S&T to ECM/DCM
I am still early on in the recruiting process (sophomore at semi-target), but I think that I would like to go into S&T. With that said, I don't know if I will end up liking the work. You can hear about what it's like and talk to lots of traders, but once you actually get on a desk, things will be different. If I were to dislike it, is it possible to switch to capital markets? I find the field interesting and don't want to risk pigeonholing myself too much with S&T. I thought S&T experience may also be relevant as I know their work is a mix of IB and S&T. I would imagine an MBA could also help a transition but I'm not sure. Any insights could be helpful.
so you'd transfer to two other groups that would pigeonhole you as well? as well as the fact they're being decimated atm and you'll earn less money working more hours? lol
just get the return offer and think about an mba in five years
I'm aware of the overall bad performance but want to still do something market-facing. I just was concerned that after trading for a while the high-paced work environment would bother me. We'll see how it goes though.
Had the same dilemma back when I was recruiting and chose SnT. I think the work between SnT and ECM/DCM are very different tho related, so you should do more research on what you would like. If you like market facing, SnT is more of that than the latter for sure. More research should be done. There are a lot of stuffs in SnT that aren’t just Sales or Traders and have some fee business too (tho not like M&A guys pulling in insane fees lol)
Not sure what you meant by once you on the desk, things will be different. It’s all work and it’s definitely gonna be better and more interesting than your intern era cus you get to talk to clients and make PnL. A lot of ppl at SnT still have good exit but not to traditional PE like IBD ppl but if you are pulling good PnL everyday while trading something very spécialiszed, who cares cus you still are gonna get rewarded well.
I personally find SnT is the most balanced cus you get your own free time but IB literally takes all your time away. That said, you make a bit more money all in so do your own cost benefit analysis.
What I meant by different once on the desk is that work is a certain way when you hear about it, but when you actually do it you may feel differently. I def think S&T is more what I’d like out of the job. I don’t necessarily want to work in a more traditional finance exit like PE. I just don’t want to end up being in my late 20s and hating my job but not being able to pivot to another area of finance.
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