I have recently graduated and am eager to begin a career as a trader. A graduate position would be ideal however i was underqualified to apply for grad positions at a bulge bracket IB. However i have been offered two jobs. One as a proprietary tarder at a prop firm, Van Der Moolen and an entry level job at JP Morgan on a trading desk. i am really confused as to which to accept. The prop firm is paying peanuts, £12 000 a year. However once confident in trading they will credit my account with £250 000 of which i have to pay £3000 a month interest, seems pricy. The prop firm offers two weeks intensive training, and further training if necessary. Is this firm a total scam. The firm says u dont need any trading experience, but how can u learn to trade in two weeks before goin live. I have traded for three years and it is only my most recent account which is profitable. Is this firm hiring loads of traders with the knowledge that all most all will fail but one will suceed who will line their pockets with gold, all profits are split 35% for you and 65% for them. On the positive side i will be able to trade 15 hours a day something i truly love. As for JPM, it is a company i used to dream of working for, however i am worried that as i am not entering the bank through a graduate position i will receive little to no training and will be doing a simple task that a trained chicken could do, with no possibility of ever getting promoted to trader. I am begining my career and money is of little importance at the moment. I am looking to be sorrounded by professionals who i can learn off and a job that will provide training and opportunities for the future. Any advice on which job to accept will be truly appreciated.
How about working for JPM for a couple of years and seeing where you can go? It might be harder to get a job there later if you work for a prop firm now? Even if it's menial, show them how good you are by being the very best you can be. Worst case is that you turn to prop in a year or two with JPM on your resume.
Indeed JPM sounds like the better option to me as well. Working for a big firm like that will teach you a lot and look good on your resume as you move forward. My suggestion would be to share with your superiors your desire to trade and try to surround yourself around the top traders on the desk as much as possible (seem enthused and ask questions). The salary will be tough to live on at the prop firm, and with a 3K a month interest expense you would have to have some savings or be an instant success to make it.
JPM. keep looking for other opportunities while doing a good job there. Swing trade on the side if you have some capital.
probably better off going to trade school for 6 months and becoming a plumber. you can easily make well over 6 figures if you are good
JPM. You may always move to a position of greater responsibility inside a large firm based on your drive and abilities. The other deal is not beneficial since you will have to deal with a huge monthly payment from the get go.
delpz: you gotta to be kidding. Please tell me your post was a joke, on a boring Friday afternoon? In case it's not a joke and if your so-called "choice" is anything but a no-brainer that it should be, maybe this business isn't a good fit for you, after all. Don't know how you managed to get the JPM offer in the first place. No offense at all.
Agree, I'm amazed JPM or any top tier IB would give an offer to this kid considering how hard those positions are to get and what great opportunities they are. What the hell are they screening for?
thats what entry level (and most other level) positions are. where ever you end up learn to program and automate your job. i thought van der moolean was winding down.