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Jan 14, 2022 - 5:24am

Have you spoken to anyone in sales or trading about making a switch and whether they would consider you a candidate? If you want to make the jump, the offer would have to come from the heads of those teams and not your MD. 

Are you considering that controller job just because of the pay rise? Or do you have an interest in that function. 20% increase tbh is pretty normal for any job change if you've stayed at the same firm for a few years,  and esp if your rank is higher., so this is not really a great reason to move unless you need that pay rise now - which is fine too. 

Will you get promoted this year? If so you might get that 20% raise anyway in a year

I think you should look at it this way, if you want to move you should be speaking to FO MDs and your current manager about career change, and be specific about sales and trading. If they give you some hmm maybe we'll think about it hiring freeze let's talk later this year, then chances are slim. But you're an analyst for now, maybe you can wait it out another couple years and give it a shot. 

If you think you'll be taking the new job to sit there and take another shot at FO at the new bank, then you might as well stay in your current role. I don't even know if asset liability controllers cover the sales and trading function you are interested, unless you want to be a trader in corporate treasury? Plus you gotta build that rappoir with the traders all over again, so the only benefit is a pay rise, and that might be offset by your promotion too. 

Don't think it's easier to move from controllers to sales trading. MO might be easier, but I've seen more ppl from market and credit risk move to trading than either of those. 

Jan 14, 2022 - 12:55pm

Ah thank you so much for your response, this is exactly the type of advice and input I was looking for.

I also passed the CFA L1 exam recently and I'm planning on taking L2 this year. I know CFA isn't exactly entirely relevant to the S&T path but would passing L2 put me in a better position to make the switch?

I had heard that the ALM space is quite good in terms of becoming more knowledgeable and may have more transferable skills than what I'm currently doing in MO trading support. 

I do agree that it is probably better to stay out seeing as how I already have a good reputation amongst my peers.

Jan 14, 2022 - 8:18pm

CFA is not relevant right now. I don't even have level 1 and I have never been asked about it, nor has it ever come up in any of my interviews for either IB, S&T, or buyside. Unless you really want to get the designation and have a lot of spare time (and money) I wouldn't bother. Spend that time networking instead and do reading. 

Controllers job might give you a bit more accounting knowledge, but it's not the kind of knowledge that would be useful or transferrable for S&T / investing. Product controllers will monitor trader PnL and understand their positions but based on my interactions with them, most of the time they just follow traders' analysis, ask some questions, and rely on credit risk to haircut credit positions / take an average of market prices for traded positions. 

For asset liability controllers this should be related to the firm's funding? I've only reached out to them + corporate treasury when we have a large financing that needs to to be drawn, so we need to make sure there is sufficient cash in a particular entity. Or we ask them about funding costs / capital charges to feed into our ROAE calculation... These are good to know (and important) as a good trader but are not skills that would get you the job. 

I think you need to give yourself a timeline. Say 2 more years in MO, you're gonna do everything you can you network and make that mobility goal clear to your stakeholders. If it does not work near the end of 2 years I would think about where you want to end up career wise. If you stay in mid/back office functions I wouldn't stay in Ops - controllers / treasury / risk all better imo. Easier to move as an associate still and won't impact your VP promotion. Maybe you can also lateral to being ops at buyside shops as I've seen some of our people do, but not sure if that's better since prob even fewer opportunities for mobility / networking there.

Jan 14, 2022 - 8:58pm

All good, let's chat there. I'm not a flow trader though and focus more on principal lending. Once you get further on your discussions might be worth posting back and seeing if traders who cover those products can opine.  

Jan 14, 2022 - 8:47am

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