Career of a trader

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abacus

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The career progression of a research analyst is associate->research analyst, where one stays while getting promoted to MD, if you are really good & in command of your sector (For simplicity, forget the Jack Grubmans of the world for now). For I-Bankers, becoming an MD is the goal, and if you can make some money on the way, that's even better. What about traders? One starts trading, let's say mortgage securities, and becomes an expert in trading MBS securities. What's next for you?
 
You make millions and get to work from 8-4 every day for the rest of your career
 
That is for the successful person. Is there a run-of-the-mill trader too or the system vets them out quite quickly?
 
Randall Wrote:
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> You make millions and get to work from 8-4 every
> day for the rest of your career


I doubt there are too many cash equities traders making millions anymore. And I don't know of any FI traders that are working 8-4. FI side, it is more like 6:45-5:30 or 6. Still not bad hours though.
 
Maybe I embelished a little, but you get my point

Thing is abacus, if you're a prop trader that becomes an "expert" in mortage securities you're probably doin real well for yourself. There are of course different types of traders who don't do quite as well, but I'm not sure they'd fit the scenario you're proposing.
 
Randall: Thanks. I am quite familiar with the career progression of I-bankers & research analysts, given the press these professions have received over the last 10 years. But the only time you hear about trading is when someone gets a $10 million bonus or makes a wrong bet on the price of natural gas. What is career path for a trader? 5, 10 years down the road?
 
Even asking the question indicates to me you don't have the personality associated with a successful trader.
 
abacus...live for today man, get in and get out...5-10 years down the road, you could be dead, that's how the traders i know think.

a lot of traders end up heading to boutique style shops, trading for a few years then moving into more management type roles...you don't meet many 45 year old traders.
 
Danny Boy: No need to get personal here. thanks.
 
It wasn't a personal attack. Don't get your panties in a bunch (that was one)

Traders live in the moment, not in the future.
 
I've lots of friends that were traders, and I used to work on a trading floor. The burn-out/failure rate is very high among this group, as are the rates of divorce, alcoholism, drug use, and bankruptcy. I'm not kidding.
 
"The burn-out/failure rate is very high among this group, as are the rates of divorce, alcoholism, drug use, and bankruptcy."

now that's a life...well rounded.
 
On the bright side, many CEOs and top managers at those coveted bulge-bracket IBanks, most of you want to work, started out as traders!
 
I'm interested in this too. What does a trader who has been in the field for 10-15 years do differently than one who has been trading for 3 years? Even if most traders burn out that's not really any different than bankers in corp finance...what is the career progression for those that do stay in the field?
 
I've heard most traders burn out by 30, 35 max.

although we have several energy traders in their 40s and one who is retiring next year. Two of them are in line to become CEO and COO of the company in a couple years after current mgmt retires.
 
how do you start off as a trader ..?? what kind of a role wd lead to a trading position ??
mayeb a trade support / operations role ..??
 
"how do you start off as a trader ..??"

give something to somebody in exchange for something else.
 
Nomaaahhh Wrote:
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> "how do you start off as a trader ..??"
>
> give something to somebody in exchange for
> something else.


nooo really ......???



Edited 1 time(s). Last edit at Wednesday, September 27, 2006 at 03:45PM by Rudeboi.
 
apply for a junior trader position...execute orders, go get coffee, be yelled at and made fun of your Men's Warehouse Suit...i guarantee it.
 
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