Is S&T full-time rotational program beneficial?

Background: I received a BB bank FT offer after the S&T rotational internship this summer. The FT program consists of four rotations in two years then you'll be placed at a desk as an Associate. I've done intensive reading on WSO and some of the posts are super helpful in landing a return offer, and I'd like to hear more from your valuable inputs.

Question: Is rotational program really helpful compared with a desk-specific offer at other banks? Does it make sense to rotate among sales/trader/structuring roles? I've seen several FT analysts excelling/struggling the rotation, and I know it highly depends on how an individual leverage this opportunity, though.

Below are my very limited and naive considerations. Pls feel free to comment.

Pros:
- Exposure to a broad range of assets. As for me, this summer I've done two rotations under equities (which I'm interested in, but the bank is not good at), so I'm expecting to be part of the stronger credit/FX business during FT rotations.
- More internal mobility, certainty of being promoted as Associate after two years, etc.

Cons:
- Uncertainty of your final desk. You're focusing on equity derivatives trading then next day you are at rates corporate sales, and sometimes custody, fund services, etc. You'll only know your next stop just two weeks ahead.
- Only four month for one rotation makes it like another internship. If you're going to interview for other banks for a certain role, they might regard your experience relatively limited.
- Generally it's MD, but HR has a say in the selection process (even though you've agreed with a desk head to join them). Two to three unpleasant stories have happened before.
- Pay is very average and bonus is capped. Rotational analysts are hired into a general program (not desk) and managed by HR via performance review. (Money is not the major concern, though, just the way that you're valued.)

Thanks again and welcome your thoughts. I'm merely starting my career so might be wrong about the bank and the program.

Comments (9)

Sep 21, 2018

If you don't have another offer obviously take it, but if you have another offer and you like that desk I'd go for it.

I think you hit the nail on the head when you said it's like doing another internship. IMO your career will be stunted if you're constantly starting from square one. Someone that's been on a single desk that time will be adding substantial value after 2 Years.

Sep 21, 2018

Thanks buddy, appreciated. I quite agree with you, and during the summer, I did see some 1st yr analysts making limited impact to the desk since they had to learn from scratch.

I'd say S&T is a highly specialized business, varies desk by desk, so it's not clear to me why the bank offers this. With this being said, I haven't received/signed the contract yet, so will definitely searching for more possibilities...

Sep 21, 2018

Some of these BB programs don't guarantee you're placed after the two years idk if that's the case but something to consider.

I'm a first year in S&T on a desk and I can say the best way to learn in these positions is by doing.. which you're not able to drive anything month 1-4 but once you're 6 months in making actual markets or using ECNs you actually start to understand the biz. Sounds like you'll be shipped off to the next desk by then..

I'd leverage this into an offer from another shop but be careful cuz the street is much smaller than it seems and everyone knows everyone.

Sep 21, 2018

Lehman is rotational I believe.
MS is fixed placement.
GS has both rotational and a fixed program.

Someone confirm?

Learn More

Boost your resume and land a finance job by passing the FINRA SIE. 264 pages & 1981 smart flashcards written by a former 8X top Fidelity instructor. Try it for 0 bananas here.

Sep 21, 2018
gimmearedbull:

Lehman is rotational I believe.
MS is fixed placement.
GS has both rotational and a fixed program.

Someone confirm?

OP was referring to FT

Sep 21, 2018

Yes, I mean full-time programs. Anyone?

Sep 21, 2018

Bump... any update on this one?

Sep 21, 2018
Comment