What trading career would be best from these 3 options?

[leifeiriksson]

Hi everyone, I am a recent college grad about to enter the trading industry. I will have to decide which of the following 3 roles would be best for me, and any help would be appreciated.

1) I have been offered a job as a trading assistant on the exchange floor in Chicago. The salary is rather low (35k) but the training period is 12 months with 10-12 hour workdays after which they expect me to graduate to trader (not a sure thing). What are future earning expectations if I do reach trader status and am moderately successful? Any other aspects of a career as a floor trader would be helpful as well.

2) I have been offered a paid internship at a derivative market-making firm with the opportunity to graduate to a junior trader after 6 months (not a sure thing). Think along the lines of a company similar to Optiver with low-latency computer software. I know for a fact future earnings at this company with the bonus can be rather extraordinary and the work-life balance is pretty good.

3) I have a final interview with Chopper Trading coming up, which is computerized trading and would seem to offer decent pay and a bonus with a good work-life balance.


I'm mainly looking at choosing between options 1 and 2 since option 3 may never happen. I'm still torn between turning down a full-time job (option 1) for an internship (option 2), but I suppose they both are similar b/c if I can't make the cut I'll be out of a job in both within a year. Which of these options would likely lead to higher lifetime earnings, and am I correct in assuming a job on the trading floor would be more stressful? Option 1 as a floor trader is a sure-thing right now but I don't want to be putting in 12-hour work days making little money for the next 5 years, when if I accept the internship I'll give myself a chance at making 6 figures with a nice work-life balance.

Any insight into a career choice would be immensely appreciated. I'm a bit confused about how a career as a floor trader works as well so if anyone can shed light there it'd be helpful. Thank you.

 

[rathcoole_exile]

Put it this way, there are thousands of people who would give their left arm for the chance of having the experience on the Chicago pit floor

It's a once-in-a lifetime opportunity.
Even if you move on later to something like option 2 or 3, the experience you gain (yes, through the stress, sweat and tears) will stand you in good stead for the rest of your life


In years to come, you will kick yourself for not having taken the opportunity to work on the floor there.
Will you really kick yourself about missing out on any other cookie-cutter, jelly mould job ?

 

[counter_violent]

Rath is spot on about the floor experience IMHO. In my my not so humble opinion 35k is way too much for an un-proven new start !

Have a nice day

 

[rathcoole_exile]

wow, after nearly three & a half thousand posts, nobody has EVER agreed with me before about anything

 

[leifeiriksson]

Thanks Rathcoole and Counter for your input. I understand the floor experience is pretty surreal and I'm real excited to be given an opportunity no doubt. The interview process was no cakewalk (math assessments, mkt quizzing, etc.) because they want candidates only if they see potential to succeed at trading.

My only concern is that trading on the floor can be heavily romanticized and it flat out sounds real cool too, but I want to make sure it's also the best path to take. I know a lot of trading has shifted to computers and away from the floor in recent years, and companies are only doing that if they thought trading on computers would be more profitable.

Also, to provide more detail on Option 2 if I graduate the internship into their junior trading program I'll be making 2-3 times as much as running on the exchange floor. So that's my dilemma....awesome experience running on the floor making less or staring at a computer but possibly making 2-3x as much.

Either way I'm very happy with my employment prospects. A few months ago getting into trading seemed near impossible, but I've been persistent to the point of offering to work for free for several months at a few firms.

 

[enragedcow]

i'd go for the floor trader one

 

[rathcoole_exile]

but possibly making 2-3x as much.

not as important as you might think at this young stage in your life

 

[the_coumiester]

I'd say the 35K is a little bonus and sugar for the priceless knowledge and experience you'll gain on the floor of Chicago.

 

[angelnish]

I'd go for option 2 & 3