Going from IB —> S&T

Incoming IB SA at RJ/Mizuho/BNP/Piper Sandler. Considering making a move to S&T for full time recruiting. How difficult would this be? I'm under the impression that S&T is less competitive. Also how transferable is the experience? Also what % of S&T jobs are quantitative based nowadays? I'm not willing to learn any sort of coding or data.

Comments (10)

  • Intern in HF - Other
Nov 25, 2021 - 1:50am

Probably easiest way is just to network internally. Maybe try to get placed in ECM/DCM which sometimes sit on trading floors. Some banks have internal mobility programs that let you directly apply to full time programs and get two offers (Citi I believe does this).

Most Helpful
Nov 27, 2021 - 8:25pm

Experience is not very transferable but certainly not impossible to make the transition...S&T = flow trading. All you care about is markets (your specific product) and appeasing your clients

If you are not willing to learn coding then I would look into sales. Trading side not 100% quantitative now but if you want a competitive job on the trading side of the business >5years out knowing how to code is not going to be something that sets you apart, it will be a prerequisite to get a foot in the door as that's where the business is going

Sales is underrated imo. Bit less stress, still have to know the products/have an opinion, but it's sales so must be a social person and someone who is eager to entertain and eventually build a book of clients (you are still in a revenue generating seat afterall)

Nov 28, 2021 - 11:44am

In my experience once you get to associate level and above pay becomes much more performance dependent -- so differs from group to group and person to person. Ultimately as a sales guy your pay (bonus) is still somewhat dependent on how your traders performed. If you're in rates sales and the rates trading group killed it, you will most likely get paid (as you helped bring them that flow). If the rates trading group was offsides Eurodollar futures into an FOMC decision and desk PnL took a big hit, you're bonus will probably be impacted (even if you crushed it as a salesman). 

At associate level you have theoretically been promoted from analyst and have put in in your 2-3 years learning the ropes (products, lingo, systems, clients, etc.) so are now expected to be a producer (have your own book of clients). First-year associates maybe 150-175..associate level and have your own book of clients and crushing it, >$200k all-in is pretty realistic. So on and so forth. But again, all comes back to who you know: tier 1 client printing material flow with you or some small shop just sending you crumbs as well as your ability to work with your trading desk and add value to the home team

  • Intern in HF - Other
Nov 28, 2021 - 10:47pm

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