Better sophomore internship for S&T junior internship at BB?
Which one is better if I want to get a junior S&T internship offer at BB?: a boutique IB internship or a boutique AM internship (for sophomore summer) What kind of intenship is ideal for s&t jobs? Also, do I have to know the excel and financial modelings (lbo model, merger model, comps, etc) for the S&T as well?
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Id say AM to be honest, as its more aligned with what you want to do, and it would be less of a stretch in an interview.
In terms of excel, you dont need any of the IB stuff.
Top internships for a prospective S&T applicant? (Originally Posted: 04/15/2011)
I did a thorough search of the forum and I cannot find a straight forward answer to this. So here it goes:
I'm currently a college student who wants to enter BB S&T (specifically trading) after graduation. Now I know that for investment banking, any internship that involves valuation and some form of modelling is usually very good, or even better - doing a boutique investment banking gig. My question is, what type of internships that are relevant towards a career in S&T?
Would a research internship be the most relevant? If so, what type of research is most recommended if one wants to enter S&T (fixed income, equities, distressed debt or... ?). For those who are currently in S&T, what sort of internships did you have before being recruited, or if you are a current recruiter, what type of previous internships do you look favorably upon? (I'm guessing PWM doesn't help much does it?)
Thanks
Erm, you do an internship in s&t at an investment bank.
Im guessing he means sophmore year although he didnt say.
To answer your question im not really sure. My best guess would be that as a first choice look for an internship at a prop shop or hedge fund. If no luck then go with BB PWM and gun for a real s&t next summer.
It's honestly kind of late in the year to be thinking about this
I'm just about to enter college, not trying to look for an internship right now...
I did an internship in PE before my BB S&T internship. So anything finance related is pretty good.
Although the following should be on your search list: -Hedge funds -Asset Management firms -inter dealer brokers -Wildcard: sports betting trading desks
Hmm anything finance related..
I'm guessing research would be more favorable since it entails more of a macro-understanding of the markets rather than on a specific firm?
Honestly a internship in trading would be best, just like playing football in college is the best prep for the NFL.
Yea but I mean trying to get a S&T or just a trading internship is a LOT more rare than trying to look for a boutique IBD internship, which is a lot more common.
The only legit trading experience one could feasibly get would be just trading with their own account or virtual trading but I don't think those really count as legitimate "work experiences"... Hence I'm looking for best alternatives to S&T
Do something interesting with your life after your freshman year. If you're semi-impressive and need an extra push, try to get an internship in S&T after your sophomore year. However, if you're a good enough candidate, I'd recommend enjoying your last summer of being a kid and go get drunk at the beach all summer before getting an internship the summer after your junior year. Don't spend so long looking ahead to banking that you miss the best summers of your life! If you're a solid candidate, you'll be just fine with no banking experience prior to your junior year summer.
Bump,
Hit up a few prop firms.
Best Non-S&T internship for S&T (Originally Posted: 01/11/2008)
Let's say theoretically you want to go into S&T full-time but cannot get a BB S&T internship. You also do not want to do IB. What would be the best preparation/resume item?
-BB Wealth Management in a non-NYC regional office
-BB Research
-Non-BB S&T internship
-Management Consulting
-Other?
Eh, I think this is one of those strange circumstances where IB is better because it generally looks more impressive and is believable that you wanted to get the hell out of there as quickly as possible.
would agree on this, in terms of impressivness IB would add more.
I went from a PE summer internship to S&T so its no biggy
However, id say ud enjoy the AM a lot more.
Depends what you mean by non-bb... if its a top boutique then you can't do better than that
What are the top boutiques for S&T? How much easier is it to get internships there than at BBs?
