BB Equity Sales and Trading Interview this Friday......HELP!
So I just got an email today. I'm going in for an Equity Sales & Trading Summer Analyst interview at a BB this Friday! (What a great heads up)
I need one thing.....HELP.
Below is what I know so far after doing some initial research: Can someone please tell me if this is enough knowledge
S&T lifestyle is very different than ibanking. If they ask why S&T I will go along with the high risk, fast-paced environment and the chance to make spur of the moment decisions with often huge implications. Does that sound okay? Also, I know the hours are slightly longer than the actual market hours so say from 7am - 6pm?
Sales People have the job of attracting clients which can be in the form of individual investors (high-net worth individuals) or institutional clients such as mutual funds, investment advisors, pension funds, hedge funds, banks etc... Sales people do tons of cold-calling and are constantly on the phone with clients trying to get their client to buy stock, bonds or other products.
Traders are the ones that actually execute the trade. Traders are constantly monitoring their computer screens watching the market action. They are the ones who curse left and right during a stressful time such as a huge drop. If the trader executes the trade below the price quoted to the client, the bank stands to make a profit and if the trade is executed at a higher price than the quoted rate the bank loses?
There are two types of traders? Flow traders that trade the products on the market with the client's money and proprietary traders that trade on the market with the ibank's money.
Also no weekends and a lot of quantitative work.
This was actually very unexpected and it came as a surprise on New Year's Eve.
Someone care to help?
Having successfully gone through a couple of SA S&T interviews, my best advice to you is to really know the markets. If you are talking to sales guys(especially equities) they probably dont care as much about quant stuff as they care about your stock pick. Really understand the market, credit crunch, etc and have a great, well researched stock pick. Also, you'll probably get a sales vs trading question. If you have a preference make sure you have very good reasons why. And if you dont, make sure you offer very good reasons why you are interested in both. Make sure you show that you have researched both. I dont feel that institutional sales people make that many cold calls but someone feel free to correct me if I am wrong there.
I was assuming that institutional sales people do a lot of cold calling because I don't see how else they could really build up their book of clients.
Is this for an entry level position ? Which BB are you interviewing with ? Your college, major,etc. Did you already have a phone interview ? If yes, what did they ask ? I might be able to help if I have some of this information.
Mr_trader, this is for an Equity Sales & Trading Summer Analyst position. I'm interviewing with a BB in New York. I'm at a non-target majoring in Business Management & Organization. I did not have a phone interview, but instead I was called into the New York offices for a first-round interview this upcoming Friday.
I worked at this BB last summer as an intern in Alternative Investments in the Asset Management Division. Last summer I was in a fund of funds group for private equity funds.
I networked my way through some good, high-level contacts.
I have read the Sales & Trading section of the Vault Guide to Investment Banking to death.
In addition to what I know above I have continued to read through the guides and have a solid understanding of the role of NYSE specialists, the way bonds and stocks are traded on the Nasdaq (Over the Counter - OTC) and NYSE. The traditional path of summer analyst, trading assistant, associate and trader.
I learned about how the shorting of a stock exists when the trader buys x number of shares from another trader because the trader does not carry any of the respective company shares in his/her account. The trader sells those borrowed shares to the investor. The trader then wants the stock price to drop so he can buy the shares back (to make up for his borrowed shares) at a cheaper price and make money instead of having the stock price increase, thus forcing the trader to buy the stock back at a higher price and lose money.
Any help or commentary you can provide is greatly appreciated.
Anyone else care to chime in?
Make sure your stochastic calculus, time series, and analysis are strong. Also, make sure you can discuss some actionable trading ideas.
..... are you kidding me. Stochastic calculus in equities. Dude you really have NO CLUE do you? You think you know but you have no idea... Equity trading is algebra 2 stuff at the most difficult... They wont expect you to know very complex math for a SA position.
Maybe not real stochastic calc, but at least know what Ito's Lemma is and how to find the risk neutral measure in Black Scholes using Ito's Lemma
Just in case they ask you to rederive it, had it happen before to some friends of mine.
what are you guys talking about? For equity sales & trading.... thats ridiculous for them to expect you to know what that means.
You do not need any lemmas, Ito or otherwise. You dont need to know Jensen's inequality, or how to derive the BS PDE.
If you can count in eighths, you're in. Show some market knowledge, have a favorite stock or two and you're in biz.
I have never heard of anyone non-quant being asked to derive the black scholes equation in an interview.
Yeah, seriously I have also never heard of anyone being asked to derive the black scholes equation. This is for Equities first of all, not structured products, not proprietary trading and its a Summer Analyst position.
I think just knowing the market news, basic definitions of what a salesperson does, what a trader does, what sales-traders do, floor brokers, the difference between how trades are placed on the NYSE versus the Nasdaq, what is a long and short position and maybe what hedging or a derivative is should be enough.
