J’éspère que ce topic s’étoffera au fur et à mesure.
J’essaierai d’updater ce premier post (un peu à l’image de ce que fait French Flair sur le topic “classement des ecoles d’inges”) aussi souvent que possible.
Concernant les top players par ligne produits, je commence en recopiant le ranking tres recent de Risk Magazine (July 2007) qui vient de publier son classement des banques les plus prestigieuses, innovantes, performantes au cours de ces 20 dernieres années. Je pense que c’est assez représentatif de la réalite et constitue donc un bon point de depart pour ce topic en devenir qui vise à aider tous les JD à la recherche d'un job en salle de l'autre cote de la Manche (jetez un coup d'oeil à la section brainteasers).
- Rankings des principales banques
* Risk 20 awards *
"When we conceived the idea of the Risk 20 awards, our aim was to recognize those institutions that have helped drive the development of the derivatives market over the past two decades – those responsible for the birth of the markets and the forefront of the innovation. We very quickly came up against a major problem: few of the banks that really helped get the market off the ground in those early years are still around. Banker Trust, Chemical Bank, Salomon Brothers and Security Pacific are just four that immediately spring to mind. But there was something else: very few institutions had gone through the 20 years without some form of the blow-up, loss or crisis. Bankers Trust, for instance, was an undisputed leader and innovator in the derivatives markets in the 1980s, but its reputation will always be sullied by the allegations of mis-selling by Procter&Gamble and Gibson Greetings.
Was there a way we could recognize the contributions of the early pioneers, those who had dreamed up so many of the products still traded today and done so much to get the infrastructure of the markets in place, but also recognize thoses firms that have taken the market on to the next level and have been consistently strong over the past decade?
We decided to split the awards into two: the pioneers and modern greats.
The pioneers are those institutions that led the development of their respective derivatives markets. They were the early innovators, were instrumental in the development of the first derivatives products, and helped set up the framework and infrastructure for their markets. In many cases, the early innovators no longer exist.
The modern greats are those firms that have taken the market to the next level by developing second- or third-generation products. These are the firms that may may or may not have been in the early wave of innovators, but which have shown thought leadership, innovation, trading savy, commitment and good client service over the past five to 10 years. […]
From the early days of the derivatives pioneers – Bankers Trust, Credit Suisse Financial Products, Merril Lynch and Salomon Brothers – to the modern-day derivatives powerhouses, in particular Deutsche Bank, Goldman Sachs, JPMorgan has been a consistent and influential force in the derivatives markets."
Derivative house: 1987-2007
JPMorgan (The contenders: Citi/Salomon Brothers, Credit Suisse, Deutsche Bank, Goldman Sachs, Merril Lynch)
Interest rate derivatives
Pioneer: Banker Trust
Modern great: Deutsche Bank
Currency derivatives
Pioneer: Salomon Brothers
Modern great: UBS
Credit derivatives
Pioneer and modern great: JPMorgan
Equity derivatives
Pioneer: Banker Trust
Modern great: Soc Gen
Energy/commodity derivatives
Pioneer: Morgan Stanley
Modern great: Barclays Capital
* Derivatives House of the Year 2007 (Risk Magazine) *
Merril Lynch
* Vault's 2008 European Banking Employer Prestige Rankings *
1 Goldman Sachs 8.520 London
2 Morgan Stanley 7.978 London
3 JPMorgan Investment Bank 7.563 London
4 UBS Investment Bank 7.266 Zurich
5 Merrill Lynch 7.181 London
6 Lehman Brothers 7.120 London
7 Deutsche Bank 7.085 Frankfurt
8 Citi 6.794 London
9 Credit Suisse 6.655 London
10 Barclays Capital 6.290 London
11 Macquarie Group 5.901 London
12 Bear Stearns 5.724 London
13 BNP Paribas 5.680 Paris
14 HSBC 5.652 London
15 Royal Bank of Scotland 5.649 Edinburgh
16 Dresdner Kleinwort 5.453 Frankfurt/London
17 Bank of America 5.386 London
18 Société Générale 5.170 Paris
19 ING Group 5.106 Amsterdam
20 Nomura 4.750 London
21 Calyon 4.695 Paris
Ranking methodology: http://europe.vault.com/nr/finance [...] &ch_id=240
- Préparation aux entretiens (stages, summers, graduates, CDIs)
* Deadlines pour les graduates programmes 2006-2007 (expired) *
http://students.efinancialcareers. [...] eDiary.htm
* Quelques exemples de brainteasers glanés à droite à gauche, dans des anglo-saxonnes ou des françaises *
- Comment construire une position long gamma et short vega avec seulement des calls ?
