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WSO Hall of Fame: Trading Forum The Wall Street Oasis Trading Hall of Fame provides a comprehensive collection of some of WSO's best discussions on the trading industry. Keep in mind this Hall of Fame does not include Q&A sessions by WSO veterans. To view a full list of Q&A’s & Interviews please navigate here. If you th...
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Will they rescind the offerI just finished an internship at a BB and received a FT offer. During recruitment, I had my major GPA listed on my resume (which I calculated at ~3.4) however my cumulative is a 2.9 (got hurt on a religion course and an economics course). I didn't think I'd get the internship but I did, and they nev...
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Details of a Swaps Trader - what do you need to know?What exactly does an interest rate swaps trader/ market maker, in the long end of the curve, need to know, in terms of the mechanics / math of an interest rates swap? For example, assume you understand the basics of a swap (swapping fixed for floating, and the market convention for quoting each leg...
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FICC sales trading deskBasically, I am trying to understand what are the key requirements to join a FICC Sales/Trading desk at a large IB. How hard is it? In particular, how hard would it be to get the job if you are NOT a young grad, already with some year or experience? Would a BSc in business, a MSc in Finance, some ...
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Canada S&T CompensationWhat is the Base and Bonus breakdown for Canadian Big 5 Sales and Trading at Analyst/Assoc/higher level? I know it is largely dependent on bonus and risk, but would appreciate any color ...
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Goldman Sachs - Review - Mergers and Acquisitionsuieurieirueirunieurciouhiuhu uieurieirueirunieurciouhiuhu uieurieirueirunieurciouhiuhu uieurieirueirunieurciouhiuhu uieurieirueirunieurciouhiuhu uieurieirueirunieurciouhiuhu uieurieirueirunieurciouhiuhu uieurieirueirunieurciouhiuhu uieurieirueirunieurciouhiuhu uieurieirueirunieurciouhiuhu uieurieiru...
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Preparing for starting a career at a BB ?I have received an offer to be a quant at a BB next year after I graduate, and was wondering how I could better prep myself to start my career. I'm very new to the industry, so I would want to better prepare for my career ahead. Should I focus on reading more books to deepen my financial knowledge? ...
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Physical Commodities: Shell vs. BP vs. Trading House Grad ProgrammesLooking for some career advice from long-time physical trading experts here on WSO. This past summer, I interned on one of Shell's trading floors, and worked hard to network with every desk on the floor. Tremendous learning experience, developed good relationships around the floor, and I believe t...
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Distressed Trading DesksPlease let me know what banks (other than GS) have distressed trading desks and, if you know, how many analysts/traders they have. Thanks....
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What is the "Investing" sub-division of S&T?? (Goldman) Goldman Sachs for London Summer internships offers the possibility of choosing between: - sales -trading -investing - management and strategy I had never heard of the last two and would love to know what the role consists of because the website does not have any information on it. Thanks! ...
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S&T Assesment Center 2019 SA LondonI’ll be applying for a S&T SA position in London and was wondering how different the activites are from IBD. ...
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Goldman Sachs SA 2019 Sales and TradingHi all, have a superday coming up for GS S&T. recommendations on things to prep? market knowledge, etc....
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Do I have a good strategy?First time posting here and I'm not sure if this is the right category; apologies if it is. I've been interested in trading (primarily Forex) for a number of years and I just became serious about making it a career. I've been backtesting a system that I think is pretty good, but I would like some ot...
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Citi 2019 SA S&T Phone Interview QuestionsI have an upcoming Sales and Trading phone interview with Citi. Can anyone who went through the Citi S&T process tell me what their interview process was like? ...
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Optiver - Interview - N/AFermi Questions: Approximately how many ping pong balls does it take to fill up the Empire State Building (in New York City)? Probability: you roll a dice, what is the expected value? now you get the option of rolling again, what is the new expected value? now suppose you can roll k times, what ...
Bank of America Merrill Lynch - Review - Advisory*great work environment. managers care about career progression. you get rewarded for the work you put into it with bonuses and recognition. sales goals can be unattainable. .there is a need stronger communication between management and associates *...
Wells Fargo and Company - Review - N/AThe compensation was great and so was the work Environment. I loved the culture of the firm, they really made you feel welcome.. Nothing bad to report, everything went really well. I enjoyed my time at Wells Fargo very much, there were no cons....
JP Morgan Securities - Interview - Sales and TradingThey asked about my Market Outlook, if I see a market correction coming up. Asked about specific stock prices and if I think they are overvalued or not. Asked about yield curve since I had some fixed income background and how the bond prices would be affected if there was a stock market correction. ...
Bank of Montreal - Interview - Sales and TradingAsked about what a delta-neutral portfolio was, but it was expected since it was on my resume. Asked for my view on stock market in 6-12 months, no follow up. Threw me off by ending with why not a buyside role over sellside, wasn't expecting it. Fit questions were straight from WSO. Various quest...
