong in other areas like Energy and Real Estate, but they are more specialized.

  49. DB generalist (NY) vs. Citi FIG (NY) vs. UBS TMT (NY)

    1. I would rank that one 1) DB Generalist 2) UBS TMT 3) Citi FIG unless you’re really certain you want to do FIG.

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