Salespeople called their client contacts every day

  • No School
  • AA 1
  • 172

This preview shows page 19 - 21 out of 172 pages.

Salespeople called their client contacts every day, gave them advice, listened to their problems, tried to think of investment ideas for them. It was important to build a relationship of trust with the client, because that was what you were going to be measured on: how much business the client did with the firm. A typical salesperson was friendly, outgoing, a little bit schmoozy; able to keep calm in tight situations, to juggle a lot of balls at the same time. A salesperson had to be someone who was happy talking to people the whole day. Traders were much more introverted. They sat at their desks managing risk. Was the market going up or down? Did they need to sell stock or buy? They were trying to protect the firm’s money, make sure that nothing irresponsible happened, that we didn’t lose $10 million doing a stupid trade. Trading was also a more quantitative role: you had to be quick, decisive, aggressive. I quickly realized that I would not have been happy sitting at a desk, never talking to clients. I was very attracted to the idea of building relationships with some of the smartest investors in the world. What I also learned that summer was where the tension came between salespeople and traders. Traders were trying to protect the firm’s capital; salespeople were trying to protect their relationships with their clients. These were contradictory things. It wasn’t always obvious that helping the client was going to help the firm; in fact, a lot of the time, this wasn’t the case. A lot of the time, protecting a client meant steering it away from risky trades—giving up what might be a short- term advantage to the firm in favor of the long-term relationship with the client. This was what Goldman’s longtime leader Sidney Weinberg meant by “long-term greedy.” With regard to becoming a salesperson or a trader, usually the intern class splits about fifty-fifty: in the first few weeks of the summer, roughly half the class starts homing in on the trading desks; the rest gravitate to the sales desks. Early in the summer, I became friends with an Israeli intern who told me about a small, slightly obscure subgroup of the Emerging Markets Sales group called New Markets Sales. Emerging Markets Sales sold stocks from the developing world (Latin America, Southeast Asia, and, in the group that interested me, Israel, South Africa, Russia, Poland, and Turkey) to U.S. institutional investors (hedge funds, mutual funds, pension funds). New Markets Sales felt like a natural fit for me: I was excited by the idea of emerging markets, and I was from South Africa; I also spoke pretty good Hebrew. Then, in week five, some good luck came my way: my little pod and I spent three days on the Emerging Markets Sales desk.
Image of page 19
What smart interns do—for “smart,” read “determined”—is keep returning to the area they like. So whenever I had a coffee break, I’d come back and see the New Markets Sales team. I tried to get some work from them, to show them I could do things. I ran spreadsheets, did stock reports. I met the senior VP who was running the desk: a cool and correct woman. And I met her second in command,
Image of page 20
Image of page 21

You've reached the end of your free preview.

Want to read all 172 pages?

  • Fall '19

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern

Stuck? We have tutors online 24/7 who can help you get unstuck.
A+ icon
Ask Expert Tutors You can ask You can ask You can ask (will expire )
Answers in as fast as 15 minutes
A+ icon
Ask Expert Tutors