Ask Me Anything: BB Equity Derivatives Trader

derivstrading's picture
Rank: Neanderthal | 2,541

So since most interns are about to start their summer programs or are in the first couple of weeks, I thought I would open a forum for anyone to ask their any questions/worries they might have. I can only reply in the context of trading/sales internships but i'm sure others can chime in with their bits of knowledge.

Bio: Non target, BB Equity Derivs Trader, author at Salesandtradingcareers.com

Also, make sure to see my post "Do's and Dont's as a Trading Intern" from earlier this year.

Piece of advice #1: Do not underestimate the value of a graduate offer, there aren't many to go around and there are even fewer for non interns.

Comments (59)

Jun 17, 2013

Thanks so much for doing this!

I'm in an S&T rotational program. An MD (who deals with the interns on my desk) frequently asks me what I "really want to do." How should I answer this question without 1) being completely dishonest (would be pretty obvious to see through, I think) and 2) risking not being considered for full-time on my current desk?

Jun 17, 2013
cowabunga111:

Thanks so much for doing this!

I'm in an S&T rotational program. An MD (who deals with the interns on my desk) frequently asks me what I "really want to do." How should I answer this question without 1) being completely dishonest (would be pretty obvious to see through, I think) and 2) risking not being considered for full-time on my current desk?

The key thing here is to be able to get a read on the guy. I know some guys who when they ask that question you should be honest and say "golf pro" etc, because they want something along those lines as well. I remember a guy on my internship who just wanted to go sailing, and with someone like that it is ok to talk about the things you would do if you had infinite wealth. But unless you are completely sure about that the best way to answer that is for example "ive always been passionate about golf, but im passionate about trading as well, the way I see it I can try my hand at trading as a career and play golf as a hobby, but couldnt really do it the other way around". Something along those lines I find makes you come across as interesting but also shows you are making smart decisions, are interested in trading as a career etc.

    • 1
Jun 17, 2013

I don't really know a lot about S&T, but I always wanted to learn more. A couple kids from my school in non-quantitative majors (History, Government, Economics) landed summer positions at BB's in S&T. I'm assuming these were more on the "sales" side of things, because from what they told me their interviews were not really technical at all..no crazy brainteasers..none of what I usually hear on this board. Did the interviewers just go easy on these guys, or is this something that's relatively uniform throughout the industry for non-STEM majors looking to get into S&T? Thanks

Jun 17, 2013

What is one likely to be given to do (SA) on a spot FX trading desk at one of the FX giants (DB/Citi)?

Jun 17, 2013

Thanks!

What will be the tasks of a Sales Intern?
Afaik client contact is not usual for interns.

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Jun 17, 2013
Fill or Kill:

What is one likely to be given to do (SA) on a spot FX trading desk at one of the FX giants (DB/Citi)?

Spot FX is one of the more "old school" desks in Fixed Income I'd say. So expect to do a lot of go-fer-ing. You'll probably be shadowing a lot, paper trading, maybe even booking trades.

Jun 17, 2013
panda123:

Thanks!

What will be the tasks of a Sales Intern?

Afaik client contact is not usual for interns.

you will def not be having any client contact on the phone, mainly for the reason that there are a lot of regulator restrictions on what interns can do. You will be allowed to sit in some client meetings but chances are you wont get to talk to any on the phone.

I spent a rotation on a sales desk, and really the main things the sales intern did were:
-sitting with everyone possible: this is crucial for any intern, one of my projects on the sales desk was to get to knopw as many peoplke as possible
-Calling guys on your team pretending they are the client: at first this is quite nerve racking, and you do get a grilling, but after a couple you find a stride and its actually a very useful exercise.
-pitching trade ideas in a presentation format to the guys on your team

To be honest sales internships are very much geared to how you can present ideas. In the end, you will be hired to talk to clients on the phone, so they will be looking you can do that.,

Jun 17, 2013
Swifty:

I don't really know a lot about S&T, but I always wanted to learn more. A couple kids from my school in non-quantitative majors (History, Government, Economics) landed summer positions at BB's in S&T. I'm assuming these were more on the "sales" side of things, because from what they told me their interviews were not really technical at all..no crazy brainteasers..none of what I usually hear on this board. Did the interviewers just go easy on these guys, or is this something that's relatively uniform throughout the industry for non-STEM majors looking to get into S&T? Thanks

There is always a chance to squeeze in without really getting into technicals. For general programs (ie Sales and trading not just one or the other) you can go through all your interviews and only meet sales guys, in which case the interviews might be less technical than if it was with traders, but its still not guaranteed.

