I just got an offer of $500/wk for a period of one year (training period). After 16 wks, I would get $300-400k firm capital (though I haven't learned the commission rate yet). Expected return is $10k+ / mo. Being somewhat new to the industry (ivy-league undergrad), I'd appreciate it if anyone could tell me if this is a reasonable deal. Thanks
$500 a week salary is unheard of these days. The commission rate is the most important factor. If they give you a crappy rate, then make sure you don't sign a contract.
I would say it's high because no one is actually paying a salary these days. I think the only equity firm I heard of paying any salary is First NY Securities.
Heartland got acquired by Schonfeld when they got taken down by the SEC. The old Heartland managers and traders formed a division of Schonfeld called Trillium Trading. I feel the SEC suit was just to make an example of daytrading firms. All heartland was doing was using the old SOES system when it wasn't supposed to, and you could only use it every 30 secs...in a time when everyone was trading via ECNs anyway. Very few people were using that SOES system back then....in the time of internet stocks you had to pay way through the offer to even buy stock...an inside market soes would get you nothing. They shouldn't have even messed with SOES as no one needed it or used it. Trillium is a good group of traders and managers and most are Ivy league graduates. Combined with Schonfelds more analytic and quantitaive approach to trading they make a prosperous environment to be a part of. I no longer work there but I have nothing but good words for all of them.
The best info. to be had online may well be through the Schoney site at www.schonfeld.com. I know the office on 5th avenue is shared with Trillium, LLC. Other than that, though, you may just like to check directories in NYC, Miami, Boston, or Edison, NJ.