FNY Capital Management

do you know what kind of PnL stop loss FNY gives to new traders?

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!

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.

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.

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.

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How is the interview process at TMG ?

Is everything from math tests to HR and technical interview took place during your visit there ?

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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.

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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.

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.

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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.

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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.

good luck. i have 2 friends who went through that recruiting process a few yrs back..complete clusterfuck.

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

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.

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.

first [email protected]

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.

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

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.

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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%

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.

i got an offer from them-- go on glassdoor----and tim crack (guide to quant finance interviews)--know all mkt indicators