That said, interviews will generally be tailored to the candidate. There is not much point asking a history major very quant brainteasers, but Id still expect to get technical, market awareness and some brainteasers.

Jun 17, 2013
derivstrading:
panda123:

Thanks!

What will be the tasks of a Sales Intern?

Afaik client contact is not usual for interns.

-sitting with everyone possible: this is crucial for any intern, one of my projects on the sales desk was to get to knopw as many peoplke as possible

So true. Even on a trading desk this is a big deal, especially if the desk is large or it's your last rotation.

Jun 24, 2013

Thank you very much, there are always very helpful.

1.) Do you consider your self trading Equity Derivs in the future? What are the exit opportunities like? I spoke to a guy who was an Asian Equity Derivs sales guy who said the exits were dreadful, perhaps he was just talking about sales and not trading.

Thank You.

Jun 24, 2013

What is it like to be a BB - OTC derivatives trader? Currently am working for a custodian bank and am processing all trades for GS Asset Management, PIMCO, BlackRock. I want to move to a company/desk that deals with trading these instruments as opposed to just processing their trades. Any insight is greatly appreciated.

Because the only thing that motivates me is money

Jun 24, 2013
derivstrading:
cowabunga111:

Thanks so much for doing this!

I'm in an S&T rotational program. An MD (who deals with the interns on my desk) frequently asks me what I "really want to do." How should I answer this question without 1) being completely dishonest (would be pretty obvious to see through, I think) and 2) risking not being considered for full-time on my current desk?

The key thing here is to be able to get a read on the guy. I know some guys who when they ask that question you should be honest and say "golf pro" etc, because they want something along those lines as well. I remember a guy on my internship who just wanted to go sailing, and with someone like that it is ok to talk about the things you would do if you had infinite wealth. But unless you are completely sure about that the best way to answer that is for example "ive always been passionate about golf, but im passionate about trading as well, the way I see it I can try my hand at trading as a career and play golf as a hobby, but couldnt really do it the other way around". Something along those lines I find makes you come across as interesting but also shows you are making smart decisions, are interested in trading as a career etc.

i am not trying to hijack, but i have to disagree respectfully with this one...i think if i asked that question and someone said anything about golf or sailing i would really be turned off. i am not on the sell-side and never have been, but in a junior person I am looking for someone who is laser-focused...i suppose its just about knowing who is asking the question tho.

    • 1
Jun 24, 2013

Do you trade energy derivatives? How has DF affected your S&T outlook for deriv trading (near and long term)?

Jun 24, 2013
Bondarb:
derivstrading:
cowabunga111:

Thanks so much for doing this!

I'm in an S&T rotational program. An MD (who deals with the interns on my desk) frequently asks me what I "really want to do." How should I answer this question without 1) being completely dishonest (would be pretty obvious to see through, I think) and 2) risking not being considered for full-time on my current desk?

The key thing here is to be able to get a read on the guy. I know some guys who when they ask that question you should be honest and say "golf pro" etc, because they want something along those lines as well. I remember a guy on my internship who just wanted to go sailing, and with someone like that it is ok to talk about the things you would do if you had infinite wealth. But unless you are completely sure about that the best way to answer that is for example "ive always been passionate about golf, but im passionate about trading as well, the way I see it I can try my hand at trading as a career and play golf as a hobby, but couldnt really do it the other way around". Something along those lines I find makes you come across as interesting but also shows you are making smart decisions, are interested in trading as a career etc.

i am not trying to hijack, but i have to disagree respectfully with this one...i think if i asked that question and someone said anything about golf or sailing i would really be turned off. i am not on the sell-side and never have been, but in a junior person I am looking for someone who is laser-focused...i suppose its just about knowing who is asking the question tho.

yeah i think it all depends on the person's personality and your relationship with them

derivs answer certainly would seem to fit in some cases, but with more conservative superiors / or superiors you don't have a strong relationship with then no

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Jun 24, 2013

Thanks for doing this.

