MM IBD vs. Equity Research
I recently received a couple of offers for analyst positions with MM firms (William Blair, Jefferies, etc.) as well as some for equity research positions (Fidelity), and am having a difficult time weighing the pros and cons of each because in some ways they are very different.
In 3 or so years, I could see myself attending business school, and am wondering which path would better prepare me for admission to one of the top business schools?
At the same time, I am not sure that business school will definitely be my next step following this job, so I am curious which position (MM ibd at a place like William Blair vs. equity research at firms like Fidelity) would give me a wider range of exit opportunities?
I feel very fortunate to have these offers, but I still have a decision to make. The positions are pretty different, but in the end, I think I would leave either with a similar skill set. So, if anyone out there has knowledge about these firms or exit opportunities, your advice would be greatly appreciated!!!
Research puts you in a silo - ibanking gives you broader exposure. Go for MM IBD.
ibd
Depends on what you want to do. If you want to go into PE then do banking, if you want to go into a HF or AM role then go with Fidelity.
Top ER v. MM IB (Originally Posted: 11/05/2009)
What do you all think: BB firm with highly rated ER division per WSJ (think GS, MS, JP) or MM investment banking (think Raymond James, Harris Williams, Stephens, etc).
if you want to do banking then do banking. if you want to work less hours and have less of the glamor and actual pitchbook/modeling experience then go with E.R.
many ppl at GS/MS E.R. try to transfer to IBD and they hate that, so don't go if that's your only goal. both are able to place you into buy side but banking has more options due to the vast experience you get, especially if you're on a good group such as M&A, sponsors, lev fin, or a prestigious group like some bank's TMT.
you also get paid more in banking (obviously) but the hours are longer. I know E.R. for GS is 60k still and a 20-30k bonus whereas IBD is 70k and the bonus is double to triple that.
I think this is a very personal decision, but I would go for MM IB. Personally, MM IB would be a better choice as it transitions very directly into MM PE.
Top ER has a more murky transition path. That is, you can fairly easily go to a PE shop that is interested in your coverage universe or to one of the companies you cover directly. However, all the information I've ever seen indicates that broadly speaking it is more difficult to transition from ER to PE.
If you are interested in going to an HF, ER is also by far the better way to go.
So what do you want to do? If you like MM PE, or are undecided go for MM IB. If you like the desk you would be on for ER or want to go HF, go for ER.
How easy is it transfer from ER at GS/MS/JP to IBD?
Think about it - you don't work on deals in ER. The skillset is not all that transferable at that junior level, although you do see the transition happen more frequently at the senior level where an ER analyst or IB MD can leverage industry contacts.
Bottom line, you need to figure out what you really want to do. If you want to do banking and then hopefully go to PE, then go with the MM. If you are interested in equities and investing, then go with the BB ER to eventually leverage that into an asset mgmt / hedge fund position.
Go with whatever you feel more comfortable with. Where ever you think you'll excel
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