Bulge bracket IB Analyst versus Equity Research at a AM Firm with 3 B AUM
Hi WSO! I was fortunate to receive an offer in IB and asset management. I interned at the AM firm in equity research this summer, and I thoroughly enjoyed my time there. However, I am not sure where I go from AM if I decide I want to later do private equity/or a VC type role. I have been told to just take the AM offer given that I liked my time there, and that I could always try for IB later. My career services office said this position was also "unique" for an undergrad to start out in given that AM shops don't hire as many undergrads.
If I realize I want to do IB after a year or so, would it be difficult to go into IB? I saw forms where people said the skill set was completely different and banks would most likely just hire an analyst on an as-needed basis from another investment bank.
If I do manage do somehow move into IB after taking the AM role, would this look strange for an MBA application where I started in a buy-side equity research role then work as an IB analyst? I realize people can become an IB associate after an MBA.
I apologize for sounding very naive but have not seen a whole lot on buy side equity research and where people go if they end up wanting deal experience later on. Overall, I guess I am also just worried about seeing my peers starting in banking and knowing that they have a variety of options whereas mine may be more limiting. Of course, I could end up liking AM and not wanting to leave. I am sorry for this long thread, but would be so appreciative to hear what people think. Thanks guys!
I was in a similar situation so thought I would comment, decided to go with IB in the end. AM out of undergrad is very very tricky. First of all not all AM are created equal: is this a HF? Mutual Fund? what type of AM? Do you know what type of work you'd be doing? skill set? pay? You can always go from IB to AM (as well as of course PE, VC, anything in finance really) but the other way around is very, very difficult. IB associate is a whole different animal, if you go into IB after an MBA you're likely to stay there rather than move to the buyside. I would also encourage you to think about how early PE recruiting is, it is now literally a month after you hit the desk. lmk if you have any more questions.
The pay is very good, and I would just be screening for names/actively pitching companies to my PM. It's long-only mutual funds.
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