FNY Capital Management
Hey -
Has anyone heard of or is currently working at First New York Securities? I've been thinking of applying there and was curious about their reputation on the street/culture.
Thanks!
Hey -
Has anyone heard of or is currently working at First New York Securities? I've been thinking of applying there and was curious about their reputation on the street/culture.
Thanks!
Career Resources
Extremely hard to get in. Very nice firm, I've been there. Been around for 30 years. The guys there are mostly discretionary and some automated traders but they ain't no revolving door type traders. Straight from hedge funds or bulge brackets. If you apply for experienced trader without a track record, the chance of you getting is in less than 1%. They have a 40-60 split, yes you're the 40. If you become a partner you get 50-50. The reason why the split is low because they use their own capital. Assistant traders get salary but not a guarantee to run your own book afterwards and I think salary goes away when you run your own book. Average book I say is probably 3 mil per trader? Some guys could be running 20+ mil books. Few guys trader are making 8 figures and per capital base, I would probably say of the best trader on wall street. Andrew Ross cough... Any monkey can work at banks but not a pure prop, so making 8 figures... is no joke. They use every software available... Bloomberg, Tradestation, Redi, etc... They trade every asset classes, currencies, futures, commodities, rates, credit, equities and international equities. They are open 24 hrs and 35% of their income is generated from the international desk.
do you know what kind of PnL stop loss FNY gives to new traders?
FNYS Interview Next Week, What to expect? (Originally Posted: 03/26/2010)
I have my first interview next week with an MD from FNYS, if anyone has been through the process please shed some light on what to expect (Time frame, number of interviews, etc.) Thanks.
This has already been covered. Do a search on this website. Also, look at other prop shot interviews because they will be the same. Google "First New York interview questions" Expect lots of quantitative questions and you should probably buy the Heard on the Street Guide.
Is the interview for an Entry level position ?
It's for an Senior Prop Trader position out of the Boca Raton office
Oh, well all my experience is with entry level positions. You may still get some difficult technicals, but I would expect fit to play a bigger role since your a senior hire. I still suggest using Google. Congrats.
My entry level interview went something like this:
First off, what school are you from? If you are from a non top 15 or so they will treat you like an outsider. Second, make sure you cater each of your answers to Prop trading. "Would you ever get an MBA?" Well does a trader really need an MBA? What are your career goals? (they seemed to want someone who was going to do prop trading for 15 years)
I luckily didnt get the job and will be working elsewhere this summer!
Seems like they rubbed you the wrong way. Why do you feel you are better off somewhere else ?
For a senior position, I'm sure they will focus on your track record and whether your strategy is in line with what they are familiar with.
For entry level hires, being sure that you want to be a trader is a major issue, as it takes a 1-2 years of training before you can add any value.
For either senior or entry level, fnys gives you a lot of freedom in deciding how you want to trade. As long as you don't lose money, they are cool with you. So it is very important that you have the initiative and ability to develop a strategy.
FNYS thoughts (Originally Posted: 12/03/2009)
.
I know two guys at FNYS, and a very close friend is going through the whole process (it's hella long). Very solid, well respected shop. Got some very smart traders and a great training program. Only thing is that be warned that it takes a very very distinct kind of personality to fit in there. I know a guy from my desk who went to FNYS and was finished in less than a year. Partly he wasn't making enough bank, and large part was that he didn't have the personality to feel comfortable there. Transmarket is definitely a different culture, though I don't know anyone there personally.
Don't worry though, if you don't fit in, they are generally very able to screen you out the first or (if you're really lucky) second rounds. But it sounds like you got an offer already so congrats.
Hi Kospier,
Can you elaborate more on FNYS culture ? What kind of a personality do you need to fit in there ?
Thanks.
Transmarket: you trade as a team and earn bonuses as a team.
First NY: 50k base, 40% of profits, you start with a 500k book. Pretty much its a bit riskier I would say but your potential is so much greater.
I think the learning experience actually might be better in a way at Transmarket since you work as a team.
becarful when you post stuff figures you arent sure about.. your wrong
.
How is the interview process at TMG ?
Is everything from math tests to HR and technical interview took place during your visit there ?
.
Do you know if you have any more rounds of interviews left with them or is that it ?
If not, then it appears all they look for is your basic math ability and personality.
.
