THIS WAS A MEMO FROM GOLDMAN SACHS:
For those who may be interested in working on Wall Street in an equity area, the
memo from Goldman gives a very good job description of the sales and
trading functions of a major Wall Street firm.
EQUITIES DIVISION
FULL~TIME ASSOCIATE POSITION
Company Description
Goldman Sachs is a leading international investment banking and securities firm, providing a full range of investing and financing services to corporations, governments, institutions and individuals worldwide. Founded in 1869, Goldman Sachs among the oldest and largest of the U.S. based investment banks. The firm is headquartered in New York, and has 41 offices in 23 countries around the globe.
Goldman Sachs established its first Asian operation in 1974 with the opening of our Tokyo office. Sincethen, our presence has grown to include ten offices in the Asia Pacific region including Hong Kong, Singapore, Beijing, Seoul, Sydney and Taipei. The expansion in the Asia Pacific region reflects our response to the growing needs of our clients and their demand for a truly global presence.
Division
For students with graduate degrees, the Equities Division of Goldman Sachs Asia offers exciting opportunities to contribute to the firm's main link to financial institutions that participate in the Asian equity markets. The Institutional Sales and Trading area is divided into three primary functional areas: Research Sales, Sales Trading, and Trading and span. a variety of individual products including international Shares, Derivatives and Global Security Services.
Job Descriptions
Institutional Sales Overview
Institutional Salespeople sell the products of Goldman Sachs' Investment Research Department to our institutional clients' analysts and portfolio managers. They are responsible for maintaining close working relationships with these clients. They recommend strategies regarding securities that are either owned by our clients or are of particular investment interest to them.
Responsibilities
The principal functions of the Institutional Salesperson include:
Selling the products of the firm's Investment Research Department to institutional clients
Keeping clients advised of changes in investment opinion or earnings estimates on specific
companies
*Providing timely information on Goldman Sachs' recommended strategies, which are based on the status of world economies, currency markets, asset allocations and industry sectors ~ clients with a flow of new investment ideas
Marketing equity underwriting in conjunction with Equity Capital Markets
Serving as business agents for the firm's Research Analysts and economists, By marketing the firm's Analysts and their work to clients, Research Salespeople help create a strong research franchise
Interpreting research data and ongoing market developments to provide insightful investment information to clients
Responding to client requests for detailed earning models for specific stocks, new deal prospectuses, and research reports.
Qualifications
Applicants interested in a career in Institutional Sales should have an interest in investment analysis and be oriented towards working in a fast~paced, high~energy environment. They should be adept at understanding the trends and factors driving specific companies and industries and should be able to communicate complex concepts in a concise and efficient manner. Strong interpersonal skills coupled with course work in finance, accounting and economics provide a solid foundation for a career in Institutional Sales. Demonstrated client management experience is an advantage.
Sales Trading
Overview
Sales Trading professionals facilitate the execution of client orders by providing liquidity through utilizing the firm's capital. and by providing order flow and trading expertise. The Sales Trader is able to understand the client's portfolio strategies by staying up to date with their portfolio strategies and stockholdings. Sales Traders seek to generate interest and trading inquiries by supplying client traders and portfolio managers with relevant information concerning markets, specific securities and the firm's trading activity and capabilities.
Responsibilities
Various responsibilities include
Providing information on broad market developments and stock~specific events
Staying abreast of client portfolio strategies and stockholdings and keeping clients updated on relevant market information, trading activity, and investment opportunities
Creating new business and increasing account penetration by marketing the firm's trading products including liquidity order flow and sophisticated trading strategies
Responding to customer-initiated inquiries
Representing the firm in sensitive trading negotiations, especially those involving capital commitment
Engaging in cross~selling initiatives for a variety ofequity products and portfolio restructuring activities
Coordinating the underwriting "book~building' and allocation process.
Qualifications
Applicants interested in a career in Sales Trading should be comfortable functioning in an intensely fast~paced and high~energy environment and should be adept at understanding and communicating information about the interaction of the world's financial markets. Strong interpersonal and negotiation skills coupled with course work in economics, accounting and finance are key elements for a career as a Sales Trader.
Equities Trading
Overview
At Goldman Sachs Equities Traders operate at the center of transaction activity within the
Equities Division. They execute trades on an agency basis, take proprietary positions, and
provide liquidity to clients investing in the world's equity markets In certain circumstances, Equities Traders take proprietary positions based on an understanding of worldwide financial and economic trends as well as the mathematical probability of certain events
Responsibilities
Traders' responsibilities include
Understanding the mechanics of each cash and derivatives market in which they are involved, including market-making practices, exchange rules, compliance, and liquidity issues
Monitoring price and volume trends for specific securities
Executing buy and sell orders
Bidding on, and offering blocks of, securities
Making markets in entire portfolios, sectors of portfolios or specific securities
Providing securities valuation expertise to other parts of the firm and to clients
Committing the firm’s capital to take advantage of inter-market spreads and other proprietary opportunities
Using creativity to meet clients' needs, investing the firm's capital, and helping structure
innovative securities
Qualifications
Traders should be highly motivated individuals with good market judgment, resilience, analytical ability and communication skills The ability to make quick decisions and take substantial risks white remaining focused under pressure is critical. Traders should be able to understand the inter-relationships among global stock, bond and currency markets In certain areas such as derivatives trading, strong quantitative skills are required.