GS/MS/JPM FT ER or Citi FT Markets?

Received offers from both for full-time (grad). Have only ever interned previously in S&T (at GS/MS/JPM) so Research would be new to me. The main benefit of the Citi programme is it's a rotational programme across not just S&T but also Research so I could try it out there to see if I like it, whereas at GS/MS/JPM I would be joining a specific team for good. I've met the team I would be joining at GS/MS/JPM so I have some more clarity as to who I would be working with, and have also met the senior leaders there. Some people I've spoken to for advice say being in a good team is more important than loving your job immediately/being in the right job from the start, so there's obvious merits to knowing the team beforehand but from hearsay I know Citi has a great culture and the people I spoke to during the interview process are lovely so I'm sure any team I join there would be just as good to work with.

Would appreciate any insight or advice

Comments (11)

  • Analyst 1 in S&T - FI
Nov 12, 2021 - 8:07am

Which role would give you the greatest chance of being the best best at what you do? Choose that. If you are a trader you know deep down you would enjoy trading compared to research; from my observations most people have the personality for one or the other. Comparing markets franchise, JPM & citi are top ranked for FICC. If equities GS/MS/JPM are all better. This should better less as it's seems to be more about trading vs research

Nov 12, 2021 - 11:21am

I really enjoyed it and was keen to go back - no return offer due to no headcount in the desks who were most interested in me, but this ER offer is from the same bank I interned at after they reached out a month or so post-rej.

  • Analyst 1 in ER
Nov 12, 2021 - 9:21am

Honestly it kind of seems like you've made up your mind. I don't think you could go wrong with any of these options. This is a tough choice. All of the former 3 have decent internal mobility, especially MS, and great ER franchises especially MS/JP. Citi is a nice place and great for FICC as someone else said, so if it's FICC S&T you want, it's a no-brainer. 

I think ultimately though, S&T and Research are two very different divisions. It's obviously hard to know which you want without trying them though. So that also lends itself to Citi. And Citi is not a bad ER shop by any means. If you did decide on research though, you'd be about 1.5 years behind your age-mates in experience due to the rotational nature of the programme and the fact that it's more S&T focused than Research focused (I once had an offer). But in the long-run, I don't think that's a huge deal.

  • Associate 3 in HF - EquityHedge
Nov 14, 2021 - 11:59pm

I think it takes a special type of personality to be happy in S or T (I'm just underwriting you staying there the rest of your career as HF exit is not guaranteed). If you think that could be you, or you know what ER entails and you still see yourself happier in S or T then go for Citi.

Just my opinion but ER and S or T as a career (not training for HF) are different enough that it should be pretty clear what resonates with you. Unless you're still figuring out who you want to be, in which case go for the most optionality (Citi).

Most Helpful
Nov 15, 2021 - 10:44am

Is this the quant program at Citi?  That program was about 25 kids every year, along with 100 or so in S&T.  You do two one-year rotations in it, but in the quant program one year is research - which can mean anything from working on the client-facing research notes, to working as a quant dev or risk strat guy.  Your other rotation is trading.

I think this program is really quite amazing - I have a lot of friends who came up thru GS/JPM/MS and have some serious FOMO about potentially being in the wrong role/team/asset class, and have relatively limited mobility within the firm.  The Citi program is a great deal for analysts, but I think it does a good job placing people where their interests and abilities align.  There really isn't a "prestige" difference between these banks, and most of the prestige or whatever you want to call it is going to drill down to a desk level anyways.  

Dec 3, 2021 - 4:33pm

My SA base (2021) was 50 and FT is 70. I know the FT bases have only been increased in the last year so not sure what's happening with SA unfortunately, i.e. whether it's still 50 or has been increased too.

  • Prospect in IB - Cov
Dec 3, 2021 - 5:51pm

Natus qui molestiae eaque fugiat quisquam mollitia est. Est fugiat atque qui magnam. Soluta unde iste ut quia consequuntur vel quod dolorem.

Eum placeat dolorum fuga itaque. Facere perspiciatis eius ea similique facere. Molestias ea accusamus reiciendis enim.

Omnis nobis accusantium modi quaerat voluptas. Incidunt rerum incidunt ducimus enim.

Start Discussion

Total Avg Compensation

January 2022 Investment Banking

  • Director/MD (5) $604
  • Vice President (22) $385
  • Associates (147) $240
  • 2nd Year Analyst (85) $153
  • 3rd+ Year Analyst (15) $150
  • 1st Year Analyst (295) $142
  • Intern/Summer Associate (64) $142
  • Intern/Summer Analyst (225) $90