Quick thought....if you want to land a job at a trading firm you have to do something that makes you stand out. I replied to a trader job a few years ago, not with a resume, not with a cover letter, but with an article I wrote on a trading system. As it turns out, the trading system wasn't worth a bottle of beans but it showed the guy who was running the interview process that I had initiative and I was willing to think on my own. I didn't get the job because I butchered the interview -- that's another story -- but I did get an interview and I was a sophomore in college. It was for a FT job, not an internship. I just did something to stand out. You have to do something that will make your resume look different than the other 2000 sitting in the pile. The guy told me he got over 2000 responses to the ad. Go figure.
Absolutely, you must find a way to distinguish yourself, last year i played the #s game and just hoped that if i applied to enough places I might get lucky. I had a couple traders at the firm where im going to intern look at my resume and have them tell me their honest thoughts. They said it was fine however without some sort of connection I was just another name. Lucky for me this firm where i will be interning is all about relationships so it worked out for me. I mentioned that you need to know your stuff, basically what i mean by this is you need to understand the markets beyond a textbook level. Know who the players are, various instruments and how they work, have a basic understanding of the types of execution on particular markets, be up to date with whats occuring in the markets and causing prices to change. When you are asked why you want to get into the business be able to answer that question without hesitation, really know what it is about the business that makes you interested in it. The hard thing about the connections route is that a lot of it is about being in the right place at the right time, but if you give it enough time then if its meant to be things will sort of just fall into place. You need to find someone thats in a position of power or knows the right people and you need these people to like you, for whatever reason that may be. Will try to keep you guys updated about my journey.
Good Luck BB. The only thing that stands between you and success is that organ between your ears. If you haven't already, read Douglas over and over and over. Trading in the Zone sits on my trading desk all the time.
Havent read trading in the zone, will check it out. Anyone having any luck. I accomplished my goal now I would like to try to help others achieve their goals.
In Chicago: I've interviewed with a handful of prestiege proprietary tradinf firms from equity options market makers to overnight metals arbitrage. From my experience, if the firm doesn't recruit from your school, getting an interview will be difficult. Mission #1, find out who the recruiter is and call them until they give you an interview. Next polish your resume and put things on it that make you the best man (or woman) for the job. Athletics experience always works in this industry, being competitive is what the game is all about. With that you need to be agressive as well and risk taking, if not, go sit in in DIA or SPY ETF's. If you do get the interview, brush up on your quant skills and the speed. Most of the questions are statistics: probablilites and decision making related. Be able to think fast and calculate fractions and decimals. Some firms just want you to "walk them through" your thought process. STAY CALM! I blew an interview because I got too nervous and just blurted out without thinking first. Be confident. Sell yourself. Tell them why they should hire you and why you're better than everyone else. Be aware though, different firms are looking for different skill sets. I have a big interview Tuesday, I'll be prepping for it all weekend.
What arb is saying is very true, different firms are going to look for different things. Its amazing how an interview with a chicago prop desk is different from a sell side firm based in New York. Use your best judgment based on what you know about the firm before you go into the interview. If its a firm thats highly quantitative expect a lot of technical questions. If its a firm based more on culture and people expect more fitness based questions to see whether you are likely to fit their model. I can say that when i first walked onto the trading floor I was nervous as possible and clearly sweating bricks, this was by far the most intimidating environment I had ever been in for an interview but it was probably the least formal interview I have ever had, which for me was great because it made it easier for me to convey my ideas.
Talked with a private investment advisor at TD Waterhouse (Big Canadian bank, brokerage side) and he's getting me an interview with the branch manager. Fingers crossed.