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People debate the best options: Search fund internships , private equity internships , boutique bank internships, real estate internships, and even wealth management internships have their pros and cons. It wont quite match a summer camp, but it will still be more fun than an internship spent burning the midnight oil on pitch books.
The first few years are very tough because you start from nothing – but if you build a decent book, the job gets easier since you’ll have consistent revenue from long-term clients. So, you won’t pull all-nighters to finish pitch books , and you won’t be called in over the weekend to make last-minute changes to a model.
However, various books and textbooks have defined “distressed” as follows: Debt Discounts – If Secured Debt is trading in the low 90% range or below, or Unsecured Debt is trading in the 60-70% range or less, it’s typically distressed. A sharply declining stock price does not necessarily mean a company is “distressed.”
Among the elite boutiques , Moelis has a notable presence, and Rothschild has an office in Mumbai but does not appear to be super-active. They’re mostly supporting pitch books and deal execution in other regions, not working on domestic deals from start to finish. or Europe and recruiting there.
We’ll return to this point later, but in finance, it’s more common to do a pre-MBA internship at a small VC/PE firm or boutique bank rather than a bulge bracket bank. And for boutique banks , find firms that advise on deals worth less than $100 million.
Finally, many renewable energy debt deals take place within Project Finance teams at banks – but Project Finance and corporatefinance are very different ! Among the elite boutiques , Evercore and Lazard have traditionally been strong, but Moelis and Guggenheim also have significant deal flow.
At the junior levels , entry-level professionals in both fields spend a lot of time in Excel working on models, valuations, and documents such as equity research reports and investment banking pitch books. If you do IB, you can get into deal-based roles ( private equity , corporate development , venture capital , etc.),
The work might not be for you , even if you’re good at it – for example, maybe you find deals far more interesting than building a client book or managing their portfolios. I have covered finance careers for ~20 years, and I can think of exactly one person who has made this move directly.
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