Tell us about your job
 

This is an idea stolen from El Diablo's forum, it worked well there and also in BBV4L.

Many young posters here are often unsure what career path they want to take, so if you have/had a job in the finance or investment industry or anything realated, we'd like to hear about it.

What do you do? Do you like it? What makes you in particular well-suited or poorly-suited for your work? What kind of people do best in your work? What qualifications are necessary for people considering work in the same field as you? What is a typical day like? What kind of problems do you encounter? What are the biggest (most common) sources of frustration and elation? How much do you make? How much can one expect to make in your position? How old are you and what is your education level (from what school)? How long have you been in the workforce?

Feel free to ignore any questions that you don't want to answer.

Re: Tell us about your job
 

I'm graduating from college later this year and agree that this thread has a ton of potential. There isn't really a lot of information to go buy with some of the specific jobs available in the finance industry and it took me until my 2nd semester of my senior year to get enough information to decide for myself.

Re: Tell us about your job
 

I graduated from college in '03 and after a few years of cardplaying I got a job with Securian Financial, the financial division of Minnesota Life Insurance Company. I took the job because of my relationship with one of the senior advisors at my firm who wanted me to be his protege'. The independence is the number one perk to working in this industry. This can be good if you have the discipline to run your own practice or have a good support staff in place, it is easy to succeed in this business. It can also be very easy to fail, esspecially right out of college.

I now primarily do fee-based financial planning. Developing a working budget and planning for retirement, mostly for people in my age group. Marketing in this business is key. Yes, in the beginning you may have to cold call, but as you put together some money and develop a network, you can afford to hire a marketing company, which I did. This can allow you to service your existing clients, while still growing your business. Another key is to be honest and loyal. It is important to remember that referrals are key, there is no better marketing tool.

Finally, you have to make an effort to focus on a specific market (i.e. attorney, doctors, business owners) and develop expertise in this market. This requires lots of extra time and effort. Taking the time to do a little research on what benefits offered by a hospital that they are employed, for example, in order to better coordinate someones personal finances with the benefits they receive.

I would recommend that someone work at a bank straight out of college and learn the products, and learn the market for a couple years in order to hit the ground running when you decide to become an advisor. Also, make sure that the company you choose to work for is right for you. This is critical. In this industry there are so many "chop shops" that will hire anyone but not offer the support, education, or salary to promote success with its employees.

Being a good stock picker does not define success either. If you have noone to tell, it doesn't matter.

Hope this is helpful

Re: Tell us about your job
 

Thanks dopp.

All, please post any other questions you'd like to ask as well.

Re: Tell us about your job
 

[ QUOTE ]
I would recommend that someone work at a bank straight out of college

[/ QUOTE ]

What would be the best way to get an interview with a bank?
Which banks would be the best to work for?
What specific positions should I be applying for?

I just finished college with a degree in finance and would like to do work that would qualify me for the CFA designation. According to the CFA website, the applicant must have...


<ul type="square"> "four years of work experience in which 50% of the applicant's time is spent evaluating or applying financial, economic, and/or statistical data as part of the investment decision-making process involving securities or similar investments"[/list]

Re: Tell us about your job
 

[ QUOTE ]
[ QUOTE ]
I would recommend that someone work at a bank straight out of college

[/ QUOTE ]

What would be the best way to get an interview with a bank?
Which banks would be the best to work for?
What specific positions should I be applying for?

I just finished college with a degree in finance and would like to do work that would qualify me for the CFA designation. According to the CFA website, the applicant must have...


<ul type="square"> "four years of work experience in which 50% of the applicant's time is spent evaluating or applying financial, economic, and/or statistical data as part of the investment decision-making process involving securities or similar investments"[/list]
[/ QUOTE ]

I never worked for a bank and most of them require prior experience in order to do investment work with clients.

By working with a firm out of college, you are really putting yourself behind the eight ball as it usually takes as much as 2 years to develop your practice, and most firms have declining compensation schedules. Also, it is hard to gain credibility if you are 22 years old and giving investment advice.

