Getting A Job In Finance While Trading

[Fundlord]

I have basically been living off trading income for the past year but with tax season around the corner Im gonna have to fork over about 50% leaving me with no real safety net if anything goes wrong trading wise.

Anyone here got a job in finance while trading, I don't mean specifically trading jobs but any job back, front, middle office at some financial institution.

Im a qualified financial advisor in loans, investments, pensions and could easily get a job in a retail bank but I really want to work somewhere like a brokerage or an investment firm to see the other side of trading.

Anyone know a good way to sell yourself to one of these firms with no real work experience in that field. Im a young guy btw 21

 

[Sig]

I have to warn you that your ability to trade in your own account is severely restricted when you work anywhere in the finance industry, even if you're in the back office. The firm's compliance department usually has to pre-approve all trades except for broad based mutual funds and maybe index ETFs, and they may not be fast about getting you that approval. Think days not hours. If the firm has a position in any of the stocks you want to trade you'll probably be denied. You have to give the company full access to all your accounts so they get duplicantes of all your tickets, and they can and will audit your trading to ensure you had permission for every trade you make. This usually extends to your spouse or significant other as well. These restrictions are often unexpected for someone who hasn't ever worked in the industry, and may influence your choice significantly.

 

[lawrence-lugar]

I have to warn you that your ability to trade in your own account is severely restricted when you work anywhere in the finance industry, even if you're in the back office. The firm's compliance department usually has to pre-approve all trades except for broad based mutual funds and maybe index ETFs, and they may not be fast about getting you that approval. Think days not hours. If the firm has a position in any of the stocks you want to trade you'll probably be denied. You have to give the company full access to all your accounts so they get duplicantes of all your tickets, and they can and will audit your trading to ensure you had permission for every trade you make. This usually extends to your spouse or significant other as well. These restrictions are often unexpected for someone who hasn't ever worked in the industry, and may influence your choice significantly.

That's humongous. :eek:
so you basically have to forfeit your ability to trade...and just leave your personal account in a slow,boring,sleepy long-term mutual fund that basically makes nothing...ughh

 

[tickmagnet]

I have basically been living off trading income for the past year but with tax season around the corner Im gonna have to fork over about 50% leaving me with no real safety net if anything goes wrong trading wise.

Anyone here got a job in finance while trading, I don't mean specifically trading jobs but any job back, front, middle office at some financial institution.

Im a qualified financial advisor in loans, investments, pensions and could easily get a job in a retail bank but I really want to work somewhere like a brokerage or an investment firm to see the other side of trading.

Anyone know a good way to sell yourself to one of these firms with no real work experience in that field. Im a young guy btw 21

You don't say if you gonna trade , your answers to all questions should be NO , and fk FINRA , but I tell ya , selling financial products and trading don't mix , "don't get high on your own supply" its true.

 

[xandman]

Do you live in NY or Chicago? It is not a bad idea working in ops.

You will learn the more tedious stuff that can add value to your operations. Stuff that is just too dull to read a book about.

Who knows: you might get a lucky break to work front office or get tuition reimbursement.

 

[Fundlord]

Do you live in NY or Chicago? It is not a bad idea working in ops.

You will learn the more tedious stuff that can add value to your operations. Stuff that is just too dull to read a book about.

Who knows: you might get a lucky break to work front office or get tuition reimbursement.

Nope im in western Europe. There is several positions for "trade operations" in some financial firm here but most are pension firms looking for sleazy salesmen.

 

[volpunter]

a) why would anyone hire you for a back or middle office job when one can find hundreds of experienced applications instead? If I need someone to help with settlements then I hire someone who has settled before not a snotty 21 year old claiming to have experience in "finance".

b) You claim to be 21 years old and an investment advisors? Which cycles have you possibly seen and especially ridden through to bestow the slightest of confidence by clients in your advisor capacity?

c) Do yourself a favor and get a solid job, you may have to start at the very bottom in a financial job given your age and lack of experience. I take it you have not gone to college or dropped out cause 21 year old kids are usually still in college. If you finished college already then you should not find it hard to find a job though I doubt this applies to your situation. Nobody finishes colleges early and then starts day trading.

Don't take those above comments as cynical. I say such to push you to get a real job, but drop your expectations, your "advisor certificate" or whatever it is means nothing. Unless you have an extreme passion for trading (which you apparently do not have else you would not even ask this question) you won't make it as a day trader. Get a proper job if you want to be respected in society.

I have basically been living off trading income for the past year but with tax season around the corner Im gonna have to fork over about 50% leaving me with no real safety net if anything goes wrong trading wise.

Anyone here got a job in finance while trading, I don't mean specifically trading jobs but any job back, front, middle office at some financial institution.

Im a qualified financial advisor in loans, investments, pensions and could easily get a job in a retail bank but I really want to work somewhere like a brokerage or an investment firm to see the other side of trading.

Anyone know a good way to sell yourself to one of these firms with no real work experience in that field. Im a young guy btw 21

 

[xandman]

Your distrust for pension firms might be a regional thing. The pension business is sleepy in the US. And over here, it's the Fund managers trying to sell the business to Pension fund managers.

It don't know much about what's going on your side of the pond. But, it seems everyone and his uncle is a "quant". Especially, in the UK.

Consider working for the exchange. The once clubby futures exchange is a place where a "regular joe" in clearing ops can become a captain of industry. That's what privatization does. In any case, you get to know people at other firms.

 

[volpunter]

Good points, I hear even Bloomberg is nowadays requiring its employees to report their brokerage accounts and trading activity and get clearance. It is way more extreme at sell side banks and other fund firms.

I have to warn you that your ability to trade in your own account is severely restricted when you work anywhere in the finance industry, even if you're in the back office. The firm's compliance department usually has to pre-approve all trades except for broad based mutual funds and maybe index ETFs, and they may not be fast about getting you that approval. Think days not hours. If the firm has a position in any of the stocks you want to trade you'll probably be denied. You have to give the company full access to all your accounts so they get duplicantes of all your tickets, and they can and will audit your trading to ensure you had permission for every trade you make. This usually extends to your spouse or significant other as well. These restrictions are often unexpected for someone who hasn't ever worked in the industry, and may influence your choice significantly.

 

[volpunter]

I can imagine that. The typical vacuum cleaner sales type jobs where they send you to whore houses in the Czech Republic or Hungary at company's expenses if you exceeded the quota at year end.

Nope im in western Europe. There is several positions for "trade operations" in some financial firm here but most are pension firms looking for sleazy salesmen.