Rating agency or AM: where to start?

Intern in S&T - FI

I am a new grad and have got 2 job offers: sovereign risk at big 3 rating agencies and 2-year graduate programme at a decent European AM company. My goal is to land a portfolio manager job in the end. I prefer a sell side route because I want to have more stimulating environment before moving to buy side. However, I didn't get any offer from sell side. Here are the pros and cons I have thought of:

Sovereign at rating agency:
+ great training and client exposure
+ more macro and interesting (for me)
- less prestigious
- difficult to move to other places with out MBA?

Graduate Programme at AM:
+ great opportunity to land a PM job after 2 years
+ rotation through different locations
- less rigorous training
- PM job After 2 years not guaranteed
- might manage funds I have no interest in

Comments (6)

Jan 16, 2020

AM friendo. develops a broader, revenue-generative skillset.

please don't go into ratings.

Thank you for your interest in the 2020 Investment Banking Full-time Analyst Programme (London) at JPMorgan Chase. After a thorough review of your application, we regret to inform you that we are unable to move forward with your candidacy at this time.

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Jan 16, 2020


Jan 16, 2020

At a rating agency you would get to know the world; meet the Governor of the Banque du Liban to discuss over liquidity of banks, review with Sri Lanka's Ministrer of Finance China's asset backed finance deals, fly over to Washington to meet with the IMF delegation etc. What edge would you get in AM?

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  • Intern in S&T - FI
Jan 26, 2020

Thanks! Any other thought on lateral to sell-side/buy-side research?

Jan 28, 2020

Lateral from a rating agency in sovereign is possible but will take a fair amount of networking and luck. The move to sell side is probably the most common. Feel free to PM me if interested to know more.

Jan 28, 2020