From Multistrat PM to Sellside Market Maker
Hi guys,
I'm a PM at a multistrat running an equity/FX/Commodity volatility strategy (primarily equities). To keep it brief, I find the PM job very stressful and I'm looking to start a family soon. I think being a stressed out/anxious PM with young children and a wife is not a good idea. It's difficult not to bring your work home - ruining the family life - and it's hard to plan your future with job security so poor.
I posted another thread a week or two ago and one of the responses recommended I try market making on the sellside as a good way to have a more balanced work-life. I wanted to ask those who have made this transition some questions:
1) Is it difficult to make the move to the sellside if you previously haven't worked as a market maker? I think for FX/Equities volatility trading, the skillset and methodology should be pretty similar between sellside/buyside. If there is a big difference, is it difficult to learn on the job?
2) How did you market yourself to get the role? Many sellside market makers are able to successfully market themselves to the buyside but I haven't heard how one goes in the opposite direction
3) Is experienced sellside recruiting mainly through headhunters or is there another predominant avenue?
Thank you very much for all your kind replies.
Based on the most helpful WSO content, transitioning from a buy-side PM to a sell-side market maker can be both challenging and rewarding. Here are some insights that might help you with your questions:
1) Transitioning to Sell-Side Market Making: - The skillset from buy-side trading, especially in volatility strategies, is indeed transferable to sell-side market making. However, the roles do have their differences. - On the sell-side, you'll be more focused on providing liquidity, managing inventory, and dealing with a higher volume of trades. The pressure to perform is still present, but it's a different kind of stress compared to managing a portfolio. - Learning on the job is expected, but having a solid foundation in trading will be beneficial. Sell-side firms may provide training to help you adjust to the specifics of market making.
2) Marketing Yourself for the Role: - Highlight your experience in managing risk and making quick, informed decisions, as these are crucial skills for a market maker. - Emphasize your understanding of market dynamics and your ability to analyze market sentiment, as this will be key in a market-making role. - Networking is crucial. Use your contacts within the industry to express your interest in transitioning to the sell-side. Your experience as a PM can be a unique selling point.
3) Sell-Side Recruiting Avenues: - Experienced sell-side recruiting often involves headhunters, especially for more senior roles. - Networking and leveraging existing relationships can also be a powerful tool. Don't underestimate the value of reaching out to former colleagues or industry contacts. - Some firms may also list openings directly on their careers page, so it's worth keeping an eye on those as well.
Remember, while the transition may require some adjustment, your experience on the buy-side can be a valuable asset on the sell-side. It's all about how you leverage your existing skills and adapt to the new environment. Good luck with your career move and starting your family!
Sources: Am I missing something about buyside exits?, Sell Side Trading vs Buy Side Execution, https://www.wallstreetoasis.com/forum/trading/converts-trading?customgpt=1, How did you transition from an analyst/support role to a sourcing/production role?, Why does everyone want buy-side?
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