- Quelles sont les positions en vega et gamma d’un straddle, d’un butterfly, d’un call spread ?
- Estimez le nombre de foyers que l'on pourrait alimenter avec un barrage sur la Seine à Paris (les fameux "guesstimates"
- Pourquoi y-a-t-il plus de sorties de métro que d'entrées?
- Supposons que Samedi, il va faire beau avec une proba de 50% / Dimanche, idem avec 70%
Quelle est la proba qu’il fasse beau tout le WE ?
- Qu'est-ce que la proba risque-neutre / forward-neutre?
- Du calcul mental: 25², 40% de 420 puis 40% du résultat.
- Pourquoi les plaques d'égout sont-elles rondes?
- Un cube composé de 1000 cubes, on en peint l'extérieur, combien de cubes sont peints (souvent posé)?
- Vous avez un baril de 5l et un autre de 3l. Vous disposez d’autant d’eau que vous voulez. Comment mettre exactement 4l d’eau dans le baril de 5l (des fans de Die Hard? )?
- Vous avez une corde qui brûle en 60 min. Mais elle est inhomogène : elle peut brûler vite au début et lentement à la fin. Comment mesurer 30 min (très connu aussi)?
- Vous avez 8 chaussettes rouges et 11 bleues dans un tiroir de votre chambre. L'ampoule est cassée donc on ne peut les distinguer. Combien devez-vous en emporter avec vous dans le salon (qui est éclairé) pour être sûr d’avoir une paire de chaussettes de la même couleur ?
- Citer 10 entreprises du CAC 40. Parlez-en brièvement... Taux EUR/USD? Taux directeurs de la FED, BCE, BoJ, BoE?
- Relation de parité call-put, avec démonstration.
- Un train allant de A vers B avec une vitesse 20 et un autre allant de B vers A avec une vitesse 10. Quelle est la distance que parcourt un oiseau qui oscille entre les deux trains avec une vitesse de 50 sachant que la distance AB est égale à 100?
- pièce fermée contient trois ampoules, chacune d’elles reliée à un interrupteur. Les trois interrupteurs étant situés à l’extérieur de la pièce comment faire pour associer chaque ampoule à son interrupteur sachant qu’une fois la porte de la pièce ouverte il faudra donner un réponse.
- A votre avis, combien de voitures vend Mercedes en Allemagne?
- Trouver une stratégie long gamma et long theta (tracer gamma et theta en fonction de S, utiliser des strikes différents, etc…)
- Pensez-vous que les marches financiers sont rationnels?
- Pourquoi craint-on autant l'inflation?
Voilà, les questions ne sont pas forcément techniques mais cet échantillon constitue un bon overview des questions susceptibles d'être posées en entretien (hormis des questions en VB/C# que j'ai omises).
Heard on the Street: Quantitative Questions from Wall Street Job Interviews
by Timothy Falcon Crack
http://morgen.rose.free.fr/Heard%2 [...] dition.pdf
Merci a thegoodvibes au passage
- Plus d'infos sur les métiers de la finance de marché et les formations
Trader
http://forum.hardware.fr/hfr/Emplo [...] 4197_1.htm
http://www.fimarkets.com/php/forum [...] ?id=55&p=1
http://www.fimarkets.com/pages/metier_trader.htm
Sales
http://forum.hardware.fr/hfr/Emplo [...] 4182_1.htm
Master El Karoui
http://forum.hardware.fr/hfr/Emplo [...] 7146_1.htm
Master Lamberton-Lapeyre
http://forum.hardware.fr/hfr/Emplo [...] 5577_1.htm
Master 203
http://forum.hardware.fr/hfr/Emplo [...] 0953_1.htm
Master 104
http://forum.hardware.fr/hfr/Emplo [...] 7824_1.htm
Master Laure Elie
http://forum.hardware.fr/hfr/Emplo [...] 8749_1.htm
Master MMEF
http://forum.hardware.fr/hfr/Emplo [...] 7759_1.htm
Master Poncet
http://forum.hardware.fr/hfr/Emplo [...] 3547_1.htm
* Salaires à Londres *
Un petit échantillon; pour en savoir plus:
http://www.napierscott.com/financialsearch/ (rubrique Salary Survey)
A bank designated as Tier 1 in one survey may be Tier 2 in another. It is incumbent upon the reader to make his or her own judgement as to the status of any institution.