This is why the job you choose is critical to your success. Try to find one where you know someone in the firm who you can work along side, or underneath. Learn to market employee benefits as this gets you in the door and allows you to speak with a lot of people. Having the support in place to allow you to do health insurance/pension planning etc. will give you an advantage as a young advisor. While you are learning the business end of advising, you can learn the individual ends of the business.

The bank comment was meant to encourage someone to gain experience with stocks/IRA's CD's etc. prior to getting a commision based job. PM me if you have more specific questions about job hunting as this is the most critical aspect to success in this industry

Re: Tell us about your job
 

I'm not sure if this has been done before because I dont browse this forum much, but I would like to hear from someone who does proprietary trading, preferably not with a bulge bracket firm.

Re: Tell us about your job
 

I am officially titled the Director of Investment Operations. Don’t let the title fool you it’s an entry-level job. They just give us fancy titles. I work for one of the largest insurance companies in the nation. I've been at this job for a few months and got into to it because I hated Dobb's job. I’m 22 and graduated college last May.

I tried the financial rep route like Dobbs but could not stand it. I was pushed into calling every single one of my family members, friends, and any acquaintance that would sit down with me. I couldn’t handle that. I also received “hot lists” of leads in the area of 500 people. Not a single one would sit down with me. Maybe it was because the “hot list” was five years old and already combed over several times by newbies like me or maybe I just can’t sell but I couldn’t drum up any business but in either case I hated the job and got out quickly.

I found my current job about two months later after looking for many job in many different fields inside and outside finance. What I do is actually work for a group of three reps that have been in their careers for over dozen years each. They only take on clients that can invest a quarter million or more in insurance or investment vehicles and are a few of the top dogs nationwide within the company. They have recently joined together to form their own “spin-off” branch of company while still under the umbrella of the nationwide company.

I handle everything involving the investment side of the reps business. They go out and sell, come back to the office and have me complete everything needed. I have no real day-to-day routine. The grunt work of my job involves processing mutual fund orders, run the paperwork for new accounts, perform account maintenance, and run analysis reports on clients’ portfolios. The chaotic (fun) times comes in when big problems come up. Sometimes clients do boneheaded moves and it’s my job to clean it up. Sometimes money goes ‘missing’ in transfers and it’s my job to track it down. There is always something going on and everything is different from day to day. I don’t get bored and I love it.

As far as salary I’m on a very basic entry-level income. However the potential for the spin-off branch is quite large. My salary should rise extremely quickly based on the growth of the branch. From what they expect to do in business and the loose track number in place that I heard through the grapevine I should easily be in the six figures within three years.

I did get my Series 6, Series 63, and my Life Insurance license when I was with my previous company to become a rep and those licenses got me the job I have now. I am going to go for my Series 7 in the summer (it comes with a nice pay rise when I pass). As far as long term I can easily see myself here five years from now. As far as a life-long career I don’t know. I would like to get a Masters sometime before I’m thirty but not really sure if it would help me in this current position.

Any questions feel free to ask. I won’t try to sell you anything like Dobbs will [img]/images/graemlins/wink.gif[/img]

Re: Tell us about your job
 

I have been meaning to reply to this post but its been a few days because work has been hectic. I know before I got a job in trading I was hungry for knowledge so if anyone has any questions feel free to ask or PM me.
I went to a [censored] public school in Florida(FSU), did terribly in school. Played poker to pay the bills for 2 years after graduating.
Got super lucky that a highly regarded options trading firm in Chicago decided to take a chance on me as an assistant trader. From there I jumped ship and now trade oil for a hedge fund.
Feel free to ask any anything, trading is by far the best career I can imagine so I would like to help anyone trying to get into it.

Re: Tell us about your job
 

Thanks mal_noles

What makes you in particular well-suited or poorly-suited for your work? What kind of people do best in your work?What is a typical day like? What kind of problems do you encounter? What are the biggest (most common) sources of frustration and elation? How much do you make? How much can one expect to make in your position?

