Taking a S&T role at a MM over a capital markets role at a BB - am I being stupid?
I know these types of posts can be annoying, but I could really use some guidance choosing between competing offers for a summer analyst gig. I need to choose by tomorrow.
One offer is for a position in capital markets at BAML/Citi/Barclays. As far as I know, the position is rotational and I could land anywhere from ECM to Syndicate to LevFin.
The other offer is for a rotational S&T internship at a foreign bank, think HSBC/Macquarie. They've essentially told me that I can choose my rotations, and I think that I'd ask for distressed credit trading, commodities trading, and equity research.
My goal is to end up in one of a few places - I'd like to eventually work outside of NYC in asset management with a focus on fixed income markets, at a distressed debt fund, or at a macro fund. I want to have an early career experience that will one, provide the best opportunity to learn and be intellectually challenged, and two, provide the best chance to move into my preferred buyside role.
I know most people are going to say take the BB offer, but I have a few hang ups. For one, I don't know where I'll be placed and could easily end up in a role like ECM which would be antithetical to both my interests and goals. Two, even if I get a more preferable group, the work seems much less interesting to me than trading or research. At the MM, I also know I'd be working with the head of North American S&T, which seems like a cool opportunity, and I could get exposure to research as well. There are also many fewer interns, leading me to believe that I could make a bigger impact and possibly have a faster career progression.
I'm leaning towards the S&T role. The BB role might be a safer choice, but I'm more interested in developing an expertise and carving my own niche that I can leverage into buyside roles rather than doing the traditional analyst -> Bschool -> PE thing. I'd really prefer not to go to business school, and it seems like if I chose capital markets that might be necessary to move to the buyside, whereas distressed credit trading or equity research would be more conducive to a direct jump.
I want to know if I'm being an idiot. I know that S&T is a business in decline and I know the MM name doesn't carry as much weight. Am I overestimating the benefit that comes with knowing which group I'll work with and the downside of being a junior in a capital markets role?
TL;DR - I want to work in fixed income on the buy side, should I start out in capital markets at a BB or distressed credit/equity research/commodities at a MM?
Any advice would be appreciated
I would have went with a BB in comparison with Macquarie. But it seems like your end goal is more aligned with S&T.
You think it would be easier to move to a credit or macro fund from S&T than DCM?
Listen man, if you’ve got a capital markets opportunity at a BB, take it. Capital markets to S&T is not entirely difficult. In some cases, it’s a gradual move. Especially if you underwrite transactions. S&T to anything else aside from AM/HF/Some kind of research is near impossible. If you do capital markets you can decide later if you want to do IBD or S&T and the move will be easy. The only case where I’d recommend you take the S&T role is if you want to be in S&T long term, and the MM is a shop like Baird/Jeffries etc.
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