Hi everyone!
I wonder whats the entry requirements within investment banks or trading firms to land a job as a Fx trader.
Do they look for MBA graduates? Is a bachelor degree on a relevant topic enough? Do they accept applicants without an university qualification?
How long have you been trading for? Just curious
I am heading the second year of a 4 years economics degree at university. I have a keen interest on the Fx market, however I am not a trader and I have never made a trade myself.
just go through the pips school on here and learn as much as you can, you have o do the research and practice on a demo account before even thinking about wanting to trade for a trading firm. You need to make sure you can trade for yourself first
Thanks for that, yes I was assuming that.
I believe that somehow you need to show an understanding on the topic. I suppose showing a good P&L sheet would do.
My question is more on what qualifications do they use as a benchmark? Bachelor’s, Masters level?
I’m not sure about that, but I’m certain that it’s all about your skill set. A degree in my opinion doesn’t matter in trading to be perfectly honest, but the firm might look at that. i have 3 degrees, and that makes no difference.Try doing a google search for some of the potential firms you want to work for and see what their qualifications are.
To be a stock trader, there are many certifications but for Forex trading I did not find any certificate.
But surely this is a terrible job, working with awful blokes?
why would you not just work for yourself?
As it was stated in a different thread already, trading is not about degree education. Sure, you have to understand the financial world but you can do that any way. Sure, you need to understand math but you can also you calculators. There are many opportunities to benefit from your higher education but you can also develop a good trading strategy if you have a less in-depth, more technical understanding. The bigger part of the job is deliberate practice. At some point, you need to ditch the textbooks and get your hands on your demo account.
many statements made in responses above are completely mistaken
this forum’s not an appropriate place to ask your questions, Josagr93, because it’s a beginners’ forum and very few members here have any experience of institutional trading
i take you to be asking about graduate entry trader trainee schemes?
there are very few around now, compared with about 15 years ago, but there are still some
they don’t look for people with trading experience
they look for people they consider educable (not educated) regarding trading
having an MBA doesn’t help for trading positions (it may help a lot for non-trading positions in trading companies and institutions)
what they want to see is a top honours degree in any academically rigorous subject from any well known, well respected university
some give preference to people with degrees in subjects involving numeracy (math, science, computing)
some give preference to people with Master’s degrees
degrees in business, finance, management, economics etc are widely regarded as slightly second class, compared with those in more academic, less vocational subjects
there are always occasional exceptions, too
knowing someone can help to get you through the door and as far as an interview, but doesn’t usually help beyond that
the number of firms and institutions with trainee trader schemes available at all is reduced, and the number of places on those schemes is also reducing
a first-class honours degree in math from Oxbridge or MIT or Harvard or similar, with or without a Master’s degree, is probably the very best starting position, regarding overall prospects
but getting in as a fresh graduate to be trained as a trader is almost entirely about degree education - there’s almost nothing else for selectors and recruiters to go on, and that’s how they assess educability, because if someone’s already successfully been educated to a high standard in an academic subject, they have a proven history of recent educability
Thanks bud, that’s the answer I was looking for.
So basically if I manage to have a first on my bachelor’s on economics, it will still be difficult to get into an IB or trading firm in the city because my uni is not one of those you mentioned.
I would probably still need a masters from for instance… LSE? What subjects?
Thanks for the answer before, hope you have some answers to this questions too.
Well some excellent basics from FP, I would like to add, IF you are able to get on with a firm, you have to start at the bottom, like mailroom bottom, even with an Masters of something. Unless of course you have a Patron. (please see Paul Tudor Jones story), then of course the doors open automatically.
Also FP is quite right, many of the “Trader”, positions have dried up. With the advent of so many indexes and index following EFTs etc, the day of the Trader is kind of diminished. So not so many jobs in sell side or buy side. No doubt as you get started with a firm, you will be put in sell side support, read this to mean “Gofer” once they get to know you, you might, if you are in the right place at the right time, get into Buy side, but starting at the bottom there. Remember this is a career, and it is not built overnight.
The Ever Slinging VIPER
Libr8 _bob
I heard, the requirement is minimum 100000 trades with a decent result! By the way, it’s a Nobel job.
did you not read the thread, or are you trying to be funny?
the discussion is about graduate entry trader trainee schemes
they don’t require (or expect) any trading history at all
unless it’s changed a lot over the last few years, i think this is right, but having a first in your B.Sc.(Econ.) will definitely be miles better than a II(1)
[quote=“Joseagr93, post:12, topic:158107”]
I would probably still need a masters from for instance… LSE?[/quote]
Imperial far, far better than LSE, if they have anything suitable, i think
generally less important, but anything demonstrating high-level numeracy? statistics? computing?
these things do go in cycles, a bit - prospects might even improve to some extent, by the time you’re applying?
it’s a beginner’s forum, but plenty of experienced traders are part of this community to offer advice. Either way, it’s going to be seen by everyone, beginner or expert
My very first teacher is babypips forum. I get basic learning from here . It is easy for beginners to get knowledge from here then advance knowledge and trading tips are also available . Any person can do trading without any special education if he can understand forex theme , theory and market ups and downs.
I don’t think you would look for a job once you became a successful trader. Though it is my personal opinion.
i agree with you, for the most part, but that has nothing to do with this thread
the thread is about trainee trader graduate entry schemes in the financial industry
it seems that many of those replying simply haven’t read the thread at all
TO BE HONEST BOSS…
you dont need all those… qualifications stuff etc…
what is required from you IS A GOOD TRACK RECORD… OVER 2 TO 4 YEARS TRADING, WHAT ARE YOUR RESULTS…?
ARE YOUR RESULTS WIRED INTO myfxbook (dot) com?
what are your average profits in a month?
HOW CONSISTENT ARE YOU…?
fx has nothing to do with what you went to learn at school AND NO FIRM WILL LOOK AT THAT DUDE…
WE ALL WANT TO SEE THE TRACK RECORD…
simple…