s&t internship desk/rotation placement process - what to expect

The desk/rotation placement process for S&T internships at top BBs like GS, JPM, or MS can vary slightly, but here’s what you can generally expect and how to prepare:

What to Expect in the Placement Process

1. Initial Preferences:

   • You’ll likely be asked to submit your preferences for desks or asset classes (e.g., FICC, Equities, etc.) before the internship begins. This is your chance to express interest in specific areas like trading or FICC.
   • While preferences are considered, placements often depend on desk availability and business needs.

2. Interviews or Conversations with Desks:

   • Some firms may arrange informal conversations or interviews with desk representatives. These are more about gauging your interest, personality, and fit rather than grilling you on technical knowledge.
   • Expect questions like:
     • Why are you interested in this desk/product?
     • What do you know about the market or product?
     • How do you stay updated on market trends?

3. Personality and Fit:

   • Desks are looking for interns who are personable, eager to learn, and can thrive in a fast-paced environment. Being a good cultural fit is often as important as technical knowledge.

4. Randomness in Rotations:

   • Despite your preferences, there’s an element of randomness. You might not get your top choice initially, but networking during the internship can help you pivot to a desk you’re more interested in.

How to Prepare for the Placement Process

1. Research Desks and Products:

   • Understand how different desks operate and make money. For example, FICC desks might focus on fixed income, currencies, and commodities, while equities desks deal with stocks and derivatives.
   • Be able to explain your interest in a specific desk in layman’s terms.

2. Stay Updated on Markets:

   • Follow financial news (e.g., Bloomberg, WSJ) and understand key market trends. If you’re leaning towards FICC, focus on macroeconomic indicators, interest rates, and commodity prices.

3. Brush Up on Technical Knowledge:

   • While deep technical expertise isn’t expected, having a basic understanding of the products and markets you’re interested in will set you apart.
   • For trading desks, knowing options theory, bond pricing, or FX basics can be helpful.

4. Networking:

   • If possible, reach out to alumni or current employees on desks you’re interested in. Building relationships early can help you stand out during the placement process.

Skills to Brush Up On

1. Python:

   • Python is increasingly valuable in S&T, especially for data analysis and automation. Focus on libraries like Pandas, NumPy, and Matplotlib.
   • Learn how to manipulate data, create visualizations, and run basic statistical analyses.

2. Excel:

   • Proficiency in Excel is a must. Learn shortcuts, pivot tables, and basic financial modeling.

3. Statistics and Market Analysis:

   • Brush up on basic statistics and how they apply to market data (e.g., volatility, correlation).

4. Communication Skills:

   • Practice explaining complex concepts in simple terms. This will help you during desk conversations and when interacting with colleagues.

Final Tips

• Be Proactive: If you’re interested in a specific desk, don’t hesitate to express your interest and ask to shadow or sit with them during the internship.
• Show Initiative: Desks appreciate interns who take the initiative to learn and contribute, even in small ways.
• Be Adaptable: Even if you don’t get your preferred desk initially, make the most of the experience and keep networking.

Good luck with your internship! If you have more specific questions, feel free to ask.

Sources: S&T Summer Analyst Lateral to IB FT?, Getting an S&T Return Offer - A Survival Guide for Future Interns, Converting an S&T Internship, S&T Summer Intern Prep - 2 Months Out, How to be a good S&T Intern