How Should I Prepare for a Sales & Trading Internship?

Based on the most helpful WSO content, here’s a breakdown of how to prepare for your FICC (Fixed Income, Currencies, and Commodities) Sales & Trading internship and set yourself up for success:

1. What Should I Focus on Learning Before the Internship?

• Market Awareness: Start following the markets daily. Read the Wall Street Journal (WSJ), Financial Times (FT), and use tools like Finviz.com to track key market movements. Develop a routine to stay updated on macroeconomic trends, interest rates, and geopolitical events.
• Technical Knowledge: Familiarize yourself with Hull’s Options, Futures, and Other Derivatives for a solid foundation in derivatives. For fixed income, Fabozzi’s work is highly recommended.
• Mental Math: Practice mental math regularly. Open outcry trading games often test this skill, and it’s critical for quick decision-making on the desk.
• Product Knowledge: Understand the basics of the products you’ll be working with (e.g., bonds, swaps, options). Learn how they’re priced and traded.
• Excel Skills: Be proficient in Excel, especially shortcuts and basic modeling. This will save you time and make you more efficient.

2. What Skills Matter Most for S&T Interns?

• Quick Thinking: The ability to process information and make decisions under pressure is crucial.
• Communication Skills: Whether you’re on the sales or trading side, clear and concise communication is key. Practice explaining complex ideas simply.
• Social Awareness (EQ): Know when to ask questions and when to observe. Timing is everything on a trading floor.
• Attention to Detail: Mistakes can be costly. Double-check your work and ensure accuracy in everything you do.
• Adaptability: Markets are unpredictable. Be ready to pivot and learn on the fly.

3. What Do Successful Interns Do That Average Ones Don’t?

• Be Present and Engaged: Spend time observing and learning from traders and salespeople. Ask thoughtful questions when appropriate.
• Build Relationships: Get to know the team. Successful interns are those who make a positive impression socially and professionally.
• Show Initiative: If you see an opportunity to help or learn, take it. For example, offer to assist with research or data analysis.
• Stay Humble: Don’t try to show off your knowledge. Instead, focus on learning and contributing meaningfully.

4. Anything You Wish You Knew Before Starting on a Desk?

• Desk Dynamics: Understand that every desk has its own culture and rhythm. Observe and adapt to how people operate.
• Ask for Feedback: Regularly ask for feedback to improve. It shows you’re eager to learn and grow.
• Be Prepared for Long Hours: The trading floor can be intense. Mental stamina is as important as technical skills.

5. Your Best Advice to Succeed Throughout Your Career?

• Network Strategically: Build genuine relationships with colleagues and industry professionals. Networking is key in finance.
• Stay Curious: Always be learning. Markets evolve, and staying ahead requires continuous education.
• Resilience: The industry is competitive and volatile. Learn to handle setbacks and keep pushing forward.

6. Any Daily Habits or Routines That Helped You Succeed on the Desk?

• Morning Routine: Start your day by reviewing market news and key events. Be ready to discuss them with your team.
• Note-Taking: Keep a notebook to jot down key insights, questions, and feedback throughout the day.
• Post-Market Review: Reflect on the day’s events and what you learned. This helps reinforce your knowledge and prepares you for the next day.

Final Tip:

Be intellectually curious, stay humble, and focus on building relationships. The trading floor is as much about teamwork and trust as it is about technical skills. Good luck with your internship—crush it!

Sources: S&T Summer Intern Prep - 2 Months Out, Advice for summer and return offer rate?, How should I prepare to be a good intern?, IB SA No Offer -> Major Entertainment Strategy + Perspectives on Recovering from Failure