Is it possible to switch asset class?
Dear folks,
I have been following this forum for quite a while, and I find people here are always insightful. Recently I have a question about the career development in the area of trading and sincerely hope to have your advice.
I received the return offer from a summer S&T internship program at a mid-tier BB at NYC office. The return offer is from equities exotics trading. However, I always have ideas to do something related to macro space such as Rates, FX, or related derivatives, etc. I know i am lucky to receive return offer in such a special time but I do feel worried if I don’t like equities exotics and accepting this offer would limit myself to this asset class.
So, I want to know is it possible to switch asset classes internally or go to other companies for a similar trading roles but in different asset classes. Usually how these kind of things work? If I have made up my mind, what should I do? Accumulate relevant knowledge, active networking for opportunities? Also, should I make this switch as early as possible? What would be the best strategy?
Thank you for all advice! :)
Why do you want to do macro so badly? I'd first advise you to make sure that you're not clinging to the idea by force of habit, and you have compelling reasons for your interest in this area. There's nothing wrong with equities exotics; it's a good place to be.
Trading experience is very domain-specific so it would be difficult, albeit not impossible, to make the jump after you already have experience under your belt. Why didn't you network with the desks of interest over your summer? Seems like that would have been the best path to get to where you want to go. Regardless, you now have an offer in hand, which gives you a bit more credibility as a candidate. Depending on the bank, HR might be willing to help you connect with macro desks internally, and if that's not an option, you can try shopping around your offer for a FT position at another bank.
Thank you!!! Yeah, I have to confess that all your points make tons of sense, lol. That’s why I am thinking about giving equities exo a try probably 1-2 years? but still I don’t want myself to be too panicked about being locked down in this specific area so I am asking around for possible of internal transfer or something else.
Also, in the meantime I will figure out whether I really want to do macro. I still believe there would be difference between making a career decision when your are still a student and when you start to work.
i traded on a US rates desk...we got a lateral from the commodies desk, a lateral from M&A IB, and a lateral from a programmer (all internal transfers) within the span of 2 year (one firm, one desk)....so yes, you can change
Thank you so much! Your information is cheering. Could you kindly share more about about how lateral hiring works? For example, are all these people who transferred to your desk have maintained connections and expressed strong interest in your desk long before headcount is available? Also, what kind of criterion would be placed on these people who already have working experience but not related to the specific area of your desk? Thanks!!!
you have to be really smart in general, and really good at everything you do, above and beyond..so that your current coworkers and boss will recommend you.
Thanks! I see your point. But in this case, like you said really good at everything, what if your original team doesn’t want to let you go? :D lol
thats a fallacy....if you are amazing, they will be happy to recommend you to anybody you ask...people like to be associated with other great people...it looks good on them politically.
it is expected that great people will move (because they are so desired and in demand)...career movement on wall street is the norm, not the exception
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