I figured I’d share my story here as there are a lot of questions about job prospects, moving to front office, etc. I’m currently in front office derivatives (i.e. sales/trading/structuring) at one of the top IBs here in HK and recently got my first promotion. I’m still the junior guy on the team, but I’d say that I’m legitimately in the business and have more than just a foot in the door. It’s a small world so details will be slightly ambiguous.
How I got here:
Did undergrad at a top 25 school studying finance and math. Spent the next 5 years working in non-investment fields, but took advantage of my degree at least. Wanted to get back into “real” finance, but post-crisis situation was rather dismal, so went for a masters at a top quant finance program. Despite a solid internship under my belt during the program, post-graduation job search was pretty ugly. Among my classmates, those with previous PhDs or had relevant FO experience were fine; others were a mixed bag and many had to settle early on non-target jobs due to financial reasons. Since my personal financial situation was ok and I was a bit stubborn, I kept at the search for a lot longer than most instead of settling. Eventually ended up talking to the boss from my internship, who got promoted into a new role, and offered me a spot on his team. I took the offer, but before my first day, the boss gets sacked and the whole department gets restructured/downsized. Already several months out of graduation, things look pretty bleak. Several months later, one of the jobs I already got formally rejected for due to headcount issues comes back after they restructured their team also. I get offered a 1 year contract, but work is as real as it gets since I’m effectively replacing both an analyst and VP.
A year in the life:
Simply put, I dedicated the next year into my job. Hours aren’t as crazy as M&A, but they can be much more intense and lunch is always at the desk. I will get 10K+ emails every week along with various other forms of communication and need to prioritize every one of them accordingly. The ability to multi-task, stay organized, and do things both promptly and accurately are paramount. You’ll quickly learn that your job is not focused on a few specialized tasks, but rather to either make profit/revenue or directly contribute to making it. Having a “do whatever it takes” attitude is more valuable than any degree or credential. That being said, a lot of our MO and BO staff will only do the min requirements of their job and push the rest of it back to us… and that’s why they will never be moving into FO. After 11 months, get ready to justify your existence as to how much revenue you generated for the firm and how you’re irreplaceable. If upper management (who sees every employee as an expense) can easily replace you with somebody younger and cheaper, then even your drinking buddy manager won’t be able to save you. Several others on the floor had the same contract as myself and only a fraction of us moved forward after a year.
In conclusion, the job search can be both random and tough, but the job itself can be even more unforgiving due to the competitive nature of the industry.