sales and trading

Have internship offers for both GS Global Market (S&T) & Google Associate Product Marketing Management (APMM). For further context, I did the Global Markets internship last summer and liked certain aspects of it (pervasive markets knowledge, some technical financial knowledge, and securities analysis, compensation) and disliked many others (long hours, lack of substantial practical work, few areas to show creativity, menial and mundane work etc.). Google APMM Pros would be: better work-life balance, more practical work, higher starting compensation first year-post grad (if I get a return and

09 Jan 2021

Hello. I am new to the WSO blogger community; this is my first post. I went to a semi-target and interviewed during the crisis, when company presentations & on-campus workshops pretty much dried up. WSO was a crucial source for me when I started finance recruiting in late 2007, and definitely gave me an edge over my classmates. I am hoping to finally "give back" through contributing to the site as a blogger.

17 Sep 2020

It seems like I am spending hours every week on these GD compliance and regulatory trainings. They are getting worse every year too. I just completed a training module and it took literally 3 hours because the slides were timed and unskippable. I understand the financial services industry is under heavy scrutiny, but fcking hell. I feel like I can't even do my job efficiently with the amount regulatory bullshit we have to sift through on a daily basis. I am at a BB and I want to hear everyone else's experience at other banks. Apologies for the rant.

23 Nov 2020

Hey guys- any recommendations on the best desks for building a good skillset in valuation, modelling, credit analysis (or really, any of the skills that IBD/ER folks use)? I'll be interning at a BB in S&T but would love to cast my scope as wide as possible. Obviously I'm still really interested in S&T, but thought it could be nice to get some exposure on the fundamental side as well and learn the skillset of IBD/ER folks. Any ideas of specific desks to shadow or reach out to?

21 Sep 2020

Hi monkeys, I just started as a first-year analyst in a BB in trading. Soon after I started, I found out that I don't quite enjoy the job - the pace is so fast, I don't find a lot of meanings in guessing where the market is, and the sense of uncertainty of my work day is eating me. However, I enjoy coding a lot - I started pretty late in college but have taken several classes and worked on some small projects. The feeling of creating something, the technical details of coding, and the project-based work culture attracts me. I'm trying to think of possible ways to transition from trading to

06 Oct 2020

What would you guys take at the end of the day if you were a junior right now. I understand the whole "it depends on what you want to do" stuff but just for career path and money etc. whats the best move. 1. S&T at Goldman, MS, JPM 2. IB at Bank of America, Barclays, Credit Suisse, Jefferies Thank you so much!

24 Aug 2020

So, i am in my 2 year of university (top university) studying finance and i am looking to get into sales and trading after i finish university. It would be very helpful if some of you can answer me to some questions: What internships schould i take? Is it worth it ? What else should i apart getting an internship and make an strong CV

30 Aug 2020

Hello everyone, My name is David, I'm 20 years old and from the Netherlands. I've always wanted to make a career in trading, I've been studying it from a young age (mainly TA even though I am becoming more aware that TA isn't actually used as much professionally). I'm in my second year of my bachelor in Economics, which I specifically chose because I read that it was sought after for a career in trading. I've been trying my best to get a good GPA, currently around a 7.7/10. I got some sales experience to get out of my comfort zone, got some work experience in a place where you make 14hour days

24 Aug 2020

Hey everyone. Been a lurker on here for a while, but have a question regarding the outlook of Sales & Trading Industry, and the skillset/versatility in particular. So I just got my first BB SA offer in an S&T department (think DB/UBS/WF/RBC level) as a non-target student, but given how poorly everyone has been talking about the industry, I'm having second thoughts. I hear so much talk about how S&T is 'dying' and how the exit opps are so poor, and how regulated everything is. Is this really true? I have good programming and coding skills, and come from a data-heavy background (Fintech

16 Sep 2020

Just wondering if anyone has any advice as to what a junior trader resume should look like? Currently have 1yr trading intraday FX risk at a BB, and was wondering some things that people have written about as a junior. Of course, it all comes down to individual experience, but was wondering if it is worthwhile to talk about specific days with outsized returns? Or just talk about general day-to-day trading that occured?

09 Sep 2020

Hey guys, I was reading up on different groups under firms and their institutional groups, and I was wondering, as someone new to the world of finance, what life is like in this field at a BB. Is markets and securities the same as sales and trading? How are the hours compared to normal IB? What's the salary like? In general, what's the difference between a "Markets Analyst" and an "Investment Banking Analyst"? Sorry for my noobishness. Cheers.

