Credit Suisse vs. Morgan Stanley Summer Internship

I've got an offer for Credit Suisse's summer internship in FID S&T. MS have just called me to say they can run a separate AC just for me on Monday since I need to decide on my offer quite soon, and that they'll let me know on the same day. In the meantime, CS are bringing me into their office after my AC and taking me out later that afternoon, in order to help me decide I guess, should I get an offer from MS.

Basically, my issue is that if I do get an offer from MS, I have no idea which to go for. I'm partly leaning towards CS as I liked the atmosphere a lot more and they seemed to take a really keen interest in the interns. The schemes are near identical - 3 three-week rotations across different desks; you note your preferences for each and they match you nearer the time, I think pay is the same, etc. I'm interested in FX, Commodities and potentially Emerging Markets. I understand MS are supposed to be better for commodities, but are CS better for a lot of other stuff in FID?

If anyone has done internships at either, it'd be great to hear your insights. Thanks.

Reply 1

WokSz

17

Original post by Tits&Acid

I've got an offer for Credit Suisse's summer internship in FID S&T. MS have just called me to say they can run a separate AC just for me on Monday since I need to decide on my offer quite soon, and that they'll let me know on the same day. In the meantime, CS are bringing me into their office after my AC and taking me out later that afternoon, in order to help me decide I guess, should I get an offer from MS.

Basically, my issue is that if I do get an offer from MS, I have no idea which to go for. I'm partly leaning towards CS as I liked the atmosphere a lot more and they seemed to take a really keen interest in the interns. The schemes are near identical - 3 three-week rotations across different desks; you note your preferences for each and they match you nearer the time, I think pay is the same, etc. I'm interested in FX, Commodities and potentially Emerging Markets. I understand MS are supposed to be better for commodities, but are CS better for a lot of other stuff in FID?

If anyone has done internships at either, it'd be great to hear your insights. Thanks.

Hey,

First of all, well done on the offer. CS is an amazing Bank and if you get MS, they're amazing too.

Fact is that both Banks are really good and in terms of prestige, I would say both are equal (in my eyes). What you have to take into consideration is the culture at both Banks.

Being American, MS is very 'individualistic' and focused on results. Credit Suisse is a very traditional, Swiss and customer-driven Bank. Their culture has always been about team work and serving the clients in a 'Swiss way'. And they've been able to do this outside of Zurich too.

I don't know too much about Credit Suisse's strengths, but I know they have a strong FI division. Either way, you'll get a very good experience.

Reply 2

ibd_haunter

1

Not much difference between the two banks.... I would go with MS though.... In my opinion, it is slightly better than CS..... but this is just an internship, so, pick either one

Reply 3

kabs13

Try and speak to someone working at those banks if possible (look for alumni from your uni through LinkedIn at those banks), would give you a better idea than any of us here. MS has a slightly better rep though, especially if you're considering working abroad sometime in the future.

Reply 4

Tits&Acid

OP

This is where I'm getting stuck. From anything I can find online, I get the impression that MS is going downhill a bit. Even though it's just an internship, it'd be ideal to pick a place I want to work full time as well, and I'd like to pick less based on prestige. So confusing because the only people I can ask are people who work there, who are obviously going to be biased.

Reply 5

WokSz

17

Original post by Tits&Acid

This is where I'm getting stuck. From anything I can find online, I get the impression that MS is going downhill a bit. Even though it's just an internship, it'd be ideal to pick a place I want to work full time as well, and I'd like to pick less based on prestige. So confusing because the only people I can ask are people who work there, who are obviously going to be biased.

You really do need to focus on 'fit' as each Bank as it's own identity. Do your research into each Bank and see which one you like the feel of. Like you said, it's not an easy decision and you need to take everything into consideration.

Flip a coin

Pick which ever you like more. Throw the idea of prestige outta the window because its only going to make your decision harder.

Reply 8

Zweihander

3

If it helps MS is stronger in FX & Commods, CS is stronger in EM.

Reply 9

babafagucci

3

Firstly, it's an internship, so you have to consider which one looks "better on your CV". However, CS and MS have equally good reputations, although an internship at MS may look better when applying to American banks next year.

However, I think the most important part is the fact that your prospective team at CS are really taking the trouble to make you feel wanted, and this can only be a good thing. It probably also means you'll have a great chance of securing a job offer at the end of it. And securing a job offer gives you great leverage next year at other banks.

