Hey Guys,
I am a final year finance undergrad, I started FX trading 2 years ago and fell in love and right away knew prop trading is what I wanted to do. Currently I am career hunting, can some of you list Prop trading firms that I could apply to? This is what I have so far...
Trillium Trading LLC (US)
Group One Trading LP (US)
Liquid Trading International, LLP (UK)
Gelber Group (US, UK, chf)
Archelon Group (US)
Equitec Group (US)
Ronin Capital LLC (US)
Cutler Group, LP (US)
Citadel LLC (US)
IMC (US, International)
Susquehanna International Group of Companies (International)
Jane Street (US)
My experience: Been FX trading for 2 years, using technical analysis, price action, and recently started to get into algorithmic trading and mechanical trendfollowing (learning MQL4 right now so I can program my own systems). Other than my trading experience, I am from a Upper Middle tier Canadian University and my job experiences are not all that impressive, no internships.
My questions:
- How should I tailor my job applications for prop trading firms, what sort of qualities, skills and experience they would like to see?
- Is there some DON'T that I should be aware of when applying to prop trading firms, (like don't call them don't write certain things on resume, cover letter etc).
- Do you guys recommend cold calling firms and get noticed by firm personnel BEFORE applying on their sites?
Thanks
Try Tibra and Optiver. If you can crush their screen test, they might give you a shot. Otherwise, good luck, it will be tough to land an interview given your background.
You left First New York Securities off your list?
I am still gathering firms to my list, thanks for the name drop guys, I will add them to my list. Any other advice on the job hunt?
Interviewed with quite a few of these places. Know your probability & undergrad math. Its how they screen. They look highly on science/math/eng kids and less so on typical finance kids. But each firm is different, and if you can pass their tests, then it won't matter too much to them what you majored in.
If you wanna be realistic I'd take Jane Street & Citadel off your list. Doesn't fit too well with your background
thanks solb22, what firms do you suggest I apply based on my background?
DON'T take a dump in the foyer
Actually halfstep, scratch what I said. APPLY EVERYWHERE! Doesn't hurt to try.
But do some research on firms that match up with your background/interests based on their culture. Then write a sincere, SINCERE, cover letter that details this crisply & concisely. Make the transition form your cover letter to resume flawless and simple.
I only know the science/techy firms. Brady4MVP might know better..hes in prop trading in chi town. They are going to really test your quant mettle...so a semester of business stats isn't going to cut it. Study some stuff on glassdoor/wilmot forums etc to practice. Honestly, if you smoked the technical portion of the interview (and I mean an actual tech. interview, not some questions on DCF for IB), then I could care less what you majored in. But I think you'd be better of finding firms that align slightly more with your background/work experience. Still, apply apply apply..couldn't hurt.
I did the same as you do. Also I have a lot of friends applying for the firm. Most of the failed. The questions are purely mathmetical. I am sure that after 1-2 month of proper math/brain teaser training. You can crack those questions for round 1-2, but not sure about the rond 3, or 4...Jane street has 5.
Again, you are competing with really smart people out there. Go and try.
What is your edge in prop trading? You probably don't have one yet. Apply to a BB, be a FX flow trader for a few years, and figure that question out before go prop.
Those are all very different firms despite the fact that they are "prop." Figure out your strengths, strengthen them further, and figure out a way to get in touch with a firm that is in line with your strengths.
awesome replies guys, GekkotheGreat, I have searched most of the BBs, and haven't found any FX trader positions, I was also speaking to a FX trader before, and he said that FX trading is actually not a growth industry, especially with big banks and institutions now switching to E-commerce solutions and automated pricing schemes. .. just some Info that I would like to share after doing some research.
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Macro, I haven't applied to that many shops, but thanks for the heads up, now I know how competitive shops are, and won't spent my majority of my time applying to them.
Also, does anyone know anything about energy or commodities trading? I will be entering the Rotman International Trading Competition at the end of February. I have already submitted my application to be a BP Trader Intern Analyst, is it true that being a trader for oil companies has more exit opportunities than working at prop shops? How competitive is it for undergrads to break into commodity or energy trading for oil or manufacturing companies?
Boom headshot
edit: I'll try to actually be helpful. Energy trading is very Texas oriented regardless of if a shop is in Chicago/NYC/London. Exit ops depend greatly on your firm, how you performed, and who you know. Since you're from Canada, it will be hard competing with the kids from TAMU/UT/Rice/UH/SMU/TCU/Tech/etc whose parents all work at these places.
It's also very different. Many traders don't even look at "technicals" or charts in energy, or if they do they don't really rely on them. Monty09 is the guy to talk to about this, he's far more knowledgeable on all this than I am.
Energy trading you really need to understand scheduling/risk/shipping and the actual pipelines and power grids more than just the market. Although it's not as hyped up on here as other forms of trading, it is extremely competitive.
what do these energy traders look at when they trade then? news? comprehensive fundamentals?
all of that, spreads, etc.
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