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The Trading Pitt . October 18 th , 2010. Getting into Finance. Want a career on Wall Street? Why do you want a job there? Most Competitive Best Paying Best Opportunities Great Location Perks Why is a finance degree not enough? Should I get an MBA? Paper. Investment Banking.

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the trading pitt

The Trading Pitt

October 18th, 2010

getting into finance
Getting into Finance
  • Want a career on Wall Street?
  • Why do you want a job there?
    • Most Competitive
    • Best Paying
    • Best Opportunities
    • Great Location
    • Perks
  • Why is a finance degree not enough?
  • Should I get an MBA?
    • Paper
investment banking
Investment Banking
  • Biggest Companies
    • Bank of America, Morgan Stanley, UBS, JP Morgan, Goldman Sachs
    • Boutique Firms
  • Salaries
    • 60-90k base + bonus
  • Hours
  • Analyst vs. Associate
    • Associate needs MBA
  • Managing Directors
your job as an investment banker
Your Job as an Investment Banker
  • Working 80+ Hours
  • Leveraged Buyouts, Mergers and Acquisitions, Capital Raising including IPO’s
  • Equity and Debt
  • Making Pitch-books
    • Of each deal including valuation, objectives, concepts.
    • Work for the sales desk
  • Meeting with potential clients
investment banking resources while in school
Investment Banking Resources While in School
  • Take a class on Investment Banking
  • Check out Mergers and Inquisitions Blog and Premium Content
    • http://www.mergersandinquisitions.com/
  • Check out Wall Street Self Study on YouTube
    • http://www.youtube.com/user/wstss#p/u
  • Learn Excel and Powerpoint
sales and trading
Sales and Trading
  • Biggest Firms
    • Major investment banks
    • Brokerage Firms
  • Salaries
    • 100k all included
  • Within an Investment Bank Usually
  • You can also go to work for retail institutions
    • TD Ameritrade, Charles Schwab, etc. for Less Pay
  • Fixed Income and Credit are the most profitable
  • Need Licenses at least 7, 63
your job
Your Job
  • Depends on the product to a certain degree
    • Derivatives, Equity, Structured Products
  • But your main task is to be a market maker
  • Client calls with an order say sell 40,000 shares BAC you make a price of 17.00 market price is 17.15.
    • You make money off charges per share,
  • Make money off the spread between the market price.
  • Try to beat VWAP (Volume Weighted Average Price)
    • Spread order out over a period of a day
    • Actively trade the shares
  • For institutional players, sales and trading is generally separate.
sales and trading resources
Sales and Trading Resources
  • Learn more about Market Making
  • Use Pitt’s Software
  • Practice Trading intraday and over several days
  • Market Microstructure
    • How orders large effect prices
    • Utilizing ECN’s (Electronic Communication Networks)
  • Level II Techniques
  • Beating HFT (High Frequency Trading)
  • Using Dark Pools
    • Finding deep liquidity
proprietary trading
Proprietary Trading
  • Similar to the Hedge Fund Model but you trade your firm’s money.
  • You make a payout as a percentage of your profits
    • The firm absorbs you losses.
    • No upper limit usually
    • Cheaper commissions
  • Stocks, Options, and Futures are the three most traded products.
  • New York is the center for Equities and Chicago Futures.
your job1
Your Job
  • Intraday Trading and Swing Trading
  • Algorithmic Trading
  • High Frequency Trading
  • Discretionary Market Making
  • Extremely Competitive
  • Make buy and sell decisions at your own command
  • Doing real work sooner
  • Technical setups primarily and short term
resources
Resources
  • Open your own trading account and start keeping a track record and journal
  • Reading Blogs and Books
  • Check out T3 Live and Stocktwits
    • T3’s Youtube Channel http://www.youtube.com/user/t3live
  • Market yourself as a trader to firms
  • You can knock all the competition out of the park with some actual experience trading everything
questions
Questions?
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