About a week ago, I came across a job description for what I could consider to be my ultimate "dream job".... It's one of those kinds of roles that at first glance you would nearly offer yourself for free to have the opportunity to make a career in something that doesn't even seem like work.
Having absolutely no known connection to the role at this very large bank, and knowing blindly applying online was going to be a giant waste of time, I was determined to shove my way in line for a chance to interview for the role.
I scoured my network of contacts for someone who knows someone who knows someone who knows someone to connect me to the hiring manager. On Friday, I reluctantly cold called an Executive Director of the bank from a networking group, leaving a voicemail begging for her help, following with an email (just incase she preferred email as a means of communication). To my pleasant surprise, she responded and explained she would be happy to send my resume to the hiring group.
It's moments like these that I begin to realize what it truly takes to get in front of the hiring authorities for the chance to land these dream roles: unwavering determination and a little bit of guts.
Next week, I kick off day 46 of unemployment with a 2nd round interview on Monday with a smaller office. Thursday, I fly to NC for a 3rd round interview for that compliance role. In the meantime, I'm Networking Like a Boss for the roles I actually want, hoping the close of summer will meet me with good fortune.
Sunday, July 31, 2011
Thursday, July 21, 2011
Compliance: A New Edge
I mentioned in my last post the dilemma with Compliance in the Trading world. To recap:
Through all of my treasure hunt discussions with my new and old trader friends in addition to what reading various publications covering the matter, I've begun to realize a portion of what is required for one to see success as a trader. One's ability to keep on top of the market better than the next trader ultimately determine winners from losers... as has been said to me, a trader's "edge".
Given the enormous emphasis and effects of regulations in the current trading environment, what I'm beginning to see is the big bad police known as Compliance will cause and is already causing some huge shifts in trading. In fact, many traders will tell you, its already affecting them, although they have little idea why this might be.
With a new perspective on compliance and continuation of an understanding on trading, I've begun to understand how this might create an edge for a trader. If my job as a trader is keep an "edge" and, clearly navigating the new waters of a regulated trading environment has become a part of that, it's now my job to find creative ways to exploit trading given the headaches of regulation (and I use creative loosely here, I'm not looking for an indictment).
Where there is difficulty, there is opportunity, right?
It's my understanding that many of today's traders lack an understanding of the upcoming regulations, and more importantly, are accustomed to trading in an unregulated environment. Perhaps, if I know the rules and I study the markets, I may have found my edge. It's what makes me different. and according to Goldman's sales trading, "differences sell." Knowing the how to play by the rules among men who may not know they exist or much less their effects in the market...well, that, my friends could me my edge.
So, while I wasn't initially thrilled about the compliance role, I know there is a need for someone in that space to make sense of what's going on. They're not hiring people to trade right now and I see that. However, what I can see is that if I'm at the right firm, somewhere down the line, an understanding of compliance would be an asset to a trading firm.
I think back to stories I've heard on those who traded well in the 90s (even through 2007) and why there were successful. Most every trader will tell your success in trading at this time depended on your ability to not only adapt but embrace the huge shift in trading taking place with the introduction of the electronic trading systems.
You could read thousands of accounts of traders without even a college educations sweeping those who had been in the business for decades all because they were on top of what was fresh and new. While others laughed or scoffed, they took advantage of the new market, and won.
Helllloooo Compliance. Let's sit down and chat a bit, shall we?
- Recognizing, Understanding, and meeting requirements of compliance is a necessity for every investor
- Compliance careers are most usually limited to just compliance. (Sorry, Charlie. One does not jump from compliance to trading or typical analyst roles)
- Recent compliance (mainly those from Dodd Frank) has caused major shifts trading; volumes are down, firms are laying off, trading roles are hard if not impossible to come by
Through all of my treasure hunt discussions with my new and old trader friends in addition to what reading various publications covering the matter, I've begun to realize a portion of what is required for one to see success as a trader. One's ability to keep on top of the market better than the next trader ultimately determine winners from losers... as has been said to me, a trader's "edge".
