DRW vs. BB S&T

If you give a shit about people knowing about where you work, the majority of props aren't for you, because NOBODY will know anything about your firm. Outside of maybe Citadel, you can expect 0 people to know any prop firm at all--that is just how it goes. In fact, you will probably hear crap from people back home, who know nothing, asking you about why you didn't work at Merrill like Johnny Gofuckshimself from HS who is doing PWM at the local branch. A friend of mine from work left an engineering gig at a F500 gig to work for a prop. He makes way more money than he ever did in engineering and, more importantly, enjoys his work and lifestyle more. He still hears to this day from people back home about how 'dumb' it was career wise to leave such an 'amazing' position.

How much difference in compensation? Besides the fact that you're most likely in Chicago versus NYC (massive cost of living difference), some top props pay better salaries on top of the substantially bigger bonus Potential. You get paid a % of your PnL and you'll trade earlier at a prop firm... possibly with greater risk as well. There is no hard and fast number as it depends a lot on you.

Hours are no comparison. I don't know of any bank desk that has better hours than any prop. The only problem being that you may have to do overnight at some prop firms.

Chicago vs NYC--your world. A good buddy of mine does IBD for GS in NYC and he would be the first to tell you that both offer a lot and that there are pluses and minuses to both and anybody with a hardon for one of the other probably doesn't know what they are talking about. For me personally I will say that the money you will make will go a hell of a lot further in Chicago and it offers most of the same benefits of any major city. It isn't and will never be NYC though.

massive cost of living difference between chicago and nyc? WRONG

lulz.... go look at the price of any comparable apartments in Manhattan to pretty much any spot you want in the city of Chicago. You're going to pay half as much for a nicer place in Chicago. And if you're going out to bars/clubs/restaurants for at least part of your entertainment, you can do the same math there.

yeah I think it's obvious that chicago is a lot cheaper than new york, we don't really need to debate that. more questions: what's the firing rate like at DRW? do HFs want to take people who were successful traders there and are there any other exit opps? I know everyone says if you do well at DRW you don't need exit opps but I'm curious anyway.

Firing rate? There is high turnover at all trading firms.... for all sorts of reasons. Some more than others,. I don't think DRW fires more than any others.

If you're worried about exit opps, look elsewhere or do a search. Seriously, dumb questions that you didn't spend any time researching, obviously.

Chill jerome. I don't know what to make of your last sentence, and I disclaimed the exit opps question more or less trying to indicate that I understand what you're saying I don't understand, apparently I did a bad job

if your goal is to be trading on your own and eventually doing well why would $1k/monthish to have the chicago lifestyle in nyc matter at all

And while you can earn more at most props, there is quite a bit more 'stability' in having a job at a bank with a very solid paycheck, you have the name brand recognition outside of trading circles (perhaps if your goal is b-school), and it is a more obvious 'path' for some. Going by your posts, that might be better for you because you will likely have more options after your analyst stint than after a few years of trading at most props--if only because people outside of trading will have heard of your bank and may give you a shot doing something else.

thanks, those are much more helpful. i think you're probably right, the fact that I'm asking these questions may be the answer to my questions and banking might be a better route because of its long term flexibility/stability

take DRW Trading. Same money starting out, more potential, much lower cost of living / taxes. DRW is great and well respected - who knows you could move up to Jane Street with that on your resume.

I would say DRW is a better place to start off. As long as you remain within the Capital Markets world, vast majority of people will know of DRW and its prestige. Who cares if the average joe on the street has ever heard of you company or not. I am pretty sure there are tons of top 50 of F500 companies that you have never heard off. 2 years sown the road you will see that DRW would have been the better choice. I chose a BB over D.E. Shaw two years ago, not in S&T and I regretted it.

so, like, would yall work at drw in chitown or citi capital markets in new yawk? input plzzzz

It doesn't depend on us. It depends what YOUR ultimate future goal is? We can't make that decision for you.

DRW- Prop trading Citi S&T - Flow Trading

Not sure which desk you are placed in, which would matter as well in where it will take you in the future. So why don't you tell us what you want to do. Chicago vs. NYC should be your least of worries.

i want to make lots of money and be happy and have fun

You're seem too stupid to get either based on these kinds of posts. Hope I'm wrong for your sake.

not even close. take the NYC BB. heard half the analyst class quits by the end of their first year. a lot of unhappy jr ppl.

Not all prop firms have better retention rates. DRW is one that does though.

DRW seems like it would have a similar retention rate because it pays first year analysts the same as BBs and does a year of education so you'd think they are more invested in their trader assistants than possibly other props. any more comments would be much appreciated, what would y'all do between DRW and mid tier BB?

DRW DOES have a good retention rate among TAs and does a great job training them (that is one of the things they are known for). And people here think BBs have good retention rates? Hmm.... people primarily go to BBs (even in S&T) with the intention of leaving within 2-3 years. Considering there are some props with training programs of over a year, I would think that retention is the last thing you're worrying about. If you blow a lot of money once you are trading, you are probably more likely to get axed quickly at a prop though.

If you are sure want to trade, go to DRW. If you want to do something else or aren't sure about trading, then don't go to DRW. You'll most likely make more money there (on top of cheaper cost of living) and have a better environment, but those aren't everyone's primary reasons for choosing a place of employment.

im in a similar situation but its baml open S+T or first ny securities assistant trader program in macro rates + fx

I don't think your point 2 (more money at DRW) is necessarily accurate. I think that is true in the short run (while you are an analyst/associate at the BB), but in the long run I'm sure that an MD at a BB makes more than nearly anyone at DRW.

DRW is a top trading firm in chicago..they trade huge volumes on the ED. If you do have an offer from them I would def. take it compared to working at a BB. If you bust your ass at DRW and make some heads turn you will have a nice and stable career there.

The only real difference you will notice in the prop firms is your degree of freedom to an extent and the financial capabilities of the firm. The firm itself will have very little impact on how you preform. It has been said before it doesnt really matter where you trade, if you are a stud you will get noticed.

how is drw versus first ny

What kind of comparison is that? Very few analysts/associates ever end up reaching MD and most are well into their 30s before making MD. There are a lot of prop firms with only a few guys over 35. Not exactly a great comparison.

another relevant topic--- drw seems very nerdy--- definitely not the same of an ml trading floor or even most of the other bb's if ur mr. fraternity i dont know how interesting u would find some of these kids

check this out http://www.drwtrading.com/about-us/videos/

" I've been a nerd my whole life, and DRW is a great place for that" ----What we Value Video.....lol

If you really want to do fixed income futures, DRW is one of the best places to receive training and work at. BB S&T would probably give you exposure to a wider variety of products, and it's probably better for networking as well. A junior trader would have a much higher quality of life at DRW, since their first-year base is around $75k and you're living in Chicago.