Have you heard of Sandford Bernstein?

I have recently received offers for ER in Sandford Bernstein, as well as S&T in Citi. Both are internships.

I was inclined towards SCB, as I was interested to move to buy side in the future. I was told SCB (from internal sources) that it is easier.

What do you guys think? Have you heard of SCB and how do you repute the firm, compared to Citi?

Preamble: I am from an engineering background and am interested in both (fml).

Thank you. You all are humans in my eyes.

 

Let me preface and say I've found Bernstein to be extremely helpful. But some possible good for thought:

-what sector will you be interning at?while not a huge deal for an intern, if you receive a return offer you'll likely get the same group. It could be good depending on the analyst: I've found the consumer staples guy and the pharma folks to be really good.

-do you have any interest in doing macro investing down the line? S&T could be better in this case.

 

I am not sure who I will be interning under. It may well be the OIl & Gas but I believe this is not the final allocation.

When you say macro investing, do you mean for a buy-side or just personal investment?

I feel that the common opinion is that there will be a steeper learning curve at SCB than Citi. Am I right saying that?

 
Best Response

There would probably be a steeper learning curve at Bernstein compared to sales and trading, but you also don't learn many transferrable skills in sales and trading.

I believe that group placements at equity research firms are usually on the basis of need (i.e. whichever team happens to have an opening at the time), so you probably won't have too much choice in where you get placed. That said, the oil & gas analyst at Bernstein is highly ranked, and probably as good as they come.

Macro investing refers to macro hedge funds and the sort. A few teams in sales and trading (although not all) might provide more relevant experience if this is the area you're interested in. However, if you're interesting in traditional long/short equity investing or anything of the like, Bernstein is obviously the way to go.

 

Easier to move to traditional buy-side equity roles (long only, fundamental equity HFs etc.) from ER versus S&T. Note that you won't make a career at Bernstein since there's limited scope for one to become the lead analyst on a sector there without prior industry experience. If that's fine with you, it's a great name to have on your resume.

 

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