Tips for finding Wall Street job & moving to NYC (Maryland: for rent, health insurance)

[kfink85]

I just graduated from a University of Maryland college with a 3.81 GPA and have been inconsistently day trading independently over the past 2 years. It has been hard to remain profitable. I want to get better and learn the business though and would love to get a junior analyst or associate job or anything with advancement opportunities. It doesn't have to be a trading position, at least not right away. Are there any tips anyone has to getting my foot in the door on Wall Street? Also, are there any other job titles I should keep an eye out for?

I feel it is important to add that this was pretty much my second try at college. The first go around I had a sub 3.00 GPA and then took 3 years off. I just wasn't in to it then and was going for the wrong reasons. Should I put this on my resume? I went back last year, completed about 60 credits in 14 months, and did pretty well. I am 26 years old now. So basically, I don't have the best credentials in the world but I suppose I have a story to tell with good end results. Prior to day trading, I was working as in mortgages at two different banks for 3 years. Together with the trading, I have about 5 years of various financial experience.

I currently live in Maryland but have always wanted to move to NYC. I was born there, have spent a lot of time there, and still have some family in the city where I could stay temporarily if need be.

I was planning a move last year but there always seemed to be something holding me back. Now, there is nothing. I am going to do it if I can find a job to support me. I figure I will need to make AT LEAST $45,000 to survive. Here is a budget I based that on: https://docs.google.com/spreadsheet/...hl=en_US#gid=2

Does that look about right? I'm not really a big spender at all. I plan on finding a room for rent in lower Manhattan or nearby Brooklyn for under $1,000. I realize I can't expect much but I have seen plenty of acceptable places on Craigslist already. I have about $6,000 saved for moving expenses/backup funds but I wouldn't move/nor qualify for a place until I find a job.

Which leads me to my next question, should I put one of my family's NYC addresses on my resume? Do you think employers will be more or less likely to hire me if I did this? Should I explain this in a cover letter?

I would really appreciate any helpful advice to help me reach these goals. Please don't tell me to wait or I shouldn't move. My mind is made up. I need to find a way to make this work.

Thanks very much.

[Mr. Klato]

Can't you live with your NYC family until you find a job?? This way you don't have to use a lot money. After, you land a job you can look for an apt. I would use their address on the resume. Since you have 5 yrs of financial experience you should be able to get a job. I would practice on interviewing and tidy up the resume.

[civic94]

you might need more than 6000 buddy. make sure you at least get a part time job before you go, i have a friend that lives there and he is struggling pretty bad. your fixed expenses is about 600 a month with utilities with a few roommates, or 1,100 a month in a studio in brooklyn, then 100 for the mta, 50 for cell phone, 300 for food if you dont plan to eat out at all, and health insurance is up to you. so basically if you share with roomates, eat, use your phone, subway, without health insurance, it will run you 1050 a month, which gives you only less than 6 months to survive there without a job, and if you do run broke, you still need money to move back. nyc is really expensive.

[kfink85]

Thanks for the thoughts but I do plan on landing the job before I move. Although, the 4 hour drive for an interview could become tiresome. I think it is the safer play. I'm more concerned with tips of getting my foot in the door for these types of jobs.

[cokatie]

I just want to do a sort of reality check with you. You know not to waste your time looking at any of the bigger houses, correct? And you talk about doing day trading. What markets were you trading in? What is your prime area of focus - or where you can speak intelligently on the subject? Is it Equities, Debt, Commodities? What was your degree in? Did you have coursework largely focused on finance and economics?

[LoughtoN]

kfink85,

The previous posters seemed as if they had not read your post in its entirety before making comments. Either that, or they simply wanted to use this forum as a way to express their falsified "know it all syndrome."

He wants tips on how to get a job in NYC, and what to do to make the transition/move more fluid. Have any information on that? Share it with kfink. If not, keep that little mouth tightly shut.


Thank you for your time,
Schmitty

[kfink85]

Originally Posted by cokatie

I just want to do a sort of reality check with you. You know not to waste your time looking at any of the bigger houses, correct? And you talk about doing day trading. What markets were you trading in? What is your prime area of focus - or where you can speak intelligently on the subject? Is it Equities, Debt, Commodities? What was your degree in? Did you have coursework largely focused on finance and economics?

I know I am going to have to live in basically a closet. I'm OK with that.

As for the job, I was trading in the US markets - mostly big caps and ETFs. I also spent some time in the Biotech sector. However, I trade mostly on technical analysis. I was not a fundamental trader. I understand that the focus would probably be on this as an analyst though, and I will need to brush up on the basics for an interview. My biggest concern is that my profit/loss is not impressive.

I received a BS in Business with honors. Here is a piece off my resume:

• Relevant coursework includes:
o Business Finance
 Security analysis and valuation
 Risk management
 Financial markets & investing
o Financial & Managerial Accounting
o Macroeconomics & Microeconomics
o Business Statistics
o Analytic Calculus I & II
o Writing for Managers & Advanced Grammar

[mc33433]

The three year gap might be worrisome to an employer.

Did you have an relevant internships or other jobs related to trading/finances?

[kfink85]

During the three years off from college, I was working full-time in finance (mortgages or trading independently). So it's not like I was doing nothing.

[mc33433]

I also looked at your budget and I think you over overestimating your take home pay. You will have federal tax, ny state tax, nyc tax, social security, medicare, etc taken out of your monthly/bi-weekly paycheck. You might want to refer to paycheckcity.com or something to get a better idea.