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Seeking insights on Sales and Trading internships and full-time roles?

Hi everyone! I am a rising junior and recently accepted a 2024 Sales and Trading internship in New York. My offer letter said I would be working with the equities group but beyond that, I am going in blind. I have several questions that I would really appreciate some insight on:

-As I shadow and rotate among the desks, how will the bank determine whether I will be a trader or on the sales side, and what desk I would be on if given a return offer? Is one role or desk better relatively speaking?

-My impression of S&T may be slightly outdated, but is the role at high risk for automation and AI? This is the only thing I can think about in my current internship because everything seems to be easily automatable.

-I am very interested in investment management and my long-term goal is to work in portfolio management. Does S&T set you up well to transition to the buy side? I partially accepted the internship because I thought the exposure to institutional investors would help me make the leap, but it seems like a lot of S&T professionals stay in the field their whole careers.

-Finally, I am really interested in ESG issues and impact investing, will I be able to explore this evolving theme in an S&T role?

Thanks in advance for any perspectives you can provide!

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Ka’s Answer

Kudos on securing your spot in the Sales and Trading internship!

As you experience various desks, remember to showcase your finest qualities to all team members. The deskhead and colleagues will determine if you're the right fit for a permanent role. Utilize this internship to actively discover where you truly belong.

In today's AI-driven world, automation is a reality for many jobs. Sales and Trading has seen a decline in traditional roles, but new opportunities have emerged, such as electronic traders, program traders, and quantitative research analysts. Embrace these tech-savvy positions.

If portfolio management is your passion, consider the CFA program. Working on the sell side doesn't guarantee a spot on the buy side. However, I've witnessed individuals, primarily from sales, transition to investment management firms as Directors of Research. Be proactive in planning this change.

Absolutely, you can expand your knowledge of impact investing. Most prominent firms have a dedicated ESG sales team catering to portfolio managers with an ESG focus.
Thank you comment icon Thanks, Ka! I am grateful you took the time to answer this question. Henry
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Marzena’s Answer

Besides Atul's points, I'd also mention that becoming part of a company like Citi offers exceptional chances to understand the organization's structure and discover what interests you. Afterward, you can decide to explore different areas within the company. Citi is highly supportive in this regard and actively invests in the growth and development of its employees.
Thank you comment icon Thank you, Marzena! Henry
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Miguel’s Answer

-As I shadow and rotate among the desks, how will the bank determine whether I will be a trader or on the sales side, and what desk I would be on if given a return offer? Is one role or desk better relatively speaking?
Feedback from the desks you are placed on will do it for you. Make an extra effort on the ones you would like to stay .... There are no better or worse desks, it really depends on your profile - commercial vs analytic or both...

-My impression of S&T may be slightly outdated, but is the role at high risk for automation and AI? This is the only thing I can think about in my current internship because everything seems to be easily automatable.
Yes, programming is very much part of a trading/structuring job. AI is already implemented in some algos. Not so much on sales desks, where client contact is still necessary...

-I am very interested in investment management and my long-term goal is to work in portfolio management. Does S&T set you up well to transition to the buy side? I partially accepted the internship because I thought the exposure to institutional investors would help me make the leap, but it seems like a lot of S&T professionals stay in the field their whole careers.
Yes, I think so. Not all S&T stay on the same job, same career path, many people leave to asset managers, HFs, etc.


-Finally, I am really interested in ESG issues and impact investing, will I be able to explore this evolving theme in an S&T role?
Absolutely, this is a very relevant topic in the investment world currently. All investment banks and asset managers are working towards a more complete and compelling ESG product offering and ESG expertise is very much on demand.
Thank you comment icon Thank you, Miguel for the advice. Henry
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Atul’s Answer

Make sure to read the job description thoroughly before applying, as it will outline the specific tasks involved in the role. If you still feel uncertain about your responsibilities, arrange a conference call with both the hiring manager and HR to gain further clarity. Keep in mind that if you're joining a smaller company, you might be expected to handle multiple job functions. However, larger companies with thousands of employees typically have well-defined job functions.
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