Temp offer dilemma, IB retail internship vs prop trading trainee scheme
Good day,
I have recently graduated (Math major) and did an M&A internship, which finished in new year. Since I didn't enjoy it and would like to go into something more analytical personally, I decided to get into S&T.
Now I have had a 2 month gap on my CV, and am looking for something to do, while I continue interviewing with BBs and the like for S&T off-cycle internships. The two offers I need to decide between are:
1) Retail investment product management for private and institutional clients at Deutsche Bank in Frankfurt
2) Prop trading trainee scheme at an unknown shop in London (along the lines of Futex, Met Traders etc)
Both would be temp roles until I can get into a BB, which would you recommend? I heard that prop trading is a CV-buster for the banks and has almost no exit ops, which is why I am a bit wary about accepting the prop offer. Otherwise I would most certainly go for it and do think I would enjoy it.
I used to be based in London (well, I started there). Take the proper job. The second choice is not a job - it's (or leads to the position of) a self-employed trader. I know some who run those prop shops. They can't teach you much and working there will take you further away from BB (or tire 1 banks). I have heard of this guy from Institute of Trading and portfolio management. I can't believe these boiler room guys are now calling themselves new breed of investment bankers (clearly not corporate financiers). Even if your S&T gig doesn't work out, the first option gives you a safety.
Hey J-phone,
thank you very much. I have already accepted Deutsche Bank, but I was wondering whether it was worth changing my mind. At least I will get a salary and a respectable firm to work in for now, besides potential exposure to one of mainland Europe's biggest trading floors. Regarding the guy running the Institute of Trading and portfolio management, I think you mean Anton Kreil. I thought he was fairly respectable based on what I saw on TV, (though I agree the guys who run prop shops seem rather dubious...)
If you want to get into hardcore analytic stuff, there are always HFs. If I remember correctly (when I was in London last time), Winton Cap has been recruiting for junior positions for some time. Man are not doing well, are they?
Glad that you accepted Deutsche. I think you will enjoy Frankfurt.
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