Hi, new to this board, haven't seen too much discussion about First New York Securities (other than a post here and there). Actually have an interview with them next week. Just wondering if anyone had any insight or comments regarding FNYS's reputation and/or their interview process.
Hey Slumpey, I remember you were looking for a job the past couple of months or so ... you were looking to get into prop. trading. What was the outcome? What did you find ... your likes/dislikes, how'd your interviews go ... where did you end up going?
Does anyone actually know someone who works at this firm? Are they really paying you a $45K SALARY (not a draw) to learn how to trade firm capital? And they DON'T require a capital contribution? And they're profitable? Someone pinch me and tell me I'm not dreaming. The FNYS business model is based on the bull market prop firm model and it's unheard of in today's climate.
i don't work at fnys but i do know 2 people that do. i work at another prop. firm in NY. they definitely do offer a $45k salary for a year as an trading assistant.
actually the salary really is 45 k and i guess it is somewhat competitive but it's not like you have to have top-notch grades at an ivy league school to get a job there. i'm not trying to sell fnys at all especially because i trade at another firm but my friends who are there both went to SUNY schools for college. and i know that there are kids from emory univ. there which is where i went to school.
i think the catch is the second year you give up 50% of your net to the firm and NO salary- and i'm not sure what you pay for commissions- probably pretty high........but might be decent training for a newb. to each his own.........i'd rather keep 100% of my profits, but i've been in the game for a while.
I work at FNYS and they do offer a 45 base salary (not a draw) plus bonus. But as a trading assistant you are required to do such menial tasks such as getting lunch, etc. The payout remains at 50% no matter how successful or how long you've been with the firm. The only thing that changes is that your commission rate reduces with seniority. Despite the payout, we still have some traders earning 4 to 8 million and FNYS had its most profitable years in the past 2 years which says a lot about its traders. And the hiring process is pretty competitive, we interview around 25 people on a rolling basis, 4 make it to second round and one is finally selected.