Quote from Chris Paciello:
What type of careers are in the Stock Market ...
-Runner
-Clerk
-Trader
-Trader Assistant
-Junior Trader
-Stock Broker
What are some careers that are on the floor?
Thank you!!
If you mean on the floor as in the actual NYSE or CME, forget about it. Unless you have a family member or close tie to someone that works in the pits, you won't get hired... This is basically a closed network. On the brighter side, the physical trading floor business is gradually diminishing and is being replaced by electronic markets. Forget about the NYSE and the specialist system... its horribly inefficient and quickly fleeting. If you have enough cash and could capitalize yourself, you can be as a "local" on the CME floor. You would have to lease membership (maybe even buy a seat if you can afford it) and trade your own money... Make markets/try scalping... I do not recommend this road either as a beginner, unless you have a lot of money. You're learning curve in the pits would be much shorter, but much more financially expensive.
You can try to pursue positions at a "trading floor" of a company. Forget about investment banks unless you have connections. I assume you're relatively new to trading, so I would try "clerk" positions. Trading assistants almost always require experience... at hedge funds salaries start at like 55,000 and go upto 100,000 w/o a bonus. I'm currently pursuing this type of position, but it is very difficult. Demand for trading assistants require that they have extensive computer programming skills and quantitative backgrounds. A MBA is not required though.
Forget about being a "trader" unless you go the prop route or local on the CME and in both scenarios capitalize yourself. At a legitimate prop firm, you can be a jr. trader (that's what I used to do). 95% of the firms do not pay a salary. First NY and several Chicago firms do. Some firms require that you capitalize yourself (~5,000) somewhat before being accepted as a jr. trader. This industry is very dangerous though, and naive beginners can essentially be scammed for money. I'm not a fan of firms that let you trade remotely (there just your retail broker, providing you leverage. Never pay for training!
If you like sales and cold calling, you can easily find a job as a stock broker. You would receive a tiny salary and everything would be commissioned based. It's incredibly difficult to get a clientele though... trust me. When I interned at Merrill Lynch several years ago, I sat near aspiring brokers/financial advisers. It's a tough job.
The trading sector of finance is just one industry. There are other stock market/investment related industries you can pursue... like as a analyst. Unless you have a MBA, received your Bachelors from a Ivy-league school, or have personal connections, you probably won't find employment anytime soon. You can try, but their is not much demand at this time. I would just try to do whatever it takes to make yourself more competitive for when finance jobs, particularly in trading, reappear.
