Hello,
I am thinking of breaking into sales position within the bank I am currently working at. I have spent a year after b-school on fixed income liability-side structuring desk, a job which I did not enjoy at all (hated) - fixed income people who know what 'liability-side" structurers do will understand me very well.
Anyway, my question about fixed income sales is as follows - on what sales desk will my analytical skills / knowledge of financial products will be tested the most? In other words, on which desk will my ability to retain clients depend the most on my understanding of the product and my ability to suggest investment/trade ideas for the clients? My preconception of what good FI sales people are may be glorified but I think a good sales person should think from perspective of the fund manager in order to be able to put forward the most original trade ideas. Let me know if this is total crap or not.
I know that being a sales person has a lot of upside (in terms of earnings potential) but I don't want to be in position where my success as a salesperson is dependent more on my ability to schmooze and execute client orders faster than others.
I will appreciate any advice anyone can offer.
From my experience, MBS sales people need to know the product just as well as the traders (in fact most of the sales people I met used to be traders). The product requires a lot of analysis and being able to sell the product to different clients--need to talk about prepayment speeds, durations, OAS, collateral characteristics, ect. My other suggestion would be distressed debt, but I am not sure if your bank has distressed debt sales or if they have credit sales and everyone covers all the credit products--from short term to high yield.
My goal is to work at a MBS sales desk when I finish my MBA. I've been (still am) in mortgages for almost 10 yrs...my experience is in the "front line"...originating mortgages as a banker, and then leading a sales team. Curious...what banks (off the top of your head) have high performing MBS desks?
BAML,CS,JPM have the top three desks...in that order.
Thank you kind sir!
Bump
Fixed Income Sales Trader. (Originally Posted: 09/08/2014)
Hi all,
I hope to move into FI sales/trading in future. I am keen to know the ins and outs as far as career development, I see lots of posts about FI sales traders in investment banks but not a lot about boutiques or Asset Management companies. I have an opportunity to move into a fixed income boutique/asset management firm as a sales trader dealing with institutional clients. The products are vanilla mainly, convertibles with some exposure to more advanced structured products.
What would be the best product to specialize in once I find my feet in order to best market myself with future career prospects in mind?
As I will be new to the role I have no idea about how things are done in this role, from building a book of clients (for example are bond mandates tendered?) Can business be won as a result of direct contact with institutional traders, do they have the final call based on what products you have and what price you can bid/ask?
I do have a large network of institutions due to past roles in other fields, Someone did mention that if I could get an institution to use the boutique i.e join as a client then that would pretty much secure my place...hard to do at this point.
Are there any guys/gals here that started of in an FI brokerage setting, what direction did your careers take?
What earning potential is on the table, What kind of salary and bonus can be achieved?
Thanks all
Can anyone jump in and help out here???
What do you do now?
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