Wall Street Prep

New York City
Sales & Trading Boot Camp|New York City

Learn the technical and analytical skills of a professional salesperson, trader or structurer

What You'll Learn

  • Learn to use Bloomberg the way it’s done on the job
  • Grasp securities trading and derivative trading & hedging with real-word examples
  • Bond math, options pricing, equity option & interest rate swap hedging and more

Designed for finance professionals and those seeking a career in Sales & Trading, this 3-Day boot camp teaches how securities and derivatives are priced, traded and hedged by S&T professionals.

Trainees learn the ins and outs of Bloomberg and key skills of the S&T job function such as delta hedging and proxy hedging for derivatives.

This boot camp is not an academic or "at-home trading" course. It is taught by experienced Wall Street traders and is the same training used prepare new hires in Sales & Trading at some of the world's top financial institutions.

Pricing

Enrollment
$1,699
Group Rates
discount
available
Earlybird price(s) of $1,699 in effect until May 27, 2020 and will subsequently increase to $1,899.

Agenda

Day 1
8am - 5pm
Financial Markets, Economics and Foreign Exchange Designed by practitioners to provide an overview of Financial Markets and showcase applications of Economics on Wall Street. We explore how markets are actually traded, bid-offers and supply and demand dynamics. We decode jargon and separate economic noise from indicators that actually matter. The trading simulation allows us to put our knowledge to the test, focusing on actual skills required by Wall Street Flow Traders and Market Makers. We conclude the day with Foreign Exchange, linking FX concepts to macroeconomics and going through actual FX trades and calculations.
Day 2
8am - 5pm
Equity Market and Option Theory We expect most participants interested in Sales and Trading to have traded stocks in your personal brokerage account. We’re not going to teach you which stocks to buy, but how the exchanges and how the Wall Street trading floor actually works. We’ll show you how financing and Prime Brokerage play a role into how the markets function. We’ll explore the Delta One Markets and the interactions between Stocks, Futures, ETFs and TRS. Volatility and Options are next, covering Option Theory well beyond what is tested for the Series 7. We spend time not only analyzing the Greeks to arrive at the correct option price, but also how to delta hedge an option and risk manage it afterwards. We conclude the day focused on Convertible Bonds and Structured Notes to apply option theory beyond vanilla options.
Day 3
8am - 5pm
Fixed Income Fundamentals Bond math is typically taught horribly with many “textbook experts” never having sold a bond before. This course is taught by actual bond traders using examples on a product by product basis. The goal is to teach bond math without being overly technical, focusing on the skills required on a day to day job. The Bloomberg Terminal is used to run the key calculations, with the instructor explaining the math behind the function. During the afternoon, we demystify Interest Rate and Credit Derivatives not only covering mechanics and conventions, but also how they are traded and hedged. We discuss proxy hedges, cost and speed of hedging to place participants in the seat of a trader.
Online
Pre-Seminar Excel training

This boot camp assumes proficiency in Excel. Enrollment includes access to our popular Excel Crash Course for those who need an Excel refresher.

Who is this boot camp for?

  • Salespeople, structurers, traders and researchers
  • Hedge fund associates, asset managers and other investment professionals
  • Finance and quantitative students seeking a career in S&T
  • Investment bank quants, mid-office and risk professionals
  • Anyone seeking to understand how Wall Street Traders trade

Boot Camp Overview

This 3-day seminar covers foreign exchange, equities and fixed income and provides an overview of financial markets and economics in the context of a real-world sales and trading role. Led by an experienced trader, this is an applied course focused on real-world examples of stocks, bonds and derivatives. The interactive seminar uses group exercises and trading simulation to give real-world context to concepts discussed in the classroom.

Schedule

Each day begins at 8am and ends at 5pm with a 1-hour lunch break as well as a midmorning and midafternoon break.

Instructor

Eric CheungThis course is taught by Eric Cheung, a Capital Markets professional with 10 years of experience at J.P. Morgan across Trading, Structuring, Capital Markets and Cross Asset Sales. Eric brings global work experience from New York, London, Hong Kong and Tokyo and real world experience across Equities, Fixed Income, Currencies and Commodities.

