Hi, I am currently attending DePaul University. You probably never heard of it, it's in Chicago. I am currently a Junior, pursuing a bachelors in Finance. I know Investment Banking is very competitive. I have a gpa of 4.0 in my major classes. I am interested in Equity Research and Options & Futures. What are my options for employment? Do I have a chance at the top 10 investment banks? Basically I want to know what can I do with my degree. I really want to trade for a living. Please advise. Thank You in advance. Cheers!
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Need advice from pros
- Thread starter nirav34
- Start date
Quote from jzlucas:
Congrats on your 4.0. Unfortunately, being booksmart won't help you in your desire to trade. If you have just as much common sense... that'll help. Good luck in your trading endeavors.
That's not entirely true. I am sure investment bankers, albeit they aren't traders per se, benefit greatly from a strong background in math/finance.
100% correct concerning investment bankers. However I was referring to the end of his post and his desire to become a trader.Quote from dandxg:
That's not entirely true. I am sure investment bankers, albeit they aren't traders per se, benefit greatly from a strong background in math/finance.
Quote from jzlucas:
100% correct concerning investment bankers. However I was referring to the end of his post and his desire to become a trader.
For trading your booksmarts wont help much. However if you have a 4.0 gpa it means that you are dedicated and disciplined, that helps a lot. Just try to avoid the most common mistake that really smart people do when approaching the markets, thinking that is not ok to be wrong. Be humble, try to feel what the market IS doing, not what it should be doing... and you might have a shot.
Read Marc Douglas´ Trading in the zone.
Sure you have a shot and a high GPA never hurts. I depends on the type of trading you want do. If you want to trade equities try to go with a firm with a NASDAQ Market Making Desk, you can make a nice living there. You must be careful a lot of jobs with the term trader are nothing but typing orders into a system, you don't want that. If I were you I would try for an internship on a fixed income trading desk, if you can trade that you can trade anything with success.
Quote from nirav34:
Hi, I am currently attending DePaul University. You probably never heard of it, it's in Chicago. I am currently a Junior, pursuing a bachelors in Finance. I know Investment Banking is very competitive. I have a gpa of 4.0 in my major classes. I am interested in Equity Research and Options & Futures. What are my options for employment? Do I have a chance at the top 10 investment banks? Basically I want to know what can I do with my degree. I really want to trade for a living. Please advise. Thank You in advance. Cheers!
If you're going after a place on an IB desk then (provided you don't have inside contacts that is) an high GPA it's a BASIC condition not to have your CV thrown out of the window as soon as they read it: I perfectly agree than being booksmarts per se won't get you very far in trading, but let's face it HR have to start somewhere when screening young guys so, unless you're an all- star athlete guess what they'll look at...
good luck with your career
Quote from nirav34:
Hi, I am currently attending DePaul University. You probably never heard of it, it's in Chicago.
Yes, I've heard of it (and I'm based on the other side of the Pond so...): it's no top uni so you'll have to prove yourself twice as hard in the beginning, but it's still in one of the major financial center and proximity means a lot, I can tell ya... be sure to reach alumni who work in the industry, there should be alot particularly in local firms... just my 2c...
The school isnt top tier..but it is fine..yes grades help. You are on the right track for sure!
here is the key...you have to meet people, the right people. ill give you my story:
I went to Texas A&M...decent school...but there are better. when i graduated the business school was ranked in the Top 20. My GPA? 2.2. (despite a 138 IQ) not kidding. the lowest GPA of anyone i know that actually finished. I happened to be very bad at sitting on my duff listening to people talk. to this day i swaer i will NEVER go back to school..i truly despise it. So it has been a real uphill battle for me..overcoming bad grades. I even graduated late (the 6 year plan) at 24. I am now 30.
..strangely enough, I have a stronger grasp on economics, finance, and languages than most people i know...i just am not good at school...i taught myself pretty much everything...AFTER i graduated. wierd huh? i am even fluent in Spanish now..upon graduation i didnt even know what "cerveza" meant.
Upon graduation i became a reatail broker (in 2000...bad idea) and bounced around a bit. One year I wound up at a head hunting firm...this was a real break...i found out how to REALLY get people on the phone (as a broker i was too intimidated), and how to write a resume.
From there i learned a few key items:
1. If you want a job, talk to the boss. period. Get him on the phone. he is the decision maker...HE will get you the job. not HR, not a website, not a recuruiter...YOU and HIM.
2. Learn how to write a friggin resume..correctly. only put GOOD info on it. everyone had done something crappy in their career... dont advertise that. make it short, sweet, easy to read quickly.
