S&T vs Strategy Consulting?
Hi, I’m a junior at a target and I’m very fortunate to have offers for S&T at Bofa in NY and strategy consulting for EYP a mid-tier city. Interested in recruiting for management consulting (MBB) full time. I’m primarily interested in the position that will look the best on a resume and let me learn the most. Location and pay is less important. Would appreciate any thoughts, thanks!
go for S&T my man. You wont regret.
Was in almost the exact situation last year. Went with the SNT internship even though it was a lower tier bank than BAML. What people sort of glaze over is while SNT exits are much narrower, they are much more lucrative than your typical consulting exit in the long run. Usually people go to MM hfs for the product they trade, private credit and other non-fundamental equity buyside roles as analysts or sub pm after a couple years on the desk (usually 2-4 years). If they have the chops to stay on the buyside, especially at a growing manager, the convexity in comp is insane, much higher than your typical large corporate or consulting/IB employee.
SNT trading or researching a product is in my opinion a heavily discounted but extremely attractive path to begin one's career. And to be honest, SNT is probably not suitable for 90+% of people if they really want to succeed and eventually move to the buyside. Because the fundamental question is if you are the type who is curious about one product and want to become a master of it. If you aren't a craftsman type then do the generalist route and consulting because It seems like it takes a lot of dedication and a ton of luck in terms of how many other smart young people are pursuing your product and where in the market cycle your product is at.
How are rates trading s&t exits for top macro shops? Are the comps as high as L/S equities? Or maybe a prop shop on a ficc desk?
I'm gonna intern in BB snt next summer so don't take my word for it. I mean think about this. How many people want to do L/S? Literally everybody with a pulse. It's the most vanilla kind of investing and the most competitive. How many 22 year olds will trade rates or MBS at a bank every year? Maybe a couple dozen per product? I mean from what I have seen, the traders for more niche and complex products tend to have the easiest transition to hedge funds and go to very competitive multi managers. I know someone who traded a very niche product at a bank and now pulls in 8 figs (he's very senior on the buyside now). That being said, I honestly think going from rates trading to buyside is pretty difficult compared to other products which might be a lot less popular and saturated.
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