Repost: BB Strat vs Anywhere IB
(Repost from S&T Forum) Hi!
I'm (diversity / target) recruiting for 2025 SA. I got an offer for S&T strat at a BB, but it explodes in two weeks. I've been struggling to get first rounds or diversity days for the MMs that have opened, and I have somewhat of a non-traditional finance background -- my first finance internship will be summer 2024. I'm very unsure about whether I want to get into the CS side of S&T with strat -- I'm more interested in finance, economics, and the markets -- which is why I've been trying to recruit for banking instead. Was wondering how to approach the recruiting process this early, and what my legitimate chances of getting an IB SA are? Also the differences in exits/experiences for both?
Based on the most helpful WSO content, it seems like you're in a bit of a pickle with a good problem to have – an offer on the table for S&T strat at a BB, but your interests lie elsewhere in finance and economics. Here's how you might approach your situation:
Assess Your Interests: If you're more interested in finance, economics, and the markets, and less in the computer science side of S&T, it's important to consider how much the role aligns with your career goals. While strategy roles in S&T can be analytical and market-focused, they may also require a strong technical skill set that leans towards computer science.
Recruiting Timeline: Since you're recruiting for 2025 SA positions, you're doing this quite early, which is great. However, if your first finance internship isn't until summer 2024, you might find it challenging to land an IB SA role without prior relevant experience. That said, being from a target school and part of a diversity recruiting program can be advantageous.
Leverage the Offer: Having an offer from a BB, even in a different division, can be a strong leverage point when networking and speaking with other divisions or firms. It shows that you're a competitive candidate.
Networking: Given your non-traditional background, networking will be key. Reach out to alumni, attend finance-related events, and connect with professionals in the IB space. Express your interest in finance and economics and seek their advice on transitioning from a non-traditional background.
Exits/Experiences: S&T and IB offer different experiences and exit opportunities. S&T strat roles are often more quantitative and may lead to careers in quantitative research, risk management, or algorithmic trading. IB, on the other hand, offers a path into private equity, hedge funds, or corporate strategy roles after gaining experience in deal-making and financial analysis.
Decision Time: You'll need to decide whether to accept the S&T strat offer before it expires. If you're set on IB, you could take the risk of declining and focusing on IB recruiting. However, if you're open to exploring different areas of finance, accepting the offer could provide a valuable entry point into the BB and allow you to internally network towards the IB division.
Remember, the choice ultimately comes down to where you see yourself in the long term and which role aligns best with your career aspirations. It's not uncommon for professionals to pivot within the industry, so whichever path you choose now doesn't lock you in forever.
Sources: https://www.wallstreetoasis.com/forum/investment-banking/eb-vs-bb-long-term-and-exits?customgpt=1, IB Exit Opps & Careers - 'No Name' Boutique vs. EB vs. BB, BB in NYC vs. BB in other cities, 8 Reflections on Leaving IB After a Decade
did you end up taking the strat role? you can definitely move to trading (like algo trading) from a strat role because there's a lot of dev work.
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