Trader or Sales-Trader

Hi all,

Let me start this off by clarifying that I am NOT asking the difference between an equity trader and a sales-trader. I don't want people to get angry that I was too lazy to search and read through the numerous threads on the exact topic.

Basically, I've been offered a general "analyst" position within the institutional equities division of a mid-tier investment bank. The head of the division is a great guy and is letting me choose where within the division I want to begin work. I've pretty much ruled out straight research sales, and am deciding whether I would like to start on the cash trading desk or as a sales-trader.

Given the declining profitability of cash equity trading, I'm trying to work in the role which would give me the strongest career opportunities (I would've loved to have gone into the FI side of things as it seems more interesting/better career outlook, but given the S&T hiring climate this year I had to take what I could get). Ultimately I would love to work on the buy side. I definitely realize the difficulty in moving straight from cash equities to some sort of equity fund, but I want to put myself in the position to make that more likely to happen.

Any thoughts or recommendations are greatly appreciated.

 
Best Response
nonos:
Unless it's ML or a big name in cash equity, go for sales-trading. You'll get to talk to lots of people, and have exposure to both trading and sales, so it keeps you both doors open. Besides, for some reason, cash traders are looked down upon.

I would generally agree with this statement, unless you'd have the opportunity to get onto another equity desk (ie options, etfs, swaps, special sits, etc). Cash traders have a very high attrition rate, and generally speaking would not be the best place to start a career if you had the opportunity to start elsewhere. I think the sales-traders will generally have more job security than cash traders going forward, as the buyside will ALWAYS want to have people to talk to on the other side

 

Dolore rerum nulla at. Sequi aliquid nihil et commodi voluptatum et. Temporibus soluta dolor perspiciatis quo minus vitae. Omnis voluptatum non voluptates ipsam repudiandae explicabo blanditiis.

Temporibus quo veritatis est et eveniet ipsum. Vel aut unde odio sed vitae praesentium. Soluta voluptatem aut adipisci assumenda officia repudiandae nesciunt. Iusto dolor eum id.

Career Advancement Opportunities

April 2024 Investment Banking

  • Jefferies & Company 02 99.4%
  • Goldman Sachs 19 98.8%
  • Harris Williams & Co. New 98.3%
  • Lazard Freres 02 97.7%
  • JPMorgan Chase 03 97.1%

Overall Employee Satisfaction

April 2024 Investment Banking

  • Harris Williams & Co. 18 99.4%
  • JPMorgan Chase 10 98.8%
  • Lazard Freres 05 98.3%
  • Morgan Stanley 07 97.7%
  • William Blair 03 97.1%

Professional Growth Opportunities

April 2024 Investment Banking

  • Lazard Freres 01 99.4%
  • Jefferies & Company 02 98.8%
  • Goldman Sachs 17 98.3%
  • Moelis & Company 07 97.7%
  • JPMorgan Chase 05 97.1%

Total Avg Compensation

April 2024 Investment Banking

  • Director/MD (5) $648
  • Vice President (19) $385
  • Associates (86) $261
  • 3rd+ Year Analyst (14) $181
  • Intern/Summer Associate (33) $170
  • 2nd Year Analyst (66) $168
  • 1st Year Analyst (205) $159
  • Intern/Summer Analyst (145) $101
notes
16 IB Interviews Notes

“... there’s no excuse to not take advantage of the resources out there available to you. Best value for your $ are the...”

Leaderboard

1
redever's picture
redever
99.2
2
Betsy Massar's picture
Betsy Massar
99.0
3
Secyh62's picture
Secyh62
99.0
4
BankonBanking's picture
BankonBanking
99.0
5
CompBanker's picture
CompBanker
98.9
6
GameTheory's picture
GameTheory
98.9
7
dosk17's picture
dosk17
98.9
8
kanon's picture
kanon
98.9
9
Jamoldo's picture
Jamoldo
98.8
10
DrApeman's picture
DrApeman
98.8
success
From 10 rejections to 1 dream investment banking internship

“... I believe it was the single biggest reason why I ended up with an offer...”