Sales & Trading in Investment Banks Interview Preparation
Common questions, top firms, salary comparison, career paths, and free AI-scored practice for sales & trading in investment banks interviews.
~£70,000 base
Avg salary
20+ firms
Firms covered
~2-4% offer rate
Competitiveness
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Overview
What sales and trading interviews look like
Sales and trading interviews differ significantly from investment banking interviews. Rather than testing DCF analysis, they test market knowledge, numerical ability, and personality. Most banks conduct a phone screen testing basic numerical reasoning and commercial awareness, followed by an assessment centre with back-to-back interviews assessing trading intuition, market knowledge, and fit.
Interview questions test your understanding of markets, products (equities, bonds, currencies, derivatives), and recent market movements. You will be asked "Why did a stock move today?" and expected to give a credible explanation. You may face quick-fire numerical questions testing your ability to calculate spreads, profit/loss scenarios, and basic option mechanics under pressure. The interview also assesses your personality—trading is a high-pressure, fast-paced environment and banks want collaborative, driven individuals who can handle stress.
Unlike banking interviews which test preparation and study, trading interviews reward intellectual curiosity and real market engagement. If you read the FT daily and actually understand market dynamics, you will perform well. If you memorised banking models but don't understand why credit spreads widened this week, you will struggle. The final interviews with senior traders assess whether you have the temperament, commercial instincts, and genuine passion for markets that successful traders demonstrate.
Questions
Common sales & trading in investment banks interview questions
- 1Why sales and trading?
- 2Why this desk?
- 3Tell me about a stock that moved today and why.
- 4What's happening in the markets right now?
- 5Quick maths: what is 2% of £5 million?
- 6Tell me about a time you made a decision under pressure.
- 7How would you explain this bond to a client?
- 8What is basis point?
- 9Tell me about a trade idea you have.
- 10If you were long 100 shares and they dropped 20%, what would you do?
- 11How do you stay on top of markets?
- 12Tell me about a time you disagreed with a colleague.
- 13What is the difference between equities and bonds?
- 14How would you price a derivative?
- 15Tell me about your biggest investment mistake.
- 16Walk me through a recent M&A and how it affected equity prices.
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Technicals
Key technical knowledge
Market Microstructure
Bid-ask spread, volume, liquidity, how orders are executed, market impact. Understand how dealers make money and what drives market pricing.
Fixed Income Basics
Bonds, coupons, duration, yield curve, credit spreads, repo markets. Understand how interest rates affect bond prices and risk factors.
Foreign Exchange
Currency pairs, exchange rates, interest rate parity, carry trades, central bank policy impact. Understand what drives FX volatility.
Equities & Derivatives
Stock mechanics, put-call parity, option Greeks (delta, gamma, vega), volatility surface. Understand how derivatives are priced and hedged.
Risk Management
Value at risk (VaR), stop-loss discipline, position sizing, concentration risk. Understand how traders manage downside and protect capital.
Economic Indicators
GDP, employment, inflation, PMI, central bank policy. Understand how macro data affects asset prices and drives trading opportunities.
Credit Analysis
Credit spreads, default risk, covenant analysis, rating agencies. Understand what drives credit quality and spreads across industries.
Trading Psychology
Discipline under pressure, avoiding overconfidence, managing losses emotionally, maintaining focus in chaotic environments. The mental game is critical to trading success.
Firms
Top sales & trading in investment banks firms
Equities and FX dominance. Large trading desks.
Strongest fixed income franchise. Leading trading revenue.
Balanced across equities and fixed income.
Growing trading franchise. Strong credit team.
Major UK bank. Strong in credit and FX.
Global reach. Strong in emerging markets trading.
European leader. Strong in credit and rates.
Solid trading platform. Wealth management integration.
Compensation
Sales & Trading in Investment Banks salary comparison
| Firm | Graduate | Intern | Bonus |
|---|---|---|---|
| Goldman Sachs | ~£70,000 | ~£55,000 pro-rata | ~£60K-100K+ |
| J.P. Morgan | ~£70,000 | ~£55,000 pro-rata | ~£50K-80K |
| Morgan Stanley | ~£68,000 | ~£54,000 pro-rata | ~£45K-75K |
| Citi | ~£65,000 | ~£52,000 pro-rata | ~£40K-65K |
| Barclays | ~£60,000 | ~£48,000 pro-rata | ~£30K-50K |
| Deutsche Bank | ~£62,000 | ~£50,000 pro-rata | ~£35K-55K |
Career path
Sales & Trading in Investment Banks career progression
Supporting traders, client interaction, learning trading mechanics and client relationships.
Running a small book, more client interaction, building reputation.
Significant P&L responsibility, team management, client franchise.
Desk leadership, business development, firm strategy.
Firm-wide leadership, revenue generation, strategic decisions.
Getting in
How to break into sales & trading in investment banks
Engage genuinely with markets. Read financial news daily—not for interview prep, but because you find markets genuinely interesting. Your authentic passion will shine through.
Understand basic trading concepts. Know what a bid-ask spread is, how market makers operate, what duration means for bonds, and how options work. You don't need deep expertise, but baseline knowledge is expected.
Develop quick mental maths skills. Practise calculating percentages, spreads, and profit/loss scenarios rapidly. You will be asked to perform maths under pressure during interviews.
Follow market movements obsessively. Sign up for Bloomberg terminals (if available), read sell-side research, and understand what drives daily market moves. Be able to explain why the FTSE moved or why Treasuries rallied.
Build relationships with traders and sales professionals. Trading is a relationship-driven business. Networking with people on the desk gives you insight and significantly improves your interview chances.
Target your application carefully. Different desks (equities, fixed income, FX, credit) have different cultures and skill requirements. Apply to desks where you have genuine interest.
Prepare strong examples of decision-making under pressure. Trading rewards quick thinking, discipline, and the ability to remain calm when markets are volatile. Share stories that demonstrate these traits.
FAQ
Sales & Trading in Investment Banks FAQs
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