MM IB vs. BB S&T for SA

Long/short equity I would lean IB. Distressed debt you'd need either to be on the restructuring team in IB or on the distressed debt desk in S&T (you could be a desk analyst, trader, salesperson). Both are good so pick wherever you think it will be easier to get on a team that gives you distressed investing skills. Options isn't exactly a strategy unless you maybe mean some type of vol fund? For that you would do S&T of some sort. Not sure what you mean when you say options though. A multistrategy hedge fund isn't a strategy you can prepare for because it's basically just a fund with pods/groups that have different strategies (ie some pods may be L/S, others may be macro RV or systemic strategies or event driven etc all within the same fund).