Going from IB to S&T
Currently at a LMM/MM bank in the RX group, was looking to transition to an S&T given my interest in the markets. I'm an AN1, is there a way to make a transition?
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Transitioning from Investment Banking (IB) to Sales & Trading (S&T) is possible, but it requires a strategic approach. Based on the most helpful WSO content, here are some key points to consider:
Leverage Your RX Experience: Your experience in a Restructuring (RX) group can be valuable, especially if you’ve worked on distressed debt or other credit-related products. Highlight any exposure to markets, trading, or financial instruments that align with S&T.
Network Strategically: Networking is critical. Reach out to professionals in S&T roles, especially those who have made similar transitions. Use your alumni network, LinkedIn, or industry events to connect with people in the field.
Demonstrate Market Knowledge: S&T roles require a strong understanding of market dynamics. Be prepared to discuss your interest in the markets, your knowledge of specific products, and how you stay updated on market trends (e.g., reading WSJ, FT, Bloomberg).
Target Relevant Desks: Focus on desks that align with your background. For example, if you’ve worked on credit-heavy deals in RX, desks like Fixed Income, Credit Trading, or Distressed Debt Trading might be a natural fit.
Highlight Transferable Skills: Emphasize skills like financial modeling, client interaction, and high-pressure decision-making. These are highly valued in S&T roles.
Consider Internal Opportunities: If your current bank has an S&T division, explore internal mobility options. It’s often easier to transition within the same firm.
Be Ready for a Payoff Adjustment: S&T compensation structures differ from IB, especially at the junior level. Be prepared for potential differences in pay and lifestyle.
Timing Matters: The earlier you make the transition, the better. As an AN1, you’re still early in your career, which makes the move more feasible.
If you’re serious about the transition, start building your case now by networking, gaining market knowledge, and positioning your RX experience as relevant to S&T.
Sources: 2nd year S&T to IBD Associate -- ask me about S&T, S&T Summer Analyst Lateral to IB FT?, Conversation with an Equities Sales Trader, 2nd year S&T to IBD Associate -- ask me about S&T, Non-target average student declined BB trading ops offer, now having some second thoughts
I would think leveraged credit sell side desk analyst seat or even buyside seat another year out could be a natural transition. Headhunters for those roles would love an RX analyst, though the bank name on your resume might matter a lot to them. Having a target or semi-target on your resume would all definitely help - unfortunately that’s just how it is
If you want to get into like FX or rates or equities trading…that would prob require a lot more networking but you’re so early in your career. If you’re smart and curious enough feel like anything is possible
S&T is going to outperform IBD/PE going forward. Smart choice. Long vol world
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