How does one get a job as an Institutional Trader, either Equities or Fixed Income? What should I know before looking around?
Most candidates for investment bank trading jobs do a internship between their first and second year of a MBA program. Check the campus schedule from a website of any of the IB's and you'll see what schools they're recruiting from. If they do well during the internship they'll be invited to join the firm after graduating (2-3 people for every 1 real job...most people washout in the training). The large commercial banks are easier to get into but don't pay very well. They'll usually take someone with a two year track record, degree, and a top 10% of class ranking. I came into a IB through the back door. (Took a company public, traded my own money and established a track record, contacted the investment banker that took us public, got a interview, took a job as a consultant for 5 months, and finally got hired after proving myself). Expect the interviews to focus on how you were successful in a competitive environment. They want to know there's plenty of fire in your gut. Don't be surprised if there's lots of cussing during the interview. Most traders use it for emphasis to get stuff done. Expect a highly competitve environment where everyone will be trying to punk you. The book Liar's Poker was the closest thing I've read to the real world of institutional trading. (Every person for themselves). Good luck
I read liars poker, and it was a great book, but I would think long and hard about that really being the way you want to live. 99% of humans are not cut out for that kind of environment, and that is probably a good thing.