How can one differentiate oneself during the analyst training program and get placed on a good desk?
Just curious what the typical BB S&T training program looks like and where there might be opportunities to hustle or add to your desirability. Super excited to start in S&T this summer but very anxious to avoid getting placed on, say, cash equities.
Don't think there is a way to stand out during training that would somehow translate to better placement. At least not in my program. Our training took place before we even got to meet with teams.
Key is networking. Start early. If you already have an offer, start reaching out to analysts/associates in teams you are interested in and have a conversation. Show interest, ask GOOD questions, and don't waste anybody's time. Having a team know your name is half the battle.
Thanks for the reply.
I'm actually an analyst at the bank in a different division lateraling to S&T so I have a leg up from a networking standpoint. That said, I've noticed that the roles of people who I've spoken with tend to be a lot more nuanced than they appear on the surface - i.e., S&T isn't as simple as Equities and FICC. In general I've held my own and have stayed composed but I wouldn't say I've asked the most technical questions. When you say ask good questions, do you mean for them to be technical? In some ways, I'm unsure how else I can learn from them without asking some more basic questions (my questions generally revolve around understanding the product, rather than trying to asking "deeper knowledge" questions about trading strategies and what not).
I mean to ask questions that show you both have a general understanding of the desk/product but that are intellectually curious and want to know more.
It doesn’t have to be something technical. Just stuff that isn’t perceived to be as very easily googled. ie asking what duration is to a bond trader.
A good strategy is the good old asking about something you already know. Kind of a life hack to seem like you are really picking stuff up and keeping up with the conversation. Maybe striking up a convo with a bond salesperson about negative convexity in mortgage bonds, or callable bonds, and how that risk is managed, etc etc. Things not every intern will know/care about.
the point of asking questions is not to show you mastered some technical subject....because that is just a baseline assumption....we assume you know the technicals (and if you don't, then shame on you).
You should be asking questions as tho you were a member of the desk...and take into account what is happening in the market. You can't pre-plan these questions...because it will depend on whats happening in the world at that moment. We want to feel that you are already a member of the desk, and whatever question you might ask is something that anyone else on the desk might also be wondering...it should feel "natural"...
Appreciate your reply.
I just have one question: does your explanation(such as networking with analysts in various desk even before joining the team) also stands legit for incoming summer analysts?
It especially applies to incoming summer analysts. Great way to differentiate yourself.
Without prior knowledge as to the functions of a specific role such as Research Sales or Sales Support within S&T, how does one avoid asking the wrong questions or essentially wasting someone's time? I am in the process of preparing for an SA S&T program and would like to do all that I can, in a WFH environment, to stand out.
ask to get onto all the research email lists (rates, volatility, asset backed, emerging markets, spread products, repo market, cross asset, etc..)
read everything you can...research what you don't understand...expect this to take a long time, and take learning seriously
this will take you months to get a grasp...fortune favors the prepared
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I guess a simple but effective way to begin with is to pre-plan out a list of desks you're interested in - say 3 or even 5 - then reach out to those on the desks
can start with ur closest connection at the bank (e.g. buddy/mentor/interviewer) and then ask them for warm intros to others
talking to everyone doesn't help if you're not having quality convos.
What do you think constitutes a quality conversation?
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