Choosing between desks
Hi all,
I’m about to begin an S&T graduate program in London next month (at a bank with a strong S&T focus, though not a bulge bracket), and I could use some guidance on choosing between two potential desks.
Through my networking so far, it seems likely I’ll end up either on EM Rates Exotics Trading or HY Credit Trading. I’d really appreciate the community’s perspective on the pros and cons of these desks.
In particular, I’m looking for a role that’s relatively resilient to automation, while also keeping the door open for a potential move to the buy side down the line.
What factors or questions should I be considering as I weigh these options?
Thanks in advance for any insights.
To say this upfront . . . the desk you start on matters, but less than you think. I know everyone says this, but it really is true - if you work hard and people like working with you, they will move you within the bank (within reason) to keep you happy if your first desk isn't a fit.
Neither of these are cash desks - so automation likely a little further down the line. One consideration with EM rates is there tends to be pockets of native speakers, so I've heard some traders gripe about trying to for example trade TRY rates when discourse is not happening in English (this is more relevant at the more senior level, to be fair). That being said - you will get exposure to both IR & FX which will set you up as relatively versatile vs someone coming from say a spot FX desk. On the credit trading side you'll get some more exposure to corporate finance theory, but it also is a more specific role (not that this is a bad thing, just something to be aware of). Pace wise, expect credit trading to be longer horizon from inception -> trade given liquidity in the respective markets.
Let me know if makes sense / if any other questions, best of luck!
Thank you for this comment. I really appreciate it. Would I be able to PM you more about this?
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