Because you get a fat salary and benefits? I don't think Schonfeld can be considered remotely in the same realm as those firms, I could be wrong. My point was, why would someone want to be trained by a firm that is teaching their traders to trade in a way that is not working. At least i assume it is not working, hence their current predicament.
Just met a 10 year vet of FSNY last night. FWIW...they are elitist pigs. They are arrogant and will only take traders out of top schools; still then they won't hire you unless you can really impress during the interview. If you get one! If you like that kind of evironmnet; then pursue by all means. Me: I thought the guy was an arrogant MF; but to each his own. Good Luck..........David
Depending on your background, capital reserve, and personality there are many paths to choose from. Background - 1. you already work within the financial industry - you may want to check around to see if you can pull some strings to land a "real" assistance to trader position. 2. no connection to the industry - options from series 7 to trade in a pro shop, daytrade from your home either stocks, or whatever instrument you deem interested. Capital Reserve - 1. if you trade on your own, you better have enough cash reserve for you and your family living expenses for at least a year covered plus enough money for the trading account. 2. if you do not have enough cash reserve, you better stay on your job and plan your trading around your job. Personality 1. anger management 2. trade according to your personality type You should search for these topics here in elitetrader so that you can get a handle of what's been said before. Good luck.
BS I went to Rutgers (NOT a top 10 school at all) and got an interview with FNYS easy. Did not get an offer only an invititation to come back after a year of market experience whenever. It wasnt a BS line either, thats how they hire now. But only losers who can't make it trading come back there for a measly 45k a year to train and take classes, then be assistant and then actually get a chance to trade. FNYS has a 15% turnover rate now. They suck anyway if you are looking to trade for yourself. They are wannabe big brokerage/trading firms. As if those are so great anyway. You get to sit there for 20 years to get a chance to be that great trader that actually makes 6 figures. I'm very happy with Andover/Assent. 3 months and Im already profitable. It's all bout finding the right group in a prop firm who will teach you.
Why do college kids want so badly to become slaves for investment banks for a tiny 3% chance to become the Managing Director/Vice President in 20 years with destroyed health, no hair and mental issues? Seems like borderline stupidity.
Just passing along what I heard..know nothing 'bout them - except that they they "think" they are "white-shoe"; and seem to conduct themselves in that manner. Best to you, David