Re: Tell us about your job
 

I am well-suited to my job because I perform well under pressure and have the ability to lose large amounts of money and not let it effect my judgement and mindset. A huge part of trading is how you deal with adversity and pressure. At times I can be a little to much of a gambler which luckily the other people on my trading desk realize and reign me in at times.

I currently work European hours so I go into work between 12-1am. The first few hours of work before the European market opens I research what I want to do for the day, review the positions we have on as a group and evaulate other more macro factors. From 2-8am I am pretty much sitting on the trading desk, it really depends on what kind of positions on and how the market is trading. Some days I take 2 hours to go to breakfast with the gf, other days I dont leave the desk for more than 30 seconds and sit around till we close at 1:30pm.

Probably the biggest frustration in trading is software or technical issues. I have worked for several very highly regarded firms and you still at times will encounter technical problems that can be incrediably frustrating.

Trading can have extreme ups and downs, you can be utterly right on how you feel the market is going to move and still lose money. Other times you will be utterly lost and still make money. But their isnt much that can compete with going into work knowing how the market is going to move and just completely killing it.

I am very well paid, a salary in the 80-100k range with the majority of my compensation coming from a bonus based on how my group performs and individual PNL. The bonus is usually 6 figures and can be several multiples of my salary.
In trading your initial salary or pay can be low but the upside potential is virtually unlimited. I have friends under 30 that have been trading at high tier hedge funds making well over $1 mil a year.

Re: Tell us about your job
 

How did you break into trading? This is a job I'm thinking about trying to get into some years down the road.

Re: Tell us about your job
 

[ QUOTE ]
I have been meaning to reply to this post but its been a few days because work has been hectic. I know before I got a job in trading I was hungry for knowledge so if anyone has any questions feel free to ask or PM me.
I went to a [censored] public school in Florida(FSU), did terribly in school. Played poker to pay the bills for 2 years after graduating.
Got super lucky that a highly regarded options trading firm in Chicago decided to take a chance on me as an assistant trader. From there I jumped ship and now trade oil for a hedge fund.
Feel free to ask any anything, trading is by far the best career I can imagine so I would like to help anyone trying to get into it.

[/ QUOTE ]

i'm curious, did you go around applying to different companies, or what did you look for in trying to decide where to work?

also, do you want an intern for the summer, i'll work for free. <font color="white"> kidding, kinda. </font>

Re: Tell us about your job
 

mal_noles,

you said your firm trades options. How do they decide what to buy, quantitive models, etc.? How long do you usually hold positions for. What returns does your company make p/a?

dopp,

You said in the suggestions thread that you are 80% fee based, where does the other 20% come from?

Re: Tell us about your job
 

[ QUOTE ]

dopp,

You said in the suggestions thread that you are 80% fee based, where does the other 20% come from?

[/ QUOTE ]

Insurance, retail accounts, pensions. I started doing health insurance and employees benefits and am trying to faze that out. You get much more out of your career when you genuinely feel that you are doing whats best for them and not driven by commission

Re: Tell us about your job
 

have been debating whether to post this for a while ... thought I'd keep the discussion going:

Well, I've still got half a semester of school left, but I'll be working in the same group as this past summer once I graduate, so I'll start things off....

What do you do?

Quantitative Research, in a group in the Asset Management arm of an Investment Bank. (Basically,our group is separate from the rest of the bank, and we think of ourselves as a really big hedge fund.)

Do you like it?

Yes (at least, I did last summer, and I hope I will going forward)

What makes you in particular well-suited or poorly-suited for your work?

An intuitive knowledge of financial markets, econometrics, data analysis, and basic computer science.

What kind of people do best in your work?

People with a good grasp of markets, statistics, and computers, the ability to work well in groups, and the discipline/motivation to get research done on their own. Also, having enough confidence in your abilities to trust that the research you've done is accurate enough to trade a ton of money on.

What qualifications are necessary for people considering work in the same field as you?

A bachelor's in some combination of Math/Stats/Econ/Comp Sci, Master's in Financial Math, or PhD. in Econ/Finance/Stats

What is a typical day like?

