Best desks to intern on?
I recently got offered a summer internship at a MM for their S&T division, which I have decided to accept. I was also reached out to by a PM at a large AM, pretty much asking if I’d applied to their firm, and if I was interested in their fixed income division. This really got me thinking about what desks I’ll be choosing for my S&T internship, which is ages away but would like some advice on…
For some more context, I’ve been contemplating different careers for a while, and have spoken to quite a few ppl across both buy-side and sell-side. I think ideally, I’d want to start off on the sell-side, experience what it’s like essentially working for clients, then moving to HF or AM. I’ve also got 2 more years at uni, so would like to have a plan, rather than just interning each year in something unrelated.
Would be great if I could get either general advice on a career in trading, or specifics on which desks are in demand.
Congratulations on your summer internship offer! It's great to hear that you're already thinking ahead about your career path and the desks you might want to intern on. Based on the most helpful WSO content, here are some insights to consider when selecting a desk for your S&T internship:
Your Interests and Skills: The best desk for you is one that aligns with your interests and where you can leverage your skills. Reflect on what financial products or markets excite you and where you think you can excel.
Market Trends: It's wise to consider market trends and how different desks are performing. For example, equities have been doing well with a lot of M&A activity, but technology is changing roles like cash equities. Fixed income has seen headcount cuts, but it's still a large and essential market.
Career Path: Since you're interested in eventually moving to a hedge fund or asset management, consider desks that provide skills transferable to the buy-side. Macro trading desks, like FX, Emerging Markets, or US Interest Rate trading, are often suggested for those aiming to become a buy-side PM.
Demand and Longevity: Look for desks that are in demand and have a good long-term outlook. While it's hard to predict the future, desks that are adaptable and have a strong regulatory and technological foundation may offer more security.
Networking and Mentorship: Use your internship to network with professionals across different desks. This can provide you with a clearer picture of where you might fit best and open up future opportunities.
Diversification: If possible, try to get exposure to a variety of desks during your internship. This will give you a broader understanding of S&T and help you make a more informed decision about your career.
Remember, there's no one-size-fits-all answer, and the "best" desk can vary based on personal goals and market conditions. Keep an open mind, be proactive in learning and networking, and use your internship to explore your options. Good luck!
Sources: HELP: The Future of the S&T Job Market and Selecting the Right Desk, Best Desks for Sell-Side Trader --> Buy-Side Macro PM, A Response to "Which desk is best?" Type Questions... Please Read Before Posting, https://www.wallstreetoasis.com/forum/trading/what-are-the-top-volatility-trading-desks-at-jpm-gs-and-what-differentiates-them?customgpt=1, What made me want to work on a desk
Go intern for the PM who is interested in you. You just got to skip years of someone's ideal career path.
What prompted the PM to reach out to you? Sounds like a great opportunity
If you can do math, go for derivatives desks. Rates/fx vol can lead to hedge fund trading seats, and equity vol can exit to trading firms/market makers like Citadel Sec. It’s also cool to just stay and not look for exits because it still is pretty interesting and a lot to learn.
what math is needed for derivative seats?
On the job, prolly just calculus/statistics. But keep in mind that for vol trading seats ur gonna be against kids from top stem programs with courses like diff eq/optimization/lin alg, etc.
oh that’s fine, I just now rates are the basis for a lot of pure maths in finance, was hoping I didn’t need any high level stochastic calculus or proof based math.
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