daytrading for firms

[niketennis1]

After watching some episodes of the 2nd season of "wall street warriors" on MOJO, I really want to become a daytrader for a firm. I'm going to a 4-year college next year and I'm planning to major in finance. Does anyone know what kind of college degree you need to work on wall street as a daytrader?

[aiki14]

After watching some episodes of the 2nd season of "wall street warriors" on MOJO, I really want to become a daytrader for a firm. I'm going to a 4-year college next year and I'm planning to major in finance. Does anyone know what kind of college degree you need to work on wall street as a daytrader?

Nike, go to www.traderdaily.com and check out the career section. Finance will get you a job with a broker, but for Trading with any of the big guys, a masters in computer science, or Math/Statistics would be the best way to go.

Here's an example of a junior trader ad:

Junior Trader – Equity Delta One

Location: New York, NY, 10019
Compensation: Commensurate with experience...
Years Experience: 1-3 yrs
Position Type: Employee
Employment type: Full time
Updated: 26 Feb 2008
eFC Ref no: 381003




Responsibilities include data provision and market analysis for other team members and will involve the provision of basic advice, the delivery of day-to-day processes and services relating to a trading book and ensuring the senior trader on the book is aware of actions taken.
Junior Trader – Equity Delta One

Summary:

The role requires the individual to apply specialist skills and knowledge of the relevant market to build and consolidate expertise. Responsibilities include data provision and market analysis for other team members and will involve the provision of basic advice, the delivery of day-to-day processes and services relating to a trading book and ensuring the senior trader on the book is aware of actions taken.

Essential Duties, Responsibilities and Experience:
§ Understands and interprets legal and regulatory requirements to ensure compliance.
§ Responsible and accountable for managing own trading books with regards to positions, mark-to-market, P&L and risk.
§ Looking to assist other traders and is pro-active in learning and gaining experience.
§ Maintains regular, ongoing relationships with customers and counterparts at competitors.

§ Participates in trade capture, trading activity reporting, and P&L.

§ Capable of working independently in role with significant client contact internally and externally; liaise with clients to resolve and confirm customer trades, demonstrating judgment and an understanding of the business.
Requirements:
§ Has 2 – 3 years of junior trade experience on a Delta One desk.
§ Possesses Series 7 registration
§ Open to seeing someone come from a domestic stock loan desk as well.
§ College degree in related field; understanding of financial products
§ Must have strong communications and presentation skills.
§ Must be proficient with MS Word, MS Excel.

Please send your resume and salary requirements to nyjobs2@dkib.com

Dresdner Kleinwort, Americas only accepts resumes from agencies authorized by the Firm’s Lateral Recruiting Team to submit such resumes on a requirement by requirement basis.

Equal Opportunities Statement:

As a matter of policy, Dresdner Kleinwort does not discriminate on the basis of age, race, color, religion, sex, national origin, disability, marital status, ancestry, medical condition, sexual orientation, citizenship, veteran status or any other basis proscribed by federal, state or local law

[pedrom727]

I'm currently finishing up my Finance Degree, however, I'd definitely prefer to work with trading than with any other aspect of Finance. Should I change my major to Math? I assume there's a lot less people who apply at brokerage firms with Math Degrees than Finance/Business so it might give me an advantage when I finish up my studies, correct?

[netwrangler]

I'm currently finishing up my Finance Degree, however, I'd definitely prefer to work with trading than with any other aspect of Finance. Should I change my major to Math? I assume there's a lot less people who apply at brokerage firms with Math Degrees than Finance/Business so it might give me an advantage when I finish up my studies, correct?For the top end jobs, a bachelor in math and an MBA with a finance or management concentration is a good combination. The first says you can handle the numbers. The second says you know something about management.

Pretty hard to get on the 'fast track' without an MBA or other Masters, no matter what your IQ level.

Of course, getting the Bachelor, getting some work experience, and then getting the MBA is "preferred" according to headhunters and b-school admissions folks.

But what do they know? :mrgreen:

[niketennis1]

thanks for the info. I'll most likely major in finance or possibly accounting and I may go to graduate school if I choose finance. I think daytrading on wall street as my career would be awesome. Every day of work would be exciting and not boring.

[wallstreetsedge]

its not required but it is preferred...

i know a lot of traders who dont have a finance degree or accounting degree who do very well. heck you could even get a job with velez if you sign up for their seminars

you do need a couple of licenses...
series 7 (registered rep)
series 63 and 65 or simply 66 (combo of the 63 and 65)
then you need 55 (equity trader)

some also go as far as to make you get a 24 but many dont


its a very difficult job because positions have to be closed out by the end of the session, you get paid off of spreads, and you dont make markets in just any stock... youre given certain predetermined stocks and you simply make markets in them. i have a lot of friends at goldman and pershing who do it and they say its very stressful