Institutional SalesTraders QuestionsST
I am intrigued by the position of Sales-Traders at institutions at such and have some general questions about the career.
1) Do most banks have Institutional equity s&t departments? If so how does commision work? I'm assuming it is all commision based but the traders arent actually doing the selling so how does that work? Also I assume first years make the general bank salary found in ibd, research, s&t, etc but how does it progress and how do the bonuses work?
2) How do you get involved in the career out of school and if you do, how do you establish the essential relationships needed with PM's(based on my limited knowledge of this job it seems to be entirely based on relationships with PM's on the buyside)
3) What is the future of this job as the markets are increasingly run by computers ie couldnt a simple algorithm do all of this trading?