Going from IB —> S&T
Incoming IB SA at RJ/Mizuho/BNP/Piper Sandler. Considering making a move to S&T for full time recruiting. How difficult would this be? I'm under the impression that S&T is less competitive. Also how transferable is the experience? Also what % of S&T jobs are quantitative based nowadays? I'm not willing to learn any sort of coding or data.
It is not less competitive. Very few trading seats compared to ib seats and even less good ones.
Experience at SA level is not that important. Soft skills/interest/smarts is more important would say.
It is less competitive. Fewer seats but fewer applicants than IB in terms of quality and quantity. Sales is less competitive.
Who in S&T threw MS? I can't believe we're debating whether IB is more selective than SALES in terms of on paper quality. Literally, do a LinkedIn search at the same bank.. Night & Day difference.
Probably easiest way is just to network internally. Maybe try to get placed in ECM/DCM which sometimes sit on trading floors. Some banks have internal mobility programs that let you directly apply to full time programs and get two offers (Citi I believe does this).
Experience is not very transferable but certainly not impossible to make the transition...S&T = flow trading. All you care about is markets (your specific product) and appeasing your clients
If you are not willing to learn coding then I would look into sales. Trading side not 100% quantitative now but if you want a competitive job on the trading side of the business >5years out knowing how to code is not going to be something that sets you apart, it will be a prerequisite to get a foot in the door as that's where the business is going
Sales is underrated imo. Bit less stress, still have to know the products/have an opinion, but it's sales so must be a social person and someone who is eager to entertain and eventually build a book of clients (you are still in a revenue generating seat afterall)
What is average pay like for an associate and VP in sales?
In my experience once you get to associate level and above pay becomes much more performance dependent -- so differs from group to group and person to person. Ultimately as a sales guy your pay (bonus) is still somewhat dependent on how your traders performed. If you're in rates sales and the rates trading group killed it, you will most likely get paid (as you helped bring them that flow). If the rates trading group was offsides Eurodollar futures into an FOMC decision and desk PnL took a big hit, you're bonus will probably be impacted (even if you crushed it as a salesman).
At associate level you have theoretically been promoted from analyst and have put in in your 2-3 years learning the ropes (products, lingo, systems, clients, etc.) so are now expected to be a producer (have your own book of clients). First-year associates maybe 150-175..associate level and have your own book of clients and crushing it, >$200k all-in is pretty realistic. So on and so forth. But again, all comes back to who you know: tier 1 client printing material flow with you or some small shop just sending you crumbs as well as your ability to work with your trading desk and add value to the home team
Some first year IBD associates at top BBs are getting 350-375k all-in... I'd hope AS1 S&T would be at least 200k lol.
apples and oranges
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