I want to get a gig at legit prop or MM firm when I finish college. My degree has absolutely nothing to do with the markets or analytical thinking in general. I want to trade - no quant bullshit, no junior analyst position, etc. (mainly because I wouldn't have the education requirments... Nonetheless...). Thought about changing majors to finance but decided to simply change it to music business this year (which will allow me to get an MBA if desired). I'm now a junior. I know it would be provident for me to begin my journey toward reveiving my CMT certification (I know it takes at least 18 months). My questions are: - If I have my CMT cert. and apply at a firm, would that be taken seriousy given I don't have a degree relating at all to the financial industry? - Is the CMT worth the price and time given my present position? - If anyone here is CMT certified, have you found it advantageous in furthering your career (and how so)? - Why don't more people wanting positions at legit firms not pursue this certification? This seems like the only qualification for competence (besides a green p/l) in the trading world. Thank you much, and please no negative "good luck" comments. I know the third test is a bitch. Zach
Quote from Zachpence: I want to get a gig at legit prop or MM firm when I finish college. My degree has absolutely nothing to do with the markets or analytical thinking in general. Before you ask the questions, why would anyone hire your without at least academic qualifications? I saw a lot of new hire wannabes being interviewed at the financial institutions I worked and none of them were trying to get in as totally unqualified applicants. I doubt you would even get interviews. If someone applied for a position as a veterinarian and their degree was in music, their resume would be put in the trash each and every time it was submitted. I want to trade - no quant bullshit, no junior analyst position, etc. (mainly because I wouldn't have the education requirments... Nonetheless...). Thought about changing majors to finance but decided to simply change it to music business this year you are telling the places you want to work, "I have absolutely no interest in studying in this field, but I would like you to hire me anyway. Before you react, you need to understand this is exactly the reaction you are likely to get from everyone.
If you want to trade you have to start at the absolute bottom. Accepting a position as a Price Reporter for slightly more than minimum wage at the CBOE would be the place to start. I've been trading for more than 20 years, including a few years on the floor, and the exchanges (and prop) are the biggest revolving door I've ever seen. Most don't last a year and the ones who make it burn out extremely fast - I was one of them when trading on the floor. The stress can't be over-emphasized. If I had to do it over again I would not pick a career in trading in a million years -- and I've been successful at it. You're setting yourself up for a great deal of heartache.
And as I said, throwing out the finance to pursue "music business" means he completely cuts off getting a job for all trading institutions (IBs, hedge funds, the investment arm of insurance companies/banks). Dunno what he is trying to do, except all the wrong things. Music business? Sheesh. Why do people degrees that are pretty much guaranteed to get you no or only low-paying jobs, usually outside your major? Why do people get art history, diversity, women/black/hispanic studies and other similars? How many tech or other companies hire such people? "Daddy, Daddy - I got my BS in music appreciation!" "Great honey, what are you going to do with it?" "Get a master's, Daddy!" "And then what?" "When I graduate, I will get a job at Target's!!!"
You are so far off here, many students graduate from TOP SCHOOLS with these "off the beaten path" majors and secure decent positions in unrelated sectors. In this case he is graduating from a 3rd tier school, so his major really does not matter, he needs to network or learn how to apply his CMT to the markets. An MBA certainly helps. I enjoy when people talk out of their ass on this site.
Unless there's a MBA "reset", no dice. Even engineers these days are having a hard time getting their foot in the door because the street (both sides). Occasionally there's a poli sci major in IB, but that's usually from a top 5 school with lots of internships relevant to the field. So as someone who's still in the industry, I'd like to point out that you are the one talking out of your ass.
Calm down, philistine, I'm going to Wharton equivalent of jazz schools for free because I'm a bad motherfucker on the drums. Read up on Linda Raschke. Unlike most people who go into trading who don't know how to become extremely good at something, I do. But honestly, thanks for the feedback.
I am also a bad ass drummer! My lucky break was my Bass Player's father hired me as a NYSE clerk and I worked my way up the ladder on to the desk, many years ago. Those NYSE days are over, but never give up the music, it sucks as a career but will keep you sane. el surdo PS: take anything you read on this site with a grain of salt, most of it is nonsense!
Zachpence, maybe you could give a try at the prop firms where with capital contribution. You would certainly find a place ( Bright, Echo, ...). You would not even need to get that MTA certification. Otherwise option market maker firms.
I'm sure you are very good at music. But the Wharton equivalent of jazz isn't Wharton; No one on the street gives a shit that you went to the Wharton of jazz school. And from the perspective of someone who's in the industry you want to be a part of and who has hired enough jr traders and analysts over the years - your attitude sucks; That alone, more than your lack of [financially-relevant] education, will be the reason why you won't break into this business.