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it really depends on your goals. from ibd you can always make the move to an SM - which has a completely different investing strategy.

problem with MMs is that they have a very high risk aversion and short term investing style. you’re usually spending hours modelling 100s of nonsense variables to predict the quarterly earnings - pulling your hair out till they come out.

SMs give you more optionality - they tolerate more risk and invest for the longer term. at such funds you’ll see mostly people with ibd/PE experience, rarely any one from an MM due to the completely different skillset required.

HFs are still the exit so most people would take an offer from p72 over any bank. however, those who have a very clear idea of what they want to do may sometimes pick a top bank purely because it gives them the option for a different career path

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