Tips for finding Wall Street job & moving to NYC (living, finance)
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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.
I actually did use pay check city on a monthly scale. So the extra two weeks a year are averaged in and spread out over 12 months.
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.
But you were working for yourself, right? Any work for anyone other than yourself?
I'm coming from the perspective of some who works in finance who often assists with the recruiting for our group - from analyst pools that have already made it into a training program at our company.
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.
I say go for it but I wouldn't mention the sub 3.00 GPA period. I mean your 3.8 GPA is legit so why include it? You may want to take the CFA level 1 to make yourself more competitive also be warned Wall Street hiring has nose dived. Goldman didn't even have an informational session at Wharton this year.
But you were working for yourself, right? Any work for anyone other than yourself?
I'm coming from the perspective of some who works in finance who often assists with the recruiting for our group - from analyst pools that have already made it into a training program at our company.
Correct, for myself. I formed a LLC. No other employees. Recently though, one month ago, I joined a prop trading firm, which allows me to trade from home still.
I say go for it but I wouldn't mention the sub 3.00 GPA period. I mean your 3.8 GPA is legit so why include it? You may want to take the CFA level 1 to make yourself more competitive also be warned Wall Street hiring has nose dived. Goldman didn't even have an informational session at Wharton this year.
Thanks for the encouragement. I hope I can find my way in. I know it is very competitive and as that article states, there are less positions to be filled now.
Does anyone think a position other than Junior Analyst would be a good way to get started?
Thanks for the encouragement. I hope I can find my way in. I know it is very competitive and as that article states, there are less positions to be filled now.
Does anyone think a position other than Junior Analyst would be a good way to get started?
That's pretty much the only way. Another position could be working at a rating house (S&P, Moodys etc) or doing the daily P&Ls for a desk.
Couple of my B-school classmates transitioned from Consulting to Banking jobs but I think trading is different. I think the big thing with those guys is your ability to take on risk and forget the bad trades and move on.
That's pretty much the only way. Another position could be working at a rating house (S&P, Moodys etc) or doing the daily P&Ls for a desk.
Couple of my B-school classmates transitioned from Consulting to Banking jobs but I think trading is different. I think the big thing with those guys is your ability to take on risk and forget the bad trades and move on.
Thank you. I truly appreciate your advice. I'm not necessarily looking to trade for a company. I just want to be in the game. Besides, I could always trade part-time on my own while working.
I'm very glad this conversation centered back on kfink's needs for living his dreamlife in the Big Apple.
Guys, feel free to add more comments that you believe can help kfink. I'd appreciate it and I'm sure kfink would too. I'd love to hear some more feelings toward this move, and some additional techniques for acquiring a job in the fascinating financial district of NYC.
I'm very glad this conversation centered back on kfink's needs for living his dreamlife in the Big Apple.
Guys, feel free to add more comments that you believe can help kfink. I'd appreciate it and I'm sure kfink would too. I'd love to hear some more feelings toward this move, and some additional techniques for acquiring a job in the fascinating financial district of NYC.
Regards,
Schmitty
Are you and Kfink the same person?? That is so lame. Remember, you're taking advise from complete strangers. Tips to find a wall street job?? apply to them, ace the interview and follow through.
I assure you, kfink and I are not the same person. That can be confirmed with a simple IP check from a moderator. I just happened to stumble upon this forum/thread as I am also interested in moving to NYC soon.
Thanks for your comment of "Remember, you're taking advise from complete strangers. Tips to find a wall street job?? apply to them, ace the interview and follow through." It seems like you have everything figured out. Except how to spell the word 'advice.'
However, let's put Mr. Klato's grammatical issues aside, and get back on topic. We're here to help kfink. Let's continue to do so.
Thank you,
Schmitty
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