Get to the office around 8:30. Most of the day is spent doing data analysis, though some time would likely be spent meeting with coworkers and preparing/making/listening to presentations about ongoing research. Usually take off between 8 and 9, though as early as 5 on a Friday or as late as 11 or 12 before a deadline wouldn't be that uncommon. Going in on weekends seemed to be pretty rare, but would be expected if you needed to get things done.

What kind of problems do you encounter?

Dealing with data. Debugging code.

What are the biggest (most common) sources of frustration and elation?

Spending a lot of time researching something that doesn't work. Finding something that does work.

How much do you make?

Same signing bonus/salary as any other first-year analyst at a bank. Year-end bonus TBD.

How much can one expect to make in your position?

If they start their own fund, a ton. If working for someone else, still a bunch after a while.

How old are you and what is your education level (from what school)?

21; B.S.E. in Operations Research and Financial Engineering from Princeton.

How long have you been in the workforce?

Will join it in July [img]/images/graemlins/smile.gif[/img]

Re: Tell us about your job
 

[ QUOTE ]
Question: Do you need to have a degree in business, finance or economics to be a stockbroker?

Answer: The FACT is that there is no particular education requirement. Successful stockbrokers have come from all backgrounds and walks of life, ranging from the high school drop-out to the Harvard M. B. A. One of the positives about our business is that the stock market is the great equalizer". Integrity and tenacity are far more important than where you came from or what school you went to.


[/ QUOTE ]
Is this really the case? I am still a student studying in an unrelated field (engineering) however, seriously considering getting into this. If this is the case, what companies would be good to go after a summer intern, or even start a new career with. If this is not the case, what is the best route to go with in terms of education?

Re: Tell us about your job
 

[ QUOTE ]
[ QUOTE ]
Question: Do you need to have a degree in business, finance or economics to be a stockbroker?

Answer: The FACT is that there is no particular education requirement. Successful stockbrokers have come from all backgrounds and walks of life, ranging from the high school drop-out to the Harvard M. B. A. One of the positives about our business is that the stock market is the great equalizer". Integrity and tenacity are far more important than where you came from or what school you went to.


[/ QUOTE ]
Is this really the case? I am still a student studying in an unrelated field (engineering) however, seriously considering getting into this. If this is the case, what companies would be good to go after a summer intern, or even start a new career with. If this is not the case, what is the best route to go with in terms of education?

[/ QUOTE ]

It sure helps to have a good background in finance to secure a good job. I have a biology degree with a minor in history and a separate degree in nuerology. The common denominator is that I have no education in finance, however
the guy who hired me knew that I had initiative. Just finish college with the highest GPA possible and you can get a job anywhere

Re: Tell us about your job
 

ok, I will throw out a few resumes right now and see if there is anything. Who kinds of companies do I want to target? Or is there just a better way I can get into this? (I just dont know anyone personally who is doing this as a career)

Re: Tell us about your job
 

[ QUOTE ]
ok, I will throw out a few resumes right now and see if there is anything. Who kinds of companies do I want to target? Or is there just a better way I can get into this? (I just dont know anyone personally who is doing this as a career)

[/ QUOTE ]

I have no idea exactly what field that you want ot get into. I am (nearly) CFP. I like to do planning, not trading. I could give you great firms to apply to if you would like to do fee-based planning, but not stock trading. Dont change your life because it sounds glamorous...you can make money in any field you are in. If you have an entrepenuerial flare, field work can be very rewarding...the most intelligent person in the world can fail if he is nt a people person

Re: Tell us about your job
 

What do you do: I work in Public Accounting.

Do you like it: There are days I really enjoy what I am doing. Unfortunately, there are 3 times as many days where I want to shoot myself in the head.

What makes me well suited for this job: You have to have thick skin. You have to be able to work well in a team and think quickly and you need good managing skills, as you have to manage people below and above you. Fortunately, I have all of this, IMO.

What kind of people do best: See above. Also, if you can't follow simple directions, you won't succeed. You'd be surprised how many people can't follow directions.

