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Extremely hard to get in. Very nice firm, I've been there. Been around for 30 years. The guys there are mostly discretionary and some automated traders but they ain't no revolving door type traders. Straight from hedge funds or bulge brackets. If you apply for experienced trader without a track record, the chance of you getting is in less than 1%. They have a 40-60 split, yes you're the 40. If you become a partner you get 50-50. The reason why the split is low because they use their own capital. Assistant traders get salary but not a guarantee to run your own book afterwards and I think salary goes away when you run your own book. Average book I say is probably 3 mil per trader? Some guys could be running 20+ mil books. Few guys trader are making 8 figures and per capital base, I would probably say of the best trader on wall street. Andrew Ross cough... Any monkey can work at banks but not a pure prop, so making 8 figures... is no joke. They use every software available... Bloomberg, Tradestation, Redi, etc... They trade every asset classes, currencies, futures, commodities, rates, credit, equities and international equities. They are open 24 hrs and 35% of their income is generated from the international desk.

 

This has already been covered. Do a search on this website. Also, look at other prop shot interviews because they will be the same. Google "First New York interview questions" Expect lots of quantitative questions and you should probably buy the Heard on the Street Guide.

"Greed, in all of its forms; greed for life, for money, for love, for knowledge has marked the upward surge of mankind. And greed, you mark my words, will not only save Teldar Paper, but that other malfunctioning corporation called the USA."
 

Oh, well all my experience is with entry level positions. You may still get some difficult technicals, but I would expect fit to play a bigger role since your a senior hire. I still suggest using Google. Congrats.

"Greed, in all of its forms; greed for life, for money, for love, for knowledge has marked the upward surge of mankind. And greed, you mark my words, will not only save Teldar Paper, but that other malfunctioning corporation called the USA."
 

My entry level interview went something like this:

First off, what school are you from? If you are from a non top 15 or so they will treat you like an outsider. Second, make sure you cater each of your answers to Prop trading. "Would you ever get an MBA?" Well does a trader really need an MBA? What are your career goals? (they seemed to want someone who was going to do prop trading for 15 years)

I luckily didnt get the job and will be working elsewhere this summer!

 

For a senior position, I'm sure they will focus on your track record and whether your strategy is in line with what they are familiar with.

For entry level hires, being sure that you want to be a trader is a major issue, as it takes a 1-2 years of training before you can add any value.

For either senior or entry level, fnys gives you a lot of freedom in deciding how you want to trade. As long as you don't lose money, they are cool with you. So it is very important that you have the initiative and ability to develop a strategy.

 

I know two guys at FNYS, and a very close friend is going through the whole process (it's hella long). Very solid, well respected shop. Got some very smart traders and a great training program. Only thing is that be warned that it takes a very very distinct kind of personality to fit in there. I know a guy from my desk who went to FNYS and was finished in less than a year. Partly he wasn't making enough bank, and large part was that he didn't have the personality to feel comfortable there. Transmarket is definitely a different culture, though I don't know anyone there personally.

Don't worry though, if you don't fit in, they are generally very able to screen you out the first or (if you're really lucky) second rounds. But it sounds like you got an offer already so congrats.

 
PiperChiangAccent:
Transmarket: you trade as a team and earn bonuses as a team.

First NY: 50k base, 40% of profits, you start with a 500k book. Pretty much its a bit riskier I would say but your potential is so much greater.

I think the learning experience actually might be better in a way at Transmarket since you work as a team.

becarful when you post stuff figures you arent sure about.. your wrong

 

It completely depends on the asset class. They trade three asset classes (fixed income, commodities, and equities) and only fixed income and commodities are hiring assistant traders right now (1 each). Getting a job in the fixed income group is like working at a macro hedge fund and is probably better than getting a job at BB in S&T. An assistant trader position in commodities is pretty mediocre and definitely worse than working at a BB. Less than 50% of commodities assistant traders become full time traders.

 

I'm going to guess that you're going for the Jan. class - you should hear back soon. It usually takes them about 1 week to finalize decisions. And plus they're looking to fill the remaining seats fast.

 

Naw, I'm keeping up with FNYS stuff because a close friend is trying to land a seat there, and I keep bumping into a few of their traders at different spots in town. I personally have a lot of respect for a few of their partners/seniors - the firm's as solid as they come.

 

I am completely ready trust me... Every trading interview I had so far i aced.. i just got screwed with timing and have to wait... its h ard for me to get some because of my graduation date.. i graduated like in the worst time in the past 20 years... im comfrotable with any asset class.. and all the hardcore prob questions...i just cant get in touch with anyone.. i found someone in hrs name.. i called her a bajillion times and sent an email but no1 responded.. ill even talk to you via pm email or phone.. you can see my resume to see if your comfortable.. without sounding arrogant.. ive prepared for this for months and beleive im qualified

 

i'm just confused as to what goes on in the "super saturday". it seems a lot like an infosession from the e-mail.

anyways, good luck man. i won't be joining you, but gluck with the process.

 

No, you are an assistant trade for 2 years I believe.

-------------------------------------------------------- "I do not think there is any other quality so essential to success of any kind as the quality of perseverance. It overcom
 

My buddy works there and I think he got 70 his first two years. Learned how to trade and didnt need the salary but his second year. In my opinion, best desk in New york (have only been on about 4 or 5) and wish they had hired me. Regardless of the salary, work there if they make an offer because you will be surrounded by guys who know how to trade.

 

Do you guys think it makes sense to apply for an assistant trader position there as a non-US citizen? Do they take on internationals (I'm from Europe)? They state the following under requirements: "4-year college degree and a transcript which reflects relevant course study and a strong G.P.A." In Europe, programs usually run 3 years only, so maybe this is a signal that they do not take on internationals!? Any clue?

Thanks

 

I just don't want to waste time because I tend to actually invest some time when I apply and do not copy-paste everything! Could have been that s.o. knows about them not hiring internationals...

 

Taking a few more seconds and clicking on the "Search" button reveals that their London office is not recruiting assistant traders.... And anyway, having an office in Europe does not mean they take on Europeans for their NYC location.

 

To the OP, if you're wondering what they start their Trading Assistants at when they come in, it's $60k base. I received an offer from them about six months ago but decided to stay in IB instead.

It's a top notch shop, some of the best traders on the street, however, making it from a TA to a full-time trader is by no means a sure thing. I belive it's a 50% conversion rate, maybe less.

 

thanks for checking my spelling with hire.. spelling is the #1 thing I care about during open hours on the desk when I post on here to try and help someone...

the starting buying power if thats what you mean is usually 500kish and gets bumped up quickly if you prove you can risk manage..someone whos been a trader on their own for 1 month has 2 mil buying power if they arent an idiot

 
futuretrader1999:
i got an offer from them-- go on glassdoor----and tim crack (guide to quant finance interviews)--know all mkt indicators
I'm interested in FNYS as well. Could you answer some questions I have about FNYS, trading, and markets in general? If yes, please let me know how I can access you.
 

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"Seeing this house and your fine sword and hearing how you're importing and exporting chinamen, let me guess, you must be fucking rich." Kenny Powdersss
 

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