Sales & Trading > Associate

Business Description

What is Sales and Trading?

Our Markets and Banking division provides Sales and Trading Services to clients around the world while conducting proprietary trading for the Firm's own accounts. Our willingness to put our own capital at risk to provide liquidity to our clients has earned us a reputation as the world's preeminent market maker.

Our sales force provides a critical link between the Firm's customers and the marketplace. These professionals identify client needs and convey them to the Firm's trading, research, syndication and finance experts. The information provided by the sales force helps portfolio managers, investment and insurance companies, pension funds, banking institutions, foundations and governments reach their investment decisions.

• Salespeople must be active listeners and effective communicators who can develop strong customer relationships. They must also possess the ability to analyze the relative value of different securities, the understanding of diverse markets and portfolio strategies, as well as the ability to sell.
• Traders provide continuous liquidity for securities around the globe. Successful traders are quick decision-makers with a facility for numbers, taking on considerable responsibility early in their careers. They must possess sound market knowledge, discipline, good judgment and intuitive ability to recognize market trends as they develop.

Traders work closely with the salespeople, who constantly supply them with information on investors' activities, appetites and interests. In trading, integration is key to successful performance. The close collaboration of traders with salespeople and professionals from other departments allows Citi to meet the needs of our clients creatively.

Teamwork is the hallmark of the sales and trading operation. Success is measured by a number of factors including productivity and creativity, and is dependent on the ability of salespeople and traders to leverage all the Firm's resources. Working with their partners in origination, execution and banking enables Citi to achieve that success.

What services do we provide to our clients?

Citi professionals continuously provide market intelligence and liquidity to a wide array of institutions ranging from traditional mutual funds investing primarily in equities to alternative investment vehicles investing across the capital structure. Citi employees must be both in touch with the pulse of the market as well as cognizant of longer term trends. Whether it's a split-second trading decision or in-depth analysis as part of a complicated transaction, our goal remains concise and simple: to provide value to the investment process of our clients.

Our sales force's prime responsibility is to build and maintain effective relationships with our institutional investors. To do this they work closely with research to extract and analyze relevant market information and then with trading to relay market sentiment and finalize deals. On a daily basis a salesperson will: provide clients with market updates and analysis, generate trade ideas and advise clients on their portfolios. To stay ahead of the competition, a salesperson will need a clear understanding of their clients' investment objectives to provide creative and innovative solutions.

Traders make markets for institutional clients and for the Firm by buying and selling securities. In order to improve our position in a sector, a trader needs to assess and analyze trends in the market and anticipate changing market conditions. On a daily basis a trader will: make bids and offers for securities, structure trade ideas, manage and hedge his/her portfolio of risk. To do this successfully he/she will have to manage both long and short positions, anticipating market moves and managing the risks associated with the net exposures to interest rates, credit spreads and other factors.

What products/groups do we cover?

Equity Sales & Trading

A) Equity Cash Businesses

• Institutional Equity Sales
• Cash Sales Trading
• Position Trading
• Portfolio/Program Trading

B) Equity Derivatives

• Equity Derivative Sales & Research
• Equity Derivative Trading & Structuring

C) Convertible Bonds

• Equity Finance and Prime Brokerage Services

Fixed Income Sales & Trading

A) Commodities (Houston)

B) Credit

• Investment Grade
• High Yield
• Distressed
• Emerging Markets
• Global Loans

C) Foreign Exchange

D) Interest Rate & Currency

• U.S. Treasury
• Supranational, Agencies and Sovereigns Trading
• Derivatives

E) Mortgages
F) Municipals
G) Short-Term Sales & Trading

• The Finance Desk
• Risk Treasury

H) Syndicate

Roles of an Associate

To give you a better understanding of what you can expect if you join the Sales & Trading division, we asked for some input from our current Associates. Here they describe the main tasks they undertake.

An S&T Associate serves as a member of the Sales or Trading desk Team. Each desk has multiple products, deadlines and deliverables that must be managed. An Associate may work with the client, sales force, syndicate desks or research departments on a daily basis.

Roles an Associate may undertake:

Managing Relationships: The Associate must be able to work effectively with traders, syndicate bankers, credit desk Analysts, and salespeople on a daily basis. Additionally, the Associate will be asked to work with our external clients, to provide them with new deals, investment opportunities and market information.

Market Analysis: Citi's ability to provide in-depth analysis and expertise of each financial market and product is a critical element to our competitive advantage. Sales & Trading Associates gather and present to senior managers and clients timely information on the various markets. Associates work with various software applications, external data providers (Bloomberg, Reuters, etc.), and in many cases interact directly with the salespeople and traders active in that market. As Associates develop within their roles, they should begin to understand the dynamics behind the different financial markets, and expand their views on the outlook for those markets.

Transactions: Sales & Trading Associates will execute secondary trades for clients, while providing liquidity for each transaction. Additionally, the Associate will be asked to analyze the P&L of each trading book to manage the risk inherent in each trade. As markets transform, our traders take propriety positions, executing each transaction with close attention to detail. The Associates work with the trading desks to discuss trading and hedging strategies for each transaction.

Client Meetings: Associates frequently attend client meetings. Not only is this an excellent way to understand the needs of our clients, but it is also way to make contacts and build working relationships. In these meetings, Associates also have the opportunity to observe senior traders or senior sales force discuss markets and trade ideas with clients and start developing their own presentation delivery skills.

