Although I already verbally accepted an offer for a low tier BB sales and trading position, I recently got an email requesting an interview for Goldman Desk Strategist. From my understanding, the position sounds like a heavy quant MFE type role. Do you think I should renege on my offer and pursue this position? Which would lead to better ops to either get a top BB FT position in either IBD or Securities?
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Depends on what desk you'd be working with-some of the desk strategists we work with are basically research analysts like any other equity or debt researcher (for example cash HY/distressed loans and cash CDOs) where others are much more quantitative (CDS tranche strategists, for example, or someone in rates/forex which isn't our focus).
In my experience desk strategists are basically the same as any other research group, just on the same side of the Chinese wall as the sales and trading operation, so the quant-element is depends on the desk/product. I suppose this could be totally different for prop trading, and my experience only extends to the desk analysts I've dealt with so I can't claim to know the whole spectrum.
I have to think that desk strategist at GS is better than generic S&T at a lower-tier bank, though-my 2 cents.
Don't turn down what you've got just for an interview. If GS makes you an offer, THEN you can decide.
For now, no harm in pursuing both, but don't be an asshole about it.
x
I love S&T, but I still would choose GS strategist position. Not because of the brand name. First as a SA, you won't be trading anyway. Strategists spend all their time about trading ideas, from what I understand. You can learn a lot from ppl in GS... The experience should be valuable for your future trading career. Just my two cents...
Except for the fact that if you want to do Sales and Trading then you will need to network to get on an S&T desk at GS or at another shop. Whereas interning on a trading desk gives you the option of getting hired on to that desk.
What do you want to do after graduation? Either way, it wouldn't hurt to at least interview with GS (I think you'd be stupid not to). If you end up receiving an offer and like the group/work, then you can consider reneging.
Your trader with a book at a "lower tier" bank who generates a decent p/l will make more money than your desk strategist at GS.
Get your priorities straight. No one other than prospective monkeys care about your bank name. Especially in trading where your track record is what matters.
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The thing is, I'm not sure if I should interview at all, because if GS finds out that I already accepted another firm, they might not only reject me, but blacklist me for fulltime recruiting.
When you stay put.
How comfortable is it to shift from Derivatives Operation (the work is not very low end such as drafting or checking settlements) to Strategist at GS?
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