Hey guys, I just recieved an offer from a prop shop as a junior trader. it is working the asia 5pm-1am type shift. the offer is $36k, plus year end bonus. they also said that after 3 months I get a pay bump and then 3-6 months later another pay bump... can anyone give me some kind of idea what that means as far as total annual compensation? I am trying to get an idea of what ballpark I should be expecting. any clue? thanks in advance.
that sounds cool man . . . i bet its real different yet nice working 5pm-1am. do you get on job training?
Congratulations! How did you find the firm and get the offer? I'm a senior in college and I've been trying to look for full-time trading opportunities when I graduate next May, no luck yet.
Mate it depends what you earn for them but first of all dont worry too much about the future worry about doing a good job. When I started in London I was on almost nothing to the point where i was sharing a room with a few other people to keep costs down it took two years to make any real money then it went through the roof. A lot of the young guys on here would kill for an opp like you have so concern yourself with the job and the rest will come if you are any good.
BigZ, I'm in a similar situation. I've been interviewing for a Junior Trader position as well. It's in the fixed income Group at an Asset Mgt firm on Wall st. 1st round I met with the a few senior traders and a PM (2 hrs). 2nd round I met more traders and more PMs (another 2 hrs). My last interview was with the Managing Director and Partner (45 min). phew... All of the interviews went well and I am assuming they feel the same since they kept on inviting me back. I asked abt the typical career path for a jr. trader and essentially they indicated that if the person was an exeptional performer the career path was up to the individual. One could continue trading, become a PM, or move to another executive pos. within the firm. Although there are exeptions to most things, my research indicates that if I do receive an offer it may be around the 35k-55k range with a similar pay structure. This would be a pay cut for me...BUT i would be doing something that I have a passion for and basically it would be a dream job for me. Everyone's situation is unique. But if this is something that u have Drive for... I say go for it. Your compensation structure appears to have opportunity built into it. If you perform well, you will be compensated for it. Albeit 36K in NYC is a bit rough.. but its just base.. dont forget to include perks and obv, the bonus. with the potential of it growing exponentially. I'll keep u posted. Good Luck.
P.S. We could also work the lunch shift and have a chicken and rice cart to earn some extra cash... :0)
I know it's a rough job market out there, but 35K is kinda below minimum wage to work on a trading desk. If it's a foot in the door with potential, I guess ya' gotta take a shot at it. Is that a draw vs production?
So you must be working for Breakwater b/c I heard that was their exact price tag and all the new openings are overnight. A lot of the newbies in Lincoln Park (Chicago) are working 12 hour shifts. A lot of the firms in Chicago are 35K + bonus but the bigger names are offering around 50K+ bonus to start. Different places are doing what they can to retain good talent: health benefits, 401K, in house catering, education stipend etc.
places that recruit top talent: SIG DRW and I believe Peak6. I'm trying to remember what Allston's payout was....