Advice, Prop trader

nicholaf · Dec 1, 2005

Quote from client3:

Hi there,
Would be most greatful for some advice.....

I have just been offered a 'graduate' position as a trader for a London based futures trading house ... They will pay me a small salary while I'm training and I will later be expected to earn my wages through a cut of the money I bring in - u probably know these type of firms, they're always advertising on efinancialcareers.com...

I am not a graduate as such, but studied Economics for 2 years and was headhunted to a property company before my graduation (on the basis of some work I did whilst studying)...

The big question is:
If I take this job as some sort of prop trader and manage to survive for a year or two - would I then be qualified to move up to one of the more established banks like UBS, Morgan Stanley, Credit Suisse and that lot?? Or will the prop trading thing never be an access ticket for that world?

Also would the fact that I never finished my degree be a stumbling block to get into one of the better investment banks?? I mean afterall I am offered a graduation level job now so I guess that justifies my abilities?

Basically, is there a good chance of making it to one of the bigger investment banks (considering my background) if I did well??

Also - although it's against my morales.... But would an investment bank ever ask to see my graduation papers if I applied on the basis of my work experience, say in 2 years after doing well as a prop trader?? I don't lack the skill so I guess that would be an option as well..

All input would be appreciated - I would really like a career in trading, but if my chances of moving upwards are limited I better reconsider!!

Thanks in advance
More...

if you go into prop trading, it is hard to get into an i-bank. without a degree, it is impossible.

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Advice, Prop trader

nicholaf