Australian (ASX) Stock Market Forum

Job prospects in finance and trading

Jump to new
Nero64

Nero64

Joined
23 August 2008
Posts
227
Reactions
0
I keep reading about the amount of money traders and hedge fund managers earn.

In the SMH the other day there was a story about currency traders seeking higher redundancy payments. this would inc 200K base plus bonuses of 40-50k.

So I went to seek and saw job adds for positions such as risk management trading and arbitrage traders - up to 130K plus bonuses.

My question is how hard is it to get a foot in the door. Is it a cut throat industry. If You make a mistake are you gone. I have heard off layoffs and 500 people going for 1 job.

Is the industry now like IT/Computing was after the dot.com crash in 2000/2001. That is salaries coming down and fewer roles to fill but more people looking for work.
 
Lloyd: What do you think the chances are of a guy like you and a girl like me... ending up together?
Mary: Well, Lloyd, that's difficult to say. I mean, we don't really...
Lloyd: Hit me with it! Just give it to me straight! I came a long way just to see you, Mary. The least you can do is level with me. What are my chances?
Mary: Not good.
Lloyd: You mean, not good like one out of a hundred?
Mary: I'd say more like one out of a million.

Lloyd: So you're telling me there's still a chance... *YEAH!*
 
You network while at uni and initial entry level roles. Part of it is luck as well.
Not fair, but thats the way the world works.
 
Things are very tough in this industry right around the world. I think the OP's comparison about the dot com crash is a good one. I don't work in trading, but I imagine it's one of the more cut throat areas of the bank. You hear plenty of stories of experienced traders making one (quite epic) mistake from no where and being shown the door.

Elsewhere in finance, it's not as bad. Just don't do anything obviously stupid when there's a lot of money in play and you'll be ok.

Getting a job is hard, but once you're in, it's not that bad...
 
Here are some examples of job adds...

---------------------------------------
Graduate Trader - Optiver
Employer: Optiver
Position: Graduate Trader - Optiver
Website: www.optiver.com.au
Added: 02-Mar-2009
Closes: 31-Dec-2009
Commences: Negotiable
Job Type: Full-time
Payrate: $100,000 + bonus
Location: Sydney

Details
Looking to commence your career with an industry-leader at the top of its game?

Does the thought of working with like-minded individuals in an adrenaline-filled, high-performance environment where your success is recognised and rewarded sound like the ideal place to start your career in the financial markets?

Take a look at Optiver.

As a market maker, Optiver is a key player in the global financial markets. Since establishing itself in Amsterdam in 1986, the company has grown to have a trading presence in twenty countries, spread across five continents and is the largest independent arbitrage firm in the Asia Pacific region today. With plans for further expansion, Optiver are looking for bright, motivated graduates to join its trading teams in Sydney, Amsterdam and Chicago.

As a Graduate Trader, you will be trained and mentored by some of the brightest minds in the industry, work with highly advanced systems in a simulated trading environment and be given the support you need to build a career high in satisfaction and success! In return for your engagement, you will be rewarded with a lucrative salary, uncapped bonuses and a unique working environment focused on work-life balance and reward. Optiver’s culture is informal and free from unnecessary bureaucracy, so you can be assured that, regardless of how long you’ve been with the company, your voice will be heard.

Other benefits include a free gym membership, breakfast and lunch catered for daily, annual company trips and extensive training and development.

Interested? You will need to be:

• A penultimate, final year or recently degree qualified in a quantitative discipline Eg. Finance, Commerce, Economics, Maths, Physics, Electrical/Mechanical/Mechatronic Engineering or Actuarial Studies
• A Distinction-average student
• Passionate about the financial markets
• Extremely numerical with a flair for problem solving
• Excellent communication skills
• Decisive, focused and someone who thrives on challenge

If this sounds like the opportunity you’ve been looking for, we should talk.

-----------------------------------------------------------------------

Assistant Trader
Employer: Barber Consulting
Position: Assistant Trader
Added: 08-Aug-2009
Closes: 30-Nov-2009
Commences: October 2009 - January 2010
Job Type: Full-time
Payrate: $50k-$75k
Location: Sydney

Details
PLEASE NOTE:
You must be a 2008 or 2009 grad, have a High Distinction average in a Financial Maths, Actuarial, Economics, Finance or similar degree and you will be in the top 5 of your class. Additionally, you will have excelled in probability and be an excellent poker player.

