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11 Jan 2010, 14:15
Kudos
Bookmarks
That also is a possibility Dr., I would agree. There are many ways that Sales guys are important - I think it is often overlooked that good Sales people run their own P&L - they spread the client more than the spread the dealer gives, they may have codes that push the dealer to quote further one way as they can read the client and know their positions.
The links to investors could certainly be valuable, especially if they are senior in the team. Even so, I can see ways that they can add value to a fund through other activities they have been a part of.
Sales people have to work with a much wider set of knowledge, be familiar with many aspects to sell their client on. Traders in a bank are typically very focused on one thing: 3-5yr on the yield curve, with nothing outside of that. One spot exchange rate, maybe two. Given the number of Hedge Funds that are merger arbitrage or Global Macro, the traders skillset isn't necessarily directly applicable either.
The links to investors could certainly be valuable, especially if they are senior in the team. Even so, I can see ways that they can add value to a fund through other activities they have been a part of.
Sales people have to work with a much wider set of knowledge, be familiar with many aspects to sell their client on. Traders in a bank are typically very focused on one thing: 3-5yr on the yield curve, with nothing outside of that. One spot exchange rate, maybe two. Given the number of Hedge Funds that are merger arbitrage or Global Macro, the traders skillset isn't necessarily directly applicable either.
16 Jan 2010, 16:53
Kudos
Bookmarks
osbornecox
I will speak from my three years of experience on the buyside at a hedge fund. It depends on what you mean in terms of credibility. For making investment decisions/calls - very little. Sales people are there to sell you stuff. By far, the majority of sales people are simply spouting the calls their analysts are making which are usually a) wrong or b) way late. There were also times when it was obvious the sales desk had an agenda for trying to push a particular position.
If you are trying to move from sales to a buyside shop where you actually make investment decisions it is VERY difficult. Sales people are not looked at for the reasons mentioned above, they are considered sales people. They are recruited for business development positions, that is raising money for the funds. Sales traders are more common but still rare. These people generally move over as traders to hedge funds. I want to clarify as there seems to be some confusion - although there are "traders" at hedge funds, at our shop and many others this is strictly order execution. You have no say over positions, you are only given an order and expected to execute it with the best pricing. All investment discretion is left up to the PMs/Analysts who are making the investment calls.
By far, most people who went into buyside research positions on the PM track came from banking, and somewhat less than that sell side equity research due to their ability to tear apart financial statements etc. The above view points are from an equities stand point, I can see a sales trader having an easier time switching if he/she were on a commodity desk. My $.02, if you have other questions feel free.
23 Feb 2010, 12:25
Kudos
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I’m trying to do a similar assessment for finance with the schools I've listed below. Short-term I'm interested in a sales or structuring role in the markets division of a BB bank. However I'd eventually like to work for a hedge fund, top investment management company, or even a good VC/PE firm on the West Coast. Of course if I could get into one of the latter fields upon graduation that would be ideal. From what I know, some of these top firms only hire from a very select crop of schools.
Schools I'm considering include London Business School, Stern, Haas, Kellogg, and Cornell Johnson with the Park Leadership Fellowship (full ride + stipend, distinction)
Does anyone on this board have feedback on what might be the best program given my goals? Although I would eventually like to be on the West Coast, I am happy working in NYC or Britain for a few years to get my foot in the door. I want to maximize my long-term career potential with my MBA.
Schools I'm considering include London Business School, Stern, Haas, Kellogg, and Cornell Johnson with the Park Leadership Fellowship (full ride + stipend, distinction)
Does anyone on this board have feedback on what might be the best program given my goals? Although I would eventually like to be on the West Coast, I am happy working in NYC or Britain for a few years to get my foot in the door. I want to maximize my long-term career potential with my MBA.
