Requirements to pursue an Institutional Equity sales career
Hi,
I am a Risk Management Middle office analyst in a leading Investment Bank for 2 years. I have finished my MS in Finance with CGPA 3.8. I have intermediary level skills in VBA, SQL and Excel. I believe I am good at presenting ideas and in negotiation. However, I am not good at math, stat, advanced level computer programming. Currently, I am planning to switch to a Sales career.
Coming to the question,
for Institutional Equity sales positions do I need to know advanced level math and statistics, while I do not wish to for algo/HFT trades?
What are the key success factors in an Institutional Equity sales career?
Thank you
Hi learnnhmisdu0786, any of these threads helpful:
I hope those threads give you a bit more insight.
At the sake of generalizing, in Equity Sales you are not employed to be "the smart guy", and program in different languages or statistics or any of that. You are employed to be a liaison between the buy-side and our bank's research analysts as well as corporate access.
Your duties are as follows: 1) Build lasting relationships both internally with research and externally with the buy side, easier said than done 2) Provide corporate access to the buy side through conferences and such 3) Pitch trade ideas to the buy side that research forms (usually) 4) Socialize, socialize, socialize, so your clients like you and want to do business with your desk
To be frank, if you were/are not the guy who walks into a party and can talk to every person there without much effort then this career is not for you. People that are good at equity sales have incredible social skills.
None of those technical skills you mentioned would help in getting hired besides basic Excel, anyone who says otherwise is wrong. Knowing SQL etc can help you stand out once you're in the door, but not by much.
Thank you for your answer. I am some follow-up questions,
Many thanks
1) I don't mean they're not smart by any means, I just mean that their job is to maintain relationships and act as an access-point for the buy-side as apposed to someone in research or quant that comes up with the investment ideas. Sales works on selling those ideas that research has come up with, whereas research is the originator of ideas. Does that answer your question?
2) I do not know, I have not looked into sales roles outside finance but if I had to guess I am sure there is a lot of overlap. Social status? Really? We work in finance, we're not doctors saving people's lives or teachers. Also, I forget where I heard this but this rings true for almost any finance job: Anybody who is not familiar with the industry will think you work as a bank teller (let alone know the distinction between front office vs. back office), and anybody familiar with the industry won't care whether you're in Equities Sales, Prime Brokerage, IB, etc. Pursue what you enjoy.
3) This is not a question
4) Career prospect? What do you mean? You can go in and stay there and be promoted internally from Analyst to Associate to VP etc, you can lateral within the bank into another division, or you can go do something else. There is no "straight path" to a career unlike some on this board think with IB --> PE --> HBS --> PE --> Heaven
Thanks for taking the time to answer.
If you’re a hot girl from an upper class family you should be good to go. Leverage daddy’s connections to bring business in!
Do not worry. Rather I am capable to be the Rich daddy. I know how to make connections
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