Interested in a trading position

Discussion in 'Professional Trading' started by lasner, Jan 12, 2007.

  1. The 63 and 65 is the equivalent of the 66. In other words, if you have the 63 and 65, you don't need to take the 66. The 66 was launched to consolidate those two exams into one.

    Why would Merrill take you if Morgan laid you off. I will tell you that an FA at Merrill is better than an FA at Morgan. The FA's at Morgan are still considered the "Dean Witter" guys and they don't pull in the assets that Merrill can. I would look at UBS, who bought Paine Webber some years back for US retail presence. But truly, Merrill has the best platforms for their brokers. I just know Merrill is more finicky than Morgan, so if they let you go your chances at Merrill are slim. By the way, I worked in various capacities for Morgan and Merrill, so I am familiar with their structures. I know lots of guys at Smith Barney and UBS. They are all happy, and the Smith Barney guys claim a lot of freedom. I don't know if that's good or bad.

    check out That's the best place to go for real trading jobs, in my opinion. SAC Capital is even advertising there. Don't apply to that one though, because I did. Don't hurt my chances!!!
    #11     Jan 13, 2007
  2. lasner


    Yeah I know the 63 and 65 combined equal the 66. I'm taking 63/65 because I heard it's easier.

    I may head to Merrill. I think it would actually be in Merrill's benefit if I went there because I'm already licensed and I already have capital lined up. I was laid off strictly because I missed an exam, it had nothing to do with performance. I also have an interview lined up with smith barney. Morgan's training was an absolute joke. Do you know what there training was: go in and talk to a senior broker! If you can beleive that!

    To be honet with you I don't want to be a broker. It's so cut throat 90% of the guys fail. My true interest lies in investing and learning how to invest. The only reason I would take that position is to just take a job in finance.
    #12     Jan 13, 2007
  3. I hear you. Merrill has a great program. Still mostly sales oriented, but they do have classes on the economy and business cycles, portfolio theory, etc. You get to go away to Princeton campus and spend some time with Portfolio Managers (unless things have changed). I will never forget the trip I took with Merrill to the floor of the NYSE to meet one of Merrill's specialists. He was probably in his 50's, trading onthe floor for years. He started talking to us, and then, out of nowhere, he starts twitching and stuttering. Then he restes and starts over. Every couple of minutes he did this. It was hysterical. It was then I knew I did not want to be a floor trader. SEND ME BACK TO MY OFFICE!!!!!

    Merrill has there detractors, but they are a truly great firm. If you can get in there, go for it. You get a $100,000 bonus after 5 years. That could be some good starting trading capital.
    #13     Jan 13, 2007
  4. lasner


    No shit $100,000 after five years that ain't that bad! I know morgan's was something like $25,000.

    Right now I'm still unemployed. I just got done the 65 and I'm fully licensed. What I may do is work in a bank in there finance department for the time being and begin studying for the CFA and just keep trying for a junior trader spot.

    I don't know what do you think I should do work for a bank or work for Merrill. You worked there, how good was it? Why did you leave?

    That's funny about the floor trader! I hear you on that one!
    #14     Jan 13, 2007
  5. That man probably had a stroke at one point and so they gave him a desk job as charity. Thats a good sign. I know most companies would probably find a way to get rid of you after such an event. In this case, the guy probably had a stroke and became partially disabled. The people at Merrill had mercy and let him continue on.

    #15     Jan 13, 2007
  6. jmreyes


    FA work doesn't translate well to the trading world. The reality of the matter is that FAs like to think of themselves as traders; however, that's far from true. In fact, most FAs are little more than salesmen. If you catch on with the right firm (Merrill Lynch, Edward Jones and Ameriprise, not included) you may have the opportunity to do some hands on investment advising which has value when it comes to trading and hegde fund management.

    If you are in Chicago or NY, send me a message. I know of a few firms that are hiring for Jr. Traders. I can put you in touch with them.
    #16     Jan 13, 2007
  7. I was fffd over last year after a long career as a buyside trader. They basically screwed me because they are going to algorithms. Trading is going to be a thing of the past working for firms. I expect 50% or more of Trader jobs to vanish due to technology.

    I am really bitter because I gave way too much of myself and was left with nothing. I am now having to relicense etc and it is taking time. I want to manage other;s money on my terms. I would tell an 18 year old to not pick Finance as a major. It is not an easy major to get a high paying career with despite the perception that it is.

    #17     Jan 14, 2007