Thoughts on Retail FX Desk - S&T
I applied for a general S&T position (job posting said S&T) and was able to secure a position. Recently we had to rank our top 5 desks (Retail FX was not in my ranking) and now I just found out that I will be going to that desk. It would be great if someone who is well-versed in the industry could provide their views/perception on this desk. How would the exit opps compare to institutional S&T desks which are more "prestigious". Essentially, did I get scammed?
Based on the most helpful WSO content, here's what you need to know about Retail FX desks and how they compare to institutional S&T desks:
Perception and Prestige: Retail FX desks are generally considered less prestigious compared to institutional S&T desks. Institutional desks deal with larger, more sophisticated clients like hedge funds, asset managers, and corporates, while retail desks cater to smaller, individual clients. This difference in client base often translates to a perception gap in the industry.
Skill Development: While Retail FX can still provide valuable experience, the skill set you develop may not be as transferable or respected as those gained on institutional desks. Institutional desks often involve more complex products, larger trades, and deeper market analysis, which are highly regarded in the industry.
Exit Opportunities: Exit opportunities from Retail FX desks are typically more limited compared to institutional desks. Institutional S&T desks often lead to roles in hedge funds, asset management, or proprietary trading, while Retail FX may not open as many doors to these high-profile exits. However, networking and demonstrating strong performance can still help you pivot to other areas.
Did You Get Scammed?: It’s unlikely you were "scammed," but being placed on a Retail FX desk when it wasn’t in your top rankings can feel disappointing. This situation is not uncommon in rotational or general S&T programs, where desk assignments may not align perfectly with preferences. It’s important to make the most of the opportunity by learning as much as you can and building relationships.
Next Steps: If you’re unhappy with the placement, consider:
While Retail FX may not be your ideal starting point, it’s still an opportunity to gain market exposure and develop skills. Use this time strategically to position yourself for better opportunities down the line.
Sources: HF exits from macro vol desks?, Feeling unfulfilled in sales, Q&A: ex-bank trader now running crypto hedge fund. questions?, https://www.wallstreetoasis.com/forum/trading/sales-trading-vs-ib?customgpt=1, https://www.wallstreetoasis.com/forum/trading/qa-1st-year-bb-london-rates-trader-taking-your-questions?customgpt=1
Tbh...I'm not sure what entails retail FX, is it a corporate desk? What likely happened is your top 5 didn't match to you (or didn't need an analyst), so you went where the need was. Don't freak out about that, the matching process is very arbitrary and there is objectively not enough time for you to actually know the desks well enough to choose, or for them to have any sense for your aptitude.
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