Credit Risk to Sales in S&T
Hey guys, VP in Credit Risk covering S&T business trying to move to the sales side of S&T at a big NYC bank. I passed all my FINRA exams (SIE, 7, 79, & 63) knowing that I eventually want to move to S&T, and now I'm ramping up my networking efforts reaching out to the sales guys I cover for chats. If I were to land an interview, what kind of questions do you think they would realistically expect me to be knowledgeable about noting that I'd be a lateral transfer at a big NYC bank at the VP level in Credit Risk? How technical is the sales side? My top desk choice would be the special situation / distressed credit sales desk, but I'm also talking to the securitized products sales desk (ABS, MBS, etc). Thanks in advance!!
Based on the most helpful WSO content, transitioning from Credit Risk to Sales within S&T at a big NYC bank as a VP is a significant move. Here are some insights on what you might expect during the interview process and the kind of knowledge you should be prepared to demonstrate:
Understanding of Sales in S&T: You should be able to articulate the role of sales in securities and trading, including how to build relationships with clients, understanding their needs, and effectively communicating complex financial products.
Product Knowledge: For a special situations/distressed credit sales desk, you should have a deep understanding of distressed assets, how they are valued, and the market dynamics. For securitized products sales, knowledge of ABS, MBS, and related products is crucial.
Market and Industry Trends: Be prepared to discuss current trends in the markets relevant to the desks you're interested in, including regulatory changes, economic factors affecting credit markets, and recent deals or shifts in the industry.
Technical Skills: While the sales side may not be as technical as other areas, you should still be comfortable with financial modeling and analysis, as these skills can help you understand the products you're selling and communicate value to clients.
Networking and Relationship Management: Given your background in Credit Risk, you should leverage your existing relationships and demonstrate how your risk assessment skills can translate into identifying opportunities and managing client expectations in sales.
Regulatory Knowledge: Your FINRA exams (SIE, 7, 79, & 63) are a great foundation, but be prepared to discuss how you would apply this knowledge in a sales context, particularly as it pertains to compliance and ethical selling practices.
Transitioning Skills: Be ready to explain how your experience in Credit Risk gives you a unique perspective and how you can apply your analytical skills to a sales role.
Remember, the key in sales is not just product knowledge, but also the ability to communicate effectively, build trust, and understand client needs. Your background in Credit Risk should provide a strong foundation for understanding the products and the risks associated with them, which can be a valuable asset in a sales role. Keep swinging for the fences, and good luck with your networking and potential interviews!
Sources: Q&A - Commercial Banking Credit Risk SVP in Southeast USA, Q&A - Commercial Banking Credit Risk SVP in Southeast USA
The most surefire way to get from not FO to FO is to lateral internally. You will by far have the easiest time lateraling to a position with a team you already work with, or are close with. Get to know the sales guys on each of the potential desks at a personal level, and make it be known to them (and their superiors) that this is something you're interested in. If there's headcount, or something opens up, it's way easier for them to talk to you and your bosses, since you're track record is a known commodity.
Once you're in FO, you can focus on lateralling to a different group depending on your preferences. Risk to sales is an uncommon path, so I think you also need a pretty clear reason why you'd want to do it (risk to trading is way more common).
Thank you, very helpful! You mind if I DM you?
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