Received SA 2025 offers for public finance at JPM and equity research at Morgan Stanley. I definitely want to do something on the buy side eventually, just not sure yet what my preference is between private equity and hedge funds.
What offer would you guys take to keep your exits as dynamic as possible? No wrong answers here just want to get some insight
| +76 | Intern Ettiquette | 17 | 10h | |
| +70 | Would comitting to ATL İB be stupid? Please give feedback. | 40 | 31m | |
| +64 | Investment Banking US League Table YTD 2024 (FactSet) | 58 | 5s | |
| +55 | NEED NY RESTAURANT RECOMMENDATIONS | 36 | 11h | |
| +46 | A shitter's comprehensive guide to sophomore year recruiting | 3 | 1h | |
| +43 | Relevance of A-Levels for U.K. London recruiting | 31 | 1d | |
| +43 | Burnt Out M&A ASO | 23 | 1d | |
| +27 | PSA to gymcels: focus on the summer internship | 13 | 1d | |
| +26 | What's up with RBC nowadays? | 8 | 3s | |
| +26 | About to join a notoriously “sweaty” group | 7 | 1h |
Career Resources
Get instant access to lessons taught by experienced private equity pros and bulge bracket investment bankers including financial statement modeling, DCF, M&A, LBO, Comps and Excel Modeling.
When considering a path that keeps your exit options as dynamic as possible, especially with an eye towards the buy-side, including both private equity (PE) and hedge funds (HF), it's crucial to understand the nature and the skill sets developed in both Public Finance Investment Banking (IB) and Equity Research (ER).
Public Finance IB at JPM:
Equity Research at Morgan Stanley:
Given your interest in keeping options open between PE and HF, Equity Research at Morgan Stanley might offer a more direct path to the buy-side, particularly if you're still undecided between PE and HF. The skill set in ER is broadly applicable across many types of investment roles, and the brand recognition of Morgan Stanley can also be a significant advantage.
However, it's also worth considering your interest in the sectors or types of deals you'd be working on in either role, as passion and engagement with your work can greatly influence your success and satisfaction. Networking with professionals in both fields and seeking informational interviews could provide further clarity and help you make a more informed decision.
Sources: Breakdown of Post-IB Exit Opportunities, Breakdown of Post-IB Exit Opportunities, Hedge Fund or PE Analysts Program, Exit opps: I've crunched the previous work experience of 390 PE Associates.., Jefferies SA 2023
Even though I love pubfin, I'm sure ER has way better exits and lateral options, especially down the line
For hedge funds equity research at MS will blow the door pretty wide open tbh. Meanwhile pubfin even at JP Morgan would still give you limited exits ops if I'm not mistaken since pubfin just isn't the most applicable group for Private equity. So imo I'd take the ER job and go to a HF one day.
Third ER
You will have immediate optionality to HFs. For PE you'd need to lateral to IB but that is easy enough from ER
Pubfin has limited exits
For MS ER did you apply as a diversity as a diversity candidate and did you attend a target? Would appreciate any info regarding the timeline:)
If you are concerned with exit opps and optionality this early on in your career, definitely take ER.
Rerum provident possimus asperiores minima. Culpa minima et ipsa est natus iure corrupti. Qui quaerat enim quam voluptas ab eveniet.
Facilis iusto quos qui qui et. Nobis eligendi ut qui modi ad. Ab itaque omnis itaque accusantium mollitia.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...