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ER. S&T will give you invaluable insights (investor positioning, book building, sales, etc.) but assuming this is for a lateral at the junior levels, those things are nice, not need, to have. In ER you'll learn to model (3 statements at least), how to read and interpret earnings announcements and filings, and gain an understanding of how investors react to different types of news (earnings, M&A deals, what they do/don't want to see, etc.). That stuff will inform your thinking and work in IB all day every day.

 

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