Job Responsibilities
Most of the day is spent market making - fulfilling cutomer orders FX market
different in that involves proprietary trading - you take on the risk must keep
up with global markets daily - so lots of reading is necessary
there is a trader's meeting every morning - each trader
summarizes occurances in their region and how affected the
particular currency they cover
lots of working with traders around you, expecially in the
beginning until you get a hang of it
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Job Requirements
Most of the traders at BONY has their MBA or JD or PHD. A few of
the more experienced traders have been there for over 20 years -
so higher education was not needed. However, today, you won't
even be considered without at least an MBA.
Definitely need to take all the Finance classes - at Georgetown
I took all of their finance, options, international finance, and
quant classes - you need to be quantitatively inclined and
prepared. Also, FX is very global and heavily concentrated on
Macro Economics - know which daily economic numbers and
occurances around the world will affect your currencies.
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Uppers
The most exciting job I can think of
lots of support from experienced traders around you,
never a dull moment, you make lots and lots of money.
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Downers
Lots of risk taking - you really need to be able to stomach it! very busy all
the time - you usually eat at your desk. very demanding - you are there to make
money for the bank.
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Lifestyle
In at 7:30, but leaving at 5:00pm is considered late.
Business casual,
very fast passed but friendly environment,
don't take P&L home with you - can be stressful,
not much business travel unless you want to travel to other BONY offices around
the world - such as London.
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Compensation
base salary is $85,000,
signing bonus of $25,000,
year end bonus around $30,000,
can buy company stock at discount,
all the same benefits.
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Advice to Jobseekers
If you want to be a trader, you have to get a summer internship in trading
between your 1st and 2nd year MBA
start as early as possible - basically once you get to school your alumni is
basically your key to getting into the top firms prepare yourself to be rejected
lots of times before finally landing your gig most importantly - don't give up -
the fight is worth it - after all, it's why you came to school.
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