Degree Requirements for prop trading firms

Discussion in 'Prop Firms' started by okwon, Dec 16, 2002.

  1. okwon

    okwon

    Is a Bachelors degree a requirement to work at most/some/any of the prop firms? If so, which firms require degrees?

    I only ask because upon looking at the websites of certain prop. trading firms (Heartland Securites, First New York Securities, Schonfield, Spectrum Trading, etc.) it seems as though they require a college degree from their applicants. However, these firms also seem to be the one's that invest the most time in training each trader. Any info. would be appreciated.

    Also, any advise as far as a good firm for a new trader to start off with would be appreciated. I am mainly looking for a firm that invests a lot of time and energy by having their very profitable traders train and mentor their new traders.
     
  2. the only requirement is that you are capable of getting a series 7 license. you also sound very naive, i suggest really thinking about what you are doing and don't sign anything.
     
  3. fatman

    fatman

    my experience is that if you have the $$$$ to fund your own account then you are golden (with or without a degree). To trade firm capital, you may have to prove that you are at least somewhat with it, but a degree is not always needed. One of the guys I trade with now never even finished high school. He did however prove himself as a trader (when he was with his previous firm).
     
  4. That is misleading.

    Heartland and First NY are not going hire you or anyone without a college degree, unless you are just "totally connected" i.e. your brother works there are something, I don't know about Shoney and Spectrum. ETG I know usually requires a degree as well if you are going to trade prop there.

    Also the only requirment is not a series 7 license for the majority of firms. In many or even most cases you need the 55 as well and sometimes an additional one. I bet every firm he listed requires a series 55. I know Heartland, FNYS, Andover, ETG, and even worldco require those.

    okwon, if you don't have a degree your best bets are probably Bright, Echo, and Andover. Andover is an NASD member so you they have to require the 55, Bright and Echo don't.

    In general what fatman said is correct, if you can come in with some of your own money, you have a lot more options and if you have enough money....hell the ability to read and right aren't even a requirment. :eek:
     
  5. okwon

    okwon

    Thanks for the info. As far as coming in with my own money to the firms, about how much money are we talking about? How would I go about buying my way into one of these firms? I new to prop. trading and just trying get some information before I start looking into it seriously.
     
  6. You can start with $1,000 down in your capital account at some prop firms or $0 at Schonfeld.
     
  7. Some firms will take you with just a few thousand, some like echo and bright, you can get in with as little as $10k. The commissions you pay and the % of your profits you keep can vary depending on your contribution.

    For all intents and purposes, a prop firm acts the same as a broker. You fund an account and they give you leverage, software and maybe some training. Usually you can trade however you want, the losses and (some or all of) the profits are yours.

    The ones where you don't have to eat the losses are harder to get in to.
     
  8. okwon

    okwon

    That makes sense. So then, which firms will I not have to eat my losses? Is it safe to assume that these firms will be the ones that invest a little more in training new traders, since their money is on the line as well?
     
  9. okwon

    okwon

    Can I make them easier to get into by putting a larger deposit down? If so, how much?