Job Description for a Trades Assistant
A trade assistant works under the leadership of a head trader to evaluate economic data and to select appropriate investment strategies. A trade aide also helps a portfolio manager or a client identify, assess and monitor risks inherent in financial markets' transactions, such as credit and market risks. A trade deputy typically holds a bachelor's degree in a business field.
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Responsibilities
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A trade assistant applies financial acumen and economic knowledge to evaluate accounting data and to provide investment ideas to a head trader or a client. A proprietary trade deputy works for a proprietary trader and helps manage corporate funds. (Proprietary trading means using a company's cash to buy or sell securities such as stocks or bonds) A trade assistant also may apply statistical and math skills to build complex tools and computer algorithms used in appraising securities in which a trader is interested in.
Education/Training
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A trade deputy typically holds a four-year college degree in accounting, finance, investment analysis or economics; however, a trade aide working in a quantitative role may have a graduate degree in math, statistics or financial engineering. A Master of Business Administration (MBA) degree is also popular among trade assistants. A trade assistant also may come from a liberal arts background and receive practical training before performing tasks.
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Salary
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A trade deputy's total compensation typically consists of wages and cash or stock bonuses. Salary levels for trade assistants usually depend on economic outlook, trading desk performance, seniority and length of service. Compensation also may be affected by academic and professional credentials. The U.S. Bureau of Labor Statistics reports that median wages of trade assistants were $68,680 in 2008, excluding cash and stock bonuses. The middle half of the occupation earn from $40,480 to $122,270, according to the same government data.
Career Development
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A trade deputy's career growth opportunities depend on performance, business needs and academic training. An undergraduate trade assistant may enroll in a university's graduate program to increase chances of promotion. Alternatively, a trade aide may seek a professional certification such as the chartered financial analyst (CFA) or the certified financial manager (CFM) designation. (The CFA license is issued by the Chartered Financial Analyst Institute, or CFA Institute, whereas the CFM designation is a property of the Institute of Management Accountants, or IMA.)
Working Conditions
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A trade assistant's working hours are the standard 8 a.m. to 5 p.m. weekday shifts. Occasionally, a trade aide may need to stay late at the office to help with regulatory filings or to accommodate a client's needs. For instance, a trade deputy may stay late at work to aid in filing quarterly or annual reports with the Internal Revenue Service (IRS) or the Securities and Exchange Commission (SEC).
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References
Resources
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