I have thoroughly reviewed the Vault Guide to Investment Banking's Sales & Trading section.
In my opinion (I'm a junior so what do I know), knowing what shorting a stock is is taken for granted. You will however have to show an interest in the markets and be very up to date with current trends
Well I do know that oil reached $100 a barrel briefly yesterday and closed at I believe $96.32 per barrel. The price of gold also increased and this lead to fears of a recession.
However, today, good prviate-sector employment data and factory orders data helped to off-set the fears of yesterday's recession.
Goldman Sach's Chief Investment Strategist believes that 2008 wll be a rollercoaster year, much the way 2007 was. The credit crunch will continue for the first half of 2008 and home prices will also continue to decline.
However, stocks should increase because the second-half of 2008 should be much better.
The Government issues their employment report tomorrow and unemployment should increase.
Mrbellaiche do you think that should be good enough?
Make a summary sheet of whats been going on in general in the economy as a whole. Then make a summary sheet of what occured this week. Should help you be prepared and seem knowledgeable about the stock market.
"Well I do know that oil reached $100 a barrel briefly yesterday and closed at I believe $96.32 per barrel. The price of gold also increased and this lead to fears of a recession."
A single lot traded at 100 yday. Then the guy bought everyone drinks.
good plan trade4size I will do exactly that. I can then sound more prepared instead of rambling about a bunch of different stuff at once.
everyone knows what the
said. The big question - do you agree with him? why, why not?Yeah, I agree for many reasons actually.
so how'd it go?
I'm very glad you asked that sammy101, as I was just about to post about my interview experience. The interview was excellent.
First off, I'm from a non-target majoring in Business Management & Organization. Of course, I get the relevant coursework question. I happened to get an A+ in Managerial Accounting and an A- in Intermediate Business Statistics. I also did very well in both Micro and Macro Economics. So i addressed the quantitative concerns well.
I said how I enjoyed taking qualitative courses as well like English Comp, Business Writing etc...
I was asked what are my strengths and weaknesses: My strengths were being hardworking and constantly setting gaols for myself and how I work well with a team of people. My weakness was how I maybe take on too much at one time, but I worked at this particular BB last summer and I said how I learned from my previous summer's experience about taking on too much at once and how it's best to focus on what you are doing and do it well before moving on to the next task.
I was asked what else I do besides study? Of course I'm a big tennis fan, I played in high school and still play intramurally. I follow the Grand Slams etc... I said I'm a big Patriots fan and it just so happened the interviewer was also. That started a small conversation which was nice. Lastly, it is very important to mention that you just like to hang out and have a good time to tell how you are sociable, which I did and it worked.
I did extremely well this past semester academically, and it's nice to see that the interviewer was impressed by my 3 As (there were more, but I didn't bring up the others due to them not being very relevant).
I was also asked to elaborate on the fact that I'm hardworking and I set goals for myself by giving a situation where I set a goal and reached it. It just so happened that usually doing well in quantitative courses has been a bit tougher for me. Last semester I decided to tell myself I want to do well in my quantitative courses (Mang. Accounting and Business Stats.) and I really buckled down and studied and got A's in both courses.
Also what was the biggest challenge I have faced? It was an intro to calculus course where the professor's teaching style didn't really work too well with my learning style. To get around this problem I formed a study group and managed to do well.
I was given a job description sheet about the program just briefly before I walked in to the interview and didn't really know the logistics of the program, so I asked if we could pick either sales or trading. It was nice to hear the program is rotational and you do three, three week rotations, one on a sales desk, one on a trading desk and one on a desk of your choice from either sales or trading. You get to see both sides of the field.
I asked if most people get their preferences for sales and trading desks and the answer was most do.
I asked how people handle the stress in trading and the response was most people want to be in that type of fast-paced environment in the first place. I added that I like that type of environment where you don't hear every click of the keyboard.
Lastly, I asked why the interviewer chose this particular BB and it was a nice way to finish off because I worked at this BB and could relate to the interviewer's answers.
I know this was kind of long, but I wanted to provide all the questions I was asked and my answers to those questions. I feel this gives others on this board a much better idea of what to expect in an actual sales & trading summer analyst first-round interview at a BB.
I am glad to hear it went well. It sounds like they mostly asked you fit questioned and you seemed to go a great job answering them. I had a interview today with a Buyside firm for a SA position on the desk, my interview was the opposite, lots of technical questions. They were fairly easy but i am more comfortable answering fit questions because you can tell a lot more about something by their answer to fit questions.
Hope you make it to the next round. Enjoy the weekend.
Thanks trade4size, I appreciate your support. While it is a bit unfortunate that you had a lot of technical questions, you should feel good because you have improved your weaknesses and in the event you get asked lots of technical questions in the future, you will be more prepared.
Best of luck, and I hope you also make it through to the second round.
