**Official Sales, Trading, Research and Quant Graduate/Internship 2019 Thread**

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username738914
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This is the official mega-thread for those looking to apply to internships in S&T, commodities trading and quantitative finance.

Banks:
BBs
Goldman Sachs
Morgan Stanley
JPMorgan
BAML
Credit Suisse
Citi
Deutsche Bank
Barclays Investment Bank
UBS

Other Balance Sheet Banks
Nomura
HSBC
SocGen
RBC
Investec
RBS (Natwest Markets)
BNP Paribas
Standard Chartered
Lloyd's
Santander
UniCredit
Mizuho
Commerzbank
Mitsubishi UFG
ING CB
Credit Agricole

Commodities:
BP IST
Glencore
Trafigura
EDF Trading
RWE Supply and Trading
Maersk Trading
Shell
ExxonMobil
Gunvor

Prop Shops
Jane Street
Virtu Financial
Optiver
SIG
Hudson River Trading
Chicago Trading Company (CTC)
IMC
TransMarket Group
Five Rings Capital
Flow Traders
Jump Trading
Maven Securities
DRW Trading
XR Trading

Hedge Funds (mostly quant, but not strictly):
Man Group
BlueCrest
Brevan Howard
Bridgewater
G-research
Citadel
Oxford Asset Management
Two Sigma
GSA Cap Partners
AQR Capital
Ares
Bain Credit
Engineer's Gate
Cantab Capital
DE Shaw
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BGUK19
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What do you feel is the required knowledge going into a grad role in S&T if you haven't had an internship in that specific area?

Also

Do you have any pointers on how to construct a strong S&T cover letter?
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username738914
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(Original post by BGUK19)
What do you feel is the required knowledge going into a grad role in S&T if you haven't had an internship in that specific area?

Also

Do you have any pointers on how to construct a strong S&T cover letter?
Tbh, you don't need any required knowledge going into S&T.. It would help to read up about common securities and how they work/how they're priced but that's it really. There will be firm wide grad training to bring everyone up to speed.

In S&T you don't really *do* anything to generate revenue besides learning from the firehouse until ~1-3 years in. It's very much a learn through osmosis gig for the first few years (whilst getting paid very well, might I add) before getting a book.

I'd focus on why you're interested in the markets, what you've done to show this interest, skills that would make you fit in to the business (i.e. quick decision making, analytical thinking, etc), why the bank specifically and overall just tie back into what makes you a good candidate.

(also bump, where are all the people interested in markets and not IB?).


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BGUK19
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(Original post by Princepieman)
Tbh, you don't need any required knowledge going into S&T.. It would help to read up about common securities and how they work/how they're priced but that's it really. There will be firm wide grad training to bring everyone up to speed.

In S&T you don't really *do* anything to generate revenue besides learning from the firehouse until ~1-3 years in. It's very much a learn through osmosis gig for the first few years (whilst getting paid very well, might I add) before getting a book.

I'd focus on why you're interested in the markets, what you've done to show this interest, skills that would make you fit in to the business (i.e. quick decision making, analytical thinking, etc), why the bank specifically and overall just tie back into what makes you a good candidate.

(also bump, where are all the people interested in markets and not IB?).


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That's relieving because after reading the American financial forums and what they were saying someone needs to know is just horrifying. By any chance do you know how to structure a sales pitch in an interview?
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xtrembob
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(Original post by BGUK19)
That's relieving because after reading the American financial forums and what they were saying someone needs to know is just horrifying. By any chance do you know how to structure a sales pitch in an interview?
Plenty of ressources out there, try to find an investment pitch from a HF online. It is usually as it follows:

Introducing the security
Valuation/pricing and market trends
Catalyst for the investment and Upside
Potential downsides and risks
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HKeitel
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A lot of people talk about networking as crucial to getting a summer internship. Coming from a semi target uni with no higher level connections, I don't see how networking with grads helps other than their generic advice. Is there anything specifically with networking I'm missing?
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username738914
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(Original post by HKeitel)
A lot of people talk about networking as crucial to getting a summer internship. Coming from a semi target uni with no higher level connections, I don't see how networking with grads helps other than their generic advice. Is there anything specifically with networking I'm missing?
Think of networking as making professional friends you keep in touch with.. people who can stand up and vouch for you when it's crunch time.

