| Topic Name: |
Which Has More Prestige? |
| Message Name: |
Wrong |
| Date Posted: |
05/22/2000 |
| In Reply To: |
Solely in terms of prestige, would it be better to work for a 3rd Tier Bank in IBD or a BB in S&T?
It seems like IBD has the cache of practicing law or perhaps medicine, while S&T guys do not enjoy this level of prestige, even the ones who make great money.
A great Inst. Salesman is still a salesman, and a successful trader is still looked upon as someone who might have been a back office guy if trading were not a profession. Both positions impart rather limited skills, and I doubt that these people will all land on their feet if Wall Street continues to have trouble and the massive lay offs begin.
On the other hand, it seems that bankers, even at 3rd tier firms, are pretty much assured of finding high paying jobs outside of Wall Street because of their experience, skill set, and the prestige associated with their profession.
It also seems like in the past someone with a top tier MBA wouldn't even consider S&T unless they were turned down for the more prestigious IBD positions.
Am I wrong?
If I take an IBD Associate position at either Pru or PaineWebber will I be making a mistake by forgoing a potential BB S&T position?
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| Message: |
I think that you know very little of investment banking in general. First of all you talk about prestige and doing the right thing all the time. Maybe you should consider doing what suits you and what you can do better. S&T and IB are two completely different things, and you should do what you feel like doing and based on your skill set.
Anyway, it is completely wrong that you don't have bright people in S&T. Some of the activities in S&T require much greater technical knowledge than IB. Derivatives, structured finance, securitisation, high yield capital markets are usually part of Fixed Income and not IBD and provide some of the most technically capable people in banks.
IB is not rocket science, really you don't need to be a genius to do pitch books and run comps. The job is quite easy compared to some of the other areas described before. Usually in IB you get people with art and poetry degrees, which you wouldn't get in derivatives or high yield.
I am not saying that IB is not good (I work in IB) but I am telling you to choose a job based on what career you want to follow and your skills. I would say the interview process is the same or even harder for a job in S&T than IB.
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