I am currently a junior whose is recruiting for 2021 summer internships and was fortunate enough to land 2 offers for Sales & Trading - Bank of America and Morgan Stanley. The Bank of America offer is for their rotational S&T program while the Morgan Stanley offer is for their Fixed Income S&T Program. Any advice on which I should choose?
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i apologize that i cannot offer any advice, but i did have a question. how long after the morgan stanley superday did you receive your offer?
I’d do MS. FI seems to be a pretty good gig and obviously MS is more prestigious and will likely pay more shortly down the line.
bump
BAML, period. MS has better brand name for those in IB/outside of Finance, but anything on the FI side will be LEAGUES better at BAML since they have a Balance Sheet. MS is strong in equities in S&T, not as strong in FI. BAML is a FI powerhouse.
Generally in 2020: If S&T, go to banks with a big balance sheet such as: JPM, Citi, BAML (assuming you have the option of course, you're picking between 2 exceptional offers).
EDIT: Also in 2020, you want to be in FI unless you can code like a beast - then go to Equities if you so choose.
What are balance sheet banks the best place for S&T in 2020? Also, what are your thoughts on banks like Wells Fargo, Nomura etc?
JPM, Citi, BAML, in that order, but the differential between them is relatively small. All excellent shops.
No comment on wells/nomura.
Hi! Also deciding between going to equities/fixed income and was wondering whether you could elaborate on coding being essential for equities s&t
Go fixed income
Piggy backing on this post, if one were deciding between GS and any other BB for junior summer S&T what would you do given strength/prestige/etc.?
The fact that you are asking about "prestige" and mentioned GS as your top choice for S&T shows you have done zero research, as they are not even top 3 in terms of all around S&T
Can't speak for BAML but as part of MS FID, I can say that it has been a wonderful experience. I personally love the culture and find it reasonable in terms of hours (I am on an underwriting/securitization sort of desk). For MS, the Commodities, SPG, and Credit groups are pretty strong relative to the rest of the street. BoA, JPM, and Citi do have the strongest balance sheets and international exposure, so that really helps them for Financing and FX especially. If you are good at coding and want to do equities, go with BAML. Otherwise, choose whatever culture you like better!
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