What is the internal mobility like around the trading floor? From Controller, RM, Trade Support or even Operations to Sales, Trading and Research?

Jun 25, 2013

If someone is interviewing for a position and they say they want to trade equity derivatives how much knowledge would you expect them to have? Same with saying you want to trade something like exotic swaptions or something random, is it expected that in an interview you'd need at least a solid understanding of a product because they would give you questions about your understanding?

Jun 25, 2013

How much you earn (base salary + bonus)?

Jun 26, 2013
yeeman:

If someone is interviewing for a position and they say they want to trade equity derivatives how much knowledge would you expect them to have? Same with saying you want to trade something like exotic swaptions or something random, is it expected that in an interview you'd need at least a solid understanding of a product because they would give you questions about your understanding?

I personally would expect them to have a good base ofknowledge if they were just coming for a trading interview in general, let alone them saying they want to trade a certain product. I would find it a bit ridiculous if a person said they want to trade equity derivs and then not being able to talk about the greeks.

I personally look for the candidate to have interest in the topic, so I will look for candidates that have read around the topics. I dont want to be explaining what delta hedging is in the interview, if you are interested in equity derivs how have you not already learnt about this on your own? The best interviews ive had is where we can go into a discussion about more technical things. As a rule of thumb, I would like a candidate for an equity derivs job to have read things like: Sinclair's book, Taleb's book etc. and then in that case I would use the interivew to ask questions whose answers you couldnt find in any textbook, and see if the guy can apply the knowledge from the books.

    • 1
Jun 30, 2013

Thank you for this AMA. What do you think about switching from market risks to trading? Is this possible?

Best Response
Jul 1, 2013
el-diez:

Thank you for this AMA. What do you think about switching from market risks to trading? Is this possible?

I find that in general advice on this site is too close minded when talking about moving between departments and people say "it cant be done" etc, but when it comes down to it, its all about making a connection, there being a spot open and the person who is hiring liking you enough to take you. I have friends who got interviews with FO desks out of BO just because they ran into them on a night out and just came across as solid guys that they would want to spend 10hrs+ per day with. Moving between departments id say is first how personable you are, and only then how smart you are.

There is no easy way of doing it, all that can be said is try to network your way in, hopefully a spot opens up and your name will be in the discussion.

    • 2
Jul 1, 2013

I don't think it's all that ridiculous to say you want to trade equity derivatives (especially if you come off as a quanty person) even if you aren't terribly familiar with the granular details of trading options. Should you know what the greeks are? Sure. I read up on the definitions all the way to Volga and vanna after seeing those terms mentioned by FXTrader on this site. Do you need to know the profiles of the greeks beyond delta, gamma and Vega to get hired? Not in my experience. I also had no idea what it meant to make money delta hedging when you were long gamma. I think the key is not to come off as if you know a great deal because they can easily ask you enough questions to make you crumble. Rather, go in there with the attitude that you don't know a ton but have some interest and are willing to learn and work hard...

Jul 1, 2013
whalesquid123:

I don't think it's all that ridiculous to say you want to trade equity derivatives (especially if you come off as a quanty person) even if you aren't terribly familiar with the granular details of trading options. Should you know what the greeks are? Sure. I read up on the definitions all the way to Volga and vanna after seeing those terms mentioned by FXTrader on this site. Do you need to know the profiles of the greeks beyond delta, gamma and Vega to get hired? Not in my experience. I also had no idea what it meant to make money delta hedging when you were long gamma. I think the key is not to come off as if you know a great deal because they can easily ask you enough questions to make you crumble. Rather, go in there with the attitude that you don't know a ton but have some interest and are willing to learn and work hard...