Whilst those at Associate level tend to be paid on their potential, the more senior sales and trading roles are generally remunerated strictly in accordance with performance. As a rule of thumb, a Tier 1 bank would pay between 2% - 6% of an individual’s profit in bonus, Tier 2 between 3%-10% and Tier 3 between 8-15% with one or two exceptions paying hard commission at 25%.
Associates; 2 – 4 years market experience
Associate Director; 3 – 6 years market experience
Director; 5 – 8 years market experience
Executive Director; 7 – 10 years market experience
Managing Director; 9 years + experience
Quantitative Analysts UK Based
Tier 1 ₤000s Package Tier 2
Title IR Derivatives
Managing Director 140 + 820 135 + 650
Executive Director 100 + 500 100 + 390
Director 90 + 225 90 + 200
Associate Director 80 + 120 80 + 100
Associate 75 + 35 55 + 30
Tier 1 ₤000s Package Tier 2
Title Equity Derivatives
Managing Director 140 + 820 130 + 635
Executive Director 110 + 535 100 + 420
Director 95 + 250 90 + 210
Associate Director 80 + 145 80 + 110
Associate 75 + 45 55 + 30
Tier 1 ₤000s Package Tier 2
Title Credit Derivatives
Managing Director 145 + 865 140 + 700
Executive Director 100 + 450 100 + 355
Director 90 + 200 90 + 190
Associate Director 85 + 95 85 + 90
Associate 70 + 35 55 + 25
Sales & Marketing UK Based
Tier 1 ₤000s Package Tier 2
Title Structured Credit - Hedge Funds
Managing Director 130 + 1760 135 + 575
Executive Director 120 + 890 115 + 455
Director 110 + 750 100 + 300
Associate Director 100 + 275 85 + 205
Associate 75 + 125 70 + 100
Tier 1 ₤000s Package Tier 2
Title Rates Derivatives - Financial Institutions
Managing Director 125 + 1020 130 + 550
Executive Director 120 + 600 110 + 400
Director 95 + 425 95 + 250
Associate Director 85 + 205 85 + 150
Associate 75 + 95 70 + 80
Tier 1 ₤000s Package Tier 2
Title Vanilla Credit - Corporates
Managing Director 120 + 800 120 + 450
Executive Director 110 + 600 110 + 365
Director 100 + 350 90 + 220
Associate Director 85 + 180 80 + 150
Associate 75 + 95 70 + 80
Tier 1 ₤000s Package Tier 2
Title FX Derivatives - Financial Institutions
Managing Director 125 + 600 125 + 550
Executive Director 110 + 400 115 + 400
Director 95 + 285 95 + 250
Associate Director 85 + 120 85 + 130
Associate 70 + 80 70 + 80
Tier 1 ₤000s Package Tier 2
Equity Derivatives - Sales & Marketing to Client base at UK
Managing Director 125 + 750 115 + 450
Executive Director 115 + 545 105 + 390
Director 110 + 455 100 + 290
Associate Director 75 + 195 80 + 125
Associate 65 + 80 55 + 70
Tier 1 ₤000s Package Tier 2
Equity Derivatives - Sales & Marketing to Client base at France and Belgium
Managing Director 125 + 685 115 + 430
Executive Director 110 + 520 100 + 335
Director 110 + 420 100 + 275
Associate Director 75 + 190 80 + 125
Associate 65 + 85 55 + 75
Structuring
Tier 1 ₤000s Package
Equity Derivatives - Structuring
Managing Director 130 + 750
Executive Director 115 + 590
Director 105 + 495
Associate Director 75 + 210
Associate 65 + 90
Tier 1 ₤000s Package Tier 2
Title Credit structuring
Managing Director 140 + 1550 125 + 600
Executive Director 120 + 850 95 + 345
Director 100 + 560 100 + 400
Associate Director 75 + 245 70 + 160
Associate 55 + 80 55 + 55
Trading
Tier 1 ₤000s Package
Equity Derivatives - Trading
Managing Director 140 + 1000
Executive Director 115 + 650
Director 105 + 580
Associate Director 75 + 300
Associate 65 + 105
Tier 1 ₤000s Package Tier 2 ₤000s Package
Title Exotic trading Credit
Managing Director 150 + 1950 130 + 1250
Executive Director 130 + 1480 100 + 735
Director 105 + 78 90 + 475
Associate Director 80 + 290 80 + 240
Associate 65 + 130 60 + 85
Tier 1 ₤000s Package
