RBC S&T vs SMBC S&T vs BNP S&T vs BNP Corporate Sales – Advice?

Based on the most helpful WSO content, here’s a breakdown of your options and considerations:

1. RBC Sales & Trading (NYC)

• Compensation: ~$110k annualized with 1.5x overtime, no sign-on bonus.
• Platform: RBC has a solid reputation in Sales & Trading, particularly in fixed income and commodities. While not a top-tier BB, it’s a strong player in the North American market with good deal flow and client relationships.
• Long-term trajectory: Offers a well-rounded S&T experience with exposure to both sales and trading. This could provide flexibility in your career path, whether you want to stay in markets or pivot later.

2. SMBC Sales & Trading (NYC)

• Compensation: $60.44/hour with 1.5x overtime and a $2k sign-on bonus.
• Platform: SMBC is growing its presence in the U.S., but it’s not as established in S&T compared to RBC or BNP. It’s more niche and may not offer the same breadth of opportunities or exit options.
• Long-term trajectory: Likely more limited compared to RBC or BNP, as SMBC’s S&T platform is still developing. However, it could be a good fit if you’re looking for a smaller, potentially less competitive environment.

3. BNP Paribas Sales & Trading (NYC)

• Compensation: Not specified yet, but BNP typically offers competitive pay for its S&T roles.
• Platform: BNP is a strong global player, particularly in fixed income, derivatives, and structured products. Its S&T division is well-regarded, especially in Europe, and it has a growing presence in the U.S.
• Long-term trajectory: Offers excellent exposure to global markets and a strong brand name. BNP’s S&T platform is robust, making it a great choice for someone looking to build a career in markets.

4. BNP Paribas Corporate Sales (NYC)

• Compensation: Not specified yet.
• Role difference: Corporate Sales focuses on providing hedging solutions (e.g., FX, interest rate derivatives) to corporate clients. It’s more client-facing and relationship-driven compared to a traditional S&T role, which involves more market-making and trading.
• Long-term trajectory: While Corporate Sales can lead to senior client-facing roles, it’s less market-focused than S&T. If you’re passionate about markets and trading, this might not be the best fit. However, it’s a great option if you enjoy building relationships and working on tailored solutions for clients.

Ranking the Options

1. BNP Paribas Sales & Trading: Strong global platform, excellent exposure to markets, and competitive long-term opportunities.
2. RBC Sales & Trading: Solid North American presence, good compensation, and a well-rounded S&T experience.
3. BNP Paribas Corporate Sales: Great for client-facing roles, but less market-focused.
4. SMBC Sales & Trading: Decent compensation, but a less established platform and potentially limited long-term opportunities.

Key Considerations

• Compensation: If BNP S&T’s comp is competitive, it’s likely the best choice overall.
• Platform Strength: BNP and RBC have stronger platforms compared to SMBC.
• Role Fit: Decide whether you prefer a market-facing role (S&T) or a client-facing role (Corporate Sales).

If you’re passionate about markets and trading, prioritize BNP S&T or RBC S&T. If you enjoy client interaction and relationship management, BNP Corporate Sales could be a great fit.

Sources: S&T vs Capital Markets Long-Term, Sales and Trading - A Comprehensive Guide, 2019/2020 Sales & Trading Bonus Discussion, Sales vs Trading