What do people do if they don’t get into S&T trading?
Ignore username. Currently at a 2-year target master’s degree in Europe, coming from a normal finance bachelor’s. My previous internships are mainly corporate finance/M&A related. It doesn’t look like I’ll be able to land an S&T summer internship.
Any suggestions on what my options or alternatives are? Aside from also applying to treasury and market risk roles as they open (afaik there’s not many that have opened yet?)
Based on the most helpful WSO content, if you’re unable to secure an S&T internship, there are several alternative paths you can consider to position yourself for a future in trading or related fields:
Treasury and Market Risk Roles: As you mentioned, these are solid alternatives. They provide exposure to financial markets and risk management, which can be valuable if you aim to pivot to S&T later.
Big Four or Boutique Firms: Internships at Big Four firms or boutique financial firms can help build a strong foundation in finance. For example, roles in corporate finance, valuation, or transaction advisory can enhance your analytical skills and market knowledge.
Fixed-Income or Asset Management Roles: Positions in fixed-income research, portfolio management, or asset management can provide relevant experience, especially if you’re targeting fixed-income desks in S&T.
Quantitative or Data-Driven Roles: If you have strong quantitative skills, consider roles in quantitative research, risk modeling, or data analytics. These roles are increasingly valued in trading environments, especially with the push towards automation and electronic trading.
Prop Trading or Hedge Funds: Explore opportunities at proprietary trading firms or hedge funds. These firms often value trading acumen and market understanding, even if your background isn’t directly in S&T.
Networking and Informational Interviews: Leverage your network to connect with professionals in S&T or related fields. Informational interviews can provide insights and potentially open doors to off-cycle opportunities.
Further Skill Development: Use this time to enhance your technical skills. For example:
Consider Non-Traditional Trading Firms: Look into roles at firms like Jane Street, Citadel, or Two Sigma, which focus on quantitative and algorithmic trading. These firms often have different hiring cycles and criteria compared to traditional S&T desks.
Off-Cycle Internships: Keep an eye out for off-cycle internships, which are less structured and can sometimes be easier to secure than summer programs.
Leverage Your M&A/Corporate Finance Background: Highlight transferable skills from your corporate finance/M&A experience, such as financial modeling, market analysis, and decision-making under pressure. These are valuable in trading roles.
By diversifying your applications and focusing on roles that build relevant skills, you can keep the door open for a future transition into S&T.
Sources: S&T Summer Analyst Lateral to IB FT?, My Experience as a Market Risk Analyst, Market Risk at Commercial Bank VS Ops Risk at MM, Advice for a 21-year-old entering BB S&T?, Exit opps for S&T (More focusing on sales)
Take what you can get that's as close as where you want to be, and if you can't get in you're young enough and not pigeonholed that you can try to network your way in still
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