For this topic, I would say that there is no right / wrong answer. I joined a graduate program in a bulge bracket. Of the cohort: 1 ended up doing prop trading, 1 ended up doing FX, and another did cross product structuring. There were 2 others who joined DCM/ECM, I joined Corp Fin and 2 more joined equities.
Corp Fin, DCM, ECM have higher base pay and a more structured bonus /promotion structure in the first 3-4 years. Whilst you don't make insane bonus, you are likely to end up better after the first 3-4 years. In terms of traits & skills: Hardworking, meticulous & attention to detail. Whilst you don't have to be brilliant, you still have to be smart. Hours are long but you do get periods in-between where you can take a breather.
The trader path is more stressful. First 2 years you probably do more support work / pupilage rather than actual trading. If you handle customer flows, there is still also a gestation period of about 1 year before you are independent on the desk. Base pay is lower but bonuses are more commensurate with performance. Working hours are short but intense. Performance is easily measurable which would mean that if you are not doing well, it shows up and you could fired.
Equities is somewhat in the middle. High base, lower variable. More manageable job hours. More "academic" job scope. In my opinion, a more friendly culture versus IB.
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Originally Posted by Unregistered
I do agree that everyone now knows about IB. That's why I'm glad to start my career on the buy-side.
Not to get into the discussion of trader vs Ibanker. Though I must say, the trader role (quant, directional) requires a certain level of smartness which a typical ibanker may not have. Speaking from experience here as my friend from MS did confess to me - He stays in the office until 2am just to receive a report from the branch in Hong Kong so he could put it in the powerpoint slide.
Do you really want your job to be like that?
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