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Why regulate prop trading?[This morning,](https://www.bloomberg.com/news/articles/2018-08-16/citigroup-fined-10-5-million-in-settlements-with-sec) Citi was fined for engaging in illegal propietary trading. The Volcker Rule was put in place to limit the risks and speculative decision making the largest banks can make, and c...
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JP Morgan Securities - Review - Sales and TradingVery nice people and culture of collaboration, hours are reasonable, very good platform and company brand name. Very big company, pretty standard pay, does not encourage outperformance, career progression is slow, ...
IMC Chicago - Interview - Prop TradingIn the online math test, there are a lot of stats questions, such as reading a chart. The problem itself is not hard, but the wording is very tricky and be sure to use the practice questions to practice a lot of times before the real round. That helps a lot. There is also diagram questions. Basicall...
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Small and Mid cap market makerHi chaps, I was wondering if being a small and mid cap market maker is as exciting as being on a cash equity at a BB ? Besides the ticket size, is the job worth it in terms of reward and learning curve? thanks FS ...
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Bank of America Merrill Lynch - Review - DerivativesCulture at the firm is absolutely fantastic. I got to perform and present market findings to directors and also sit in on client facing opportunities.. - Lunch runs, especially in the humid and warm climate of NY. - Waking up early at 6 A.M to distribute market reports to desks. ...
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GS Securities Super Day ThreadHas anyone had a super day yet or will know when they should be contacting those who did well on the hirevues? This can be a general discussion thread....
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Is FX S&T considered front office? Hi, I know that s&t is considered front, but I am not sure whether fx s&t, not FICC, itself only is also considered as a front office. Would anyone know the detail? ...
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Traders lose moneyHello! I hear that many/most traders lose money. To what extend is this true? I mean like 70% of traders lose money and they end up with their basic salary and no bonus? Or 0.01% ? Any insight? thanks! ...
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PNC Financial Services - Review - Capital MarketsStructured summer intern program, welcoming environment, everyone is very approachable and willing to teach. There are not many locations to choose from outside of Pennsylvania. There is only one division in NY office....
Citigroup - Interview - Prime BrokerageI was asked about specific hedge funds in the region, by name, and asked for my thoughts about them. I was not deeply familiar with them, as I had only covered private equity until that time. I was also asked about what were the major trends at the time in terms of capital flows and investor appetit...
Goldman Sachs - Review - TradingIncredible Peers, Access to upper management, Extensive firm resources, Reputation, Learning Experience. Interning at Goldman, I would say that one con is that your 10 weeks is very much focused on networking - which can be a great way to meet current employees, but also a very stressful time depend...
T3 Trading Group - Review - TradingPeople there are really nice and really approachable. They are really willing to answer all of your questions.. The environment is too comfortable for me. I want to try some place that constantly push me outside comfort zone....
JPMorgan Chase - Review - Sales and TradingGreat firm, great culture, very supportive of interns, competitive pay, own full building, access to senior people. You won't see all the perks of other industries. Pay is great, but no free food (even in the pantry on each floor)...
Deutsche Bank - Review - Fixed Incomethe hours and environment are good and more flexible than some other B.B. bank. There seems to be a lot internal opportunities available if you want to make a move to a different role. . The technology is horribly outdated. Also development of junior talent is lacking. There isn’t much of a struct...
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Climbing the ladder to trading desksI work at one of the largest asset managers in the states in the Philadelphia area. Right now I just took a job in brokerage to get my foot in the door as they have a very large corporate culture. Do any active traders have any advice about positioning yourself as a new hire to get in the pipeline f...
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AdivceI am currently a sophomore in college and want to become a market maker or get a job trading, does anyone have some advice on how I would accomplish that ...
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UBS AG - Review - GeneralistGood educational resource. There are very smart people there on the floor and they are tremendously helpful.. Tech lacking. Some of the desks do not have adequate database system to store large amounts of trading data....
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selling series 7 knopman booksSelling series 7 knopman textbook, as well as practice exams. Please message if interested in buying!...
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Goldman Sachs - Review - Salesgood compensation and training/experience, good for resume, fast-paced, challenging, exciting, pushed to excel. sharp elbowed colleagues, political environment, high stress, eat-what-you-kill culture, high churn for juniors...
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Is electronic trading considered front office?Is electronic trading considered front office? I'm curious about GSET, MSET, etc. The interactions that I've had with them as a customer make me feel like they're glorified tech. Are they comped like other groups in S&T? I understand that trading at Optiver, IMC, etc is front office. I feel like I...