Analyst Training & Mentoring: Associates take the lead in training the Analysts. The better trained the Analysts are, the more efficient and productive they can be which is valuable for the deal team as a whole. In this process, Associates develop personal and friendly relationships that also turn into roles. Analysts look to the Associates for guidance and support and you will find these relationships to be very personally rewarding.

Our Programs

Sales & Trading in North America has two programs you can apply for:

• Full Time Associate Program
• Summer Associate Program

Full Time Program

The Full Time Associate program commences in August with a six-week intensive training program.

Training begins with a one-week overview of the full range of Citi products and services. Next, Associates spend eight weeks in the classroom learning about Sales & Trading, with particular emphasis on

• Bond Math
• Accounting
• Derivatives
• Equity Analytics
• Fixed Income & Equities Products

There will also be a Trading Simulation Exercise, along with Teambuilding and Networking events. During the training, Associates get to know their colleagues as well as more senior members of the Firm through many social and business functions.

In contrast to other major investment banks, candidates are not required to choose a specialty during the interview process. Instead, they are allowed to work in a variety of areas. In the third and final phase of training, which lasts for ten weeks, Associates rotate among different desks in Fixed Income and Equities. After visiting each desk, Associates construct a list of product areas where they would like to learn more about and spend more time on those particular desks. After ranking their top preferences, Associates are placed on an appropriate desk accordingly.

Associates continue to learn the core business, on the job, by supporting various professionals on the desk. They listen to client and broker conversations, participate in actual transactions and provide sales or trading support as needed. Eventually, Associates are given the opportunity to cover clients, or trade their own positions. Very often, Associates fully participate in the operation of the desk within a few months of being placed.

Summer Associate Program

The Summer Associate Program begins in June with a three-day training program designed and taught by some of the top bankers at the firm. Citi offers a unique Sales & Trading Summer Associate Program by giving candidates a chance to educate themselves about, and evaluate their interest in, Sales & Trading.

Recognizing that ten weeks is a short time to evaluate a future career choice, we provide students with as much flexibility as possible to learn about Sales & Trading in both Equities and Fixed Income by offering a rotational program.

An active calendar includes lunches with the heads of each desk, social outings, and presentations. We also offer a weekly “Distinguished Speaker” series throughout the summer, which gives the Summer Associates a deeper understanding of the securities industry and Citi's business in particular.

Summer Diaries

Robert A. Giacomelli
Class of 2008, Fuqua School of Business

Week 1

I just wrapped up my first week as a Summer Associate at Citi and it flew by! The entire week was spent learning some of the concepts that we are going to need this summer as we move through our three, three-week rotations. More importantly, I met the other 12 Summer Associates in my class. They come from Columbia, Tuck, Wharton, UCLA, Cornell, Notre Dame, Georgetown, NYU and Texas and from countries like Brazil, Colombia, Georgia and Israel, among others.

It’s a really global group; ten languages are spoken among the 13 of us! Our first group discussion was regarding the 2006 World Cup. It was a veritable global debate with fans of the Brazilian, Iranian, American and the current four-time World Cup Champion Italian teams taking part in the conversation. It was an awesome start to the summer, especially considering it was my team that won the tournament! I am really excited to see that everyone is very personable, extremely sharp and eager to begin. I was initially very nervous but interactions like the aforementioned go a long way in relaxing everyone and letting them know that we feel the same way!

We received our first two desk assignments Thursday. I am going to be rotating through the Equity Sales and Global Loan pods for the next six weeks. I am really excited to rotate there seeing that those two were at the very top of my list of places that I wanted to see. On Thursday afternoon I was introduced to the people on the European Equity desk and was given my first assignment of the summer: To read up on what’s going on in the European Equity markets.

I also introduced myself to my mentor. Although Jeff attended a rival university, (name not to be mentioned) he’s a super mentor! He is in constant contact with me regarding people I should meet, how best to approach rotating and provides me with guidance regarding what to do to be an effective Summer Associate. I definitely am looking forward to learning from him.

Friday the Summer Associates and Summer Analysts headed up to Riverside Park to help clean rather than head into the office. It was a great opportunity to get to know everyone in my class and talk about things that aren’t work-related. It was a blast! Afterwards, the Summer Associates met up for lunch at Dinosaur BBQ to continue our conversation. I fully expect this summer to be very challenging on many different levels, but it is great to know that I’ll be going through this marathon process with a great group of people.

Week 2

Monday June 4, 2007 - Friday June 8, 2007

Welcome to rotating on the European Equity desk! Because we follow companies that trade 5 - 6 hours ahead of New York time, the European Equity desk arrives on the floor before anyone else so I am in at 5:30am. I check in with my desk contact who is super smart, interesting and has printed me out some research reports on several of the companies that we are going to be talking to clients about today, which I immediately review. The markets have been choppy recently so it’s been especially important to get in early and be the first ones to reassure our clients that we’ll see them through the current turbulence.

The morning meeting for European Equities takes place at 6:30am every day. It’s both a recap and a forecast of what Citi’s Equity Research analysts in Europe (they are based in London) see as being key market and business ideas. It’s done out of our London office and the analysts there come from all over Europe: Italy, France, Spain, Norway, Germany and of course, the UK. After the meeting finishes at 7:15 I run down for a cup of coffee and head back to the desk to listen in on a 7:30 conference call with a client.

