Hi everybody, I have 7 months trading statements with Interactive Brokers, I did pretty well...I wish to have them audited for interviews as a prop trader. Has anyone ideas or suggestions on any auditors that can do this for me? Thanks in advance to this great community. Mucrone
7 months of statements - i don't know how long this will take to audit. But if you don't have a friend who is a CPA and you're looking to hire a CPA, it might cost you a pretty penny. CPAs can charge above $100/hr for non-recurring services.
Ouch! Do you think a CPA is required by these companies to audit trading results? Seems like a fairly straight forward and uncomplicated process to me.
Well depending on how many trades, they will probably want a list of certain things already calculated: Win % Losing % Avg win size Ave loss size Largest win Largest loss most winners/losers in a row TONS of data on drawdowns. Those types of things that an accountant will figure out for them.
YOU do the calculations then present your evidence in the interview. You should know your numbers better than anybody else. If they like you, then they may ask you to get your statements audited. If so, you'll be able to ask them for their expectations on the audited statements and how the audited statements should be presented to them.
The thing is these guys do not want to waste their time trusting your calculations when we are talking big $$ are involved so they want an independent 3rd party to crunch the numbers that has no conflict of interest on the outcome. Of course I do not know the specific details regarding whatever particular firm the gentlemen was speaking of so it may not be necessary. Fair enough?
What type of prop desk are you interviewing at? Going for a job at Goldman's prop desk or deposit shop at, say, WTS? If a major house, they don't care what you did because either a you don't have the right pedigree or b they want to train you their way - they don't want to waste time having you unlearn what you already learned. If a deposit prop, they don't care what your totals are. They just want your money and want you to trade alot. The main reason audited returns are beneficial is if you are trying to raise capital from the public. Other than that in this trading world, audits are rather useless.