/biz/ - Business & Finance » Thread #935187

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Anonymous ID:1CeYXDNt Fri 23 Oct 2015 19:15:33 No.935187 View Reply Report Delete

Quoted By: >>935206 >>935224 >>935229 >>935637 >>935663 >>935713 >>935718

Is it possible to land a career at a big Investment bank/trading company without a degree? I'm really looking to get into Trading and wondered if theres any way of landing a job at a top firm without a degree, surely track record and experience is greater than a piece of paper?

Anonymous

Anonymous ID:xg8xSrOY Fri 23 Oct 2015 19:18:03 No.935190 Report Delete

Quoted By: >>935663

I'm going to keep this simple for you.

No.

You have to realize that even the smartest of people from top universities get rejected at these firms.

Anonymous

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Anonymous ID:9MFMb5wU Fri 23 Oct 2015 19:30:33 No.935199 Report Delete

Quoted By: >>935202 >>935663

You'll never work for a big bank, but look for small hedge funds making big returns.

It's much easier to get in front of a company that has a dozen employees and prove your worth. All these guys care about is making returns, not your fucking GPA.

Anonymous

Anonymous ID:xg8xSrOY Fri 23 Oct 2015 19:32:56 No.935202 Report Delete

Quoted By:

>>935199
If you're really keen on getting into trading, this is solid advice.

Anonymous

Anonymous ID:t5A0uo+A Fri 23 Oct 2015 19:35:24 No.935206 Report Delete

Quoted By:

>>935187
Realistically unless your father is an executive at a big trading firm you're not getting a job like that without a college degree. If you can make consistently make amazing returns then you can always try using something like profit.ly or fundseeder, though I haven't looked into either of them that much. Those two websites are probably your best bet for getting a verified track record.

Anonymous

Anonymous ID:Q2QXjx8z Fri 23 Oct 2015 19:55:23 No.935224 Report Delete

Quoted By:

>>935187
bank - very unlikely, or at least not a trading role - you can get into an IT role if you've already got the skill set they're after

trading role at some small prop firm is potentially feasible - maybe one owned by ex locals/floor traders.... though you are unfortunately about 10 years too late for this - much harder these days to simply sit a bunch of people down behind a bunch of PCs with TT price ladders on the screens and let them scalp futures, manually leg into spreads etc.. most of the obvious stuff is automated now and you'll not have much chance of competing - a decade ago you could have made six figures from rebates alone trading STIRs

the other potential option is options market making... though most firms will likely want grads these days it isn't necessarily unheard of for a non grad to get a job

Anonymous

Anonymous ID:Q2QXjx8z Fri 23 Oct 2015 20:04:46 No.935229 Report Delete

Quoted By:

>>935187
>surely track record and experience is greater than a piece of paper?

just to add to this bit - yes, it can be

the firms that used to back graduates (and the occasional non grads) will still take a look at funding people with a proven track record - though these days you're unlikely to be fully funded

10 years ago you could, as a fresh graduate or rather lucky non-grad - get given a basic salary and be sat on a sim for a couple of months after which, if you're not a total mong, you'd be allowed lose with a very small limit of 1 or 2 lots... if you show consistency you'll be scaled up a bit... carry on showing consistency and you'll be scaled up rapidly... after 6 months the salary stopped and you're just getting a profit split minus a cost for your desk and software - if you stop making money for the firm you're out the door fairly quickly

these days you're likely to have to put up cash on a first loss basis - but still, if you can make money consistently, intraday, in some futures product and you can show say 6 months of statements from your clearer/FCM to prove this then the funding is there... you'll probably not get crazy limits to begin with but if you build up some trust then you may well find that you'll get them eventually - there are still people out there manually trading futures in these firms with the ability to throw a few thousand lots at the market when they feel the need to

Anonymous

Anonymous ID:whDKSRYx Sat 24 Oct 2015 05:17:53 No.935637 Report Delete

Quoted By:

>>935187
What's your experience like, OP?

Anonymous

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Anonymous ID:FlpUJymn Sat 24 Oct 2015 07:22:29 No.935663 Report Delete

Quoted By:

>>935187

Hey OP.

>be me
>finish High school
>land a summer job in the trading dep of a bank
>admin and stuff, no rocket surgery
>comparing lists, preparing stats and presentations
>occasional post-trade procedures
>all of a sudden, the team I assist gets poached by another bank
>boss walks over to me, offers me ridicoulus salary and asks me to stay
>skip colloge, pass trading licence
>be trader

So, yes, this happens, but for every guy like me there are some some 50k with a degree getting turned down. I was rather lucky than smart.
It was the combination of me being somewhat talented (I executed smaller trades every now and then when the boys were too busy) and being at the right place at the right time.
Also, this was back in '98 (yep, I'm an oldfag) when markets went wild and trained staff was hard to come by.

From a realistic angle, these guys have a very good point.
>>935190
>>935199

You also might consider trading firms (like IMC, Optiver, Tibra, Citadel et al.) if you convince them you can make it, you might get a shot. Remember they get as much applications as the big banks, but they might have a different mindset so you're more likely to land a gig there.

Stay away from arcades, they're a one way street.

Good luck.

Anonymous

Anonymous ID:YLhubMwP Sat 24 Oct 2015 09:23:45 No.935713 Report Delete

Quoted By:

>>935187
Back in the late 1980s, J. Aron and Company hired several oil traders from Houston who understood the physical side of the business. They trained those traders in the investment side of the business. I knew one of the guys hired and he told me that the bulk of his training with J. Aron was studying "curves". He also told me of the "flashlight" clubs he attended in NYC during that period of time.

Anonymous

Anonymous ID:liVaPnir Sat 24 Oct 2015 09:33:36 No.935718 Report Delete

Quoted By:

>>935187
Only if you got an edge son.

Banks get huge amounts of unsolicited applications all the time - and because of HR regs and equal opp shit even personal networking is kinda losing its touch in larger organizations.

You practically have to spend cash and use something like ClearCV.com or jobscan just to get your name actually seen by a human.

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