Excuse me for my ignorance but I'm really curious about this as I've heard that it can be incredibly hard to break into am. If in case someone doesn't get summer internship offers, what do they do in such case? Is it really that risky as people make it out to be?
Secondly, can you recruit for both so that in case the IM doesn't work out (since it's risky), you'll still have offers at hand from IBs? And what about sell-side equity research positions? Can I transition fron sell-side to buyside research position?