Need Advice - Working a a prop firm?
I am looking for some advice regarding my unique (and uncomfortable) situation. I am in my late 20s and have been on a leave from college for awhile now. I am interested in working at a (legit) prop firm like FNYS, DRW, Trillium etc. I would have to finish my degree before even applying to such firms obviously.
However my GPA from the courses I took earlier is not so good, so I would have to go to a community college to finish the Bachelors. If I do that, and get straight A's from then on, I could possibly bring the GPA up to 3.0.
Is that a waste of time? I understand firms like those look for Ivy grads, and here I am in my late 20s and if I'm lucky end up with a degree from a community college. I'm not sure I would even get an interview.
I should also say that I do have some "vanilla" derivatives trading experience but not a marketable track record at this time.
i think that this is a very unique situation and getting the interview is the first step. This is way out of my experience, but I would try to contact recruiters directly and get them to understand that you are 1) talented and 2) motivated and are willing to learn.
if you just drop online i think your chances are slim to none, so contacting recruiters is the best bet.
even then, this is probably a low, but non-zero probability.
Prop trading firms like those that you mentioned are very interested in people who have demonstrated that they can independently make money.
Ideally, they want people who they can put on the desk with $1mm, and expect to generate a decent return without having drawdowns. If you can convince them that this is you, I'm sure they wont care about gpa.
I graduated in 08 with two degrees from an ivy, and an intern and part time while in school at GS, and most of these trading shops wouldnt even talk to me or give me a first round because they wanted kids strait out of school... and i was very, very prepared and did a lot of personal research and work in all products of trading... and i tried to contact the recruiters, and our clients who are traders at these firms directly... who would refer me to recruiters... maybe trillium i worked there as an intern
A few of my buddies have/are going through the process with a couple of the firms you've listed (FNY and DRW), and to be honest, for some one in your situation, unless you know a partner personally very well, you will not be looked at, period. In particular for FNY, these guys recruit exclusively at top colleges with exceptions made for work experience (i.e. you can come from a top 25 - 50 school with proper industry gigs). No sayin' it's impossible, but it's going to take a minor miracle for you to get a first round, and a major miracle for you to survive the process.
Peace.
When you say you "don't have a marketable track record" does that mean you don't have the records to prove your successes, or that you just haven't traded consistently well in the past? Agreed with Kospier, but starting out at FNY or DRW trading group isn't necessary if you have the raw talent and are capable of proving it. Trading is still a meritocracy at heart, to be realistic your best bet is to aim for a smaller shop first.
....can't you work yourself in through the back-office, middle-office?
I know someone who went through some very tough times and he got a position at GS and now is working in PE at a major institutional firm. He basically failed in high school. He didn't have a family. He spent most of his nights sleeping on the sidewalk or on the couch at his friend's house, etc. He got to college (I don't recall how) and had to reteach himself everything he didn't learn in HS (we're talking how to add and subtract fractions, etc.). He got slaughtered in first rounds at GS and ended up spending an entire year studying solely for the next year's interviews at GS. He learned everything he could have and nailed the interview. Every technical question he was hit with, he did backwards and forwards in his head. GS couldn't refuse him. He's now applying for his MBA at Harvard.
If you really want to do something (and again, I stress REALLY), you can do it. It requires dedication, intrepidity, hard work, and plain guts. If you have that and spend your days tirelessly working towards your goal, you can nail it too. Good luck to you.
I call Bull Shit
Laboriosam id ea minus aut a sed cupiditate. Reiciendis est laborum id soluta.
Quam quia sunt et velit non velit. Et hic quia quos. Autem qui impedit earum animi expedita earum rerum. Quam cum impedit dignissimos dolorem. Vitae amet provident maxime quisquam earum excepturi nemo. Voluptatem quisquam debitis libero distinctio qui aut.
Hic fugiat quos dolorum vel mollitia. Non ab qui nesciunt est enim excepturi magnam. Quo pariatur id nisi quibusdam et. Eos numquam totam qui et.
Totam quas et et qui sint. Excepturi consectetur necessitatibus tempore cum. Praesentium voluptates numquam tenetur. Dignissimos ut placeat expedita et veritatis mollitia corporis placeat. Quia laborum officia quisquam ducimus aut. Quia distinctio ex maxime reiciendis aspernatur esse.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...