This summer I had to make a tough decision deciding between two different internship opportunities I was offered. The first was working for the digital banking team at PNC at their headquarters in Pittsburgh making a rather generous salary. The second was an unpaid opportunity in NYC working at McQ Holdings, a boutique investment bank with only seven employees. I ultimately accepted the position at McQ Holdings as summer investment banking analyst.
McQ Holdings is a unique investment firm that offers access to capital and investment opportunities through strategic partnerships in the public and private markets. The firm has a global network of 150 Family Offices for which it makes direct proprietary investments. The founder and managing partner is Mark Sanor a 1993 graduate from the Michigan Law School.
Why I choose an unpaid internship at a small company over a well paid offer at a well respected corporation?
- The position I was offered at PNC was more directed towards programming and software development while my position McQ was focused more on finance, private equity, and investment banking.
- I like the idea of working at a large corporation after school, however I felt for an internship I would gain more exposure and attention at a smaller company.
- At McQ Holdings there are seven total employees. Everyday I worked alongside my boss, the founder of the firm. He would bring me along to his meetings, I would sit in on his phone calls, and the other full time analyst was able to guide me through the work he was completing each day.
- I live 20 minutes away from NYC in New Jersey and have always had aspirations to work in New York for a well known bank down on Wall Street. This summer I got the full experience of working in the big apple from navigating the subways to taking clients out for lunch and drinks. I also was to see my family this summer by living home and commuting in by train each day.
- Working in the world of finance who you know is almost as important as what you know. As I mentioned my boss was a graduate from the Michigan Law School and was looking to hire a student from UM for this summer. Working alongside him, I now have a contact list of over 200 Michigan graduates connected to the finance world working in NYC.
What were my duties this summer?
- As an investment banking summer analyst I was given a few of the firms current projects to really learn and focus on.
- For these specific opportunities I would need to conduct research on the market, industry, possible competitors and other aspects to determine if the opportunity was going to be a profitable investment.
- I was in charge of making powerpoint presentations, pitch books, and teasers for various opportunities that came in during my time.
- Research related companies, private equity firms, venture capital funds, or other possible entities that would be interested in investing or purchasing one of our opportunities.
- Coordinated meetings and scheduled lunches and drinks with investors and Michigan alumni tied to finance in NYC in hopes to gain new connections.