jobs in the stock market?

[tommog]

hello,

I was hoping someone could tell me about what the stock market is like to work in as an industry (i mean employed rather than self employed). I find that it seems to be a bit of a secret society almost. I know people (friend of a friend situation) that have got jobs working on the stock market and they had no experience before hand, they just had the right contacts.
How do you go about getting employed as a trader working on the stock market? What qualifications are needed? how do you go about it? Do you need an outstanding degree and loads of luck or are there trainee opportunities for ambitious young people etc?

Also i now very little about the types of jobs there are, i know obviously you have the fund managers and analysts, but what about those people that everyone associates with the stock market the people on the trading floor franiticaly waving their arms what is their job title? what are they actually doing?

I know this probably seems pretty basic stuff but although i have a decent knowledge of economics and the stock market as a whole i know virtually nothing about how it works as an industry.

If anyone could clear up some of these question i would greatly appreciate it, thanks

 

[Chrissy T]

Hi,

Firstly, I was probably in your position nearly ten years ago. You have to make use of as many resources as you possibly can to build up your knowledge and so its good that you have already done some research on the internet to find this site.

I would suggest that you buy a book call "How the City works". It only costs about £7 and you could easily read it in a day. It is a very basic/ general book of various goings on it the City.

There are many different opportunities in the City, depending on your skills and desires. There is a lot of "normal" (9-5ish) office jobs (generally termed "Back Office" which vary from data entry to basic finance, or IT type work. Then you have more specialist things, like Traders, Financial/ Insurance Brokers, IT specialists, Lawyers, Accountants, etc.

Graduate jobs are very tough to get. I suggest that you decide what area you would like to get into then what companies focus on this area, then look at their graduate web sites to get an idea of what they are looking for. Bear in mind also, that creative and determined people can get into similar positions to these through the back door!

The trading floors have all but dissapeared now (only the IPE left, with Gas and Oil Futures), as it has all turned to screen based trading...


Hope this helps,

Chris

 

[tommog]

thanks chris i appreciate the reply,

"Bear in mind also, that creative and determined people can get into similar positions to these through the back door!"


please could you tell me more information (if you know about it) about what positions and places to look for positions in areas that could get me a chance at working as a trader. I don't care if its making the tea as long as i get a shot at working my way into a position that i want. I'm 20 years old about to turn 21, i went travelling after college and since returning i have worked in advertising with my dad. But i know trading is what i want to do, i have traded privately from home for about a year. At 21 it isnt too late to go to uni (i'd be 24 when i graduate) not old but at the moment if i were to go for some sort of "back door" route into the market i would have youth on my side so i wouldnt have to compete with the graduates. Fair enough if i went to uni i could compete for a higher calibre job from the off but i'd rather learn from the bottom and make contacts ( i know people that have done this) and work my way up. But i really dont have the first clue where to look for these jobs. If you have any leads what so ever, an email address a website a phone number i would be so grateful.

Thanks for your interest

 

[Robertral]

"At 21 it isnt too late to go to uni (i'd be 24 when i graduate) not old but at the moment if i were to go for some sort of "back door" route into the market i would have youth on my side so i wouldnt have to compete with the graduates. "

Yeah you would as you'd be a graduate!!!!!!!!!

Ok, trading is all about using your brain...right so anyone who wants to be a trader so much would do the following (which I assume you have done): go to the liffe website and look for trading shops etc and write off to them.....use various websites like efinancialcareers.com

Also what have you got that someone else can't offer???? do you know the ins and outs of various products/...What area do you wanty to trade in??? FI? commodities? Derivatives? Equity?????

Do you have the right skills for your chosen area????

 

[Chrissy T]

Personally, i dont think you would be too old to come out of uni at 24, besides you've been doing something productive with your time in travelling...

I agree with what robertral is saying about "using your brain"... you have got to do something different... how are you going to stand out... i made my own contacts and am very proud of the way I have done so. I never knew any of these people before hand but now have some good contacts because of it.. I would love to tell you my approach, but ther's no point in handing it to you on a plate - YOU NEED TO FIND CONTACTS YOURSELF... YOU NEED TO GET TRADERS TO LISTEN TO "SOME LITTLE BOY" (No offence).

