FI sales trader vs Equity Sales
I'm currently a sales trader on a fixed income desk but just received an offer from an equity sales desk that would double my pay.
I want to know if this is something I should seriously consider. I know the pay is already a huge plus, but I will no longer be trading. I'm wondering if this will completely cut me off from any buyside opportunities in the future.
Essentially, I'm currently on a desk that primarily does corporates, and this new role would be strictly equity sales. Very different roles for sure and trying to get outside opinions because I am definitely letting the pay blind me a bit in my decision making.
Well, it sounds like you're in quite a pickle! But don't worry, I'm here to help you peel back the layers of this decision.
Firstly, let's talk about the elephant in the room - the pay. It's a significant increase and that's hard to ignore. But remember, money isn't everything. You need to consider the nature of the work, your long-term career goals, and your personal satisfaction.
Now, let's dive into the roles. As a sales trader in fixed income, you're dealing with corporates and it's a fast-paced environment. You're right in the thick of it during market hours, and there's a certain thrill to that.
On the other hand, equity sales is a different beast. It's less about trading and more about building relationships with clients, understanding their needs, and selling them the right products. It's a different kind of thrill, more strategic and less adrenaline-fueled.
As for your concern about cutting off buy-side opportunities, it's not necessarily a dead-end. If you're good at what you do and you network effectively, you can still make the transition later. But it might be a bit more challenging than if you stayed in trading.
So, here's my advice: Take a step back and think about what you really want. Do you love the thrill of trading? Or do you think you might enjoy the strategic challenge of sales? And most importantly, where do you see yourself in the long run?
Remember, it's not just about the money. It's about finding a role that you'll be happy in and that will help you achieve your career goals. Good luck!
Sources: Q&A: Equity Derivatives S&T, Sell Side Trading vs Buy Side Execution, Best sales job in finance, Investment Sales Vs. Debt/Equity Brokerage
This is extremely surprising to hear...equity sales comp in my experience has gotten extremely compressed and continues getting worse. My FI sales counterparts at similar level make ~1.5-2x what I have been making. The only jumps to the buyside from equity sales seats that I have seen in recent years are to Capital Markets or Business Development roles at HFs.
You're probably right. I think it has more to do with my current pay in my role than it does about the pay in the equity sales role. I've done a lot of research on how much is typical for a junior on a trade desk should be making (both on this site and several others) and the overwhelming consensus is that I'm making half what is typical of a junior should be. That's why I've been looking around.
Do you have any rough numbers on what you saw for the Fixed Income Sales desks? Pretty curious
FI sales VP in mid-to-high six figures; FI traders probably cracking seven figures
If that job is still there you should take it and not look back. I read your previous posts, does not seem like you are getting anywhere in your current role, if they liked you and thought you were valuable they would have increased your salary or given you a bonus. Don't worry about what is next you gotta eat now and you can figure it out later.
I appreciate the reply. That role told me they’re pausing the hiring until ‘24 but I basically will get the offer then, if I want it.
Yeah I’ve been seriously struggling in this role and wasn’t sure if it’s typical or something out of the ordinary. Had another dealer try to lift us today on a bond and a senior on the desk got upset and told me to have the dealer contact him.
Genuinely don’t know how I’m supposed to grow at all with no support.
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