12/28/16

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.

Comments (12)

12/28/16

Bernstein. IMO best equity research out there across the board.

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12/28/16

Agreed with slash-finance. Sanford Bernstein (not Sandford!) is one of the most well-regarded names in equity research, possibly the most well-regarded. Citi S&T has some well-regarded teams; no idea which ones your internship would feed to, of course, but I'd go with Bernstein.

12/29/16

Seems like an easy choice

12/29/16

If you want to be an analyst on the buyside Sanford Bernstein by far - their ER is outstanding.

Very few S&T roles allow you to transition to HF analyst roles (I have been in the industry for 5+ years and know zero despite interacting with 100+ HF analysts)

12/29/16

Agree with above... Bernstein should be a great place to learn from some very skilled and well respected analysts. Congrats!

12/29/16

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.

12/30/16

Did this company use to go by Sanford and Son?

12/31/16

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?

12/31/16

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.

1/3/17

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.

1/4/17

I am aware of that and I believe most people entering the shop from the start without experience in the industry tend to stay to gain experience and become attractive for other roles (i.e. buy-side equivalent or PM). Out of curiosity, have you moved to HF after a role in ER?

1/4/17
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