I 100% agree that you should not come in thinking you know everything, but that doesnt mean you shouldnt know quite a bit about the topic. And me (as well as all other interviewers I know) will ask more and more difficult questions until I find that breaking point or limit of your knowledge about the subject. This is often when the interviews really start, because it becomes about critical thinking on the candidates part rather than regurgitation of information. But trust me, it leaves a lot better of an impression if this breaking point comes talking about the different ways to hedge your dividend risk rather than what delta of an option is. There is a lot of competition for very few spots, and there will usually be a handful of candidates who really know their stuff, now a lot of these might have faults in terms of personality etc etc, but you want to be one of those that knows their shit.

    • 1
Jul 1, 2013

Coming from a non-target, how did you break into trading at a BB?

Jul 1, 2013
Isuckatlife:

Coming from a non-target, how did you break into trading at a BB?

Tbh the secret is to be in London :)

Everyone applies through the online system so getting your application looked at is a lot easier. Still disadvantaged, for the internship I got 3 first rounds, all of them took to the final stages but got only one offer so its still a bit of a lottery (whereas a lot of my friends at targets got 5-6 first rounds). In the UK the targets are: Oxford, Cambridge, LSE, UCL, Imperial, Warwick, and then second tier Durham id say.

Jul 1, 2013

-Which products would you advise a new trader to get into? Basically which are faster growing/which have bleak prospects for the future? What do you think of FICC?
-How did you go about answering "why our bank" at interviews? There don't seem to be any league tables or anything like that for S&T..

Thank you!

Jul 1, 2013
G Spread:

-Which products would you advise a new trader to get into? Basically which are faster growing/which have bleak prospects for the future? What do you think of FICC?

-How did you go about answering "why our bank" at interviews? There don't seem to be any league tables or anything like that for S&T..

Thank you!

1) Ive never really thought about timing anything product wise, I used to trade flow equity derivs, and i started doing that because thats what interested me the most. I never really thought about a hot product because I dont think you can time that kind of stuff. In retrospect maybe it does make sense to try to time it because it could make a significant difference to what you take home at the end of the day. And my answer isnt going to be better than anyone elses on this site regarding what product is going to be the next hot one :). My advice (and this might be crap) is to do the product that most interests you.

2) Yea its tricky, for some interviews (like GS or JPM its easy cuz you dont have to lie), others you can say "ive talked to friends in the industry and I feel that Id be a great fit in the culture for XYZ reasons" (culture varies by desk bt there are some differences, every bank likes to portray a culture, just a matter of pinpointing it and then telling them what they want to hear - its a great skill for wtv you do)

Jul 1, 2013

What do you do now?

Do you still have friends in the S&T world on buyside and sellside?

Jul 1, 2013
yeahright:

What do you do now?

Do you still have friends in the S&T world on buyside and sellside?

I trade a fairly different product is as far as Ill say :)

But I think it brings up an interesting point, because I think a lot of concerns on this forum is transferability of skills, and it is true, there is very little in trading.

Moving products you might not be starting from square 1, but you will be starting at the initial part of the learning curve, and it means a lot of new training at first. You arent going to come in and just be given the same responsibility you had before because you need to go through the same learning process again with a new product.

Im quite lucky, i did a couple years on one product, and then got a chance to move into a related product but that presented a much more diverse learning experience. The issue is I did have to take a couple steps back before I will be able to take the steps forward. But id advise anyone starting out in trading to take advantages of opportunities to pick up new skillsets.

Especially in a BB, you get pigeonholed skillset wise so quickly, within 2 years I knew how to run an equity derivs book, but that is it. You want to make sure that your skillset is always expanding, and in trading to do that you will sometimes need to take steps back.

Jul 1, 2013

I am already trading at a BB, so I'm more interested in the HF part. I realize you said you can't comment on certain things, so feel free to ignore or answer via PM.
- Do you have an execution role or a risk taking role in the HF? If the latter what kind of fund are we talking about, what products do you trade now? (no need for names, just smth like Global Macro or whatever)
- Can you explain how the process for moving from BB to HF works in London? Did you seek it yourself or were you approached by someone?
- How many years are "a couple of years"? Just trying to get a feel for what kind of experience they are looking for.