Citi is doing an IPO of an Italian company and the sales team is currently trying to arrange meetings between potential hedge fund investors and the management of the Italian company. The conversations are really interesting; I learn a lot from them because they are very technical regarding the business dynamics of the company but all questions are answered within a context of the current global economic environment. My Macroeconomics professor would be proud to hear the concepts we discussed in class used in our everyday business conversations! Typically, I am at the desk until I have lunch, which is around noon. All the Summer Associates meet and eat at the cafeteria. After lunch, we head to our meeting area on the 6th Floor of 390 Greenwich to check e-mails, talk about the morning’s events and catch up. It quickly became apparent that the summer is a marathon where teamwork will help you get ahead.

I’m back at the desk around 1:00pm. Things really cool off in European Equities after lunch because the European markets close at 11:00am EST. There are still client calls to make, research to read, understand and synthesize for clients; there is a lot of idea generation that takes place with clients. This is a crucial part of the process because it allows Citi to differentiate itself from its competitors with the ideas that they come up with. This takes place in the afternoon so it’s a very fast-paced day from 5:30am when I get in until 5:00pm when I leave.

The head of the desk asked me to complete a project for him: creating a report that details the commissions generated by the group on a year-to-date basis. Initially, I didn’t know how to approach completing the project so I asked my mentor as to how he would complete it. Jeff had me up on his desk and walked me through how he would want to see the report if he were requesting it. It was a huge help that enabled me to get it done. As a result, the final product that I presented impressed the desk head.

Every Friday the Firm has a Global Markets Review with a senior member of the division. Each person comes from a different desk within the Firm so we get a really comprehensive overview of what is going on with each desk. All of the Summer Associates and Analysts attend which makes this a great networking event. This week I met several of our analysts including one who plays basketball in the Pac 10. She’s really smart and interesting; she spent half her year living in Argentina! It was a very cool ending to my first week of rotating.

Week 3

Monday June 11, 2007-Friday June 15, 2007

One of the things I really like about the Equity Sales pod is that you can create your own rotation. We are allowed to rotate anywhere on the Equities floor during the Equity Sales pod for a period of time that the Summer Associates deem appropriate which provides for a really unique perspective due to the wide breadth of product seen on the floor.

The Latin American Sales Desk is up for me this week. That said, I still attend the daily European Equities Sales call at 6:30 am but also attended the Latin American Sales call at 7:30am. The concept behind the Latin American call is the same as in European Equities: to educate the sales force about the important market and company happenings in Latin America. The call is very interesting and more “real-time” than the European call because everyone is in a similar time-zone. Citi analysts call from our offices in Brazil, Mexico and Argentina to discuss what is going on in each specific country as well as the companies domiciled there. Latin American clients have been in very close touch with the New York-based sales team because the performance of the American Economy and market is very closely linked to how their respective markets perform.

In between rotating, interacting with the Summer Associates and reading up on Latin American equities outside work, I have been reaching out to Duke alum who work at Citi as well as staying in close touch with my mentor. I’ve quickly realized that both groups are really good in helping me navigate through the program and allowing me to take advantage of all the resourses available. This is easier said than done with the market behaving erratically and all the interacting required to effectively complete the program. It is amazing how people intensive the Summer Associate program and Sales & Trading is; it’s one of the reasons I really enjoy it.

Week 4

Monday June 18, 2007 - Friday June 22, 2007

My final rotations in the Equity Sales pod were through Prime Brokerage and Equity Derivatives. Simultaneously rotating through two desks in one week was particularly challenging, especially since both desks have a very different product offering and client base. Both desks are a new endeavor for me in that they are focused solely on the U.S. marketplace. The equity derivative desk was a particularly interesting place to be with all the market volatility due to the problems in the sub-prime space; the desk was buzzing the entire week with client inquiries and orders. Prime Brokerage is a growth area within Citi and a relatively new business endeavor. It was interesting to learn about how Prime Brokerage was planning to grow relative to other, more established desks on the floor. I found myself talking more about how the Principals and Prime Brokerage were planning on growing their business by using key differentiators like Citi’s balance sheet and global footprint to grow their business.

This week also marked the first time we had a social event for the Summer Associate class and our mentors. It was fun to talk about things in a non-business setting. It definitely provided a needed pause after a challenging week. It was also wonderful to meet with everyone’s mentor and learn about what they do and how they got to their current position; it was a great learning experience.

The first of my three performance reviews was on Friday and attended by my mentor, desk contact and myself. The conversation was driven by the comments written by the people with whom I had met on the floor in the previous three weeks and was an open and fair process. It was more a conversation than a typical “review.”

Before I left for the week, I made sure to stop by the Global Loans desk, which is where I will be spending the next weeks.

Week 5

Monday June 25, 2007 - Friday June 29, 2007

This was a very busy week. The Global Loans desk was a really interesting place to be. The leveraged loans that the desk sells have taken a beating this week and experienced unprecedented volatility due to the current struggles in the leveraged buyout marketplace. Needless to say, the desk was crazy the entire time. I would be at my desk at 6:45am and after the 7:30am morning call; I wouldn’t leave until lunchtime because there was so much market chatter going on between the traders and salespeople. These conversations were a great learning tool because they provided real-time color regarding what was going on in the markets. These conditions also made it very difficult to rotate with people on the desk; despite this people were still very open to having me sit with them when conditions permitted.