What is a typical day like: There are 2 distinct "seasons". Busy season, and the rest of the year. Regardless, I get in between 8:15 and 8:30. Take a 25 - 30 minute lunch on a typical day during busy season. I might take a bit longer if I'm not swamped. By lunchtime, I will have had 2-3 requests from a manager asking for something in the next couple of hours. So I do that for them. Then after lunch I start on my work, until the person below you needs help. Then I go back to my work and all of the sudden it's 5:30 and you client is leaving. You look at the clock and think about where to order dinner from. A typical day during busy season ends anywhere between 7:30 and 11 normally. A typical day during the rest of the year ends between 6 - 8, with more emphasis on the 6.

Elation/Frustration: Elation is finishing and having your client file their finacial statments. Frustration is that you won't get any recognition for working 60+ hours 12-16 weeks in a row.

Money: First year out of college starts in the low $50's. This goes up yearly by 7-10%. If you can handle the business for 15 years, you will make partner and I assume 7 figures is pretty standard.

About me: 24, graduated from UMass, BS Accounting and Masters in Accounting. I've been working for 2.5 years.

Re: Tell us about your job
 

Is it as difficult to get a job in trading as it is to get a job in investment banking?

Re: Tell us about your job
 

I just kicked a penalty shot and won thousands of dollars!

Re: Tell us about your job
 

I smoke doobies and live in a van down by the river. Its hard, most of you couldn't handle it and probably don't have adequate resumes for the job:)

Re: Tell us about your job
 

[ QUOTE ]
This is an idea stolen from El Diablo's forum, it worked well there and also in BBV4L.

Many young posters here are often unsure what career path they want to take, so if you have/had a job in the finance or investment industry or anything realated, we'd like to hear about it.

What do you do? Do you like it? What makes you in particular well-suited or poorly-suited for your work? What kind of people do best in your work? What qualifications are necessary for people considering work in the same field as you? What is a typical day like? What kind of problems do you encounter? What are the biggest (most common) sources of frustration and elation? How much do you make? How much can one expect to make in your position? How old are you and what is your education level (from what school)? How long have you been in the workforce?

Feel free to ignore any questions that you don't want to answer.

[/ QUOTE ]


1) I solve people's Real Estate problems.

2) I love doing what I do.

3) I do what I do well because I do whatever it takes to learn as much as I can from the people that are doing it the best.

4) The kind of people that do best in my work:
-Intense burning desire to accomplish their dreams in life.
-Never give up
-Smart as well as Hard headed.
-People that are so determined to accomplish their goals that they do whatever it takes.

5) Qualifications: Intense burning desire to learn as well as a burning desire to accomplish their life mission, whatever it may be. That is all I need from someone to train them to become real estate assassins.

6) Typical day:

- Wake up, read real estate articles, read a variety of the 3-4 books I am reading now.
- Go to computer, check email for leads.
- Go to distressed homeowner's home and make a deal.
- Do whatever I have to do to facilitate a smooth deal.
- Read some more
- Listen to a few hours of the thousands of hours of real estate audios I have.

7) I don't believe in problems. The challenges I face daily are the challenges an entrepreneur faces daily. Mainly how to spend my time in the most productive way possible. Also, every single real estate deal is a challenge.

8) biggest sources of frustration is having to deal with the "naysers" and "dream stealers". The types that have been telling me "it is impossible" since the day I was born are the biggest sources of frustration, because it comes from some of the people I love the most.

Another source of challenges I face is pinpointing that perfect deal out of the hundreds of leads I look at. It's a numbers game to find the great deal but that means I have to kiss a lot of frogs.

9) I won't answer how much I make.

10) How much someone makes in this business is how much they decide they want to make. There really is no limit.

That is as much information that I will divulge about me.

Re: Tell us about your job
 

[ QUOTE ]
[ QUOTE ]
This is an idea stolen from El Diablo's forum, it worked well there and also in BBV4L.

Many young posters here are often unsure what career path they want to take, so if you have/had a job in the finance or investment industry or anything realated, we'd like to hear about it.

