Full time equity research or corporate banking

If your ultimate goal is to lateral into Investment Banking (IB), here's what you need to consider based on the most helpful WSO content:

Equity Research (ER):

• Pros for IB Transition: ER can provide strong modeling skills, industry expertise, and public markets knowledge, which are valuable for IB roles. If you work on IPOs or initiations, it can demonstrate relevant experience.
• Challenges: The transition from ER to IB is not as common as from other roles like corporate banking or consulting. You may need to work harder to network and position yourself for the move.
• Sector Choice Matters: If you choose ER, pick a sector with high buy-side demand or relevance to IB, such as tech, healthcare, or financials. Avoid sectors like oil and gas, which may have less appeal for IB later.

Corporate Banking (CB):

• Pros for IB Transition: CB often works closely with IB teams, especially on debt-related deals. This proximity can help you build relationships and gain exposure to IB workflows.
• Challenges: CB roles are more focused on credit analysis and lending, which may not fully align with the skill set required for IB. However, the transition is still feasible, especially if you can leverage internal mobility within the bank.

Recommendation:

• If the ER role offers exposure to IPOs, initiations, or a high-demand sector, it could be a better choice for building transferable skills for IB.
• If the CB role is at a bank with strong internal mobility into IB or offers significant deal exposure, it might be the safer bet for transitioning.

Ultimately, your decision should also factor in the reputation of the bank, the quality of the team, and your ability to network effectively within the organization.

Sources: Corporate Banking?, https://www.wallstreetoasis.com/forum/equity-research/career-ladder-equity-research-vs-investment-banking-a-definitive-guide-part-3?customgpt=1, Work/Life Balance: Equity Research vs. Investment Banking - (A Definitive Guide, Part 1)