I will post an update about my interview status as soon as I hear something.
^^^^^I will probably have two equity BB interviews for S&T coming up later this month... ^^^ def keep in touch.... wow @ the A in managerial accounting....maybe it was my teacher, but that course was incredibly difficult when I took it....I'm from a non target as well, and it's nice to see others who have to grind extra hard... competing with the Ivies at these interviews...good stuff.
I am just wondering if they incur the cost of flying you out if you are located out of state ? Or do they ususally prefer only local people for summer jobs ?
I don't know about first rounds, but for the superday they'll pay for your flight/hotel
Well it was kind of different for me. Since I worked at this particular BB last summer, and I live only a one hour drive from New York City (not in New York, but in a neighboring state), instead of doing a phone screen with me, they brought me in to the New York City offices for an actual face-to-face interview which only lasted 30 minutes.
The email they sent did indicate that for first-round interviews this BB does not compensate candidates for their cost of travel to get to the New York City offices.
Just like all other BBs though, if I am to advance to the second round superday interviews I am sure they will reimburse all costs of transportation and/or lodging incurred by the candidate to get to the interview location in Nyc.
I should know my status by this upcoming Friday and possibly as soon as Wednesday. I will be sure to update everyone about where I stand.
Did you move onto the next round?
I PMed you NewIbHire. I will know in a week. Next week I have Credit Suisse Fixed Income...I am preparing for that at the moment.
I remember your posts from last year. I thought you were going for IBD, what happened.
Did you just have a change in preference or are you finding that you have an easier time landing S+T internships because of your prior experience?
p.s what was your gpa if you dont mind me asking?
Sammy101, I actually decided against classic corporate finance Ibanking because ibanking is not the atmosphere that I want to be in (marathon, stamina test, same deal for over a month, etc..) I can't see myself working the crazy hours when there are people (traders) that work half the hours corporate finance ibankers do and earn the same, and in some cases, a lot more.
I also like the very fast-paced and stressful environment that is a part of trading. I want to be constantly thinking, watching the markets, and figuring out when I should trade or what I should tell my client next.
I'm a huge fan of the markets and trading is obviously a lot more market oriented than ibanking.
My gpa is a 3.8
Are you also thinking about Sales & Trading?
I'm going for investment banking but i'm only a sophomore and am getting more and more interested in s+t so who knows what i'll go for by next year. Good luck at your CS interview.
Everyone likes excitement and quick results doesnt mean your mind cant handle either if you are smart
Everyone likes excitement and quick results doesnt mean your mind cant handle either if you are smart
I definitely think sales & trading is a great option for people that thrive in a fast-paced environment and have a very sharp quantitative mind like you said JJLM.
My point is, a lot of that, is bs. Everyone especially college kids like to be in a fast exciting environment. How many people are really patient with anything these days. but this doesn't mean you are better for S&T or IB. If you are smart your mind can handle IB or ST, that personality stuff is bs.
Traders can definitely handle banking work and bankers can handle trading work. The difference is whether you will excel and rise to the top given the conditions are different.
Anyway, I probably didn't make it to the Superday. I'm not majoring in finance and I go to a non-target known for its sciences and pre-med program rather than business. I probably got the interview in the first place because of a referral from a relative of mine at this particular BB and the fact I did an internship at this BB last summer.
I haven't heard anything formally, but the HR people told me they would let me know sometime this week and I have a feeling because its already Wednesday I probably didn't make it.
I still have other interviews though with Bear Stearns Asset Management, likely Goldman Sachs Private Wealth Management and probably UBS PWM also. I still have a busy recruiting season ahead of me.
So I got the official ding from HR at JPMorgan which I expected. On the other hand I received good news from Bear Stearns when following up on the interview as I didn't get a "you have been rejected" response.
Hi everyone,
Was wondering if any of you could help me and share information on how superdays for fixed income (sales and trading) at Credit Suisse would be like.. fit/technical/brain teasers? Should i also research a lot upon the different types of fixed income products (i only know the very basics) Also, are there a lot of group activities? what should i focus on? ANY help/advice would be highly appreciated. I'm going directly into the super day(through a referral) so didn't interview first rounds.
Hi,
Thanks very much for this comment. It help me to think about my ideals.
Apart from that, this link below may be useful:Sales interview questions Tks again and pls keep posting.
As far as the sales side of the business goes, at my bank, our sales team works only with institutional investors, not with retail (individual) investors. I would also say the hours aren't as long as you mentioned above (unless they have a client dinner / are meeting with a company management team). Typically, our sales force is in the office from about 5 am - 3 pm (this is on the West Coast). If we're working on a live deal, those hours can go WAY up, more like 3 or 4 am to 10 pm, depending on the size of the deal.
