Questions about the new S&T
I've been lurking around the forums here since I entered university a few years ago. I've been gunning for S&T since then and I'm returning to the BB where I interned as an analyst. Since then, I've spent a lot of time searching through old threads for the information that I was looking for but I feel that a lot of it may have changed given how the industry has changed since 2008. There are a few questions that I have that I was hoping you guys could answer (if the answer hasn't changed since the 2007-2010 threads, please feel free to say so).
1. What kind of compensation heuristics can we be looking at now from the Analyst through VP levels, now that they aren't skewed by some of the massive pay figures from the prop desks?
2. How does the absolute pre-tax compensation compare in Asian hubs like HK/Singapore/Tokyo with the same position in London/New York?
3. Is there a cutthroat up or out culture in S&T (NY and Asia)? I have heard mixed tales about this - some say that most of the analysts are let go after their 2 years, while others say that it is relatively easy to grind your way to ED while doing a mediocre job and the difficulty comes in making the ED to MD jump.
4. What is the edge for a sell-side trader in a liquid macro product?
--- By this I mean, when it is clear the market will move in one direction, the trader will have the opposite position facilitating his clients, and when the market is unclear and volatility is high, the trader will be collecting spreads but would have difficulty deciding which side to position himself on. Also, my impression is, the trader cannot simply collect the spreads in the high volatility periods to meet the yearly budget because the spreads in the most liquid products are simply too low.
5. How is the job security for structuring relative to trading/sales?
--- My impression was that trading and sales were much less secure than structuring because they both had some sort of number/target attached to them, whereas structuring was more of just putting your head down and finding a way to facilitate a non-conventional client request through fancy products - like a problem solver with no yearly quota set.
6. For analysts in S&T that aren't asked to come back for a 3rd year/promoted to associate after their 2 year stint, how hard is it to find a job at another bank/top 10 MBA/capital markets role at a slightly lower tier bank (e.g. GS/JPM -> HSBC/Nomura)?
7. Any general advice for someone unsure between the roles of research, trading and structuring on the FICC side? What if one is planning on starting off/making to move to Asia early in one's career? I will have two engineering degrees upon graduation and I don't know what desk I will be on - will be told closer to FT. I mainly spent time on trading desks during my internship.
Thanks a lot guys. I understand there are a lot of questions and even if you could give some advice for one, I would greatly appreciate it.