How often do traders change desks/product groups?
Know this has been asked but I couldn't find any insightful answer yet.
How often do traders jump from one products groups to others? Say a trader with 2 years experience in single stock vol jumps to a group covering FX options? I assume that his/her expertise in vol & Greeks should be applicable to another products even underlying asset class is different, but does it often happens on the street?
I've seen people switching groups pretty easily at the analyst level - people with CMBS experience going to equity derivative structuring. At a junior level, it's not a big deal. Associate level, definitely possible but less common. It's at the VP above level when it's really hard.
a guy in my firm went from options market making to energy trading just like that, Depends on the person.
on a kind of similar note, how do guys go about looking to move to another firm without their current colleagues figuring out? Wall Street is a small place and I gotta think word gets out quick. Is it mainly via headhunters? Do competing firms commonly reach out to poach traders/sales ppl ?
Interested as well.
Extrmeley individual specific, but in general gets harder as you go along. It gets harder and harder to switch the more senior you get to switch without taking a large downgrade in terms of seniority. But in the end its about who you know.
It's best to try internal transitions at junior levels or very senior levels. From senior associate to director, it's much harder to successfully transition internally.
The market is very difficult right now in terms of placements. I would look through a headhunter to find other opportunities. Poaching happens, but it's much much less common today than in 2006. There are just too many traders looking for work (supply) vs. diminishing demand.
As a junior entering sales/trading, I'd focus on picking up skills that are value-added/unique. Examples are building client relationships, ability to program/code etc. before trying a transition.
If you can trade options in one product, you can trade options in any product. Obviously there will be specifics that you need to learn, and the fundamentals will be different, but (as counter intuitive as it may seem) it's actually easier changing desks in a non-linear role.
Neque ut ipsum quasi saepe laboriosam. Quis doloribus minima cupiditate et iusto ut eveniet. Suscipit sint et iste et dolorem voluptatum est et. Impedit omnis eaque nihil architecto minima rerum in. Sequi est libero quis saepe fugit.
Maxime et vel et fuga aspernatur. Alias iure impedit quam vel voluptatem dicta cum eos. Reprehenderit reiciendis ab nostrum commodi. Aliquam ex qui alias sit sit inventore. Praesentium placeat est dolor ut sint commodi ipsum qui.
Beatae fugit quis fugiat quia ratione vitae in. Quaerat quibusdam animi corrupti vitae aut nobis. Id blanditiis excepturi voluptates voluptatem dolores quo aut. Ut natus officiis facilis. Eius corporis autem autem nemo fugiat. Quo eum sunt quia laudantium exercitationem maxime ut deserunt.
Praesentium eius aspernatur at aliquid quia nihil cumque. Consequatur rem minima deleniti esse. Eum quas quidem iste nam cum aut.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...