The Trading Profession
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Traders work long hours under constant stress. They arrive at the office by 7 AM to review markets, work in trading rooms from 8 AM to 9:30 AM when markets open, and leave around 5 PM after markets close. Income depends on the type of trading, seniority, performance, and employer, ranging from $27,420 for entry-level positions up to over $187,200 for experienced traders. Traders need a bachelor's degree in business or finance plus an MBA or master's, industry examinations and licensing, with education from an elite school increasing employment chances.
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The Trading Profession
- 1. Want to be a Trader? Week 4 – 2/11/2014 Jake Walker
- 2. What you need to to know… • Daily Work Routine • Income • Education & Training
- 3. Daily Work Routine • Arrive at Office (7:00 AM) – Review previous day trades and foreign markets • Markets Open (8:00-9:30) – Work in open office spaces known as trading rooms • Markets Close (4:00 PM) • Traders Leave (5:00 PM) • Traders are under constant stress • 4 Weeks of vacation a year is common
- 4. Income (What We Really Care About) • Income depends on the type of trading done options, stocks, or bonds seniority performance employer – – – – • Compensation – – Salaried w/performance bonus Purely based on commission
- 5. Income (cont.) • KY Wages (Median) – – – Entry Wage $13.18 $27,420 Median Wage $21.03 $43,750 Experienced Wage $44.82 $93,220 • NY Wages (Median) – – – Entry Wage $37.43 $77,860 Median Wage $64.90 $134,980 Experienced Wage $90.00+ $187,200+
- 6. Education/Training • Bachelors in Business, Finance, or related field • MBA or masters in finance, mathematics, or economics • Must pass industry examinations and become licensed • Ivy League or elite school increases chances of employment
- 7. Conclusion: Are you fit to be a Trader? • Are you afraid to admit you made a mistake? • Can you remain calm despite heavy losses? • Do you have a passion for trading? • Do you have a solvent bank account?