Help me navigate between FT vs. SA Offer
Hi everyone,
I am posting on this forum because I am having trouble deciding between two offers I was lucky enough to receive. I did a summer internship in sales and trading at an MM bank in London this summer and received a return offer for their prime brokerage desk. I have also received an SA offer for a lower BB (Barclays, UBS) in their fixed income snt division for this summer. I am considering which offer to take and wanted to get your input.
My main concern with the FT offer is that, from conversations and research, many have said that prime brokerage can be somewhat of a pigeonhole with very limited future career options apart from staying in the role/treasury roles in HFs. I am hesitant to start my career in a narrow role with not much optionality down the line. But I wonder if it is worth risking the conversion of the SA role (50-60% conversion last year) and pursuing something that has more optionality and might be more aligned with what I want to do in my career.
Any input is welcome :) Thank you all so much for your help.
Just put the prime pigeonhole in the bag
Based on the most helpful WSO content, here's what you need to consider:
Prime Brokerage FT Offer: While prime brokerage roles can provide a solid foundation in understanding hedge fund operations and client servicing, you're correct that they can be limiting in terms of exit opportunities. The typical career trajectory often leads to treasury roles or staying within prime brokerage. If you're already concerned about being pigeonholed, this might not align with your long-term goals.
SA Offer in Fixed Income S&T: The SA role at a lower BB (Barclays, UBS) offers broader exposure to markets and trading, which could open doors to more diverse career paths in sales, trading, or even portfolio management. However, the conversion rate of 50-60% is a risk factor. If you don't secure a full-time offer, you might find yourself back in the job market.
Risk vs. Optionality: If you're confident in your ability to perform well during the SA stint and secure a full-time offer, the SA role might be the better choice for long-term career flexibility. Fixed income S&T generally offers more optionality compared to prime brokerage.
Backup Plan: Consider your backup options if the SA role doesn't convert. Do you have a strong network or other opportunities lined up? If not, the FT offer might provide more immediate security.
Personal Preference: Reflect on what excites you more—client-facing roles in prime brokerage or the dynamic, market-driven environment of fixed income S&T. Passion and interest in the role can significantly impact your performance and satisfaction.
Ultimately, if optionality and alignment with your career goals are your priorities, the SA offer seems more promising despite the conversion risk. However, if job security and starting your career immediately are more important, the FT offer might be the safer bet.
Sources: All Citi Summer Analysts 2020 receive full time offer, All Citi Summer Analysts 2020 receive full time offer, MSF to IB, JP Morgan Commercial Banking MMBSI Full-Time Analyst, 20 Most Frequently Asked Questions - London Edition
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Keep in mind that, having already completed an S&T summer at an MM and received a FT offer, it is reasonable to suggest that your are better positioned to hit the ground running at your next internship compared to the other interns, and thus are more likely to get an offer (if you put in the work) than the median.
If possible, I'd defer your MM FT offer, do your summer at Barclays/UBS, and take the best FT offer you have after that. If they won't let you defer, personally, I'd still go for internship number 2 and work your socks off to ensure a FT offer. Even if they don't give you one, you'll have 2 S&T summers and can likely get a FT offer from (at least) an MM.
Good luck and congrats on your offers!
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