Am I crazy wanting to go from FinTech --> Trading?
Hi all,
I'm getting an itch to try and move into a trading position and I kind of just wanted to talk through my thoughts, and hear other people's thoughts in the community as well.
My background:
I currently work at a FinTech company in a position that spans quantitative capital markets & strategy. I guess I would be considered mid-career (in my 30s), and I manage a team and also do a fair amount of very technical IC work (using stats/probability & programming). I'm in a rev generating position where I typically add $1mm - $5mm in incremental revenue per year based on ideas I personally conjure up, develop and deploy.
The job itself is pretty cushy. I work ~35-40 hours per week, typically 9am-4pm. Occasionally I work longer when I have something going into production or if there's a deadline but the job itself is generally low stress. My base and bonus comp is ~$210-220k. We're a private company and I have a bunch of equity, but consider it worthless (an exit is very far away). If you're wondering, I live in an expensive city / metro area (think NY/SF).
I'll summarize my career progression as the following: Non-Target BBA --> BO, then MO at a HF --> Top STEM Masters --> Data Science at a Bank --> Capital Markets & Strategy at a FinTech
My Goal:
When you read the above you might think I'd be silly to change anything -- cushy job, decent pay. And you'd be correct if you think I can keep climbing the ladder, but really it's been kind of a dream of mine to be on a proper trading desk - I feel like if I don't try now at some point it'll be too late. I moved into FinTech because I did want to go this direction, but I'm getting kind of bored. Also, I'd like to move into a position where I have a higher earning potential and I do think some of my skills and knowledge can be valuable to a trading desk. I understand I'll likely be working longer hours, but that's completely fine with me as long as I'm compensated for it.
Questions:
My main question and topic of conversation here is that I'm just not sure where I should focus. It has been challenging to get the attention of recruiters, although I have started talking to some. Perhaps I'd fit into more of 'strategist' role? I've heard this is glorified IT and doesn't pay well. Maybe it would be easier to get the attention of a hedge fund or asset manager instead of a bank?
And for all the traders who are reading this and thinking I can never make the move and I'm too far into my career, I ask you this: why? I see and interview tons of people changing from your job mid-career into something like bizdev, FP&A, data science or analytics. Why not go the other direction? I'm super personable, my current job is to find patterns and make money by exploiting them, I can code in a bunch of languages, do lots of hard math, and have deep financial product knowledge. Why can't I do your job? I don't want to sound complain-y, but why am I having a hard time with this?
Short answer...You are too old and hiring you would be a bad risk/reward trade compared to a fresh STEM undergrad. If you want the long answer...could provide it but you may not like it.
I thought most people in these roles would be within the age group? Or would he be in the 40s during recruitment?
I'm 35.
As a short-term trader with no track record? OP, mentioned he does not want to be a strategist. As a quant researcher highly unlikely unless you did coursework/research connected with some aspect of financial trading.
Thanks for the reply. Could you elaborate on why it would be a bad choice? My feelings are irrelevant.
Is it because I wouldn't work out or leave? Wouldn't a new grad have be the same risk?
Sure, to start you called the thread "Am I crazy?..." so that attitude comes across to begin.
First off do not really mention to any recruiter/trader, "I have a cushy job with low hours". No one cares for that there is lot of traders who work light hours and lots who work crazy hours that just comes across as a massive red flag. If it was banking/PE etc hours is maybe consideration in trading it is not. Next your comp in HCOL is not great, if you told me 400-500k I would say sure but the way I view your opportunity from trader viewpoint is your comp is totally based on the upside equity with this firm, here is the problem you just told me equity is worth zero. So when your resume comes across I am thinking this is someone who wants a job with a higher base and upside from there, my guess is you want a base around $175k-200k, so I see that resume and say this guy just wants to make more money. So I do not think this person is "sacrificing anything for the opportunity".
Next, why do you think your skillset does not fit a "strategist role" and why do you think its glorified IT work? Again you mention pay goes back to my initial concern. The career changes you mention is mostly "one professional job to another" the main issue with hiring someone who has worked in various firms is you worry how they think and their process has been built, vs taking someone inexperienced raw and developing them your way.
The things I want to hear (you mentioned a bit of)..."For the first time in my career I have been in a revenue generating role and comparable to how a PM looks at various options. I have X amount of resources that need to deploy to achieve Y. Unfortunately my current role has not let me achieve greater upside not withstanding my success but the overall setup of the firm. For this reason I have deicded "growth equity" is not as much of entrepreneurial career as trading, I know in trading I will be able to put in my time and the myself/desk will see direct results that is a role I am much better fit for." Etc...spiel about math/skills/knowledge you had some of that in there but too many walls to break down to start.
I am 28 years old now. I want to begin my second career as quant trader? Am I too old? Is there a quant age limit? What should I do now? Would you go back to university studying full time math or CS at the age of 28?
Whats your current profile/background?
Like the other poster said, you are too old and experienced. I'm a bit younger than you and having the same issue. Most firms only want junior people (<5-7 years exp) or PMs bringing in a full strategy. You can use your free time to trade on your PA like I do, and may even make more money that way.
Also, depending on the kind of firms you are targeting, reaching an upside that is worth the effort ($500k say?) is by no means a given. I mean look at that thread of what some VPs in S&T make nowadays. That's a lot of effort for a pretty uncertain payoff.
I'm an S&T Analyst in NY and thinking about doing the reverse. Currently contemplating going into a Fintech Capital Markets role. Am I crazy to do this switch considering bonuses seem non-existent for the roles I have seen and variable pay would come in equity instead?
Tech is more 'friendly' to outsiders than finance, from experience and from these posts (not sure why there's so much age-ism here).
You're not crazy, it just depends on what you want to do and what you prioritize. The bonuses are small, sure. That will change as you move up, as I guess it would anywhere. The upside comes from the equity - the goal for most startups is to go public or get acquired. That's where the money would come from. The company that I was working at had very little equity upside because the management was terrible and didn't know how to run a company. I have since left. I'm still sort of in a tech, but now quant trading in FX (fiat and crypto). DM me if you'd like.
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