SII certs, CFA or FSA....?? HELP!

[spriggsy]

Hi there everyone...

I have been reading this forum for a while and have learnt a lot regarding the different forms of trading etc etc.

I graduated a year ago with a MSc Finance and am really keen to get into prop trading. My question being... I am looking to do either SII (unit 1 and 4) certificates, CFA program or FSA exam... The reason being to keep myself up to scratch, demonstrate my commitment to the industry, and to give myself the best possible chance of finding a position. I am unsuer which looks the best and which will benefit me the most...? I am pretty confident that I could get through the SII cert fairly easily after looking at the content... but i want to know which is best...?

Obviously the fees differ greatly!:!:

ANy help or guidance would be greatly appreciated!!

 

[spriggsy]

Any ideas guys.....?!?!!

 

[DT]

I'd say doing the FSA exams/SII certificates in order to learn more would be a waste of time & money if you've already got an MSc & they are not required in prop trading anyway

basically you only need them if you're going to be in a client facing role and in that case you're firm will pay for you to do them anyway - aside from that don't bother

CFA may be useful to you though and is well recognized

 

[RichieE]

I'd say doing the FSA exams/SII certificates in order to learn more would be a waste of time & money if you've already got an MSc & they are not required in prop trading anyway

That's true. However if you get the SII registration you might get a break in a bank... but that could be a long shot.

 

[spriggsy]

thanks for the info guys... i really am in two minds... i realise how competitve it is to get into Prop trading roles and i want to give myself as good a chance as possible. It takes 2/3 yrs to get through the CFA as well!!

Do you think a good option would be for me to get the Unit 4 and 6 SII certs... get a job and then study part time for the CFA... as the CFA and no tangible work experience may not be that beneficial???

Any thoughts would be much appreciated.... thanks

 

[DT]

if by 'prop trading' you mean a job at an arcarde then that should be fairly achievable - just go through the list on this site and start phoning people.

as for the SII certs I personally don't see the point - I did them a few years ago but I didn't have an MSc in finance - they are very basic - I'm presuming you've read Hull etc.. in your finance course - the furthest you'll delve into derivatives in the SII course will be some hockey stick diagrams showing how options work and what a straddle is etc.. then you've got to remember a few contracts & exchange opening times etc..

Just remember these things are aimed at brokers/sales people - you really don't have to be too bright to pass! Though having said that if you've got some spare time it probably wouldn't do you any harm.

 

[RichieE]

thanks for the info guys... i really am in two minds... i realise how competitve it is to get into Prop trading roles and i want to give myself as good a chance as possible. It takes 2/3 yrs to get through the CFA as well!!

You don't need *ANY* of these qualifications to get a prop trading role since you'll be trading your the prop house's money... not a client account.

Do you think a good option would be for me to get the Unit 4 and 6 SII certs... get a job and then study part time for the CFA... as the CFA and no tangible work experience may not be that beneficial???

If prop trading is your sole aim then forget about CFA. It's a qualification aimed towards investment... not trading. Just go and apply to all the companies listed on the T2W forums. (e.g. FUTEX, Schneiders, TCA).

 

[spriggsy]

thanks for the advice Richie and DT... that is what i shall do... !

having just started out my search i have drawn up a list of prop shops to get in touch with. It is however, pretty hard to distinguish between them all as to which is the best (environment, splits training etc)... Any suggestions of the top 10?? I guess i will find out a lot more once i start attending interviews...

Are there any that i should perhaps stay clear of?????

Cheers guys
steve