Tell us about your job

[mal_noles]

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.

[dopp16]

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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

[PancakeBoy]

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.

[yellowbastard]

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.

[ORTOM]

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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.

[mikeczyz]

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.

[Alexos]

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

[mikeczyz]

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.

[fun160]

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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.

[Sdrive]

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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?