Advice for a sub-division within credit analysis
Hello everyone,
I have been reading here for a while but this is my first post. So apologies if this is not the right place to post. To give you a bit of background, I will be interning with S&P this summer and was given the opportunity to pick my favorite two divisions within credit analysis division (so that they could allocate one per intern)
The choices are as follows:
Ratings Risk Review (RRR) Corporates Banks & Financial Institutions Structured Finance Sovereign & International Public Finance
Personally, I am leaning towards corporates and Banks & Financial institutions, but I wanted your guys opinion on what you think would give me the 'broadest'/transferable skill-set in terms of financial analysis.
Thanks
I would avoid Banks & Financial Insitution as the credit analysis for FIGs is very specific. If you're looking for transferrable skills, I'd go with Corporates and Structured Finance.
Isn't Structured Finance also very specialized? You deal more with cash flow modeling, with no exposure to corporate financial statements.
Relative to the other options available, I'd go with structured finance (after Corporates)
agreed, sovereign too macro, FIG too specialized
Hey Lou, thanks for the input. I have heard that the move from structured / project finance to more general areas, such as IBD, is very difficult. What do you think?
Yes, from what I gather it is a lot more technical and quant based than IBD for instance, (as the analyst would essentially be working with probabilities to determine/forecast the ability to satisfy debt servicing for specific securities ). So although there wouldn't be exposure to financial statements, I would imagine that you'd need to interact with legal teams and look at bond indentures/credit agreements to see if the securities are backed by collateral or not.
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