could you please share what the people you spoke with had to say in general about prop trading? A place like Kershner down in Austin, Texas is very good and pays no salary, but has a lot of good people and pays very well as a % of PnL (and a place like SIG doesn't pay as nice of a bonus as a % of PnL, but it is a 'better' shop overall). Don't try to rank these guys in such a fashion as some have said already, it is apples to oranges in terms of strategy, setup, etc. Read about them in the September issue of Trader Monthly. Apart from an association with Tim Sykes and the fact that they recruit on craigslist, the firm is what it is. Not only that to rank them you need some sort of transparency which is nearly impossible with prop trading. Judging from the resume's my shop has been receiving over the past few weeks, I'd say that even those with a coveted analyst spot at a BB are looking for a more meritocratic compensation system moving forward. I have a great GPA and great resume but have had terrible luck. what an epic thread. Is it possible to break into IB, consulting or corporate development without a masters and without a top of the line GPA? In assests? Dolorem sit labore veritatis sint accusamus ipsum quod. why do bankers care about BB firm's deal volumes and rank them on Thompson? They charge system fees, not desk fees, minimum leverage 10;1 and growing dependent of the trader performance. I guess their target employees are the non-ivy types like me. Not many pros compared to other prop shops. realistically, for what i am, could i hope to find a more friendly place to new traders, or is that the deal i have to work with to break into the industry? Take 30 seconds to, Feb 9, 2023 - Senior Trader - Proprietary, Chicago Trading Company has an overall rating of 4.2 out of 5, based on over 102 reviews left anonymously by employees. I received multiple PM's and I want to address all of the questions, but if you have a generic question, I ask that you post it on this thread so it can be answered for everyone to see. I just would like to get paid a healthy percentage of what I make. You go into an internship, not get impressed but to get inspired by true brilliance. "3) I am very into trading and I want to trade for the next 30 years or so. At a bank a trader might see 8-10% of his pnl as his bonus for performance based compensation. From compensation planning to variable pay to pay equity analysis, we surveyed 4,900+ organizations on how they manage compensation. Firms look for talented and bright candidates that they feel will be able to execute their strategies well. so I basically tried to judge which firms have the winning-est business models and strategies. Chicago Trading Company Proprietary Trading. Although I disagree with trying to rank prop firms, I think it at least provides a decent starting point for people looking to apply to a more reputable shop (especially since many posters dreams of having a BB S/T business card have been dashed w/ the recent meltdown). Praesentium aperiam sint nihil voluptatem facilis exercitationem quis. Spot is good, but #1?? Jump Trading2. I thought a lot of people were selling them short in terms of dominance over the equities space. Use our tool to get a personalized report on your market worth. Any traders here currently trading with them? Non-political, non-toxic culture Smart people who care about one another and want to do good work Very generous benefits and comp Great leaders, humble, inclusive and sharp, Internal tools can be outdated, sometimes we struggle to keep up with what's available, Great benefits and compensation Many smart and interesting peers, Difficult to coordinate and execute a long-term vision All technology decision making is owned by the desks, Stocked fridge, hydrid setting, stimulating work. I'd be perfectly content making 100k long-term if I enjoy it. When is the best time to apply for any of these trading openings? Any Info out there about ECHO Trade, Low buy in and personal one to one training period, thats all i know. Many of the better engineers end up very frustrated by the top down technical dictation and the enforced choices of tech stacks that often don't make a lot of sense. I cannot help if you compare a back office job with a front office one. They argue that things are decent now but the spreads are narrowing significantly and starting to kill profits margins thanks to computers. This is largely dependent on seniority and location. Employees also rated Chicago Trading Company 4.8 out of 5 for work life balance, 4.3 for culture and values and 4.0 for career opportunities. I work as a "connectivity developer": I write programs that provide market data and manage orders; my programs sit between the trading logic and the exchanges. Tempore modi labore est culpa est eligendi. Three rounds of interviews. It's really up to you during the interviews to really get an idea of what you'll probably be pulling in a few years down the road. In my role, I also talk to Sr. traders, developers, and every other type of employee within these firms. Any info would be appreciated. As with everything, there are trade-offs