All I knew about was Equities... I thought that the City evolved around Equities. Im in FI myself and have exposure to FX, and take an interest in Commodities for Global Inflation/ deflation issues..

I realise that some of this info is not easily at hand, but hunt through this site find your way onto a dealing floor!

I don't mean to offend you in this mail, but think you need a bit of a reality check... it took me years to get to a junior trading position and it will take you years too, but you will only make it if you really want to!

Good Luck

 

[tommog]

thankyou to everyone who responded. No offence was taken at all, believe me it has crossed my mind why would someone pick me over the thousands of other people hunting for these positions. I always knew it would be a long road which doesnt put me off in the slightest, i just want to know which road i should try walking down first. I will look at all the websites i can and start writing letters.

However i am still unsure as to whether i stand a chance if i went for a job now, at the lowest run of the ladder and made my own contacts and work my way up. (have any of you got into the industry through the "back-door")

OR

Go to uni and try again in a few years with a degree (where i may be overqualified to go for these first run of the ladder jobs)

To be honest i would FAR rather try and get my foot in the door now and spend 3 years working hard getting known by the right people learning the trade from experience as opposed to studying for three years.

Although i know it will be hard to be taken seriously and i know to many of you i seem a kid with my head in the clouds (probably) but i am by no means a total newbie. I have traded shares, i have spread bet and even used fixed odds (mainly for hedging). I don't think i'm anything special and deserve a job ( i really hope you havent' got that impression of me) i just am fascinated by the stock market and know its the industry i want to be in. I know i have lots to learn and i appreciate all your advice, so any further suggestions anyone has i would love to hear them

Thankyou

 

[jamieroberts]

Im just about to finish my Banking and Finance degree.

I am yet to be told I cant have a job because I have a degree, if anything a lot of places want Masters and PHD's.

If you dont want to go down the uni route then on all letters and CV's emphasise your personal trading. In the interviews and correspondents I have had that seems to be the most talked about bit!

Good luck.

 

[Robertral]

thankyou to everyone who responded. No offence was taken at all, believe me it has crossed my mind why would someone pick me over the thousands of other people hunting for these positions. I always knew it would be a long road which doesnt put me off in the slightest, i just want to know which road i should try walking down first. I will look at all the websites i can and start writing letters.

However i am still unsure as to whether i stand a chance if i went for a job now, at the lowest run of the ladder and made my own contacts and work my way up. (have any of you got into the industry through the "back-door")

OR

Go to uni and try again in a few years with a degree (where i may be overqualified to go for these first run of the ladder jobs)

To be honest i would FAR rather try and get my foot in the door now and spend 3 years working hard getting known by the right people learning the trade from experience as opposed to studying for three years.

Although i know it will be hard to be taken seriously and i know to many of you i seem a kid with my head in the clouds (probably) but i am by no means a total newbie. I have traded shares, i have spread bet and even used fixed odds (mainly for hedging). I don't think i'm anything special and deserve a job ( i really hope you havent' got that impression of me) i just am fascinated by the stock market and know its the industry i want to be in. I know i have lots to learn and i appreciate all your advice, so any further suggestions anyone has i would love to hear them

Thankyou

It doesn't matter how young you are....
As for being overqualified with a BSc/Ba as a junior then you are mistaken........
What do you want to trade??? how much do you know about it????? Answer these Q's and I will hopefully put you on the right route....

 

[tommog]

dear robertral,

In reference to the questions you asked:

Trading equities is the area i would love to work in, this is because i have experience in trading these and have faired well, as an 'outsider' to the industry i have easiest access to information on these and have therefore been brought up on a diet equity information and it just seems to be what i am instantly drawn to. Having spread bet indices such as the DOW and FTSE you can't help but associate a lot of equity information when researches indices. However i am learning more and more about dealing in the futures market and am also finding this appealing (although i haven't actually traded futures contracts).

As for how much i know, well thats hard to say because levels of knowledge are different to everyone. Broadly i will describe my knowledge as advanced enough to trade for myself, i have enough knowledge to make sound decisions based on both fundamentals and TA, i feel i could hold conversation with anyone on equity trading from a novice to a professional. I feel i could answer most questions about both trading methods, and views on the market with very little effort from any person.

thankyou for your continued interest

P.S i never meant to dismiss graduates as over qualified or not relevant, honestly, i have just been told from other sources that some jobs at the lowest level (way below junior broker, but on the same ladder) would be considered too low for a graduate and they would be encouraged to aim higher.

