warning; lengthy reply here. ignore if you couldn't care about my history.
as ppl above have said - college degree is necessary to get into most decent places, because they want to cover their butts. i'd recommend it for everyone; if you want to stand out more, go to a small(er) school. you'll have more interaction with ppl your age, you won't disappear as much, and the weekend football game won't be the be-all/end-all to life.
before college - sold baseball cards @flea markets and card shows periodically for 8 years. college - went straight through for masters in mgt, played one varsity sport, was active on campus. had two outstanding teachers, one was like 3rd in charge of a major company, who i learned a ton from academically and in ways i could use outside of class.
worked @startup for 1 yr. laid off when money tight. started new job a few weeks later at a major international bank as a documentation person and techie for small trading (fixed income derivatives) floor. was hired (important part) BECAUSE OF MY COLLEGE - my boss liked the school's (non-ivy league) rep, sent the info. there, and my background / ppl skills seemed a good fit.
worked there for 6 years, through a merger. initially loved it, but ppl moved on, new bosses promised promotions / raises / opportunities that never happened...at the time, i was trading from work for about a year? never letting it affect my job. also, one of my jobs was now supporting all data for (non-equity) traders. this was '99. they started saying i (only) couldn't use pc or phone (!) for ANYTHING outside of direct work (despite traders telling my bosses i did an 'outstanding' job and one of my bosses admitting to me that my job performance was outstanding; i actually would phone in trade orders on my lunch break), i wanted to work one more year to raise more capital for myself, but couldn't take the pressure. i left. i also had two side-projects during that time.
it's now been 8 years of trading - almost all daytrading equities which aren't huge - from home for my own account. my best years were NOT '99/00/01, but have occurred after that. wife and i had a tight budget when she was in grad school / i was on my own and eking out a small living. she still works, we have kids, i'm doing fine. not making millions, but 99% of the world would love to be in my shoes. i won't take OPM because i have no reason to; i feel minimal pressure with *my* money, but tons with other people's. her job provides the benefits, which are hugely important, esp. with kids. and i have no need / desire to take up outside trading-related jobs; writing for a publication, marketing myself, etc. no one knows who i am, and that's fine with me.
and now? i still stay in touch with a few traders / back office /middle office ppl (as well as my first boss - the one who hired me, who was great) from the financial job. went out the other night with one of them (trader) for dinner, he's proud / excited about how well i'm doing. and he helped me out years ago when i showed the skills, but didn't have enough discipline, by some words of confidence that he likely doesn't remember today.
IF I HAD TO GO BACK TO THE WORK FORCE AS A TECHIE/DOCS PERSON...it wouldn't be hard (other than re-learning the requisite / current skills). i thought a few times i'd have to (because of not maintaining discipline while trading)...but friends from college who i stay in touch with are at various financial institutions, as well as ppl from my old job. the thing is, once you get your foot in the door of the financial places, you can usually move around pretty easily. it's just getting the foot in the door.
and, outside of the former chop-shops, it's nearly impossible to get hired without a college degree. i'm also a big proponent of having a fall-back plan just in case, but always trying hard to reach your CURRENT goal. and the college degree provides support in case you fail on your own.
so, to summarize:
-> you CAN trade without a college degree. that's no problem.
-> you can't get HIRED at most non-prop firms without one. and depending on the school / environment, some classes and contacts you make there, alumni network, etc. are invaluable.