What do you do? Do you like it? What makes you in particular well-suited or poorly-suited for your work? What kind of people do best in your work? What qualifications are necessary for people considering work in the same field as you? What is a typical day like? What kind of problems do you encounter? What are the biggest (most common) sources of frustration and elation? How much do you make? How much can one expect to make in your position? How old are you and what is your education level (from what school)? How long have you been in the workforce?

Feel free to ignore any questions that you don't want to answer.

[/ QUOTE ]


1) I solve people's Real Estate problems.

2) I love doing what I do.

3) I do what I do well because I do whatever it takes to learn as much as I can from the people that are doing it the best.

4) The kind of people that do best in my work:
-Intense burning desire to accomplish their dreams in life.
-Never give up
-Smart as well as Hard headed.
-People that are so determined to accomplish their goals that they do whatever it takes.

5) Qualifications: Intense burning desire to learn as well as a burning desire to accomplish their life mission, whatever it may be. That is all I need from someone to train them to become real estate assassins.

6) Typical day:

- Wake up, read real estate articles, read a variety of the 3-4 books I am reading now.
- Go to computer, check email for leads.
- Go to distressed homeowner's home and make a deal.
- Do whatever I have to do to facilitate a smooth deal.
- Read some more
- Listen to a few hours of the thousands of hours of real estate audios I have.

7) I don't believe in problems. The challenges I face daily are the challenges an entrepreneur faces daily. Mainly how to spend my time in the most productive way possible. Also, every single real estate deal is a challenge.

8) biggest sources of frustration is having to deal with the "naysers" and "dream stealers". The types that have been telling me "it is impossible" since the day I was born are the biggest sources of frustration, because it comes from some of the people I love the most.

Another source of challenges I face is pinpointing that perfect deal out of the hundreds of leads I look at. It's a numbers game to find the great deal but that means I have to kiss a lot of frogs.

9) I won't answer how much I make.

10) How much someone makes in this business is how much they decide they want to make. There really is no limit.

That is as much information that I will divulge about me.

[/ QUOTE ]

Are you a realtor

Re: Tell us about your job
 

[ QUOTE ]
[ QUOTE ]
This is an idea stolen from El Diablo's forum, it worked well there and also in BBV4L.

Many young posters here are often unsure what career path they want to take, so if you have/had a job in the finance or investment industry or anything realated, we'd like to hear about it.

What do you do? Do you like it? What makes you in particular well-suited or poorly-suited for your work? What kind of people do best in your work? What qualifications are necessary for people considering work in the same field as you? What is a typical day like? What kind of problems do you encounter? What are the biggest (most common) sources of frustration and elation? How much do you make? How much can one expect to make in your position? How old are you and what is your education level (from what school)? How long have you been in the workforce?

Feel free to ignore any questions that you don't want to answer.

[/ QUOTE ]


1) I solve people's Real Estate problems.

2) I love doing what I do.

3) I do what I do well because I do whatever it takes to learn as much as I can from the people that are doing it the best.

4) The kind of people that do best in my work:
-Intense burning desire to accomplish their dreams in life.
-Never give up
-Smart as well as Hard headed.
-People that are so determined to accomplish their goals that they do whatever it takes.

5) Qualifications: Intense burning desire to learn as well as a burning desire to accomplish their life mission, whatever it may be. That is all I need from someone to train them to become real estate assassins.

6) Typical day:

- Wake up, read real estate articles, read a variety of the 3-4 books I am reading now.
- Go to computer, check email for leads.
- Go to distressed homeowner's home and make a deal.
- Do whatever I have to do to facilitate a smooth deal.
- Read some more
- Listen to a few hours of the thousands of hours of real estate audios I have.

7) I don't believe in problems. The challenges I face daily are the challenges an entrepreneur faces daily. Mainly how to spend my time in the most productive way possible. Also, every single real estate deal is a challenge.

8) biggest sources of frustration is having to deal with the "naysers" and "dream stealers". The types that have been telling me "it is impossible" since the day I was born are the biggest sources of frustration, because it comes from some of the people I love the most.

