I am doing an IBD internship at a boutique bank but I think I'll be more interested in Sales and Trading at a BB when applying for full time positions. However, does anyone know whether hiring needs will be greater (for full time grad) in IBD or S&T? It seems M&A has not really picked up at big banks and profit is being driven by capital markets?
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Anyone else? I'm confused b/c traditionally there's a lot more hiring outside of summer analysts in IBD rather htan S&T, but is it different now?
The two are very different - I personally think that the future of trading is shifting to a more computerized model where human intervention will be minimal (just take a tour of the NYSE). I am sure that this will be a contentious statement but I believe that the skill set of a trader at a BB is very limited and usually pertains to a single product. As a result the exit opportunities are not that many. However, if you want to be in sales - I think that can be a very rewarding career. Sales experience is so important and wildly underestimated by people. Banking is great for someone directly from undergrad because it teaches you so many other intangible skills than just modelling - attention to detail, responsibility, networking, communication skills etc. It also has great exit opps for analysts. Hope this helps
I would say in general you don't know what you are talking about. If you mean cash equities or spot FX, maybe, but even then being able to work an offer can't be overstated. "Taking a tour of the NYSE" is a very bad analogy given the relative simplicity and liquidity in cash equities. The narrow focus part is generally true for traders, but it's something you can enjoy doing for a living despite the stress, that's for sure. If it fits your personality, I know many people who'd question why would you want to do anything else other than "[insert position] for the [insert sports team]"
As far as hiring, I would disagree to an extent. I think IBD is hiring more... but that's likely more of a function of size. Relative to prior years, I'm not sure to be honest. S&T was axed up pretty good in the past year, so there are spots open if you impress... but honestly you probably shouldn't be on the fence between the two. They are completely different dynamics and have separate paths. If you are leaning to S&T, be sure you understand the business and how the path differs. I'd say go for it if you are interested, its a great business if you enjoy that sort of thing.
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