A newbie seeking for advice/guidance on how to break into Wall Street
As a recent graduate and a current equity options trader, I am having a difficult time to land a FT role at a BB, MM, and etc. After networking with many traders on Linkedin and crashing into networking sessions at target schools, most of them including recruiters told me that their FT positions are mostly filled up by their summer analysts. Given I've never done any summer internships before, it will be hard to even land a role according to them (due to lack of vacant roles and the headcount at S&T is gradually decreasing).
Next, from what current traders are telling me that there is this "stigma" that exists which makes it hard for mid/back office roles to front office. Is that more of a thing back in the day or is it still very prevalent now? I've had offers for trade support (mid-office) but I was not sitting nor interacting with traders, therefore I turned them down.
Currently, I am looking into Assistant Trader roles. And to my surprise, I've found one at Capital One which was unheard of. I never knew they had securities and investment banking departments. At this point, I don't really care about the prestige ("Goldman" and etc.). I just care about getting started because I fucked up and did not plan early to land a summer internship in my junior year.
Finally, I am sure most of you guys were in this situation before. I just find it frustrating how a person with real trading experience and actually taking real risks do not have the upper hand as opposed to some of these summer analysts whom have never traded in their life and thus got the role. For those who are reading this and is currently a sophomore or an upcoming junior, seriously attend all those networking events even at other schools and land that summer analyst role. Please learn from my mistakes!
If you can, can you please share some advice/guidance on what I can do in my current situation? At the moment, I am networking like crazy via Linkedin, writing articles to help the "dumb money" via Linkedin (I know, I am that hungry to get my name across! LOL) building my contacts list containing current traders, and not limiting myself to only opportunities in NYC.
-Currently a vol trader, managing a slight short-delta portfolio of $20k.
about your comment on how you have "real" experience trading, trading a personal portfolio via a broker is completely different than managing a book of millions. unless you want a job at a prop shop your own trading experience is more regarded as a interesting hobby/side project rather than concrete relevant experience. further, you rarely get directly hired as a trader (unless you're transferring from a different bank) or can expect to actually execute a trade until you're at least a year on the job.
and yes, there is still a stigma against back/mid-office because the trade floor job is very different and requires higher caliber individuals. its very difficult and mostly unheard of to make the switch but i do know of one person who did so its not impossible.
as far as your best bet to get in now if you're dead set on trading is to do an MBA. banks have a pipeline of summer analysts/rotational analysts to fill their spots so going back to school will give you another shot at getting into that pipeline.
Thanks for your response! I guess I should have phrased it to "some". I've never thought trading on the side can replicate managing a book of millions at a bank. It was always a prerequisite for me to get a feel of the market (correlation between underlyings, how to delta-hedge, scalp, become comfortable using probabilities and etc.) and also to fund my tuition and other living expenses.
I get that part. After speaking to fellow 1st and 2nd year analysts, I am aware that I won't actually be able to take risks until I've proved that I am competent and ready.
I see. So the stigma still exits. I was speaking to the recruiters (Barclays, JPM, GS, MS, and etc.) and they've told me that it's not impossible for trade support people to eventually become traders. The key is for me to not stay too long in a mid-office role. According to them, the younger I am, the easier it is for me to make the switch (I'm currently 22 years old).
Hmm.. I have thought about that too.. But I will save that as the last resort. Now I am just hustling, looking at prop shops, and sharpening my programming skills. And living in New York has given me an advantage to meet more traders and sort of get them to vouch for me when the analyst role pops up.
Once again, thanks a lot mate!
How realistic is your goal of FO junior trader type position? Firms generally have their pick of the litter when it comes to filling these jobs, so you have to be real with yourself. You said you didn't take recruiting seriously, but did you go to a target school? What did you study and how well did you do? Is there anything else that is outstanding about you from a risk management perspective (ie. you played poker professionally for several years, or maybe you built your own business in undergrad). Trading is more an more a data driven business (at least in electronic markets), so I think many of the people who are competitive for prop trading roles in the equity options space are also competitive for data science roles across a broad spectrum of industries. You should also be pursuing those jobs as well.
Look into some options market making shops around Chicago - they're generally less concerned with past experience and more with brainpower and ability to learn quickly.
Ipsa enim ut rerum molestiae aut esse dicta. Deserunt ut dolores quia quo quis dolores sit. In qui eos magnam distinctio minus incidunt dolores. Ut est et debitis atque eum tempora dolores.
Fugit exercitationem non nulla architecto eveniet in at non. Deserunt deleniti dolore et recusandae molestias vero id dolorem. Sed saepe incidunt consequatur ratione. Laborum aut ipsa sunt.
Architecto cumque pariatur quisquam non labore. Dolores quia totam quisquam rerum omnis.
Nihil et molestiae similique neque quibusdam rerum qui. Nemo ea necessitatibus dolorem. Inventore accusantium repellat rerum reprehenderit. Aliquid rem incidunt reprehenderit occaecati autem reprehenderit ut eos. Ut incidunt voluptate assumenda ut.
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...