It completely depends on the asset class. They trade three asset classes (fixed income, commodities, and equities) and only fixed income and commodities are hiring assistant traders right now (1 each). Getting a job in the fixed income group is like working at a macro hedge fund and is probably better than getting a job at BB in S&T. An assistant trader position in commodities is pretty mediocre and definitely worse than working at a BB. Less than 50% of commodities assistant traders become full time traders.
You talking about FNYS hirnig only fixed income and commodities right now?
I just recently finished my final round with FNYS and was wondering if anyone else had? If so, have you heard back? PM me.
Yes I did..
I'm going to guess that you're going for the Jan. class - you should hear back soon. It usually takes them about 1 week to finalize decisions. And plus they're looking to fill the remaining seats fast.
.
thx
Kospier - Do you happen to know how many seats for the Jan start date they're looking to fill? I thought they were already full and were looking to fill for July start...
Last I heard: 2 for Jan. class.
?
Naw, I'm keeping up with FNYS stuff because a close friend is trying to land a seat there, and I keep bumping into a few of their traders at different spots in town. I personally have a lot of respect for a few of their partners/seniors - the firm's as solid as they come.
FNYS Contact? (Originally Posted: 11/10/2009)
Anyone have a contact, whether inside or recruiting at first new york securities? I would greatly appreciate it and could provide contacts I have. You could PM me if you would prefer.
Much obliged
good luck. i have 2 friends who went through that recruiting process a few yrs back..complete clusterfuck.
PnL can you elaborate on this? What was so bad about the interview process?
but have you read trading books? are you sure your ready?
I am completely ready trust me... Every trading interview I had so far i aced.. i just got screwed with timing and have to wait... its h ard for me to get some because of my graduation date.. i graduated like in the worst time in the past 20 years... im comfrotable with any asset class.. and all the hardcore prob questions...i just cant get in touch with anyone.. i found someone in hrs name.. i called her a bajillion times and sent an email but no1 responded.. ill even talk to you via pm email or phone.. you can see my resume to see if your comfortable.. without sounding arrogant.. ive prepared for this for months and beleive im qualified
FNYS-Super Saturday Question (Originally Posted: 12/07/2009)
I'm currently a student at a Semi-Target school interested in proprietary trading. I received an email today from First New York Securities for a super saturday event.
Does anyone have experience with this event? If so, please elaborate on what I can expect?
Also, do a lot of people get invited to Super Saturday or is it actually selective?
As for me, I submitted my resume through OCR two months ago but never had any interviews with them.
Thanks!!!
know why you want to do prop trading.
When is the event ?
It's on Dec. 19th
i'm just confused as to what goes on in the "super saturday". it seems a lot like an infosession from the e-mail.
anyways, good luck man. i won't be joining you, but gluck with the process.
FNYS inital account size (Originally Posted: 02/11/2010)
Does anyone know what the inital trading account size at First New York Securities is? and what is their payout structure?
Thank you
I hear its 500k and you keep 50%.
A few guys manage around 50 mill though.
Do you get to trade right away? How many assistant traders become traders?
No, you are an assistant trade for 2 years I believe.
FNYS email format (Originally Posted: 02/27/2010)
Anyone know it?
first [email protected]
This is inaccurate.
FNYS Starting BP (Originally Posted: 03/27/2010)
Does anyone know from experience or close friends etc...how much bp does FNYS normally start their traders out with and also what is the split like?
My buddy works there and I think he got 70 his first two years. Learned how to trade and didnt need the salary but his second year. In my opinion, best desk in New york (have only been on about 4 or 5) and wish they had hired me. Regardless of the salary, work there if they make an offer because you will be surrounded by guys who know how to trade.
"I think he got 70 his first two years".
Are you talking about a salary or a buying power ?
Do you guys think it makes sense to apply for an assistant trader position there as a non-US citizen? Do they take on internationals (I'm from Europe)? They state the following under requirements: "4-year college degree and a transcript which reflects relevant course study and a strong G.P.A." In Europe, programs usually run 3 years only, so maybe this is a signal that they do not take on internationals!? Any clue?
Thanks
Just apply, dude. What's the worst that can happen? They don't interview you like dozens of other places to which you'll apply? And the job description is probably just because it's geared towards Americans.
I just don't want to waste time because I tend to actually invest some time when I apply and do not copy-paste everything! Could have been that s.o. knows about them not hiring internationals...
