sales and trading

Background - Attended a top non-ivy undergrad with a degree in mathematics and economics. Prior to leaving for a multi-strat hedge fund (think Bluecrest, Millennium, Balasny, etc.), I was a macro derivatives trader on the sellside. The vast majority of my daily work was focused on idea generation, backtesting and quantifying risk/reward on prop positions with the rest 20% market marking related. Given my current role on the buyside, my product scope includes futures, bonds, CDX index swaps, CDX index swaptions, IRS, Swaptions, ED$ options and more exotic derivatives as well. The objective is

06 May 2021

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

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

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

Would love to have a discussion about the current state and the future of a sales-man. Please add your two cents and personal experiences. - For argument sake, assume you are or would be FICC sales or exotics on a good desk making good revenue. - What are the current actual bonus's looking like in this record year? - Will the sales person still have a role when automation rolls through, ie.. G10 spot there is already automation... but there are still salesman? - For those who are in it... are you looking to pivot, or is this a sweet spot? ** I love doing it... love the pace, love the

11 May 2021

Starting as an S&T Analyst this summer and while I'm very excited to start this new chapter in my life, I am not at all looking forward to the early mornings and having to go into work every day (love WFH). I'm a little bit of a night owl so I typically fall asleep around 12:30am / 1am then wake up at 8:20am or so. I used to stay up even later but I've gotten "better". Given how tired I am when I wake up at 8:20, I can't fathom having to get up at 5:00 / 5:30am every morning. Obviously I'll have to go to bed a bit earlier, but was just curious to hear how S&Ters handle this. What time do you

01 Apr 2021

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

Incoming fixed income full-time S&T analyst with limited direct S&T experience, what should I be reading/learning in preparation? I follow the markets, have a solid business background including two internships in IB. For the full-time role, should I be reviewing statistics or calculus? Teaching myself VBA? Reading textbooks? Thanks

04 Feb 2021

Diversity recruiting has been the subject of several posts over the last few weeks. Although there are existing WSO posts that try to aggregate opportunity for diverse candidates, this one aims to be an exhaustive list that includes all the introductory programs and formal internship pipelines offered by firms on the street so candidate are aware of these opportunities. As new opportunities continue to be created, I plan to update this list. diversity investment bank programs The opportunities are separated into two buckets: introductory programs and internship opportunities. Introductory

03 Jan 2017

Hey monkeys. This is my first post on here, would like to get some genuine advice, maybe from older people in the industry. I'm doing my junior summer in S&T at a GS/MS/JPM. I like the people at the firm, I like the S&T lifestyle, and I know I find the content of the job interesting. However, I'm not sure if I'm cut out for a career of fast-paced, instant gratification for the rest of my life. If I go into S&T for FT, I'll probably be in Sales, which I worry won't give me any hard skills. I prefer long-term, strategic thinking, and I enjoy qualitative stuff like writing, though I can code and

30 Apr 2021

I am currently in a tough situation, and I am sure many of you guys went through it so I hope to get some advice and hear opinions. I've been in my fx sales role for about 6 months, and during this time I constantly felt stressed out and even got fear of the job itself, was told I am slow (speed is very important in flow business), got yelled at, and made many mistakes. In addition to that, I was moved to another country and work remotely, never saw most of the team in person, and I feel that interaction with my manager mostly consists of criticism, and I feel horrible. I feel that this job

20 Mar 2021

Hey guys, I previously transferred into UPenn's College of Arts and Sciences from another uni and I hope to work on Wall Street and (most likely) in Sales & Trading in the future. This means Wharton's out of the picture but I can still take a few courses there. What is the best major within the College of Arts and Sciences to get recruited? I'm interested in the PPE (Politics, Philosophy and Economics) major so far and I'm hoping to load a few STEM courses (ideally a minor). Any advice? Thanks!

10 Jun 2021

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

Hi everyone! I'm applying to summer internships next year and thought it might be useful for me and others to find out which divisions are the most difficult to get into. What do you think? The divisions (randomised) are... - Risk Management - Asset Management - Compliance - Private Banking/Wealth Management - Equity Research - Corporate Banking - Sales and Trading - Investment Banking Looking forward to your responses!

13 Mar 2021

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

Currently I work in a quantitative capacity at a buy side shop focusing on building credit risk solutions covering all credit products (I know, I'm being very vague, but the work I do can vary quite a lot). Over the past few years I've realized that my preference is in securitized/structured products and want to focus more specifically on this asset class as well as being closer to the markets. Currently, most of my time is spent coding to expand on existing models and develop additional reporting capabilities. I saw this opening at RBC, but reading through the description, I am not completely

28 May 2021

I am wrapping up my first year in FX sales at a BB. As I see automation approaching, I am hopeful for creative ideas on what exit opps might be available. - Example: I have seen some securitized products sales analysts go into real estate funds. Beyond being an Fx Corp strategist is there anything that rings a bell? - Is there any advice on how long is long enough in FX sales?

