Trading as a career

carl_

Hi,

If there's anyone reading this board who started out as a junior trader or is currently working as one (or anything related for that matter), I'd really like to hear from you. I'm looking into the area and would like to hear first hand, what the work is like. Essentially I'm trying to find out what was required of you in the interview (any statistics tests or stuff like that), what the company hiring you was looking for, what your typical hours are etc. If you want to keep it as a PM, that's perfectly fine.

regards,
Carl_

Edit: actually, this might be more suited to the 'Work & Jobs' forum. doh.. Mods, feel free to move it!

justfortherecor

Not into the global markets side of things myself, but a few of my friends work in the area. To be honest, they all seem genuinely interested in what they do.

Hours aren't as bad as Investment Banking, although you should be ready for very early starts. Most of the teams have conference calls with their Tokyo and Asian offices and other desks before the markets open. My friends are usually in the office every day at around 7am, sometimes before. However, they get to leave the office soon after the markets close so you will have time to socialise in the evening. (I purposely didnt use the word 'relax' there because sometimes they can be extremely stressed about what happened in the market that day and their current positions in that market.)

Good Quantitative skills are increasingly a necessity and there are very few traders still left who mainly use qualitative info as their main method.

Money is good; will be fairly standard in the initial grad programme but after that, if you're good enough, there's really no limit to the amount to be made. Getting on to the prop desk is the real aim.

Finally, if you want to be a "trader", you're going to have to move to London or New York. Irish banks are rather limited in their trades and effectively just deal their banks own products. If you want to engage in proper hedging, trading etc, then you're really going to have to get on a desk in one of the main houses in the financial centres.

Hope this helps

carl_

Hi justfortherecord,

That was very helpful. Thanks!

carl_

Does anybody know what interviews are like for junior trader positions? I heard they ask probability questions - that's something I'll have to brush up on. Do they quiz you on other technical subjects? I come from a maths background, so I'm a little light on the business side of things. Just looking for pointers on what I should be studying to move into this area.

Running Bing

carl_ wrote: »

Does anybody know what interviews are like for junior trader positions? I heard they ask probability questions - that's something I'll have to brush up on. Do they quiz you on other technical subjects? I come from a maths background, so I'm a little light on the business side of things. Just looking for pointers on what I should be studying to move into this area.

Well if your from a math background I dont see why you should have problems with the probability. If they ask it will be pretty general mental aritmethic stuff just to see how quick you are.


I would say start reading the financial times and take an interest in business if you are serious about it.

Finally start reading all you can on it. Its not something you simply decide you want to do and give it a shot. There is huge competition for places and you'll need to be really really good. People from all over the world apply for these positions and they know their stuff.

Good Luck.

NewGrad

Not sure if this should be in a different thread, but anyway ...

I have recently graduated with a BSc in Maths and am interested in working in Finance - in particular the markets. I have come across a company
http://www.customhouse.ie/opportunities.php

Custom House Capital Online who offer a training program in the markets and futures trading.
Has anyone heard of them? Are they reputable? I have been offered a position on the training program - very low basic salary and profit share after make certain amount per month?
Does anyone know if good salary is possible?
Guys running place seem fairly good, some I am interested. Just wanted to know if anyone had heard anything good or bad?
BTW I think there are a few places still available on the training program for anyone with an interest and a finance/economics background.

dunkamania

I haven’t heard anything to suggest that they aren’t reputable.
After your initial training, if you aren’t making money, your tenure there will be short.
Not much job security with this role, but if you are a young grad with low overheads, it could be great experience.
I would try all the traditional trader houses first.

Reminiscience are a similar operation.

NewGrad

I heard the other day that Reminiscence is closed down. A friend of mine lives with one of the guys there and they basically came in one day and told everyone to go home. They were not making money and didn't really offer any training.