Citi TTS MA vs Non-BB structuring 1 year Trainee
Hi guys,
I am looking for some advice on choosing between these 2 offers. I am currently a final year student.
I received an offer from Citi TTS management associate program (cash management and trade finance) and an offer from French Banks (BNP/Socgen) structuring 1 year Trainee (contract-based), and the team is responsible for documentation such as prepare derivatives termsheet, understand idsa (legal perspective) etc. Citi pays an half more than the trainee role since it's just a trainee role, and it seems hard to convert to structuring permanent contract according to my friend working there.
some pros that Citi TTS over structuring trainee:
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permanent contract, and is well-established program that might be promoted faster than others.
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TTS is Citi's franchise and it is a must that Citi will focus much on TTS in the future due to the stable business nature and huge revenue.
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it pays double of the 1 year structuring trainee.
Cons:
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I personally like investment more and it is hard to jump to investment role in the future if I work in TTS (only internal mobility opportunities, study master or MBA), the career development is narrow.
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it seems like TTS business (cash management and trade) is considered middle/back office in other banks so I assume the pay is low, so I might have to stay in Citi for a long time.
On the other hand, I have some concerns about the structuring trainee role since it is documentation team (not pricing or other technical team), so I am worried that it is hard to apply for other full time front office structuring role in other banks. I notice that documentation might be viewed as operation team’s job in some BB and I don’t want to go operation. There are many isda regulation involved and I saw there are some position called "derivative structuring lawyer" in other BB but it is not I want. I want to learn more on quantitative and technical knowledge like pricing/product development in derivatives. I am also interested in switching to derivatives sales after working in structuring but not sure if it is common exit opp.
I would like to seek for some advice and some explanations on how structuring really does and its potential exit opps will be highly appreciated.
Can speak to Citi. TTS is Citi's cash cow for sure, but has zero relevance to investments / banking. The business is trade finance and cash management. Exit opps from here will not be IB or investments unless you go the MBA route.
thanks for your answer! Yeah, so I really have to think twice before stepping into TTS. I want to do derivatives sales or structuring in the future but not sure if the experience in documentation team will help because I won't help in pricing but only to prepare termsheets.
I would take the gamble on the traineeship.
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