Aren't they? Sun Microsystems paid a similar amount -- although the work was obviously more demanding. All I wanted to point out is that IB's don't necessarily pay the most if thats what you want, but they do insist on owning you - especially the American banks.
TWI
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BBB, transition from trading other peoples money to trading my own was definitely an eye opener. You quickly realise the true value of money. I remember days at work seeing PnL swings of 500k-1mln and feeling unconcerned. These days it is 1-2k and i pay very close attention.
As for x-locals I now work with a bunch of them and sometimes I feel they are getting their own back. One thing for sure the environment here is countless times better than any IB or corporate. Nothing like that off-the-floor banter.
As for x-locals I now work with a bunch of them and sometimes I feel they are getting their own back. One thing for sure the environment here is countless times better than any IB or corporate. Nothing like that off-the-floor banter.
Too true.
I've often considered joining an arcade, but all the activity of working the spreads gazing into the screen would frazzle me out. I miss the floor and the banter a lot, but not getting up at 5am in the winter, standing on my feet all day, getting jabbed in the ribs with pencils etc. I once heard someone say pit trading is the hardest form of manual labour!
I guess though, there is nothing to stop you taking a break though is there ! Duh!
So do you guys still lease a seat from LIFFE or trade via a broker? Your commissions din't seem that far off clearing charges. I used to clear with ICS.
I've often considered joining an arcade, but all the activity of working the spreads gazing into the screen would frazzle me out. I miss the floor and the banter a lot, but not getting up at 5am in the winter, standing on my feet all day, getting jabbed in the ribs with pencils etc. I once heard someone say pit trading is the hardest form of manual labour!
I guess though, there is nothing to stop you taking a break though is there ! Duh!
So do you guys still lease a seat from LIFFE or trade via a broker? Your commissions din't seem that far off clearing charges. I used to clear with ICS.
TWI
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We just pay the arcade. Liffe take 56p/rt and then rebate on volume, the rest gets split between the clearer and the arcade.
You are right, we can take time off, but it didn't feel like that this morning when riding around the Sth Circ at 6:30am freezing my nads off. Have to be pretty disciplined I think unless you are a big superstar who can work only 2 weeks per month.
You are right, we can take time off, but it didn't feel like that this morning when riding around the Sth Circ at 6:30am freezing my nads off. Have to be pretty disciplined I think unless you are a big superstar who can work only 2 weeks per month.
Thanks to those of you who took this question seriously...your advice is much appreciated. To those of you who offered nothing but criticism...I'd say that asking for advice and assistance from trading and market 'experts' who do frequent these sites is actually quite an intelligent thing to do...Im willing to except that I don't know and sometimes need to ask for help. Some of you guys clearly must know everything...and never ask for advice...I suspect that you are probably also the less successsful traders...
Airthrey Capital
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sak07 said:
My advice to you (since you asked) is that you should learn the difference between the words "accept" and "except" before you apply for any jobs.
Are you really a graduate?
Okay enough already!!!
Seriously though there seems to be quite a few of you who have worked in the industry. I am wondering why labour turnover is so high...from what I've read it seems that most people don't last much beyond five or six years...is these solely because the hours are so demanding...and people simply burn out? Also surely working at an IB is a great oppurtunity to learn about the markets and play with their money...why are people so against working for them?
(Hope my grammar and spelling is up to the required standard...if not Im sure it will be pointed out by the spelling police).
Seriously though there seems to be quite a few of you who have worked in the industry. I am wondering why labour turnover is so high...from what I've read it seems that most people don't last much beyond five or six years...is these solely because the hours are so demanding...and people simply burn out? Also surely working at an IB is a great oppurtunity to learn about the markets and play with their money...why are people so against working for them?
(Hope my grammar and spelling is up to the required standard...if not Im sure it will be pointed out by the spelling police).
TWI
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It is only those who have seen the light of working for themselves and have spent time in the IB's/Corporates that fully appreciate the answer to the question you are asking. Yes it is great to learn in a good team at an IB but it is not as good as being your own boss and not having to deal with the endless politics that permeate every level of IB life. I made the mistake of spending 10 years as a slave and earned a lot of money doing it but these days the idea of sticking on a tie and going back to that life makes me feel sick. This is not to say that it isn't for some people, there are those who love it but they are very much in the minority. As a grad, if given the opportunity then by all means take it but judging by your offence to the mild comments in this thread you will get flattened on the trading floor, you need a very thick skin and you better be able to handle a lot of stress or you will fall hard.
fillyerboots
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Sak07
Part of the reason turnover is so high is because a lot of people are periodically sacked. The last 3 years have been pretty brutal especially for the equity related markets. There is no loyalty from both sides in my experience, when the numbers deteriorate heads roll. IBs don't pay the big bonuses from any altruistic impulse. They pay them because they think they have to
The bottom line is you really have to produce these days in the city and competition is fierce.
Don't forget the number of very well paid jobs is small compared to the number of people actually employed. Most of the miserable faces are those that need the big pay but don't quite make the grade.
Joining an IB (and this year is probably the best opportunity since 2001) is still to be recommended. Who knows you may be a star, just don't get sucked in by it all.
Part of the reason turnover is so high is because a lot of people are periodically sacked. The last 3 years have been pretty brutal especially for the equity related markets. There is no loyalty from both sides in my experience, when the numbers deteriorate heads roll. IBs don't pay the big bonuses from any altruistic impulse. They pay them because they think they have to
The bottom line is you really have to produce these days in the city and competition is fierce.
Don't forget the number of very well paid jobs is small compared to the number of people actually employed. Most of the miserable faces are those that need the big pay but don't quite make the grade.
Joining an IB (and this year is probably the best opportunity since 2001) is still to be recommended. Who knows you may be a star, just don't get sucked in by it all.
Some true comments made above.
On numerous times when I was in the City, I saw grown 'men' (new grads)run off and cry from some of the jokes/teasing played on them - mostly because their face didn't fit. They just couldn't take it and didn't realise it was a joke.
Quite funny looking back. There was this one guy from France......
You've got to remember - if your emotions cant take a bit of healthy ribbing, then God knows what will happen to you when you are under it for real.
On numerous times when I was in the City, I saw grown 'men' (new grads)run off and cry from some of the jokes/teasing played on them - mostly because their face didn't fit. They just couldn't take it and didn't realise it was a joke.
Quite funny looking back. There was this one guy from France......
You've got to remember - if your emotions cant take a bit of healthy ribbing, then God knows what will happen to you when you are under it for real.