Another source of challenges I face is pinpointing that perfect deal out of the hundreds of leads I look at. It's a numbers game to find the great deal but that means I have to kiss a lot of frogs.

9) I won't answer how much I make.

10) How much someone makes in this business is how much they decide they want to make. There really is no limit.

That is as much information that I will divulge about me.

[/ QUOTE ]

I'm confused. So to succeed in real estate do I need an intense burning desire or simply a burning desire?

Re: Tell us about your job
 

[ QUOTE ]
I'm confused. So to succeed in real estate do I need an intense burning desire or simply a burning desire?

[/ QUOTE ]

To truly succeed at anything, among other things, you need an intense burning desire to succeed...

Re: Tell us about your job
 

I am not a realtor, I am labelled as an Investor by outsiders. I label myself as a problem solver. The bigger a problem one is able to solve, the more money one will make.

ski :

You need both. There is no way you can succeed at anything in life without an intense burning desire to succeed.

Napoleon Hill's: Think and Grow Rich is like a must must read for anybody with any inkling of ambition whatsoever. His first chapter deals with burning desire.

Re: Tell us about your job
 

[ QUOTE ]
I have no idea exactly what field that you want ot get into. I am (nearly) CFP. I like to do planning, not trading. I could give you great firms to apply to if you would like to do fee-based planning, but not stock trading. Dont change your life because it sounds glamorous...you can make money in any field you are in. If you have an entrepenuerial flare, field work can be very rewarding...the most intelligent person in the world can fail if he is nt a people person


[/ QUOTE ] Its not the lifestyle I am interested in, but I wish to see more of the "life" of a trader. Why do you recommend staying away from this?

Re: Tell us about your job
 

I broke into trading basically through a lot of hard work
and persistence. I knew I wanted to be a trader and decided I would do whatever it took to make that happen. By not having a good GPA or a degree from a highly regarded college I knew I had to target smaller firms, I spent an enormous amount of time sending out resumes and follow up emails to most of the firms listed as members of the CBOT, CME, and CBOE.

I had an idea of what kind of products I wanted to trade, I ended up trading equity options which was not my favorite product, but I really liked the firm and it was a great learning experience.

To trade options we used a variety of strategies but a large part of what my firm did was based on historical vol vs current implied vols and taking advantage of pricing inefficiences. When shorting options which was the majority of what my firm did we would be holding till expiration a lot of the time, I would estimate 80%+. The options firm had very good returns, averaging over 50% since inception.

As far as college degrees go you dont have to have an economics or business to get into finance but it doesnt hurt. I know people with undergrad degrees in all kinds of random subjects that are traders.

Trading jobs are easier to come by than investment banking in general. The upper level IBSs are pretty much only hiring Ivies, while trading firms seem to be a little more open in hiring people from different backgrounds. I wouldnt have gotten a phone interview with a lot of investment banks.

Re: Tell us about your job
 

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I have no idea exactly what field that you want ot get into. I am (nearly) CFP. I like to do planning, not trading. I could give you great firms to apply to if you would like to do fee-based planning, but not stock trading. Dont change your life because it sounds glamorous...you can make money in any field you are in. If you have an entrepenuerial flare, field work can be very rewarding...the most intelligent person in the world can fail if he is nt a people person


[/ QUOTE ] Its not the lifestyle I am interested in, but I wish to see more of the "life" of a trader. Why do you recommend staying away from this?

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I am not recommending staying away from it at all. If you want to make money, you have to be in "sales" of some sort. My point was that if you are passionate about something else, you can make money doing whatever it is you want. You need to be motivated and ambitious when you are a trader, planner, analyst, or pizza shop owner, and you can make money in anything

Re: Tell us about your job
 

I have a job at a bulge bracket investment bank in their sales and trading division. I have no idea what I'm getting myself into. I'm going to graduate from Caltech (go Huckleberry!) in June and start work in July. I wish I could say more but I haven't started work yet; dont even know where I'm going to work, but I will probably end up trading in fixed income division.

