S&T Placements
I was looking over some of the S&T placements of my internship class at my BB and I was really curious to see how many were placed on desks such as risk, prime brokerage, origination, capital markets, etc. I mean the job function, salary, bonus, "prestige" (FO vs. MO/BO), and experiences vary so much even though everyone was placed in the same S&T program.
I am curious to know whether its at my BB only or are all S&T SAs at different banks also placed into these roles instead of the typical sales or trading positions?
Just seems kind of odd and unfortunate for someone who an S&T offer at a BB and gets stuck in an MO/BO role such as risk.
Would love to hear if you know anything about your programs placements as well.
Cheers
My understanding, of the two places I interviewed at, is the SA is rotational anyways and your placement right now will change, so everyone will get some prime brokerage time, etc. That could be different at your Bank.
My advice, since I'm assuming you didn't get what you wanted a la why you posted this, view it as a challenge. Rise to the top of what ever dross you were placed in and be positive about it while everyone else is bitching.
I know we all want a certain desk on the trading floor, but you have to understand how lucky we are to even have paying internships and how lucky we will be to have a job after undergrad!
A lot of my friends who couldn't get good internships are so miserable right now, they'd do anything to do MO/BO at a MM, let alone a BB.
I got placed in something I didnt expect to be in..
What were you expecting/where did you end up?
a lot of BBs do it this way.
mine: S&T analysts get 3 rotations in the summer and gets FT offer from one out of three. if you dont like all three rotation options, oh well...worst is that sometimes 2 out of those 3 are not even hiring for full times and the only REAL shot at full time is the desk you don't want.
we group all prime and syndicate desks under S&T, so yes, experiences vary a lot. Honestly it is a lot of luck...
Don't give up if you get screwed, you can always get to where you want if you are persistent.
First of all, I got a full-time offer after my internship. My internship was not rotational, and I was in a pretty decent desk. However, the full-time offer landed me in more of a middle-offfice job, instead of a front-office job. (Think Prime Brokerage, etc.)
Now, you can definitely work your way out of that situation. Nevertheless, let me point out that you get branded in this business (and frankly, any business), very rapidly. You'll be known as the person that handles / knows about / is reponsible for X. If you do your job well, you will advance. The question is, will you be advancing to a position you like?
For example, in my current job, I will advance if I do my job right, but at the end of the advancement track, I'm still won't be in a position I enjoy or one that interests me.
Therefore I am left with the option of leaving, or staying here and knowning that, however well I do my job, at the end of the day, more likely than not I'll end up advancing on a specific track.
So you can interview for an s&t program and make it patently clear that you are looking for a position in trading, answer "why trading" etc,etc and then end up doing something that isn't trading?
I'm going into a rotational program myself, and decided against pursuing opportunities on a guaranteed desk somewhere else for it, a bit worrying really.
EDIT: this is for full time
Is this really news to you? No s&t interview I ever went to they did not make it clear "we place analysts based on need". Granted if you turned down another gig, you prolly did a summer in trading so you most likely would end up in trading.
Not news no, the reason I chose the rotational program was so I could do a credit and rates rotation in trading, and maybe a structuring one to understand how the products really work. I've also not interned in an s&t (done a summer in corp fin. and derivative consultancy respectively).
It was definitely sold as something under my control as much as theirs. Ending up in sales/structuring wouldn't be the end of the world, but I wouldn't be very happy in prime brokerage.
what you say during interview doesnt matter at all...
tons of people want to trade. trading is super crowded in any rotational program, there are always more people who want to trade than number of available trading positions. a lot of people in my year had to settle for sales or other positions.
at the end of the day, it doesn't matter what you want to do. it's all about the need of the firm.
What you do right out of college will be very different from what you do 5 years from now. Network, do a good job and keep your contacts up and you will do fine.
networking is def very important, and can change things. however, it's ridiculous how much you get pigeonholed in the industry some times...
makes me a bit sick, sometimes you are truly pretty set if you are in a good spot. and if you are not, you have to work 10 times harder than the lucky guy to get to where you want.
I second the pigeonhole comment.
How hard would it then be to get a FT offer (ie; trading) which is outside of the desk that you will be interning during the summer?
The problem with networking with the traders is that the desk I will be interning on might notice that Im more interested in trading than my current desk, which may affect receiving FT offer.
Any ideas of approaching this, especially since there are other interns already placed on the desk? Should I talk to HR and network with traders from that desk regardless?
S&T Placements (Originally Posted: 04/13/2011)
Hey All,
So we've gotten some info about the presentations on Friday now. I've done some looking around on the BarCap site, and it seems like a bunch of the groups are pseudo-IB groups, or at the very least are very hybrid-esque.
Does anyone know if placements are just for a main group, or if they are on a specific product, like US interest rate derivatives (under the main group of rates)?
What is everyone interested in here?
I'm interested HY/distressed and corporates I hear Barcap is strong in Credit Also, Lehman had a great equity franchise and the equity market is looking up so I might explore the cash or swaps desk
which groups would you characterize as pseudo-IB?
after looking over all the different groups on the RAPS site it is a bit overwhelming. i think theres something like 72 different desks?
A lot of them are pseudo-IB which is interesting, and theres also some AM-type roles on there as well.
Not sure exactly where I want to be, although I definitely think i'd like to get some broad exposure to different products (i.e. rates, FX, EM, etc...)
Well now that we've gotten access to RAPS it makes a little more sense. I guess we'll find out how many we select as our choices etc on Friday.
In terms of the pseudo-ib groups.... there are a few that do origination work, which in my mind is more IB (unless its structuring). But then again, I'm new to this, it's just my thoughts.
I'm interested in FX and credit sales, as well as some of the more AM focused groups (interesting that they are under global markets, maybe that is because Barclays sold of Barclays Global Investors)
Are the summer analysts and associates competing for the same desks and same full time offers? that seems unfair
Yes, analysts and associates compete for the same spots. There are only maybe 6-12 associates in S&T programs. S&T is primarily undergrad.
I think we are, it didn't seem like they differentiate between analyst/associate in terms of hiring. There weren't that many MBAs tho, thought I only met about 5.
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