I'm currently waiting around for an IBD internship to start in February, and right now I'm on a training course with a prop firm called 'Schneider Trading Associates'. The gist of it is you do a 4 week programme where you learn all about spreads, flys, box's etc and then if you're good enough, they offer to back you to trade with their capital (starting account ~£10k / $16k).
I'm fairly sure I will get an offer at the end of the course, but with my BB internship starting in 5 months I am not going to accept the offer unless I can do it on a 4 month basis. My understanding of trading is that it takes around 6 months to become profitable, so even if they WERE to give me those terms (unlikely), would it be worth my time? They pay no fixed salary, you just take 80% of your own profits (but are liable for none of the losses).
Also, if for whatever reason I decided to switch my focus to S&T at a bank, would putting down such a training course on my CV be a good idea? I've heard its very damaging and a lot of banks wont touch you if they know you've been at a prop firm?
My mate used to work there, very good firm indeed. He left to go into mgmt consultancy cos he wants to be a CEO. If you are any good at trading, 80% is more than you will ever get anywhere else. If you just want to work for a bank because the name is nice then I can't help you.
You may very well get hooked on trading. Once you do it you begin to realize that despite all your ideas of what you want to do long-term and how banking may or may not help you get there, you're actually having fun at work and who would have ever thought of that.
80% is exceptionally generous too.
Agree with the above comments. The also seem to have a lot of ex-BB guys who graduated from top schools in the UK (Cambridge, Imperial, LSE). Seems legit.
My thought process is more along the lines of I expect I WILL like it, but this is literally my only chance to get into banking (exceptional circumstances) and I can come back and do this programme again at any time.
Just curious - why do banks shy away from candidated with experience on a prop desk?
I would advice you to stay away from places like Schneider.
You are going to waste your time if you go there.
To be honest, you won't learn much and it is very very unlikely that you make a living out of it.
It is very damaging for your career. You won't in any way be able to use your experience in schneider for a job in bank. Schneider is just a joke.
You are lucky enough to have IBD offer, while waiting to start your internship you are better of doing something more enjoyable than wasting your time with incompetent people at schneider
Guessing someone didnt make any money there....
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