JPM S&T NY vs. GS IBD SLC for 2018 Summer Analyst
Currently a junior at a non-target school. first gen American and the first person in my family to go to college.
Busted my ass and got two SA offers for summer 2018 but very conflicted. I don't really know what I want to do for the rest of my life which I guess then IBD would be the right choice because of the variety of skills gained and the exit opps. My problem is the location.
Salt Lake City, Utah (SLC) is not ideal for me at all, plus I absolutely love being in NY. I would be making a lot more at JPM and I would have to stay in SLC for two years before having the chance of coming to NY and I don't think I want to be a banker long term.
This is a classic S&T and IBD problem and I would normally pick IBD easily but two years in SLC sounds brutal. I am a very social kid and pretty good at networking so I believe two years out of New York will slow me down.
Any advice is welcome offers expire soon!
Exit opps for S&T?
other possible thoughts after 5 years of working are maybe top 5 b-school and then maybe consulting at McK/BCG/Bain/PwC
Short answer: JPM S&T NY. Then, attempt to switch next year.
Sounds like you somewhat have your mind made up...
To be honest it does totally depend on where you see yourself 5 years from now. If you've always wanted to do PE you will have no chance of being able to make that leap from an S&T role. That being said, I'd imagine making a move to some sort of a public equities role (or any investing role) would be more realistic with either position. If it were me, I'd do JPM S&T (and I'm going into IB SA next summer) but I also want to go into public market investing and I'm from NY.
If you wanna do consulting however, I'd take the IB position. IB is a better feed into b-school regardless nowadays and GS is still a great brand name. People that go into S&T typically don't need an MBA so they aren't heading off to b-school as frequently so I don't know the likelihood of going to a top school from S&T and switching over to consulting.
haha yeah, I pretty much want to be convinced to stay in NY with JPM since the salary is significantly better and all my family and friends are in NY.
BUT, I am willing to make the necessary sacrifices for the betterment of my career. Saying no to Goldman Sachs IBD feels crazy but then again choosing SLC over NYC sounds crazy too.
I figured I could try really hard and switch to IB for FT from S&T even if it's at another bank.
either way, its a good problem to have and I am very grateful.
Of course man. Appreciate the humility. To be fair I also would say JPM probably has the BEST S&T (meaning the most top desks depending on your placement). They have the strongest trading historically so again, like you said, not a bad problem to have by any means.
Chances are you won't get placed on a bad desk at JPM (versus some other banks who you have to be in say equities or fixed income depending on the shop). Can't go wrong with JPM, or either to be honest.
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