S&T Analysts and Their Contracts
In IBD, it's pretty unusual for banks to keep their analysts after the two-year contract. What happens in S&T? When I signed, I was told that most analysts stayed. This made sense to me since it'd be around this time that you'd have your own book and be able to start 'adding value'. If they just booted you out after 2 years, it'd be a waste of investment.
Any input would be appreciated.
well there is no 'contract' everyone is at will. but yeah, if you like it you stay. i started as an analyst and have moved up.
you won't have your own book necessarily after 2 yrs though
Well, my contract did have a stated length, similar to IBD, so I was curious as to what happens when that time comes.
Yes, I know when you get your own book varies incredibly. The desk I will be joining has had a lot of turnover recently, which has been good for the existing junior guys there. I'm just crossing my fingers for the chance of getting some responsibility quickly (and for the ability to handle it).
what kind of desk? and does your contract require you to stay for 2 years? and if you quit, then what?
I am joining a derivatives trading desk (paranoid about being specific--would prefer anonymity).
My contract requires me to stay for the two years. I forget specifics, but my signing bonus and other compensation is subject to refund.
paranoia is good. never lose it. seriously.
my signing bonus as analyst was a 1 yr lock. that's standard. same when i went to associate.
but you're still 'at will'
How long ago was this, Jimbo?
You're saying that your signing bonus required you to stay on for at least a year, but your contract did not have any indicated length otherwise? Maybe times have changed...
It might be the case that my signing bonus only requires a 1 year stay, but I am fairly certain that the length of employment was clearly stated. I will definitely review the contract, though. I heard it was only at associate and above that 'at will' was applied.
Agreed on the paranoia. All these stories of people ruining their reputations scares the shit out of me--not to mention banks cracking down on employees ruining the image of the firm.
By the way, what do you trade? Don't feel obligated to be specific. :)
it was a while back. early 2000s.
fixed income.
is there a difference between research sales and institutional equity sales? do salespeople generally do both, or just one or the other? if they're separate, do people often switch from one to the other? how about salary?
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