Depends on what you want to do at the AM firm… if it’s execution trading, sure, it shouldn’t be that hard to move from S&T to AM because it’s a similar skill set. You might need some pretty good P&L results from your own book to do it, though (see: https://mergersandinquisitions.com/podcast/sales-trading-exit-opportunities/).

If you want more of an investment analyst role, that will be tougher because the skill sets don’t much up unless you’re using some type of global macro or rates strategy in AM and your desk in S&T matches up closely.

I am debating between a FT in S&T and a FT in AM. Ultimately I would like to work in AM down the road but the pay is quite alluring in s&t. would it be hard to make that change from s&t to AM down the road in a couple years?

If you want to keep your options open, the Canadian bank is better because you’ll have broader exit opportunities. There aren’t that many pure, non-pension PE roles in Canada, so if you want to go that route, you may have to move to another region. For more recent information, please see:

https://mergersandinquisitions.com/investment-banking-private-equity-canada/
https://mergersandinquisitions.com/canadian-pension-fund-jobs/

Most internships have the promise of return offers for full time, but I think the return offer prospects for the pension fund is lower…I was wondering which one would be a better resume add for me? I always intended PE to be my end goal and was aiming to get into it right out of school, but now seeing this article about the steep discount in salary, I’m thinking about going into IB then PE to raise my salary range a bit first

We’ve addressed many of these questions in a follow-up article:

https://mergersandinquisitions.com/canadian-pension-fund-jobs/

what’s the exit opportunity for someone having worked in a pension fund in direct PE group? I imagine it’s harder to move to an independent PE fund. I feel like all you are at pension funds are number crunching monkeys, lacking skills like structuring, negotiating etc. Deals that you do at pension funds are based on flow instead of being originated by senior guys.

In addition, there is no carry but just bonus. So I guess your bonus is tied to deals you brought in in some way but capped since it’s a public fund. So on what are basis does anyone promote a junior in there? Also are you lacking any skillsets that juniors in independent PE funds are able to develop? Seems to me, exit opportunities and comps are a lot worse than in an independent fund and seem to be a big downer on your career prospect.

It could be a combination of both, as well as test on your qualitative skills. It varies according to the firm so I can’t say for sure. However, I wouldn’t worry too much about it.

Thank you. Yeah sorry that is what I was getting at. Is it similar to the due diligence process at the big four? or more or less technical? It seems to be an area where not a lot of information is available on the web and loads of them seem to be hiring these days