Nice story but that's a rare situation. And I would be shocked if this was at a big firm. It certainly lacks the bureaucracy. Bottom line is that bt116 knows exactly what he is talking about. Mid/back office is not a smart way to break into trading desks. The chances are very slim and it's mostly dependent on unique situations happening (like yours), rather than your intelligence, aptitude & talent. Hence, taking the route you suggest is equivalent to playing the lottery. Not exactly good trader mentality, is it? And just to backtrack to my story of my buddy. He was actually very well liked by the trading desk and knew the heads pretty well. However, it all came down to the fact that the trading desk could only hire certain Ivy league grads. Even when the traders put in a word for him in order to get into the program, H.R. completely ignored it. It did not make any sense to me when he told me this stuff. That's just how it is nowdays. It may be illogical & silly, but that's the reality.
Hey Hydro- All of my replys have been to the OP who asked if this could be done at a bulge bracket firm. This answer I gave was an emphatic 'yes'. So yes, my transition did take place at a bulge bracket firm. And if you've read my posts, you'll see that I indeed warn that this is a longshot and I haven't advocated "playing by the rules". The first order of business is to clear up the misconception of what constitutes middle vs. back office. If you can't see the trading desk from your desk, then you are back office. A true middle office job will have daily interaction with the desk, mostly dealing with the TA. The ONLY way to make the move is when there is "out of the normal" cycle of hiring. Like I stated, you don't send your resume to HR and hope to get into the "training program". You wait until the day when the BSD on the desk is screaming get me some f'ing help on this desk NOW. HR does NOT make the hiring decisions on desks, the MDs do. HR will send them the pool of acceptable candidates, from which THEY will choose the winner, not HR, during the "normal" hiring cycle (when the programs begin. But there are windows of opportunity, and one needs to be patient, ready, and lucky. I am obviously a firm believer in making one's own luck. So in a way, getting a job on a desk is alot like winning the lottery. It is obvious that the OP does not have the credentials, pedigree, etc. to get into the training program. If he did he wouldn't be asking about middle office. So I've laid a plan, which was also laid out for me, that will give one a shot at getting in thru the back door. Yes, it is a longshot, but it is certainly better than NO shot. Not everyone hired for desks in the last 5 years has gone through the training programs or has ivy league pedigrees. In fact, that are alot of guys who take pride in the fact that they made it to the desk in the fashion that they did. Telling the OP that it can't be done is just wrong. What's the kid going to do, sit home on his couch, praying that some HR guy is going to decide that today his resume is worthy of consideration, when just yesterday it wasn't? Meanwhile, he's got no cash in his pocket and has zero experience. Ask some of the vets on ET how to get a job at the CME/CBOT? I'm sure you'll get a few responses that advocate going down to the exchange physically and standing outside daily until someone takes your resume. They don't tell you that at your college career fair, that's for sure. If every guy who got shot down thru the normal channels just gave up, there'd be nobody on desks. And yes, to the other poster, learning computer programming is THE way to go.
I agree that the barrier to this type of move is huge, it is not how it perhaps used to be. HR does not want back office moving to front office, the front office does not, the managers in the back office do not, it is essentially a huge class system dividing the people doing "value added" work and those things they wish could be completely outsourced. There are some decent jobs to pay the bills etc, but that is all it is. Unless one new the game from the start and is from the right school, you are just going to have to be more entrepreneurial. No one will want to help you. Doing a good job will make them want to promote you to manager of operations, not move you to front office. Most likely a better opportunity is at a smaller firm, like some have already said. THe key is if you want to sell, learn to sell like crazy. if you want to trade, learn the skills to take money from the markets. Sell yourself and be entrepreneurial, never, ever count on HR or corporate gobblygook to help you. they chose their winners at the start.
Let me reiterate, HR is essentially the enemy. No other profession is staffed with a greater percent of status obsessed, affirmative action hired incompetents than this, at least that I am aware of. Because they lack intelligence and an understanding of the jobs they hire for, they base decisions on the most superficial, easiest to label items. The firms themselves realize this, and do not trust HR's judgment in the slightest. HR Staffers are given "can't go wrong" lists, a checklist of sorts, that they are typically required to follow. Do you have reams of solid, objective evidence of your ability? Well, unless is stamped by the "Right" school or institution, their eyes will glaze over. I have never seen anyone have any luck at getting through with to these people. The best bet is to find out who the hiring manager is, and sell to that person. Present that person with objective evidence of why you are a good hire, and you may be able to work yourself in to where you want to be. HR at a large firm is the enemy of this entire process and everything you wish to achieve.
from what you say it appears HR's decision overrides the recommendations of the traders? I thought HR was subordinate to the traders
the chances are near 0 that this will happen. it's so close to 0 that you need to make your decision assuming that the chances are 0. as matter of fact, if you take this position it may even hurt your chances in the long run because front office people despise back office people and you've been labeled as a back office person. your chances of becoming a trader at a top IB is probably better if you just get a front office job at proctor & gamble doing brand management or something, spend 3-4 years there, and get yourself into a top MBA. once you're in the MBA program you are on the regular recruiting cycle for these positions and you have as good a shot as any of our classmates. i do agree with the poster that if you don't have other options, you should just take this one instead of doing nothing.
I don't think that backoffice/middle office guys can move to trading positions anymore after Jerome Kervial. But this is just my opinion, if you think you're good enough (even after failing the many screenings such as top schools, top internships, fantastic interviewing skills etc), then your first choice should be on the floor of the exchange, after which should be at the middle office places. But if I were you, I'd think that moving to middle office in a small bank (i.e. small japanese banks in nyc etc) would bolster my chances based on closer working relationships with traders. Good luck.