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I spent the first 20 years of my career at the global bulgebracket banks, first in investment banking and then on the institutional equity desks, in a cross-asset and special situations role. What has your journey to the trading desk been like? We do some listed options more on the index side as hedging instruments.
We have seen a stabilisation of money flows in recent months, global funds are returning to the UK, while we continue to see outflows (mostly to US) of domestic assetmanagers. Post-Mifid II we have sought to build a differentiated research and corporate broking product in the UK. The path of travel is very clear.
For the right person, though, fixed income research can be even better than equity research, whether you’re at a bank, an assetmanagement firm, a hedge fund, or a credit rating agency: Table of Contents: What is Fixed Income Research? Bond Types: How are corporate bonds different from government bonds?
All the bulgebracket banks in the U.K. Outside of IB, various assetmanagers, hedge funds, consulting firms, and trading firms also run some type of spring week program, but we’re focusing on banking here. Which Banks Offer Spring Weeks? run them, but so do many elite boutiques (Lazard, Evercore, PJT, etc.),
The Top Firms in Wealth Management vs. Investment Banking Most people would say the top investment banks are the bulgebrackets and elite boutiques , at least for entry-level roles. It’s usually a 50-hour-per-week job , which is significantly better than the 60, 70, or 80+ hours required in IB.
All the large investment banks – bulgebrackets , elite boutiques , and middle-market firms – use internships as a recruiting tool for Analysts and Associates. But you could use the experience to aim for other finance roles, especially ones like equity research or corporate banking with less structured recruiting.
We’ll return to this point later, but in finance, it’s more common to do a pre-MBA internship at a small VC/PE firm or boutique bank rather than a bulgebracket bank. However, you might be competitive for investment banking, assetmanagement, or consulting roles, and a pre-MBA internship could help with those.
Some SWFs operate like long-only assetmanagers (i.e., mutual funds ) that allocate their assets top-down and then pick specific indices, companies, and securities that meet their criteria. So, your best option in most cases is to gain traditional investment banking or private equity experience and use that to move in.
Equity research recruiting tends to be less structured, though the bulgebracket banks and elite boutiques still run traditional processes that start over a year before summer internships. If you do IB, you can get into deal-based roles ( private equity , corporate development , venture capital , etc.),
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