Honest Advice for a Graduate

Goldmember, check out the Trading House Marex Spectron in London. They trade on the London Metal Exchange and have seen good profits from it in recent years. The fact you worked in the industry would likely appeal to them.
 
Well I had my first day today, really enjoyed it! Thankfully there wasn't any toilet scrubbing haha.
Learned so much in just a day, from what I understand the LME is sill widely used for companies expecting to actually take delivery of the metals rather than just speculation, maybe the reason why the banks own the warehouses and its not so attractive for smaller speculators, Although I'm sure LME Select would be a service for them.
The ring trading was a real eye opener, loved the buzz there. I'm doing some work exp at a bank in their trading division in a couple weeks so I can give a comparison of the different experiences when Im done!

Thanks SBS, Ill check them out.
 
Well despite a lot of negativity in this thread I have been doing some homework and have learnt quite a fair bit over the past 2 months about trading. I still have a long way to go but not to worry, i never claimed i was looking for a quick buck as some seemed to presume i was. The trader who i did the internship with never went to uni so im not swayed too much by others negativity. I may not be able to go work fro goldman sachs but it doesnt mean i cant become a successful trader ^_^

Good luck Goldmember, it sounds like a fantastic opportunity i hope you do well. And when its almost over check out the company, they might favour your experience and offer you a foot in the door.
 
Thanks SBS, this week has really opened my eyes to the world of trading, I originally thought without a degree it wouldn't even be worth trying.. now I'm seeing companies who don't like to employ graduates.
The hardest part is the foot in the door.. hopefully this is what Ive been lucky enough to get, now its up to me to make an impression!
 
RPEX said:
A range of conflicting thoughts and personal opinions:

-Don't do it, get a proper skill, become a plumber
-Don't work for free, ever.
-Depending on where you are looking to work keep the TA stuff under your hat, not many people take it that seriously.
-I don't like the LME it is not a proper exchange.
-I think there's a misunderstanding of what different roles within trading entail at present.
-I think the role of a trader is currently being re-defined to the extent that many new entrants are not equipped for it. If i was running a serious firm i would much rather get an computer scientist guy in, send him on some short courses and hey presto he can make me mullah quicker than an econ/business/banking grad.
-Maybe specialise in an area right from the off, like the physical trade side of the commodities business. That will require a lot of hard work studying documentation etc, and an extensive understanding of the market and distribution networks but would be much more secure (from automation) and potentially lucrative in the long run.
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-don't work for free ever doesn't hold as true as it used to, but it should still be in the back of your head
-if you want to work for an IB you either rack up experience or study really hard (which it may be too late for)
-if you want to be a good trader you rack up experience, studying and doing well on exams doesn't make money
 
From what I have seen different employers look at different things. A stroke of luck from being at the right place at the right time is all it will take.
 
Hi, need advice on IMC prep... I'm completely new to this field and was wondering if self study should be enough for a novice (changing careers from non-finance to finance) or is it recommended to have classroom study?.
 
CFA said:
Hi, need advice on IMC prep... I'm completely new to this field and was wondering if self study should be enough for a novice (changing careers from non-finance to finance) or is it recommended to have classroom study?.
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Simple:
If your firm is paying for it. Go for the classroom study option, take some time out, meet like minded people. You might even score.

If you are paying for it, don't bother with the classroom, one size does not fit all. Besides if you are really fresh it might take some time for things to sink in, a classroom is not going to accelerate that. The distance learning course provider should give you a contact for any help you need.

Or if you can afford the time, just go the full hog and study for the CFA, get the Dec 12 books from gumtree or ebay or somewhere, sign up and roll the dice.

That's what i would do anyway, and i am terribly unsuccessful in almost everything i turn my hand to.
 
I've got to admit, I do chuckle when I hear a student saying something along the lines off I've read about technical analysis and know XYZ technical analysis theory and think that equates to a chance at getting in at an IB. It isn't that impressive when it's something anyone can read about in their free time on the internet. It's like me saying I know XYZ about engines for motorsport. Doesn't mean I have a chance in hell at being picked to be one of Ferrari's formula 1 engineers.

