RBS vs. Sanford C Bernstein - Graduate Analyst both in Equity Research
Hi guys, if you were to pick between RBS and Sanford C Bernstein for Equity Research (same specialist sector), which would you pick? This is for an entry level Graduate Analyst role in London.
My impression is that, within the Equity Research field Bernstein is top-notch while RBS is much stronger in Fixed income business and mediocre for equity franchise. However, my indecisiveness comes about because even Bernstein is better for my professional development, this role is in London where Bernstein really doesn't share its prestige as much as on wallstreet. Even though it has many talented senior analysts, but the team you work in tends to be very small (2-3 people teams) and the chance to meet people of your own age/ outside your team is almost non-existent. So socially speaking, it is gonna be extremely dull in years to come as London Office is small and barely any peers. The problem is also that within Bernstein, career progression really stagnates after 3-5 years as they traditionally like to hire people from Industry to become senior analysts.
On the other hand, RBS though being in a terrible state as a bank, actually offers good pay and sign-on which I would be happy to accept. And the fact there is a big trading floor, I would at least get to meet people outside of research/ clients, especially graduates of my age. The career progression will proceed as in normal banks. Pay is not the biggest differentiator, but loneliness can become in say next 2 years.
In either case, it is possible for me to move to other BB after 1-2 years to join as associate. While Bernstein is good, it is purely on-the-job training, whereas RBS you at least go through an induction 5 week training and mentorship scheme etc... do you think I should go for pure workaholic lifestyle vs. balanced social life? I don't wanna exaggerate things, but Bernstein takes on perhaps 2-3 analysts max each year which can make the office very quiet.
Which firm adds most to my credential and offer best culture? Your advice is much appreicated!
As far as I understand even in Europe Bernstein has a far better reputation than RBS
RBS bro I got some Hopkins
That's a tough one. Bernstein is pretty top when it comes to ER. I think personally you should consider how you learn best before you start thinking about the social aspect. I mean, it's important and all, but most of your time in ER is spent working, not fooling around. I work in ER at a pretty good boutique now. Being fresh out of college, and it being a small firm, everything I'm learning is on the job. And it's really very tough to learn that way, at least for me. The office environment is pretty quiet too as not too many people interact. Suffocating for me at first, but it's not that bad once you get as busy like everyone else (and you will). That's ER in general though.
What you need to decide is whether you like the pay and training more in RBS v. the prestige and opportunity from Bernstein. Maybe you could try to negotiate Bernstein? It sounds like you want a place that develops you into a senior analyst, and then you could make a name for yourself that way. At the end of the day what really matters is that your team is awesome, what you're covering is interesting, and what you're getting paid. You can always make friends anywhere, even in a small office. I have a feeling that you're leaning towards RBS, so if that's true, go for it.
I was in a very similar position a few weeks ago. I had an offer from SCB as well as from a BB bank for London and I had a hard time deciding which one to take. SCB is a top shop, has a great reputation and many of the London senior analyst are exceptionally good, but - just like you - I was a bit concerned about the social aspect and that the office is quite small, so I completely understand where you're coming from. However, I believe SCB is far superior to RBS when it comes to equity research (and therefore it gives you more options to move somewhere else later on, if you decide it's time for a change), so - unless you are really concerned about the social aspect or the training (which will probably not make a huge difference if you have a finance background or have done some banking before) - I would suggest you to take the SCB offer. If you have any more questions, just pm me.
Thanks guys, I do have a gut feeling that SCB is better at least for me to work for a few years then move to another BB. I guess no friends nor life after graduation, start building up my pot and see how it goes thereafter! But another question, if say MS vs SCB, 1) which would you accept ? 2) If MS, would you still prefer MS if SCB has enhanced package for junior?
My other offer was from a BB very similar to MS and I decided to go for SCB. There wasn't much of a difference in the salary, only the sign-on was somewhat higher for the BB. I worked at a BB before and after going through all the pros and cons I came to the conclusion that SCB would be the better choice for me right now. As for life after graduation, you'll still have time on the weekends and in the evenings, so it's not horrible, but obviously not as relaxed as it is during uni.
BB, BO, MO, FO
Hey Jack, so when exactly are you joining? Would that be after the summer in Sep time? Do you mind PMing me which sector you gonna be on? I am actually impressed by your choice to take SCB over BB. I have heard from insiders that sneior analysts in SCB actually earn more than the equivalent in GS! I guess you are absolutely right about SCB being better choice. I think first few years learning is probably most important, and since ER is all on-the-job. I question however, how much modelling is trained and adopted in SCB given most teams are small and would not have large models/ database that BB offers, correct me if I am wrong! Another thing that bugs me about SCB is that stock coverage doesn't really happen early into your job, whereas BB pretty much make you be responsible. Either way, BB and SCB cannot go wrong! At least SCB London is opposite the Ritz, thus your motivation to one day afford to rent a room there daily!
Salary is known to be pretty good at SCB, however I think the main benefit of starting there - apart from its prestige - is that you get a much broader overview than you would get at a BB. For example, I know that many senior analysts take associates to client meetings etc. and after a year or two you might get quite a significant amount of client exposure. As for stock coverage, it always depends on your senior analyst and his way of handling things rather than on you working at a BB or a boutique, so there's quite a significant luck component there to be honest.
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