They might work 80 hours or more a week to get 55 - 60K. On a hourly basis it's not that high. Maybe that's a reason to switch to trading. 80 hours a week hard work will have a good learning curve towards trading skills but it's way more riskier than the back office position.
You have a couple of choices: work your way up where you are - this may take years by the way and most large stable businesses that offer long term employment dont promote people that have not put in a good 5 - 10 years. Exceptions are companies that are in a very high growth, bankruptcy, or merger situation. This is the world of working for other people. Few people make more than 100K per year working for someone else with no ownership/risk position in the business. If you understand the risk - read this as write down a risk formula - of a particular business then come up with a business plan to attract capital and start your own venture: it could be trading, or some other business. ..you say you went to an ivy league school ? <insert dope slap here> Did you learn anything ? Get off your butt and formulate a plan and execute it ... Research and business plans are things you should have learned ....
That would be true IF he/she did not worked in the back office. Starting IB Associate (1 or 2 year out of college) makes 55-60K. I just dont understand how a back office employee can earn the same wage as an associate .. mind boggling to say the least. With regard to trading assistant, #1 caveat: the best position are never ever advertised. If you want to be a trading assistant, NETWORK, NETWORK, NETWORK. The best job are through networking. Very few jobs that are advertised panned out well.... If you do a google search, most hedge fund trading assistant available are quant shops, i.e. expected to learn quants "stuff" or to be Perpetual GOFER. This is the caveat I am talking about. The trading job you're interested in and the fund itself... most likely has NOTHING to do with your style of trading.
Thanks for the advice guys I appreciate it and keep it coming if you have more. In regards to how I make that much I got my job through the recruiting office at the college I graduated from 2 year ago. It was a position for a operations analyst program for one of the biggest firms on wall street i.e merrill, goldman, citigroup , lehman, one of them and that's just how much they pay, trust me I am not lying about this, they alos sponsored me for theseries 7 and 63 it was just part of the training program. I don't think that is that much compared to what I see alot my other friends are making. And i didn't go to an ivy league school I went to Fordham University in NY. The trading assistant thing for a hedge fund seems like something to look into, if you think the prop thing is unrealsitic, but c-mon guys some of you guys must make good money (over 100K) trading prop I can't believe everyone is struggling on this board? What are some good prop shops to look at anyway?
Good thing you answered my question. I was beginning to have doubts there. You're an analyst not a back office gofer ... big distinction. If you feel you have "game" than by all means hit the prop firms. If you're in the New york area or Jersey, check out First New York Securities. Easily one of the few trustworthy one. Training program from what I understand is top notch. I dont work for them, so no conflict of interest if you're wondering about that. Moreover, with regard to trading assistant. Make sure to pick one whereby the fund matches your style. Getting an assistant job is not hard considering the massive demand imposed by the Quant shops. Unless you're a PHD quant, these jobs are not for you. RESEARCH and NETWORKING. Out of curiosity what 24 years old is making more than 60K? What position are they're in? Especially with the job market we're witnessing ... this is one tough cookie to swallow. Unless of course they're pimping around girls as a moonlight job.
Sure ...but its not the same as working as an analyst and does not offer the same career path. If you are good and have the stomach for it then you can work your way up where you are at: just dont expect to be made emperor after two years with the firm. If you go into trading outside of a large name company on the street then you are essentially committing to being a serial entrepreneur. If you are successful in your trading venture then some of the winnings need to go into other businesses and so on .... Its a much riskier existence... Yes bigger payoffs if successful but you have to be confortable with the risk ...
typically people who are hired for the back office stay in the back office, no always....but the vast amjjority of the time......furthermore even if you were to make it to the front office, you would be a sellside trader, which is very very different from being a buyside trader(ive done both), my advice would be to persue what you WANT to do....... while i realise its very difficult to be passionate about a back office position, if you what you want is to be a sellside trader, then i personnaly think your best bet is to start speaking with headhunters and looking into other firms.....if what you want is to be a buyside trader, then the hedgefund route may be something to look into.........