Hi Wso, I recently received 2 offers and I need to make a decision soon.
My background: in my early 30s, worked as a quant in BB for couple years
My goal: to either be a trader at Tier 1ish shop or algo developer(quant) at places like HRT
TA at Tier 2 shop(akuna/flow): the position is trading analyst meaning we will not trade and mainly support traders, but the recruiter told me that TA will work on quantitative projects involving with options MM strategies
Trader at no name: bond trader at a bond MM/broker dealer firm, will have direct exposure to the market and I believe total comp will be higher than TA role although the firm is not located in Chi/NYC. However, reviews on glassdoor about this firm imply this firm has bad non compete policy(2 year and could be unpaid)
My dilemma: if I choose TA at tier2 shop, I will have to make a jump elsewhere after certain years for the reason of the career potential/total comp of TA is capped. If I choose trader at no name, I would be stuck at this place(think TX, Utah, NC) for a while, and I don't think I will enjoy living there at much as living in Chi/NYC. The bad reviews about their non compete policy makes me worry about my career trajectory if i join, and I will pigeonhole myself to be a bond trader(there would be no coding involved with the trader job)
We don’t have a trading analyst title lol so assuming CTC because DRW is definitely not tier 2. Any named trading firm that is recognizable I would 10000% take over a lean niche firm that gives you more “market exposure”. As a junior trader you want the best possible education and mentorship/hand holding you can get early on with the opportunity to be able to directly handle risk eventually whether that be 6 months or 2 years as an analyst.
Think to yourself as well, if you aren’t managing risk for 6 months to 2 years as a trading analyst how can they come up with a reason to fire you unless you’re putting in no effort.
I’m typing this on my phone and going back and forth and dude this is 100% a no brainer lmao. A no name shop with no coding vs OMM/quant/Chicago+Training. Also you keep giving away more detail about the role you might as well just say the firm so I can give you and whoever else might be asking an honest opinion. Flow doesn’t really do OMM and their graduate trader role focuses on ETF arbitrage, rebalancing strategies, etc.
Edit: I just read your background again and you’ve been a quant at a BB and want to end up at HRT so you’re probably one of the people who think SIG and DRW are T2 lol. Would advise you to take a step back and realize if you’re thinking about an offer from either of those two, or hell even Akuna, CTC, Maven that these roles are highly competitive and if you’re actually good at what you do and actually good at trading you can easily hop around. I’d rather be a good trader where I’m at (I am, as I’ve stayed here instead of hopping to firms I’m sure you’d think are T1) than a mediocre or average trader at CitSec. Rather be a big fish in a small pond than the other way around. Helps with compensation, title, and responsibility (ignore Junior Trader, haven’t updated yet)
Can I pm you personally?
Yes I just sent you a PM
Can I PM you as well? I’ve been reading your comments and had some questions about Akuna.
Thank you very much for your comment. Great insights! Can l pm you to ask a curiosity about akuna?
*ask a question
ask a curiosity doesn't make sense
Hey, I have an upcoming Summer Internship at one of the firms you mentioned and I had a few questions. Could I PM you?
Is that trading analyst role different position compared to trader? such that there is a separate recruitment process for each role? Then I think you would have to seriously consider trying for other job recruitment becuz that would mean its really unlikely you would actually be a trader at that firm, unless the tier 2 shop you mentioned is Virtu.
But if you were referring to DRW type shops where new joiners are officially called "(Quantitative) Trading Analyst", not actually trading for 1.5 yr(not sure about the exact number), mostly going through training, but being an actual junior trader after this period, that's a no brainer decision.
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