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I recently accepted a job at a middle market investment bank. From the research I've done, the incoming analysts do not know which group they will be in until we arrive. Each group in the bank has some sort of gathering/event and if you're interested you are supposed to show up and network. At the end of the period (about five weeks) we rank our top 6-8 groups (supposedly in no specific order). Additionally, the MDs in the groups rank which analysts they liked and HR tries to match the MDs interests with the analysts.

My issue is that I want to be in traditional banking (building the models, learning to value a company) as opposed to a position in S&T. If I need to rank up to 8 groups though, I may need to put one of the S&T positions down. I'm not completely opposed to S&T; the derivatives group or loan sales and trading both interest me.

My approach is to find out as best as I can where the real deal flow is in this bank. What groups have the most going for them b/c obviously every group will try to say it's them. I'm trying to figure out the best position for exit opportunities, i.e. PE or a hedge fund. I've read online that some people think trading is where the real money is being made on Wall Street nowadays, but I've also read the opposite. This is precisely why I'm not too sure about a position in S&T.

If any people out there have had similar situations to mine, do you have any advice? What did you do? Are you happy with how things worked out? Is there an advantage to being in S&T vs. a coverage group? If so, what would those advantages be?

I'd like some insight and know if my approach is alright. I appreciate any guidance or suggestions. Thank you.

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Comments (11)

  • Cruncharoo's picture

    Whichever group pays the least attention to you is probably the best one.

    This to all my hatin' folks seeing me getting guac right now..

  • In reply to Cruncharoo
    WalMartShopper's picture

    Cruncharoo:

    Whichever group pays the least attention to you is probably the best one.

    this advice is fucking gold

    If the glove don't fit, you must acquit!

  • KKS's picture

    Please just send them your two weeks notice. There are plenty of kids out there that would kill to just have that offer and actually appreciate it.

  • In reply to KKS
    DaisukiDaYo's picture

    KKS:

    Please just send them your two weeks notice. There are plenty of kids out there that would kill to just have that offer and actually appreciate it.

    He's too good for two weeks notice; advice for OP is to just waltz into the CEO's office, put his feet up on the desk after stepping into dog sh*t, and ask for a recommendation for GS M&A/HBS or 200% base increase + guaranteed bonus.

  • bl15422424's picture

    Honestly, you've made it this far which is excellent. You're getting a little ahead of yourself. Go, meet people, ask them genuine questions, and then make up your mind. Who knows, maybe the people you like the most will be with a group you never would have thought of working with

  • napoleon dynamite91's picture

    I just want to clear it up...I'm not ungrateful for my offer at all. I went to a non-target and not many banks came to my university. So I'm more than happy with the offer and the company. I should have made something else clear. In addition to finance, I studied accounting when I was in school. Many of my friends studied accounting and when they got offers they were specializing in one area; for example, they knew they would be in audit or the tax department, etc. So had I gone that route and landed a job, I know I'd be doing audit or something. I don't want to come across at all like I have some sort of problem with my situation. I am more than lucky to have gotten any offer. I was just wondering if there are people who went into their job not really knowing which group they'd be in. And also if there is any advantage to trading versus a coverage group. I'm simply trying to gather as much info as I can.

    Also, here is one suggestion for those trying to find something in the industry. This made me stick out when I was interviewing at the banks. I interned for an accounting firm the summer before my senior year. After the internship I decided that I'd rather pursue finance. The internship ended two weeks before the semester started so I wanted to get some form of finance experience b/c at this point I decided I'd apply to whichever banks were coming to my university once I arrived on campus. I went online and found a few small PE shops near my university so I literally just cold called them and told them I was interested in private equity and would work unpaid if I could assist in the office. One of the firms agreed so I worked there three days a week in between classes. The banks seemed to appreciate that kind of initiative. I would recommend doing something like that, or ask a professor is he/she has any research or projects you could work with them on.

  • idragmazda's picture

    I always thought S&T training/recruiting was completely separate from the Investment Banking activities. Are you sure S&T is included in your 5-week period? Are you sure you didn't sign an offer for an S&T position? (serious question)

    Super Nintendo, Sega Genesis - when I was dead broke man I couldn't picture this

  • In reply to idragmazda
    napoleon dynamite91's picture

    I thought so too. In my offer letter my title is Investment Banking Analyst. The way I found out S&T was included during the 5-week period is b/c after we got our offers, the bank paired each incoming analyst with a current first year analyst. The person who was paired with me told me this is how it worked and that he put both coverage groups and S&T positions in his top 6 or 8 or whatever it is, and he ended up as a currency trader. That is why I think during the 5 week period we will meet people in both S&T and Investment Banking Activities.

  • centesimus's picture

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  • In reply to napoleon dynamite91
    BepBep12's picture

    'Before you enter... be willing to pay the price'

  • In reply to BepBep12
    biggybig's picture