Jul 1, 2013
Maximus Decimus Meridius:

I am already trading at a BB, so I'm more interested in the HF part. I realize you said you can't comment on certain things, so feel free to ignore or answer via PM.

- Do you have an execution role or a risk taking role in the HF? If the latter what kind of fund are we talking about, what products do you trade now? (no need for names, just smth like Global Macro or whatever)

- Can you explain how the process for moving from BB to HF works in London? Did you seek it yourself or were you approached by someone?

- How many years are "a couple of years"? Just trying to get a feel for what kind of experience they are looking for.

PM'd you

Jul 1, 2013

If you could change one thing about BB sell side trading, what would it be?

Jul 1, 2013
WallStreetHope:

If you could change one thing about BB sell side trading, what would it be?

I guess sometimes you wish it was a bit more prop. Sometimes you just feel you cant get involved enough in terms of knowledge and analysis and you just think to yourself the information assymetry is just too large.

WHen it gets busy on the sell side, it gets ridiculous, just quotes coming in all the time. YOu have 10 different requests on prices and you know the guys asking for them have done days/weeks of research, so they know more than you, and you need to make an opinion in 3 minutes.

I guess what im getting at is that sometimes you dont feel the edge you get from the bid ask is enough to compensate for the informational assymetry and selection bias

Jul 1, 2013

What is most appealing to HFs: research, desk analysts, trading, or sales? And what skill set (from an S&T role) is the most beneficial in the transition to the buy side?

Jul 1, 2013
WallStreetHope:

What is most appealing to HFs: research, desk analysts, trading, or sales? And what skill set (from an S&T role) is the most beneficial in the transition to the buy side?

Depends on the place. A lot of fundamental shops id say would lean towards research/analysts. Trading at a BB gives you a lot of skills, but you dont really thinking about a company for weeks and value it fundamentally. I did 2 years on a single stock derivs desk and barely every looked at a balance sheet, the timeframes you deal with are too short and ive found it doesnt add much value.

This probably really varies on what product you do though. In credit you do get a lot more involved.

Personally though, I would say trading gives you the best skillset, as long as you make sure to spend time to develop the longer term analysis skills. Because any product you trade will teach you to make decisions, and more importantly make decisions on incomplete information, and also how to manage a portfolio of risk, something you never learn as a research analyst.

Jul 1, 2013

What is your opinon of structuring in general and what are the best BBs for it in your opinion?

Thanks!

Jul 1, 2013
moritzplatz:

What is your opinon of structuring in general and what are the best BBs for it in your opinion?

Thanks!

No idea, Ive only traded non exotics. I also dont speak french so not sure what to say to the structurers :)

Jul 1, 2013

This was a recent switch, correct? How many years were you at the BB? What made you move to a HF?

Jul 1, 2013

Most capital you moved in a week? A day?

Jul 1, 2013

Lol I think I remember which BB you were at but have no interest in finding out who you are. Don't want to scare you off the forums because this is good info.

Thank you for acknowledging that trading imparts few transferable skills (aside from risk management)! Like you said, you don't get deep into the analysis, are dealing with flow all day long with no time to think about what "prop" positions you'd like to have on. The options skill set is valuable though. But for a fundamental product like equities, buyside probably prefers an IBD modeling/valuation background. So it makes sense that you would jump to a non-equity product on the buyside. By the way I also agree that in terms of buyside prep, trading is probably better than sell-side research (but go IBD if you want fundamental funds). The research guys know a shit ton of details but it doesn't seem to help their calls much ;)

How'd you make the move to buyside in a completely different product? If you traded with buyside counterparts in your product and they offered you a spot, I can see that. To jump to a different product, I'm guessing headhunters? I have had some add me on LinkedIn but most of them have useless opportunities that I wouldn't leave a BB for. What was the process like for you, as a fairly junior person?

