Hi, I was wondering as to what the outlook and exit opps are for US Cash Equity Sales Trading. I am currently in the last statges of the interview process for RBC, but am not convinced that the position has enough job security and exit opps. I attend a non target and am graduating in a few weeks. How much can I expect to make. Is RBS a top tier Equity Sales Trading firm? Any help would be appreciated.
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What ?
RBC and RBS are totally different firms.
cash equity sales -ugh...try to get into fixed income
sorry I meant RBC*. Is Cash Equity Sales Trading the same as your normal "Equity Sales and Trading "?
And is there a negative perception with being in Cash Equity Sales trading
Sales Trading is very different from Sales & Trading (although most/all firms put them under the same umbrella of the S&T division). It is pretty crucial for you to know the difference before accepting the position .
Cash Equity Sales & Trading is a dead-end. McKinsey published a very decent Sales & Trading electrification report a few years back and it pretty much outlines that CES&T is the worst asset class to enter as a junior employee. There is no factor of illiquidity or bespoke nature to the asset and with platforms such as BATS, dark pools, and internal crossing engines, firms no longer even need to go through a bank. Even block trades aren't traded on voice for cash equities. In short, if you're at a bank, unless you're a quant (and even then, to some degree), stay away from CES&T.
Cash Equities Sales Trading is a whole different entity. Since firms can now execute cash equity orders directly through the aforementioned platforms, rather than a bank, inherently there is going to be significant disruption in the Sales Trading industry. That being said, there has been much larger consolidation than there has reduction in order flow and the biggest thing for you to know is whether that order flow is being directed at RBC, or if they are one of the banks getting phased out. Take a look at whether RBC is expanding their desk or shrinking it; if it's the latter, run away.
Ultimately, I would tell you to keep looking. You're playing a dangerous game entering cash equities (S&T or ST agnostic) at this time and banking on Sales Trading exit opps in 2019 is a hell of a gamble.
Hope this helps.
Thank you so much for the reply. I actually have my final round interview for the "US Cash Equity Sales Trader" position on Monday. So just to confirm, "US Cash Equity Sales Trading" is a relatively dying field and different from a "Sales and Trading" role correct?
Yes, S&T is different than Sales Trading (a salesman, a trader, and a sales trader all have different jobs). 'Dying' is such a misnomer used to describe S&T. I wouldn't consider any of them dying, I would however consider all of them radically evolving. I would advise you to do significant due diligence before accepting a US Cash Equity Sales Trader position.
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