Prop trader to PM-track role at asset manager
Hey guys,
I have been working at a reputable Chicago prop trading firm for the past 3 years and I'm ready for a change. I have been a good trader and I like what I do here but would like to manage portfolios and learn how to trade different strategies and in longer time frames. I have my CFA levels completed and I'm expecting to become a charter member next year.
How likely am I to get into a PM-track role at an institutional Asset Management firm like BlackRock, PIMCO, or quasi hedge funds like aqr or GMO? Would these firms care about my pnl track record? I mean my annual pnl is probably the equivalent of daily price swing at these mega funds. Although my current strategy is scalable (not a market maker either), I'm not familiar with any other strategies.
I don't like the idea of becoming an execution trader as I love the research and decision making process. I don't have an MBA and I'm not looking to apply for one in the near future. I'm looking for some advice on how to position myself for this change and what are the obstacles I will face in making this move?
Bump. Anyone?
3 years of PNL track record isn't long enough, broadly speaking. If you go for junior positions, it's certainly possible, but hard.
Can you elaborate on what you mean by hard? What sort of questions would you have for me if you were interviewing a prop trader with 3yr exp with your team?
Just that there's not that many junior positions out there and competition is pretty fierce.
As to questions, I would ask you about your investment process; what kind of logic you follow; how you think about trades and portfolio construction; how you think about drawdowns; what resources constrain your risk-taking activity. The purpose would be to understand how you think and whether the amount of effort to train you will be a lot or a little.
Agreed. This is a good point. These questions are designed to reveal the candidate's decision making logic, market sense and understanding of risks in trading.
Another question matters is what factors are indispensable in your trading plan before the market opens... I am always struggling to figure out a best answer... Martinghoul could you advise?
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