IBD guy interested in trading

Hey guys,

during a summer internship at a BB in London, I realized that I would much prefer trading to IBD. One of the main reasons is that I hate (and suck at) formatting powerpoint presentations endlessly. I just don't have a good eye to check that everything is aligned, I don't give a shit about font types and hate going through the footnotes, which NOBODY EVER READS ANYWAY! Can anyone please confirm that traders spend less time on this?
What are the skills that a trader needs and what does a typical work day look like? What does an intern do?
It would be cool if you could help me decide if this is the right job for me. I do not want to do IBD and the other alternative would be consulting, which only involves more powerpoint.

Also, what are my chances of getting an internship?
I am currently doing a bachelor of business administration at a European target university, I have a very good GPA, a 780 GMAT and I have done internships at: BB IBD, Big4 Audit advisory, Siemens (finance department) and one smaller company. Business administration is the standard choice for people going into banking in Germany, but I recognize it is not very quantitative.

Do I have to do a Master in Finance? I guess it actually makes sense given the current state of the S&T job market...

 
Best Response

Hey man,

Let me walk you through a typical day: Get in at 7-7.30am, read emails and follow up on what happened in Asia. Morning presentations at 8am and then I wait for the opening bell (I don't sit there with my whole hand up my ass, but read up on events and macros being released that day). Might talk to some big investors before the bell rings, but that happens every now and then. Then we trade.

Might be a slow day (lots of small orders or few big ones) and we wait for the US markets to open. Get out of the office maybe 30-45min after the closing bell. Unless I need to go over strategies with clients or macro analysts.

I don't write footnotes, don't do PP presentations and go home before M&A.

Biggest asset when entering S&T: Don't be a dick. Know your stuff (basic math, derivatives, what influences the market, etc.) and don't be a dick.

Just PM me if there is anything else.

CNBC sucks "This financial crisis is worse than a divorce. I've lost all my money, but the wife is still here." - Client after getting blown up
 

Thanks man - a very encouraging post! What does an intern do though? Judging by this account trading-intern-day-in-life) this guy basically wipes someone's ass all day. I stopped reading after a while, but basically he was getting off on watching other people working/bringing them food from McDonalds and handing them out reports. This guy was based in Japan, are things in London/ the US different? I understand that you won't get to trade real money. What do you mean when you say "then we trade"? Some guy in the Finance department of a client company calls you and asks you to hedge his exposure to the oil market? And you then come up with a strategy involving some derivatives and then execute these positions? Or some hedge fund client calls you and tells you to make as money with a long position on copper as possible within a given budget? I understand that there is little trading where you are just given a certain budget and told to make as much money as possible with this, given that prop trading has been scaled back dramatically? Sorry if I am asking a lot of (potentially naive) questions...

 

previously having been an SA in s&t, i can tell you that it is nothing glamorous, but that is mostly because of how little you actually can do. you don't have your licenses, there's a good chance you won't have bloomberg, and the the traders are almost always extremely busy throughout the day. That said, you shouldn't let what you do during the 3 month stint decide whether or not you want to do something as a career--you have to look at what you'd actually be doing full time...because that is for the long haul. the difference between a SA and a FT person in s&t are worlds apart. once you get your licenses, you hit the ground running and get responsibility quickly. your role as an SA is nothing like your role FT.

 

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CNBC sucks "This financial crisis is worse than a divorce. I've lost all my money, but the wife is still here." - Client after getting blown up

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