IB graduate program for a trader wannabe

[Tadragh1]

Dear T2Wers,

I have been lurking around for some time and finally decided to write my first post.
I would like to ask You for some advice regarding my future career moves and would be very grateful for any help.
I am currently in the last year of a Master program combining finance and econometrics. I have some experience from internships - in a treasury and risk management departments of a bank and consulting experience as a member of Financial Risk Management Team of one of the Big Four companies. In March I am starting an internship in one of the investment banks located in London, in their Credit Research department. I also have certain paper trading experience and some knowledge in pricing of more or less sophisticated derivatives, as well practical as theoretical. I have also done quite a bit of research on algorithmic trading.
As time goes by, I seem to be more and more inclined to try pursuing a career in trading. If it does not go well, I have some other possibilities (that's why I applied for diverse internships), but I would really like to give trading a try - so I do not regret further in my professional life giving up on an area, which interests me.
I think the best idea would be to try a graduate program involving a front-office role. I am graduating in September, and also in the same time my investment bank internship ends. Do You have any suggestions as what would be the best typeof graduate program to apply for? I mean - which specific banks could You recommend in regards of good trading team and training given? Do You think it is worth to apply for any sort of front-office positions or considering only the trader programs? I rather exclude the possibility of trading for a prop firm.
Thank You for Your help!

 

[RogueTrader888888]

why are you so hesitant to trade for a prop firm?

 

[crazybrab]

Tadragh1,

Although I can't speak from personal experience, many of my friends from uni graduated this summer and now work in the city. They all work in diverse sales and back-office roles, but deep down they are all trader 'wannabes' hoping to make the break at some point in the future. I'm predicting most of them will get sucked into the rat race and never make the move to trading.

Having a masters in finance/econometrics does not mean you make a good trader, it does however show ability and commitment. If you are relying on these to make you a successful trader then you may well be proved wrong. Common sense and simplicity could get you a lot further in trading.

I'm assuming you are undercapitalized at this point to trade your own account for a living. If I were in your shoes (well pretty much I will be soon, although I have been involved in the markets for seven/eight years), I would use the masters to get into the city and go work in an area such as algorithmic trading. Once you've built up enough capital, quit the rat race and go trade on your own...

As for prop firms, don't know much about them, but like RogueTrader888888, I'd be interested to know why you dismiss them so easily.

And finally I'm going to add my thoughts on trader training. It's just rephrasing what this board is about - the holy grail is to be found within you and success depends on you and no one else. If you are not committed, or not in the correct mind set, not even the world's best trader will help improve your trading.

 

[Tadragh1]

Thank You for taking time to respond!

I am rather a skeptical type - also with regard to econometrics or my own trading abilities, though I have certain experience. That is why I would be extremely reluctant to trade my own money for a living and have no other source of income. It is also the reason, why I would rather not trade for a proprietary firm. If I do not succeed, which is certainly possible, I will have wasted a chance of securing myself other career possibilities - because it is certainly easier to enter investment banking as a graduate than later, not having one's foot in the door already. After, say, 2 years of prop trading I will be 2 years after my graduation and without much experience relevant to most of the potential employers.