|Author||Topic: How to get a job on the exchange floor?|
|Hello, all these time, my career objectives has been at the research/analyst side of finance. I know how the exchange functions and such, but I have always wondered how some of the traders, brokers, dealers, specialist, intermedary clerks or whatever you call them get there in the first place. You know, those people standing around the trading booths wearing ugly vest, scraming their lungs out and making crazy hand signals.
I have heard many stories in the 80's where some young man with grade 5 level of education becoming a top trader and driving a Ferrari to work after a few years of working the floors. But these are old stories that occured in the same time when 19 year olds were getting their CPA. How do most floor clerks get their positions these days? The typical Bachelor + CSC?
a) Buy a seat (can be a couple million dollars, depending on the exchange)
b) Lease a seat
c) Work for a company that has seats
|Those guys who were making tons of money with only high school educations were most likely working for family members who owned seats on the exchange. Some of those seats have been in families for many years/generations. Anyway, a job like that would great if you want to be a trader, but teaches you nothing about being an analyst. Sounds like you don't even understand that basics.|
|You're right. I do not know much about the exchange side of the market.
Balls?! If you meant that as having guts, then I thought investing is about 'expected returns', knowledge about market trends, and buying underpriced, shorting overvalued,etc. Isn't this what CFA is all about? If anyone who traded are based on having guts/bavery, then the market would be full of bafoons and daredevils. You might as well buy the lotteries, b/c you'll probably have a higher expected returns.
Bear makes money, pig gets slaughtered.
If you meant balls as being a man, then you gotta read the Art of War by Sunzi., that book will make you a much better person. My name is Rena Tanaka because she is my idol, look up that name on the search engine, and she will be your idol too :).