Mostly right. But in certain markets the market makers are also prop traders. Usually happens certain otc spaces. Goldman has a reputation of being a big hedge fund (ie, takes lots of prop positions) rather than a dealer;
If you are hired to do cash equity sales at GS then that's what you will do. You will sit and read research, work out your spiel, pick up the phone and sell that research to institutional clients, every day. You won't be doing any prop trading and you are likely to have some limitations put on trading your personal account (although these will not be as stringent as in equity research of course). It will be tough to switch internally because if you're good, the sales desk will want to keep you. Also, you have no prop experience and if you're unproven on the prop desk - the usual catch-22 here - the prop desk won't want you. So if you want to do the prop trading, work for the Japanese bank. I know people who work/have worked for GS and it's not all it's cracked up to be. Bit like a cult at times. Suss
Great thanks to Drambuie, showyouwang, One TorontoTrader2, sjfan, and Susukino for you guys' inputs. I've talked to couple of traders and salespeople in ibanks and most of them share the same view as mine. I've decided to take the Japanese offer. Hope everything turns out all right. Good luck to everyone trading!
Moving from prop to sales is easy. Moving from sales to prop will be harder. A lot of guys who dont make it prop go sales sometimes. Having said that, most good sales guys will make the mega bucks 'traders' are renowned for. Truth is, different skill sets are required. Sales = knowledge + relationship ability. Prop = knoledge + application + discipline. Look at the job specs. Do what appeals most.