Sales & Trading vs. Investment Banking, Part 1 – Recruiting
“So, how much food do traders eat?”
“Can you really make $10 million instantly if you’re a star trader?”
“Can I write about my gambling addiction and how much money I made with poker on my trading resume?”
You’re about to learn the answers to all of those and more, in this 2-part podcast series on Sales & Trading vs. Investment Banking.
Since I know close to nothing about trading personally, this one is an “interview” with Jerry, who does know a lot about trading – having done a trading internship, worked full-time at a bulge bracket bank and then started his own prop trading firm.
What You’ll Learn In This 40-Minute Interview
- What you need to succeed in sales vs. trading vs. investment banking, and why none of them require “rocket science”-level math
- What to do if you don’t have a pedigree, and why trading might be a good option for you
- Networking tactics for both fields and the best time to cold-call a trader
- The 3 most important points to highlight on your sales & trading resume, and how to write about your poker hobby (addiction?)
- Interviews, telling your “story,” and how pitching a stock differs in sales vs. trading interviews
Listen to the interview right here:[audio: http://podcasts-00.s3.amazonaws.com/S&T-Part-1-Recruiting.mp3]
- 1:15: Intro to Jerry and his background
- 1:45: Skills required for trading, psychology, and why you still don’t need to be a rocket scientist to succeed
- 4:30: Who succeeds in banking vs. trading and the math required
- 5:30: Recruiting at a bank vs. prop trading firm
- 7:40: Recruiting for sales
- 8:09: What to do with no real finance experience – and why exams and certifications aren’t the answer
- 10:30: How to break in from unusual backgrounds and if you’re already out of school
- 12:10: From programmer to prop trader?
Asia vs. the US and Language Requirements
- 12:55: Recruiting in Asia vs. the US and elsewhere
- 14:00: Language requirements in banking vs. sales vs. trading and what to do if you don’t know the local language
Networking and the Best Time to Call a Trader
- 16:50: How to network like a ninja in both fields
- 18:00: The best time to cold-call a trader (hint: not when he’s trading, eating, or abusing interns)
- 19:23: How to approach traders differently from bankers, and why “business talk” might be a better strategy
Why the CFA Is Still Useless
- 21:05: Are there any useful exams for breaking in? Nope, sorry, please try again…
Sales & Trading Resumes
- 23:05: Sales & Trading resumes and which skills are not as important to highlight
- 24:53: The 3 most important skills to focus on in your trading resume, and what to do if you don’t have them
- 26:16: Should you write about your gambling addiction? What about knitting yarn or extreme sports?
All About Interviews
- 27:45: How banking interviews differ from trading interviews
- 30:22: How much corporate finance / valuation knowledge do you need for S&T interviews?
- 30:48: How “fit” questions are different
- 32:05: Why and how you need to tell your “story” differently and how to talk about your future plans in trading interviews
- 34:34: Can you prepare for S&T interviews?
- 35:50: How to pitch a stock and technical vs. fundamental analysis
- 37:15: How sales interviews differ from trading interviews, and how you should pitch a stock differently
Sales & Trading vs. Investment Banking Podcast Series:
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