If you want to impress your interviewer (at least in my opinion), go into the interview with knowledge of the companies that the bank your interviewing with covers in research. It's the job of the sales team to diseminate the firm's research ideas to institutional investors, to try to get them to trade the shares across the firm's trading desk. It's basically the sales teams job know about all of the companies a firm covers in research, and report any news / earnings upgrades/downgrades / company updates to institutional investors. If you come into the interview with prior knowledge (even if it's just basic knowledge on one particular company that was recently upgraded/downgraded), your interviewer will be impressed.
Hey guys,
What are the GPA cut-offs for the sales role in equities for firms like Goldman/Morgan?
Sorry that I don'n know but I am a freshman.
Thank you.
Sales and Trading interview help needed!!! Please! (Originally Posted: 04/30/2008)
I would really appreciate it if someone could tell me some good websites with information for sales and trading interviews. I just got an interview completely out of the blue and need to do some preparation very fast.
Thanks a lot everyone!
The most valuable info I got for my recent S&T interview is from this website..seriously.
Other than that, know what's going on in the markets.. recent deals.. I also got a few macroeconomics questions.. Questions on inflation/unemployment/gdp etc are probably fair game if you have econ classes listed on your resume.
What kinda interview is it? First-round or superday?
Thanks! Economics questions would be great as I am an econ major and kind of hope that I won't get too many accounting questions because I only took very few accounting classes. The interview is with a BB (not in the US) and they basically just called me 20min ago asking whether I would still be interested and whether I can come for an interview....tomorrow!!!
you wont get accounting questions.
A few questions that stood out in my S&T interviews -
Bunch of brainteasers. S&T loves these a lot more than banking interviews. Especially ones with probability. Review your quant/statistics notes.
Capt K
Know the different between S&T and why you should want S over T. Be prepared for Macro like questions and also technical questions with respect to yield curves etc. Have an idea about the market and where you tink we might be going.
I had an interview myself a few weeks ago in London but I did not made it because I specifically put more emphasis on Fixed income than equity-->My point...know the firm and how the S&T is organized.
If it is both equity and fixed income and both salespeople and traders are constantly engaged in hybrids..you would be stupid (like I was) to say you want one more than the other.
GOOD LUCK!!!!
Thanks for everyone's input! The interviews (multiple...I was interviewed by a couple of people in a row) went great and I got the position. I didn't even have to wait, they told me immediately after the interview was over! Yep, I am excited!
Yay! :)
Care to post some of the questions they asked Gini? I'm sure others like myself would find it useful for the future. Thanks!
Sure! I guess my interview may have been a bit "abnormal" since it was so late for a summer position. I had four interviews with four different people in a row. Most of the questions were actually fit questions rather than technical. Here a couple of the things I was asked:
And then they asked me things that were more specific to my resume, for example I wrote a research paper on a particular region and so they asked me about that and what I think will happen with these countries' currencies. That was really sweet because I could talk about something I knew a lot about.
Hope this helps!
Im curious what stock you picked and how you pitched it. Also how did you answer the how to invest in 1mm question.
"Oh - the ladies ever tell you that you look like a fucking optical illusion?"
Hi everyone,
I have my CS superday for fixed income- sales and trading this tuesday. short notice i know, but can anyone summarize what it's like - behavioral or technical, the type of questions asked etc etc.. this is my first interview ever, would appreciate any help. thanks!
Sales & Trading Interview Questions (Originally Posted: 01/31/2012)
Can someone please provide answers to the following questions:
If I have two bonds, one pays $0.40 on default the other pays $.20 and they are trading at equal CDS spread, which has a higher implied default probability?
I buy a 7 year par bond paying 8% annual. What is the YTM? If I wait 1 year and sell it at a YTM of 7%, how much money do I have?
I have a 10 year 6% bond. What is the maximum price this bond could ever reach? Why?
If interest rates drop 20 basis points, how much does a zero coupon 2yr bond's price increase/decrease?
sales and trading interview guides (Originally Posted: 02/22/2014)
I am wondering what best resources are there out there to prepare for sales and trading interview. is wso guide applicable to sales and trading or just i-banking ?
I got called to a lot of interviews, but my conversion rate to job offer is really terrible, I really need to boost my interview skills.
thank you
what above poster said +id read Market Wizards for example
WSO's Investment Banking Interview Course has a lot of S&T coverage: http://www.wallstreetoasis.com/guide/investment-banking-interview-prep-…
Entry-level S&T Interview - What to know? (Originally Posted: 03/16/2011)
I'm a college senior interviewing for an entry-level S&T rotational program at a relatively new boutique firm. The program will be covering a number of markets "including, but not limited to Munis, Repos, Commercial Real Estate Finance, US Rates, MBS and ABS trading, CDO, High Yield, Equity Research and Operations."
The job was posted on my school's job site by an SMD specifically looking for students from my school.
