ADVICE: Applicability of S&T Cash Equities Trader Internship towards IBD DCM/ECM

Hi all,

First post on WSO, I'd like to thank you all for providing so much info for the interview prep.

Recently got through proficiency tests and first phone interview with the S&T Team at a BB's IBD.
Specifically, applying for a year long internship at a Cash Equities Trading Desk.
The team is under the IBD umbrella, that executes cash equity trades for large institutional clients. I think this is termed as a MM trading desk for cash equities.
There will be no job rotation, and I will be helping out a desk of 6 traders.

It will be my first internship, and I'd like to seek opinions from fellow WSO'ers.

Questions:
I've read up a lot on cash equity traders, it seems to be a dying trade especially with prop trading banned now at BBs and algo trading being more mainstream. And the fact that people who start with S&T typically stay within S&T within their careers.

I'd like to know about the transferability of the skill-sets learnt for cash equity trading, and if it can enhance my knowledge into entering the buy side of IBD/PE (ECM/DCM)?

Also, with elimination of prop trading at BBs, it seems that there are limited avenues of generating alpha within the Trading team for cash equities. My ultimate destination would be at a IBD (ECM/DCM) division for pitching and underwriting bonds and securities or M&A. Would taking this internship allow me to increase my knowledge and proficiencies towards building up a skillset for IBD?

Do Cash Equity Traders within the IBD's S&T team meet clients? Or do they just solely exist to execute trades on behalf of co-workers?

Any additional advice would be much appreciated.

Thank you in advance for your opinions!

 

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