Starting off at a boutique IB
I have the opportunity to start with a ibank boutique firm in nyc this Fall.. i would have exposure to many different desks including equity, govt bonds.. while also working with their ibanking unit.
i'd be sponsored for Series 7/63 etc but the first few months are considered an internship and therefore unpaid, but would lead up to a FT offer next year.
I am interested in breaking into sales and trading and hopefully getting into a big bank on one of their desks in the next few years.. I have good alumni/business connections and great sales experience.
Is a job like this promising..? Do traders in these positions at these sorts of firms earn 'good' money? and how does it work if I wanted to transfer over to a larger bulge bracket.. is it easier to apply as entry level or with 1+ years experience and certification?
Anyone been in a similar position or have any insight into these sorts of firms?
Thanks, appreciate any help/advice.
Also, what are thoughts on negotiating for a stipend or the like?
bump
Depends on which 'firm' this is (btw why did you say you are in IBD if you are in trading). Few people in props tend to leave for banks relative to the number of people from banks that go to props because of the fact that you often have greater earnings potential earlier in your career and have a lot less hierarchy/bureaucracy than you do in big banks. You may be better off doing a MSF or MFE if you want to go into S&T at a bank as you're essentially going to go back through recruiting for something few people leave prop firms to do.
The fact there is no salary at all does seem quite fishy and the firm may in fact not be very 'legit.' I'm also curious why you need to take the series 7/63.
Thanks, just to clarify my original post. This is a boutique investment bank that I was referred to by a mutual contact. I went on the interview to pursue something in trading, and they informed me they would like me to do a rotation throughout the firm, but recently they expressed a need for someone in corporate finance and advisory services. I truly feel that my personality and drive would allow me to succeed in trading, but I am willing to explore anything. I graduated in the spring and I am still unsure of what I exactly want to do, so the exposure to different sectors in a short amount of time could be a priceless learning experience. At the same time, since the firm is smaller I think it might limit my exit opps and if they can't give me a salary now, I doubt the full-time offer will be anything substantial.
The series 7/63 was something I asked for because my rationale is that if they aren't paying me they could at least pay and sponsor me for the 7. This way I will already be licensed if I pursue something in sales or the brokerage business. (I have family in wealth management)
Boutique Banks - Starting at smaller boutique banks (Originally Posted: 09/15/2008)
I am looking into starting at smaller boutique banks, specifically in the Philadelphia area and am wondering what the best way to go about this process would be. There are no specifics on most of their websites on how to apply or submit a resume. Therefore, how should I go about expressing my interest?
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