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Goldman Sachs - Interview - Sales and TradingI didn't get asked anything too difficult. I think the most challenging question I got was tell me about a time you had to meet a deadline, and then I just kept talking about my resume from there. I got asked how I see myself in the division and how I think it works, but that was pretty easy. I talk...
Susquehanna International Group - Interview - Prop TradingGave me three questions, and they were all probability/expectation. First was on Bayes, then another expectation problem. The last question was a game about not getting the last stick -- you could pick 1, 2, or 3 sticks and have to basically make sure to lock the other player into getting the last (...
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Akuna Capital Math Test? (And Interview Process)I've applied for a junior trader position with this firm, and so they've sent me an email with directions to take an online mental math test. Does anybody know what the Akuna test is like, specifically? Can't seem to find too much information about it online. All I know is that there is a 22 minu...
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Market making group exerciseHi, I have an interview coming up that involves a group exercise, I'm guessing that it's going to be a market making game. Does anyone have any links or resources that show and explain how such a game would work? Thanks ...
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Goldman Sachs - Review - Sales and TradingIt was a lot of learning you get to meet and speak with anone you send an email to or ask to speak with. people are very willing to tell you more about how they add value to the firm. Didn't really get any intern event like a basketball game or baseball game or anything. but still a good summer...
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Series 7 Knopman Practice tests?I am consistently getting around 66% on my Series 7 practice tests with Knopman. Since these practice tests are supposedly much harder than the actually test should I worry about hitting the 72% on the real deal? Any tips for bringing my score up?...
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Macquarie Group Limited ABN - Interview - Sales and TradingNo unexpected questions asked at all. Asked generic behavioral questions, why I'm interested in the job, if I'd like to live in Boston, why attracted me to the company, etc. Got asked to pitch a stock, the MD was curious to understand my thought process behind it. Nothing too technical, just explai...
HSBC - Interview - Sales and Tradingquestions werent very hard...honestly the whole interview was about fit...only "hard" questions were maybe specific questions about my resume. ie I didnt have prior experience from a bank, so they asked me why S&T, why do I want to do finance, how would my skills be applicable... i proposed a trade...
Wells Fargo and Company - Interview - GeneralistThe hardest question asked was centered aroundvaluing cryptocurrencies. It was a very open ended question with anything seeming to be a correct answer. I think they were looking more so for the thought process and how you reached the specific conclusion that you did. I had difficulty with this becau...
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The problem with binary options trading!A fair bit of spotlight/scrutiny has been placed on binary options in the past years, with warnings issued from central banks such as the MAS (MAS-Cautions-Investors-on-Risks-in-Trading-Binary-Options-with-Unregulated-Platforms, SEC warns against Binary Options and scams such as the-wolves-of-tel-a...
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Bank of America Merrill Lynch - Interview - FICC - Fixed Income Currency and CommoditiesThe most difficult interview questions that were asked revolved around option theory. More specifically, it started out simple with questions about expected payoff at different prices for different call, put, call spreads, put spreads, etc. As the interview went on, the interviewer asked questions a...
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BAML Superday SADid anybody hear anything from BAML regarding a superday for S+T? I did a hirevue a couple weeks ago but have not heard back. Also anybody hear anything from MS as well - I did a hirevue for them as well. This is for SA NYC S+T internships....
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Goldman Sachs Securities HireVueJust got mine today, has anyone done it yet and can give me more information as to the types of questions asked?...
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JP Morgan Securities - Review - Distressed Debt and/or High YieldLeading analyst team, great training ground, leading reputation, excellent exit opportunities, exposure to various areas of bank. Long hours, large bureaucratic institution, limited mentorship, health insurance coverage wasn't the best...
Akuna Capital LLC - Interview - N/ATough algorithms questions in the coding interview, given a game with a set of rules, find all valid end states of the game in a given time complexity. Phone interview consists of standard probability questions, nothing too difficult, make sure to understand technical and conceptual aspects of expec...
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How soon can I open a prop trading shop of my own?I want to open my own Prop trading shop. Perhaps have 10-15 employees and a turnover of $10m. What skills should I focus on for the next 3-4 years to be able to start off after that period? I am a fresher right now but have been trading in stocks with 6 figure profits since 4-5 years. I want to work...
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How Much of a Threat is Automation to Finance Jobs?Recently had lunch with someone in S&T who warned me against pursuing certain careers in finance, particularly S&T, because of the likelihood that automation/AI would replace a significant amount of jobs. I've seen a few forums claiming exactly that dating back several years, and articles like [this...
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Kent Moors - fraud or factual?Can anyone here tell me what the energy industry thinks of Dr. Kent Moors of Duquesne University? Specifically: how is he regarded by crude oil traders? I ask because he's increasingly on Fox News preaching visions of doom and gloom. All fine and well. Sometimes, as in the case of Meredith Whitn...
