It's funny to see how many people think dealers at a bank make most of their money from quoting customers. In my role as a dealer, 90% of my profits come from taking prop positions. This is also the same situation for most of the dealers within the same role in London. If you think all dealers at all banks make enough from franchise business, then you are sadly mistaken. Mind you, there are banks around who view dealers as a cost centre and therefore do not permit them to take risk. Good luck!
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- Thread starter uiucgrad
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It's funny to see how many people think dealers at a bank make most of their money from quoting customers. In my role as a dealer, 90% of my profits come from taking prop positions. This is also the same situation for most of the dealers within the same role in London. If you think all dealers at all banks make enough from franchise business, then you are sadly mistaken. Mind you, there are banks around who view dealers as a cost centre and therefore do not permit them to take risk. Good luck!
This is the funniest one line comeback ever in ET
Young lady, I would highly recommend the JPM job first.
I started out as a messenger in the mail room of a prestigious Toronto firm and was stuck there for 2 years BUT I finally landed a mentorship with the countries number 5 producer (at that time) because of the friends and contacts I made from being inside.
I literally went from 12k per year (1982) to 120k per year 1985 +++.
Go inside and network, network , network !!!
Good luck to you.
This could not be more incorrect.
I agree with Acrary's post as regards focusing on desire to excel in competitive situations. One needs a great resume just to be considered. To be chosen, a candidate must show something exceptional to the employer. Exceptional desire to win is one of those things that "catches the eye".
Best of luck,
Steve
Best of luck,
Steve
I know a guy that backs traders in Chicago out of college. You say you want this really bad right? Well, are you willing to work a night job to pay the bills while this guy puts you through his training program and teaches you to trade? If so, let me know.
i was going to say, i saw this happen several times as well. the few who were socially and technically talented with serious desire got into analyst and assistant positions. i managed to get an in-house offer out of IT into a modelling position, but didn't accept it promptly enough while interviewing with another desk. overplayed my hand. here i am now, pretty psyched to be doing it myslf for the last 3 yrs. trust yourself, but also make an honest self assessment
the good news is if you really need to trade, you don't need someone else's endorsement to make it happen
funny my experience at major investment banks is the total opposite, dealers there were basically 'trading' on the basis of their knowledge of where the institutional flow was going, iow front-running client orders... doesn't mean i don't believe you... now if you allow one question sir, what's the incentive of dealing / quoting customers if, without the benefit of insider 'flow knowledge', you would still be able to generate 90% of your current profits via prop trading? why go to so much hassle for just 10% extra?
acrary, steve46 are spot on. samson, great stuff, but surely you realize that this is the proverbial exception (of which there are surprisingly disproportionately many on this forum...)
in any case an Ops analyst job, be it so-called 'business / process / whatever' analyst at JPM will make you good money (v.good by normal standards) but will take you exactly nowhere as far as trading, although you may still end up working on a trading desk in a glorified back-office / support / assistant capacity of some sorts at some point, but thats as far from trading as...
a research analyst job at any lower-tier up & coming etc house wld be a totally different story of course
good luck to you
in any case an Ops analyst job, be it so-called 'business / process / whatever' analyst at JPM will make you good money (v.good by normal standards) but will take you exactly nowhere as far as trading, although you may still end up working on a trading desk in a glorified back-office / support / assistant capacity of some sorts at some point, but thats as far from trading as...
a research analyst job at any lower-tier up & coming etc house wld be a totally different story of course
good luck to you