Redburn vs Morgan Stanley
How do these grad roles compare for ER in EMEA/London? Interested in comp, HF exits, AM exits and internal mobility.
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MS> Redburn. Not even debatable.
How is this even a question
Exploring nuances reveals more depth than a surface evaluation suggests, challenging the assumption of an easy answer to a seemingly trivial question.
Yes MS boasts a potent brand and is (generally) advantageous in recruitment. However, the comparison isn't merely brand versus brand; context matters. Redburn, though lesser-known, holds high esteem among the buyside for its thorough analysis and long-dated stock views. Its recent acquisition by Rothschild & Co adds to its credibility.
Secondly, the analyst you work under eclipses the firm's name. Working under a top-rated analyst offers superior career growth over prestigious bulge-bracket firms like MS, GS, or BoFA.
Outstanding analysts stand out due to superior research, better stock predictions, developing proprietary databases and/or industry connections. Learning under them enhances (hopefully) your abilities, propelling you up the sell-side ladder or into a buy-side role.
I've encountered both exceptional and terrible sell-side analysts. The firm's name on the report holds minimal weight; what matters is does it have the capability to drive decisions for alpha generation and if so then the person who wrote the report is who matters.
TLDR: prioritize choosing a top-rated analyst over a bulge-bracket firm
At most grad roles, you do not get to choose the analyst you work under. Even if you get to choose a sector, often there will be several analysts, not all top rated, if any.
Therefore it does make sense to generalise in this case. Of course your above logic applies if you're moving laterally.
In my experience as well, headhunters - often the gatekeepers to buyside - will literally segregate candidates by bank. No matter who their analyst is. I've had a headhunter tell me "we don't really look at anyone not from tier 1 banks".
I mean what were they recruiting for? I'd find it hard to believe that an MLP HH is discerning between Citi and JP Morgan candidates. No colour on LO/SMs admittedly but interested if there's a bank preference for these. I'm currently on a grad scheme that runs through a lower-tier BB as a placement so i don't think there's much bias for MMs but I'm genuinely curious if LOs/SMs differentiate.
I'm OP I ended up making a decision.
I have a medical background and pretty much exclusively interested in healthcare buyside at this point. Does analyst matter much for this?
nutmegger189 does make a valid point. Grad programs can vary depending on the bank. Some rotate you through several sectors and place you where there is capacity. Others may hire straight into a team depending on their needs for resources.
The point I was making is that focusing on the name/brand without any regard for the analyst’s reputation can lead to trouble down the road when you try pivot to the buyside.
Recruiters are indeed gatekeepers, but you can largely source buyside roles yourself with some networking and a little initiative. It can help to have MS,GS on your CV with the screening phase. However, if you worked under a tier 2/3 analyst (even at a BB) then you’ll more than likely struggle to differentiate yourself in the interview process. Sure you have a BB on your CV but did you glean anything from your analyst that sets you apart.
I have done the move from the sellside to the buyside and I have helped interview dozens of candidates for seats at the table. Successful applicants more often than not worked under a very highly regarded analyst.
I’m not saying BB banks produce terrible research. Just don’t believe the brand should weigh more in your choice.
Also are you being hired into the healthcare team?
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