BB S&T vs Prop Trading Firm (London)
Hi all,
I’m currently deciding between two summer internship offers and would really appreciate some advice.
Option 1: BB S&T in London
Option 2: Large prop trading / market making firm (in Europe, not London) – role is more aligned with equity research, has guaranteed grad conversion, and significantly higher comp
A bit more context:
• Long-term, I want to be based in London
• The prop/MM firm seems stronger in terms of pay, culture, and conversion certainty
• However, the BB S&T role is in London and more traditional sell-side exposure
My main question is around optionality and mobility:
If I take the prop/MM role and convert full-time, how difficult would it be to later move back to London into a sell-side role (e.g. S&T at a bank, or similar)?
Versus taking the BB internship now and staying on that more “standard” path in London.
I’m trying to weigh:
• Immediate upside (comp, conversion, arguably better firm)
vs.
• Long-term geographic goal + brand/exit optionality in London
Would really appreciate thoughts from anyone who’s made a similar move or has insight into how transferable prop/MM experience is to London sell-side.
Thanks in advance.
Based on the most helpful WSO content, here’s how you can weigh your options:
Option 1: BB S&T in London
Pros:
Cons:
Option 2: Prop/MM Firm in Europe
Pros:
Cons:
Key Considerations:
Transferability of Skills: While prop/MM firms provide excellent technical training, transitioning to a sell-side role in London might require additional effort. Sell-side firms often prioritize candidates with direct sell-side experience or those already in London.
Geographic Goal: If being in London is a non-negotiable long-term goal, starting your career there (via BB S&T) might make more sense. However, if you're open to spending a few years in Europe before transitioning, the prop/MM role could still work.
Optionality: BB S&T offers a more traditional path with broader exit opportunities, especially within London. Prop/MM roles, while lucrative, may pigeonhole you into more niche areas unless you actively network and position yourself for a move.
Recommendation:
If your primary focus is long-term optionality and staying in London, the BB S&T role might be the safer bet. However, if you're comfortable with the potential challenges of transitioning back to London and are drawn to the immediate upside (compensation, culture, and conversion certainty), the prop/MM role could be a great choice. Just ensure you actively network and maintain connections in London to keep the door open for future moves.
Sources: Opportunity to move from NY to Europe in Structuring/Origination, Why choose Sales and Trading over Investment Banking?, Q&A: London L/S + event-driven analyst, Prop Trading (MM) v.s. BB Sales and Trading
Do you come from a STEM background?
No - Finance degree
Any chance you could give us some insight on how you landed an offer like that? The MM one
Do you know what sell side means?? A MM is sell side by definition? so why would you want to move back to a bank??? London s&t comp is so shit no point. take the prop shop and if they have a london office lateral. If not just make more money loll this is a stupid question especially if the RO rate at the prop is higher than at the BB. best of both worlds. Only way i see this being a question is if the prop is rly small, so less prestige for future. but even then people in the industry know and you can def land a similar role in London if you do well.
Thank you for the advice! I’d say it is an easy question if the roles were the same but my one worry is it’s not directly a trading/risk taking role, but more similar to ER (though comp is still much higher than the BB s&t role). But you are correct; return at the prop is pretty much guaranteed and it is a big name.
Take Ldn S&T for your goals. I started there before MM HF. Opens doors if desk is good for learning, network and credibility. Prop is high $ upside faster, but a shallower foundation for long-term career in the markets, imo.
Thanks for the advice! If you’re willing to share- what desks do you think have the best exits into a MM HF (I study Finance so I don’t think it would classify as STEM for the more quanty desks: it is a quantitative degree like econ but obviously not like a pure maths deg)
Flow products e.g. EMFX spot or options, EM rates. Something you market-making in frequently. Avoid structured desks e.g. EM SSA.
Ironically these desks need less quant and more 'normal' people skills (no offense to my smart quant friends).
Given you have non STEM background, I think yiu won't get the Algo/Vol trading seats. But if you can get opportunities to join desks like EM FX, Em rates, commodities, structured credit it will be a great opportunities worth joining S&T, and it would open doors for you for great MMHF or Multistrats.
ER in the prop shops is still a good spot though it is quite comparably newer field so the exit opps or senior comp isn't really very transparent/known.
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