S&T vs IBD

Question

Hi,

Currently trying to apply for summer internship in BB but wondering which is better IBD vs Sales Trading summer analyst both at BBs

ultimate goal Risk Arb, Special Situation Sales or Analyst in a HF.

Thanks

FaberGrad · Accepted Answer

In short, neither is "better"", just different.
In my view:

S&T
Pros - Better hours, more fulfilling work, more meritocratic, gain general macro knowledge
Cons - Easier to get pigeonholed as desks are more product specific than in IB, lack of breadth in exit opps, not what it used to be

IB
Pros - Better exit opps, slightly higher bonus, better technical skillset
Cons - Terrible hours, work consists of very menial tasks, much more hierarchical

Also, this depends whether you are in the US, EU or Asia given S&T has better rep in the last two than in the US.

macro bruin · Answer

I'll also say that the three goal roles you mentioned are vague and quite different from one another. Get some clarity on your aspirations, and try not to have such a hard on for working at a BB. Life is too short, imo

nystateofmind · Answer

I think most of the people on this board will disagree strongly on better training for PE/HF.  If you're going to a quant-focused hedge fund, then yes a S&T background would be more beneficial depending on the group of course.  However, IBD is a much more applicable for PE and you'd be hard pressed to find a better entry point into PE than IBD.

Many of the IBD groups can be highly technical and your math skills will be very advantageous.  You need to think about whether you want LT or ST projects, can handle the longer hours, are more interested in corporate finance or the market.

Bart P. Fuchs · Answer

Sales and Trading or IB? (Originally Posted: 01/23/2018)

After networking like crazy I managed to get interviews for an Institutional Sales role with a BB (think JP, GS, MS) and a MM IB role (Think Wells Fargo, BMO, RBC). I am definitely not going to count my chickens before they hatch but I really don't know which one I would prefer. I am obviously going to do my best to get offers from both but I want a general sense of which one I'd take. What would you guys choose? I'm very open minded and believe I really would enjoy both positions.

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S&T vs IBD

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