I'm sure there are some parts of your trading skill set that are useful in your new product, but I've always had the sense that the "trading intuition" you pick up from a liquid product may not necessarily be transferable to an illiquid product. What's your take on that?

Also, whatever Maximus asked, if you don't mind PM'ing me too. I am looking to move to a trading-oriented fund (macro and to a lesser extent RV fixed income). If you have any color on that you don't mind sharing over PM that would be nice.

Jul 1, 2013

Thanks for doing this.

My questions are not quite trading or exit-opps related. What I would like to ask are the following:
What do you know about Market Risk Managers/Market Risk Management? How regularly did you work with them in your previous position? How do you think they add value? Do you deal with them in your current role?

Snootchie Bootchies

Jul 1, 2013

I am from one of the Asia Financial Centre (SG/HK) and studying at one of best school there, did two internship one in boutique equity research and another risk gig in a big commodity firm (ABCD, Glencore,Trafigura kind), which I would say is pretty solid, also have stellar leadership track record in my uni (VP of uni investment club), however I have a less than 2:1 GPA due to screwing up at 1st semester. Do you think I stand a chance? I would say my only major weakness is my shitty GPA, is it possible to make it up and get into BB S&T with my internship experience?

Chemically speaking, alcohol is a solution.

Jul 1, 2013

What do you think is the main difference between trading in HF vs BB vs prop shop is? Are salaries all comparable and based on P&L?

In terms of starting out in trading, what desk is best to work at for future career? Options? Equities? FX? Commoddities? Fixed income? I have heard that options are more difficult and that most managers of firms now started out in fixed income because it was the broadest?

Jul 1, 2013
omgomg:

What do you think is the main difference between trading in HF vs BB vs prop shop is? Are salaries all comparable and based on P&L?

In terms of starting out in trading, what desk is best to work at for future career? Options? Equities? FX? Commoddities? Fixed income? I have heard that options are more difficult and that most managers of firms now started out in fixed income because it was the broadest?

Tough question because HF is a very wide spectrum, and I havent worked at a prop firm so take it with a grain of salt, but If i had to make generalizations:

1. Pay: BB will be a lot more predictable. Base depends on which shop in terms of prop and HF. Id say on average BB will be higher but its pretty mcuh the same everywhere, base at the best HFs and props will be higher. Same thing with bonus, not sure about mean but a lot more variance.

2. Style of trading: Here I will assume prop firm is like an optiver style shop. They from what i hear from people working there are very short term, smaller positions, more like option day traders almost. Their recruiting sort of shows this, the test at optiver is really designed to find people with very quick mental maths. At a BB you are learning to manage a big book of risk, your size will usually be a lot bigger than the prop shop and you will take more edge, but its not a game of flipping stuff all the time. An HF as a junior you are much more likely to be in an analyst function than trading function, but here it varies because HFs are so different across the board. But in general there will be more fundamental work in an HF role.

As an example of the style of trading and how it can all link together:

HF (fundamental oriented): spends 1-2 weeks analyzing a company, going to company meetings, talking to analysts, spends a lot of time thinking about the right way to put on the trade. FInally decides he wants to buy 1Y atm calls in 50mln notional

BB: Client comes in to buy 50mln not atm calls (roughly 170k vega) in a name. That is a lot of vega for the name. Current market is 25-26 vol, you offer at 28 vol and get lifted. Now you are short 170k vega on this name and start looking at the best ways to cover that risk which is at a multiple of what you can do on screen or the broker.

Prop MM: If the trade was done on exchange they see a large print at a level that looks outside the offer, start skewing prices upwards anticipating that the BB will come and try cover, BB sees the screens all shift and yells out "FUCK", Now the screen is 26-27 as the MM's have all shifted. If the BB starts lifting those MM offers at like 5-10k vega they will attempt to skew prices in other strikes/matrities to make a small profit on that vega and do this a lot of times during the day.

Obviously this a huge generalization but at least in equity derivs this is how it works a lot of the time.

