Discover your dream Career
For Recruiters

Momentum for Debt Bankers, Traders

It's no secret that Wall Street's on a perpetual, some would say brutal, hunt for talent. One recruiter describes the job market as "candidate-driven," with candidates trying to "balance money, have fun and learn new job skills" all at the same time - and in this climate they're able to do it.

Earlier this week, MarketWatch's David Weidner published an article on how in some sectors, the job market has turned into a frenzy, with banks pushing so hard to lure favored candidates they're enticing people to move over the course of just weeks. David Viniar, Goldman Sachs's CFO, remarked recently that hiring experienced staffers is difficult because "there's a lot of competition out there."

Writes Weidner:

Recruiters describe what feels like a perfect storm of demand and cash. A record $26 billion in bonuses was handed out at year-end and in the first quarter. That's in New York alone. And the growth of the $1.4 trillion hedge-fund business continues to challenge banks on the Street in their hunt for talented traders and managers.

Securities-industry employment rose to 804,000 at the end of 2006 after a third consecutive year of increases. The employment figure is just 4% shy of the all-time high set in 2000, according to the Securities Industry and Financial Markets Association.

The winners in all this are investment bankers and traders who specialize in leveraged debt. People who can structure collateralized debt obligations are needed to handle mortgage-backed and asset-backed securities, along with corporate and other debt. Equity and fixed-income traders aren't faring as well.

Thinking of making a move? Post a comment - of course, it can be anonymous - below.

author-card-avatar
AUTHORAnonymous Insider Comment
  • an
    anonymous
    14 May 2007

    Agree. A top MBA degree is worth every penny.

  • An
    Anonymous
    26 March 2007

    From my experience, top MBA is the fastest and surest way to get to the front office. Sure it's expensive, but it'll be worth it.

  • An
    Anonymous
    23 March 2007

    ive been in amid-office role for two years now supporting derivative traders at a bulge-bracket firm. i have built great relationships with my traders, and i have expressed my interest in moving to the front office. opportunites seem to go to the best and brightest out of the ivy leagues, or mit. is there any hope for someone with a solid acedemic and professional reputation to make the leap from mid-office to front office as a jr. trader or TA?

Sign up to Morning Coffee!

Coffee mug

The essential daily roundup of news and analysis read by everyone from senior bankers and traders to new recruits.

Boost your career

Find thousands of job opportunities by signing up to eFinancialCareers today.
Latest Jobs
State Street Corporation
Fund Accounting & Administration (Private Equity), Officer (Hybrid)
State Street Corporation
Clifton, United States
State Street Corporation
ISA Legal Vice President
State Street Corporation
Boston, United States
BNY  Mellon
Senior Associate, Corporate Tax
BNY Mellon
Pittsburgh, United States
Bank of America Corporation
Wealth Management Summer Analyst Program - Private Bank 2025
Bank of America Corporation
New York, United States

Sign up to Morning Coffee!

Coffee mug

The essential daily roundup of news and analysis read by everyone from senior bankers and traders to new recruits.