no
Well, it can’t be completely useless. Otherwise, people like you would not be taking it. Mostly, it’s a stamp on your resume that might have some positive effect if you are applying for jobs. It’s also useful to have more general finance knowledge, even if you don’t use it every day.
I am not taking CFA… was on track in first job out of college. left for trading and not looking back. it is not a stamp not all… most people that get on the cfa bus get off.
the show NY Wrote: ------------------------------------------------------- > goldenboy, > > is a CFA necessary/helpful/useful for trading? Not at all. And I decided to enroll in the program once I was out of trading.
the show NY Wrote: ------------------------------------------------------- > 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. I’ve heard from my boss that 4 % of traders last more than 4 years.
former trader Wrote: ------------------------------------------------------- > the show NY Wrote: > -------------------------------------------------- > ----- > > 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. > > I’ve heard from my boss that 4 % of traders last > more than 4 years. I agree with this. On our desk 3-5 is above avg then people leave to do other things… over 10 and you are doing something right. the people that leave its not because they are not doing well but the stress and lifestyle is tough
Are you guys buy-side or sell-side traders? I have heard that stress/lifestyle for sell-side traders is not as tough…
NYCAnalyst86 Wrote: ------------------------------------------------------- > Are you guys buy-side or sell-side traders? > > I have heard that stress/lifestyle for sell-side > traders is not as tough… The $$$ isn’t as good either.
former trader Wrote: ------------------------------------------------------- > NYCAnalyst86 Wrote: > -------------------------------------------------- > ----- > > Are you guys buy-side or sell-side traders? > > > > I have heard that stress/lifestyle for > sell-side > > traders is not as tough… > > > The $$$ isn’t as good either. Of course. Quick question - how often do sell-side traders move to the buy side? What does it take?
worked on both and stress/lifestyle was about the same. on buyside gives you a lot more resp but less room for error
i feel like ive got more questions than answers now. it seems like the opinion here is to move out of consulting and into trading. but i truly dont know if i have the cutthroat ability to compete with all those ivy leaguers in such a stresful job. and if i do go to trading, do i just quit the cfa program since most ppl in this post are saying its not useful. i went to a top 20-25 undergrad biz school and one of the reasons i started cfa, besides learning that it is pertinent of buy side analyst work, is tht it would be an equalizer for me amongst all the ivy kids on wall street. now just more confused about what to do…
I am not ivy leaguer and either are my co workers. Change your mind set or you will be beat before you even walk in the door. Traders are winners and like to compete. I went to a tier 5 school and working on one of the best desk in my given product in NA. So get your mind right but you cant second guess yourself. If you take the job come in ready to learn and work hard.
the show NY Wrote: ------------------------------------------------------- > goldenboy09…can you please email me at > theshowny@gmail.com > > thanks. u should be emailing him dude, youre the one looking for the job.
i emailed him… but will post his questions as I am sure others want to know as well.
NYCAnalyst86 Wrote: ------------------------------------------------------- > Are you guys buy-side or sell-side traders? > > I have heard that stress/lifestyle for sell-side > traders is not as tough… what is the difference?
Please read this book and find out http://www.amazon.com/Practical-Guide-Wall-Street-Derivatives/dp/0470383720
What exactly does a trader do that an algorithm wouldn’t be able to replicate, either now or in the future? While trading will probably always require some level of human oversight, it seems like the number of traders required to turn a profit will decrease over time as technology improves.
doubt it
Dermot81 Wrote: ------------------------------------------------------- > What exactly does a trader do that an algorithm > wouldn’t be able to replicate, either now or in > the future? While trading will probably always > require some level of human oversight, it seems > like the number of traders required to turn a > profit will decrease over time as technology > improves. It’s a possibility. Look how few people vs. computers there are on exchange floors nowadays. On the other hand, the result might just be higher volume, as the same number of traders might just use computer programs to run trades at higher frequency.