My firm is hiring "Institutional trader"

Except it’s in Chicago. The role would be to process equity & fixed income trade orders generated by our SMA managers, and allocate their step-in/out trades with all the broker dealers that hired those SMA managers.

It’s a big deviation from why I’m studying the CFA curriculum, as the job doesn’t require/care for the CFA, but, trading has always been a dream job of mine and this would probably be a great position to have on my resume for a few years

have any of you ever worked on a desk? What could it turn into? Salary? Isn’t this industry dying?

also, why tf would I ever want to leave Denver for Chicago?

this is execution trader position…I have said it a few times on AF that we - hedge fund i worked at - have traders that are execution traders…When they are out on vacation, our back office guys take his role (dir of ops).

Basically it is an ops job but the word trader throws them off. Soon to be replaced by computers. meh.

True, if I were to buy anything it is because someone told me to. Sorry if I made it sound like the title implied anything close to what they’re doing at citadel. So, what are job prospects if you spend 2-3 years as an execution trader?

Our Head of Trading makes a few million a year, so I guess it could turn into that?

Is he hiring? I’ll send you my resume right now.

More buy side firms nowadays are creating defined trading departments due to some kind of information segregation with research or asset managers. So, it is likely that these positions will persist for a while. While they are subject to risk from automation, regulation, or other industry changes, the same can be said for any function (well, other than compliance I guess).

Regarding relative attractiveness of this job… it really depends on your current job. I don’t know why you would choose one city over another. If you don’t want to move to Chicago, then why even consider this?

our head of accounting pulls in seven figures. you want this job too CEO10K??

Don’t compare some execution trading job to trading jobs at Citadel…Totally different animal…

Bro, I make $47.5k base a year. I also work a second restaurant job three nights a week. I’m not crying saying I struggle to make ends meet, but I am in pursuit of more money. So hell yeah I’d take his seven figure job. Now, that being said, no way in hell would I ever become an accountant.

I also never even tried to hide the fact this was an execution type job, so I don’t get what you’re saying, I’m not making that comparison and never was. Our platform has roughly 2 trillion in assets under management or association, and I know it would be a busy job.

Now, since the guy is going to call me tomorrow to discuss this, what would be an appropriate salary expectation? Can anyone chime in on trader type salaries in Chicago? I would obviously be willing to relocate for employment, but want to make sure it’s worth my while.

He’s clearly exceptional. I was offered a “Trading Assistant” role at arguably one of the most well known tail hedging risk funds but when I was told the pay was 55-60k a year with basically no bonus potential? yeah no thanks.

Plus yeah sure it may turn into that…in 25 years. But odds are even then it won’t because someone smarter and more talented will come along.

I’d tell OP that if you know your worth and the opportunity pays at least that then sure go for it (provided you want to go from a way better place in Denver to Chicago, yuck). What I don’t understand is people who have years of experience in a certain area of finance and are willing to take 20-30k pay cuts for something that may or may not work out in 5 years going from one segment to another. I mean isn’t rule number one of fundamental finance TVM?

Number one rule is screw them before they screw you.

Well if that’s true, that sure as hell doesn’t involve taking a 20-30k per year pay cut lol

What are you doing now and what do you want to do? Take money out of the equation for now. Can you continue and advance in the department you’re in (inside or outside of the company) or do you want a complete change? Your base salary is pretty low so i’m sure you’re still able to find something that pays more in the area you’re working in now, why move for 10-20K? If its 40-50K then ok maybe but I doubt it especially because you’re moving laterally and internally.

you do that and you’ll be surrounded by enemies and people who wish you to fail and will take a stab at you at every opportunity. You ain’t gonna last long…

Not really. I mean, he’s a good dude and really smart but he doesn’t even execute trades any more. It’s more of an executive position with tons of risk oversight and managing a trading desk (though come to think of it, there’s another layer between him and the traders). Plus, if anything goes wrong, it’s his ass on the line.

Are you NYC based?

Nope

I’d like to break into my firms due diligence (sma manager due diligence) team. There is very very very little turnover on that squad, but around the time I passed level 2 there actually was some people who moved and a gal over in that department asked for my resume and let me sit down with the director. He told me to keep my eyes peeled in the coming months for positions.

so in all actuality, the chicago thing, sounds like a crappy idea.

There you go, yeah skip the trading role.

Whereabouts? Surely a major finance hub.

That’s an odd assumption to make. I don’t live there, but I guarantee the Head of Trading at Baird in Milwaukee makes a few mil too. If you work at a major financial institution in any city in the US, and you’re the head of all trading, you’re making at least $2mm/yr. It’s one of the most important jobs at any asset manager.

I’m not talking about some RIA that manages $15B and has a couple dudes trading and their manager pulling down seven figures. I’m talking about firms that trade billions a day.