Ask Terry Questions Early career

Early career

By Terry Savage on May 13, 2013 | Investments

Hello Terry,
I would like to know, what amount of education and or licenses are required to work at the Chicago Board Options Exchange or the New York Stock Exchange?

SAVAGE SAYS: That depends on the kind of job you are looking for. Although most trading is electronic, there are still floor positions open for clerks. These clerks work for individual traders or for trading firms. They don’t require any particular credentials or education — but you will have to pass a background check and be subject to drug checks.

Now, if you want to get “registered” to actually trade for your own account (rent a “seat”) or handle transactions for customers, there are a variety of Series of tests you have to pass. Most young people start out working for a firm, and then the firm must “sponsor” you to take the registration tests. So make your contacts first at a trading firm,? and then you can pursue a career.

There is more information on both exchange websites — and, of course, the exchanges have their own employees, so you can apply for a job with them. Each job will have its own educational requirements — higher degrees required if you are involved in Exchange surveillance and compliance departments,? and probably far less requirement to start as an “intern” in other areas.

Hope this helps. But to be honest, what really helps you get a start is knowing someone in the business who will give you that first job!



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