Backwards Britain

Discussion in 'Professional Trading' started by AbPQuant, Jan 1, 2007.

  1. AbPQuant


    For over 13 years, I have been trying to find a job in an Investment Bank or Asset Management firm with no success. I have been to numerous interviews always getting to second and sometimes third interview stages. For some reason they are always reluctant to take it to the next stage, like if one is not worthy to do such job. Like I should be in Sports or Music.

    I graduate with an upper second class degree in Economics. This includes Mathematical modeling and Econometrics. In my second year at University, I bought books such as Chaos and Order in the Capital Markets (E Peters), Profiting from Chaos (T.Vega) etc, working papers, journals and magazines such as Futures, Stocks and Commodities etc. My final year Econometrics project was on the Capital Asset Pricing Model and Arbitrage Pricing Theory. I was successful in getting a place to study a Masters in Finance and Investment but couldn't secure funding.

    I started looking for an Entry Level position, but I was to spend the next 4 years filling shelves in the supermarket. I continued looking for a job and doing my research but money was very tight and I had no support whatsoever as my family is not here.

    I eventually got a job indexing business and political articles, but still wasn’t what I wanted to do.

    My first big job interview disappointment was with Bloomberg. I got through the First interview and was invited for a second. The next few weeks were then spent waiting for a decision. I can't believe they could leave one hanging for three good weekends. I was waiting for them to decide my future.

    The next disappointment was at UBS. At the first interview, the guy was very impress with my CV, telling me how he couldn't study Econometrics because he found it too difficult. I was invited for a second interview, where HR told me "we are likely to offer you the position". She was telling me how I had to log on into a website to fill in my details. She also told me I shouldn't worry if the contract arrived late. I was supposed to take a test and was told even if I didn't do too well I shouldn't worry. Now I was waiting for the call, but nothing. When I eventually got the call she was mentioning "other candidates”. We felt you were good but other candidate was more suited.

    Last month I applied to Euronext Liffe for a Market Services Analyst position. The first interview was with two second Managers. Again I was invited for the second interview where I sat with some members of the various teams. At least two of them told me that with my knowledge the training should take less than normal. Shortly before Christmas I received a letter saying they wouldn't take me on because of my lack of market knowledge and customers services experience. I met at least three second managers. Didn't these idiots realize from my CV and the first interview that my market knowledge is below what they are looking for. I had wasted 1 1/2 days only for them to come back and insult me. “Lack of Market knowledge” that is very funny.

    For the past 5 years I have worked for two financial information companies as a Data Analyst . I am currently earning £23,000 which to me is an under achievement. My parents have sponsored me, but know they have retired and I have to look after them and my younger siblings.

    It's a new year and I just feel very sad. I hope my parents had gone to US or Canada instead of being born in a backwards country that values background more to talent. My friends who are in the US have all done very well for themselves, and they weren't even born in the US.

    Yeah, there is trading, but when I open an account with £200; I know the odds are against me. I develop trading models in my own time.

    I have been looking for a job as Data / Pricing Analyst or Static Data. This is where my work experiences lies, but I know I could do so much more.

    I have worked so hard over the years but without the reward. This holiday was spent making more job applications. I really do not want to waste another year. I just need somebody to help me. I need to move forward in life.
  2. Mvic


    You need to be much more aggressive in your job search. The regular channels are not working for you so go out side them, be creative, if you still don't get any luck then you need to ask what is it about YOU that is not working (probably should be doing this anyway as it is obviously something, maybe the way you present yourself or come off, maybe too arrogant who knows). By the way 3 weeks is nothing, a freind of mine was on the hook for 6 months and finally got the position.

    You are right though, if the puclic school you went to is more important in the UK but that is no different that the US and which MBA school you went to. You need to try a different route to your goals, maybe even a different field.

    Never give up but be smart in terms of your strategy to reach your goal, don't keep banging your head against the same wall, very demoralizing as you know. Reevaluet and try a differnet approach, good luck. If you don't give up you will probably succeed in time.
  3. 13 years? You're semi-persistent. Instead of looking for a job, trade your own money or forget about it all together. Life and opportunity are passing you by.
  4. Do you want to be an investment banker? Have you thought about an MBA? If you want to trade you should of done that 13 years ago, no one will wait for you to start. But tough luck none the less, maybe something is missing in you, find it..
  5. Are you of Pakistan/Indian/Muslim background?
  6. ROFL, he probably is...

    The limeys require their foreigners to be doubly gifted just to get a position cleaning the junior traders' johnny... in this respect, I'm guessing abquant is not white, cos as a white guy he would be in a cool job with the kind of qualifications he has got...

    No offense abpquant... but if you ain't got the job you want, just get anything and get together a grubstake (say $25,000)... and trade it up to more than any job would give you... in the meanwhile, as you accumulate your grubstake, study, study and study the markets...
  7. J-S


    I remember reading that Soros experienced similar problem in London, he got fed up and left for US. Why not try a different country? Asia is opening up, what about China, India, etc more opportunities / open minds over there.
  8. Quiet1


    Yeah don't blame yourself blame the country you live in!!

    Good grief - has anyone on this thread actually worked in the City?

    If you had you would understand that it is VERY open to foreigners or people with different backgrounds, in fact vast swathes of the City are dominated by Americans (senior management) and French (quant/exotic derivatives) for example. Now you can barely move for the number of Indians/Chinese being hired direct in IT/quant positions.

    The competition for places is also extremely high though (higher than NY I'd think) because London is so open and has such a vast easy-immigration pool of talent to draw on (whole of Europe, Russia (proximity) and India (historic, cultural) in particular. Add in the legions of young Aussies, New Zealanders and South Africans who come here for a few years after qualifying and you have THE real reason why London is the pre-emininent world financial centre.

    just mho :D
  9. Dogfish


    That would work in your favour for sure, the political correctness of recruitment in London has gone insane. Turn up to interview in a wheelchair and say you are gay aswell, they'll hire you for fear of saying "no" which might be interpreted as discrimination

  10. hahahahaha.. so true.. lol

    apparently I read on efinancial news that someone in his late 30s got loads of interviews and landed a job - mainly due to the new age discrimination LAW!!!!

    apparently i hear loads of banks are looking to recruit a few oldies as evidence of acknowledging the law!!

    Quiet1 u sound like u know the city really well, u work there? what do u? it's really true of the US heads and french quants.. u forgot the greeks! aussie and south africans are everywhere!

    p.s. UBS's front office in london is renowned for "sea of browns".. lot of exotic desks r also full of indian pakistanies.. in fact i think city/docklands are the only two places that if u have it, you'll get it.. if u can make money for them, u're in.. it can be a little different if u're keen in sales (best to be european probably) and if wana work in a small HF or asset manager where for obvious reasons personality stands out..
    #10     Jan 2, 2007