I was also tasked to present the Chrysler Senior Secured Credit Facility to the desk. Initially, I was a bit intimidated by the huge scope and profile of this deal, but was reassured by all the resources to which I was given access. I was provided with non-public information on the deal, I listened to conference calls, met with people in loan research and spoke with individuals in other divisions at Citi to get a better idea as to what makes this particular deal special to potential investors. For me, this was of particular importance because I knew that my presentation would be the first opportunity for the desk to learn about this deal. More importantly, I was told that this was a real opportunity for me; people wouldn’t be viewing my work as being done by a Summer Associate, but as a full-time employee of Citi.

We had our first Mock Morning Call this week. The Mock Morning Call attempts to replicate the morning calls that the other Associates and I have attended throughout the summer. We are asked to present a product and a trade idea to the Summer Associates and a group of professionals. The main purpose of the morning call is to learn about an unfamiliar product and to network with a group of people with whom we have not interacted. We are encouraged to reach out to professionals on each desk and do research with them. The presentation is only ten minutes long with five minutes for Q&A but there is a lot of time that goes into adequately preparing.

The people in Human Resources arranged a great presentation entitled “How To Get the Offer” where two recently minted Associates gave us advice regarding how to effectively get through the program. One of the best things about the program is the importance that the Firm places on the Summer Associate program. Mentors, desk contacts, HR representatives and alumni networks constantly and proactively guide us; it is apparent that the people here want you to be successful. The sense of team is awesome.

On the Summer Associate social calendar, we had a very fun golf event at Chelsea Piers. It was a lot of fun to chat with everyone and talk about less business-related topics and more about the backgrounds of the people I work alongside. I learned that one of the traders with whom I’ve become familiar played both football and lacrosse in college and lived in Japan immediately after graduating. Most people with whom I’ve interacted are eager to talk about their personal background and they are very interesting. I’m finding that asking insightful personal questions are equally important as a killer work-related question. This is an important thing to know now that the program is already half over and I try to grow my existing relationships down the homestretch!

Week 6

July 2, 2007 - Friday July 6, 2007

It was the week of the July 4th holiday and the markets seem to be taking a respite. People are still working hard in Global Loans to counteract the recent pricing volatility of their debt. It was a really good week to sit down with the individuals on the desk and learn more about what they do, who they are and how they got to the Global Loans desk. One senior person on the desk sat me down and gave me an overview of the fundamental differences between credit and equity and the ways to look at valuing each asset class. I also learned more about the client base of the Global Loans desk by listening to client calls and helping complete several client requests.

Week 7

Monday July 9, 2007 - Friday July 13, 2007

This week was a really busy week! I completed my presentation, finished my rotations, asked people to provide feedback for my review, attended a trading game, the Distinguished Speakers Series, Summer Associate social event, and introduced myself to my third and final desk: Municipal Securities. In addition to all this, the market activity picked up on the Global Loans desk, which added to the excitement. I made sure to get in earlier than my usual 6:45am start time to plow through e-mails to colleagues to arrange time to ask for their feedback for my review. This needed to be done because there were two really interesting events planned for the Summer Associates this week that took place during the workday while my evenings were reserved for finishing my presentation for the Global Loans desk.

The Distinguished Speakers Series provides the summer interns with a forum to listen and interact with Citi’s most senior managers. Chuck Prince, CEO of Citi, Michael Klein, Global Head of Investment Banking and Tom Maharas, Head of Global Markets all were speakers this summer. It was really interesting to hear their perspective on Citi’s business and the overall marketplace during such a volatile time.

The trading game provided participants with the framework needed to be a successful trader. Several traders on the Foreign Exchange desk taught the game, and the trading mechanics behind it, to us. After we completed the game, the traders taught us how the concepts that we just learned are applied every day on their desk; it was a great learning experience.

Thursday meant that it was time for me to give my presentation on the Chrysler Senior Secured Credit Facility to the Global Loans team. My presentation lasted thirty minutes: ten minutes discussing the specifics of the deal, five minutes presenting my trade thesis, five minutes discussing my trade ideas and ten minutes for questions and answers. Needless to say, I was very nervous. There is no way that three weeks ago I would have been able to educate a room full of sales and trading professionals on a topic that they live and breath daily. Today, however, I did just that, which is an unreal feeling! All of the people who helped me prepare for the presentation did a great job and things went really well as a result. One person in research actually said “I learned a lot from this presentation. It was really well researched, written and presented.” WOW! Somebody who does this for a living said this! It was very cool; it’s definitely something that I will not forget for a long time to come.

After work we had a social hour at a local bar with people from the Fixed Income division. After a long week, people were very happy to be out of the office relatively early and eager to talk to the Summer Associates and Summer Analysts at the event. It was a great event to not only learn about people and their backgrounds, but also see if they knew of anyone in the Municipals division that they could introduce me to during my time there. Throughout the summer, people have been very eager to introduce me to their colleagues and have been helpful in providing an accurate layout as to how different desks function. After the social event my mentor arranged a dinner with me and two other Summer Associates to discuss how our second rotations went. (I told you he was awesome!) Jeff has been really proactive in keeping abreast of how my summer has been going and making sure that I am correctly asserting myself during my rotations; he has been a huge help to me.