If you're investing THAT much time into each app, you're not being efficient. No, you don't have to copy/paste, but you don't need to start from scratch, either.
I just wanted to make my point - I know that I can't loose anything. Thanks for your help anyway!
Actually, just clicking on the "Careers" button on their website doesn't take that much time. And it is sufficient to see they have offices in London. Hence they obviously recruit from Europe.
Taking a few more seconds and clicking on the "Search" button reveals that their London office is not recruiting assistant traders.... And anyway, having an office in Europe does not mean they take on Europeans for their NYC location.
And with the time you've wasted arguing semantics, half of your application could be done at this point
hahaha
To the OP, if you're wondering what they start their Trading Assistants at when they come in, it's $60k base. I received an offer from them about six months ago but decided to stay in IB instead.
It's a top notch shop, some of the best traders on the street, however, making it from a TA to a full-time trader is by no means a sure thing. I belive it's a 50% conversion rate, maybe less.
I work there.. most of you are wrong.. they dont higher non-citizens for the us position.
This is true. Most prop shops don't hire internationals with Bachelors (phd is different though). The only firms that I know hires int'ls is Jane Street.
-
Anybody know the actual answer to the question?
thanks for checking my spelling with hire.. spelling is the #1 thing I care about during open hours on the desk when I post on here to try and help someone...
the starting buying power if thats what you mean is usually 500kish and gets bumped up quickly if you prove you can risk manage..someone whos been a trader on their own for 1 month has 2 mil buying power if they arent an idiot
the split used to be 50% now its 40%
FNYS Florida Office? (Originally Posted: 12/15/2010)
I'm curious about First New York Securities' office in Boca Raton, FL. The location was removed from their website -- anyone have any idea why?
we have a south beach office as well but mainly for experienced/quasi retired traders who just trade to make some pocket change but are goodotherwise
so fnys might not be pulling more people into that office. or they all had their money with madoff :>
The Florida office has been converted into a FI brokerage firm.
FNYS internship help (Originally Posted: 03/17/2011)
I have searched and scoured WSO and the net, still looking for more info on what to expect for FNYS' summer intern interview as well as the possibilites to get into the assistant trader program after internship?
A little about me: - really non-target CUNY- Senior my last Semester will have graduated by start of internship -beefed up resume with good exp to offset the non target -Trading is where I want to be.
I think just getting a first rd is acheviement in itself?
i got an offer from them-- go on glassdoor----and tim crack (guide to quant finance interviews)--know all mkt indicators
Distinctio officia dolor consequuntur aut sit consequatur quae. Voluptatem omnis corporis velit voluptate non. Aliquid blanditiis saepe iure adipisci dolores sit.
Ipsam a mollitia sapiente laudantium blanditiis excepturi laudantium. Neque porro consequatur qui in nam a consequatur.
Sunt sed dolores et voluptatem molestiae consectetur. Laudantium est iste earum voluptas eum quod tempore. Quia doloremque unde et. Veniam cum aut ut omnis ullam. Dolores facere nesciunt non quia. Blanditiis voluptatibus sit quibusdam recusandae labore neque. Sit dolorum est nulla ex iusto.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...
Explicabo dolorem corporis id repellendus. Error illo molestias sequi voluptatem maxime. Possimus omnis quas deserunt dolorem.
Consectetur fugiat tempore dignissimos minus. Officia qui sunt voluptatem soluta omnis exercitationem. Aut accusamus sit consequatur laudantium.
Quibusdam dignissimos et ut qui. Facere tempore enim adipisci incidunt sit.
Et facere est ducimus consectetur labore in non. Velit odio ut maiores recusandae facere ut cum. Molestiae nulla accusantium nesciunt autem culpa quia aut. Odio deserunt inventore in ut qui.
Iure aliquam dignissimos modi eum sit. Nihil iusto aut soluta nobis perspiciatis cupiditate. Ab consectetur ut sed esse eum eos. Ut id aut error ut. Quisquam voluptatibus velit vitae est consequatur minus voluptates.
Doloremque quia sequi modi doloribus ea facilis sint. Numquam dolorem sit pariatur. Animi ea tenetur quisquam eum nam asperiores aperiam.
Sit omnis perferendis aut maiores. Id quia laudantium consequatur dolores illum. Doloribus ea aspernatur quisquam autem ratione. Nam qui earum qui fugiat dicta.