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Citigroup - Interview - Sales and TradingNothing too unexpected but had an interviewer ask about options and we talked about the greeks. ...
Nomura Holdings - Review - Sales and TradingThe office had great interactions with senior people, as well as a strong training program for incoming interns. Additionally, the office had nice perks (and in a great location), and generally great/nice people.. The firm isn't super well known (with consequences like fewer exit opportunities etc.)...
Citigroup - Review - Sales and TradingVery happy with the company and colleagues. Aside from having to be in the office early, the hours were great and a good mix of travel (1 night / week). Good base pay, okay bonus, and good benefits. . Equity sales is not very challenging and the industry is shrinking. Everyone that had been in the i...
Barclays Capital - Review - Sales and TradingI'm learning a lot, coming from a different field Given responsibility, especially given my lack of experience Manageable and quite predictable working hours Very international team, easy to integrate. The environment is very bureaucratic, hard to change things The demands of the voice trading desk ...
Susquehanna International Group - Review - Equities- Very good work life balance, most traders only work 8 - 430. - Free catered breakfast and lunch, usually quite good. Breakfast sandwiches and Chik-Fil-A on execution Fridays - Compensation is very solid for ATs, 130k base plus 10k signing and 20k target . - Comp structure is fairly flat, your b...
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Week to prep Series 7Hey all - I'm about to take the series 7 exam within 2 days. I had about less than a week to prepare (3 day live training with knopman and Qbanks). With the paper/practice exams, I am pulling around high 60s (67-69). The QBank is just wrecking me. Is the exam equivalent to the Qbanks? Ive read that...
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Natixis - Review - N/Anouhuihuihiojpojnjkboijkp[kpkojpokopkopkopkopkpokopkopkopkopko j vdjxcnzsknc sckozn clzs cokzsckz cklz sck zskc zkjc jkzc jkz ckjz cjk zjkc kz . nouhuihuihiojpojnjkboijkp[kpkojpokopkopkopkopkpokopkopkopkopko j vdjxcnzsknc sckozn clzs cokzsckz cklz sck zskc zkjc jkzc jkz ckjz cjk zjkc kz ...
JP Morgan Securities - Interview - TradingI didn't have very unexpected interview questions - I think all the questions are pretty standard and S&T questions. I have alum working for the firm and interviewing me. He gave me a brainteaser mathematical based, which I thought was a bit unexpected and did my best on the spot. But I only did 3/1...
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Struggling to understand the nuances between an exchange and a market maker Hi, I am currently reviewing the mechanics of an exchange market (i.e. not OTC) and how a market maker essentially fits into it. And yes, I've heard the standard answer of a market maker: "An MM provides liquidity to a market by and purchasing and selling securities at a designated price". I theref...
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Goldman Sachs - Review - SecuritiesGood platform, exposure to lots of aspects of finance, smart people in a lot of groups. All in all, a really good place to start one's career at. Would recommend.. Dress code is not casual, sometimes changes can be slow. There are some of the groups that are less exciting, so you would have to be pl...
Jane Street Capital - Interview - N/AWhat is the largest and smallest numbers you can make such that the digits of the number multiply one another to make 10000. I give you 18 balls, of which 17 weigh the same and the last one is heavier than the rest. I also provide you a balance scale. Can you tell me the minimum number of weighs ...
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Compensation at oil majors and physical houses for traffic desk and tradersWas wondering what one would expect to be paid on the traffic desk at a supermajor oil firm and at a physical trading house such as Vitol, Glencore, Trafi on any product desk. Also, I know it varies quite a bit but what would a junior trader earn in salary and bonus at either the supermajors or phy...
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Piper Jaffray - Interview - GeneralistThe most difficult question was about lbo and it’s structure for a particular deal between two retail companies the next time it was not easy to cover all the questions as you have to have several rounds of interview and technical questions can be not predictable therefore I advise to get prepared...
Citigroup - Interview - Sales and TradingOne interviewer was aggressive in asking brain teasers and math related questions. I was asked several 'deck of cards' questions: What is the probability of pulling 3 aces in a row from a deck of cards? Make a market on the expected value of rolling a dice. Also several basic markets questions: W...
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Anyone interested in a comprehensive guide for trading?ActuarialQuant here. I've posted a few anecdotal posts here and there but was wondering if there was any interest if I posted more educational/informational content regarding interview processes for trading. Needless to say, when I was a senior in school, I referenced this material : https://www.w...
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BNP Paribas - Interview - Sales and TradingThe most unexpected question was: Do you like money? Additionally coding questions related to VBA were asked, some coding questions related to dictionaries, questions related to interactions within a group. Another set of challenging...
Cargill - Review - ConsultingThere was a lot of great training on the job. They really try to get you to understand the fundamentals of that industry.. They had a lot of business development that you had to go through. Good in small amounts, but not huge quantities....

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