Becoming an Equity Trader: is it necessary to pay for your own training?

Question

I went one a few interviews for Equity Trading positions. So far every interview lead to "you must complete a training program that costs $2500-5000, and then you will be given capital to trade." My question is, is this a normal practice in the industry, or am I being suckered into a scam?

I have went to college and received a B.S. degree in Finance. No trading experience.

Answer 1

Any potential employers who tells you you have to pay to get the job is a scam.

These are companies who seek to make money off people wanting to learn how to trade.

I've been doing this for 19 years and never paid a dime to anyone. I studies and did my own homework, and follow people who are consistently top in their area of the market.

Bottom line: There is not a single legit brokerage firm who does this: NOT: MS, MER, GS, UBS, SCH, ETFC, etc.

As you know college doesn't teach how to trade. Experience is your best teacher.

Answer 2

they're probably scamming you.

i don't know of any job where your employer makes you pay them to be able to work there.

maybe stop looking for trading positions that advertise online, and look more at real, established (more than 10 yrs old) mid-market firms.

Answer 3

No reputable firm would charge anyone to become a trader for their firm.

Yes, you are be suckered, this is not what is done in the industry,

There is no such thing as a "training" course to become a trader.

No brokerage firm properly managed would give a new person capital to use for trading.   This is not the way it's done.

Get you resume out, send it to the major brokerage firms, banks and/or mutual fund companies.

Answer 4

If you had your own captiol then you wouldn't have to pay for training.