With such a broad range of markets what type of questions should I be expecting? I've talked to a couple of people in management positions at other firms and they've mainly told me to make sure that I nail the fit questions because no one wants to be sitting on the desk with a shit head. Obviously. However, they weren't too specific on what type of technical stuff would come up.
I have a summer internship in fixed income so I pretty much have the technical side of that down to the best extent possible and have been studying up on the company for the last 2 weeks as well.
In addition, I'm from a target, decent GPA, and D1 athlete so obviously if the interview is biased towards fit I'm going to be stressing those factors.
Any advice would be greatly appreciated.
Definitely know what has been going on in the markets the past couple days (weeks). Obviously Japan is a huge issue, but what else? Read the WSJ daily so you can talk about any topic they bring up. If they say something about a recent event and you can't talk about - not good. Try to have an original thought as well. What trades would you make with the Japan situation? Don't have to be right, just need to have a thought out thesis and no a BS answer.
Like you mentioned, you did an internship last year that was in FI. Depending on how you explained it on your resume, any technical question could be up for grabs. You said you know that stuff, so should be all set there.
Be yourself and if you don't know the answer to a question, just say so. Good luck.
know your resume inside and out, things going on in the market now.
maybe have a particular area of interest since its such a broad program.
S&T Interviews (Originally Posted: 10/13/2006)
Hello all,
I am a student from Stern-NYU. I interned with Deutsche Bank- Investment Banking in London over the summer. It was while I was at the internship that I found out all about Trading and even managed to speak to a few traders. After talking to these people, I just do not see why people choose I-Banking over Trading. Now, I am 100% sure that I will NOT do Investment Banking. I mean.....come on.....the hours are absolutely RIDICULOUS (although it is not as bad as NYC in London) Secondly, if you have brains and a genuine interest in finance, I think it makes a lot more sense going into trading than being a slave for 100 hours/week (No offense...just what I feel). My question is:
What are the typical questions for those interviewing at BBs for S&T positions? Apart from the general "fit" questions, how are technical questions different from that of I-Banking? Any inputs from those people who have actually iterviewed for these positions at BBs? Also, do you have to be absolutely positive as to which desk you are interested in (eg. Equities, Fixed Income)?? Or, can you afford to tell them that you are unsure as to which desk would be most suitable for you?
I would really appreciate any information that anyone might have to share. Good luck to everyone.
Cheers, Devin
Get your CFA
CFA? Thats one of the most misleading advice you could give to an aspiring trading.
Yea, I agree with you when you say why people are so fascinated by siting in a cubicle chruning out graphs for a pitchbook for 90 hr/weeks when they can be trading the market on a fast paced trading floor. Thus I opted for this route. Screw IB.
As fas as your questions are concerned, it would be best to have a quant backgroud for some of the desk specially derivates and FI. During the interviews, they'll ask you the usual technical questions based on your past experiences. Check out the vault guide for S&T.
And you don't specify what desk you want when being hired, usually the BBs put you through a 1-2 yr rotational program and then place where you excel the most.
Would a CFA make any sense in trading?
Nope not one bit. Though when you exit, it could prove useful. No harm in gettin it done if you can invest enough time.
Thanks to all who decided to contribute.
Now what happens after your two year rotational programme? Do you get thrown out like most I-Banking analysts and end up doing the MBA or do you get to carry on? From my knowledge, the MBA is not important should one want to be a trader. However, I have had most people advise me to do an MBA in order to increase my market value. I am confused. For those who are current traders (eg. Chimp Trader), what do you plan to do after your two years are over?
PS: Dear Chimp-Trader..... is that your photograph? Well......either way..I love it! hehe (signs that I am a true trader at heart...and also because my girlfriend is also nearly as blonde as that girl in the photo)!!
After the two years you end up as an associate (trader's bitch) at one of the desks. If you really are clueless about the markets and somehow got into the program maybe based on your high gpa or ivy name, then you're booted out.
MBA is not useful for S&T persay but would obviously be of great help when exiting S&T. Though if you want to excel solely in trading, I'd recommend a MFE or something more quantative.
And no that is not my photograph. You should know better, trading and blondes dont really mix. heh
Shes a friend, with benefits ofcourse.
Not all programs are rotational. In some, you are placed in a particular group or at a particular desk right after training.
A lot depends on being in the right place at the right time. Some people may have to wait a long while before a spot opens up for them, but others might only be on the desk for a few months before they get to begin trading and manage their own book.
Thank you everyone for your comments!!
And Thank You Chimp-Trader!! You have put me at ease once again!! Of course I knew better that Trading and Blondes don't really mix, but I had to wait and first find out that you were a bloke!! hehe. However, I am waiting for the day a babe like that ends up being a hotshot trader!! That's it!! I am all sold that day and willing to get myself off the market!! :-P
S&T Interview on Monday. Please help! (Originally Posted: 02/03/2012)
Math major. Don't have a clue about Equity Markets. SA Interview on Monday for this division: http://www.janney.com/institutions--corporations/equity-capital-markets…
How to prepare? What to expect?
