Would like some advice on proprietary trading firms.

StuckeyBowler · Jun 20, 2003

What is wrong with Assent if I may ask?

No joke, Worldco has a separate package deal for recruits out of top schools and high GPA's. I didn't even know about this until they mentioned it during my interview.

I called FNY and was told they were not currently hiring. Can someone tell me how I can contact Schony Trading? A website would help. I assume they are considered a better place to start?

I can use as much information as I can find.

Thank you.

Quote from sambatrade:

Stuckey have you been smoking too much crack at Princeton?!?!?! Or are you recruiting for Lynx and Worldco??
Graduating from Princeton, and turning down a real Street Job to go to Andover or Worldco??? This is too funny. If you had at least said you were thinking about FNY or Schony, maybe... maybe... maybe I could understand. I have a lot of good friends at Andover and I'll tell you now it's the last place you want to start your career, not knowing anything about trading. the 'Ivy grad deal' I love it!

LockedLimit · Jun 20, 2003

Quote from StuckeyBowler:

What is wrong with Assent if I may ask?

No joke, Worldco has a separate package deal for recruits out of top schools and high GPA's. I didn't even know about this until they mentioned it during my interview.

I called FNY and was told they were not currently hiring. Can someone tell me how I can contact Schony Trading? A website would help. I assume they are considered a better place to start?

I can use as much information as I can find.

Thank you.

"Schony" is a reference to Schonfeld Securities (www.schonfeldsecurities.com). One of the largest prop firms with a reputation for great training programs. May not be hiring right now....

Mr.Bling-Bling · Jun 21, 2003

World Co. will suck you dry. Look over the agreement. The last I looked, you are luck to see 50% of net...not gross. Do not let the 0 down sway you, they will make that up on the back end. Beware....go future prop and be ahead of the game. B

FinStat · Jun 21, 2003

stuckey,

my alma mater most likely has a very similar recruiting process to princeton. dealing with a bucket shop is not even on the table for consideration. no one spends that kind of effort and money to work at a company with almost no barriers to entry. that you are even discussing this topic in this fashion makes me skeptical about your claims.

trader99 · Jun 21, 2003

Quote from FinStat:

stuckey,

my alma mater most likely has a very similar recruiting process to princeton. dealing with a bucket shop is not even on the table for consideration. no one spends that kind of effort and money to work at a company with almost no barriers to entry. that you are even discussing this topic in this fashion makes me skeptical about your claims.

Finstat,

You are right. The recruiting office usually even PRE-SCREEN companies before they let them on campus to recruit their students.

And I don't think they would encourage you to turn down a decent job offer for a no salary, no benefits, possible learn to trade,etc. There are a lot of ibanks that recruit college graduates to the their trading training program Leh, GS<, MER, CSFB, and way back Hull etc. You will sit ont eh desk and observe and do actual good work for them(not bring coffee!! that was so 80s!). Like help them build simple models, run simulations, and most important observe trading. And you get a salary. I was recruited to be on teh gov't bond desk at Citibank. But I had better offers at GS and MER.

Once you have a stable income and paid off your Princeton student loans, and have a VALID strategy then it's time to quit and dump the corporate world and go independednt and make all the dough you want!

whatever dude, good luck! It takes more than a few weeks to master trading. And don't expect any income for a while.

99

rttrader · Jun 21, 2003

For anyone out West, ....late last year I interviewed at UBS Paine Weber in San Francisco,CA. They had several training programs for mostly fixed income trainee positions. I wanted to trade so it was not something I pursued...but I am sure their still are openings. I never responded to an add, I just called up and actually talked my way into an face to face. One of their larger fixed income guys really wanted me to work with him, but it was truly "grunt" work...... but it may be the right path for someone else?

I'm very happy where I am now

Good luck in your search...

Rttrader

Casey30 · Jun 21, 2003

Quote from TM_Direct:

WHat i find amazing is the fact that all these new college grads are coming onto the board looking for the best possible firms and recommendations.....yet when you pull up their name , they have no info, no e-mail, no interests , zilch....I know that if I was looking for work I'd have a way to be contacted, id have some info on me regarding where im from , how I can be contacted ect...it;s part of networking...I also find it funny that recent IVY league grads aren't;t contacting Lehman , schwab, herzog ect...

Good point. If you are an IVY leaguer. I highly doubt most would be looking to trade primarily at a worldco or generic.

okwon · Jun 21, 2003

There were a few Ivy leaguers at the prop firm I was at and even a couple of them in the small group I was in. The guy that sat next to me was had a bachelors and masters from Harvard. Ivy leaguers want to try prop. trading for the same reasons as everybody else.

Mecro · Jun 21, 2003

Don't hype up corporate jobs please. It's also a gamble and the lushy top positions are given to a small minority. Count in nepotism, serious ass kissing, overworking yourself as a slave. Count in mental and physical health.

I've worked in corporate enough to know, at least my stance on it. Not to say that I would turn some of those jobs down.

Most people are sheep. So for most the standard well known way is to go corporate.

You can always go back to get your MBA.

speedy · Jun 21, 2003

Quote from sambatrade:

Stuckey have you been smoking too much crack at Princeton?!?!?! Or are you recruiting for Lynx and Worldco??
Graduating from Princeton, and turning down a real Street Job to go to Andover or Worldco??? This is too funny. If you had at least said you were thinking about FNY or Schony, maybe... maybe... maybe I could understand. I have a lot of good friends at Andover and I'll tell you now it's the last place you want to start your career, not knowing anything about trading. the 'Ivy grad deal' I love it!

I agree with Samba here. You graduated from a top school. You should be smart enough to see what these firms really are. Listen to what these traders are telling you. Good luck.