Arb, that is my (indirect) experience as well. I have four phd friends, one in Algebraic K-Theory, one on Harmonic Analysis, the other a Computer Scientist, and the other a particle physicist. Two of the four turned _DOWN_ quant jobs at _MAJOR_ firms. The other went to work for them as a programmer, then got bored and went to work elsewhere, and the CS went to work for a private futures fund, then quit, then made a fortune trading options for himself. These guys are sharp as a tack, but in my experience, only the "leftovers" from the real talent go to wall street. The real talent is working with Ed Witten, or Andrew Wiles, etc, in the field of their Phd. IMHO, the ones that are MBA's are, well, the "engineer" types. nitro
This is the second time this week I have heard a "wanna-be" put down the accomplishments of an "already been there, done that"...Maybe it is the immaturity of the people writing the posts, but someone should give these people a book on manners and on reality..."$500k is not much"...what kind of nonsense is this...all of this from a wannabe trader...The only other thing that is even more ridiculous is the guy who is going to beat Larry Williams 10,000% trading return in less than a year... Wake up guys...and have a cup of reality
yet again, you are showing your ignorance. at any big firm, all new entrants are hired through a centralized recruiting process where you'll be interviewed by people from a number of areas. btw, i forwarded this thread to a number of colleagues and ex-colleagues. you'll probably never work on a trading desk, but you've definately brightened up the day for a number of traders at some of the best firms on the street....
Youd din't actually reply to my message regarding fx ie merill and morgan stanley not being major players?
First off posting using your real name (unless you're a vendor) is not too bright. Second, I've gotten some solid leads on jobs through these boards. Def personally contacted the American head of Timber Hill recruiting so he would look at my resume. Granted hiring is tight as hell but I still appreciate the favor. Arb might be a great contact or at least have some inside info on the institutional side. Why muck it up? If you're dead set on trading institutional, brush up on your people skills. Make friends, not enemies. You're most likely going to be working on a "discretionary" bonus, not a set percentage. Guys like arb might be the ones with the discretion. I think I've said it before and I'll say it again. Trade. Post up your numbers on an actual live account. Then you'll get all the respect. And proven performance will open up doors on the institutional side as well I'm sure (if the numbers and percentage is excellent).
Thanks for the salary post. One other question. Has anybody actually considered the cost of living factor in evaluating these salaries. I'm not a New Yorker. But I've heard that a crappy little studio can cost upwards of 2K a month in Manhattan. It might be something to consider when looking at analyst/vp salaries. Isn't New York considered one of the most expensive cities in the world? Just a thought.
The thing is I feel that because I am young people agang up on me and look down on me as not being able to know anything so on this board I admit I tend to react aggressively and put up a barrier as I did originally with Don Bright, now I accept his advice and respect him, sorry though if I do appear ultra arrogant over this board when in the presence of traders I am very humble as I do have an awful lot to learn form these people, let's face it I have never had a position with real money and will never know anything practical until I have.