BB S&T vs. MM IB Offer
Currently weighing the pros and cons between a BB S&T Analyst Program and a MM IB Analyst Program. Wondering what career paths, exit opportunities, and lifestyles will look like on both sides?
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It's a tough one. On one hand you have a job that entails interesting, challenging work with pretty good comp and reasonable hours. On the other hand you have a job whose value lies in the exit opps because everyone wants to get the fuck out of working that job within two years.
What do you want? Both are great ways to begin your career.
S&T is pretty broad and your basis on life, hours, pay, exit opps, intellectual growth, etc is dependent on the desk you ultimately join and what you want to do.
It honestly depends on what you want to do. MM IB definitely doesn’t lend you to the best exit opportunities available as BB IB. But on the other hand, if you end up on a strong desk in S&T, you will probably be head hunted and can land a great investing role at a fund if your end goal is buy side. However though, from my understanding, this is contingent on the fact that you end up in a solid trading role. In my opinion, if you’re going to be doing S&T at a good BB, I’d take that.
Exit opportunities in S&T vary a lot by product and whether you are a trader or salesperson.
I would say FX/Rates trading is good for a macro hedge fund exit.
If you want to work in a fund that invests in structured products, being a part of a structured product or ABS group in S&T would make sense.
IB is obviously better for PE/VC, usually better for L/S Hedge Funds than equities S&T, and better for Corp Dev.
So it depends.
BB S&T will put you in better hedge funds than MM IBD. If you are set on private equity or if you see yourself doing IBD long term, then do IB. Otherwise, BB S&T is advantageous in terms of exit opps. In any non-wall street exit opp, having the big name will be better.
That being said, it’s totally dependent on what you want. IBD and S&T really cannot be compared work-wise—just totally different jobs. Ask yourself how you want to be spending your days. S&T is intense and nonstop. IBD is chiller in office (ie more downtime), but the days drag on, and you could be called back into the office at a moment’s notice. I went through the same situation last year, and chose BB S&T, but you’re not me, of course.
Specifically Citi S&T (New York) vs. Harris Williams IB (Richmond)
Citi S&T is legit, and the name will get you in more doors than HWIB. Again, you probably will have an opportunity at a small or mid tier PE shop at HW that you may not have at Citi, but literally every other exit will be better doing Citi S&T.
That said, don’t enter a job for the exits. Enter a job that aligns with your interests. If you’re more interested in a fast-paced environment and working in the markets, do S&T. If you’re not, do IB.
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