Re: Tell us about your job
 

I mentioned this above but didn't really get any good responses.

I just graduated from college in December with a degree in finance and am currently seeking a job. I would like to do work that will qualify me for the CFA designation...

"at least 50% of the applicant's time must be spent evaluating or applying financial, economic, or statistical data as part of the investment decision making process for securities or other similar investments" - (four years worth)

Many people have told me that a bank would be a good place to start but I have no idea on how to go about getting an interview. Any suggestions would be greatly appreciated.

Re: Tell us about your job
 

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What do you do? Do you like it? What makes you in particular well-suited or poorly-suited for your work? What kind of people do best in your work? What qualifications are necessary for people considering work in the same field as you? What is a typical day like? What kind of problems do you encounter? What are the biggest (most common) sources of frustration and elation? How much do you make? How much can one expect to make in your position? How old are you and what is your education level (from what school)? How long have you been in the workforce?

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I played poker full time, and made good money for a year and a half. Then one day, I woke up and hated it so bad I had a hard time breaking even. Then the government decided it hated poker too.

Now I'm looking for either a finance or consulting job. I have my BS in Operations Research from an ivy league school. Given how the job search is going, I'm planning on using my diploma as toilet paper. And I'm going to use the one from my master's of engineering to clean up real good (also in OR, from the same school).

Ive applied to numerous positions, and rarely even get a "thank you for applying" letter. I think the problem is that i, very unwisely, didn't do an internship.

Any advice on how to get more experience so that I could get one of these jobs would be much appreciated.

Re: Tell us about your job
 

i graduate in about a year with a bachelors in finance. i did an internship at a bulge bracket firm in their wealth advising division. if any of you guys have any questions about that, fire away.

Re: Tell us about your job
 

Mike- Yea I'm in finance too finishing my bachelors diploma in may. Tell me a bit about the job you did and what you plan to go into when you finish..and why?

Thx

Re: Tell us about your job
 

I've decided to keep comments about my job under wraps so PM me if you really want to know.

As for what I want to do when I graduate, I don't really know. I wouldn't mind getting into microfinance or working for an index fund company. I'm not so sure I want to do the ibank, VC or PE route. Frankly, I'm not sure I'm smart enough to be successful in those fields. Not that I'm dumb but I just like to be realistic about things.

Microfinance interests me because I have this stubborn altruistic side that I can't seem to kill. For those of you who are unfamiliar with microfinance, check it out in wikipedia.

I wouldn't mind working for an index fund company because I really believe that they are smart investments. I would be very, very unhappy putting myself in a situation where my job forced me to do one thing which clashed with my personal beliefs. An example would be if I were to work at a mutual fund company. Clearly, my heart lies with passive management so if I had to sell and do research for a active fund, I would want to shoot myself.

Re: Tell us about your job
 

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Many young posters here are often unsure what career path they want to take, so if you have/had a job in the finance or investment industry or anything realated, we'd like to hear about it. What do you do? Do you like it? What makes you in particular well-suited or poorly-suited for your work? What kind of people do best in your work? What qualifications are necessary for people considering work in the same field as you? What is a typical day like? What kind of problems do you encounter? What are the biggest (most common) sources of frustration and elation? How much do you make? How much can one expect to make in your position? How old are you and what is your education level (from what school)? How long have you been in the workforce?

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I am a former floor trader. I was a pit trader in New York and the Chicago Board of Trade. I loved it and would still be screaming and yelling every day if they hadn't moved my cheese by putting most of the trade on the screens.

Trading is a tough way to make an easy living. It's like a lot of things--you really need a burning passion for it if you're going to survive and thrive.

If I was starting over again, I'd try to hook up with an options firm. I was at my best as a relative value player and that's what options are all about.

My best advice: Read, read, and read some more.

Re: Tell us about your job
 

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My best advice: Read, read, and read some more.

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Any specifics on what or who to read up on? Other than FT and WSJ, what other publications or blogs are beneficial? Who are some of the greatest floor traders to learn from?