Deciding between two 2024 offers (BB vs. LO AM)
Currently a sophomore with 2 internship offers for next summer, one is at a LO AM (Fidelity) in equity research and another is at JPM in global markets/research. Not sure what the difference is between starting on the buy-side vs sell-side for research. JPM pays twice as much per hour (although salary isn't the most important) but I have just a week to sign so I'm feeling under pressure. I'd appreciate any advice/thoughts, thanks so much
Personally, I would do JPM. Although both are great firms, JPM has a better reputation and would provide more exit opportunities in the future if you decide. Quite a few of the PMs and head traders at Fidelity who I know started out at GS, JPM, etc, got a few years of experience, and then moved to Fidelity.
Thanks for your input. Would you say that starting out on the buy side offers a better skill set since it's easier to go from BS to another BS compared to SS to BS?
It’s an internship so I wouldn’t say you are staring on either side. It’s just a few months of early career exposure. I would take JPM over Fidelity. Better firm.
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Any specific reasons why?
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Comments on here are faded so far. Obviously depends on your interests and what your long term goal is, but all else equal Fidelity is absolutely the way. I love SS research for my own reasons but I have a feeling you would be kicking yourself for turning down a buy side seat after a few years on SS
I was thinking the same but could you expand? Buy side seats are def harder to get but not sure if there are any other major advantages
Ignore title - go Fidelity all the way. It isn't even close. Unless you want to pivot to IB, which might be easier since you could be sell-side at the BB, Fidelity wins hands-down at everything else. People mention exit opps might be better at the BB, but I certainly beg to differ. Your position at Fidelity will open so many more doors for you that you would only dream about at the SS spot.
Thanks for the reply! Don't think I want to go into IB but curious what doors you're referencing?
Take the Fidelity offer. i believe JPM has a part time ER internship program during the fall/spring semester so you could try and do that as well
Fidelity all the way.
Could you possibly elaborate? Thanks so much
If Fidelity converts most interns to full time, I would lean towards that one (no idea either way, I know a lot of LOs do summer MBA internships with the understanding that people generally don't get return offers). If your goal is to be a public markets investor, why wouldn't you take a public markets investing role at a great shop?
Echo above. Unless there are specific attributes of SS research that really speak to you (i.e. you enjoy client facing, you enjoy seeing reports published with your name on it) otherwise buyside all the way. You are not spending time doing tedious work that are outsourced from the buy side to the sell side. There is also much more focus on intellectual honesty.
One thing to definitely consider though is if the FMR role has a very low prob of converting to full time, and if that's the case, what is your risk tolerance given your passion for investing.
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