Yet Another Prop Firm Hiring

Quote from Maverick74:

The thing you have to understand is these firms get flooded with resumes. When they are looking to hire one or tow guys, they get 200 to 500 resumes. They have to weed out guys somehow. If you think it's hard to get into a firm like Towerhill, you should look at Goldman. There was Vanity Fair article some time back going through the process. There is something like 40 levels of interviews. Forty!!!! It's insane guys. The level of competition for these jobs is fierce and just having an "interest" in trading is not enough. It doesn't help now that the algos are taking over. That means the competition for the few remaining human trader spots is even more fierce.
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THT ain't Goldman. If you have the academic creds - right out of college - I'd go with the Wall St firm over the no salary profit split for several reasons.

Nothing against THT - they may be terriffic guys and all.. I don't know how much of a favor they are doing you by putting you on. Where you gotta fight for a spot? At GS to get in, yeah you put up with some crap. It's obviousuly worth it. Even if you get doinked you got GS on your resume.
 
Quote from esc_trader:

THT ain't Goldman. If you have the academic creds - right out of college - I'd go with the Wall St firm over the no salary profit split for several reasons.

Nothing against THT - they may be terriffic guys and all.. I don't know how much of a favor they are doing you by putting you on. Where you gotta fight for a spot? At GS to get in, yeah you put up with some crap. It's obviousuly worth it. Even if you get doinked you got GS on your resume.
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Oh by no means was I comparing GS to THT. Quite the opposite. THT is a cakewalk to get into compared to GS. Hell the janitor at GS could get hired at THT. I'm just putting things in perspective how competitive these jobs are. There are "some" on ET that believe they are "entitled" to a trading job that pays them 500k base plus a 10 million bonus and unlimited buying power. Of course these people are high as a kite.

I only posted the THT one because there are countless threads on here with guys bitching about the 5k down prop firms and how bad the training is or how high their rates are, etc.
 
I judge it by - what risk is the firm putting up. Must have a contribution? You're a customer. No contribution/profit split = contractor. Salary = employee.

If you've seen that show Pawn Stars - the guys that run the pawn shop - I'd take one of them over an Ivy League MBA. Young traders should watch how those guys negotiate.

Even the cap contrib firms are doing a great service, they are providing the leverage and low rates that make it possible to actually make a living scalping, but they shouldn't act like they are 'hiring' people because they have zero risk putting someone on. Young guys need to watch out for crap like that and grind those rates down low as possible. Their commish probably going to play a bigger factor in their success than their ability to predict the future price.
 
Quote from Maverick74:

Oh by no means was I comparing GS to THT. Quite the opposite. THT is a cakewalk to get into compared to GS. Hell the janitor at GS could get hired at THT. I'm just putting things in perspective how competitive these jobs are. There are "some" on ET that believe they are "entitled" to a trading job that pays them 500k base plus a 10 million bonus and unlimited buying power. Of course these people are high as a kite.

I only posted the THT one because there are countless threads on here with guys bitching about the 5k down prop firms and how bad the training is or how high their rates are, etc.
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I stand corrected
 
Quote from Maverick74:


Bachelors degree from a top university, degree in business, mathematics or finance preferred.
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Count me out. Thats the one that would get my resume tossed as unfit.
 
Quote from Maverick74:

Don Bright is waiting for your call. The next "boot camp" is right around the corner. :)
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16 years OJT...no fucking way im sitting thru some "bootcamp". :D

However if I were to go retail id go with bright for sure. Why not, they still clear GSEC right?
 
Only 30 some "real" prop firms in Chicago. That's not much at all. Can see why there's so much competition for so few spots.
 
bright is not retail

you need a 7 license & 20 k to join there prop firm . clear thru goldman

they will allow you up to 1 million in bp to use but not abuse
 
Quote from WS_MJH:

Only 30 some "real" prop firms in Chicago. That's not much at all. Can see why there's so much competition for so few spots.
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Considering the market environment, it's more than I would have expected. Not to mention that twenty odd years ago when I was first out of college, the whole concept of "prop trading" was a pretty foreign concept. Basically, you would be looking for a position as a clerk or runner at the exchanges or you'd go to New York for the traditional investment bank path.
 
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