Hi,
I have a friend who is finishing his Msc and applied to JS.
He already have an offer at a good bank at an okeyish desk.
He got contacted for interviews for an "Assistant trader position"
He just completed round 4 i think so the process is quite advanced and getting an offer is not a remote possibility.
I was also considering applying so i am interrested as well.
Is this some sort of middle-office position where you have to fight and overcome odds to become a trader or is it a natural path to trading there ?
To phrase it another way, is it possible/common to start directly in trading from undergrad/msc or do you pretty much have to go through being an assistant for months ? Years ?
Search the forums for a more definitive answer, but from what I can gather in some cases the Assistant Traders don't often make it to Trader. It isn't sub-trader position as much as an administrative function.
The response above is completely wrong. Almost all of the top trading firms call this position 'trading assistant' or 'trading analyst', its basically the training program for becoming a trader. Depending on the firm, you typically are in this role for 12-18 months. They won't start you trading right away (that would be stupid), so starting off you learn everything about the desk and help with whatever they ask. Depending on your background this could be working on current models and helping to develop new strategies or working as a liaison for the traders in the pit to the guys upstairs. No respectable firm will let you start trading right away out of undergrad, you would get crushed.
The process at Jane Street is incredibly difficult, without a strong math background you don't stand much of a chance. That being said, Jane Street is one of the best firms out there, they have an amazing office, and you'll be working with incredibly smart people making tons of money.
One thing I am wondering about is if they will come under any fire for the HFT investigations going on. I don't know much about their strategies, but from their website it says they move massive amounts of volume every day. Obviously I don't expect to get any definite answers on here but if anyone has any info I would be interested.
Not completely wrong...
That sounds like a description of physical trading to me.... Jane Street does screen trading, buddy.
Thanks for your answer econometricks. Very helpful.
When you say that the process is extremely difficult at J St,
Are you talking about the recruiting process (which is indeed very difficult, but fair enough), or are you talking about the process of going from TA to trading once you are recruited ?
I was under impression that retention rate was fairly high.
I know that intervew process is very hard, and my friend is confirming this. But it would be a bit of a shame if most of people that get throught aren't even able to make it to trading.
it's not a middle office position. make sure he's prepared for the final round interviews (def harder than the preceding ones)
They are known for giving very hard interviews. I made it to the 3rd round before I was dinged. They asked me to make a 95% confidence interval of the amount of players to ever play in the NFL (forgot a variable doing this), bet on my answer, and they kept re-adjusting the odds. I tried to use Kelly Criterion to sound smart, but I definitely bet too much since I didn't consider that I forgot an important variable. Know your probability and basic stats cold. They also had me do a proof by induction in my head. If you can't do basic mental math (like double digit multiplication) in your head you get axed in the first round.
Sorry if I was unclear, I don't know too much about actually working there. As above, I got cut in the third round when I had to try to do an abstract algebra style proof. I would assume that the retention rate there is very high, as it is a many of the very best firms. They wouldn't hire you in the first place and give you exposure to their trading secrets if they didn't think you could make it, so I don't think its a churn and burn place like Citadel. My guess is that if your buddy manages to land the spot he will do just fine, and if not, having that name on your resume is as good as you can get in the world of trading. From the places I have experience with and know people at, typically you know within the first year and a half if you're going to make it. If at the end of the training program you still haven't mastered the classes they put you through or done well in whatever mock trading exercises they put you through, you typically are let go after 2 years.
Not middle office at all. The base is now 125k and first years can probably expect around a 50k bonus. It's a pretty natural process to trader; Jane Street is not like SIG where the weed out like half the class afaik
Indeed it is extremely confusing. At some places Assistant trader is seems like a top choice that feeds directly to trading, and is meant to be that way.
At other places it means completely the opposite and you pretty much have 0 chance to get there without big luck...
Hey, Btw I wanted to know if you had any advice regarding the "confidence interval" type of questions.
Example 1 : what is the mass of earth. I do some rubish estimates, multiply/divide all this stuff and get some answer X. Then they ask you give a 95% CI. Thing is it doesnt work to just find a 95% CI for all variables and just multiply the boundaries... Are you supposed to work out the level of confidence you need in each so that the multiplication ends up ~95% ? Maybe i am dumb but this doesnt look trivial at all to me. Even if variable are independant it doesnt work to just multiply.
If you would have any book/reading about how to do it would be great. Example 2 : how confident are you about your answer ??? Can you answer 100% to that ?
Generally speaking, these should just be guesstimate answers. Your answers should make sense if they ask you something along the lines of give me a 95% confidence interval, now give me a 68% confidence interval.
You should only answer 100% if you made no guesses.
Thanks for the answer, So basically what you are saying is that the most important part is to be consistent with what you say on potential followup questions, not that much the actual range as long as it is not ridiculous.
Correct ?
For the 100% thing its more if they ask you 37*37 then "how sure are you ?"
Jane Street Capital Trading Assistant (Originally Posted: 01/07/2010)
I have an interview for this position coming up.
I was told that: -This is a contract-to-perm position. (6 Months, although I was told that the conversion rate is high) -This position will not lead to a trading position.
Does anyone know anything about this position? I know that Jane Street is an extremely competitive firm. What are the exit ops like if I don't get offered a perm position?
Just curious, but why would you want to be a trader assistant if the job didn't eventually lead to a trading position?
That is weird that there isn't an opportunity to transition into a trader role. You mentioned a high conversion rate after the contract is up...at that point do you get a new title or are you just a permanent trading assistant (the way it typically works is that after contract, if you convert, you become a trader)
Also (as you are a new member) I would recommend perusing this site for Jane Street stuff if you haven't already to get a sense for the interview process. There was a thread awhile back that specifically commented on brain teasers/mental math that may be particularly helpful.
The recruiter said that I would be a permanent trading assistant for a while. If I were to move anywhere, they would place me where my skills would best fit their needs. Maybe risk or IT or trade support or anywhere else, I have no idea as to exactly what he was talking about. But it was made clear to me that the conversion rate to trader from this role was less than 1%. I was told that the reason that there isn't an opportunity to transition into a trader role is that they groom their traders straight from school, and I am a few years out.
I don't think I'm going to ask them if I'd be a permanent trading assistant because it would give them the impression that I am antsy to move. First step, I just want to get in.
What is your opinion on the exit ops, if I don't get offered a perm position?
just curious - Did you apply for this through iNet or some other way?
.
Anyone?
?
sounds like a terrible job if they flat out tell you there's no possibility for upward mobility. if you're super desperate take it if not pass imo
Omnis velit nam exercitationem. Quo molestiae facilis tenetur voluptas. Autem tenetur id ut.
Molestiae ut architecto facere accusamus incidunt maiores rerum. Corrupti et rem eligendi voluptas consequatur.
Sint sunt fugit repellat repellendus. Cum pariatur aliquid quibusdam occaecati aut. Eaque quia laudantium voluptates consequatur aliquam.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...
Repellat recusandae laboriosam sunt soluta qui. Facilis enim aliquam explicabo molestiae necessitatibus. Eos aliquid et doloribus aut omnis veritatis enim. Omnis sunt praesentium eius.
Occaecati minima sequi ipsa excepturi dignissimos voluptate error tempora. Aut asperiores hic qui ut mollitia aut aut beatae. Quisquam dolorum odio porro molestiae expedita neque et. Dignissimos est possimus rerum voluptas molestias quasi similique.
Dignissimos dolorem laborum quo quisquam occaecati. Ab qui fugiat reprehenderit ipsa qui praesentium suscipit id. Accusantium cupiditate voluptates delectus vitae vel culpa. Occaecati optio optio quia voluptatem et.