Millennium vs Goldman Sachs
I was very fortunate to get offers straight out of undergrad for quant research at Millennium and sales and trading at Goldman Sachs, any insights on which to take? Or any insights on starting career in sellside v buyside would be appreciated.
Do you want to be a quant? This is less of a buyside vs sellside discussion and more a quant research vs S&T discussion it feels.
I'm definitely leaning more towards trading but also don't mind doing quant, would love to hear your thoughts on starting career as quant in hf or trading in bank
When I used to work at Natwest markets, there was a dude who was a quant who transitioned in a trading role, trading volatility on their rates desk, so in a way. When he was a quant, he was making pricing models, calibrating it, and also building strategies. I don't think it's a lose-lose whichever you choose, as it appears transitioning to a trading desk as a quant isn't hard from my experience.
btw not sure if currently attributable, but wld make sure username can't dox you. ignore if already considered
Is GS general or you already know the destination team?
you start in a team but unsure which one yet.. probably either FX / options /fixed income
I'd suggest quant at millennium. I think it's a more relevant / future proof skillset and I would have thought it would be easier to go from that seat to a sell side desk (if you so wished) rather than the other way around. You've gotten the offer so I guess you've already got some serious math/programming chops.
If you dont mind me asking. Are those internships or full time and what's your experience and backround?
They're both internships, I'm in my final year so I'll start straight on the desk if I get return. I have an engineering background, did an internship in trading at another bank previously. I would prefer a trading role in a hf than a bank so even though millennium isn't offering me a role as a trader I am considering doing quant as a starting point
Hard to say without more details. Is it a pod role?
Yep, I'll be working within a pod. GS I'll also start straight on the desk.
Just to confirm, is your offer to join a trading desk at GS, or another type of role (e.g. sales, structuring, market strategist, etc) within the division? If a trading desk, I'm surprised they have given no indication given hiring takes place off the summer internship (for almost all banks) so they should know where headcount needs are
It's an internship..GS afaik has some rotation for random teams,,and some teams you have to network hard to get, not sure if it's so for US, but I never thought their internship program is really a good learning program. MLP if its a pod team research, than I can assure you'll learn 10 times more on the market intuition, research, data analysis skills..etc.
Never thought S&T provides good internship program. I also did QR intern at one of big 4 MMHFs, and although I didn't get a return offer I don't regret taking that internship opportunities over S&T summer internship that I received at that time.
Besides, for brand value in Trading space(here I mean all market focused role in HF, or Props, or Banks) you'll be surprised to see how big is the difference btw GS and MLP. Even if you don't get return offer from MLP, you'll still have plenty of opportunities to recruit for full time role in all industries mentioned above, while GS summer S&T is quite limited.
P.S) I work in Top systematic trading desk in BB, but the quant PMs, Traders,,,from props/HFs that I try to network, mostly ask about my internship experience! Its quite frustrating but that's the reality. It can be because I'm still quite junior though.
P.S2) when it comes to FT hire there are lot more scenarios to think of and I think comments above have valid points. but its internship I don't think it should be a hard decision.
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