SA Investment banking to FT Sales & Trading?

Is it possible/ how hard is it to get interviews for full time Sales and Trading after doing a summer in Banking (Middle Market bank)? Coming from non-target, I wanted to (and still want to) get into Sales and Trading, but only managed to get interviews in Banking. I now have accepted a banking offer.

How rare is it to make this jump and is there anything I should be doing to increase my chances (other than continuing networking, and working hard in the hopes of getting a return offer for the Summer position)?

 
Best Response

Very possible to do so. A lot of BBs will allow you to interview internally with a different line of business. Your ability to secure this interview is usually dependent on whether or not you are going to receive an offer in your current group, and then it's up to you to make a good impression during the interviews to get the offer.

Obviously there are only a small minority of interns who do this, but if you network as much as possible with S&T desks (not sure how much time you'd really have to do so) then you can only help your chances. Obviously banking interviews are very different from S&T ones, so you have to be prepared.

 

I think this would be far easier to do the other way around ... or if you were trying to go to sales. For trading though, you're going to get some very, very technical interviews. If it's within the same firm, you're already rated as an SA so if they like you, HR will help you get in contact with IBD ... but it's a bit of a stretch.

I am permanently behind on PMs, it's not personal.
 

If i was you, I wouldn't try it with the same bank that you are doing your SA IBD stint at. It would make sense to try other places for FT S&T after you have received your return offer (assuming you do) . Remember, its an internship. The sole purpose of an internship is to see whether its the right fit for you. I would say you start trading a personal account or find a fall s&t internship that you could use in your S&T interviews as a way to prove that you are interested in S&T. So no, don't risk it with the same bank unless you are certain that you do not want to return, even if you receive your return offer.

 
black mamba22:

^ did he get an IBD offer and accept at HSBC then transfer?

Nope, got the offer, didn't accept and then transferred. From what he says, he changed his mind halfway through the internship and then just networked a lot with MS guys.

 

how hard would it be to shop an ibd offer too another top bank s/t and get a FT offer at end of summer? I want to go aborad all of senior year rather than stick around for interviews

 

i did a summer in M&A at a top BB and switched to s&T FT. i also went to a top state school undergrad business program (think mich, ucla, cal, uva, unc).

while the market was better when i did this, i was able to get interviews with every BB on the street for S&T and landed an offer at a top BB for full time. the most important thing is to have a good answer to "why do you want to switch" and be able to demonstrate your passion for the markets. they want to make sure you arent switching just bc of hours or lifestyle and that markets truly are your interest. i was president of a trading club at my university which def helped.

when i summered, i think if you expressed interest in S&T they would get you an interview but you would give up your IBD offer, i wanted to hold onto my offer so i never went down this route.

feel free to PM me with further questions

 

I'm also interested in this - I'm summering in M&A at Citi/DB/CS as sophomore, but I've started to develop an interest in trading. Would it be difficult to use M&A SA experience to sell myself for a S&T SA position next year?

 

Libero distinctio rerum placeat at voluptas veniam. Sed magni iure aut. Asperiores perspiciatis id hic ut nobis ipsum ut.

Consequatur quasi excepturi fugiat omnis ratione voluptatem. Ipsum voluptas inventore nesciunt aliquam sint aut. Corrupti recusandae quia inventore facilis incidunt molestias autem.

Soluta et est et dignissimos nulla odit molestiae. Aspernatur perferendis dolore ex animi. Aut molestiae inventore dolor vero.

Jack: They’re all former investment bankers who were laid off from that economic crisis that Nancy Pelosi caused. They have zero real world skills, but God they work hard. -30 Rock

Career Advancement Opportunities

March 2024 Investment Banking

  • Jefferies & Company 02 99.4%
  • Goldman Sachs 19 98.8%
  • Harris Williams & Co. (++) 98.3%
  • Lazard Freres 02 97.7%
  • JPMorgan Chase 03 97.1%

Overall Employee Satisfaction

March 2024 Investment Banking

  • Harris Williams & Co. 18 99.4%
  • JPMorgan Chase 10 98.8%
  • Lazard Freres 05 98.3%
  • Morgan Stanley 07 97.7%
  • William Blair 03 97.1%

Professional Growth Opportunities

March 2024 Investment Banking

  • Lazard Freres 01 99.4%
  • Jefferies & Company 02 98.8%
  • Goldman Sachs 17 98.3%
  • Moelis & Company 07 97.7%
  • JPMorgan Chase 05 97.1%

Total Avg Compensation

March 2024 Investment Banking

  • Director/MD (5) $648
  • Vice President (19) $385
  • Associates (86) $261
  • 3rd+ Year Analyst (13) $181
  • Intern/Summer Associate (33) $170
  • 2nd Year Analyst (66) $168
  • 1st Year Analyst (202) $159
  • Intern/Summer Analyst (144) $101
notes
16 IB Interviews Notes

“... there’s no excuse to not take advantage of the resources out there available to you. Best value for your $ are the...”

Leaderboard

1
redever's picture
redever
99.2
2
Secyh62's picture
Secyh62
99.0
3
Betsy Massar's picture
Betsy Massar
99.0
4
BankonBanking's picture
BankonBanking
99.0
5
dosk17's picture
dosk17
98.9
6
DrApeman's picture
DrApeman
98.9
7
kanon's picture
kanon
98.9
8
CompBanker's picture
CompBanker
98.9
9
GameTheory's picture
GameTheory
98.9
10
Jamoldo's picture
Jamoldo
98.8
success
From 10 rejections to 1 dream investment banking internship

“... I believe it was the single biggest reason why I ended up with an offer...”