Say goodbye to the dream

Jason Strasser (strassa2) · #1 10-16-2006, 02:34 AM

If you asked me this summer, there wasn't much chance that I wouldn't be playing professional poker for at least a little while after graduation. Well, this year I decided to put some energy into applying for jobs, and it turned out to go way better than expected... You dont need to know anything about finance to get a trading job, and they really look fondly on good poker skills, and some firms don't get too caught up with grades.

I had a good long thought about my options and in the end it comes down to the fact that I am likely at my most "marketable" to the trading world now. If I took time off for poker, I'd have a lot less leverage and would not be as young or seem as motivated/engaged in the eyes of some firms on wall street. I'd also look very desperate perhaps (IE, oh look he failed playing poker NOW he wants a finance job, he probably is just in it because his first option didnt work out, how motivated can he be?) In addition, with online poker very much looking like a crappy option, poker is a lot more unappealing as a career. Plus, I want to be involved in social circles that extend beyond poker social circles. All these factors led me to aggressively apply for jobs this recruiting season... Plus I am genuinely convinced this would be a great field for me to be in next year.

So with my sub-3 gpa, but beautiful looks and schmoozing abilities, I have an offer from Morgan Stanley trading single stock equity derivatives, and an offer from JP Morgan on their Commodities desk. I also am in late round interviews with a third firm (Goldman Sachs). There is no doubt I will end up at one of these companies this July.

I guess this post is a little depressing in a way, but I feel like I am probably making the best long-term decision for me, at the expense of living the life right out of college.

Any thoughts about these decisions, or the 2 firms I got offers from (I am undecided at the moment), or HU bankroll challenges would be appreciated. Right now I'm feeling pretty good about a life in New York working for a pretty good firm. The hours are something like 6:30am to between 5-8pm at night, so serious hours. Pay is probably exactly what you'd expect for a first year job on wall street, I'm not going to post numbers but your first guess is probably correct.

-Jason

JaBlue · #2 10-16-2006, 02:37 AM

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Pay is probably exactly what you'd expect for a first year job on wall street, I'm not going to post numbers but your first guess is probably correct.

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can someone else guess this for me?

Jason Strasser (strassa2) · #3 10-16-2006, 02:40 AM

Pay is exteremly standard for these jobs across the board (IE all trading firms tend to offer similar packages).

Its like 60k base, 10k signing bonus, and performance bonus which can be between 0 and something like 50-100k I guess? Most probably make slightly less than 100k in their first year.

edit: reason i decided to post numbers is because they are incredibly standard and i dont think it will piss off anyone

cero_z · #4 10-16-2006, 02:20 PM

[ QUOTE ]
Pay is exteremly standard for these jobs across the board (IE all trading firms tend to offer similar packages).

Its like 60k base, 10k signing bonus, and performance bonus which can be between 0 and something like 50-100k I guess? Most probably make slightly less than 100k in their first year.

edit: reason i decided to post numbers is because they are incredibly standard and i dont think it will piss off anyone

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Jason, I have a feeling you're getting shafted here, if your offers are in line with the numbers above. I could be wrong, but I'm basing it on a close friend's experiences. If you're interested, PM me, and I'll confirm it. Like I said, I could be wrong, but I remember his first job being quite a bit better, at smaller, lesser-known firms, and he has a similar pedigree as you, I think (definitely not as good at poker, but with better grades--no prior trading experience).

Anyway, I'll definitely miss your insight on these fora, and wish you the best. Congrats on landing what you were looking for.

Edit: I didn't read any other replies before posting, and now I've just read the handful above mine, but it appears that others may have said similar things. I in no way was trying to rain on your parade; just hoping you might get a better deal.

trplthrt · #5 10-16-2006, 06:56 PM

Background: I am in the finance world.. I have my CPA, CFA and FRM. I currently manage a valuation/risk group at one of the world's largest hedge funds.

The opportunity you have to get through a trading program or be in in any capacity on a desk is absolutely priceless. Someone with mental sharpness as that of a good poker player, good trading skills and good social skills will create themselves an opportunity down the road within money management. These initial years are not about money, they are about learning the business, the products and the markets. The key to this is that your end goal is when you are given a capital pool to trade in a particular asset class that you will take home x % of. Getting a 50mm or 100mm account once you've shown your skills and worked your way up is relatively common for the skilled traders out there and taking home 30% of profits equates to a multi-million dollar comp - not to mention you essentially work for yourself (don't get me wrong.. tons fail or are subjects of running good for a while before imploding). I am rambling, but the key point I am trying to make is - it is VERY hard to get these types of opportunities to go down this path and those of us who get in to the finance world on other paths have it extremely difficult to get on a course that could end up in a trading environment where you are running your own money. I cannot complain about my career... but do I enjoy it as much as if I were running my own money and making decisions which effect my profits and losses daily? Absolutely not. Taking the opportunity to go down this road is 100% your best move. You may never have a chance again. If the investment pays off (and you will have to give it years), you will enjoy what you enjoy about poker in anything you trade whether it be FX, commodities, equities, fixed income or 3rd world derivatives. It's just the economics behind them that will make your head spin! :-)

Best of luck.

-trplthrt

lapoker17 · #6 10-16-2006, 02:39 AM

get a blog or something.

Jason Strasser (strassa2) · #7 10-16-2006, 02:40 AM

my blog sucks

theBruiser500 · #8 10-17-2006, 12:44 AM

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my blog sucks

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that's cause you shouldn't have your own, you should do it on y site www.destinyboy.com that way you don't have to force al lot of entries of low quality, just do it once in a while along with others and have just the best

N 82 50 24 · #9 10-17-2006, 01:41 AM

[ QUOTE ]
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my blog sucks

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that's cause you shouldn't have your own, you should do it on y site www.destinyboy.com that way you don't have to force al lot of entries of low quality, just do it once in a while along with others and have just the best

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how many people post on your site? and is there any way to know who is posting?

theBruiser500 · #10 10-17-2006, 07:52 PM

[ QUOTE ]
[ QUOTE ]
[ QUOTE ]
my blog sucks

[/ QUOTE ]
that's cause you shouldn't have your own, you should do it on y site www.destinyboy.com that way you don't have to force al lot of entries of low quality, just do it once in a while along with others and have just the best

[/ QUOTE ]
how many people post on your site? and is there any way to know who is posting?

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yeah, there is a password to post which i share with just a few people who i invite to post