27 Apr 2021

Hello everyone, I wanted to get someone's input if possible, I wasn't able to find a thread on the topic so I thought I would create one. How manageable are summer classes with a SA position? Last summer I was a SA on the trading floor virtually (thankfully I got the offer to go back this summer) so I kind of know the workload and usually worked about 90+ hours per week, however, I am afraid this summer I don't have much of a choice problem is if I get the offer for FT I need to graduate and a requirement for graduating is taking 9 credits in summer. I would appreciate input and feedback as I

01 Apr 2021

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

Has anyone heard back from this yet? The deadline was five days ago and I haven't gotten anything since.

17 Mar 2021

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

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

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

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

06 Jan 2021

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

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

I am currently in college (Finance undergrad) and am keen on pursuing a career in Finance. I thrive in social situations, love meeting new people, and making connections. What are some client facing/ sales jobs I can apply to on wall street after graduating from college? Thank-you

20 Feb 2021

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

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

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

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

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

Hey everyone, as the title says, I'm going for an upcoming sales summer analyst role at a BB next summer at their Credit desk. I've bounced around the forum a little bit and have seen some relevant literature (Fabozzi's Bond Market book, Annette Thau's Bond Book) that has been used as prep material. From my understanding, are credit desks typically focused more on bonds (investment grade, HY, distressed) and CLOs? The fixed income umbrella is pretty huge, so I wanted to seek advice from anyone who could give me a better handle on this. I don't come from a business background (programming/STEM

08 Feb 2021

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

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

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

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

So with two months to go, I thought it would be a good shout for all those about to start s&t internships to give a couple points of advice on things you should be doing before you start in 2 months time. Im hoping more useful tips will be added by experienced users as comments. These are the top things you should do with the last two months to put yourself in the best position to get an offer at the end of the summer. 1. Put together a rough list of desks you would like If you are on a rotational program then chances are that your rotations will have a huge element of randomness to them, I know mine did. But if you walk in with a rough goal of which desk you would like to get a rotation on, then the probability of you actually getting this desk increases significantly.

31 Mar 2011

Alright, so about a month ago I posted on tips on prepping for the S&T internship, with the promise of providing some additional tips on what to do during the internship to maximize your chances of an offer. These are some general tips I would consider the most important, and hopefully other users can chime in with any advice or things they were able to do to convert, because lets face it, as an intern your one and only goal is to get that FT offer. 1. STEALTH

06 May 2011

Hey Guys,

11 Jul 2010

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

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

This past weekend about 120 WSO monkeys descended upon Houston, Texas for the 2012 Energy Rodeo, an event characterized by much fun had, knowledge gained, and contacts made by all. The monkeys came by car, by plane, and by bus, but no private choppers (at least not yet…maybe by Energy Rodeo 2025?).

17 Jan 2012

Am wrapping up my S&T SA stint at a BB in the next few weeks and have been working closely with the options/volatility trading desks across the floors. Equity options, FXO, and rates options. I want to be a vol trader, the question is whether I want to be equity vol, FX vol, or rates, and I need to make a decision and am struggling to find a key pull between one or the other - they all seem great and would be more than happy to secure a FT role on any of the three. Would appreciate if anyone has advice on these three spaces in terms of long term prospects, growth opportunities, etc. There is

30 Jul 2021

I know a lot of banks have been raising salaries the past few months. Curious which banks markets/S&T got a pay bump in addition to IB. Additionally wonder if anyone has heard anything about banks that have yet to do anything

29 Jul 2021

Hey guys, rising senior at a target looking for some advice. I was fortunate enough to receive a FT offer from my internship this summer. It is at a MM bank and the offer is for S & T, which is the field I definitely want to go into. The people and experiences were great (wouldn't mind working there FT), but the pay/benefits are both below street. Although a solid work experience is up there in terms of priorities alongside money, the latter definitely makes a huge impact on my current life considering several factors (student loans, expensive city, no family wealth, etc). I have to make my

14 Aug 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

Hey All, Whats the best way for me to present my GPA so I can get passed resume screens? I currently have a 3.41 GPA (5 Semesters). This is due to my Freshman year GPA being a 2.70 (2 semesters). My GPA from Sophomore Year and after is 3.78 (3 semesters). I know that a 3.4 GPA isn't terrible, but it isn't doing me any favors. Is there anyway I can present my GPA on my resume in such a way that the person who screens my resume will understand that I got my act together? For people who have screened resumes before, do you have any insight on the matter? Please let me know what you guys think!

04 Jan 2016

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

I am currently a rising-junior at a non-target interning at a real estate firm this summer and I was wondering what was your path to success to S&T.

11 Jul 2021