From a Prop Trading House to iBank.

This is a discussion on From a Prop Trading House to iBank. within the First Steps forums, part of the Reception category; Hello everybody, I've just been offered a graduate position as junior trader at a prop tading house and market maker. ...

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Old Feb 9, 2009, 10:15pm   #1
 
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From a Prop Trading House to iBank.

Hello everybody,
I've just been offered a graduate position as junior trader at a prop tading house and market maker.
Before making my decision I was just wondering how are the exit opportunities after a couple of years. I would be interested in doing structuring in a top ibank. Do you think that ibanks look positivelly at this kinf of firms?
Many Thanks.
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Old Feb 10, 2009, 8:30am   #2
Joined Sep 2004
I think that the jobs will bear no resemblance to each other.

Why are you interested in 'doing structuring'? Have you researched your options at all?

Best advice I can give you is to see whether you can even cut it in your first job before going for your second. Honestly, the self delusion these days in trainees staggers me sometimes. There are experienced traders out on their ears right now (not crappy ones who have lost a ton of dough, but good ones whose banks have lost it and have canned half the trading floor). Anyone who gets a foot in the door at your level should be doing one thing and one thing only - and thats focusing on the here and now.

Want my guess on whether or not you're cut out for it?......

I don't reckon it's Chicco time!!!!!

There - I've said it - now go and prove me wrong.

GJ
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Old Feb 10, 2009, 8:39am   #3
 
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Unbelievable - I agree with GJ - Great Opportunity at a Prop Shop with Marking Making, and the guy wants to move (in my opinion) to a lesser postion with a bank.
Jeez - Get real about life !
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Old Feb 10, 2009, 8:44am   #4
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It's not necessarily lesser, it's just totally different. It's like someone being a racing driver and saying 'what are Nasa going to think of my driving when I apply to fly the space shuttle'

And it's probably in actual fact an average opportunity at an arcade type place for all we know. And the banks don't rate those places at all.

But the fact that this person is talking about them in the same post shows a lack of focus on anything except a general job title that has something to do with trading. It's liks asking someone what they want to be and all they can say is 'driver'. Could mean anything. And banks / hedge funds etc will see right through it to be honest. The ones that are still hiring that is. You wouldn't believe how many decent CVs I see in a month. Most of the CVs I see these days are better than mine
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Old Feb 12, 2009, 4:05am   #5
 
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How would you guys comment on the possibility of a market maker in a prop house to move hedge funds / Ibank as a trader?

How do you think the career prospect of a market maker in a prop house?
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Old Feb 12, 2009, 9:41am   #6
Joined Sep 2004
No prospect right now. Stick to what you're already doing.
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Old Feb 12, 2009, 3:01pm   #7
 
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No prospect? Just because of the bad market right now? Or it's the nature of market maker?
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