Life after Proprietary Trading?

I never took the exam either, but at one point a few years ago I had considered going the Prop Firm route and did put about two weeks into studying it...I found that my orientation towards equities, equity options let me breeze through those sections, but the bonds were very complicated...

I would not say the exam is a breeze...Some people make it sound that way, but I think it is a test just like any other test and can be tricky and is filled with alot of obscure details that cannot just be "winged" that easily on the exam...

It would seem that several weeks of intensive study would be required prior to taking the exam...
 
You definitely have to put in time for the 7- bonds and options are HUGE on the test- also study all the practice exams that you can to get a feel for the style of the test- it is one of those tests that is designed to really make you think about what you have learned in studying for it. Understand the concepts and the seemingly "trivial" details very well- they will test you on all of it. Its not impossible- just dedicate a few hours a day for a few weeks and you will be set..... good luck :)
 
Your going down the wrong path my friend. If your really thinking about getting a MBA, like most of America, then trading is not for you.

If your leaving trading because it is not profitable for you, then by all means, get a MBA.

However, here is my experience trading next to MBAs. First, they cant make money....they have been trainded like monkies. They can't pull the trigger, all they can talk about is theory. Almost every MBA i know failed at trading.

Now, vice versa, Can you go from making your own decisions, holding all responsablity, the freedom to wear what you want, come and go as you please.....to a man in a monkey suite, selling funds, or trying to close deals for others? What to most MBAs go into, investment banking. And were are they now.....unemployed.

I say stick to trading if you like it. Money will come eventually. If you love the game, the ability to live and die by your own decisions....not be someones bitch.......stay free my man.

but remember, freedom has its price, and right now it is scratching trades most of the time and making two fiquers instead of six.

I hardly doubt the MBA colones will fulfill your passion as a trader.

But if your not into trading, by all means, join the sheep and run with the flock.
 
I have to totally agree with ertrader on this one(even though I just bitched at him on another thread):D Every MBA I have met has been a moron when it comes to trading. They said things like,"What's a stop order?". "What do you mean,'technical analysis'?". Then they would say, "Oh, my prof didn't care about that". Or,"Oh,I just breezed over that stuff". Granted, these were not Ivy League people, but still...
If you want an MBA for a better job,fine. For trading, forget it.
Maybe I'm just bitter because I don't have one:D

Snake
 
snake and ertrader,

Just to give an opposing view to the MBA delima. I've got one and I run a regional trading desk. I've done ok for myself and thus believe that some of us may know a tiny bit about trading. Most friends of mine who are at the senior levels at Investment Banks (ie. running trading desks) have them as well. I don't think they got to where they are by losing money.

Now, I'll be the first to say that an MBA doesn't teach you how to trade. But on the same note, it doesn't teach you how to successfully run a business. You have it or you don't. If you're smart and have the ability to attend a top school an MBA could open doors that would otherwise remain closed to you. Another benefit of attending a top school that shouldn't be discounted are the contacts you'll make - many of which will one day be running or managing successful businesses around the world. More important if you want to end up trading at an investment bank is that many of the top firms won't consider you for a senior position without one.

As for an MBA who can trade.... I recall sitting in a class where an alum named Bill Gross happened to be a guest lecturer. If you don't know who he is, look up PIMCO. He is often equated as the Peter Lynch of the Bond trading world. In any event, where do you think he recruits?
 
I completely agree with DEF. I've been a daytrader at Tradescape/Momentum for three years and this past year I've been scraping by. I'm enrolling at Columbia B-School in the fall because the daytrading industry is dead. Hopefully I can get a job as an institutional equity trader because I still love trading. An MBA can only help open more doors for you, unless you're happy making $20-50K a year daytrading. Let's face it, today's market makes daytrading a low income, maximum stress proposition. I could make far more coasting at a desk job with the "monkeys in suits." If the market ever picks up, then I'll daytrade on the side. For now, I'm going where the smart money is. Invest in your education!
 
I agree with def. I don't have a country club membership because I was looking for a place to play golf and tennis. I can play anywhere. Meeting and playing golf with so many doctors, lawyers and other professionals has been well worth the price of membership. "Trading" is a singular function and can be learned by virtually anyone with some basic skills over the course of a few months. I see virtually no correlation between trading (especially day trading) and possessing an MBA or other degree. Investing - as it pertains to trading - and the ability to determine the intrinsic value of a business and their future cash flows would certainly benefit from an MBA.

That doesn't get discussed in this forum.
 
i wonder if most of you that say that theres no money in trading....got started in 99...and u are so used to trading in a markets that anyone and thier brother can make money in..i know many traders most that started in 99 during the bid daytrading days dont make $hit anymore....they idnt grasp the concept of changing techniques..they still think money should be made easy in the markets.and they are scared to pull the trigger now .but all my buds that started in the last 2 years..are making very good incomes...some 7 figures...and i am not lieng...
 
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