I've read on this forum that it's more difficult to move into IBD once you start working in S&T. Was wondering if it's more natural of a move to go into ER after a SA stint in S&T or one year working FT in S&T because you guys are both on the public side and you interact with each other on a daily? I know some people move from ER to S&T or people go straight to the buyside but does anyone know how common it is to go into ER after some S&T experience?
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Just own it and go for an entry spot in IBD. You only have an SA gig on your resume, not an S&T book you've been carrying for years. They'll know you're serious about finance and you can just play it off that you wanted to explore options and a summer in S&T made you realize how much you really wanted to go IB instead. Otherwise, suck it up and build a career of massive gains and exit opps in S&T that all those ER people you mentioned are wanting to break into and think ER is a good leg-up for them since they couldn't break into S&T from the jump.
Thanks for the great advice! If I end up not enjoying S&T and re-recruiting for FT IBD, assuming I get a FT offer for S&T, would you recommend accepting first then reneging if I get an IBD offer or should I just reject the offer and re-recruit without having the offer as leverage
Get to that point first, then ask yourself the question then. Otherwise you're just going to put it in the back of your mind that it's ok to f'up S&T SA and make yourself damaged goods regardless. If you're absolutely bent on IB, then make S&T enjoyable and at the end of it be honest that you've had time to do your homework and think that IB would be better for you overall. Maybe you get a good reference, or maybe you just get a nice neutral outcome of no remarks at all. As long as you don't crap where you eat.
Most people in ER have no interest in S&T. ER is all about equities and last time I checked the equities trading desks have disappeared almost entirely.
They are Totally different skill sets. I would disagree with the point above about S&T having a “leg up” overall.
Each have their own strengths. ER is better for fundamental analysis and building industry expertise. S&T is better for learning about specific products (high yield bonds, CLOs, etc.) and how to sell to institutional clients.
Both can be very lucrative but it’s important to consider your own interests and strengths
My bias towards S&T was showing, and you're dead on in retrospect. You have the S&T gig in line, so at least test that out. If you have the chance to work with the ER gang while there, get some exposure and gain more perspective. If at the end of it all you still think IB is the best fit, then go for that.
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