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  1. O

    join Group One / DRW Trading Group or Goldman as i-banking analyst?

    Your B-School admission stats are simply not true - the top 3 schools accept 10%-15% - by the time you get to #10-#15 you're looking at 20% to 40%.
  2. O

    join Group One / DRW Trading Group or Goldman as i-banking analyst?

    Carl - I spent 5 years trading options in NY, and have friends who still do the same. I also have friends at the I-banks. I would say that, out of 10 friends in each field, only 1 of the traders is now making as much (and he has made a lot more) as the bankers. It's as simple as that...
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    Map to SAC

    Take advantage of what CBS has to offer - go see your career counselors. All of the IB's recruit out of Columbia and I would assume that many hedge funds do as well.
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    Career advice needed for a starter.

    You can sometimes find ads in the NYTimes, or even on Craigslist, for options clerks on the floor (NYMEX, NYBOT) in NY - working for locals. Not a bad job, learn a lot, etc.
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    Career advice needed for a starter.

    I wouldn't recommend the floor as a long term career option, but there are still guys making a lot of money down there right now, and you can learn a lot from them. The experience, especially before graduation, wouldn't hurt, and might help. Not saying it's a long term career alternative.
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    Career advice needed for a starter.

    Hate to say it but your odds of getting a job at a bank or fund, before you graduate, are slim to none. You might, however, be able to find a job on the floor as a clerk - NYBOT or NYMEX. You wouldn't make 60k, but you would get some experience and your hours wouldn't be bad.
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    Floor traders- pricing on the fly

    They also have the vega. So maybe in the morning you're running front month vol at 31%, 1 month back at 29.5% etc. That's how you see whether or not you're trading for 'edge' - buy a strike a few ticks under your sheets, sell another strike a few over, etc. If vol is bid, everything front month...
  8. O

    Salomon Brothers Trading

    Agreed - it's much easier to move into Prop from an analyst program at Citibank than it is to move the other way.
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    Career advice

    If he wants to trade at a bank- math, math, math. He needs to go to a good school, major in math or physics or comp science, and probably go on to get a Phd. Right now it's all about the models. Of course this is what they're looking for today - who knows what they'll want in 10 years when...
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