IBD vs. Buy Side SA Dilemma

Waymon3x6's picture
Rank: King Kong | 1,245

Guys,

I was lucky enough to get a few offers and I've narrowed them down to the following:

DCM at an RBS subsidiary (already signed the offer, FT offer possible following SA stint) OR
Credit Research at a large ($200bn AUM) Asset Management company (FT offer NOT possible)

Trying to decide which offer to take. Credit Research seemed like I'd be working under two senior guys helping them build and update models for earnings season, compile industry/company data in excel, prepare presentation and research memos and possibly assist in company credit analysis under supervision from the senior analysts.

DCM is more structured.
Summer Analyst will build a foundation of skills to allow them to support the team's senior professionals in originating, structuring and executing debt capital markets transactions to support acquisitions, leveraged buyouts, dividend recapitalizations, restructurings and short/long term refinancing across a broad range of industry sectors. The Analysts' responsibilities will require significant transaction involvement, from origination through closing, and the ability to work on multiple projects and transactions concurrently.

Which do you think would be better? Not too sure how transferable the skill set is from DCM. I'd like to get the experience. The AM company probably would be better but I'm worried that I won't learn as much and it will be less structured.

Thanks

Comments (12)

Mar 20, 2014

What's your risk tolerance? Are you ok knowing you have to recruit in the fall? How was your fit?

Mar 20, 2014

credit rsch for am for sure - since you wanna move to buyside long-term, credit rsch is great to learn rel val, pricing, and the modeling/investor mindset. DCM you'll be plowing through "deals" aka pricing and presentations and not much else, so get that rsch skillset. Will feed u into other buyside shops, whether it be asset mgmt or hf, due to similar nature of work.

Also, don't go to a foreign bank that's not a BB if you can help it

speed boost blaze

Mar 20, 2014

Depends - would you take the RBS offer if you got it? If yes, I'd say go with RBS. If no, I'd take the other internship as it seems to be a better learning experience and, even though you won't be able to get at job there, should set you up with some good networking opportunities.

Mar 20, 2014
TheSanchize:

Depends - would you take the RBS offer if you got it? If yes, I'd say go with RBS. If no, I'd take the other internship as it seems to be a better learning experience and, even though you won't be able to get at job there, should set you up with some good networking opportunities.

I have offers from both places and signed with one of them, so I would have to renege. Just trying to figure out if I made the right decision as that was my only offer at the time.

Mar 22, 2014

I meant would you take the RBS offer for full time if you got it?

Mar 20, 2014

Both paid, right?

Just to give you a picture, DCM is the least number-demanding investment banking dept (out of M&A, ECM, DCM) even for the public issuance. Sometimes, you don't even have to make financial models at all.

Credit research seems intense - a lot more involved number-wise. I have never done it, so I can't tell you what it's like to work in credit research at an AM firm.

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Mar 20, 2014

Would take the credit research gig. If you do good work, your bosses should help you place.

Mar 20, 2014

Buy side. Strong side!

Mar 20, 2014

Buy-side, wouldn't think twice.

Mar 20, 2014

Loomis Sayles I'm guessing? Definitely buy side, it will look better for ft recruiting. I did credit research last summer and am doing something similar this summer as well. PM me if you have any questions.

Mar 20, 2014
thenextbuffett:

Loomis Sayles I'm guessing? Definitely buy side, it will look better for ft recruiting. I did credit research last summer and am doing something similar this summer as well. PM me if you have any questions.

How big of a name is Loomis? If I wanted to work at a buy side firm like Fidelity, I'd imagine the credit research position would set me up better, right? What about if I wanted to go into banking FT for 2 years? Would this internship be looked down upon? Thanks for the help guys.

Mar 23, 2014
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