In terms of which product to start out. There are 2 keys, number one is what you are interested. If you like global macro and looking at the economy etc then do something that is interest rate oriented. YOu will always do better at something you are interested. Number 2 try and be in a product that develops a skillset. I was advised at first to start out on rates, because its such a fundamental building block. In the end every product has rates exposure so its a great foundation. A credit desk on the other hand will let you build a skillset of analyzing companies etc. It ties into number 1, what are you interested in? and what desk can build the skillset that will make you better in what you are interested in? I guess theres a third point, try not to go into something that is commoditized, like cash equities.

Jul 1, 2013

Top 10 most valuable things on a resume. (What Makes an applicant very attractive)

Thank you very much for doing this.

Jul 1, 2013
cedthetrader:

Top 10 most valuable things on a resume. (What Makes an applicant very attractive)

Thank you very much for doing this.

Haha top 10 is quite a big list you are asking for...

i have had quite a bit of experience with interviews, i havent screened that many resumes. But there are two things I look for in a candidate

I find resumes really difficult actually, ive looked through one of the resume books that more senior guys get, they are the most boring thing you will ever see. Everyone looks the same, so what id say is make sure to have something that makes you interesting (in a good way). Dont play it safe, let it fly

In terms of interviews, I liked to take the candidate to the edge of their technical knowledge, and then ask them questions where they had to use that knowledge to come to an answer. Only way to see what is memorized and how much they "know". I also think that a candidate should have a good enough level of knowledge to be able to handle a technical conversation. But I know some guys are less bothered about technicals, but I think it says osmeting if a student is coming ot an equity derivs interview and doesnt know what gamma and dynamic hedging is. THats just a red flag.

    • 1
Jul 1, 2013

Thanks for doing this. I was going to write my questions here but decided to send it via PM for privacy reasons if you don't mind.

Jul 1, 2013

In your opinion and based on your experience, how easily is internal mobility within BB's.
Moving from one product to another product. Switching positions (trader to sales, etc). Switching divisions. IBD to S&T or visa versa.

Jul 1, 2013
WallStreetHope:

In your opinion and based on your experience, how easily is internal mobility within BB's.

Moving from one product to another product. Switching positions (trader to sales, etc). Switching divisions. IBD to S&T or visa versa.

I have to make a distinction between how often it actually happens and a persons desire for it to happen. Especially in my analyst class it was quite common for people to be moved around, but I wouldnt say it was from a want on a lot of parts, but rather the person was looked at as a resource that can be moved around.

You might not like hte answer but its very individual specific, and a lot depends on how much people like you as a person as well. In general, its relatively straightforward to move within an area from a more complicated to less complicated product. IE from an exotic equity deriv desk to a flow derivs desk. Moving across products is all about your reputation and if someone likes you. If those two are there then its not too difficult. The key thing though is to be doing an excellent job on the desk you are on at the time. A lot of kids think they want to get on another desk and then sort of dont focus/bother where they are at the time, but the problem is they then have no reputation to use as a springboard.

Jul 1, 2013

Hey mate, i'm also curious about the information you PM'd to maximus decimus. What is your current role at the hedge fund if you don't mind me asking? ie product, role (research/execution). I used to be a vol trader myself at GS. thanks!

Jul 1, 2013

bump?

Jul 1, 2013

Start networking bro! IDB is just relationships, but I don't even have to tell you that

Jul 1, 2013
Whgm45:

Start networking bro! IDB is just relationships, but I don't even have to tell you that

I've been working it from every possible angle, ex-broker's previous clients, friends of friends of friends, ex-colleagues of colleagues....

I am hoping the WSO brotherhood will also shine through on this one.

Jul 1, 2013

You would be surprised what a 1 trick pony can do as an equity derivative broker.... If your 1 pony is a BB and you cover the entire desk you only need 1 client. You will have your entire desk feeding off you!

"Oh the ladies ever tell you that you look like a fucking optical illusion" - Frank Slaughtery 25th Hour.

Jul 1, 2013
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Jul 1, 2013
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"Oh the ladies ever tell you that you look like a fucking optical illusion" - Frank Slaughtery 25th Hour.