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www.efinancialcareers.com/students | Careers in Financial Markets 2014


29


career insight Howard man


Head of cash equities trading, Asia ex-Japan, Bank of America Merrill Lynch


We value raw talent, but the people who are most successful combine their talent with a sense of urgency and tenacious effort.


Howard has an SB and MBA from the Massachusetts Institute of Technology in the US. He started his career at McKinsey & Company in 2000 and has worked for ABN Amro and SAC Capital in Hong Kong. He joined Bank of America Merrill Lynch in 2011.


My team is responsible for providing risk pricing to facilitate the buying and selling of stocks by our clients across the Asian markets. My traders are experienced risk managers who also possess a strong fundamental understanding of the stocks that we trade in Asia.


My day begins with the morning call, during


which we study the major views being expressed by Bank of America Merrill Lynch’s research department.


During the day, we work with our colleagues to make prices in different stocks, often speaking with decision-makers at client organisations to understand how we can serve their execution needs. I also spend time with my peers in equity capital markets (ECM) to understand what the potential deal pipeline looks like in the countries in which we trade.


Our trading positions are often the result of making prices for clients who want to execute in the market but have trouble accessing sufficient liquidity at a price or size that satisfies them. We fill that liquidity gap, and are constantly trading in the major stocks across Asia.


If I were to offer a single piece of advice, it would


be to exhibit persistence in your desire to work in this business. We value raw talent, but the people who are most successful combine their talent with a sense of urgency and tenacious effort. If you display that type of character, you stand a good chance of finding your way into this industry.


My career in financial services has spanned the SARS crisis in 2003 and the global financial crisis of 2007-08. During these periods of uncertainty, my entire peer group was faced with career risk and significant concerns about the viability of the industry as a whole. We all learn from these periods of time; I believe that the key is to invest in your own skill set, develop relationships that will persist through the cycle, and work hard until things improve. In my experience, they always do.


mathematical approach to identify investment opportunities and strategies.


Within the sales and trading division, graduates are also recruited into structuring and marketing roles. It’s the structurer’s job to create financial products and provide a pricing service to clients. It’s the marketer’s role to search for new opportunities to sell these products, and prepare marketing materials and pitches.


Skills sought


If you’re trading complex derivatives you’ll need the mathematical ability to understand the products. If you’re trading non-complex, ‘vanilla’ products, you’ll need to understand what drives the market. FX and equity traders in particular are news junkies, able both to connect the dots across a broad range of data and understand the implications of world events on markets.


“The ability to multi-task, to work under pressure in a fast-moving environment, to assimilate information quickly in order to react fast to market changes, sharp attention to detail, and strong risk management skills are a must for a successful career in trading,” says Danielle Sindzingre, global head of fixed income, credit and currencies, SG CIB.


Understandably, if you have a desire to work in sales, it’s safe to say you shouldn’t be a shrinking violet. You must also have a thick skin – only a small percentage of approaches to clients result in a successful sale, so you must be able to persist in the face of rejection.


“You must be true to yourself, find the communication style that you are comfortable with and use it to gain clients’ trust and build your network,” says Joe Squires, co-head, rates sales Europe at BNP Paribas.


“To be successful in sales, individuals need to possess superb verbal and written communication skills with a proven ability to develop and build relationships both internally and externally,” adds Sindzingre.


pay and bonuses


Equity cash sales average global pay 2012 ($k) role


Associate


Vice president Director


Managing director Source: Options Group Intelligence Unit


Equity cash trading average global pay 2012 ($k) role


Associate


Vice president Director


Managing director Source: Options Group Intelligence Unit


base salary Total compensation 100-120 150-200 250-300 400-500


150-200 250-350 350-450 450-600


base salary Total compensation 100-120 150-200 250-300 400-500


150-200 150-300 300-450 450-600


GETTING IN


InvesTmenT bAnKIng


FINANCIAL SERVICES


EMPLOYERS


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