Title FX Vanilla Options Trading
Managing Director 120 + 600
Executive Director 110 + 450
Director 95 + 250
Associate Director 80 + 130
Associate 50 + 30
Tier 2 ₤000s Package
Title FX Exotic Option Trading
Managing Director 125 + 900
Executive Director 120 + 650
Director 110 + 400
Associate Director 90 + 180
Associate 65 + 65
Tier 3 ₤000s Package
Title FX Swaps Trading
Managing Director 120 + 600
Executive Director 120 + 550
Director 110 + 450
Associate Director 90 + 325
Associate 65 + 120
Tier 1 ₤000s Package
Title IRS Trading
Managing Director 120 + 667
Executive Director 115 + 570
Director 105 + 420
Associate Director 85 + 305
Associate 60 + 85
Tier 2 ₤000s Package
Title IR Vanilla Options Trading
Managing Director 120 + 702
Executive Director 120 + 574
Director 110 + 425
Associate Director 85 + 320
Associate 65 + 110
Tier 3 ₤000s Package
Title IR Exotic Options Trading
Managing Director 120 + 895
Executive Director 120 + 660
Director 110 + 480
Associate Director 85 + 380
Associate 65 + 145
http://news.efinancialcareers.co.u [...] emId-13971
First of all, here are last year’s figures – courtesy of recruitment firm The Cornell Partnership:
Y1 analyst: base salary (excluding sign-on) £38.5k, average bonus 125%.
Y2 analyst: base salary (excluding sign-on) £45k, average bonus 140%.
Y3 analyst: base salary (excluding sign-on) £50k, average bonus 155%.
And here are the 2008 forecast figures for the ‘top firm’, courtesy of another recruiter which wishes to go unnamed:
Y1 analyst : base salary (excluding sign-on) £37k, average bonus 70%.
Y2 analyst: base salary (excluding sign-on) £44k, average bonus 100%.
Y3 analyst: base salary (excluding sign-on) £51k, average bonus 150%.
Article intéressant sur le niveau de rémunération des anglo-saxonnes
http://news.efinancialcareers.co.u [...] emId-10717
4 July 2007 Are bonuses higher, are they lower, or is it too soon to tell?
According to the US website Dealbreaker.com, Wall Street analysts are already au fait with their bonuses, which are generally better than imagined and eerily similar across all banks.
Dealbreaker's figures, sourced from an unspecified number of its readers, suggest first-year analysts at top-paying banks are in line for bonuses of around £55k this year. First-years at mid-paying banks are pocketing £50k and those at more frugal firms can expect £40k.
Who are the best payers? Suffice to say, there are a few of the usual suspects: Goldman Sachs, Merrill Lynch and Lehman Brothers. According to the website's respondents, the likes of Bank of America, Citigroup and Deutsche fall into the mid-payer category; Morgan Stanley, JPMorgan and UBS are rumoured to be among the less exuberant paymasters.
Logan Naidu, a consultant at recruitment firm Cornell Partnership, says early indications are that the figures hold roughly true in London. "Our initial understanding is that bonuses look pretty good across the board. They just can't afford to lose people right now."
However, another recruiter says the figures look spurious and that most analysts are still waiting to find out what their amounts will be.
Whatever the answer, there's new evidence (if any were needed) that analysts in investment banks are squeezed harder than their counterparts in other industries and deserve their pay. A study by the Managing Partners' Forum reported in yesterday's Times, found that MDs are better paid than anyone else in the City (what's new?) and that investment banks employ half the number of juniors (between three and five) per partner-level employee than accounting firms do.
PS: Essayons de ne pas troller à outrance de manière à garder le topic utile et agréable.