Hello, I new to this forum and I have been getting a lot of help from it so far. While I understand the typical route for an IBD analyst in a BB bank goes from analyst for 2 years then associate, then VP, and etc, I was wondering whether something similar exist when you get hired as a trader in a BB bank. Do traders also get hired with 2 years contract just like IBD analyst and only the ones that do well get promoted to associate or is it a completely different process from IBD?
Jul 28, 2012
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My best guess would be, the one that do well move up the ladder.
Question*
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After trading on a BB desk for 3-4 years, most guys will move on to HF or get laid off, especially in the current market!
No, not true.
There is a lot less structure in S&T and your pnl pretty much controls everything. If you constitenly generate a profit you will be promoted in title (and make more mone) or you will be poached and join another firm who will pay more. In Ibanking you don't really add any value at the analyst level and do grunt work. S&T you could potentially have your own book and generate profits your first year.
Exit opps are limited I suppose. Moving to a HF is an option, while a lot of guys move between banks. Also if you are established many will move to a smaller MM firm for higher payouts because these environments are more Eat-What-You-Kill
I see, thanks a lot for your reply. Then I guess overall as long as a trader keeps generating profit, he/she will not get fired. Then does this mean all of the traders that get fired are the ones that do not make profit? What I'm wondering here is since all this BB banks hire certain number of traders every year, then they must be firing somewhat same number of upper level traders in order to keep the balance. Is making profit as a Trader difficult that there are many of those that do not generate profit and get fired? Or am I still understanding something wrong here?
Thanks a lot for the replies. The main reason why I am asking this question is because when I talked with some bankers, they told me one of the main reason why they were doing banking is because banking has a lot of exit ops even if they don't make up the corporate ladder, such as becoming an associate, vp, and etc. So when they are fired, they still have places to get hired. They told me that traders have very limited exit ops which were basically prop trading shops, hedgefund that relies on trading, or other trading firms. If this is true, I was wondering atleast how long a trader will stay at BB bank when they are hired as entry level until the company decides to fire them or keep them. Obviously if one does well, he will stay in the bank but I don't think this applies to every trader that gets hired. I'm thinking only some will stay and the rest will be laid off.
If what you say is true, does this mean that most traders are hired with about 3~4 years contract?That I cannot say as I'm not a trader nor in trading but I'm just talking from experience and seeing friends.
Junior Trader -> Trader -> VP -> MD (head of desk/product) -> C-suite
I might have skipped a few titles in between (like SVP), but in my opinion people don't care about titles in trading. There are quite a few traders (salestraders and market makers) making more money than MDs or VPs. I'm not on a term specific contract. They'll keep me for as long as I make money.
Short answer, hangover from hell.
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