How to secure career in trading

[D70]

I have a similar tale to that of meanreversion.

A few months ago I met up with a mate who has worked at the banks for 6 years or so. In all his jobs he has been "promised" a move to the "desk", next year mate, next year, they say.

He has excellent degree, and masters, plus all good extra qualifications like captain of rugby team etc etc and is on top of this, a very likeable guy.

He still hasnt been given the leg up to a desk.

We were chatting about this and he in no uncertain terms asked if I could sort him out. I said, absolutely mate. Just give me a bit of chat about the trading you have been doing on the side and the trading books you like so i know how to sell you to the boss of the bosses and can describe the trading style you are going to employ.

Response.
"I havent done any trading or read anything mate."

I suggested he spent the next few weeks getting an account and having a flutter so he could chat about trading in some context. On checking up to see how he was doing (as I would have loved to have had him on the desk) he hadnt done anything. So unfortunately, that was the end of me being able to try to help him out.

Most people "expect" rather than earn their place.

 

[swissy]

This is excellent advice. If you have an MBA do you really want to put all that hard work to gain it to being a trader where it will be of little use. If you want to be a trader you will have to demonstrate your commitment to be employed - qualifications don't hold much water in this game. They are only interested (as in any business) as to how much money you can make (for them primarily). I am an amateur trader but the advice given applies to any job or role in life.

Swiss

 

[BuddingTrader007]

I highly appreciate your reply and i think I need to explore where exactly i can take advantage of my MBA.

Secondly, at this moment i am keeping my options open and I am aware that i really need to work on myself on trading side for which I am planning to join some work-shop which don't cost much but would give some knowledge regarding trading and would be beneficial.

 

[meanreversion]

BT, I don't wish to bang on about this, but it's a tiny bit late to suddenly develop an interest in trading. By all means pursue it as a sideline, but most if not all trading shops you apply to will want to know of prior experience, and you don't have any.

You must be 23, 24? The fact you've never traded means you're not interested in it, but because the job market is tight you see it as a possible well remunerated career option. You are going to struggle badly when put alongside people with similar qualifications who HAVE been trading.

Do you have any interest in financial news? Do you find the whole concept of QE fascinating and perplexing in equal measure? What is the GDP of the US (without googling it)? Do you read the Economist? And so on.

You need to be truthful to yourself and work out what you really want to do, and aim for that. If that's not possible, then by all means attempt to go down the trading route, but just be prepared for serious competition (banks are not really hiring MBAs anymore either).

Corporate finance is a well paid area, a friend of mine does it at KPMG, maybe talk to the accountant groups?

 

[meanreversion]

If you are fairly sharp with numbers, you could always try applying to an arcade (Futex, Schneider).. they interview a large number of grads each year but take only a few. It's probably your quickest route into trading.

 

[Blaiserboy]

If you are fairly sharp with numbers, you could always try applying to an arcade (Futex, Schneider).. they interview a large number of grads each year but take only a few. It's probably your quickest route into trading.

I quite agree with your recent posts in this thread..... I am thinking that the idea of being a trader comes up as there is not much in the way of work available, the lure of the money is appealing.....

Best approach is to open a small account and get into it, get to successful stage and then take account statement to the interview.

 

[meanreversion]

But BT, please don't open a trading account because you think you need to become interested!

 

[mont]

I have recently completed my MBA during which my module study included Corporate finance, therefore I am planning to go for career in trading as I am highly interested and enthusiastic about taking it as a career.
I am planning to do CISI in investments and later join trading floor in a proprietary house in order to have some experience on trading floor. Can anyone advice me what all hurdles I can face during my career plan or what can be done more effectively in order to secure career in trading.

I wish you the best of luck but really think you have to do a lot more research about all this as to what you really want to do ...........and why? In my experience most people use the words "trading" and "trader" without really having a clue about what they mean. As a more mature candidate you really need to spend more time looking into how the financial markets work and who does what within them. You will need to apply for a job where your MBA (which you chose to do) is seen as a real asset. Think maybe you should broaden your horizons and concentrate on getting a job (any job) within a good firm and take it from there. If you then can prove you're talented in certain areas you'll get the chance to move around.

 

[petrojobrecruit]

For a career in trading, you have to have stong mathematical ability (advanced degree in Maths) and good analytical skills as 'hard' skills. If you have are an MBA in Finance, with an undergraduate in Maths, Physics or Engineering, you are a likely candidate for a job with a Trading House. Start as an Junior Analyst or Junior Trader.

Cheers,

Site Administrator
PetroJobRecruit.co.uk
(International Oil&Gas Industry Job Board)
We also cover Oil Trading Jobs

 

[sk1105]

As has been mentioned several times in this thread, you really ought to evaluate why a) you did an MBA and b) why you want to be a trader - because the two do not compliment one another.

Also, you say you studied Corporate Finance and therefore you want to be a trader, which suggests to me that you have little to no idea of what trading is because corporate finance is an entirely separate field altogether (though an equally lucrative one, at that...).

So in summary - ask yourself some pressing questions. If you want to be a trader because you want fast cars and b*tches, and you think your MBA will be beneficial, you really need to think long and hard about your situation.

If I were you, I'd utilise the MBA and find a professional career in the finance industy working for a bank, an accountancy or law firm. Here your knowledge is likely to be far more suited, and your qualification far more appreciated (as it ought to be!). Once you've secured a career, start trading on the side in your spare time. After a while you'll get a better understanding of whether it's for you or not, and it'll put you in a far better position for future trading job applications.

