Looking for a bit of advice on a potential career change. I currently work as a TA on a credit desk at JPM. Internal moves to either sales or trading are possible but not exactly frequent, few of the recent TAs on my desk have moved into market risk and other roles.
I received an offer from BGC to join their rates execution business in sales. It’s a move to a front office role albeit at a brokerage and not a bank.
Given internal opportunities seem tough to visualise at the moment I’m keen to hear additional opinions on whether I should accept the offer from BGC as I’m in two minds about whether to persist at JPM in middle office until I find something else or take this opportunity.
Any advice/guidance would be awesome and appreciated.
I don't know a ton about the rates business or being a brokers broker but I do know that if you can find the right seat at the right time (not easy to do) you can make a ton of money doing it, much more than you can make at a bank. Before I can opine on if you should take the job I have a few questions
1. How old are you and how long have you been in the industry?
2. How much are you making now and how much would you be making at BGC?
3. Do you enjoy entertaining? I have been told brokers brokers are out with clients all the time.
4. What else have you been doing in terms of networking and what other possible job options have you been thinking about? I would imagine you would be pretty competitive for a lot of entry level markets based roles (Some markets experience + licenses is generally a profile that people like if you can get in front of the right people).
5. Any details you could provide on the BGC role in terms of day to day or trajectory?
6. Do you sit on the desk with traders in your current role/and what is your day to day like now?
Thanks for the response!
To answer your questions:
1) I’m 28. I’ve been in the industry for approx 3 years after changing careers. In that time I’ve had 3 roles:
- Equity sales and trading analyst at European bank (grad scheme)
- Prime Brokerage Sales catering to small hedge fund clients
- Current TA role at JPM
- Currently on £50k a year at JP and have been offered £60k by BGC
- Not adverse to the entertainment aspect
- BGC role will be in sales on their electronic rates business. Largely will focus on discuss market ideas and encouraging clients to add liquidity/execute.
- I currently sit with the credit hybrids traders at JP. Day to day I work with the traders to book risk on our trades (usually em credit TRS/repo facilities), monitoring PnL and managing the larger swap structures on the desk with clients on a day to day basis.
I should add, I did interview for a role in lev loan sales at European bank which was more closely aligned (at least from a product perspective) however I didn’t get it at the last stage.
The question I have is whether I should stick and wait until the market opens up post the bonus period in the new year and see what’s available, or take the jump into a directly Front office role now.
I have only worked in the US so I don't know a ton about how London works, but I'm thinking this is a coinflip. Honestly you might want to take a shot at going back to JPM and letting them know you are out if they don't give you a sales or trading seat and see what they say. Another thing to consider is if there is going to be a year end raise at JPM in your current role and what would that look like. I do like that you are going to be learning a different product, there are a lot of ways you can apply rates sales knowledge outside of brokering or traditional S&T.
JPM is pretty good about internal mobility to front office. That said there are a lot of people wanting to move and only so many seats. It is likely too late to start the internal mobility conversation. You need to build a good relationship with the desk and make it clear that it is your goal to move into a front office seat. If you haven't done that yet better to take what you can get.
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