IB to Markets? Seeking Advice...

Hi all,

I am a 1st year analyst at a tier 1 BB (JP/GS/MS). I've been only working in IB coverage since August. I regularly network throughout the firm and have built really good relationships, but for a few reasons I don't really click on well with my own IB team (it's a small team, weird culture, and they seem to be each in their own rather than as a team). A mentor in Markets has informally offered a job in 'Corporate Sales'. No idea what it is, or what Sales does (if anyone could give light on day to day would be helpful). I have never thought of joining markets before. He (VP) is really supportive of me even though I don't work under him, and mentioned that he doesn't need anyone technical but just someone with the right attitude.

Working in IBD:

  • Has meant I have formed a strong mentorship bond with my MD. He gives me career advice, tons of tips and gives me recognition on my work and have stood out across the other analysts (I feel might be helpful to recommend me to other offices).

  • I like IB, but I don't really like working with my immediate team. 

Choosing Markets:

  • The Market sales team seems easier and more supportive to work with.

  • I don't really know what it is, career progression, and I won't have much contact with my mentor MD. I spoken about this opp with my MD, he seems neutral on it.

My ultimate goal is movement within the firm, in the end I want to be able to work in different locations around the world or laterally move between tier 1s if not a masters in CS. I don't care too much on the work (as an early career I suppose everything seems interesting) or the money so much yet. I'll be talking to the markets VP more on the role, but wanted to hear outsider thoughts. Should I make the transition to Markets? what are thoughts on 'Corporate Sales'?

Comments (4)

Most Helpful
Dec 28, 2021 - 10:47am
PlsFthx, what's your opinion? Comment below:

Corp sales covers corporate clients (duh).  In practice corporates often have exposure to stuff and need to hedge them.  A classic example would be an oil producer, whose primary assets are the oil they own underground.  If the price of oil tanks - it can materially affect the value of their business, both in terms of short term revenues and long term asset valuation.  Sometimes, they hedge out of that exposure by trading with banks.  Banks act as the bookie and take the other side of the insurance "bet" and charge a fee for taking on that risk.  This gets reflected in the price.  For example, if the market mid on a barrel of oil is $75, the bank maybe buys it from the corp for $74.80, netting 20c in day 1 profits, but adding risk onto their books.  

Corporate sale's job is to own that relationship.  That means being the liaison between the client and your in-house traders.  It also means doing the less glamorous stuff like setting up credit lines, KYCs, and all the background stuff so you can trade.  Although you are FO in the markets group, you're less attached to day-to-day market movements than the traders. 

The biggest difference between this and banking is that the hours are better (probably 50-60 starting out) and there is less no-value work, like meticulously putting together a deck that nobody will read.  Comp will be worse than banking by a bit, but will still be solid.  In terms of travel, as you get more senior you'll meet clients in person, so lots of travel to cities with lots of F500s, and maybe some travels to the middle of nowhere.  It's not really a jet-setting type of job though.

Your VP mentor should be able to give you more specifics on their desk and the role, but I think that's the high-level gist of it.

Dec 28, 2021 - 8:25pm
silverchimp, what's your opinion? Comment below:

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