Prop desk - iBank
I was hoping someone might be able to shed some light on prop trading at an ibank and how positions are normally obtained in this arena. I know someone who both interned as a junior and accepted a full time position at a prop group at Goldman - is it common/feasible for undergrads to move directly to a prop desk? How might one go about attaining an internship in this area? Do recruiters like to see certain things in candidates for these positions? Also does anyone know of any good resources through which I could learn more about this aspect of an ibank? I've done some searching but sources seem limited...
Thanks
Especially Equity Prop is the most prestigious - even more than IBD because your're trading the banks money - need to be supersmart for that and impressive.
I wouldn't say equity prop is the most prestigious at all. Equities are simpler than most fixed-income or currency/commodity investments, so even on the prop side the equities traders are going to doing simpler strategies than, say, a commodities prop trader. The "most prestigious", as you put it, on the prop side would be the guys who are free to trade across asset classes, vs the guys pinned down to just one class.
At the bank where I currently am with my consulting firm there are only EQT and FID guys in prop. No one is allowed to trade across asset classes. But in a broader context you should be right.
So how about obtaining positions at these desks?? I realize that they are some of the most coveted positions, but like I said, I do know of someone who made it there straight from undergrad. What are they looking for in new graduates? How demonstrate interest in this particular area? Qualifications?
Thanks
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