14 Jul 2020

Hey everyone, First of all -- hope everyone is doing well. I'm a sophomore seeking a transition from arts into finance and am pretty interested in S&T. What are some books to read/online courses to check for learning things like stock pitch and portfolio management (or any other things about S&T)? Thank you!

29 Sep 2020

Sup WSO, Looking for your opinions as to which desk you would join if you had the option to choose any. Just finished a SA stint on a Canadian BB fixed income trading desk and have been offered back with the option to choose any desk under the Capital Markets umbrella. As of now I am thinking of DCM, Structured Products or Prime Services.... Any hot takes on a desk with the highest upside that you would pick? Thx

09 Sep 2020

I've got offers on S&T Summer Intern in HK from JP Morgan and Merrill Lynch these two banks. Both on the equity side. How will you choose and why? Thank you!

17 Apr 2020

I am looking for advice on my current situation... its a sad story until now but im trying to give it a good ending. I am 28 years old, my dads a software engineer so I had no connections to ws. Out of High School I went to USC, partied like a Rockstar, picked up a decent cocaine habit, and failed out in 2 semesters. Went home to go to state, continued with cocaine allowing it to get bad. I dropped out of and ended up in rehab at 21, 3 years removed from hs. After that I went back to state school and finished 3 years later than planned. CT state schools excluding UCONN are not desirable. I got

25 Jan 2021

I am an incoming ST intern at FICC/EQUITIES and i have bare minimum knowledge about sales and trading (originally went for IB that's why imnt very knowledgeable about Sales and trading ). Therefore I wanted to learn more about what sales and trading is and the different asset classes. What would be the best way to do so What can i do from now and summer to prepare for the internship and what is usually expected out of the interns, what are some things I can do to perform well at my job.

24 Jan 2021

The title probably says it all. I was chatting with a buddy about S&T exit opportunities and we had a good debate about the possibility of moving from S&T ( credit sales and trading) to a distressed debt fund. So I thought I should throw the question here and hear what the experienced folks have to say about the possibility of such a move.

02 Dec 2019

Hi Guys, wanna know which role is better in long run? macro trader or credit sales? I think as junior person, it's hard to learn sth from credit sales, though I'm more interested in financial analysis and thus credit is more relevant. But as junior sales, need to back up senior sales' account, and they actually not that willing to teach you sth in case one day u stolen or take over their accounts. Hard to admit, but there's so many mean sales on the street, esp female sales. So maybe macro trader got more exposure. But doubt if that role can move to management

17 Jan 2021

I am currently working in an Investor Relations role at a top tier PE firm, and want to break into S&T - more specifically trading. I have a very analytical background with an engineering degree from a great school and have passed my Series 7 & 63 as well as my level I CFA. Given my analytical background, I have a particular interest in trading derivatives or structured products. Without having any experience on the trade floor, what are my chances of landing myself an analyst interview in the current market and what can I do to bolster my current resume? Additionally, how can I best prepare

12 Jan 2021

With the rise of automation, which divisions within S&T seem to be showing the most promise looking forward?

06 Jan 2021

i needed some advice on my situation. I go to a non target currently a junior and have (3.0-3.4 gpa). I had countless interviews for solid IB firms which was acquired through networking (SA 2021), however i got rejected by them all. I recently accepted a S&T position for SA 2021 (because i had no other options ) at a international bank which i am truly grateful for!! But my end goal is IB (at any firm) 1) i can recruit for FT IB after but how how hard would that be knowing i dont have any prior IB experience just have my networks. 2) Should i take a extra semester, and recruit again if so what

27 Dec 2020

Hi, Imp a first year Analyst in Tier 1 BB. In a trading seat. I've seen a lot threads on the comp in the US but nothing London specific. Can someone please help me with the rough base + bonus from First year analyst up to VP in £ please. Thanks

26 Dec 2020

If you were given offers for these summer internships, which one would you choose and why? (With Citi converting around 80% of interns and Morgan Stanley converting 50% to grad offers).

16 Dec 2020

I stopped using reddit a few months ago because I could no longer put up with the amount of political trash (both liberal and conservative) that was percolating into the few subs that I still looked at. Well, I was bored today and thought, "fuck it", I'll go see what's good on Reddit. Holy shit, what a mistake. That website has to be the most soft, woe-is-me, self congratulatory page on the whole internet - and that's saying something because I generally think most forms of social media are garbage. I know WSO is far from perfect, but damn, just 5 minutes on Reddit makes me appreciate some of

09 Dec 2020

People from sales & trading how do you gather information or generate investment ideas for client pitches? Do you rely on the news or is it usually in-house research calls or is it a healthy mix of both?