On Friday Jeff and my desk contact from Global Loans accompanied me to my review, which went well. It was identical to my first review in that it was composed of the direct feedback from the individuals with whom I spent the previous three weeks. Before I left for the weekend I went to the Municipals desk to introduce myself and get any work I needed to complete before checking in at 7:00am Monday morning.

Week 8

Monday July 16, 2007 - Friday July 20, 2007

One of the features of the summer program that I enjoy most is its flexibility. Prior to starting the program, we provide Human Resources with our top six desk preferences through which we will rotate; all thirteen of us received our top two choices. In our fifth week, Human Resources asked the Summer Associate class to provide them with several desks that we would like to spend our final three weeks of the program. In making our decision, we are encouraged to use the information that we have learned through rotating and the various social events to make our final selection. Municipal Securities were at the top of my list; this was where I reported at 7:00am on Monday.

I chose to be in Municipals because the products there are very different from those that I had already encountered and the people working there came from very diverse backgrounds. Many of the professionals on this desk have been involved with Municipals for 20+ years while others have come into the business only recently. That said, everyone was very nice and eager to make time to speak and teach you about the marketplace. I spent the first week and a half on the cash-trading desk. I listened in on sales calls as Citi’s salesforce attempted to gauge demand for the deals that our syndicate desk was issuing. The Municipals desk is by far the most people intensive desk that I have been on the entire summer; it has an “old school” feel to it as people choose to yell orders to each other rather than using a more conventional means like sending an e-mail from Bloomberg. It’s a fun environment to learn, and I have come to admire it. People have taken the time to show me the ropes, especially with the markets being as volatile as they have been.

On a typical day (if one even exists) I am at my desk at 7:00am, review e-mails and read any news related to the municipal marketplace until 9:00 and begin rotating shortly after I’m done. Activity peaks from 9:00am until 11:00am (which is when most syndicated deals go live) and remains brisk until 4:00. It’s a really crazy day; despite this, people always take the time to teach you and ensure that you understand their product. The people in Municipals are very passionate about teaching the Summer Associates about what it is they do; it makes learning very easy. I was really impressed.

Week 9

Monday July 23, 2007 - Friday July 27, 2007

It’s unbelievable to think that I just completed my penultimate week! It is a very busy week; on Tuesday I had my mock morning call, on Wednesday I transitioned from Municipal Cash to the Municipal Derivatives desk and attended a social hour with mentors and other senior members of the Firm on Thursday.

My Mock Morning Call was on Emerging Markets; I presented with two other Summer Associates. None of us had any direct experience with this product and although I had a general understanding of Emerging Markets, the level of detail that professionals on the desk work with is something that I have never seen before. In the weeks leading up to our presentation, my team made an effort to pay close attention to what was going on in Emerging Markets and speak with professionals on that particular desk. We were able to put together our presentation and trade ideas in a rather seamless manner as a result of our preparation.

The following day, I made my transition to the Municipal Derivatives, which was a product with which I had absolutely no familiarity. My desk contact on their sales desk did a great job getting me up to speed on what is it they do and where she sees the business going. Structured products is one of the core businesses of this desk, of which I knew very little. As a result, the head of the structured products desk stayed late one afternoon to educate me on what it is he and his group do. It was another example of how seriously people at Citi take educating Summer Associates.

On Thursday we had an intimate social event with Summer Associates, mentors and senior managers. It was a particularly fun event because there were only 30 of us and we were able to ask detailed questions about our experiences over the past nine weeks. I was amazed at the level of detail that each Citi employee knew about the Summer Associates; it was obvious that they had done their homework. It was also fun to catch up with my fellow Summer classmates. The markets have been extremely volatile over the past five weeks and it became very easy to get lost in the events of your desk. This event provided a reason for us to leave the desk and socialize. It was really well timed and a lot of fun!

Week 10

Monday July 30, 2007 - Friday August 3, 2007

We’ve reached our last week! Wow, that went fast. It seems like just a few days ago that we were in training, introducing ourselves and talking about the World Cup. I knew going into the week that it was going to be very busy. I also knew that the week was going to be full of nerves now that the entire Summer Associate Class has turned its attention to the full-time offers that will be given out soon.

My final week was spent learning as much as I could about Municipal Derivatives. But I was also keeping the people I had developed relationships with over the summer abreast of what I was doing. The Summer Associate program is similar to a marathon. Just as the final five miles are the most challenging in a marathon, the final week is the most difficult in the Summer Associate program. You have more to learn, responsibilities to tend to, relationships to maintain and projects to complete. It’s a whirlwind.

We had our final social event Wednesday; it was a lot of fun. It was at a bar only with Summer Associates: no mentors, no senior executives, no decision-makers—just Summer Associates. It was great to hang out, have a few drinks and talk about our experiences this summer as a group.

The final day was crazy. We had to wrap up everything on the desk, say goodbye to everyone and attend my review. I was able to go around and thank everyone who has helped me over the past tenweeks. It was a long road, but a very satisfying one and a wonderful experience. I have learned a lot and met people with whom I will be in touch with for a long time to come.

Who we are looking for

We asked our Sales & Trading recruiters to describe what makes a good candidate and what specific skills they are looking for.

