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Based on the most helpful WSO content, here's what you need to know:

  • Recruitment Timing: Generally, IBD (Investment Banking Division) recruitment tends to be more structured and can start earlier than S&T (Sales & Trading) roles. This is evident from the structured process described for IBD recruitment at M7/T15 schools, which involves multiple stages including open-door events, invite-only events, and interview invitations.

  • S&T Recruitment: S&T roles might not follow the same structured timeline as IBD. For example, in the context of transitioning from S&T to IBD, it was mentioned that the process might involve a lot of networking and sometimes even secrecy due to the lack of support from the current team.

  • Current Observations: If your classmates applying to IBD in Hong Kong have already received first-round interviews while those applying to S&T have not heard back, it aligns with the general trend that IBD recruitment can be more predictable and earlier compared to S&T.

In summary, yes, IBD typically recruits before S&T, and the structured nature of IBD recruitment supports this observation.

Sources: 2nd year S&T to IBD Associate -- ask me about S&T, How do banks differentiate among MBA students during IBD recruitment at M7/T15 schools?, S&T Summer Analyst Lateral to IB FT?, https://www.wallstreetoasis.com/forum/investment-banking/lateral-internally-from-st-ft-to-ibd-ft-bb-tips-story-and-advice?customgpt=1, The Best IBD SA OCR, Interviews and FT Offer Conversion Posts on WSO

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