Traders & Product Control
Can any of the traders elaborate on the relationship between the traders and how product control supports them. What exactly do product controllers do? How do they add value to the traders? What are the differences in hours and bonus?
From what I understand you will usually do a rotation throughout various trading groups/products. Most controllers do the financial reporting and quality control for the traders. IE. Trader says he made 5mil net profit over the month. You have to double check his numbers with the systems to ensure it matches before its actually booked to the GL. YOu might do this everyday, every week, every month, depends.
Bonuses from what I hear arent as good. Maybe 10-20k year end bonus. Usually 2 years analyst, then you pick your product you want to focus in on. The BB im at doesnt have associate level for their Controllers. Your 2 years as an analyst, then a controller for two years, then usually a VP, then SVP, then MD, then SMD, then THE CONTROLLER, then CFO.
The add value to the traders by ensuring that they are reporting the correct P&L on a day to day/week to week update. Also its a big fraud prevention process. Lots of SOX/FASB compliance.
Can any traders comment on how hard it is to go from Controller ----> Trading Desk. Considering you went through 2 years of 4 rotations through s&t ralated products/divisions. Is a graduate degree needed?
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