The biggest thing i've noticed about graduates. Most haven't actually researched the industry in terms of different roles and positions, what they do, and potential career paths. Personally I feel that most think it's a quick way to make money and just throw the phrase trader around as people hang onto the dream of the 80's.

If you want actually to be a trader at an IB, seriously forget about it. You've got more chance of becoming an astronaut, and even if you did manage to get in at an IB, the chances of becoming a trader would be even slimmer as getting into an IB in the first place, and it would literally be years down the line. Don't take it as negativity, it's just the harsh reality... it's not the 80's and the pits don't exist anymore.

Learn what the industry is about and the different roles people play, then choose a career path from there based on realistic expectations.
 
RPEX said:
Simple:
If your firm is paying for it. Go for the classroom study option, take some time out, meet like minded people. You might even score.

If you are paying for it, don't bother with the classroom, one size does not fit all. Besides if you are really fresh it might take some time for things to sink in, a classroom is not going to accelerate that. The distance learning course provider should give you a contact for any help you need.

Or if you can afford the time, just go the full hog and study for the CFA, get the Dec 12 books from gumtree or ebay or somewhere, sign up and roll the dice.

That's what i would do anyway, and i am terribly unsuccessful in almost everything i turn my hand to.
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Realistically how long should one study/do exams before sitting for IMC Unit 1? (e.g two weeks? one month? etc.). And im talking about atleast 4 - 5 hours of study each day...

btw my firm isnt paying, doing this on my own
 
CFA said:
Realistically how long should one study/do exams before sitting for IMC Unit 1? (e.g two weeks? one month? etc.). And im talking about atleast 4 - 5 hours of study each day...

btw my firm isnt paying, doing this on my own
Click to expand...

For a start, man up and do both exams in one sitting.

IIRC unit 1 is regs and stuff, pretty dry. Just look out for exceptions to the rules, and do loads of practice questions. I think most of the questions get repeated so the learning providers usually have a good bank of likely questions. Or find a brain dump for it.

For the whole thing, maybe take like 2wks - 1 month. I don't know your personal learning style. But if i was completely new to stuff like this i would do a little but very frequently and repeat what i had learnt to date. More importantly for the interesting stuff like markets, try and engage with it away from the learning material, even if that's just googling stuff that sounds interesting.
 
Nor sure if it has been mentioned, you can do external exams that will qualify you to operate on a trading floor. I am not talking trader specific exams but ones that are required by the fsa. There are others that are recognised in firms that teach you market principles also. I think you can mask somewhat your sub perfect level education and at least get an assistant job on a floor with those exams. Where you go from there is up to you

Edit: some of the best traders in the world have degrees completely outside of finance. The trick is to get in the door and I believe with those fsa exams you can do just that
 
RPEX said:
For a start, man up and do both exams in one sitting.

IIRC unit 1 is regs and stuff, pretty dry. Just look out for exceptions to the rules, and do loads of practice questions. I think most of the questions get repeated so the learning providers usually have a good bank of likely questions. Or find a brain dump for it.

For the whole thing, maybe take like 2wks - 1 month. I don't know your personal learning style. But if i was completely new to stuff like this i would do a little but very frequently and repeat what i had learnt to date. More importantly for the interesting stuff like markets, try and engage with it away from the learning material, even if that's just googling stuff that sounds interesting.
Click to expand...

Thanks mate.
 
Forker - can I ask when it is possible to take the FSA exams for trading? Is there a schedule or can you take them on a rolling basis?

Thanks,
Clara
 
on a rolling basis. You take them like a driving theory test [although easier and quicker]. Look up SII certificates, now CISI.
 
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To Goldmember:

How have things been on the LME?

Three months aren't much, but they are a little bit of experience.

If possible please give us some feedback as to how your internship has been going. what you have been doing? what you have learned? what you think of the industry? and most importantly what do you think of the original posts now that you have tried it yourself?
 
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