How to increase SA/FT offer rate at S&T
So I've been eyeing the industry since middle school. I like everything about sales and trading but lean more towards the latter.
I come from a non-target, non-traditional background and I managed to get to get r1s and spds at BBs in their SnT desks (Equities/Derivs/FICC). So I believe that it's obviously more meritocratic than IB given that I already have some options pricing models on my git that use different theories (MC, BSM, Binomial) and vol models and spits out different greek graphs. I keep good connections with a lot of the senior traders, EDs/VPs and others within those different firms. I'm also interested to know what you as an aso/vp/md would think of as a good approach to networking. I usually cold email/message on LinkedIn which I have a high conversion rate, I ask about advice about specific parts in their desk/product that shows I know a thing or two and I'm not going to waste their time.
I'd love to know how can someone potentially increase their chances into getting in? More specifically into derivatives as that's what I'm mostly interested in, but I'm also interested in the other desks. I read academic articles about derivative pricing theories and I'm always updated about markets, macro-themes and all what's happening. Would publishing undergraduate research in those areas help as that shows my extreme interest? Thinking about also starting an online journal about everything I know and I'm learning so I can help everyone else and learn together. Would love any advice, perspective, criticism or anything similar. Thanks!
To increase your SA/FT offer rate in Sales & Trading (S&T), especially with a focus on derivatives, here’s a tailored strategy based on the most helpful WSO content:
Leverage Your Technical Edge:
Your GitHub projects showcasing options pricing models and volatility models are a strong differentiator. Highlight these in your applications and interviews, as they demonstrate both technical expertise and genuine interest in derivatives. Consider refining these projects further and presenting them in a way that’s accessible to non-technical professionals (e.g., creating a summary deck or a blog post explaining their practical applications).
Publish Research and Build a Personal Brand:
Publishing undergraduate research or starting an online journal is an excellent idea. It not only showcases your passion but also positions you as a thought leader. Focus on topics that are relevant to the desks you’re targeting, such as innovative derivative pricing methods, macroeconomic impacts on derivatives, or risk management strategies. Sharing these insights on LinkedIn or other platforms can also help you stand out during networking.
Tailor Your Networking Approach:
Your current networking strategy is solid, especially with your high conversion rate on LinkedIn. To further enhance it:
Demonstrate Market Awareness:
Stay updated on macro themes and market trends, as you’re already doing. During interviews or networking calls, bring up recent market events and tie them to your understanding of derivatives. For example, discuss how a recent Fed decision impacts volatility or derivative pricing.
Enhance Your Profile with Certifications:
While not mandatory, pursuing certifications like the CFA or FINRA licenses (e.g., Series 7 and 63) can further bolster your profile. These credentials signal your commitment to the industry and provide a competitive edge.
Maximize Your Internship Experience:
If you secure an SA role, focus on delivering value immediately. As highlighted in WSO threads, being technically capable and ready to handle grunt work can make a lasting impression. Show that you can free up bandwidth for senior traders by taking on tasks efficiently and accurately.
Prepare for Behavioral and Technical Interviews:
Play the Numbers Game:
As one WSO thread suggests, treat applications like a numbers game. Apply broadly to BBs, boutiques, and prop trading firms. Categorize them into safety, target, and reach firms, and maximize your hit ratio.
By combining these strategies, you’ll not only increase your chances of landing an SA/FT offer but also position yourself as a standout candidate in the competitive S&T landscape. Keep pushing forward—your passion and proactive approach are already setting you apart!
Sources: Q&A: Non-Target School to Portfolio Manager at a Top Hedge Fund – 6 Years Out of Undergrad, https://www.wallstreetoasis.com/forum/job-search/my-2-cents-on-sa-recruiting-from-a-non-target-background?customgpt=1, Non-target average student declined BB trading ops offer, now having some second thoughts, Q&A: Non-Target School to Portfolio Manager at a Top Hedge Fund – 6 Years Out of Undergrad, Ask CompBanker
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