09 Dec 2020

If you had offers from both of these banks, which one would you choose? I know Deutsche has more history but in recent years it has been falling.

03 Dec 2020

Trying to improve my trade/investment generating ideas by learning different asset classes & reading macroeconomic books. But obviously, this process is long, tedious and I am not very sure the right one for that matter. Any suggestions for books/tutorials/videos/ on how people in S&T generate "Money spinning ideas". In general, if someone in S&T could even explain their process or experience that would great too. Trying to really figure out how to think about things, If I read a newspaper article or any kind of news for that matter, I want to figure out how to convert that news into a trade

02 Dec 2020

Curious to hear where you guys went after your experience on the trading floor. This would be incredibly helpful for us younger folks in the industry! Undergrad Major: Years on Trading Floor: S&T Desk Role & Position: Where you are now: Salary/Comp: Any Advice?:

27 Nov 2020

Hi! Currently in my 3rd year in my 4 year MSci on Chemistry at a Top UK university. Have some experience in markets at my university investment fund and some general trading knowledge. Have some python knowledge, will be brushing up. About to do my summer in the IBD at a BB later this year but I've had a complete change in heart when it comes to career and no longer want to be a PowerPoint monkey. Not sure if I should interrupt my degree to reapply s&t summers next year or if I should drop out with a bachelors and apply for off cycles next year. Do you think it would even be remotely possible

23 Nov 2020

Hey folks, hope everyone is staying safe and healthy. I have been reading through the different threads and forums here regarding the future of S&T. Comps are down, headcount shrinking, and overall future is bleak. These roles tend to focus more on the sales and trading roles, but what do you all think about product/strategy/analytic roles within sales and trading? Not necessarily the 'normal' sales and trading roles you would often hear. Do you think there is a future here? I feel like these roles have more transferable skills, no? I am still relatively early in my career and could use some

15 Nov 2020

Background: I have started in a BB doing sales and trading for ~6 months. I'm in a flow trading role with tons of order flows a day. The pace is exceptionally fast at my desk, and the speed and the strict requirement for accuracy have been very intimidating. I started to find myself with OCD behaviors, like to check over the numbers and the direction a million times before hitting the button, but obviously this was too slow and not optimal. I'm just really afraid of the fast pace and don't think I can handle it for a long time. Also thinking about long-term career progression, I think trading

11 Nov 2020

Hi all, Has anyone been invited for a first round interview for Sales & Trading Summer Internships at Barclays or Deutsche in London? Do you know when the assessment centers take place? Good luck everyone!

06 Nov 2020

Hi folks, I was doing this video interview for an IB in London and thought I did extremely well because I was able to answer all the competency/technicals questions. But it turned out they went on for another candidate. so my question is: how do you gauge an interviewer's level of interest and how do you know if you're on the right track ? Thank you for your answers

29 Oct 2020

looking for insights on Morgan Stanley's fixed income research division, type of work, The selection process for summer analyst: technicals(what to prepare), behavioural, what to prepare in advance?

24 Oct 2020

Monkeys, I am looking for thoughts and advice on breaking into the industry. My Situation: I am a few years out from a top undergrad B-school (Stern / Haas / McIntire), and work for a T2 Strategy consulting firm (sigh). I have long been interested in the capital markets, and have been actively investing since college (insert shameless plug here about portfolio performance), but chose to go into Consulting instead of Banking because I saw myself as a doer and a strategic thinker, not a spreadsheet cruncher. This turned out to be ill advised. Fast forward, I now am an experienced Consultant

22 Oct 2020

I have been using a tool called Uplink to run advanced analytics and provide real time transcripts for Earnings calls and it has been great for me so far. This is definitely something that could be really huge for anyone regularly listening to earnings calls or any disclosures, to be honest. There is currently a beta version available for testers and they need people to test it to perfect the product. So far its being distributed for free. The tool can actually pull out the relevant information both quantitative and sentiment to give what is needed. Is this a waste of time or is this something

21 Oct 2020

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18 Oct 2020

What are some of the basic and advanced questions asked in a sales and trading superday at a bulge bracket. Also where can I find a more comprehensive list. I was going to buy the WSO IB Interview Prep but I dont think that will help much in ST.