3. People are generally nice...and like to do favors. If you ask..often times they will say yes. so if you want to work at an IB..get the boss on the phone, offer to buy him lunch just to ask how to get to where he is. half the time they will say yes. people like to help people. it makes them feel good.
4. Be likeable. nobody likes an ass, period. Be calm, kind, generous, and forgiving. people will like to be around you as a result...and they will like to work with you.
5. you wont get what you dont ask for. ex "I would like to work for your firm, what would be a good place for me to start?" in the 50% chance they say they dont have anything "who are some of your contacts or competition you could refer me to?". Ask these questions a few times...you will be on the right road.
those are key. If you truly understand this...you can take it from here...but some people need a bit more coaching.
In my case, I am now sitting in tropical paradise running an interdealer market (i am not in the US). I just recieved 2 offers from banks to run their new international funds that they are starting, my inbox has emails from wall street CEOs about some of the deals we are doing...and i have zero debt. House is paid for, cars are paid for, and I dont owe anyone a dime. Not to mention i have a very hot wife (#1,3,4,5 apply here as well).
sounds like BS...i know. But no, i am not rich...not yet...but i was up $1500 today!
Life is good. But it is good becuse I make it happen. I make it happen with those first 5 steps. You should have a decent background (you need to sell something), but I think these are the big difference between the people that make it...and dont. Not grades, not the school you went to.
good luck. you will do great.
Dan
here is the key...you have to meet people, the right people. ill give you my story:
I went to Texas A&M...decent school...but there are better. when i graduated the business school was ranked in the Top 20. My GPA? 2.2. (despite a 138 IQ) not kidding. the lowest GPA of anyone i know that actually finished. I happened to be very bad at sitting on my duff listening to people talk. to this day i swaer i will NEVER go back to school..i truly despise it. So it has been a real uphill battle for me..overcoming bad grades. I even graduated late (the 6 year plan) at 24. I am now 30.
..strangely enough, I have a stronger grasp on economics, finance, and languages than most people i know...i just am not good at school...i taught myself pretty much everything...AFTER i graduated. wierd huh? i am even fluent in Spanish now..upon graduation i didnt even know what "cerveza" meant.
Upon graduation i became a reatail broker (in 2000...bad idea) and bounced around a bit. One year I wound up at a head hunting firm...this was a real break...i found out how to REALLY get people on the phone (as a broker i was too intimidated), and how to write a resume.
From there i learned a few key items:
1. If you want a job, talk to the boss. period. Get him on the phone. he is the decision maker...HE will get you the job. not HR, not a website, not a recuruiter...YOU and HIM.
2. Learn how to write a friggin resume..correctly. only put GOOD info on it. everyone had done something crappy in their career... dont advertise that. make it short, sweet, easy to read quickly.
3. People are generally nice...and like to do favors. If you ask..often times they will say yes. so if you want to work at an IB..get the boss on the phone, offer to buy him lunch just to ask how to get to where he is. half the time they will say yes. people like to help people. it makes them feel good.
4. Be likeable. nobody likes an ass, period. Be calm, kind, generous, and forgiving. people will like to be around you as a result...and they will like to work with you.
5. you wont get what you dont ask for. ex "I would like to work for your firm, what would be a good place for me to start?" in the 50% chance they say they dont have anything "who are some of your contacts or competition you could refer me to?". Ask these questions a few times...you will be on the right road.
those are key. If you truly understand this...you can take it from here...but some people need a bit more coaching.
In my case, I am now sitting in tropical paradise running an interdealer market (i am not in the US). I just recieved 2 offers from banks to run their new international funds that they are starting, my inbox has emails from wall street CEOs about some of the deals we are doing...and i have zero debt. House is paid for, cars are paid for, and I dont owe anyone a dime. Not to mention i have a very hot wife (#1,3,4,5 apply here as well).
sounds like BS...i know. But no, i am not rich...not yet...but i was up $1500 today!
Life is good. But it is good becuse I make it happen. I make it happen with those first 5 steps. You should have a decent background (you need to sell something), but I think these are the big difference between the people that make it...and dont. Not grades, not the school you went to.
good luck. you will do great.
Dan
Hey Dac that is great advise you offered. I am curious, if I can ask, where are you trading from?
I am looking for a change from the US possibly, and had considered Panama possibly in the future. DR seems to have poor internet and electrical infacstructure from my readings.
Thanks in advance.
Dan, also
I am looking for a change from the US possibly, and had considered Panama possibly in the future. DR seems to have poor internet and electrical infacstructure from my readings.
Thanks in advance.
Dan, also