It’s the ultimate goal for a lot of traders: trading for a big bank. Are you an ambitious trader looking for a new challenge? Do you want to work for a prestigious global financial entity but worry about the hassle of getting there? Here, we’ll share four simple strategies that will help you reach your ultimate goal of working for a big bank.
How to Trade for a Bank
1. Look into education courses
There are many courses offered to the aspiring trader, but how do you make the right choice? Special finance education courses combine trading with lectures on financial analysis. It takes hard work to get there, but you can. By gaining financial investment qualifications and then some real experience on the markets, you may be able to trade for one of those big banks.
From beginner to advanced levels, there's something for everyone. Most of these courses specialize in technical analysis. However, there are other benefits; general investment theory is covered as well as various aspects of the financial markets. Why go small when you could have big banks waiting for you? Learning how to trade and perfecting your trading strategies are two super essential assets from education courses.
2. Do your research into big banks
If you want to trade for a big bank, do your research. Think of it as manifesting a goal and set up a manifestation board. Find out how big banks trade in their FX departments, and see what the trader salaries are.
You should know that the bigger the bank, the more likely they have a trading department. Find out how these things are structured. What are the trader bonuses? How did they hire their current employees? How do big banks trade forex? The goal is to find the right institution for your trading career, and that takes time.
The next step is to understand each of the banks better to see if it's somewhere you'd want to work, and the opportunities there. For example, it's helpful to know if they have an investment research department or any analysts on the payroll that you already follow. If so, this might give you an idea of how big a risk they take and what kind of products and services they provide their customers.
3. Investigate internships
A two-year course load won't give you a signing bonus, but an internship will. Banks are always looking for talented entry-level talent. So don't be shy about putting yourself out there and networking. Investigate internships at banks in your area, set up coffee dates with employees and graduate students to learn about the application process, and don't be afraid to ask questions.
The banks you're looking for may offer short internship programs. With an internship program, you can take a look around, ask questions, and learn the ropes before jumping in headfirst. The bank's internships page will tell you about open positions, payment for interns, and how to apply for them.
These internships often include workshops that help train you on the technical features of trading, such as learning how to read and interpret stock graphs and charts. However, it is essential to note that these internships are not guaranteed jobs; they are only stepping stones into the competitive world of high finance.
Banks offer internships very competitively, so it's crucial to craft your resume and cover letter well. Also, consider attending the banks' career fairs. Many larger banks have in-house recruiting offices, and large banks always have more internships than smaller banks. Banks specializing in corporate and commercial banking tend to have fewer internship opportunities than consumer/retail branches.
4. Job alerts
The trading jobs you are looking for with these banks will be limited, so make sure you set up job alerts to keep an eye on the market. They are typically looking for people who have worked in banking previously and with a particular set of skills (this is where an internship comes in very handy!)
Before you apply for the job, make sure that you add any extra qualifications that you may have. You won't get a position in a big bank working as a trader instantly. Remember that it takes time: they may hire you as an entry-level employee and train you.
The financial industry is booming, and banks want your talent. These institutions can offer you stability, excellent benefits and allow you to work in a fun industry. Do your research, get some qualifications, and go for it!