SA: S&T -> MS Fixed Income with RBF or JPM Launching Leader
This is my first post here so I wold appreciate any help.
So I am coming from a target and currently very undecided between two possible offers for next summer:
Morgan Stanley Fixed Income S&T with RBF Scholarship (15k)
vs
JPMorgan S&T Launching Leaders (7.5k) - Prob in Fixed Income as well
So far the people at MS have been more friendly and reaching out and more helpful but I know that JPM is stronger in Fixed Income than MS especially after the news surrounding MS Fixed Income this past year. At MS I am friendly with an MD in securitized products which is what I would do as well as a second rotation in commodities or emerging markets/fx. At JPM it is only one rotation and am not sure yet where I would end up (probably in securitized products as well)
Is there any difference in prestige between the MS RBF scholarship as opposed to the JPM Launching Leader? Not just for the money but future potential as well such as for business school?
Any advice on which offer to take?
You wanna PM me? I think JPM but RBF is tough to pass up
I would say JPM. JPM is very strong in FI S&T.
At first I was leaning more towards MS for the people and money but I guess looking at the long term, JPM is stronger in FI and more stable? I am just a little worried that I am not really sure what desk I would be in and that it is a one rotation program...
PM me if you can (i still dont have enough bananas to send messages).....
I'd say MS. Commodities and SPG are the best groups in FID and are very well-regarded. However, MS is weak in credit and macro so I'd take JPM if you're placed on one of those desks.
Seems like you have no career direction brother. S&T to B school? Why? Securitized products? Probably at the top of the list of desks which will be aggressively scaled back in an unprofitable year. Basel III is killing that business.
If you really want to do fixed income, JPM is the clear choice
Sign with JPM and don't even think about it. I know you think you're trying to make a good decision by considering all aspects of the internship experience, but do yourself a big favor and go with JPM.
Your concerns about the one-desk placement are unnecessary as you will get to sit with different desks throughout the summer anyway.
Keep in mind that the friendliness and reaching out you are experiencing may not necessarily persist after you sign and get there. I would not consider the pre-signing treatment to be a foolproof indicator of the actual treatment you get during the summer (this applies to any firm).
Think about this: if you go to JPM and decide you don't like it, you can always go back to MS for FT. if you go to MS this summer and want to go back to JPM...well good luck with that
MS is very weak in FICC. JPM is in a dominant position (definitely top 3) in credit, securitized products, and FX. I think it's pretty clear, but you make the call.
Also realized that a 7.5k difference one year is completely negligible when you look at your career as a series of cash flows. Your focus should be on the strength and trajectory of your career, not a one-off scholarship. Once again, if you want a career in fixed income, I think your choice is clear.
Have been a client of both securitized products desks, and JPM is a much better desk. I'd go with JPM.
MS is weak in "macro"? Really? Tell that to the rates market. Love the complete misinformation on this thread.
to be fair the OP mentioned emerging markets/fx, not rates, so whoever talked about "macro" was probably referring to that more so than rates.
i'm curious to know though. would you consider MS a "top" bank in rates or just "not weak"? Linear rates, vol, or both?
these things aren't really as simple as you guys think they are. what does "top" mean? volume? jpm is around the top but a lot of their jr guys havent had a great track record once they've left. pnl? deutsche probably makes more on their strips/swaps/long-end book than the entire MS franchise ex-glenn. bonus? the gs guys absolutely kill it but a lot of guys dont even call them anymore. MS is an aggressive shop that will give you sheet and let you carry risk. what more do you want?
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