Thanks.
Get the WSO guide. Shouldn't be super hard.
Entry-level S&T interview (Originally Posted: 12/01/2007)
What types if any technical questions are usually asked in an entry-level Sales&Trading interview at a BB firm?
Thanks
Closer...even though my question the other day was about SA interviews, I now completely understand why you answered the way you did the other day...lol
now you see lol!!!
Sales & Trading typical interview questions (Originally Posted: 03/28/2015)
Hello All-
Wanted to get a sense from the community of what in-person typical Sales and trading questions are with the appropriate responses. TIA.
Be able to list off various market prices, basic bond math, recent central bank action, pitch stock long/short, be able to frame a view on a market, don't say anything you don't know, admit when you don't know something, basic brain teasers, keep cool and humble.
Sales Trading Interview (Internship) (Originally Posted: 05/30/2011)
Hi,
I have got an interview in Frankfurt with a "boutique" (don't know if you could call it that since they've got offices in Frankfurt, London, Milano, New York, Zurich) for a cash and derivatives sales trading internship. I really don't know what to expect since the HR-Lady wouldn't tell me what sort of interview it is going to be. (Tech. or Comp.).
Anyone out there in the jungle that could help me?
Cheers
prepare for all the major bits:
technical brainteasers fit market awareness
Only then will you be actually prepared. If you decide to roll the dice, prepare to fall on the bad side of variance.
http://www.wallstreetoasis.com/blog/gekkos-guidance-part-2-st-interview…
Thank guys. Loving Gekko's Interview Guide.
S&T Interviews at BBs in 7-9 days (Originally Posted: 03/06/2013)
Hey everyone, I have S&T Interviews at BBs in 7-9 days
I'm preparing in the following manner; 1- Reading up on Dealbreaker, Bloomberg and seeking alpha. 2- keeping up on the markets and price of major stock index/ Bonds/ Commodities 3- Practicing mental math
What else should I do to practice for the technical questions?
P.S. I haven't been assigned to a specific desk
Thank you very much
brainteasers, resume questions...
Greeks, Black Scholes, brainteasers. aside from that, know your story and I think you have it covered.
being a cool, normal person has worked wonders for some people in the past... thats about the only thing not said so far
BB is still recruiting for summer?
Be likeable.
O and also know the technicals and brainteasers, but thats a sidenote.
Sales and Trading interview (Originally Posted: 12/08/2010)
I got a call back from a superday and now im going into meet with 4 VP's at a top bank. This is for securities.. any advice on what i should know/how i should prepare? any info is appreciated
this is for a summer analyst/ internship position btw
what bank/where
top bank in ny
use search function
When are you meeting them? Watch out for my posts, there will be a big one either Friday or Saturday that will answer you questions.
meeting them in their office, thx ill look out for ur post.. im just looking for good prep advice.. i just want to be prepared for what curve balls they can throw me
If you haven't already read it.
http://www.wallstreetoasis.com/forums/gekkos-guidance-9-rules-to-interv…
How do you prepare for S&T interview? (Originally Posted: 12/23/2009)
I am planning on reading the Vault Guide to Sales and Trading and reading up on the news via wsj. Are there any other sources that can help me prepare for the interview? Should I look into the Vault Guide to Finance Interviews?
Thanks!
Im an IBD guy, but I've always heard brush up on probability based questions and brainteasers
I would say review both Vault guides and also check out the WSO guides, they are a bit easier to understand in my opinion. Tech guide provides some S&T specific questions and answers and in terms of fit questions just remember S&T is a fast paced environment where you need to be quick on your feet and be ready to work really hard for 12 straight hours rather than in IB where the hours are longer but you have down time.
two words:
search function
Here's what I do.
Sales and Trading Interview (Originally Posted: 04/07/2013)
Tomorrow I have a first round for a sales and trading summer internship--can anybody give me an idea of what to expect in the way of questions?
Also, if I get asked to pitch a stock is 3D Systems (DDD) a good one to pitch?
Well, it depends on whether you're interviewing for equities or fixed income. There is some overlap between the two for interview purposes, but you will be more likely to get stock based question in an equities interview (surprise). As for what stock to pitch, it doesn't matter as long as you can justify your position with well reasoned facts.
*Know major market headlines by reading known financial publications *Know what the major indexes are at *Be able to pitch a stock *Be able to tie your resume into how it led you to trading
Those are some tips, I'm sure you can find more if you searched.
Be able to explain how you would value the company (P/E, DCF, 10-k), now competitors in the market, what catalyst would cause the stock price to increase/decrease, market cap, and the Company's exposure to Europe and Asia.