 

[Blaiserboy]

For a career in trading, you have to have stong mathematical ability (advanced degree in Maths) and good analytical skills as 'hard' skills. If you have are an MBA in Finance, with an undergraduate in Maths, Physics or Engineering, you are a likely candidate for a job with a Trading House. Start as an Junior Analyst or Junior Trader.

Cheers,

Site Administrator
PetroJobRecruit.co.uk
(International Oil&Gas Industry Job Board)
We also cover Oil Trading Jobs

Thanks for this post and clarification.

 

[BuddingTrader007]

Just a quick updates guys, I have been trading on virtual acct from past 1 month and doing quite well.My spread betting and cfd portfolio are up by almost 10%. I have been to free seminar by knowledge to action which was great n very helpful...

Thanks a lot all of you. I hope I ll make to some good trading arcades...Cheers

 

[meanreversion]

Best of luck to you, I hope things work out how you want them to.

 

[midita]

yeah,i'm a green hand at trade and so happy many around people can help me .i think you should contact lots of people and learn from them.

 

[BuddingTrader007]

Hi, Thnks for reply bt i find it difficult to network with people as I dnt have any contacts in the country especially in the trading sector. Could you offer me some advice.
Are there any recruitment agencies who looks after young graduates for trading?

 

[Arek Okrasa]

After CISI Exams

Hello Everyone,

As I don`t have any experiance on CISI exams can I ask a few questions?

I am a home based trader and I would like to:
1) start work for a bank, as a trader, or
2) collect funds from private clients and trade on their behalf

Is there any chance that after being FSA regulated (passing Module 1 - 2 and 3) I will be able to apply for a job as a trader or trade on client behalf?

Finally, how long does it takes to study and pass one module? (in average?)

Many thanks,
Arek

 

[BuddingTrader007]

As has been mentioned several times in this thread, you really ought to evaluate why a) you did an MBA and b) why you want to be a trader - because the two do not compliment one another.

Also, you say you studied Corporate Finance and therefore you want to be a trader, which suggests to me that you have little to no idea of what trading is because corporate finance is an entirely separate field altogether (though an equally lucrative one, at that...).

So in summary - ask yourself some pressing questions. If you want to be a trader because you want fast cars and b*tches, and you think your MBA will be beneficial, you really need to think long and hard about your situation.

If I were you, I'd utilise the MBA and find a professional career in the finance industy working for a bank, an accountancy or law firm. Here your knowledge is likely to be far more suited, and your qualification far more appreciated (as it ought to be!). Once you've secured a career, start trading on the side in your spare time. After a while you'll get a better understanding of whether it's for you or not, and it'll put you in a far better position for future trading job applications.

Just a update few months back I took part in a competition organised by Credit Suisse & eFinancial careers in which 1000s of young graduates took part across Europe . I was ranked under top 10 traders n wht an exp. it was I just loved it. great .The reason why I m after trading career is m really passionate abt it I hv got a call frm futex n othr prop. houses bt still i m caution while MBA do help in matching criteria for t job butits bit hard to get an interview call for me ...So just wanna improve my enjoyability...

 

[Blaiserboy]

Just a update few months back I took part in a competition organised by Credit Suisse & eFinancial careers in which 1000s of young graduates took part across Europe . I was ranked under top 10 traders n wht an exp. it was I just loved it. great .The reason why I m after trading career is m really passionate abt it I hv got a call frm futex n othr prop. houses bt still i m caution while MBA do help in matching criteria for t job butits bit hard to get an interview call for me ...So just wanna improve my enjoyability...

There may be a significant difference in what is being called trading...... investing and trading are vastly different.

From what I see regarding opportunities for university grads in trading..... C++, track record, Sharpe ratio of >5, for a start.

Unless you have those types of qualifications trading may be hard for you to crack.

C++ is demanded by most places, and other languages are also wanted.

As mentioned in the prior post. perhaps evaluate why MBA as opposed to engineering..... for a career in trading.

A firm is going to be reluctant to train someone....... your education is not what they are looking for, somehow you will have to bridge the gap..


What they want to see is a statement of your trading account...... and if the numbers are not there.. they have a gazillion more resumes to peruse.

If you are not trading today and writing your own software to trade..... you will be disappointed in looking for a trading job.

 

[EricTheTrader]

There's no security in trading. Going into trading is a risk. Maybe you might have a security, if you'll able to established your own brokerage firm.

 

[munchiedude]

Re: After CISI Exams

Hello Everyone,

As I don`t have any experiance on CISI exams can I ask a few questions?

I am a home based trader and I would like to:
1) start work for a bank, as a trader, or
2) collect funds from private clients and trade on their behalf

Is there any chance that after being FSA regulated (passing Module 1 - 2 and 3) I will be able to apply for a job as a trader or trade on client behalf?

Finally, how long does it takes to study and pass one module? (in average?)

Many thanks,
Arek

hi arek, just as a off topic answer to your post, i currently am a private client broker in an advisory capacity and not quite the trader capacity but there are colleagues at my firm that deal with discretionary clients and i believe this is possible for yourself. firstly you would need your fsa regulation exams, module 1, 2 and 8 (investment risk) and i believe you would need the IMC (investment management certificate) also before you can conduct discretionary trading.
as to whether there is any chance you will be able to apply as a trader, well that depends on your work/education experience and background which i am unable to comment on however, there are firms out there offering trainee positions but more research would be advised from your part.
as to the timeframe for passing one module...again, this depends on your study ability but as an example, it took me 1 month to pass my unit 1 and 1 month to pass my unit 2.

hope this helps and good luck.