Back Office to Buyside
Does anyone have solid advice on moving from the back office to a trading desk or other front office position and how realistic it is? I'm starting working in application development aka writing code for a BB bank in NYC this summer but don't see myself programming more than a year and a half or so. Unfortunately I discovered that I find finance and trading much more interesting than my major (electrical engineering) long after accepting a job offer. I know it would be a hard path and judging from what I've read back office guys are generally regarded as unworthy support staff. Would I need to go to business school first or is it possible though lots of networking plus learning on my own (CFA tests, trading books, etc.)? Keep in mind that I am definitely not like your average IT guy (actually enjoy talking to people, fraternity member, play sports, etc.).
Also, any recommend reading material would be appreciated.
I am curious, what exactly about finance at the analyst level is interesting? Now if you want to go into trading that is entirely different. You are going to have to network like help to move out of where you are. BO to trading is more reasonable than BO to banking, but you will still need to bust ass. Since you say you are personable and were in a frat I would try and leverage that, network at other banks, start right now. Don't put the current job on the resume, just act as if you are taking a month or two off. See if you can land a boutique or middle market firm that is off season hiring and quit the job you are at.
^^ Listen to Anthony and keep trying to network your way in otherwise you may need to go to bschool.
If you want to learn about FX, I recommend "Foreign Exchange: A Practical Guide to the FX Markets" by Tim Weithers. The book is an excellent resource that covers the FX market, the different products, and its history. Weithers is a UChicago professor and also teaches about FX at UBS in Stamford. They book is clearly written and although it equates to a textbook about FX, it does not read like one.
If you are interested in learning more about options trading then read "Options Volatility and Pricing" by Natenberg. The book is essentially the bible for options traders.
Fabozzi is essentially the bible for anything Fixed Income, but it is much more "boring textbookish" than the above suggestions.
Also, //www.wallstreetoasis.com/forums/recommended-reading-list
I know its ridiculously long, but take a look at some of the suggestions from the more trusted members. I definitely recommend the first two market wizards books. Read the first one first.
http://www.amazon.com/Market-Wizards-Interviews-Top-Traders/dp/159280297... http://www.amazon.com/New-Market-Wizards-Conversations-Americas/dp/15928...
These books really give you great insight into how the best traders think, how they got started, some of their best and worst trades, ect.
Also watch. //www.wallstreetoasis.com/forums/trader-documentary-paul-tudor-jone... If you like it can you give it 5 bananas when you vote. It was at the top of the Rankings for so long and then someone gave it less than 5 and it dropped off the board. I've been trying to get it back up.
anything from BO and FO needs alot of networking, timing and luck.. and if you want to move internally, make sure you dont neglect ur current role..
good luck
Thanks for the feedback. If I'm networking with traders in the bank I'm the bank I'm assuming there's a balance I'd have to achieve between letting them know I'm interested in moving over and not pissing off my managers on the BO side. I'll get on those books but please let me know if anyone has any other advice.
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