What’s Included?

Comprehensive training materials (manuals and exercises), detailed reusable modifiable Excel templates for reviewing bond math and option theory, and unlimited e-mail support for content-related questions for 12 months post-seminar.

What to Bring

Laptop, Notepad, and Calculator.

Prerequisites

This seminar presumes knowledge of financial accounting (at least 1 semester or equivalent). Participants without this background are encouraged to enroll in and complete the Accounting Crash Course prior to attending the seminar.

CPE Credit

CPE logoWall Street Prep is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have the final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.learningmarket.org.

Cancellation Policy

Participants may cancel up to 3 weeks prior to the event for a full refund. A 20% cancellation fee will apply up to 1 week prior to the event. No refunds will be granted for cancellations made within 1 week of the event. Wall Street Prep reserves the right to cancel the seminar if enrollment is insufficient. Trainees will be refunded in full in the event of a cancellation.

Seminar Location

CFA Society of New York,
1540 Broadway, Suite 1010,
New York, NY

Why attend a boot camp?

  • Comprehensive training

    Our live courses pulls no punches. Each boot camp is the same intensive training used to prepare incoming analysts at top financial institutions.

  • Learn by doing

    Attendees “learn by doing” by working through practical exercises and building financial models from scratch using real case studies.

  • Networking opportunity

    Boot camps provide an opportunity to network with MBAs and professionals from industries including investment banking, corp dev and FP&A.

  • Experienced instructors

    Our instructor-practitioners are experienced bankers who give real-world context by connecting training to their own experience on the desk.

  • Excel Mastery

    Our training reinforces speed, efficiency and consistency in Excel that investment banking analysts are expected to have on Day 1.

  • Continuing ed & webinars

    Enrollment includes lifetime access to our continuing education online training platform and our popular monthly webinar series.

Syllabus

Financial Markets, Economics and Foreign Exchange

This training provides an overview of financial markets and showcases applications of economics on Wall Street. Our instructor will  decode industry jargon and walk through the economic indices that matter most. Trainees learn the foundational skills needed to cover clients and deliver market updates.

Introduction to Financial Markets

  • Introduction to Stocks and Bonds
  • Equities Overview: Common, Preferred, Convertibles, ETFs
  • Types of Bonds: Treasuries, Agencies, Corporates, Municipals, SSA, MBS, ABS, CLOs
  • Derivative Markets: Swaps, Options, Futures
  • Currency Markets
  • Commodity Markets

Market Participants

  • Supply and Demand of Capital
  • Investors, Investors, Broker/Dealers, Exchanges, Clearinghouses
  • Role of an Investment Bank

Regulation and Documentation

  • Prospectus and Registration
  • 1933 Act, 1934 Act, 1940 Act and Key Exemptions
  • JOBS Act Changes for IPOs
  • Dodd-Frank Changes

Microeconomics

  • Demand vs Supply
  • Relative Value and Substitution
  • Book building vs Auction

Macroeconomics

  • Goals of a Central Banks
  • Tools of a Central Bank
  • Interpreting Fed Statements

Fiscal Policy and US Treasuries

  • Fiscal Policy and Debt Issuance
  • US Treasuries Conventions

Economic Indictors

  • Overview of Key Indicators
  • Expectations vs. Surprise
  • Yield Curve Analysis

Markets Soft Skills

  • How to communicate market movements to clients
  • Voice skills, best practices for delivering client updates over the phone
Equity Market and Option Theory

We expect most participants interested in Sales and Trading to have traded stocks in your personal brokerage account. We’re not going to teach you which stocks to buy, but how the exchanges and how the Wall Street trading floor actually works. We’ll show you how financing and Prime Brokerage play a role into how the markets function. We’ll explore the Delta One Markets and the interactions between Stocks, Futures, ETFs and TRS. Volatility and Options are next, covering Option Theory well beyond what is tested for the Series 7. We spend time not only analyzing the Greeks to arrive at the correct option price, but also how to delta hedge an option and risk manage it afterwards. We conclude the day focused on Convertible Bonds and Structured Notes to apply option theory beyond vanilla options.

