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I am a firm believer that the grass isn't always greener on the other side. If you like the school you are currently attending, I wouldn't transfer.
It's not impossible for someone from a non-target to get into a trading roll. Know your story. Network/cold call/cold email individuals from your college/ high school/ hometown/ etc.
Best of luck.
I had a lengthy, scathing response typed out that basically said, "lol no fuck what he said," but I'm going to save all that and say this instead: OP, transfer to the best school you can get in to and can afford to pay for. Your life in general will reward you for it.
Sources: having been in the same position 3 years ago (and not transferring).
Appreciate you not posting the long response. I think it depends how connected your school is to firms. Plenty of non target schools have many alumni at BB, some more so than target schools. It all depends. If you goto a school with little to no alumni on the street than I would suggest transferring.
What's trading for a PE firm?
I thought the exact same thing but didn't want to get off topic lol
Check out: http://www.wallstreetoasis.com/forums/hate-being-at-a-non-target
Non-target doesn't particularly matter as long as you have a decent amount of alumni on the street. I'm non-target and got offers at BB's for SA this year, all going through alumni. I think this can almost be an advantage (given that there are a solid amount of alumni) because it is much easier to stand out vs. being at a target.
Sometimes being at a non target can be advantageous. There are only a handful of alumni from my school on the street so they're always pretty receptive when I reach out (FYI I'm at a BB now) because there are so few of us. Also gives you a good story to tell and helps you develop your sales skills, which are arguably more useful than any ivy degree.
That said, your reference to "trading at a pe firm" makes me think you need to spend some more time on this forum and talking to people in the industry before you decide to do something drastic like transfer schools. Make sure you know what you're getting yourself into.
Thanks for all of the replies. First off I want to clarify that I didn't mean PE firm, I meant prop trading firm. I guess I made my mistake in my haste. I am by no means an expert on the industry but I do know the basics.
From what I've been finding, there aren't many in my alum network on the street but I guess I should look harder. Transferring is a possibility but it boils down to possibly having to stay an extra year to finish and I'm not sure if it's worth it. That being said, I really want to break into the industry and if that means coming to NY for conferences and networking I will, I just wanted some insight from some of you who've gotten internships and offers if you think this is a good way to tackle it.
I have 2 friends that went to a huge prop firm in NYC. One of them is still there while the other left to start his own hedge fund which is currently about to hit 1m aum. From what I am told by both of them, you don't make enough money to live a lavish lifestyle that many people believe. "Why should I bother living in NYC, paying 1.5-2k/mo on rent and spending excessive amounts of money on a sandwich when I can just do everything at home?" IMO from what it seems, you're better off finding a smaller firm where you live until you get a good track record down.
IB and prop trading are two totally different fields. If you're determined on the path of trading, keep an excel file of all your trades and reasons for making those trades. What did you see, patterns, movements, etc. Show that you're interested or on the track of becoming CMT certified. When you send your emails to prop firms, send them this excel file to show your experience. In the trading field a lot of top schools don't even offer classes. I used to teach a few TA currency classes for the club at mine.
But it seems like I am going to give you the same advice everyone else is. Re-evaluate what you want to do, because it seems like you may not quite know yet yourself. Cheers
/edit: also when you show your trades, do not underestimate your losses either. No prop firm wants to see another kid who thinks he has found a flawless trading strategy. Your losses are just as important as your wins. If you can show you've learned to not make one mistake, that's one mistake the firm doesn't have to teach you.
I've thought about this for a while and I've had my eyes set on a hedge fund since day one. Whether it's being an analyst, a trader, or whatever, I just want to learn as much as I can about the business. What prompted me to include prop trading and possible investment banking is through reading some of these threads that give somewhat of a dismal outlook at the idea of anyone getting into a hedge fund from undergrad, especially from a non target. I've actually been reading up on the structure of hedge funds because, like your friend, I'd like to start my own. (I'm sure I'll get bashed for that comment, but who cares)
So to stream line the question, is networking pretty much my only way to get into the industry without being from a target school? Also would transferring to a better school have a big enough impact to get my foot in the door?
It seems like networking is pretty much the only way to get in with or without being at a target school. I'm at a semi target school and we have partners from the Big 4 as well as top guys at CS, JPM, MS, etc come in and they all tell us the same thing... network, network, and network. I remember one piece of advice that they gave "Don't bother with us unless you have interviews lined up at other firms. It doesn't matter what firms, just somewhere to show that you're competitive."
Starting a hedgefund isn't easy, and you're going to need to have a large amount of capital to start to pay for lawyer fees and some sort of way to get your name out there. My friend was on the borderline of being a trustfund kid with a lot of connections from the beginning. The fact that he had a solid gpa, was able to get steady returns in his portfolio, and obtained a CMT at an early stage of his career only helped. Not trying to discourage you, but only here to show you how it really is.
My best advice to become a better, more seasoned trader is to read. Read, read, read. You can never read enough about options, futures, forex, every possible market out there. If you haven't already, read the staple books. One of the interview questions that S&B Capital asks is what you've been reading lately? I've read, probably about 120 hours on options and I still don't feel fully comfortable trading them. Anyone that tells you differently is naive and doesn't fully grasp the understanding and volatility of them.
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