Re: tell us about your job
What do you do? Trading Desk at a large investment bank. Asset Management Division, pretty much our group is separate from the rest of the bank, as we think of ourselves as a ridiculously large hedge fund.
Do you like it? Yes
What makes you in particular well-suited or poorly-suited for your work? Math and game theory. Just an overall love and appreciation of the markets. I also have a computer science background (undergrad and grad), so it helps that I can add technologically to our desk, where others may not have an expertise.
What kind of people do best in your work? People who are hard working, motivated, and quick on their feet. Detail oriented, good communication skills (since you're on the phone with brokers ~40% of the day), and teamwork skills. Is this the most cliche response ever, or what?
What qualifications are necessary for people considering work in the same field as you? Mostly just intelligence and drive. If you want to find a nice 40-hr week job, this is definitely not for you.
What is a typical day like? Up at 6:00, in by 7:30. Check out economic data, emails, etc for a bit, then heavy trading occurs until about 1 pm, when London is done for the day. 8 am to noon is pretty hectic, since its the overlap when both NY and London are available, so everyone is busy. Grab lunch, come back, and review trading. Speak to portfolio managers, run optimizations for the following day's trading, book trades, reconcile trade breaks, meetings, etc. This may sound trivial, but this is a pretty time consuming activity. Generally, things may start to wind down by 7:30, but if problems persist, its not unnatural to stay past 11 pm.
What kind of problems do you encounter? China sucking at life, everyone fleeing to Ten Year Bonds, killing the EQ markets, blah blah blah. /rant
What are the biggest (most common) sources of frustration and elation? Losing and making money. Plain and simple. For you financial guys out there, there was an article on us on the cover of Bloomberg magazine last month... down years suck (esp when S&P is up 17%), good years end up acting like status quo. Pretty much your basic example of prospect theory at work.
How much do you make? I'm still at the analyst level (2 years out of grad school), but I think anywhere from $100K to $300K is reasonable for an analyst level person at my firm.
How much can one expect to make in your position? It's a lot about meritocracy AND seniority. If you're good, you will get paid. You've seen the numbers, and putting in long hours and good work will end up being fruitful down the line. I think for VP-level and above, a buck is not out of the question.
|