How to best lateral into trading?
Hi all,
I am currently a rates strategist at a BB. Strategy is interesting but it’s a research role, not a desk strategist one. I want to move into rates trading but don’t know how to - most banks seem to hire traders either (1) from other banks if for a senior position or (2) internally from its intern pool. I’ve had an interview with a bank for a rates trader role but didn’t get the job as they preferred another candidate who’s already a rates trader trading that specific product. I am already an associate now and getting stressed about being too late to make the move. What’s the best way to lateral into rates trading? Would it make sense if I move to rates sales first, or maybe even market risk first? Or should I go to the buy side (AM) first? Thanks!
hanzawanaoki, shame nobody has responded. Maybe one of these topics will help:
More suggestions...
I hope those threads give you a bit more insight.
make friends, build relationships with people on the rates trading desk and at competitors if you can. talk to HR at competing banks about your goals and have a solid reason/story as to why you would perform well in rates trading. otherwise try to pivot to AM/portfolio mgmt that's rates related or something. Sales maybe but always a risk depending on the BB. could get stuck in sales. market risk hmm - I don't think anyone is advising going to middle office from research to get into a front office seat. i would make a low risk decision, come up with real-time trades/investment ideas whenever you get free time and keep pushing. these trading seats are so limited you might need to shift your goals in general to break in
I started in risk quants (so not desk aligned) and managed to move to trading after 1 year. For me it was just networking and leaving a good impression in interviews: met a s&t analyst from my bank at a friend's bday party -> had a coffee at work with this guy one day and he told me that another junior was leaving -> reached out to this junior and he forwarded my cv to his boss -> his boss made me meet all his team -> in the end they didn't take me but referred me to another trading desk -> talked to 10/12 people in both london and ny (some via webex) -> finally got the offer.
Total time from the first chat to receiving the verbal offer was around 2 months. I think in my case they were confident in my quant/tech skills (in fact, they didn't ask me many technical questions) so it was mostly fit/motivational interviews.
I think the strategy is to talk to as many people as possible and be prepared (i.e. study the stuff needed for a rates trading position - btw do you want to do linear or non-linear rates?). I would definitely advise against going to market risk.
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