We are seeking candidates who are highly motivated and have superior academic achievement in a wide variety of disciplines, as well as significant commercial work experience. In addition to recent MBA graduates, the Associate program is open to other Master's graduates, JDs, and Ph.D.s.

We are not necessarily looking for people who fit a particular mold. Our professionals come from diverse backgrounds, and as a company we emphasize individuality. These qualities are reflected in the diverse talents and backgrounds of our Associates.

Successful professionals in Sales & Trading share many common traits. They include:

• Creative in solving problems
• Enthusiastic
• Hard-working
• Quick-thinking
• Intellectually curious
• Able to juggle multiple tasks simultaneously
• Articulate in oral and written communication
• Cooperative; focused in achieving group and client objectives
• Detail-Oriented
• Strong quantitative ability

Recruitment Process

Full Time Associate

Markets & Banking begins the formal Full Time MBA recruiting process in early September in the form of an on-campus presentation. All students are invited to attend this event to learn more about the culture, the business and the people at Citi.

First-round interviews take place on-campus in mid October and successful interviewees subsequently go through either a second round interview or move directly to Super Day. Citi on-campus interviews are typically 30 minutes; Super Days typically consist of four to five 30-minute interviews. Offers are given as soon after Super Day as possible.

Below is an outline of the recruitment process from application received to offer for a Full Time Associate position:

Stage 1: Application is reviewed by Graduate Recruitment and the Business

Stage 2: Students are selected for closed list to interview or by bidding for an open interview slot

Stage 3: First round on-campus interview 
              2:1 competency-based interviews 

Stage 4: Final round interviews 
              Four to Five 1:1 competency-based interviews with a combination of Managing Directors, Directors, and Vice Presidents

Stage 5: Offer extended by business; follow-up by Campus Recruitment

Please note: Final round interviews take place in the office where the position is located (e.g., if applicant is interviewing for a position in NY, the final round will take place in the NY office).

Summer Associate

We begin our formal Summer Associate recruiting process in the fall, usually in the form of an on-campus presentation. Over the next few months, we host numerous events both on campus and at the Firm, enabling students to learn more about the culture, the business and the people at Citi.

Students who are interested in working at Citi must apply online, and will be notified by the school career service office if successful in the selection process.

First-round interviews usually take place on-campus in early January or February, with successful interviewees invited to go through a final round. First-round interviews typically last 30 minutes; final rounds typically consist of two to four 30-minute interviews. Offers are extended in accordance with school policy.

Below is an outline of the recruitment process from application received to offer for a Summer Associate position:

Stage 1: Application is reviewed by Graduate Recruitment and the Business

Stage 2: Students are selected for closed list to interview or by bidding for an open interview slot

Stage 3: First-round on-campus interview
              2:1 competency-based interviews

Stage 4: Final-round interviews
              Two to Four 1:1 or 2:1 competency-based interviews with a combination of Managing Directors, Directors, and Vice Presidents

Stage 5: Offer extended by business; follow-up by Graduate Recruitment

Please note: Final-round interviews take place will take place on campus except for candidates based in New York City.

Our People

Olaolu Aganga B.A. in Mathematics, Smith College Associate

What do you consider Citi's competitive edge?

At the risk of sounding cliché, I think that Citi's global reach is one of the many things that give the firm a competitive edge. Today's financial business rewards those firms with both a robust global platform and strong local presence, and Citi has the advantage of having local experts in almost every aspect of it.

 

What do you enjoy doing outside work?

I absolutely love traveling; I make a habit of getting away as much as I can. Since January of 2006 I’ve been to Botswana, Denver, Colorado, Kansas City Missouri, London, Mexico, Miami, South Africa and Tahiti. I am also a member of some community service organizations; so for me, taking the time outside of work to give back is very rewarding.

How would you describe your team and the people you work with?

I am fortunate to be working with the top municipal derivatives group in the business. The business that we are in calls for continuous innovation in order to meet the demands of our very sophisticated client base. As such, my co-workers are extremely intelligent and innovative, and challenge me to perform at my best every day.

What other groups do you liaise with regularly within the Firm?

The Municipal Derivatives group interacts with a number of groups within the Firm, including Equity Derivatives Structuring, Fixed-Income Sales in New York and London, Fixed-Income Germany and the Treasury Group.

How do you apply your degree to what you're doing now?

I graduated with a B.A. in mathematics and I also took a number of economics courses during college. The coursework proved helpful when I first started at the Firm, as I was able to grasp the complex mathematical concepts and market theory underlying derivatives products. In retrospect, my education, coupled with Citi's comprehensive training program for both analysts and associates contributed strongly to my ability to perform my job functions as an analyst and currently as an associate.

Nicholas Brown University of Michigan, Ross School of Business; Degree: BBA Sales & Trading Associate

How would you describe your team and the people you work with?

The people I work with are intelligent, driven, and pleasant to be around. Everyone I work with has a great sense of humor, which makes work even more enjoyable.

If asked about your career at a dinner party, how would you describe it?

Intense, challenging, and fun. I look forward to work every day, which is something I never imagined when I was in college.

What do you consider Citi's competitive edge?

As the largest financial services firm in the world, Citi's balance sheet and global reach are the company's competitive advantages. Citi has the capacity to be a leader in every segment of the industry

How do you apply your degree to what you're doing now?

