Citi Global Markets Internship vs Equity Research at Sandford Bernstein
So I have recently received an offer to take on an internship at Sandford Bernstein for equity research and another offer to do trading at Citi (again internship). Both internships are 10 weeks long and are this summer. I am from an engineering background and am genuinely attracted to both.
SCB pros: intake of two interns, good pay and good change of converting.
Citi pros: well structured internship, 60 % conversion and big name.
As they're so different, I struggle to rank them. I understand it is up to my ambitions, but at the moment I lack of big names in my CV. I also feel that one offers good BB-standard career progression, whereas the other offers good buy-side exit ops.
Command me what to do.
Citi 100%, I'm shocked you are even asking.
Hi Richard , initially I had the exact same opinion as you. However, what stopped me from signing away with Citi was that SCB is among the top notch firms for ER, yet being so small. Wouldn't this lead to better future prospects (i.e. switching to buy side)?
Very speculative nonetheless.
I suspect that anyone who recommends the Citi internship over the Bernstein internship simply doesn't know what Bernstein is. As far as sell-side research goes, Bernstein is one of the best, if not the best shop on the street. If you really, really want to do trading, sure, go with Citi. But if you're even a little bit interested in moving over to the buy-side or working in a hedge fund in the future, absolutely go with Bernstein. Although Bernstein doesn't have the same name brand recognition among random day-to-day people (so you won't be able to brag to your college friends), its name will go far in the right circles in New York.
Just graduated so take what I'm about to say with a grain of salt -
I think it depends on what you're interested in. If you're only interested in trading, take Citi. If you're only interested in equity research, take Bernstein.
That being said, if you have doubts about what you want to do in markets, or think that there is a possibility you may want to switch, I would take the role at Citi. BB's are notorious for letting individuals switch between roles (from sales, into trading, into research, etc.) given that they are performing and want to switch roles. I don't know if that exists with Bernstein.
Also, I can't speak for buy-side recruitments from a place like Bernstein, but I would have a hard time imagining that equity research at Citi would rule you out. Or trading a macro or credit product. I think the opportunity is there with Citi as well.
If you decide to leave ER/Finance down the line (there is a possibility), nobody will have a clue what SB is, let alone that SB is a leader in ER. Just food for thought
@Fantastic I agree. I do not need my friends to know about my job; after all, I am incredibly secretive with my career ambitions with most friends. However, what Iax321 says is also true. Any counterarguments why a buy-side would prefer a guy from SCB than Citi ER (or trading!).
Thanks
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