be thankful you got a job offer. Many are struggling. as jimmy said, learn as much as you can about all the details of their operation. eventually you can command far more probably in high 6 figures once that experience is garnered. take a look at your contract, about non compete clauses and other important things, where the things you create you cant use later on. even if there are such things in your contract, you have really no leverage to bargain considering your fresh out. chris
No, when they say 7 - 6, they MEAN 7-6. I don't know where you work, but at this place, if you show up later then the partners do (one of the FIRST things the other guys told me is you MUST beat the partners in the morning) consistently, you're not going to get anywhere. Generally, we get in before the partners do, and leave after they do, since that's what they like. And keeping the people who sign your paycheck happy is key.
Wow, those hours will kill your social life. Have fun making 60k working for 11hours+ per day with no one hour lunch break. I started a job with a financial services company making more and working only 8 hours a day with a healthly lunch break in the middle.
lol sounds like you have 2 jobs instead of 1 11 hours ? yeah thats pretty prevalent in the financial industry everybody does around 7AM - 8PM at night.
I would work for at least a year to get experience, and then you can be more mobile afterwards .This industry could be big pay. Work for a year and send out your resume.
Yeah, I found out that a lot of the financial firms require ~11 hour days. If this firm was the only one that required that, then there's no way I would've taken the position.
I would say this position is middle office. My position is "techops" "ops" are the guys who scrutinize every trade, "techops" develop software and work with the traders with various things. Then again, I'm not exactly sure what the distinctions are between middle and back office.
it's a tough call... since you have computer science background, there is definitely easier money out there... put yourself in a big consulting shop, get a few IT projects under your belt, in 5 years you can either work as a permanent for 120k, or go after contracting at $100+ / hour all without totally giving up your social life. unless HF is your absolute passion, I'd recommend considering alternate routes...... besides, you are fresh out of college, there is really nothing that absolute. good luck
Middle office has to involve a risk analysis component... You'd have to be doin P&L, allocations and most importantly, analysis of risk vs. reward. You'll hve to explain to the bosses exactly where the performance each day came from and how much risk is in the books... If you're just bookin trades, reconning and making sure trades settle and square out, then you're simply "trade ops" which is really the menialist of all back-office...
Yeah, you're right. But this position will give'em egress to a cutting edge technology/finance hybrid position, getting real-life experience in a field which is the future of trading ... computers are only going to get better, faster and more sophisticated, and so are the algorithms they use to trade. And as far as the 11+ hours a day thing, any young turk who did their stints at one of the major financial IB's in NYC has put in anywhere from 12-16 hours per day, including at least one weekend - if not both (same hours) for their initial two year stint, and continued it into their later years if they wanted to get ahead. JJ