Transitioning to London/ New York - Trading
Hey
I am wondering if anyone here have some kind of experience in transitioning from working at a bank abroad to working in London or New York? More specifically in regards to transitioning from fixed income trading at a Scandinavian bank. Apart from your experience, how do US and UK banks look at the scandinavian banks/traders? Any other aspect worth noting for someone looking for info about such a journey?
Hey there!
Transitioning from a Scandinavian bank to a trading role in London or New York can be quite an adventure, and I've seen a few threads on Wall Street Oasis where people have discussed similar moves. Here's what I've gathered based on the most helpful WSO content:
Reputation of Scandinavian Banks/Traders: Scandinavian banks, while they may not have the global brand recognition of some Wall Street or City firms, are respected for their strong risk management practices and sophisticated approach to trading, especially in areas like fixed income. Traders from these banks are often seen as well-educated and having a solid technical foundation.
Cultural and Regulatory Differences: Be prepared for a shift in work culture and regulatory environment. The UK and US markets are more intense and competitive, with longer hours typically than in Scandinavia. The regulatory frameworks are also different, with the US being particularly stringent.
Networking: This is key. Building relationships with recruiters and professionals in the target market is crucial. The WSO Networking Guide can be particularly helpful here, offering strategies on how to connect with industry insiders and make a strong impression.
Visas and Work Permits: If you're not a citizen or don't have residency in the UK or US, you'll need to secure a work visa. This can be a complex process, and often you'll need a job offer from a firm that is willing to sponsor you.
Skills and Qualifications: Make sure your skills and qualifications are up to par with what's expected in the London or New York markets. This might mean additional certifications or familiarizing yourself with the specific trading platforms and tools used there.
Recruitment Process: Understand that the recruitment process might be different. In London, for example, the process can be less structured than in the US. It's important to be flexible and proactive in your job search.
Market Knowledge: Demonstrating a strong understanding of the local markets and how they interact with global markets can be a significant advantage. Be prepared to discuss market trends and how your experience in the Scandinavian market can bring a unique perspective.
Remember, each journey is unique, and while these points can serve as a general guide, your own path may have additional twists and turns. Good luck on your trading adventure!
Sources: Working Abroad - Regrets/Benefits, Canada to NYC Lateral, Opportunity to move from NY to Europe in Structuring/Origination, https://www.wallstreetoasis.com/forum/investment-banking/did-anyone-enjoy-or-appreciate-their-ib-experience?customgpt=1, Working Abroad in Investment Banking
I'm not familiar with European fixed income markets but generally it is rather difficult/uncertain to get a work visa for the US so companies will rarely hire someone externally who needs a work visa. It's somewhat easier for university students as they can work for a while under OPT before needing an H1B visa. It's also possible to get a work visa as an internal transfer but unclear if that's a realistic option for you with your current employer. UK work visas are typically easier to get and London is more focused on European markets so your past experience is likely to be more relevant there.
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