Given the enormous emphasis and effects of regulations in the current trading environment, what I'm beginning to see is the big bad police known as Compliance will cause and is already causing some huge shifts in trading. In fact, many traders will tell you, its already affecting them, although they have little idea why this might be.
With a new perspective on compliance and continuation of an understanding on trading, I've begun to understand how this might create an edge for a trader. If my job as a trader is keep an "edge" and, clearly navigating the new waters of a regulated trading environment has become a part of that, it's now my job to find creative ways to exploit trading given the headaches of regulation (and I use creative loosely here, I'm not looking for an indictment).
Where there is difficulty, there is opportunity, right?
It's my understanding that many of today's traders lack an understanding of the upcoming regulations, and more importantly, are accustomed to trading in an unregulated environment. Perhaps, if I know the rules and I study the markets, I may have found my edge. It's what makes me different. and according to Goldman's sales trading, "differences sell." Knowing the how to play by the rules among men who may not know they exist or much less their effects in the market...well, that, my friends could me my edge.
So, while I wasn't initially thrilled about the compliance role, I know there is a need for someone in that space to make sense of what's going on. They're not hiring people to trade right now and I see that. However, what I can see is that if I'm at the right firm, somewhere down the line, an understanding of compliance would be an asset to a trading firm.
I think back to stories I've heard on those who traded well in the 90s (even through 2007) and why there were successful. Most every trader will tell your success in trading at this time depended on your ability to not only adapt but embrace the huge shift in trading taking place with the introduction of the electronic trading systems.
You could read thousands of accounts of traders without even a college educations sweeping those who had been in the business for decades all because they were on top of what was fresh and new. While others laughed or scoffed, they took advantage of the new market, and won.
Helllloooo Compliance. Let's sit down and chat a bit, shall we?
Monday, July 18, 2011
Compliance... Ug.
What. A. Day. My morning began with an 8:00AM interview for a compliance role in Charlotte, NC.
Let's talk about Compliance for a second, shall we? First, let me stipulate the following contains views known to the financial community on compliance, and not necessarily reflective of my own opinions.
Compliance, in the world of finance, is the ugly step child of jobs you take because you can't make it trading, selling, analyzing, or doing any other of those high profile jobs that make a firm the big bucks. It's traditionally been one of those areas a firm has-to-have, but doesn't directly drive the business or earn a profit. On the contrary, it's a black hole of an expense, similar to paying for a flood insurance policy on a home owned in the middle of an Arizona desert. What that means is those roles do not pay well, and sometimes don't offer the challenges appealing to that ambitious, strapping, go-getting finance professional.
The irony, however, is the obvious reality from the Financial Crisis of 2008. The lack of compliance and regulation is the REASON for the disasters and economic fatalities of many institutions. Why aren't we paying these people and recruiting the best and the brightest for these roles?
Think of it this way, say there was a recent epidemic of bank robberies in a large city, costing institutions billions. Citizens of this city experienced giant hits to their entire life savings, checking accounts, and retirement and college funds. Who should the FBI hire to stop the robberies and ultimately, protect the city's economic state? The sparkling agent who has never committed a crime in his life, worked his way up the ladder, and paid his dues for years, or a bank robber with leads, connections, and first hand knowledge of bank robbing strategies? The answer seems fairly intuitive.
Further, what would you pay the former bank robber if they could prevent banks from being robbed in the future, when he/she is faced with the alternative, which is continuing to rob banks, cash in on huge sums of money, and deplete the city's economy, all without consequence? The answer? Somewhere just above the poverty level. Would this robber choose to continue with his craft of crime or choose work for a fraction of his earnings assisting the FBI? This is financial compliance, ladies and gents.
Although recent attention has been turned to the Dodd-Frank Bill, a flood of panic has hit the industry. A 2,000 page document which has retained 90% of it's original wording would be enough to spark havoc in already rough waters. My thought is that no trader in their right mind would entertain even the cliff notes of such a waste of paper, nor would they even think to take a role which focused on complying with those rules.
