Which Combination of Desks for S&T Internship
Hey guys, looking to get some advice with the desk selection process for my trading internship this summer. It's my first time going through with this, and I don't have much experience, so I apologize in advance if this is a dumb question or if I don't make sense.
HR has asked which asset classes I am most interested in for the summer, and I would like to reply soon to maximize the chance of getting placed on the optimal desk. I am under the impression that I will undergo 2 x 5 week rotations, so I can work at 2 different trading desks.
Here's the deal:
On one hand, I want to intern with a product that will give me some transferable skills if I apply to IBD positions next year. For instance, something that would give me exposure to balance sheets, financial analysis, etc. What would be the best product, given this goal- I was thinking something like credit derivatives or bonds?
Secondly, I'm also very interested in macro stuff. Aside from FX (which I think doesn't have a very strong desk in the office I'm interning at), what would be the best desks for exposure to macro?
Thanks again very much for any help or advice! I really appreciate it.
im interested in this too
im interested in this too
Interested as well as I am
Interested as well as I am currently at a prop desk but open to IBD
Hey asiamoney, I would say
Hey asiamoney,
I would say you'd better tell us what company will u join coz each company has its own strength.
just my 2 cents.
I would also second telling
I would also second telling us which bank.
Rates would be the other most macro product
If you want something with more analysis, you should look at something with a longer time horizon distressed debt, special situations, an event driven desk, ect. Another option would be to intern in a group that has a banking component (PubFin, Securitized Products, Credit).
For this internship you should get on two desks that you are interested in and enjoy them. What desk you sit on will not have a major impact on your IB recruiting. Having an S&T internship and getting offer, looks a lot more impressive than sitting on any particular desk.
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Thanks for the advice so far.
Thanks for the advice so far. I'll be interning at BarCap, also this will be in HK which I realize might affect what you would recommend. So do you still think if I wanted exposure to one good pre-IBD product and one good macro product, I should ask for one of (PubFin, Securitized Products, or Credit), as well as Rates or FX? I really would be sincerely interested in both types of desks, but do you think that combination makes strategic sense too given my situation?
coming from a fixed income
coming from a fixed income S&T background I would highly suggest going the route of one desk such as credit (credit research for example will give you loads of experience looking at company financials and modeling future behavior but anything in credit will help on the more micro focus) and the other desk a more macro focus such as rates or FX. If you were in the US I would say def try to go the rates route because its by far the most important of the rates areas and has the most derivative products for that reason, however since you are in HK I would suggest FX because FX will be roughly the same the different offices (g10 coverage will be the same in NY or HK, only the EM desks might be location specific), whereas rates is areas specific, so US rates is NYC, europe rates in London, etc
You seem to have the right ideas in terms of getting as much exposure as possible to different areas (this might be your only chance bc if you are hired back next year you will be at one desk and might stay there for a long time). Also want to second focusing on getting an offer, that is your goal, exposure to different products/products similar to IBD work should come second.
HK => equities BarCap => debt
HK => equities
BarCap => debt
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idk if barcap ny and hk are
idk if barcap ny and hk are that different, but in ny its 3 3 week rotations
From the outside looking in I
From the outside looking in I would say a credit or research based desk for sure, and for your other choice I would say something you are passionate about and interested in. That way you can get a glimpse at what IBD is going to be like and then get some insight to see if trading is actually a good fit for you in the long run if you dont like the IB like stuff.
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Really appreciate the advice
Really appreciate the advice guys, thanks. If it's a two-desk rotation, I'll ask to do a credit/research or securitized products desk, as well as a rates or FX desk.
"If you were in the US I would say def try to go the rates route because its by far the most important of the rates areas and has the most derivative products for that reason, however since you are in HK I would suggest FX because FX will be roughly the same the different offices (g10 coverage will be the same in NY or HK, only the EM desks might be location specific), whereas rates is areas specific, so US rates is NYC, europe rates in London, etc"
Could you explain a little more why rates wouldn't be ideal in HK, it's just that there's fewer products/it's less profitable?
One last question if anyone can help- I've searched for all the threads on trading at BarCap HK, and I've seen mixed opinions on FX there. I know that BarCap's FX in Asia is biggest in Singapore, but others have said that it's growing fast in HK too. Would that still be a good choice possibly in terms of desk strength?
Thanks so much!