17 Oct 2020

I joined trading at a BB half a year ago after graduating. I interned at this place in my junior summer and everything felt fine, but I have had a terrible full-time experience so far. I'm mainly doing some small quotes, but whenever something popped up (a trade, a message from a co-worker, an email, or just anything), I would become completely tightened and my heart beats fast. Maybe it's the scare of doing something wrong. Honestly, I've been doing great in terms of work quality so far, and I'm fairly good at understanding the products and markets, but the fast pace of work (for example

15 Oct 2020

Hi all. Currently a second semester sophomore trying to get ready for the upcoming recruiting season. My concern is that right now, I don't have enough knowledge on the fixed income side of things. I have a basic understanding of things such as the yield curve, spreads, etc, but I feel as though I'm missing sides with regards to fixed income and some of the smaller intricacies. Any advice or suggestions on brushing up on this area would be much appreciated. I recently got Fabozzi's Fixed Income guide and have been working through that these past few weeks.

08 Jan 2019

HI All I'm an Associate in S&T on the sales side. I've had a good experience so far but changes have taken place at work which puts me at a disadvantage (reporting to not so friendly higher up). My resume looks a little hoppy given I've moved around almost every 2years, 3 times now and I want to avoid doing that. However, I feel staying here may be hurtful for my career if I don't develop into a value-added resource (i.e. get fired). Question: 1. Should I look for other opp internally? 2. Should I look for opp at other shop? 3. Should I try the buyside? 4. Should I go to b-school? 5. Should I

16 Sep 2018

Hey, Monkeys!! In as much as I enjoy reading posts about S&T in other countries, I'm very interested in hearing from my fellow Canada bros. 1. Tell me about your recruiting experiences, Summer experiences, Rotational programs and even shed some light on the compensation structure in Canada. 2. Industry trends and any changes within the Canadian S&T 3. Which trading desks are most the prestigious, hard to disrupt (automate) and provide the highest learning opportunities. Lets go!

08 Sep 2019

Sup WSO, Hoping to get your input on the desks with the highest upside for a current uni student. Just finished a SA stint at a Canadian BB on their Fixed Income trading desk and have been offered back with the option to choose any desk within Capital Markets. I was thinking DCM, Structured Products or Prime Services... Any hot takes on the best desk to join right now? Thx

09 Sep 2020

I've secured an S&T role at a BB in NYC, but when I was applying last year, I was flirting with the prospect of living in London - I grew up there and it's my favorite city in the world. I was able to get this position in NYC by heavily using my alumni network (The University of Chicago), and ended up securing the role. There were two primary reasons why I didn't want to work in London - I heard from a lot of people that the comp was much lower because UK comp is generalized to be lower than that of the U.S., they're the most generous with bonuses in NYC especially considering that's where HQ

09 Feb 2019

Background: I received a BB bank FT offer after the S&T rotational internship this summer. The FT program consists of four rotations in two years then you'll be placed at a desk as an Associate. I've done intensive reading on WSO and some of the posts are super helpful in landing a return offer, and I'd like to hear more from your valuable inputs. Question: Is rotational program really helpful compared with a desk-specific offer at other banks? Does it make sense to rotate among sales/trader/structuring roles? I've seen several FT analysts excelling/struggling the rotation, and I know it

20 Sep 2018

Hey, I was just browsing through JPM's career webpage and they said applications for their Markets internship are now open. However, if I click on the internship page, I could only apply for positions in the US. Am I right that they didn't start recruiting in EMEA yet? Or is there sth wrong with my browser..l

21 Aug 2020

Hi All Sorry for the very basic question. I'm use to the swaps lingo when it comes to bid / ask = pay / receive (whether outright, curve or fly). However when it comes to bonds being quoted in in yields, I understand that bid / ask = buy bond / sell bond . However, I do not understand the concept of 'pick' vs. 'give' in yield terms. I am not sure if I am overthinking it or just haven't understood the fundamental. Any help would be very much appreciated. Thank you, Fellow chimp

05 Jun 2018

Dear friends, I'm preparing for an interview in credit sales and trading and was wondering what do people do in this business. I have two years' experience as a CDO manager and alternative credit investment advisor. According to the headhunter, the position I'm about to interview will focus on structured products and high yield. In the pre interview, they asked if I have worked on a credit trading desk before, and I said no. My past experience was about searching for alternative credit opportunities (like special financing, high yields and some stuff with more complicated transaction structure

19 Jun 2018

For many, institutional sales offers the best of all worlds: great pay, fewer hours than in corporate finance or research, less stress than in trading, and a nice blend of travel and office work. Like traders, the hours typically follow the market, with a few tacked on at the end of the day after the market closes. Another plus for talented salespeople is that they develop relationships with key money managers. On the downside, many institutional salespeople complain that many buy-siders disregard their calls, that compensation can exhibit volatile mood swings, that they are overeducated for

13 Mar 2018

Applying for sophomore S&T internships and I'm wondering what a good cover letter looks like. Is there anything specific to S&T or is similar to other roles across finance? Thanks for the help!

09 Jul 2020