Actively scan device characteristics for identification. Use precise geolocation data. Select personalised content. Create a personalised content profile.
Measure ad performance. Select basic ads. Create a personalised ads profile. Select personalised ads. Apply market research to generate audience insights. Measure content performance. Develop and improve products. List of Partners vendors. The term "derivative" covers a lot of territory. Technically, derivatives get their name because they derive their value from the instrument on which they are based.
They include swaps, futures, and options. Let's take a look at the derivatives market from the perspective of someone who may be considering career opportunities here. Derivative instruments can be traded either on an exchange, such as the Chicago Mercantile Exchange, or over-the-counter in a dealer market.
The following is a sample of the type of derivatives you commonly encounter:. People outside the business have a great many misconceptions about the jobs and career paths available to them on the sell side of the investment business. Generally, there are four venues in which one could start:. The public is most familiar with salespeople or brokers. Salespeople are responsible for bringing in clients and their assets and transacting their business.
Financial trader
Salespeople are not paid to be market gurus or prophets, although it certainly helps if you can guide your clients toward making good decisions. Within the sales function, there are two very broad categories: retail and institutional. The typical retail derivative client is almost certainly a speculative account. In these accounts, investors place trades usually in futures contracts for the sole purpose of making a capital gain on their positions. The burnout rate is quite high, so constant solicitation for new clients is a mainstay of the job.
Institutional accounts are almost always using derivative instruments to hedge a position in corresponding cash security. The consequence of this is, while it's more difficult to gain their business, these clients tend to have a considerably longer tenure. Traders are the people who trade the actual instrument, whether over-the-counter or on an exchange floor. Traders are charged with the responsibility of "making a market.
4 Derivative Sales Career Paths
Traders often have an inventory of positions to make a liquid market for clients. Analysts are the people who forecast future events or analyze current ones for their effect on the markets.
You probably have seen research reports on any number of items from bonds or stocks to foreign currencies or physical commodities and the analysts' subsequent forecast on possible outcomes and interaction between various sectors of the markets. Back-office people include everyone from compliance officers to accountants.
Your personality type will determine what position appeals to you most. People in these positions, while having similar educational backgrounds, have very different psychological make-ups. How extroverted, introverted, and cerebral you are playing a crucial role in what position would suit you best and might be offered to you. With the blurring of the lines between investment banks and commercial banks, your options are considerable; it more or less comes down to a choice of what corporate culture suits you best.
Consider the following as just a small sample:.
Job Requirements
Nearly every major money center bank, domestic or foreign, has a trading desk and an investment bank subsidiary. For example, Citibank owns what used to be Salomon Brothers in addition to its own trading capabilities. Major Canadian, U. In addition to the larger banks, smaller regional banks have entered the derivatives game.
They are bigger and less dependent on your individual opinions. They also give you greater access to larger companies and clients. The size of the firm you choose will have an impact on your work environment, the work you perform, and the level of support vs. In these regional broker-dealer positions, you will have more individual responsibility than at Merrill Lynch, but less than in a self-employed position. These organizations tend to focus on retail accounts. They can work for themselves or an organization and can handle futures contracts for customers and offer them credit to buy the futures contracts.
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Because of increased regulatory requirements, the number of FCMs has diminished since There are no formal educational requirements for this position, but you do have to be properly licensed. You should also know exchanges are placing increasing emphasis on upstairs market-making as opposed to pit trading, so if you work independently on the trading floor , there may be a lot of deals you will not have access to, which could put your clients at a disadvantage. The vast majority of brokers, traders, and analysts have business educations.
Undergraduate degrees in business are almost universal and graduate degrees in business are becoming more commonplace. In general, if you plan to get into the big-time institutional business with a major investment or commercial bank , it will undoubtedly demand an MBA and more often than not, one from an Ivy League school. Career Advice. For Your Business. Get a Demo. Price a Job for Free. Compensation Software Insight Lab. Resources Compference.
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