| Topic Name: |
Which Has More Prestige? |
| Message Name: |
Wrong |
| Date Posted: |
05/24/2000 |
| In Reply To: |
Yes, you understand the recruiting process. If you go into banking and don't like it you'll have a better shot of getting an S&T job than vice versa. That's because of the lifestyle difference. No one wants to hire a full-time banking associate that's never worked banking hours. That's not an issue on the S&T side. If you don't like your investment banking summer you'll also still have a good shot with consulting firms and corporations (the corporate side of corporate finance). But again, the equation doesn't work the other way.
I find it ironic that S&T people can't seem to value "real options". Investment banking includes a wealth of real options. S&T doesn't.
I also find it hard to believe that S&T people can't spot a trend... |
| Message: |
S&T people can't spot a trend?
The trend, dear friend, is an enormous evacuation of every bank's corporate finance department. The hours are horrible and IB is in as much danger from technology as S&T is!
Gross underwriting spreads are shrinking, competition is fierce, and DPOs and other ways of raising capital are making people question whether they should really be paying such a premium to the name brand banks.
Corp Fin is NOT immune from the effects of technology AT ALL.
If you are going into S&T, don't worry. You'll likely make very good money, though you should be prepared to serve many functions in the bank. The functional roles may change as technology advances.
Another point: It is no longer the case that S&T departments are full of the second rate b-school grads while IB has the elite. S&T is every bit as selective now. Your colleagues will be incredible, your connections will be powerful, and trust me if you need to find another finance job you'll do very well.
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