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You're not going to get a top b-school with a crap firm.
Well, I would probably leave since it sounds like a really crappy situation. If you have the financial means to be unemployed for a while, (since you say pay is shit anyway). It just doesent sound like you are getting good experience and could better spend your time doing other stuff.
One thing to remember is that it's always easier to get another job while you still have one.
Grind it out, stick with it for as long as you have to until you can lateral. As mentioned already, you won't get MBA business schools ">M7 with a shit firm, and coupled with your lack of solid work experience you're not in a good place for b-school. You're in the industry, you have to have developed some kind of network by this point, leverage it to get yourself a better job elsewhere. And stay positive. You scream negativity right now.
Start building a network IMMEDIATELY. Go to the bar, gym, park, church, coffee place, whatever works for you and start meeting people now. Upsell your experience like this: "I have been working this cool position at company A for a while and would like to move to where YOU are because it sounds even more interesting than where I am now" because even if they know you HATE your position, you can at least sell YOU.
Good luck
Honestly, negativity permeates people in shitty situations unless they have the emotional constitution of an ox. Happened to me when I hated my job. I actually burned part of my network because they were willing to grant me an audience and I was just too negative for my own good or their tolerance. When I left my firm, I leveraged my network and got two offers for S&T in Toronto and one for RE AM in NYC. The unemployment period was scary and I had a lot of second-guessing of myself because I was chewing up my meager savings in cheap food and rent.
UFOinsider's advice is dead on in my opinion. Family, friends, family of friends, church etc. can all be surprisingly effective at getting your foot in the door.
As for grad school, what about an MFE? I was under the (possibly mistaken) impression that those types of programs are better for trading types than an MBA.
A MFE or master's in finance is better for getting pure trading jobs at bulge bracket banks. At a top MBA program, the vast majority of S&T jobs that grads get are in sales, not trading.
Moreover, the OP will have a VERY tough time getting into a top MBA program if he works for a no-name trading firm. The trend in admissions has been tilting against those in finance. And if you don't work for a brand-name firm, your chance is not too good.
No, I get that it's easy to be negative, but I'm saying it's a mindframe you should try to avoid. Like you said, it'll ruin your connections with people when they see how miserable you allow yourself to be.
Look into MFE or even MSF programs. You'll probably have a better shot of getting into a decent program, and those programs get a lot more recruitment for trading.
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