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Terry Tibbs
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(Original post by HKeitel)
A lot of people talk about networking as crucial to getting a summer internship. Coming from a semi target uni with no higher level connections, I don't see how networking with grads helps other than their generic advice. Is there anything specifically with networking I'm missing?
It's not worth your time really, just focus on applications.
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Orlandothefraser
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I want to get into a quantitative position at a hedge fund/ prop shop after graduation (currently studying engineering). Should I focus on finance or tech internships in the meantime?
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username738914
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(Original post by Orlandothefraser)
I want to get into a quantitative position at a hedge fund/ prop shop after graduation (currently studying engineering). Should I focus on finance or tech internships in the meantime?
Tech and quant/trading internships

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Orlandothefraser
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(Original post by Princepieman)
Tech and quant/trading internships

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Are there many quant/ trading internships in London? Found a Jane Street one but thats about it
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username738914
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(Original post by Orlandothefraser)
Are there many quant/ trading internships in London? Found a Jane Street one but thats about it
Doesn't have to be London.. These firms are quite easy going with considering international applicants to international offices.

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Oceankarma
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Is anyone applying/know anything about the Goldman Sachs Trader Academy? (Mainly, when does it actually run, website is a bit confusing on the dates.)
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Shumaya
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Hi Princepieman! Thanks for creating the thread. I'm considering a career in Quant Finance/Trading as well as PE and Strategy Consulting. (I know these jobs are quite different but I'm hoping to gain experience and narrow the list down a bit). Which of these degrees would be best for me assuming they're from similar universities?

Mathematics
Mathematical Sciences (focusing on statistics, programming, and data science)
Maths and Computer Science
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username738914
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(Original post by Shumaya)
Hi Princepieman! Thanks for creating the thread. I'm considering a career in Quant Finance/Trading as well as PE and Strategy Consulting. (I know these jobs are quite different but I'm hoping to gain experience and narrow the list down a bit). Which of these degrees would be best for me assuming they're from similar universities?

Mathematics
Mathematical Sciences (focusing on statistics, programming, and data science)
Maths and Computer Science
First of all.. Choose between those two career paths they are totally different. Are you a numbers/markets person or a relationships/people person?

Any of them dude, the degree choice is probably the easiest thing on this whole journey you're about to embark on.

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banker-121
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chances of getting into equity research, -non target uni, year long placement at a very big media company, and summer internship PwC Princepieman


best book you can recommend for equity research?
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rhaegar456
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Is it true equity research is dead?
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xtrembob
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(Original post by rhaegar456)
Is it true equity research is dead?
Complete BS, probably the place to be right now if you want exposure to the markets and move the AM/HF down the line. You will always be able to transition to M&A if you want. Work/Life is great, however getting an analyst seat is close to impossible. MIFID 2 didn't kill ER as most think, it just made it more competitive and will kill people doing poor/bad research.
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rhaegar457
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(Original post by xtrembob)
Complete BS, probably the place to be right now if you want exposure to the markets and move the AM/HF down the line. You will always be able to transition to M&A if you want. Work/Life is great, however getting an analyst seat is close to impossible. MIFID 2 didn't kill ER as most think, it just made it more competitive and will kill people doing poor/bad research.
Why do you say it's "close to impossible"? How competitive is it in comparison to other desks?
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xtrembob
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(Original post by rhaegar457)
Why do you say it's "close to impossible"? How competitive is it in comparison to other desks?
Sorry wasn't clear what I meant by analyst. You do not start as an analyst, you start as an associate, and once you cover your own stocks by yourself you are what we call an analyst, ie covering Northern Europe Telecoms. As an analyst you can be associate/VP/ED/MD, and one analyst is Heads of European Telecoms as well. You wont have 2 people at the same bank covering the same stocks. So when you join, you will have to wait for your analyst to leave if you want to be promoted to analyst, or move to an other bank or the buyside.

An yes there are few seats in research, but a much smaller demand as well (20 summer at GS, 5-10 JPM, 10 at MS, few at CS, UBS barely has any...)
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