Hence, I would go for the CS position, but by all means attend the MS a/c as well.

Reply 10

Zweihander

3

Original post by Tits&Acid

This is where I'm getting stuck. From anything I can find online, I get the impression that MS is going downhill a bit. Even though it's just an internship, it'd be ideal to pick a place I want to work full time as well, and I'd like to pick less based on prestige. So confusing because the only people I can ask are people who work there, who are obviously going to be biased.

Historically CS has had higher conversion ratios for S&T than MS.

Reply 11

Tits&Acid

OP

Original post by Zweihander

If it helps MS is stronger in FX & Commods, CS is stronger in EM.

Is it stronger in FX though? I know CS is quite average for it but I'd heard MS had gotten weaker at it over the past couple of years

Reply 12

WokSz

17

Original post by Tits&Acid

Is it stronger in FX though? I know CS is quite average for it but I'd heard MS had gotten weaker at it over the past couple of years

Not Commodities. They have, and still are, a powerhouse.

Reply 13

Tits&Acid

OP

Original post by WokSz

Not Commodities. They have, and still are, a powerhouse.

Yeah, I know they're still pretty much one of the best for that. I just meant for FX I thought they'd gone down.

Reply 14

Zweihander

3

Original post by Tits&Acid

Is it stronger in FX though? I know CS is quite average for it but I'd heard MS had gotten weaker at it over the past couple of years

http://www.finextra.com/community/fullblog.aspx?blogid=4047

Pre-crisis it was the stronger for FX, but yes it's market share has been waning in the past few years (but bottom half of the top 10 changes every year).

I would go to the MS AC, but if the folks at CS are going out of their way to help you, makes sense to go where you think you'll fit in more and have a better shot at landing an FT gig.

(edited 12 years ago)

Reply 15

Prince of Zamunda

Original post by Zweihander

If it helps MS is stronger in FX

Aside from the dominant players, none of the other banks have any significant FX market share so saying "MS is stronger than CS in FX" is akin to saying Strathclyde is better than Essex for Economics when someone asks which of the two would be better for breaking into banking.

Original post by Zweihander

Historically CS has had higher conversion ratios for S&T than MS.

Not true. Similar conversion rates, if not better (for MS).

Original post by Prince of Zamunda

Flip a coin

I have to agree with this lad.

(edited 12 years ago)

Reply 16

Teenage Pirate

13

CS is probably better for fixed income overall.

Reply 17

ZÃ¼rich

20

Original post by Tits&Acid

I've got an offer for Credit Suisse's summer internship in FID S&T. MS have just called me to say they can run a separate AC just for me on Monday since I need to decide on my offer quite soon, and that they'll let me know on the same day. In the meantime, CS are bringing me into their office after my AC and taking me out later that afternoon, in order to help me decide I guess, should I get an offer from MS.

Basically, my issue is that if I do get an offer from MS, I have no idea which to go for. I'm partly leaning towards CS as I liked the atmosphere a lot more and they seemed to take a really keen interest in the interns. The schemes are near identical - 3 three-week rotations across different desks; you note your preferences for each and they match you nearer the time, I think pay is the same, etc. I'm interested in FX, Commodities and potentially Emerging Markets. I understand MS are supposed to be better for commodities, but are CS better for a lot of other stuff in FID?

If anyone has done internships at either, it'd be great to hear your insights. Thanks.

Same difference. Go to either.

Reply 18

Zweihander

3

Original post by Prince of Zamunda

Aside from the dominant players, none of the other banks have any significant FX market share so saying "MS is stronger than CS in FX" is akin to saying Strathclyde is better than Essex for Economics when someone asks which of the two would be better for breaking into banking.

Not true. Similar conversion rates, if not better (for MS).

I have to agree with this lad.

See my other post. Similar conversion rates in the UK? Rare to see MS go over 50% but CS have been a few times in the past few years.

Reply 19

Prince of Zamunda

Original post by Zweihander

See my other post. Similar conversion rates in the UK? Rare to see MS go over 50% but CS have been a few times in the past few years.

Not sure where you're getting your info from, but MS S&T conversion is normally around 80%

Credit Suisse vs. Morgan Stanley Summer Internship

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