uxa595
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If someone wanted to go into asset management/equity research, as a 1st year summer internship, would you go for audit in a big 4 firm or an internship at a regional wealth manager (£10-20b AUM nationally).

Also, would it be significantly beneficial in applications going into yr2 for buy-side and BB equity research positions?
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FDR
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(Original post by uxa595)
If someone wanted to go into asset management/equity research, as a 1st year summer internship, would you go for audit in a big 4 firm or an internship at a regional wealth manager (£10-20b AUM nationally).

Also, would it be significantly beneficial in applications going into yr2 for buy-side and BB equity research positions?
Having a summer's worth of experience after first year will certainly help you when applying for second year summer internships, and either of those will give you a leg up.

I'd be inclined to say that for AM, an internship in wealth management could be more beneficial, but it's hard to say for sure, as you could end up doing work that is unrelated to AM.
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miml
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Assuming you've secured the big4 internship through official means then I'd go for that.

It'll be more structured and as a result more credible - even if you learn/do more in the AM internship. Interviewers at BB will prefer that you have shown you can go through a rigorous app process.
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Tokyoround
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I imagine big 4 would be more structured. It depends on what exactly you'll be doing at the WM.
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uxa595
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Thanks for your replies.

Big 4 is in tax so you can be certain any work done will not be relevant to ER. There is a possibility that the AM internship could end up being dog-work but it may not be.
I don't think any of the work is likely to be very comparable to equity research as mid-sized AM placed won't be doing too much research, right? In my mind, it's only larger places that would give out a bunch of companies in an industry to their associates/analysts to work on.


So the fact that the big 4 place internship would be structured makes it valued more in the eyes of recruiters over an unstructured AM/HF/ER position in your opinions?
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Tokyoround
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Hmm you said audit before, now it's tax i'm not so sure. Audit was relevant due to the (minor) financial analysis you would have been doing, you'd at least learn a bit about balance sheets and accounting practices. Maybe AM shop is the better punt.
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MAINE.
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This is a first year summer internship, with the aims to building experience to get a penultimate year summer internship at a bank/asset manager, right?

To the guys who posted above, remember this guy is in first year - he hasn't even started his career yet. At this stage all banks are really looking for is that you have an interest in the role you're applying for - if you want to go into asset management, I don't see how anyone can argue than Big 4 Tax will tick that box better than an internship at a wealth manager.

Brand names definitely help but in the interview your understanding and any experience of the role you've applied for will be far more important, so I'd go for the internship most relevant to what you want to do in the future. In my first year I did IBD internships at some no-name boutiques, and that's what helped me get multiple offers bulge bracket summer internship offers. Doubt I would have done as well as I did in interviews if my internships had been in Tax rather than IBD.

But I agree with above posters' comment - what you will be doing at each place is important. You need to do your due diligence and find out what the role consists of at each place, because like they said, no point doing an internship at Blackrock say if all you're doing is getting coffees.
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