Seeking advises! BAML S&T SA NY vs Nomura S&T SA NY vs Prop trading intern NY vs DB S&T FT HK

Hi guys,

I received offers or waiting to hear back about superday results from the above places for the positions. A bit background about myself, I am a senior year student (but if I choose to do SA this summer, I have the option to do 1 more year of school and get master degree in computer science), I am into trading and quant strategies and want to go into HFs eventually.

I see the master program as a buffer and I want to make the decision based on long term career development (as in I am ready to start FT this summer). I would greatly appreciate help on the following questions:

1. How to compare BAML S&T, Citi 2 year quant trading program (I also received offer from Citi last year but turned it down), Nomura S&T.

2. The prop trading firm (~600 people) has about 80% intern FT conversion rate and pays higher than banks (~150k 1st year base+bonus with ~30% annual increase) and focuses on quant strategies, but my concern is that this particular prop trading firm has been cutting people about because of lagging performance in the recent yrs. How to value the risk in the job stability? also how to compare the exit opportunities at IB S&T programs vs prop trading firms? (both in the case of me wanting to do sth different and the firm goes under)

3. How is S&T in HK? I learned liquidity isn't as good as that in the US, but the Asia market is also expanding...I learned DB has a good name in Asia, but how good? what are the S&T exits in HK/Asia if I am interested in moving to HFs later on.

Thank you very much guys!

Comments (10)

Mar 8, 2015

1)Big brand name > small brand name.
2)NY > HK.

Mar 9, 2015

I see.
1. Though I agree name matters, for this particular choice, I ruled out Nomura NY already, but isn't trading more depended on the performance/strength of the desk on the specific products.
2. NY > HK in what way? in terms deal volumn=> compensation wise or long term career opportunity wise?

Mar 8, 2015

Citi's quant track is top notch, especially if you see yourself focusing on quantitative strategies (vs BAML, DB, Nomura), getting rotations through both trading and research/analytics will be useful. Can't comment on prop vs. S&T but I would personally take Citi's offer - congrats on getting all the offers and having so many options. Good luck

Mar 9, 2015

Thank you very much! The thing I didn't like about Citi is that the quant/trader program requires you to have 1 year as quant which seems to mean I need to start my trading career 1 year later...I knew that I want to start out as a trader (uses quant strategies).
1. I am actually also curious would switching into a quant be possible if i find out that i don't like trading 1-2 yrs down the road given that i have a pretty quant (CS+ math) background? Thanks!
2. How does BAML compare to DB as I think both their strengths are in the fixed income side?

Mar 8, 2015

From who I've talked to at Citi, that is definitely possible - there are less spots for traders than quants anyways. And I believe BoA > everyone for G10 credit, although DB dominates in HK/SG/Tokyo

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Mar 9, 2015

I had offers from Citi and Baml and I chose BAML. Not saying it's what you should do. But I really like it there! But it's different for everyone

Mar 9, 2015

Congrats! Were these FT or SA offers and are you now a FT at BAML?

Mar 9, 2015

Thanks! They were SA offers for this summer. So I have yet to do the program. So I really wouldn't use me as a good reference point haha.

As for NY vs HK. I think it's preference. But at the end of the day, everyone does consider NYC to be the place to be. However, as you said, HK is a great place to be for finance! Congratulations again :)

Jun 8, 2017