I have to admit--I was actually proud of myself at one point for landing these two gigs as a freshman, but now that I look back on it, it really isn't anything. I'm looking to make it into a financial sponsors group eventually, but I'm not really sure which option will be better for me. Both aren't really good, but I am thankful to have them because I'm a freshman.
1) UBS Financial Services - Private Client Group: unpaid internship doing relevant financial research. Got through networking; not a structured internship program or anything. In New York City. Love my boss - he's an alum and we get along really well.
2) BB (think on par with LEH) Operations: Yes, it's a "back office" position, but it's a ten week paid structured internship. Here's the real dealbreaker though - it's in the middle of nowhere. Not in New York, London, or Singapore. Not even Chicago. Not in a major city.
I'm leaning towards UBS because of two reasons: 1) firm culture and 2) New York. I don't really need the money. Both are similar prestige-wise with maybe a slight edge to the second option. I just want a place where I can learn as much as I can, pad my resume, and network with the big dogs.
Clearly, I should go with UBS Private Client, right?
ubs
btw, you have amazing options.
If I understand you correctly you are going to be a soph next year.
My opinion is take the paid internship, without a doubt. Doesnt matter that its ops, assuming its a decent name having it on your resume will be great, not to mention that getting paid will be more fulfilling.
Also the structured program will be good for you to develop an understanding of how the system works, and you will definitely learn more in an environment like that, in my opinion.
You have a lot of time ahead of you, do ops now and get into a rotational next year. Congrats on having options, I definitely didnt start as early as you i took classes that summer.
UBS. You like your boss and he likes you. Means good references and connections.
Would disagree. I would take the unpaid UBS NY internship, so long as money isn't an issue for you. Having the NY experience on your resume is invaluable as a post-freshman internship. Neither are crappy options.
The role would make your resume look better for next year.. since money is not an issue.. go for it..
Ling~
i second everyone.. as long as money is not an issue... ubs!
People here are v. idealistic, but There are actually many juniors who would love to have your "crappy" options. (good you put it in quotations)
anyway, I would pick UBS if money is ABSOLUTELY NO ISSUE. I say that because post-freshman doesn't matter much imo. If you're from a lower-middle class family, than the few thousand from the other would make the operations one better.
i would not by any means say that ubs or the other BB are "crappy" options
Outside of the cash, the UBS seems to be a better internship from a "connections standpoint", however if you plan to do PWM, getting a first hand experience with the back office could make your life easier when you deal with the deskwork associated with PWM. Now, mind you, it doesn't matter what back office you work for... be it Pershing, GSEC, BSSC, BNY, FNC, Opp, JPMChase, CSSU, Van Kampen, Citi(Group+GlobalMkts), or any other B/O you may be with. Either way with a Back office, don't expect to be in the main office building. CSSU clears out of Raleigh. BSSC clears out of Brooklyn. UBS houses their Ops in Weehawken. Pershing is in Jersey City.
Having worked in PWM, I'll tell you know that if I was given the oppertunity to work inside a back office, just to make my life easier when it came to understanding how to navigate and get things done on the front office side, i would have. You learn quickly how awful the back office can be, so any little bit of inside knowledge can help big time in a front office PWM gig.
Just some food for thought.
Man I woulda killed for ops like that when I was a freshman. Wouldn't even have known what half those words meant at that point. But with options like that, I don't think you need to be so worried by absolute prestige; having any good, relevant internship will make getting something your sophomore year infinitely easier, and at that point you're just rolling into Junior summer and senior recruiting. All you need to do is get to parlaying each year into a better position. Don't need to get directly to Blackstone PE on your first try to have a good resume.
Personally speaking, I'd take the paid internship...but situations are different, and far be it from me to tout need if there is none. Do as you will, you're not in trouble by any stretch of the imagination.
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