eFinancialCareers

Jason Hedberg is managing director of equity derivatives sales for Societe Generale.

How did you become a managing director?

I went to the Naval Academy and after graduation spent seven years in the Navy as an intelligence officer. I liked the analysis and interpretation of this work as well as the fast pace and pressure. Making the jump from the military to finance wasn't easy so I went back to get my MBA, which was tremendously valuable to understanding what was out there and getting a better sense of what I wanted to do.

I got my start trading convert-arb at a large hedge fund. I knew little other than the basics and the learning curve was steep but the strategy was a great way to get exposure to equity, credit, volatility, interest rates, and FX. After a few years, however, I wanted to know more about the other players in the game and I jumped to a role in sales on the sell-side in equity derivatives. I originally expected it to be a temporary stop but found that I really enjoyed the interaction with clients and the versatility of the role. I've been running the equity sales desk for more than a year, and been at the company for about three-and-a-half years.

What's a typical day like for you?

What I love about it is that it can be very typical in some respects but in other ways not at all. I'm usually in the office by 7 a.m. I'll read the morning papers and look for trade ideas that I can provide to clients. There's a morning call at 7:45 a.m. where we discuss our strategy as it relates to new developments and possible trades. Between 8:15 and 9:30 we put out a morning note and call clients to discuss what trades we're looking at that day. After the market opens, we're reacting to news and figuring out how we can take advantage of market developments.

Because new things develop every day, my job is quite dynamic. The market closes at 4 p.m. and we'll begin to discuss the day's events, prepare for tomorrow, handle some administrative work and sometimes meet with clients. I usually leave by 6:30 p.m. so the hours may seem long but the day goes by very quickly and I rarely work on weekends.

Any advice for up-and-coming derivatives sales people?

If you're interested in finance, I think you need to be watching the markets and forming opinions. I recommend using sites like Yahoo Finance where you can start creating portfolios and tracking stocks. If something is going up try to find out why. Get accustomed to what's happening in the market and begin to have a view on those events. It's critical that you are interested in what you do and running your own portfolio is a good way to test your interest before you begin. I'd also suggest picking a periodical such as The Wall Street Journal, Financial Times, or Barron's to stay abreast of the broad market beyond just equities.

By pushing yourself to learn more, you'll be in a better position to impress on a job interview.

What are the most important skills for a career in equity derivatives?

I think to be successful in any sales role requires someone to be smart, hard-working, and personable as well as being thick-skinned. In equity derivatives you add a quantitative component so you need to be good with numbers. Unlike straight stocks or bonds, derivatives can be used in a number of different ways so creativity, initiative, and being able to “get it” are also valuable.

There is always the lure to this business for the money but you need to appreciate that the rewards are high because the risk is significant. It's a survival of the fittest business and there is not much room for error. If you are not good with stress, loud environments, tense moments, lunch at your desk this is not the job for you. However, it's incredibly rewarding if you do love the markets and are up to the challenge.