¡¾Should I go for Goldman Sales or Prop Trader with a smaller bank?¡¿

[sjfan]

Quote from gilltrading:

Another consideration I've to count:

Salespeople may find it easier to switch to sales trader/mkt making trader position as they spend much time discussing with mkt making taders and clients abt bid/ask price, volume, etc. Mkt making traders provide liquidity instead of making investment decision. In comparison, prop traders' main job is not making mkt/providing liquidity but making investment decision and excuting the trades. Therefore i see a big gap b/w sales and prop trading

Insiders pls let me know if i'm right. Tks

Mostly right. But in certain markets the market makers are also prop traders. Usually happens certain otc spaces. Goldman has a reputation of being a big hedge fund (ie, takes lots of prop positions) rather than a dealer;

 

[Susukino]

Quote from gilltrading:
The Goldman one is Sales which is symbiotic to trading (but sales trading/mkt making rather than prop trading).

If you are hired to do cash equity sales at GS then that's what you will do. You will sit and read research, work out your spiel, pick up the phone and sell that research to institutional clients, every day. You won't be doing any prop trading and you are likely to have some limitations put on trading your personal account (although these will not be as stringent as in equity research of course).

It will be tough to switch internally because if you're good, the sales desk will want to keep you. Also, you have no prop experience and if you're unproven on the prop desk - the usual catch-22 here - the prop desk won't want you. So if you want to do the prop trading, work for the Japanese bank. I know people who work/have worked for GS and it's not all it's cracked up to be. Bit like a cult at times.

Suss

 

[gilltrading]

Great thanks to Drambuie, showyouwang, One TorontoTrader2, sjfan, and Susukino for you guys' inputs. I've talked to couple of traders and salespeople in ibanks and most of them share the same view as mine. I've decided to take the Japanese offer. Hope everything turns out all right.
Good luck to everyone trading!

 

[StreamlineTrade]

Moving from prop to sales is easy. Moving from sales to prop will be harder. A lot of guys who dont make it prop go sales sometimes.

Having said that, most good sales guys will make the mega bucks 'traders' are renowned for.

Truth is, different skill sets are required. Sales = knowledge + relationship ability. Prop = knoledge + application + discipline.

Look at the job specs. Do what appeals most.

 

[ASusilovic]

Quote from mokwit:

If I really believed this poster had an offer I would say Goldman should firm up on their recruitment policy, not only are they making offers to people who can't make up their minds, they also feel obligated to recant everything on a web board.

I mean really, can't the site owners think of a better way to generate a discussion the clicks they need to show to potential advertisers. We have had the "Goldman offer but can't make up my mind ' thread way too many times now. It's getting really old.

When I come here the whole of the front page is full of these kind of posts. Maybe we have all been squeezed out of the market by the algorithms. There aren't many traders posting these days that's for sure.