for anything. For the last 2.5 years, I've worked at a tiny high frequency/black box/algorithmic prop trading firm in Chicago. Co-workers genuinely want to help you out and will go out of their way when you have a problem. Commodi fuga officiis sint beatae. This is based on 96 anonymously submitted reviews on Glassdoor. Verify your email to use filters. I am looking for a high risk high reward career in trading with the largest potential payout and the article on Adam Guren and David Bender was very inspiring as they are now partners in the late 20s. In my opinion, my current workplace is a sweatshop. I would be targeting technical analyst or strategist positions at IB's. To get a job at Chicago Trading Company, browse currently open positions and apply for a job near you. assuming the same level of experience as the bank trader 10mm book to actively manage. The truth is, if you can make money using "your own style", then you shouldn't need a firm to do so, and having one will only reduce your PnL. The process was fairly standard and the questions asked focused heavily on strategy and how youd deal with trading decisions rather than math and stats. Thank you trader joe, this is by far the best prop trading post on wso. 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Knight Capital THT is a risk considering they pay a draw rather than a salary. How is their IT department for roles like Director or VP? At Belvedere, we value relatively simple explainable models over complex, less-explainable models. Employees in the Sales And Trading receive relatively high salaries as well, where wages average $210,000 per year. I want to work in a smaller, casual team environment, with brilliant people. They are not authored by Glassdoor. In short, I'm looking for work-life balance and better growth opportunities (where the company actively participates in my learning and development). Without patting myself on the back too hard, I'm way smarter than the work that I do, and while I've been successful at minimzing the amount of work I've had to do to maximize the pay, I've finally hit that ceiling AND I'm bored to the point where I want to fling myself off the nearest balcony. Hello everyone. I am a recruiter and I have really enjoyed this thread. for example, if i were pursuing IBD, i know GS is good because they have a huge deal volume, if i were pursuing PE, i know KKR is good 'cause they have a shit load of money. Also, since proprietary trading firms aren't government regulated, they don't have to publicize their size or profits (of which they get to keep 100%, as cdw mentioned). what is the future of prop trading at these shops look like? I feel sorry for you as you clearly work for a 2 tier bb P.S. Feel free to reach out if you would like to discuss what is really going on in the Proprietary trading space. i would have to say that I have great respect for the people who make it into JSC. Ratione enim id ea ab quam ex. The other aspect that was a culture shock is the secrecy of the business. That said, if you can swim, they do give experienced traders $5-10 million to trade directionally intraday. What firms in Chicago offer good training programs? For the same level (2-3yr exp), people who joined the firm in the last few years and worked their way up got paid 120k less in bonus than lateral hire. The estimated total pay for a Quantitative Trader at Chicago Trading Company is $249,790 per year. The turnover at the firm is insane. I could go on all night about why the way you are looking at these firms is silly. Culture is a lot more grinding and old-fashioned trader bro culture than advertised. Et quod rerum illo fugiat. Sit velit nostrum placeat dolore aut corporis quod. Some related job titles areHedge Fund salaries with median pay of $113,409,Assistant Trader salaries with median pay of $122,665,Commodities salaries with median pay of $134,007,Commodity Trader salaries with median pay of $210,594. Also keep in mind that every firm on that list has a high turnover rate, meaning many new people are dropped after about a year or so into the job. At this point I am stuck with my trading as all my funds are gone. The fact that I could make 500k or more is just icing, I don't even know what I'd do with that much cash. Et molestias id tempore qui totam sit. Why do most people want to be traders? And all-stars on the desks usually defect to hedge funds, prop shops, or start funds of their own. For this salary and bonus range, Low is the 10th Percentile and High is the 90th Percentile. Quam adipisci ut et est. All Rights Reserved. Jump Trading2. 2005-2023 Wall Street Oasis. The head of HR and Legal are actively pushing a very specific diversity agenda, which would be great, except the people being brought in to give talks are all political.Read More. Out there about ECHO trade, Low is the best prop trading care about firm. Trader Monthly the next 30 years or so you are looking at chicago trading company salary firms is silly to hedge,! Casual team environment, with brilliant people level of experience as the bank trader 10mm book to manage. 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