Hi all, I’m currently doing consulting. May be able to get a job doing trading (not sure exactly what its called but its the traders that make markets on various desks i.e. not prop traders). Consulting work I’m doing now is at a big 4 and the trading gig is at a well known bank. Salaries will be fairly equal (besides the bonus probably), but the hours will be 60 at trading vs 40-45 at my current job. Tempted to take the trading job but afraid that it will be hard to study for CFA (Level II candidate now). I know I’m giving very little background info but that’s becuase I don’t know much about the trading job yet. Is this something worth doing? Which of the two fields is a better way to get into buy side work? I remember once hearing that trading isn’t an ideal place to start to get into IM but I’ve got to think it’s better than consulting. Thanks in advance.
Take the job. That is front office. Dont turn down a good job to study for CFA.
Rydex Wrote: ------------------------------------------------------- > Take the job. That is front office. Dont turn > down a good job to study for CFA. I agree with this, it makes sense, once you fall into your regular rythm at the trading job you can study for the CFA, you might not even need the CFA at the trading job, it would just be more notches on the perverbial belt of accomplishments.
the show NY. What is “may be able to get a job” mean? Whether you accept the position if its offered to you depends on your circumstances. A position as a trader is definitely front office. My question is what role are you targeting at investment management firm? And most importantly, what is your investment philosophy? Be aware that you can get pigeon-holed into a trader stereo-type (short term oriented). If your investment philosophy is at odds with this stereotype, it may be even more difficult to make the transition (especially for an analyst role - I assume that this is your target). This advice applies generally as well. I worked for three years at a FoF - and the only jobs I could get were other FoF roles. I’m making my transition through business school. Best of Luck.
I’m actually most confused about the question of going from trading to a front office job since I always assumed trading was already a front office job to begin with.
Take the job. Suck it up and study for the exam. If you want it that bad-then you will make it happen.
valueaddict, by “may be able to get a job” i meant that my best friend has a job there and asked if i want my resume to be sent to HR as he knows the people there well. you asked what role im targeting–i’m 23 and graduated from undergrad in 2008 so i hardly have a clue what i really want to do. although i can give you the standard answer, which is that i’m interested in some kind of equity research and eventually later on a PM role. my fear is that staying too long in consulting and not having a front office position and being involved with the equity markets on a daily basis i going to hurt me (the consulting i do is centered heavily on regulatory/implementation work for some of the worlds largest banks). regarding your comment about being pigeon holed into a trader sterotype: i have heard something like this before. when i was first introduced to the IM field i remember reading that it’s very hard to transition from trading role to research or PM role because the skillsets are completely different. i know that consulting is considered one possible starting role after college that can be used to leverage yourself into buyside firm if you cant get in right away. but honestly i have a hard time thinking that consulting is better than trading (even with the trading negative stereotypes), just because it is so relevant–this is where i’m looking for help. iheartiheartmath–trading is front office but the skillsets are completely different. traders are looking at short term trends, making a quick buck etc, while researchers are spending hours on modeling and graphs, studying fundamentals, long term economic indicators, etc. any help would be welcome!
do you want to make money or listen to conf calls?
iheartiheartmath Wrote: ------------------------------------------------------- > I’m actually most confused about the question of > going from trading to a front office job since I > always assumed trading was already a front office > job to begin with. trading is a front office role unless they trading wages on the scrums Vick is holding in the back office
The thing with trading is this: - if you are successful, you wouldn’t want to change jobs as the sky is the limit. I’ve worked with guys who made 7 figures while working 4-5 hours a day. Even in non prop shops, the salary/hours worked ratio is still better than most finance jobs. - if you are not successful, not only is the skillset different from other front office roles in finance, but you will have to explain to prospective employers why you failed. The interviewer isn’t dumb, he knows that if you want to switch out of trading it’s because you weren’t among the best of your profession.
One of my finance professors did a top 10 Phd right after he was fired from trading…
former trader Wrote: ------------------------------------------------------- > The thing with trading is this: > > - if you are successful, you wouldn’t want to > change jobs as the sky is the limit. I’ve worked > with guys who made 7 figures while working 4-5 > hours a day. Even in non prop shops, the > salary/hours worked ratio is still better than > most finance jobs. > > - if you are not successful, not only is the > skillset different from other front office roles > in finance, but you will have to explain to > prospective employers why you failed. The > interviewer isn’t dumb, he knows that if you want > to switch out of trading it’s because you weren’t > among the best of your profession. i dont agree with your 2nd statement. I have met with a few people on non trading jobs and most were very helpful and willing to help me leave trading
goldenboy09 Wrote: ------------------------------------------------------- > do you want to make money or listen to conf calls? is this a subtle way of saying traders make money, consultants listen to conference calls?
former trader Wrote: ------------------------------------------------------- > The thing with trading is this: > > - if you are successful, you wouldn’t want to > change jobs as the sky is the limit. I’ve worked > with guys who made 7 figures while working 4-5 > hours a day. Even in non prop shops, the > salary/hours worked ratio is still better than > most finance jobs. > > - if you are not successful, not only is the > skillset different from other front office roles > in finance, but you will have to explain to > prospective employers why you failed. The > interviewer isn’t dumb, he knows that if you want > to switch out of trading it’s because you weren’t > among the best of your profession. i guess you dont know which of the two buckets you fall into unless you try. though chances are most ppl (even on this forum) would fall into the second.
iheartiheartmath–trading is front office but the skillsets are completely different. traders are looking at short term trends, making a quick buck etc, while researchers are spending hours on modeling and graphs, studying fundamentals, long term economic indicators, etc. I was talking about this. you make it seem like trading is an easy job while research is much more vaule added. put you to you this way… everyone I know in ER wants my job… I dont want one of their jobs. (and my job is not even that great)
goldenboy, what sort of short term strategies do you usually employ?
depends if your asking to do my job well or make me some $$ also I am in energy so things dont always make the much sense. example, you can actually trade at a lose and still make money in a cheap market same in a rich market
- Short sell 2. Spread negative rumors 3. Cover 4. Repeat
goldenboy, is a CFA necessary/helpful/useful for trading?