Group 1
My friend just accepted an offer at Group 1 in their trading department. He turned down a Citigroup trading job, so I hope he knows what he is doing.
Has anyone heard of this firm? He was told he will spend the first year training and make about 45k base, but once he becomes a trader for year 2, the average salary is over 200k with the high being around 500k.
Seems a little high/too good to be true. I was wondering if anyone knew for sure. I just hope he doesnt take it, and find out a year later not everyone that trains can become a trader like he anticipated or something like that.
You can make a lot of money there or (more likely) you will just be out of a job.
High risk
high reward
so basically, the money he can make is on par, but theres a high risk that he will end up with nothing?
How high would you say the risk is?
on par?
it is MUCH more lucrative than normal S&T. I think he made the right choice, Citigroup's program is not that great.
I was offered an internshio there last year. I did not accept since the pay sucks until you become a trader. I dont know what percent of trainees make it to becoming a trader, but I can tell you that most of the traders are quite bright. The guy that interviewed me had a phd in physics. I'm sure the tools in ibd wouldnt last for a second in this shop.
I have no idea what percentage of people make it past training, but I hope your friend knows and is comfortable with that. These options firms often have the reputation of being sink-or-swim, and if you sink, you better have a good back-up plan. All in all, I think it was stupid to have picked that in lieu of Citigroup, but hey, I'm not your friend.
yeah i told him the same thinng, devin. personally, i would have taken Citigroup, but he is so sure of himself that he will be successful. Only time will tell.
on par = he'll get what they told him. As in, they are not just exaggerating the numbers.
Also, his Citigroup offer was 55 base plus 10k sign on bonus with an expected 50k year end bonus. He was told after 5 years he could become a real trader. He didn't like the fact that he could spend 5 years making a guaranteed let's say 115k a year and then possibly become a trader after 5 years. He went with the firm where he could spend one year making 45k and then make the big bucks in year 2.
5 years to be a trader? Citigroup is worse than I thought.
It can take an extraordinarly long time to actually get your own book at a BB bank, especially because books generally become available only through attrition. So, you and the other analysts/associates are basically waiting for someone to leave (and if you're not the top analyst/associate, you're waiting for a lot of people to leave). And if you're not good, you'll be canned after 2 years as an analyst and never touch your own book (not sure how many people this happens to).
At a prop shop, I believe they'll make a book available for you, allow you to trade very small positions, and if you do well you'll be an actual trader. If you're not good, you'll be canned (although, I've heard you're usually given some time to work out the kinks..they don't expect you to instantly be a great trader and are really just looking for someone with potential).
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