Hi all,
So I have been working at this PE fund for a month now, and I pretty much got the general idea of what the work is like. I actually think the work is really interesting, getting to know many different industries/companies, trying to create extra value through accounting intricacies are quite a lot of fun. However, I don't think it is very complex or challenging work either.
Thus, I would really appreciate it if actual traders on this forum could explain a little bit the nature of their work. Especially, the responsibilities of an entry-level trader.
Another point is that, I always hear the fratboy-ish atmosphere of the trading floor yet all the people I know who are going into trading definitely aren't like that. They are in fact, silent analytical types. Could anyone also clarify that point?
I would appreciate helpful comments
You sit, you learn, you help out anyway you can.
And sometimes, you try to eat every item in the vending machine in an hour.
Mount up, newbie.
I don't think you have enough deal experience to comment on the complexity of PE work. Not to mention that you are still at the junior levels so you have not participated in all of the due diligence stages. Wait until you do your first foreign Cross Border merger and you have to deal with the structural/tax/currency hedging issues. PE also goes beyond mere financial engineering as there are so many moving parts, confounding variables and guesswork that go into acquiring and then operating billion dollar companies.
Oh, you are probably right that there is quite a bit of structural complexity. And I am sure there are many firms that use more complex financial engineering than the ones I worked for. I just want to see how the nature of a trading job compares to that, both in terms of the complexity and the work environment. Good point, though. thanks!
there is definitely some deal of fucking around, bullshitting, alpha male banter/balls breaking but our desk seems to be the exception on our floor rather than the norm (we have couple of former fratstars).
as a newb, theres a lot of education via osmosis (watch, listen, learn) as well as mastering the art of being the uber bitch (getting coffee, taking breakfast/lunch orders).
other thoughts?
there have been old posts on this. read them.
Culture at Chicago Prop Trading Shops (Originally Posted: 03/18/2010)
What is the difference in culture between Chicago Prop Shops vs. Wall Street? How many hours do most Chicago traders have to put in? Can you wear jeans?
Also anyone have any specific views on either Tower Hill or Wolverine?
Chicago prop shops are a lot less formal. there is no dress code, except that you can't wear shorts, tank tops, or sandals. but most of them are sweatshops; you either have to put up your own capital or they pay you a "draw" which is just enough to get you by. however, the elite prop shops like getco, drw, jump, and optiver, are pretty good places to work at: nice base salary, great training, and you work with really smart people.
tower hill and wolverine are both good firms. i think they're both pretty big players in the equity options arena.
CTC is another good one... Just make sure you do research before accepting an offer.
CTC is one of the best and most legit in Chicago- they have an awesome trading floor
the smaller ones can be shady
A buddy of mine works at Transmarket group and it seems like they have a wide variety of people there. Jocks, nerds, quants.. pretty freespirited culture compared to the BBS.. hours are awesome, even shorter than market hours because the products are traded 24/7, divided into 3 shifts..
Has anybody heard about Consolidated Trading? What are they like?
Trading atmosphere - Working at a PE fund for a month now (Originally Posted: 06/26/2008)
Hi all,
So I have been working at this PE fund for a month now, and I pretty much got the general idea of what the work is like. I actually think the work is really interesting, getting to know many different industries/companies, trying to create extra value through accounting intricacies are quite a lot of fun. However, I don't think it is very complex or challenging work either.
Thus, I would really appreciate it if actual traders on this forum could explain a little bit the nature of their work. Especially, the responsibilities of an entry-level trader.
Another point is that, I always hear the fratboy-ish atmosphere of the trading floor yet all the people I know who are going into trading definitely aren't like that. They are in fact, silent analytical types. Could anyone also clarify that point?
I would appreciate helpful comments
there's a trading forum on this site, btw you might get a better response there.
but that being said, different desks tend to have different personalities. so some can be quieter and more cerebral feeling and others more rowdy.
the main thing about trading floors is that they feel very "flat". there's no real sense of hierarchy or formality like you have in other workplaces. information and ideas are exchanged candidly and sometimes heatedly. there is also basically no privacy b/c we all sit so close together.
entry level responsibilities include learning, doing what's asked of you correctly and trying to help out in ways that you are able to. be a help not a hindrance.
anyway the environment's not for everyone, but it's pretty much ruined me for office life...
The trading floor is a pretty hectic place, so get your bearings by not angering any senior people. Try to read facial expressions of the traders to know when they lost a lot of money. Tact goes a long way on the job.
Junior traders are usually responsible for basic administrative tasks of the desk, making sure all of the trades are booked, updating trading levels after soliciting them from the traders, etc.
Your observation is a good one - the trading floor stereotype is definitely changing. With a few high profile exceptions, most people are generally well mannered and willing to work with hardworking junior traders. Just don't piss anybody off and you'll be in good stead.
Best,
DeltaHedged www.deltahedged.com
"Since love and fear can hardly exist together, if we must choose between them, it is far safer to be feared than loved." - Niccolo Machiavelli
Alright thanks for the comments. So how long does it usually take for a new trader to actually start trading his own account?
It really depends. Some of my more motivated/competent friends started trading very early on...around month 4 or so. Others still keep booking trades. The recent firing wave has left a lot of room in the middle ranks for junior traders to fill.
DeltaHedged www.deltahedged.com
"Since love and fear can hardly exist together, if we must choose between them, it is far safer to be feared than loved." - Niccolo Machiavelli
...trading desks have very different atmosphere's based on the firm and the desk. I would say most of the "frat-boy" type people are on the sell-side though. Buyside trading atmosphere tends to be much more free thinking and in fact in working at hedge funds and prop desks for 7 years now i have found a great diversity of thought unlike most of wall st which is filled with preppy losers. No doubt the atmosphere is not corporate and there is alot of joking around but i definitely wouldnt describe trading as a place for frat-boys in this day and age...i would stick to banking or sales if u want to leverge ur skills as a fratboy.
What is London Trading Atmosphere Currently Like? (Originally Posted: 03/23/2013)
Sorry for this noob question but i am a total noob to trading in london... I currently am a quantitative trader in a big time NYC firm and am looking to transfer over to London somewhere down the line (maybe for a few years before coming back to NYC...just for a change of life haha)
my question is: anyone familiar with the trading atmosphere currently in london? how restrictive are the regulations? what are the typical base salaries + bonus % like for experienced traders 2-3 years out? Is trading a dying career field in London? Who are the big players in London in trading arena? I know Barclays is out of question now (too many planned layoffs and restrictions after that LIBOR mess)
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