外資投行trader 你問我答

難啲 呢行好competitive
講緊S&T 個班就算cs/qfin 都要由year one 起plan 定爆gpa + 爭intern
你civil 首先已經要花番2年時間追番佢地本身讀既野 仲點爭intern

thanks bro! 本身都做緊細行risk無乜volume希望遲d有機入返大行

你最尾講個residual position, 係咪有d greeks hedge唔晒 就留低d position嘅意思？

software engineer or trader

Software engineer

但佢係qfin

真 不過奉勸大家 點都要自學啲programming language做skills sets，如果唔係真係冇任何bargaining power 呢個時代 識programming真係好重要同比較易搵到錢

Assume debt to equity ratio 0.8, Tax rate 30%, risk free rate 4%, market risk premium 3%, beta 1.2, credit spread 2%. What's the wacc?

What's the difference between unlevered and levered beta? how average unlevered beta from comparable firms is used to compute the cost of equity using CAPM?

Assume u are valuating a leveraged buyout. Do u think the DCF model is enough? why and why not

Margin call 套戲係咪都好真實？係咪有fire sale?

想問下想做trader有冇咩可以準備?自學programming 有幫助？同埋係咪yr1已經開始要搵定intern？
利申:三大qfin yr1

學法文？易埋堆d
programming偏向data analytic, python, R

我反而好奇見工點show到個record，你總唔會拎住張枱嘅P&L去見工，佢亦唔會打去問你老細掛

唔少架喇，佢嗰一嘢輸咗佢兩個月人工

睇返樓主個role應該係MM，唔係嗰啲幾百萬上落嘅buyside

玩option 一撚定要識stochastic calculus

但唔係ge 想有profitable strategy 唔洗advanced maths 識stat 同prob 就好夠（當然stat 同prob 本身都要識calculus 例如expectation 你要識in 先由pdf 計到expectatiom)

散戶有散戶嘅好處:
1) 無mandate/策略限制(咩long-only/long-short/ RV/ Stat Arb...)，點炒都得，話唔炒就唔炒，唔洗下下都要有holding
2) 資金細唔會有market impact: 姐係低slippage cost，再細嘅市場都容納到你地，唔洗驚會leak information 俾D大嘅player front-run搞9你

short-term trading黎講(長揸/價投另計) 你要玩贏HF就係儘量唔好同佢地一齊玩----HFT, market making, short-term scalping以至大嘅index futures intraday trading, short-term arbitrage, 呢D太過crowded，基本上散戶有再好嘅strategies 都好難夠佢地玩

一般而言，你嘅目標/打贏嘅係大市而非個別基金，所以你想做嘅係seek alpha，咩格sir/A sir/B sir你想睇嘅係佢套system/signal/有冇alpha，而幾乎所有alpha都要經過嚴謹嘅testing，盲信就on99了

成個金融行業好闊下喎唔係個個都要高GDP，仲有3.2仲可以搏下嘅
high pay投資銀行(S&T, IBD, Research, Quant/Dev, PB, AM/WM) / high pay buyside 之下都仲有好多唔同行業:

-medium pay 中/外資投行/ boutique (非elite) / PE/ 基金/ HF/ AM/ WM/ prop shop/ family office
-regulatory: 金管局/SEC
-銀行MT/ RM
-Big4 Corp Fin/ Audit
-保險（都算金融）
-精算
...etc

佢地覺得我點我唔太清楚
但幾年前第一次攞intern offer之後我請曬D平時對我好好嘅親戚食大餐

你問呢d都係好基本野，是但搵個year 1都答到你，咁問黎做咩

冇覺邊個特別慳
特別唔慳倒係有唔少(尤其VP對上)
買靚車，租貴樓，weekend遊艇/cruise/打golf嗰D