BANKING: FUNCTIONS
SALES AND TRADING
BY: LYNN STRONGIN DODDS • PROFILES BY: SUSANNA ROBINSON; STUART NEWMAN
I
nvestment banks’ sales and potential ideas and .products. Th e
“As in any sales
trading arms have certainly traders, on the other hand, provide
been put to the test in the past the liquidity for the client and the
environment, there is a
year. Th e credit crunch has caused investment opportunities. Th e
wild fl uctuations in stock markets sales/trader sits in between the two
across the globe and only those roles. Th ey will sell the product
huge amount of pressure to
with a strong stomach are able to and the minute the client says yes,
ride it out. While there are they will execute the order.”
succeed and therefore, being
diff erent roles in the group, the Each discipline requires its own
common thread is the ability to specifi c skill set. Salespeople, of
driven, having good
adroitly steer investors is through course, need more than the simple
the rocky waters. patter. Th ey are spending the negotiation skills, a strong
According to Stephanie Ahrens, majority of their time talking to
head of graduate recruiting at clients, pitching ideas but they must network of clients and
Morgan Stanley, “the bank splits have a fi rm grasp on the inner
the department into sales, trading workings of the products. Matthew
an ability to execute a sale
and sales/traders, and they are Hesketh, manager, Morgan
divided between equities and fi xed McKinley, global recruiting fi rm,
are essential”
income. Typically sales people notes, “A sales role within an
engage with the client, providing investment bank involves the sale of
Matthew Hesketh, Morgan McKinley
ADRIAN GARNON, ASIP
Title: Deputy Head UK Fund Sales of credit derivatives and structured credit products/solutions
Current employer: requires a steady programme of self education. The current
Royal Bank of Scotland
environment reminds you that the better equipped you are, the
Previous employers:
more likely you’ll succeed in diffi cult market conditions.
Prudential; Barclays; Lehman
Brothers; Merrill Lynch
Are there certain skills you would consider useful for your job?
University: Cambridge
In a sales role, the key skill sets are self motivation, hunger to
Degrees: Bachelors in Economics
succeed and sound technical and product knowledge
Professional qualifi cations:
ASIP
How do you think the role you’re in now will change over time?
Corporate bond markets and related products have expanded
What attracted you to this career path? beyond all recognition over the last 15 years. We are now in a
My long standing interest in all things fi nancial made it an easy period of retrenchment. Sales people will have to spend more
decision to seek out a career this fi eld. The initial decision to work time understanding their clients’ needs in a world where broker
on the buy side was borne of a desire to try to learn a full skills set balance sheets are a luxury item.
from a fundamental perspective, before progressing into a sell side
sales role in corporate bonds. Do you have advice for someone intending to pursue the same
career path?
What are the major challenges you face in your position? Get to grips with the basic principles and knowledge set required
The changing nature of the fund management industry is a challenge to progress. Be patient - the temptation to go too quickly, whilst
for everyone in the sales side. Keeping pace with the widespread use attractive, may well backfi re.
WWW.CFAUK.ORG CAREERS GUIDE 2009 71
58-78 investment banking.indd 71 22/11/08 13:22:57
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