Hi all - I'm a math and econ major from a top-20 US school, just got an offer for Nomura S&T which I'm very excited about. Had a few questions - 1) What is Nomura's reputation, especially in terms of S&T, 2) What kind of activities do summer analysts do (I don't know if I'll actually be trading or writing pitches or whatever else), 3) What are the better desks right now at Nomura?
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Response in 2018: Got the offer, ended up happily accepting. I had several other IB and trading superdays but it wasn't worth it to renege the offer for a potential offer in the future, esp for junior internship. Everyone that I met was brilliant and they actually had personalities.
2023 edit: Looked at my response again and wanted to provide a more nuanced answer. I thought the internship was mediocre. The HR folks purposefully mislead interns about the # of seats available for trading positions. Even if you want to become a trader, there is no guarantee you actually end up in a product you want to trade. 95% of the folks in the internship will become salespeople, which is a ton of shmoozing. If you wanted to be a sales person, would probably be better to target working in a sponsors group at an IB, or in a syndicate role. The people that work on the trading floor are incredibly smart, but are incredibly demeaning. Anything you learn in classic IB prep would only be useful for a few desks (like distressed debt trading). Almost every other desk covers some form of product you will never have seen before, so you're going to look dumb while shadowing => the key is just to play off how dumb you are by being charismatic to get an offer. My career drastically improved after I went into classic IB, but might just be my interests. The bank overall just feels like it has a chip on its shoulder, and the culture feels like "churn and burn" - perform, or you are fired.
I would only recommend taking the internship if you wanted to end up in Nomura's structured finance team (i.e. CLOs, MBS, etc.) or you are really good at "EQ" stuff and networking. You very may well end up on a repo sales desk, where your chances of getting to something else are slim to none.
I know this may be late.... I'll try to quickly run through your questions.
Nomura has a great reputation. They pick their spots really well. Rates is great, Mortgages (securitized products) are great and many others are as well. Overall though the bank seems to be coming up in the US pretty rapidly and its a great time to join something that is going to rapidly improve in prestige - management shows a clear commitment to this. While your friend who knows nothing about Wall Street may not have heard of Nomura, everyone on the street has and thats what matters.
It depends on the desk. Rates had interns do lots of shadowing traders and salespeople, while other desks tend to have their interns work on doing various types of analysis for the traders and salespeople and this could range from developing excel tools which compare historical mortgage data to doing some pretty exotic stuff that is pretty quantitative that I won't go into. At the end of every rotation - there will be three - you will have to present a trade-pitch and get some pretty heavy questioning after.
i also know a couple people who have moved to Nomura (not intern/entry level...more senior...both in liquid rates and equities space) and they have had nothing but positive things to say about the place.
what was the group selection process like?
They send you some info about the different desks and the groups within them and then you rank your choices. Nothing horribly complicated about it.
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