Fired From Top Prop Trading Firm, Need Advice
Hi all, I was recently let go from a top proprietary options trading firm (if you know prop trading, it's top 4) after about 1.5 years and am looking for advice on moving on.
The story -- Top 15 school, I started right out as an analyst at a hedge fund that blew up 8 months later (at the height of the financial crisis). It was tough finding something else on that level so I basically waited out the storm then accepted this role as a trader assistant about a year later. The TA program at this firm was pretty accelerated (in comparison to other TA programs) and I was trading and making trading decisions in about 10 months. After about a year and half I hadn't convinced management that I was a fit trading-wise... they had a new class of TAs coming in and they let me go. For what it's worth the turnover at this place is pretty high and it wasn't totally unexpected.
At this point, I'm having trouble getting looks because firms think I'm something between entry and mid levels, which I guess I am. Additionally, I'm not really sure how to market my experience because it was so specific to one trading strategy. I'd like to get involved with something less risky, like execution trading or something on a flow/ S&T desk, but I'm not really sure what resources/ credentials I need to pull something like that off. I wouldn't even necessarily be opposed to starting over as an entry level S&T analyst, but I doubt anyone would give me the look at this point.
Thus, what can I do? Is there any field I have a really good shot at, not even necessarily trading-related? Can I parlay my (limited) trading experience into some kind of analyst role at a hedge fund or the BB banks if need be? I really need to get back in the game, and I'd like to know how others perceive my experience and how I can use that to my advantage. Moreover, I feel like there has to be others who are in or have been through a similar situation...
Thanks in advance guys.
What product/desk? This will make a big difference.
Reach out to all connections you have and hopefully some interviews will start showing up. While age is a factor in traditional recruiting you should be ok if you demonstrate ability during interviews which you can hopefully get.
Are you in Chicago or NYC? Do you have a preference? Are you willing to switch products? Do you know any programming? Do you think you could be a quant?
What is their fit/culture and why did they think you weren't a good match? How were your trading results?
NYC and would like to stay here, yes, intermediate java/VBA, perhaps. Trading results were average, didn't really make enough of my own personal trades to warrant a decision either way.
Seems like you have six months trading experience (and it wasn't super successful). Additionally, you admit that it was specific to one strategy. None of this is a big deal.
However, I think you should be very careful about marketing yourself as "mid-level" trader (whatever that means).
Instead, if asked, I'd redirect discussion toward a better semantic dichotomy (e.g. junior vs senior), and then portray yourself as young, hungry, and eager to learn from a mentor.
There are a lot of prop firms in Chicago as you know. If you're willing to switch products, you should consider talking to all of them and get your name out there. You would probably have to come in at TA/junior trader level but you would have another honest shot at a prop trading path.
If you're really set on staying in NY, your options are definitely going to be a lot more limited I think because you are at an unusual career level. You can always roll the dice for S&T when recruiting season comes around but that's unlikely to go anywhere since you're not a student.
I think you would have more luck spinning your story for hedge funds but most are looking for technically and computational skilled people. Those are my thoughts...
I feel like you can definitely land a job in risk management if you want.
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