Trading on the Floor of a Major Exchange

[AccruedExpenditure]

I'm curious to know how someone would become a trade on the floor of a major exchange like the NYSE or the Chicago Mercantile Exchange. I mean, most of the traders are in their early 20's, what kind of qualifications do these guys have?

 

[waylman]

my step dad is a broker. he started on the floor with no experience. He had to pass a really killer exam to get certified though.

 

[Gunslinger08]

I'd imagine a business/finance degree wouldn't hurt.

And it's probably more about who you know than what you know.

 

[NogginBoink]

Young guys do it because it's too stressful for the older guys.

I hear there's big time ulcers and burnout in that job.

 

[Miramonti]

there are many different types of traders on the floor...independent brokers, brokers for large companies (institutions/banks), traders for large/small companies, independent traders trading for their own account...

If you know someone its a big asset...smaller firms like to trust people they know with their money. Larger firms look for a balanced resume, often right out of college.

Many start as runners making dirt cheap wages to then become a clerk and then a trader. Some get in the door through college internships.

I got in from nepotism as a clerk and was a trader the next year. I was 21, w/o hs diploma as well.

Getting a job with a small firm can offer the quickest advancement imo.