Most finance majors expect their job hunt to start (and possibly end) with Wall Street.
They start by going to college, then they search for a job or an internship, and then they fight to climb the corporate latter as quickly as possible.
This path doesn’t work for everyone, but most seem to take it anyway.
There are some alternative options, however. One of them is Tower Hill Trading, which offers a training program to teach newcomers how to trade. The company then brings new graduates into the fold.
“They’re not technically employees,” Gabriel Mengin, COO of Great Point Capital, told StreetID. “They’re independent contractors. It’s not a formal employment. But for people who are interested in equity trading, what we’re providing is essentially a no up-front cost opportunity to get started and work toward that end. Most of the similar programs charge for that opportunity, effectively, and we don’t because we feel that it makes the firm incentives the same as the trader incentives. We only see anything back if the trader is successful.”
In addition to his role at Great Point, Mengin also runs Tower Hill’s training program.
“The way that we manage it is by giving them access to only one to five shares to trade at a time in any specific security,” said Mengin. “We understand that nobody could make a living on that kind of stock trading. The notion is that you get to get in, get in front of the platform, and show what you can do, so you can demonstrate your ability to risk manage and your ability to produce net returns consistently over time through short-term equity trading.”
Mengin said that he is looking for people who are “extremely dedicated” to the idea of becoming a professional stock trader.” He wants individuals who are “willing to put their best effort towards it.”
“[We want] candidates that demonstrate a passion for the market and are going to be willing to work very hard at the prospect of climbing the learning curve,” he added. “We start them out very, very slowly…and then, as soon as they’re able to demonstrate their proficiency, we graduate them to bigger capital allocations and size permissions and allow them to really make money.”
When asked how many traders he intended to take on, Mengin said that the number could be “fairly indefinite.”
“We would be willing to maximize our capacity [for the right candidates],” he said.
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