What would the FBI or even a bank offer this trader, as an expert on the strategies of robbing banks? Poverty level, my friends. Continue robbing those banks.
Let's talk about Compliance for a second, shall we? First, let me stipulate the following contains views known to the financial community on compliance, and not necessarily reflective of my own opinions.
Compliance, in the world of finance, is the ugly step child of jobs you take because you can't make it trading, selling, analyzing, or doing any other of those high profile jobs that make a firm the big bucks. It's traditionally been one of those areas a firm has-to-have, but doesn't directly drive the business or earn a profit. On the contrary, it's a black hole of an expense, similar to paying for a flood insurance policy on a home owned in the middle of an Arizona desert. What that means is those roles do not pay well, and sometimes don't offer the challenges appealing to that ambitious, strapping, go-getting finance professional.
The irony, however, is the obvious reality from the Financial Crisis of 2008. The lack of compliance and regulation is the REASON for the disasters and economic fatalities of many institutions. Why aren't we paying these people and recruiting the best and the brightest for these roles?
Think of it this way, say there was a recent epidemic of bank robberies in a large city, costing institutions billions. Citizens of this city experienced giant hits to their entire life savings, checking accounts, and retirement and college funds. Who should the FBI hire to stop the robberies and ultimately, protect the city's economic state? The sparkling agent who has never committed a crime in his life, worked his way up the ladder, and paid his dues for years, or a bank robber with leads, connections, and first hand knowledge of bank robbing strategies? The answer seems fairly intuitive.
Further, what would you pay the former bank robber if they could prevent banks from being robbed in the future, when he/she is faced with the alternative, which is continuing to rob banks, cash in on huge sums of money, and deplete the city's economy, all without consequence? The answer? Somewhere just above the poverty level. Would this robber choose to continue with his craft of crime or choose work for a fraction of his earnings assisting the FBI? This is financial compliance, ladies and gents.
Although recent attention has been turned to the Dodd-Frank Bill, a flood of panic has hit the industry. A 2,000 page document which has retained 90% of it's original wording would be enough to spark havoc in already rough waters. My thought is that no trader in their right mind would entertain even the cliff notes of such a waste of paper, nor would they even think to take a role which focused on complying with those rules.
What would the FBI or even a bank offer this trader, as an expert on the strategies of robbing banks? Poverty level, my friends. Continue robbing those banks.
Job Seeking 101
Today officially marks 30 days of unemployment. As such, I've decided to document my process in finding the "right" job, who I'm talking to and why, and further, proof that I'm not spending my days shopping, nor am I drowning myself in Sex In the City reruns or proving to myself that I would be the best contestant on The Price Is Right (Let's face it, it's just not the same without Bob Barker).
On the skillet for today:
- Pester former coworkers and managers for references
- Perfect my resume, just one last time (yeah...right)
- Scour Twitter for leads (It's a new world out there)
- Start consulting work (1st Business Cards)
Accomplished:
- Round 2 interview on Tuesday for a Compliance role in Charlotte.
Pros: Charlotte. Warm Weather. Job. Cons: Charlotte. Nascar. Compliance.
- Round 1 interview on Wednesday for a Trading Job.
Pros: Trading. Chicago. Cons: Likely awful salary. Hellllooo part time waitressing job.
It's a rough, rough world out there...
On the skillet for today:
- Pester former coworkers and managers for references
- Perfect my resume, just one last time (yeah...right)
- Scour Twitter for leads (It's a new world out there)
- Start consulting work (1st Business Cards)
Accomplished:
- Round 2 interview on Tuesday for a Compliance role in Charlotte.
Pros: Charlotte. Warm Weather. Job. Cons: Charlotte. Nascar. Compliance.
- Round 1 interview on Wednesday for a Trading Job.
Pros: Trading. Chicago. Cons: Likely awful salary. Hellllooo part time waitressing job.
It's a rough, rough world out there...
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