Prop vs. Sell-side analyst position

Which do you people think is a better starting ground for first-year analysts? Assuming that the Fixed Income prop-trading role is attainable, versus that or research/trading on a sell-side desk at the same bank, which is a better learning experience?

My take: Sell-side offers a better initial experience, analyzing trading flows and technicals, as well as the ability to take risk.

Thoughts?

4 Comments
 
Best Response

i would go with the prop trading role. you have to realize that most people who go into research end up going into the buy-side later anyway, so why not start out in a position where you can actually manage capital? the transition from sell-side research to a GOOD buy-side shop is not as easy as you might imagine anyway...most of the people moving to top shops either do it through connections, or because they have excellent and specific knowledge of a particular industry. if your goal is to move to the buy-side later on and you have the opportunity to work at a top prop desk, i would do that.

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