Sales Trading to Flow Trading/Taking Risk - Can this be done?
Hey everyone,
I need some insight as to how I can end up in flow trading with my current background. Your advice is much appreciated.
I graduated last year May 2011, from a non Ivy "target" school with a quantitative major. I'm currently a rotational desk analyst at a top institutional broker dealer. I rotate around different sales trading desks, primarily in Fixed Income Derivatives and Commodities. I interned previously at a BB in S&T (Rates) but failed to receive an offer due to headcount issues / bad market timing. My goal was to end up at a BB in a S&T analyst program but that didn't happen, so instead I ended up at a top broker dealer, thinking that what I am doing is still at least related to my "dream" job, and perhaps I can transition into flow trading down the road.
My question is how to best transition into flow trading from my current role? I'm not picky about the prestige/what bank/firm. I just want to get the necessary experience and knowledge. I have contacted a few recruiters and been selected for a few interviews. A few problems I am running and questions:
1) Coming from an Agency Broker "stigma": Although my day to day responsibilities are not any different than an entry level analyst on a flow trading desk (I don't have my own clients yet, so I primarily support the senior sales traders in creating market commentary, idea generation, and so forth) I feel that since my firm is an agency broker (no prop), it may be hard for me to transition into a flow trading desk due to the "stigma" of not coming from the "right shop' despite my skill sets and knowledge of the market.
2) A few top hedge funds wanted to interview me but only for execution trading roles. I have 0 interest in being an execution trader. I want to gain fundamental knowledge, not be some robot that takes orders.
3) I will have almost 1 year of experience coming up in Sept. I'm afraid if I stay longer I may be pigeonholed into sales trading. Should I get out NOW into another role or stay on and keep looking? Recruiters are contacting me, but primarily for institutional sales roles which I am not interested in. I'm afraid if I stay too long in this role I won't get out.
Given the above issues, how can I best transition into a job on a flow trading desk and eventually be taking risks?
A few things I am already doing: gaining knowledge/learning the right skill set (I've been working with research and strategists at my firm), handed out my resume to friends at banks (no one is hiring), contacted people on linkedin, contacted Alumni, studying for GRE/GMAT (MBA is my backup plan).. is there anything else I should be doing?
You advice is much appreciated!
Well I wouldn't completely say no to institutional sales roles/sales-trader roles at a BB rather than being at the brokerage shop. As you already noted, there is a certain "broker stigma" that you would be able to wash away if you got into a sales/sales-trading role at a BB and basically join the S&T analyst program at one of those banks. As you already said, your role is similar to what they are doing, but your skillset is perceived as less transferable because of the firm you're at. Obviously a direct move to flow trading would be ideal, but you could also try to use a sales-trading role at a BB to then move into trading, as you will have significantly more interaction with those that are actually putting on risk. If you can prove to them you know your shit and make the firm money, they would definitely look into an internal transfer.
Thanks - how "easy" is it to move from a brokerage/agency dealer sales trading role to a sales trading role at a BB? I am just a junior (no clients). I'm assuming if I stay longer at my current firm, it will be harder as I need a specific book of clients in order to make the move.
Are your calls for institutional sales coming from company recruiters or from headhunters? I am I interested in breaking into institutional sales one day and would like to learn more about the recruiting process for someone who is already out of school.
From headhunters, feel free to msg me
Also when I say Institutional Sales I don't mean Sales at a BB, they can be Institutional sales for research firms, other brokerage firms, etc... there's a lot of institutional sales outside of BB.
PM sent
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