Assistant Trader vs Product Control

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bouh22

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hi folks,
I need your help on that one:
I applied to a Hedge Fund due diligence role at a top tier IB. After my first interview, they concluded that I was a great guy with valuable skills... but overqualified for the position -it was only an assistant one-.
Instead they said I would thrive in an Assistant Trader or Product Control role.
Unfortunately I don't think trade execution would appeal to me, so I would tend to rule out the AT position.
What do you guys think of AT? Is it of any interest that I would not know about?

As for Product Control, I am at a loss.
My understanding of the job is that you participate in the reconciliation of FO P&L with the Accounting one. Bottom line.
I was sold a different story though: reconciliation would only be a part of the job, Product Controllers having to check the bookings as well as risks too.
I'm not so sure about that, so what do you think?
Also, what does a PC day look like? long hours taking crap from everyone (traders first...) ?

I'm just a guy trying to move closer to what he really likes (and knows a bit about), ie, derivatives on hedge funds. So, among the two mentionned above, which position has the most potential?

Thanks for the feedbacks you could provide me with.
 
what would you have been doing under the due diligence role?

why doesn't assistant trader appeal to you?
 
well my (small) understanding of an AT position is that you spend your day booking deals in the FO systems, a bit of P&L calculation at the end of the day and that's it. i.e. a real EXECUTION job. I wonder how rewarding that can be and what's the next step one can take in his career -since obviously there are not that much AT that become Traders in the end-.
as for Product Control, anyone knows what it's really about beyond FO/Accounting P&L reconciliation?
thks
 
well if that's your reason for not wanting it, you probably should become a traders assistant.

i know a few people in MO P&L type roles and they are all trying to switch to TA jobs. not every TA can become a trader, but at least you have a chance... i dunno, i think product control sounds even more boring.

but this is just my opinion.

bouh22 Wrote:
-------------------------------------------------------
> well my (small) understanding of an AT position is
> that you spend your day booking deals in the FO
> systems, a bit of P&L calculation at the end of
> the day and that's it. i.e. a real EXECUTION job.
> I wonder how rewarding that can be and what's the
> next step one can take in his career -since
> obviously there are not that much AT that become
> Traders in the end-.
> as for Product Control, anyone knows what it's
> really about beyond FO/Accounting P&L
> reconciliation?
> thks
 
slightly different question then: considering the fact that these jobs are at the very bank I'd like to join, should I accept a position although I'm not 100% sure about it?
In other words, would you accept a position to which you would not have applied spontaneously -but that may be of some interest- just for the sake of joining THE bank?
Besides, what kind of personality would fit better in the AT's mold according to you? (so that I can compare your thoughts with mine;) ).
Thks
 
what you do is more important than where you do it.

but if you can't get the role you want, don't be afraid to take a not so glamorous role with a reputable firm... you will learn a lot either way and if you work hard, opportunities will come.

you might think TAs do mundane work, but at the very least they are directly on the desk... you have a clear, if not guaranteed progression towards becoming a trader. i dunno, someone who knows more about this should probably chime in.
 
Thks again Stylemog, I needed the talk to clear things up in my head!
Hope I'll help someone else on the forum when the time is right:)
 
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