I dont really know anything about "top" boutiques, but this is a list of a bunch of prop firms. Some of them have internships, but they seem to be for the quant type, so hopefully thats you...
http://www.traderslog.com/proprietarytradingfirms.htm
Probably credit or market risk, I myself ended up in operational but learned a little about all 3 last summer
Have you tried getting a S&T internship in a smaller place instead of a BB? It is achievable and it would the best option. As for which one is better, I don't really know, I agree with derivstrading and Revsly, one would look more impressive and you can tell a story about how you hated IB, and the other one is closer to what you don in S&T...
Thanks for the comments! still not sure which one is better - impressive vs. more-related........... So it's not impossible to get a s&t internship in my junior year after doing an IB sophomore internship? Recruiters wouldn't think I'm coming out of nowhere..? The problem with the AM Hong Kong firm is that it is a Financial Planning, Employee Benefits, Retirement & Pension Planning Advisory Firm. Is this a "normal" AM firm? Or is it not really considered a "legit" AM firm? Any ideas? I'd appreciate your help.
It doesn't really matter, happens both ways all the time. Very few Sophomores know exactly what they want to do. I went from IB internship to S&T internship just fine.
yeah if it were a top institutional AM firm in a good role i would have advised you to take it (more markets-focused), but in this case take the boutique IB and come up with some good reasons why you want to do S&T instead
Recruiters will definitely ask you why you did IB, but like said above, no one will expect you to know what you exactly want to do as a sophomore, so as long as you explain yourself well you shouldn't have any problems. Either way you can sell the story that you liked finance bla bla bla but IB or AM is not for you because bla bla, that you want something much more market related, etc... Don't trash talk the job, just say it wasn't a good fit for you and give a couple of reasons and say that you think S&T is where you want to be in the future. As for which one is better, again, I'm not sure. I would say it depends on the interviewer, some of them will like AM and some of them will prefer IB. But you will def get interviews, so I'd go with whatever you like best and you think you'll do better and then prepare a good story for junior recruiting.
Thank you so much for your comments! One of the tasks I'm assigned to is working on the client data base projects, does anyone know what kind of task is involved in this? Also, does anyone know what "broker age business" is?
I would imagine the task would involve working with your CRM (client relationship manager). This might involve reporting, documenting, and reconciling activity between your clients via phones. For instance, on the S&T side of things I did documenting institutional salesman calls to their clients they covered. Tasks included- what product was pitched, what the client was looking for, when you will call back, when trades would take place, etc. Another task could be seeking to find new clients to cover and inputting them into the same CRM system. This is done via web look ups.
Hope that helps the first part of your question.
i did IB last summer, doing S&T this summer. in interviews, people just wanted to know the thought process behind why doing IB in the first place and why I wanted to switch.
Thanks! That was very helpful. Khatar, so CRM or client data base project has basically nothing to do with deals or transaction process?
You might see it related to a deal is for example if a salesman is pitching to a new client and trying to get a sense of what they are looking for. For instance, say our bankers are bringing a new tax-exempt muni bond with varying yields at different maturities. Say your prospective client is a money manager that is interested in the bonds for the year 2015 at a particular yield (or on the flip side maybe it's not an attractive enough yield). You might note that conversation via your client data base (CRM) to get a sense of what your client is looking to buy. Your CRM, data base, whatever you call it is doing exactly what it says= storing the data about your client. This system can be used to note tendencies, likes/dislikes, level of activity between you and your client.
You probably won't need to track who is holding the deals that buy side clients are holding on your CRM. You can do a Bloomberg lookup of security holdings ranging from equities, bonds, forex, etc.
Or say, on the IB side, what kind of tasks can there be for CRM/client data base project? Help please?
How would a risk internship (either at a BB, boutique, or HF) fit into this equation? Would it be better/worse than AM or IB?
Can you define more than "risk internship"?
Working on the risk desk with a few quants doing various projects for a ~ 2 billion AUM market-neutral HF. Havent started yet, so I do not know exactly what these projects will be. Hope this helps
working for a HF would be great experience, regardless of the capacity you'd be working in. especially if it is before your junior year summer.
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