What to do with Tier 4 IB offer
Currently have an offer for both a Nomura/SocGen/Santander IB internship and for trading at Citi/DB/BOfA. Not sure what to take. I'm from a target with strong quantitative skills. I like the typical IB exits, but I'm not sure if that's possible from the firm I would be going to. Would it be possible to lateral to a stronger IB player? I also like thinking about markets, and I think a macro hedge fund might be possible if I go down the trading route. Not really sure which offer to pick and would appreciate some guidance.
bump
Had a mate in Tier 3 - Tier 4 IB shop in London (FIG) who worked on sweatshop hours day in and out but it didn’t go unnoticed. Got interest from MS, Evr because he worked the sell side on their deals. Ended up being picked up by JPM in the end but that was a gruelling process for him.
Couldn’t say it can be the case for everyone, but lateraling is definitely possible, just gotta be the absolute top bucket Analyst in your class.
Had another mate in ECM who’s been dreaming of going to a HF - spoke to a recruiter who strongly advised lateraling to M&A so that he can tryhis luck with HFs. He’s been trying to transition to any of his firm’s M&A teams for a few months now (Tier 2 bank).
Bump. Also curious
Bump
I'd go with IB unless you're absolutely sure about pursuing a trading career
If you're interested in IB exits (PE or Corporate Development), or a career in IB, then you should really choose a role in IB. This forum does tend to dramatise the difference between bank "tiers" (absolutely there's a difference, but it's not as if a Tier 1 role will have the world watching you like a rockstar, while a "Tier 4" role will have you living as a disgrace). In particular, PE exits are more than possible from the IBs you mention (harder for sure at MFs, but there's a LOT of PE funds out there, and it's not necessarily the "best" outcome (from a life perspective) to be at a MF - it depends on your priorities).
It is of course possible to lateral from IB to IB.
It is much more difficult to lateral within a bank from, say, Trading to IB.
Start in IB and lateral to where you want to be. Don’t waste your time training up for trading if it’s not what you want long term. Your exits will be totally fine if you jump to a larger / better optics bank after a year.
This is for junior summer, right? Not sure if I agree with everyone here. I think you should consider doing trading at one of those banks, with the idea that you'll be recruiting for FT. You'll have to figure out your "story" and "why" but I think you'll have an easier time going from BB S&T -> Reputable MM IB vs. LMM IB -> MM IB.
That being said, what you can do is join the LevFin groups at those IB teams and then try to recruit for DCM/LevFin groups at better banks. In that case, I'd go with the IB role in the summer. You'll just need to be okay with getting pigeonholed with credit.
This seems a little all over the place without even an inkling of what you think you'd enjoy more. You mention "liking the IB exits" but then also mention potentially joining a macro HF post trading.
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