This is truly a unique opportunity to maximise your potential as a trader.

Working for a global trading company, you will begin your career learning the ropes and being trained on every facet of the business. In time you will flourish into a fully fledged trader in your own right.

This is a demanding, high pressure and volatile environment, where you will be expected to push yourself to the limit. In return you will have the chance to exceed all previous expectations.

You will be educated to degree level in a relevant discipline, have a UAI of at least 98, 4 unit maths and a thorough working knowledge of probability computations, as well as possessing first class communication skills.
 
As you can see, the academic standards are quite high... thats before getting though the interview process and the basic maths test (which is not so basic...) I think the optiver test is 70 questions in 8 minutes that are division of and multiplication of 2-4 digit numbers. You can only take the optiver test once - ever.. they will cross reference your name with their database and kick you out if you've done it before.

I did the non official version and got 25 out of the 70 (the minimum number correct required is 60 to get to next stage) :(. And I'm not idiot at maths.. got over 90 in 4U last year...
 
jono1887 said:
As you can see, the academic standards are quite high... thats before getting though the interview process and the basic maths test (which is not so basic...) I think the optiver test is 70 questions in 8 minutes that are division of and multiplication of 2-4 digit numbers. You can only take the optiver test once - ever.. they will cross reference your name with their database and kick you out if you've done it before.

I did the non official version and got 25 out of the 70 (the minimum number correct required is 60 to get to next stage) :(. And I'm not idiot at maths.. got over 90 in 4U last year...
Click to expand...

yep its very tough to get a start these days, if you do get a foot in gotta make the most of it...

even looking at other things on seeks, majority are distinction average type stuff or prior experience/track record
 
white_goodman said:
yep its very tough to get a start these days, if you do get a foot in gotta make the most of it...

even looking at other things on seeks, majority are distinction average type stuff or prior experience/track record
Click to expand...

Yep... getting that HD average isn't the hard part. Finding a firm that will give you the experience is.. I wonder if personal trading counts as experience?? :confused:
 
Largesse said:
or you just have to be super awesome like white goodman is
Click to expand...

white%20goodman.jpg
 

Attachments

  • white%20goodman.jpg
    white%20goodman.jpg
    31.9 KB · Views: 19
  • white%20goodman.jpg
    white%20goodman.jpg
    31.9 KB · Views: 13
jono1887 said:
Details
PLEASE NOTE:
You must be a 2008 or 2009 grad, have a High Distinction average in a Financial Maths, Actuarial, Economics, Finance or similar degree and you will be in the top 5 of your class. Additionally, you will have excelled in probability and be an excellent poker player.
Click to expand...

This is ridiculous. I can't imagine an excellent poker player applying for an entry-level trading position, as that is a substancial pay cut. I assume by 'excellent', they mean 'profitable'. I'm surpised they even threw it in - is it a joke or are they serious?

jono1887 said:
Yep... getting that HD average isn't the hard part. Finding a firm that will give you the experience is.. I wonder if personal trading counts as experience?? :confused:
Click to expand...

I imagine a trader with a great record will not have any trouble finding a position. I'm sure hedge funds etc would be open to it, although I'm going to guess that larger organisations prefer to groom their traders from the start, to be like a cog in the machine. Even if that is true, I'm sure there are exceptions anyway.
 
johnnyg said:
Got a link Jono to that test?
Click to expand...

http://www.dennisfleurbaaij.com/mathtest.php

Its actually 80 questions in 8 minutes. You have 6 seconds per questions!

48) 3:14 - 6:4 =
49) 86.4374 - 33.8868 =
50) 14 - 30 =
51) 55.7161 + 71.0029 =
53) 26 * 88 =
54) 527 / 31 =
55) 28.9442 + 61.3963 =
56) 39.7632 + 94.1182 =
57) 13:5 - 15:14 =

Here as an example of some of the questions...

The website randomly generates a set of different every time you load it...
 
Top