I received a BBA from the Ross School of Business (University of Michigan) with concentrations in finance and accounting. Having prior knowledge of either subject is helpful in this industry, but not essential, as Citi provides training for both analysts and associates.

What skills have you found to be the most useful in your position?

Attention to detail, the ability to multi-task, and having tough skin to handle the pressure of working on a trading floor are all-important.

If you could have dinner with anyone (past or present) who would it be and why?

Sidney Crosby of the Pittsburgh Penguins. At the age of 19 he is the youngest captain in NHL history, was voted league MVP, and won the scoring title for the 2006-2007 season. The success he has achieved at only 19 years of age is amazing.

Meredith Chiampa Harvard University; Degree: A.B. Sales and Trading Associate

How would you describe your team and the people you work with?

The people I sit next to every day are intelligent, motivated and diverse. It is exciting that in this industry success does not come from one particular image, but from a variety of personalities and backgrounds. Some people I work with are outgoing while others are more quiet and reserved. Everyone has the ability to develop a style that works for him or her and not be pressured into fitting a predetermined mold. At the same time, there is a strong culture of mentorship at Citi and everyone I work with embraces it. Being junior in a large firm can seem daunting, but I always feel that I can approach just about anyone with a question or a concern.

How did your summer internship help you make the decision to pursue a career at Citi?

The sales and trading summer internship is a very unique program that offers the chance to experience the trading floor environment first hand through a ten week rotational program. Since I had a liberal arts background, I looked for a program that offered an overview of the sales and trading lifestyle as well as introduced me to the many different product areas. I found that by the end of my internship I had received arguably the best education possible because I was not only taught by the most experienced people on the floor, but I had also been exposed to product areas across both fixed income and equities. Seeing the emphasis this bank placed on training and mentorship helped reinforce my aspiration to pursue a career at Citi.

What about your career excites you the most - gets you out of bed in the morning?

I love the fact that I have a career where I am encouraged to broaden my horizons and learn something new everyd ay. Each day in sales and trading offers a new and exciting environment, which is something that many jobs cannot provide. Knowing that the only thing consistent in this business is change and knowing that you never know when your next opportunity will arise, provides the motivation to come in every day, work hard and face the challenges offered by this competitive industry.

What do you consider Citi's competitive edge?

I would say Citi gains its edge by placing a premium on education and training. As a firm, Citi continues to recruit the top prospects and stresses the importance of hiring qualified people. Also, with the rotational style training programs, Citi recognizes the importance of sacrificing immediate productivity for longer-term growth and knowledge.

How do you apply your degree to what you're doing now?

While at school I earned a degree in history, which is admittedly unrelated to my current field; however, I have found that the skills I acquired through my education have been surprisingly helpful. A background in history, above all, taught me how to formulate an opinion on the given facts and construct a logical and persuasive argument. An important aspect of a salesman's job, and to some extent a trader's, is precisely to take the information available, develop a view, and argue/trade/sell it. Salesmen do not just relay traders' levels and traders do not simply make markets when asked. Being able to have your own view or opinion on the market is essential to the job description and necessary to distinguish yourself from your many competitors.

What skills have you found to be the most useful in your position?

I think one of my greatest assets, and one of the assets I see in many successful people around the floor, is the ability to put events in perspective and adapt quickly in a changing environment. Some people can find it unduly strenuous to work in a business that is so unpredictable. Those who not only handle the change but also thrive on it are the ones who find the greatest success.

What do you enjoy doing outside work?

I really enjoy trying to take advantage of everything the city has to offer. I love going to concerts in small venues, finding new restaurants, and attending shows or plays like Shakespeare in the Park. I have also been a golfer for most of my life, so if given the opportunity, you will find me on the course.

Ryan Fleming B.S. Penn State University, December, 2001 Associate

How would you describe your team and the people you work with?

Everyone on the floor is extremely driven, intelligent, and personable. There is a lot of joking around on the desk. People here realize the need to work hard but know how to have a great time simultaneously. It is important to have a good sense of humor. Colleagues often hang out together after work and enjoy each others' company.

Describe your experience in your specific training program.

The breadth of industry experience you accumulate in only one year on the floor is incomparable. The nature of the job forces you to learn a great deal in a short amount of time. With the guidance of a senior mentor I have learned all facets of the trading business through first-hand experience. The Firm gives junior analysts a tremendous amount of responsibility and some days it can get extremely busy on the desk. It is easy to get overwhelmed, but there are always senior employees who will help you in a crunch.

How has Citi supported your career development?

The two years of on-the-job training gained in the analyst program are invaluable throughout your career no matter where you end up. Senior traders/sales people are more than willing to train you. The Firm values the analyst program and wants to see you succeed. The rotational aspect gives you the opportunity to sit with groups throughout the Firm--which not only introduces you to all product areas in both equity and fixed income, but provides a solid network as well.

What do you consider Citi's competitive edge?

The global reach of Citi gives our emerging markets platform the ability to deal in local foreign securities markets in which some of our competitors cannot. The creation of Citi has provided not only superior foreign currency trading services--an integral part of our business--but the Firm is strong in every financial product we offer, so a great deal of cross selling is done throughout most product areas in fixed income.

What do you enjoy doing outside work?