 

[Robertral]

dear robertral,

In reference to the questions you asked:

Trading equities is the area i would love to work in, this is because i have experience in trading these and have faired well, as an 'outsider' to the industry i have easiest access to information on these and have therefore been brought up on a diet equity information and it just seems to be what i am instantly drawn to. Having spread bet indices such as the DOW and FTSE you can't help but associate a lot of equity information when researches indices. However i am learning more and more about dealing in the futures market and am also finding this appealing (although i haven't actually traded futures contracts).

As for how much i know, well thats hard to say because levels of knowledge are different to everyone. Broadly i will describe my knowledge as advanced enough to trade for myself, i have enough knowledge to make sound decisions based on both fundamentals and TA, i feel i could hold conversation with anyone on equity trading from a novice to a professional. I feel i could answer most questions about both trading methods, and views on the market with very little effort from any person.

thankyou for your continued interest

P.S i never meant to dismiss graduates as over qualified or not relevant, honestly, i have just been told from other sources that some jobs at the lowest level (way below junior broker, but on the same ladder) would be considered too low for a graduate and they would be encouraged to aim higher.

try a prop arcarde.....saxon, futex etc!!!!! search here for them!!!!!

best of luck.......

 

[tommog]

dear robertral,

thanks for all your help, ok this is probably going to sound like a really stupid question but search where for them? this forum? i dont really know my way around the forum, where should i look? Thanks

 

[Robertral]

dear robertral,

thanks for all your help, ok this is probably going to sound like a really stupid question but search where for them? this forum? i dont really know my way around the forum, where should i look? Thanks

do a google search for futex, saxon financials, london capital etc

 

[tommog]

hmmm just as i thought.... it was a stupid question! thanks for everything

 

[spreadboy]

begin researching here.......... good luck!

http://www.liffe.com/access/how/access/bureaux/index.htm

 

[Robertral]

begin researching here.......... good luck!

http://www.liffe.com/access/how/access/bureaux/index.htm

Or if you don't want to get bum raped by an arcade then try the members section!!!!!!

 

[rothesinvestor]

tommog, et al

I'm in a similar situation, having just finished my Business Studies degree, trying to get any sort of job in the city seems very difficult.

I have read the rest of the comments on this thread, and there seems to be some quality information, which I may use myself!!
Good Luck!

 

[Robertral]

tommog, et al

I'm in a similar situation, having just finished my Business Studies degree, trying to get any sort of job in the city seems very difficult.

I have read the rest of the comments on this thread, and there seems to be some quality information, which I may use myself!!
Good Luck!

"SOME SORT OF CITY JOB" -> this is why it's difficult.......you need to focus on a specific role.....i.e derivatives, FX, then what role; sales? trading? IT.........
Focus on a goal and go for it.....why do you want a city job???

 

[rothesinvestor]

This is the problem - Yes I would like to begin in trading, but without experiencing the variety of roles on offer within the city it is difficult to decide where to specify. At 21, picking an area which would appeal most to you is extremely difficult, and with the majority of graduate specific programmes choosing 1st class universities and degree's, the task is all the more difficult.

Having only found this BB yesterday, it has certainly had my mind thinking about where I would like to work, however getting the "foot in the door" will be the most difficult and so I think the best possible course of action is to develop a first class CV & Cover letter for distribution to companies.

Any other advice greatly appreciated.

Regards

 

[Robertral]

This is the problem - Yes I would like to begin in trading, but without experiencing the variety of roles on offer within the city it is difficult to decide where to specify. At 21, picking an area which would appeal most to you is extremely difficult, and with the majority of graduate specific programmes choosing 1st class universities and degree's, the task is all the more difficult.

Having only found this BB yesterday, it has certainly had my mind thinking about where I would like to work, however getting the "foot in the door" will be the most difficult and so I think the best possible course of action is to develop a first class CV & Cover letter for distribution to companies.

Any other advice greatly appreciated.

Regards

One can only experieicne a varity of roles if they are accepted onto a grad scheme...otherwise you have to choose early on......and specilize in that arae...i.e read loads of books etc