The new SMB 5-year career path program

Quote from anh_trader:

If you have been looking for trading jobs at SMB Capital, you would probably notice their ad about their new job. It's a 5-year career path that train u for 6 months, let u trade for 5 years and then at the end of it u have the chance of trading their 10mm-30mm hedge fund. I was accepted to to this new program. However I was asked to pay $7,000 for the training. The original cost of the training is $10,500 and I got 3,500 in scholarship. When i asked them why I had to pay for training even when i was a recent college graduate, they said their old policy was that college grad didnt have to pay for training but now when they have combined with T3 for the training program all applicants have to pay the cost.

What do you guys think about this? Is it worth the $7,000? Are there any1 in the same boat as me?
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a better question to have asked would have been, "has anyone ever applied and not been accepted?"
 
I'd like to meet the person who applied to the Art Institute of America and got a rejection letter stating that sorry, based on your drawings we just don't think you have the talent to become an artist.
 
Quote from NY0BScalper:

The lifespan of a daytrader is 1-2 years MAX. The reality is 95% won't ever make money, of the 5% who do, maybe 3% will barely be above poverty... 1% will make good money for a year or two, and 1% will actually last 5 years, successfully. Probably lower.
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You make me feel special haha ;p
 
The reason prop firms have to charge for training is because so few traders ever become profitable. According to NY Times success rate is 1%, I have heard from another highly respected prop firm veteran ( owner) that its as high as 2.4%. Thus the firms do not want to invest $7k on new trainees or whatever their actual costs are for such long odds.....



ps NY Times article is of 03.28.2010 by David Segal
"Day Traders 2.0 Wired, Angry and Loving it"
 
I have been accepted as a student and will be carrying in my $7000.00 tooition in this form. I will ask them to count it out in front of me.

Pile-of-Pennies.jpg


I'll let you know how it goes
 
Congratulations! I too have been accepted pending some kind of bullshit over my student loan. Apparently the dumbasses at Sallie Mae don't even know the difference between an SMB and an MBA. Same thing isn't it? What the heck is creditdation? Who cares as long as you are making money. Do you know how much a trader makes? I don't know, but it is a lot.
 
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