The best part about this job is the freedom it gives you to have a life outside of work. I am usually out of the office by 6pm which affords me the time to hang out with friends at different restaurants/bars/clubs. Most people who work on the trading floor are young and energetic, so we all quite frequently head out after the day is over. It’s a work hard/play hard atmosphere.

Janice Martin '95 BS in Acctg from Lehigh University, 2000; MBA in Finance and International Business Director

What do you enjoy doing outside work?

Outside of work, I spend my free time with my two young sons, Justin and Connor. They keep life outside of work quite interesting and busy!

If asked about your career at a dinner party, how would you describe it?

Challenging and fast-paced, every day is different. My current position enables me to fully utilize a large variety of my skills: accounting, finance, inter-personal, and team working.

What advice would you offer prospective candidates on transitioning from school to the workplace?

Don't wait for responsibility or projects to fall in your lap, seek them out. Take the initiative and make yourself part of the team.

Timothy O'Neill University of Notre Dame B.A. Associate-Commodity Derivative Trading

How would you describe your team and the people you work with?

Being surrounded by talented people is one of the greatest assets of working at Citi. The people I work with are all very driven, competitive and intelligent. You must be conscientious in trying to glean as much information from the talented people around you as you can. Everyone is very focused and goal-oriented, yet there is no shortage of good-natured joking around which makes the job fun.

What advice would you offer prospective candidates on transitioning from school to the workplace?

Work hard. Always be honest. When you first start in the sales and trading environment your job is to be a sponge and try and soak up as much information as possible. It's important to climb the curve as fast as you can and ask a lot of questions. You will be given myriad responsiblities and you should always be pushing for more. As an analyst you will be pulled in a lot of directions and you have to be able to prioritize your time. There will be tasks that are urgent and tasks less critical, and you have to decide what order of importance to assign to them.

Describe the most memorable experience you've ever had at Citi.

The experiences I’ve had in a short amount of time have been invaluable, and that is because Citi structures its program differently compared to other firms on the Street. Citi has provided me with the opportunity to be flexible with career mobility. I’ve been fortunate to see Citi from a variety of different perspectives. I started in the Chicago office in institutional mortgage and asset-backed security sales, and then spent a year in New York doing high-yield and credit default swap trading, and now I work on the commodity trading desk in Houston. Being able to see the company from different parts of the Firm has given me a real sense of how we create value for our customers.

Christine Sperry Managing Director

What advice would you offer prospective candidates on transitioning from school to the workplace?

Be true to yourself. Find something that you are passionate about.Make sure you will have a mentor in the career you chose.Hard work and being a team player are always rewarded.

If asked about your career at a dinner party, how would you describe it?

Every day is something new. Everyone in this business no matter how many years they have worked learns each day. The market continues to challenge and intrigue us. I work with a group of smart, energetic, motivated team players. We all work together well to give our customers the best service we can.

Describe the most memorable experience you've ever had at Citi.

The most memorable experience would be my promotion to MD. We all work very hard every day to achieve goals and do our best to do well for the Firm and our customers. The promotion to MD means one has excelled in their role to produce as well as be a leader.
I have tried to make a difference for others in their lives and careers.

What do you consider Citi's competitive edge?

I think Citi’s competitive edge is most definitely their people. Your assets are your people. We have very bright motivated professionals who have excelled in a culture we have created. The culture here is very much one of teamwork.

What other groups do you liaise with regularly within the Firm?

My area touches upon many other areas. I am in Cash Trading. We interact with: Prime Broker, Derivitives, Program Trading, Research Sales, Equity Research.

What skills have you found to be the most useful in your position?

I think people skills are very important as we use them every day both internally and externally. Being able to work well under pressure and think quickly are also very important.

How do you see the your business group/the Firm/the industry changing in the future?

I think the business will continue to evolve. I also think many smaller players will not exist in a few years. Citi is well positioned to gain market share in this environment.

What do you enjoy doing outside work?

I love to ski, play golf and tennis, and go for long walks along the beach.

Tyrone Thomas MBA at Duke University - Fuqua School of Business Associate

What do you consider Citi's competitive edge?

Citi's competitive advantage is its extensive product offerings and the global reach of the Firm. Clients consistently comment on the Firm's seamless approach to addressing their needs across product areas.

How would you describe your team and the people you work with?

I work with intelligent, motivated and ambitious individuals who enjoy working together to exceed client expectations. It is imperative that new associates/analysts surround themselves with colleagues who encourage their professional development. At Citi, I have found that the culture encourages mentoring and candid feedback on your performance.

What other groups do you liaise with regularly within the Firm?

The Global Loans desk works closely with several groups throughout the Firm. We regularly work with the structured products group to pitch our successful Collaterized Loan Obligation (CLO) and Total Return Swap (TRS) platforms. In addition, we have partnered on several deals with our High Yield bond desk and our Global Loans desks in London and Singapore.

How do you apply your degree to what you're doing now?

I have an MBA degree from Duke University. The structured teamwork in graduate school and the course work has prepared me for the collaborative environment at Citi. In addition, my previous career as a CPA aids in my understanding of financial statements of companies that my clients are evaluating.

What do you enjoy doing outside work?

I enjoy traveling, reading, and participating in various sports. These outside activities provide a great outlet outside of work. In addition, they help to maintain the balance that is necessary to remain energetic and poised when addressing the numerous demands throughout the day.