BNP FI S&T vs JEF EQ S&T
I am lucky enough to have received offers at both firms, both nyc and generalist programs for summer. A little about me:
I want to be a trader, but I don't study math. I do however have a strong econ/finance background and am quick with mental math. Thus, it seems to me the Jef route would be the best way to win a FT offer for a trading spot, while a BNP trading offer would be tougher to secure since fixed income attracts more quant applicants. However, I do worry that equity products will be marginalized more in coming years than fixed income (or is this just true with cash equities? I do find derivatives fascinating). Both firms seem to be growing their platforms.
Also, I really do not want to do sales. I can schmooze well, but as a long-term career I know the Willy Loman syndrome would get to me. I need to feel I am utilizing my brain and not just showing people a good time -- trading seems more about decision making and making calls and I like that a lot. I enjoy macro econ, analyzing global politics, and arriving at contrarian conclusions. Currently learning VBA.
you don't need many hard skills to go through an s&t internship. it's all networking. if you're confident, go with what you want
I am confident but I expect others will be too. And if they're coming from math/stat backgrounds I worry they will receive trading assignments/offers while the econ major (me) will be relegated to sales.
BNP
dude, i've seen people with econ backgrounds in quant roles. Most FICC desks aren't that math intensive...at all. If you can grasp the concepts of duration and convexity you'll be fine for an internship regardless if there are kids with stat/math backgrounds. Hell, depending on the particular equity desk, that may end up being more quantitative. People on this forum act as though you need to take advanced real analysis to trade some bonds.
As for your question, go with BNP especially if you like macro.
This is pretty spot on. I've accepted a FT role in FICC at a firm very similar to BNP despite graduating with a degree in Middle Eastern History.
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