Cash Equities

  • Overview of Equity Market Participants
  • Role of the Investment Bank
  • Role of Equity Research
  • How exchanges match buyers and sellers
  • Key Indicators (Volume, VWAP, Depth, Imbalance)
  • Calculating Open and Closing Prices
  • Calculating Settlement Amounts and Commissions
  • Securities Lending and Prime Brokerage Overview

Delta One and ETFs

  • What is a Stock Index (e.g. S&P 500), How is it Constructed and Rebalanced?
  • Impact of Dividends
  • Similarities and Differences between:
    • Buying the underlying portfolio
    • Buying an ETF
    • Buying a Future
    • Entering into a Total Return Swap

Volatility and Option Theory

  • Introduction to Calls and Puts
  • Calculating Historical or Realized Volatility
  • Percentage Change versus Log Change
  • Implied Volatility
  • Moneyness and Skew
  • Time Decay, Theta
  • The Greeks
  • Gamma vs Vega
  • Pricing an Option
  • Delta Hedging an Option
  • VIX and VIX Futures

Convertible Bonds and Structured Notes

  • Overview of Convertible Bonds
  • Overview of Structured Notes
  • Common Structured Note Structures
  • Pricing considerations
Fixed Income Fundamentals

Bond math is typically taught horribly with many “textbook experts” never having sold a bond before. This course is taught by actual bond traders using examples on a product by product basis. The goal is to teach bond math without being overly technical, focusing on the skills required on a day to day job. The Bloomberg Terminal is used to run the key calculations, with the instructor explaining the math behind the function. During the afternoon, we demystify Interest Rate and Credit Derivatives not only covering mechanics and conventions, but also how they are traded and hedged. We discuss proxy hedges, cost and speed of hedging to place participants in the seat of a trader.

Fixed Income Overview

  • Overview of Fixed Income Products, decoding jargon and key terms
  • Similarities and differences among key Fixed Income products
  • Managing investor and borrower needs
  • Understanding investor rationale across investor types and products

Money Markets

  • Role of Money Markets, Money Market Investors
  • Key Products: Bills, Discount Notes, Reverse Repos, Certificates of Deposit, Commercial Paper
  • Money Market Bond Math: Daycount conventions, Yield versus Discounts, Settlement Conventions

Government Bonds

  • Government Bond Overview and Conventions
  • Auction process and On-the Run Bonds
  • Bond Math: Calculating Coupons, Accrued Interest, Yield to Maturity, Duration
  • Macaulay Duration versus Modified Duration ole of Money Markets, Money Market Investors

Corporate Bonds

  • New Issue Overview
  • Pricing Conventions – Spread to Treasuries
  • DV01 and Risk
  • Trading conventions, Mark-Ups
  • Relative Value – T Spreads, G Spreads, I Spreads, Z Spreads, Asset Swap Spreads

LIBOR, Floating Rate Notes, Loan Conventions

  • What Is LIBOR?
  • Transition to SOFR
  • Floating Rate Note Convention. Calculating Coupons
  • Eurodollars, Eurodollar Futures, Packs and Bundles

Interest Rate Derivatives

  • Overview of an Interest Rate Swap
  • Calculating Cashflows
  • Trading Conventions
  • Proxy Hedging – How do you hedge an Interest Rate Swap?
  • Discussion of Speed, Cost and Basis Risk
  • Derivative Documentation (ISDA, CSA)
  • Discounting Cash Flows

Credit Derivatives

  • Focusing on what you need to know as a banker about CDS. A driver of investor sentiment and single name views. This section walks though how CDS actually works and how to decode the jargon
    • CDS Pricing and Mechanics
    • CDS Conventions, SNAC
    • CDS Indices, CDX and CDX HY
    • Credit Option Conventions
    • Correlation & Tranches

Questions? We're standing by.

To learn more about this boot camp, fill out the form below or call us at: 617-314-7685









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