Just been offered a job on trading floor

[Atilla]

As do I.

It depends what you want out of life, Matt. Here are a few other points.

If you want to be able to say you work as a "trader in the city" and get looks of derision (and everyone stereotyping you) from everyone except other city-boys and wannabe WAGS then go for the trader job.

Want the financial rewards at a potentially quicker pace? - Take the trader Job.

Want bigger financial rewards a little bit later where you can laugh at the paltry £MILLION pound bonuses of your trader friends - stick with accounting.

Want the chance to be chewed up and spat out by a ruthless cut throat world that comes with no real friends just people that see you as competition for the next promotion - become a Trader...

I could go on, but I don't want to sound too anti-trader.

In summary: The world is run by accountants. If you want long term power and rewards go the accounting route. If you want short term gratification and a chance at early retirement that will never actually happen due to your spending keeping pace with your earnings then go for trading.

Disclaimer: Should you truly wish to progress in Trading then you should ensure you wear your "old boys" tie at every opportunity, not doing so will leave your career prosepects down to pure luck and there not being an old boy available.

Very good informative post JDR.

I was going to give it a rating but can't see the button anymore.

Is this a change by T2W or is it my browser restrictions.


Regards,

 

[timsk]

I was going to give it a rating but can't see the button anymore.

Atilla,
It's the curious looking icon between the button indicating online / offline status and the red triangle to report a bad post - in the bottom left hand corner of the post window.
Tim.

 

[*JDR*]

I've already asked my close relatives and friends, and I thought it would be interesting to hear what folks on here had to say, which it was, including your last two posts, so thanks.

I think you took my comment about hijacking the thread a little more seriously than it was intended, no hard feelings.

Just to give some balance to my posts and not to be too anti-trader.

As an accountant you will need to be very self-motivated to get to the top. You could quite easily end up in a decent paying job with average prospects and eventually at 55 be a CFO.
As a trader, with the buzz and the relentless pressure you will have your motivation done for you. You have no choice, you will be motivated or you will be out of a job. You will see your colleagues not much older than you earning relatively massive bonuses.

A friend of mine who is not ex-eton or oxbridge lucked out after his actuary studies, ended up with ML and at the age of 28 bought a detached house in hotting hill with cash - from modest beginnings he was the third of my friends to become a millionaire and the only one to do it without running his own company.

None of my accounting friends who have gone the employment route are yet cash or asset millionaires.

Just to give an idea we are talking about the age bracket of 30-35.

Let us know what you decide.

 

[JohnG FX]

Hi,

Brief background: Got a job at a London brokerage firm in accounts dept, didn't get on with FC so resigned after three months, got drunk with options trader in pub who mentioned position going in options team, said he would mention to his boss I'm a good hard-working guy. Two weeks later and just got out of meeting with CEO who offered me the job.

So I am not sure what to do, I am 28 years old, half way through my CIMA studies, is this a viable career option? It will obviously be very junior, mentioned something about sending trade confirmations and supporting the traders, also said something about having to take Eurex exams. Something that was constantly mentioned was I'd be under a lot of pressure. I had big plans of moving back to South Africa one day, if I choose this career path I guess that will be out of the question. What about finding work in other countries....Australia for instance?

Sorry, bit of a mess of a post, mind is racing 1,000 miles a minute. I have always been interested in trading, I was so excited when I got the accounts position in this company, and you know with all this talk about London being the world finance centre seems like the right place to be, but I don't know if I should take it.

Any thoughts on my jumbled confused email?

Hi there,

was just browsing through the forum and found this thread, will add my tuppence for what it's worth.

I'm an FCA and qualified as a CA with Coopers and Lybrand (as they then were) back in 1987, promptly left them to work for Maxwell in the city and then spent the next 10 years working my way up to FD in a PLC.

3 years ago at the age of 44 I gave it all up to trade fulltime from home, and it's the best decision I could have made.

You are 28 and half way through your CIMA, Ok if you continue you will slowly work your way up the ladder, the trouble is that there are now a lot of young accountants out there so the competition to get to the top is quite stiff but yes at the higher levels the rewards are good.

If you go for the trading position then yes you will also have to work yor way up but the opportunity to progress at a faster rate is there, and the rewards will potentialy be greater but the security will not be there.

I remember the 87 crash and coming back on the train from Victoria that evening. There were traders I knew on the train but that day I was glad I was a humble accountant.

The other thing to bear in mind is that you can allways go back to complete your CIMA at a latter stage if the trading doesn't work out.

At 28 you still have enough time to change tack if you wish. I'm sure you will know within a year if you wish to continue the trading route.

Best of luck whichever you decide

 

[Jack o'Clubs]

As another oldie on these boards with a bit of life experience (and an FCMA), I'm with the consensus view, for one main reason: if you decide trading's not for you, you can easily transfer back into accountancy and pick up CIMA where you left off. If you pass this chance by, you might not get another shot at it. A piece of general guidance - you never want to look back in life and think 'I wish I had ...'.

However, as an accountant, albeit not a practicising one, it's not a bad career if you can get out of the ranks. Being CFO of a listed company is as much 'fun' and has as many of its own adrenaline rushes as a successful trader, IMO. For the record I know several accountants in the age bracket that JDR refers to who are cash millionaires several times over. Only one made their money as an accountant, the others used their qualification as a springboard into banking or front-office jobs in the City.

 

[Matt Houston]

Thanks, I appreciate the advice.

I didn't take this accounts role with the thought in mind that I would get anything like this oppurtunity, my line of thinking was I'd rather be in accounts in a brokerage firm (something which interests me) than for a remittance services or advertising co (previous jobs).

 

[maximm123]

Loads of my mates are accountants at large accounting firms or big multinational companies. They are more stressed out, more miserable and a lot worse paid than anyone I know who is a trader.

 

[jaet1989]

Accountancy is the dullest work one can do, take the opportunity given, if it sounds like the leap you want, then leap, and never look back at the dull old days.

All the best.

 

[jaet1989]

May I ask what firm you are at?

 

[jaet1989]

Atilla, accountants, social life, I bet this is a scream...

 

[PualoP]

Bloody hell, this thread's almost 2 years old since anyone posted!! Come on Matt Houston, tell us what you did? Did you stick with accountancy or did you dive into the world of options?

 

[Skill Leverage]

Yeah why have we resurrected a thread that's over 2 years old?!

 

[jaet1989]

I think Matt died of boredom in the accountancy role