Thanks guys, and from what I understand, it's initially a rotational program across the floor as well as the IBD and research divisions. Then at the end I specialize, should I go in with an idea of which desk I want to work on or be open? (I'm primarily interested in their international equities and emerging markets desks, if that helps with advice)
S&T interview help (Originally Posted: 05/29/2009)
Landed an interview w/ Morgan Stanley this coming wednesday for a junior sales/trader position in IED. 3 back to backs w/ 3 MDs. What should I expect / prepare for?
Some background:
I have an undergrad in finance, master of finance, and am taking level 2 CFA exam next saturday - so I'm not a complete moron. Need any specifics or brain teasers / mental math etc. that would be useful. Thanks.
I interviewed with MS IED in my senior year. First round was with a VP who was extremely dry - no brain teasers, just fit. MS has a reputation for an all-star (read: cutthroat) culture, so the guy appeared unimpressed/unamused/very dry.
I had 2 MDs interview me 2nd round - one technical, one fit. Like a lot of equity interviews I've been through, this one had the standard probability brain teasers, and brain teasers that required some options intuition (eg - how much would you pay for a bet that a series goes to 7 games?). Because I'd taken derivatives, he started given me a lot of explicit derivatives theory questions: greeks, volatility skews, deriving parity on the spot, etc. Also got the standard: here's the spot, here's the forward, you can borrow at this, how would you arb?
I didn't consider the interview too hard, but the only other interview I had with that much options theory was Citadel.
2nd MD was fit, but really nothing to do with finance; I was surprised. I remember being asked: "what do you really want to do with your life." (I knew that if my answer had anything to do with finance, he'd cut me).
Overall, seemed like a good gig. Chance to get on a derivs desk there was tempting, but I opted for fixed income. 3 MDs sounds a lot tougher - good luck.
BTW - I'll be taking Lvl 2 next Saturday as well. Good luck on that too.
When I interviewed at MS I didn't get too many technical questions. Depending on what desks the interviewers are from and what is on your resume - you will be asked to give pitches either for stocks, commodities, interest rate instruments. I would know the news, the prices, general trends like euro depreciating to the point that it might become obsolete and gold rising everyday.
Breaking Bankers http://chasingconsultantsbreakingbankers.blogspot.com/
Given highlyconfident's background, they may be prone to grilling him more.
Did you have a finance background when you were interviewed breakingbankers? I'm not criticizing, just trying to see how they vary the questions.
BB Equity Sales & Trading Summer Analyst interview on Friday....HELP! (Originally Posted: 12/31/2007)
So I just got an email today. I'm going in for an Equity Sales & Trading Summer Analyst interview at a BB this Friday! (What a great heads up)
I need one thing.....HELP.
Below is what I know so far after doing some initial research: Can someone please tell me if this is enough knowledge
S&T lifestyle is very different than ibanking. If they ask why S&T I will go along with the high risk, fast-paced environment and the chance to make spur of the moment decisions with often huge implications. Does that sound okay? Also, I know the hours are slightly longer than the actual market hours so say from 7am - 6pm?
Sales People have the job of attracting clients which can be in the form of individual investors (high-net worth individuals) or institutional clients such as mutual funds, investment advisors, pension funds, hedge funds, banks etc... Sales people do tons of cold-calling and are constantly on the phone with clients trying to get their client to buy stock, bonds or other products.
Traders are the ones that actually execute the trade. Traders are constantly monitoring their computer screens watching the market action. They are the ones who curse left and right during a stressful time such as a huge drop. If the trader executes the trade below the price quoted to the client, the bank stands to make a profit and if the trade is executed at a higher price than the quoted rate the bank loses?
There are two types of traders? Flow traders that trade the products on the market with the client's money and proprietary traders that trade on the market with the ibank's money.
Also no weekends and a lot of quantitative work.
This was actually very unexpected and it came as a surprise on New Year's Eve.
Someone care to help?
As far as why S&T, I would go with "fast-paced," but not "high risk." Traders (and certainly banks) don't like risk, and any trader would gladly reduce risk if it could be done with no sacrifice to PNL. Trading isn't just about big risks, it's about calculated risks and diversifying away risk to produce consistent profits year in and year out.
this is more likely to be answered better in the Traders Train forum. This is the ibanking forum....Bankers arent Traders.... and Traders sure as hell arent bankers!
Yea you might get more replies from the Traders forum. I think that's fine for a first round interview. You might get asked sales vs. trading but that is up to you
It seems a little early for interviews, Did you apply online or through the school? Which bank/region is this?
Just curious, how did you obtain the interview? Was it through networking? Just wondering since I'm looking for an internship as well and don't want to be late, but recruiting hasn't started yet at my school.
Yes, I networked my way to the interview. Don't worry, you are not late for the recruiting season. I just happened to get my interview earlier than most because I go to school pretty far away (3 hour flight) and it would really be a hassle for me to fly down to school next week, only to fly all the way back up to New York two weeks later.
