TIPS (Training Ideas & Programmes): 2009 Bank Sales & Trading Analysts

Our consultants have just completed another hot summer of designing and delivering training for entry level bank sales and trading analysts in the Americas, Europe, and Asia. We continue to see a dangerous wedge that is beging driven between the tremendous amount of technical knowledge required for these entry-level jobs and the skills these applicants/new hires can bring to bear. The skillset is unable to keep up with the requirements because of the inability of undergraduate curricula to provide this information in practical "Desk Ready" format, as well as the dramatic reductions of training time provided by the banks themselves in response to cost cuts. This trend, which has become especially pronounced after 2000, is raising serious concerns in our view about the future of our industry. We are seeing new S&T analysts who have dedicated most, if not all, of their undergraduate coursework to finance, math, statistics, and computers. Thus, there is not much time left for liberal arts and social sciences!

However, we believe that if the financial industry is to thrive, we desparately need an influx of broadly educated young talent. The meltdown in 2007-2008 was due, in our opinion, to a combination of 1) over-reliance on mathmatical modeling and 2) short-term expectations of exhorbitant pay. In our opinion, the last thing we want for our industry going forward is an exclusive entry level class comprising those who have over-enrolled in all these math and finance courses whilst sacrificing their broader education.

We are actively working on solutions to this dangerous dilemma ... please read later posts as we develop more thoughts on this and related training issues.

Feedback: Credit Derivatives Training NYC "Serious Training"

"This is serious training … I wanted – and I got it – expert techniques – not ‘fluff’ like the rubbish offered by many of the big over-priced training companies" -- feedback provided by CDS trader participant for the programme offered in New York City during summer 2009

Feedback: Entry Level S&T Course in NYC "perfect"

"I joined one of the top international banks in June 2009, working in New York in sales and trading. The training provided by GMT this summer to our analysts group was fantastic. The way they worked in Bloomberg and Excel modeling, especially for advanced derivatives products, was perfect...just what I was looking for. Thanks again."
-- James C.

Feedback: ALM Workshop in Hong Kong "really global"

"The GMT training I attended was really ‘global’ … I asked questions about some local Asian market practices and got very precise answers on best practices in my region. Highly recommended as top value for the training budget."
--Fiona L (HSBC, Hong Kong)

Global Markets Training Files Lawsuit against Paul Siegel and Globecon

In August 2009, we filed a lawsuit against the consultant brokerage group named Globecon, owned by Paul Siegel, for unpaid fees. Siegel has refused to pay the agreed training fees for courses delivered by ourselves to National Australia Bank in October and November 2008. Despite the favourable reviews and feedback from NAB (the client) -- and despite collecting in full the fees from NAB -- Siegel has pocketed our money and will not make payment. We expect a judgment against him very soon, although we are not sure, given his current situation, if he will be able to comply with the judgment. We know that Globecon has been in bankruptcy at least once and Siegel has told one of our principals that his primary interest is to "sell the company". If we are not able to collect payment soon, we will post on this website a complete transcript of emails with Siegel. It should make interesting reading.