I have been prop trading equities short term for the last 7 years and had a good bit of success doing it. However, I am looking for a change of lifestyle and want to get into more of a corporate environment still using my trading/finance background. I would appreciate any advice as to what type of job might be well suited for a former prop trader? What type of job do I have a good probability of landing with my background?
Can you say, "Welcome to McDonalds can I help you?" They might have some entry level positions available. LOL! Mike
Ex-Traders with Ivy league MBAs and plenty of experience have had a tough time getting "related" jobs. If anyone has a positive suggestion, I'l like to hear it.
Try the buyside being a consultant on systems, execution cost's, and trader value. You'd be surprised to see how cluelees their traders are.
There may not be a demand now (I've had friends looking) but I think in a year or so it will pick after Reg NMS. It's a shame to see risk takers not find jobs in those types of atmospheres where risk needs to be looked at under a microscope. But I think the buyside will eventually pull their head out soon.
a prop trader with 5 years plue experience is worth thier weight in gold to a buyside firm. Using a good prop trader would probably save them millions over the course of a year, but don't tell them that because the guys who are still trading enjoyi taking easy money. If you get a talented prop trader moving size for fidelity it would be tough to beat them.... scalp
I agree. I worked for a buy side firm before trading and they got absolutely reamed on trading costs. With all the mutal fund scandal stuff I would think a skilled electronic trader could save a firm like that millions in costs. The problem is getting them to see the benefit to them since they just pass the fees on to the fund or client (new regs may force them to do it though). When I told my old boss how much I could save them he mumbled something like "yeah I know, but we get the bloombergs from the soft dollars". Well, DUH! At 5 cents a share plus horrible executions you should get a lot of free crap! (I still have several stress balls and paper weights with large brokerage house names printed on them...lol) Good luck to you et31.
now that is funny and sad because its true. why are you leaving prop trading? i am guessing your not making a good living the last few years if ever. i don't think you have a shot if you don't made over 100k yearly prop trading. thats what i have heard from others looking for paid jobs from the prop side. goodluck man
Everyone thanks for the responses. I am in agreement with many of you and am pursuing opportunities on buy-side desks. Funny how prop trading gets no respect. Most guys that have done it successfully or not will say it is the most challenging job around. Wife and kids. Change of lifestyle.