If you have applied for Summer Analyst positions recruiting usually starts towards mid to late January instead of the first week in January.
Jamba, thanks for the response, good luck on your interview on Friday!
Thanks orangemonkey!
How to kill an S&T Interview (Originally Posted: 10/15/2010)
Was wondering how some of you would approach an interview for an assistant S&T Role. Competitions fierce out there for there really is no room for mistakes. Would highly appreciate some constructive criticism in how to kill a preliminary interview for an assistant S&T Role at an investment bank.
Thanks in advance mates!
do a search on this for more info
if you want to be 100% prepared, the following are minimum:
as odd as this may sound, try and play down any prior trading experience you may have. the reason for this is because they dont want to have to teach you to break any bad habits you mightve developed... i mean, its good to show them youve traded before and are interested but its best not to come off as someone who has a "set in stone" trading style. again not saying that you shouldnt highlight trading experiences, but be cautious of coming off as static
Also interested in this; specifically how to REALLY stand out for a position on the sales side.
Lol all my friends were just asked random "fit" bs question for BB S&t SA and ft....ZERO questions about markets....it's really random and done in a sort of haphazard way, and you can get dinged even if you can answer sherminators questions, and also get the job if u are a drooling idiot who's in the same frat as interviewer
Where the people giving your friends only fit questions part of his intern desk or affiliated in any way? A friend had a super easy interview after interning as he knew most of the people interviewing him.
Any specific examples of some trading fit questions? thanks
sometimes they will structure fit questions as a scenario
for example (testing your desire of money)
there's 10 million dollars on the table and you are going to split it between me (the interviewer) and you. how do you split it?
I totally agree that fit questions are probably going to be more common for an assistant trading role but what i need some other examples of fit questions other than:
"here's 10 million dollars on the table and you are going to split it between me (the interviewer) and you. how do you split it?"
and how do you stand out truly...
and my answer to that fit question would probably be a 60/40 split depending on the situation.
they just want to see if they like you. they judge your intelligence off your resume. just be confident and personable
The better question is....
How would you go about transporting it?
S&T "Interview" q's (Originally Posted: 07/08/2009)
So, I have an S&T interview coming at the end of a month for a BB, I got this opportunity completely backdoor, through connections I made during my internship.
In any case, I will be intervewing with different analysts/SVPs from different groups, equity, fixed income etc. After that I am probably going to go out with the junior traders hoping that I make a good enough connection to do so.
I was wondering what I should prepare myself for? How should I tailor my resume? What quant skills should I brush up on? I am studying for my CFA should I bring that up or is it irrelevant in this subsector?
Any/all information is welcomed!
Are you currently an SA, or were you an intern last summer? Is it at a different bank? If its the same bank, I would imagine the interview would be more of a shit shooting session, and really only a formality if they invited you back. However, my experience is with IB. Also, disregard if this is with JPM. The HR people there are completely incompetent bitches, and I would not expect much to come out of this off season "interview". Myself and a couple of my friends went through similar special interviews to yourself that turned out to be a complete waste of time.
Can you clarify if you're interviewing with a firm that you never previously interned with?
Your post is rather ambiguous...
Wow, just spent 30 minutes writing a detailed story about the entire background to this situation just to have it erased... Ok, here we go again.
I interned with this BB in Beverly Hills last summer, during training, I met the president of business development and ended up befriending her daughter which really helped me foster and grow both relationships.
I met with both of them (the president of business development at the BB and the daughter of the exec) for lunch towards the end of school. Long story short she asked me for my resume and it ended up getting forwarded around to several S&T divisions. The lead analyst from fixed income called me and asked me to come sit on his desk (not literally) for a day and have an interview. I am not sure how formal it will be however, I know that I may be meeting with several other divisions of S&T (equities, commodities, exotics...).
Basically, I want to know what kind of general/specific questions I should be preparing for. The problem is that I am not sure how in depth these interviews will be and how formal they will be.
So, if anyone could shed some light on what I should be preparing for, it would be GREATLY appreciated.
Thanks in advance.
Just make sure it doesn't look like you're loafing around while you're there. Be able to answer exactly what you are interested in doing and why, I know that the real answer is probably related to money and everyone knows this, which makes this type of question awkward.
Be able to discuss the different products intelligently, and the different catalysts that affect them. This allows you to ask intelligent questions throughout the day depending on what may come up. (i.e. the Chinese talk about a new reserve currency, what this does to FX and treasury yields, and possibly connections to corporate yield spreads).
Thanks for the advice! I am definitely motivated by other factors beyond monetary comp., however, it does not hurt that starting at a BB puts you ahead of the game salary wise.
Any websites/reading to recommend to get a good overview as well as key points on different S&T divisions? I have read and re-read the website a dozen times, however, if nothing else I want to come away with a little bit of knowledge
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