I received two internship offers from Pricewaterhousecoppers and Merrill Lynch, I don't know which is better

I am an accounting major with prior corporate experience. The people at PwC are great. The interview day was like nothing I had ever experienced. We were taken to a high-class NY restaurant. Took a tour of the office and met all the bosses I would most likely be working with. They were all warm and highly receptive treating me like an employee of the firm rather than a potential intern. I got congratulatory phone calls from my recruiters at Merrill Lynch. I have always loved to work in Investment Banking and I see this as a stepping stone to landing my dream job. Besides I get paid about $25 an hour as against $23 which PwC is offering. But with economic downturn and resulting wave of downsizing taking place in the banking industry and I am scared that the job might quickly come to an end as soon as it begins. I mean the Fed had to bend over backwards to save Bear Stearns from imminent collapse yesterday. Who knows what might happen? I am torn in between these offers. Please advise!

FC,

Your question is an excellent one. Unfortunately what you have been told by each answerer (each of 4 times asked) is what we, in the financial business call, "blue sky and sunshine". In other words the answers have been given to accomplish the answerer's objectives and not the ones that you have.

I have been in the financial business working with accountants and investment bankers for 23 years, so I'll offer my direct experience.

Both ML and PWC are top notch companies - enough said. In the current "crisis" neither is going to go bankrupt, although ML is more likely to downsize than PWC is at this point. On the other hand if you are an excellent employee, you will be less expensive than current employees.

One of the reasons that you were wined and dined by PWC is that they have difficulty recruiting against the investment houses like ML. The earning power is far greater at ML over time than at PWC. There are seldom, of ever, million dollar bonuses in accounting - but there is a significant group of ML employees who earn this amount of bonus every year. Take this into consideration.

You do not disclose how old you are and what your family situation is. If you do not have responsibility for a family I would strongly consider what will lead to your "dream job". This is a time when you can take risk and if something falls through no one is hurt. This may be the only opportunity you have in your life to take a risk like this. If you have significant debts or responsibilities for family etc. take the job that you consider to be more sensible, stable and consistent, unless you have a sufficient stash of cash to cover you in the event you end up looking for another job.

The financial situation can be confusing - and overblown. Bears Stearns can cause alarm. But remember this - Enron was allowed to go bankrupt, BS was not. The issues that caused the original issue in both cases were different - but the thing (lost confidence in both cases) that triggered the need for a bailout were the same in both situations. Short answer - BS was bailed out and won't be allowed to fail even though it has the greatest risk exposure in this particular point. Also if ML was looking to save money, they would have already retracted the offer.

Even so client relationships still need tending, work still must be accomplished and investment still must be made. Interns can really make hay in this environment if you work at it.

Follow your dream unless the risk would bring harm to your situation. If you're young and single - ML on your resume, even if shortlived, is very valuable.

Good Luck
Dana B
www.thebarfieldgroup.com

DSP ML IS GOOD ONE ,GO FOR IT!