Go three posts up.
Specifically Hull's Options, Futures, and Other Derivatives
Everything is also available online, you'll just have to aggregate it yourself if you go that route.
Are you in school right now?
Ahh thanks man.
Originally Posted by Dmoney
Right now I'm working/saving for university and trying to get more scholarships (at $20k right now - I got pretty good grades out of high school in calculus/sciences), the money I have on the side after that goes into my TFSA..
I'm hoping I'll get into UBC business for the upcomming september (I'm moving to Vancouver in the summer).
How did you like studying finance? Did you study at U of T btw? Are there currently (m)any jobs for it in Canada?
There's always jobs, they're just quite competitive.
Unfortunately I studied in Ottawa, which made it even more challenging to find a job, as all the Toronto firms only recruited out of Toronto universities or Queen's and Western.
Loved my program, had some very good profs, got out of it what I put in.
Can't stress enough that the hardest part of getting a job is getting your first interview at the organization.
Two ways of doing this, when the time comes:
1) Know someone who can get your resume directly to the right person (get to know them through alumni networks, business competitions, investment clubs etc.
2) Send your resume to 1000s of firms, follow up by calling each of the firms and pester everyone until you get a foot in the door.
As for now, get into UBC's portfolio management program after your second year http://www.ubcpmf.com/ and you're going to get a job, guaranteed.
And good job on working and saving, try and keep that up all through university and you'll graduate miles ahead of your peers. Also, get any in-course scholarships you can along the way. $20K should cover 3/4 of your tuition, try and get that up to 100%.
Bought 600 shares of Transalta at $20.20 in my TFSA today.
Like the yield, the stock has suffered more than it should have on Sundance issues. Some long-term contracts likely to be signed in the next little while which can add some upside.
Stable enough that I plan to hold for the yield alone, will write the occasional call perhaps as time unfolds.
Originally Posted by Dmoney
Man, I want to get into that portfolio management program so bad - apparently it's ridiculously hard to get in though. Hopefully managing my own portfolio for 3+ years, having a 3.7+ GPA (what I intend on getting), and being in the finance/investing clubs will help set me apart.
What's your first finance job been like? What kinda GPA did you have? I hear they work finance graduates like dogs for their first few years but the pay is pretty good and you learn a ton
It wasn't overly competitive getting into the portfolio management program at my university. Only about 15-20 people apply annually and 3-5 get on. I had a pretty good GPA (~11/12 which is pretty much an A average, would translate into 3.7-3.9 as far as I know).
Once you're in the portfolio management program, you're likely going to have to add 20-50 hours of work to your week (depending how much you put in and want to get out of it), but you're also going to likely have the opportunity to meet with pension fund managers, analysts etc. Take advantage of all these meetings and try and make an impression on all of these guys.
As for my job, it's in equity research, so the work is cyclical. We are extremely busy during earnings season (in the office at 6:30, out as late as midnight/1:00 or 2:00 AM, working weekends). My team covers nearly 30 companies so it gets hectic. The rest of the year it's generally ~7AM to 6/7PM.
Our junior investment banking guys put in longer hours, generally ~9AM to between 8 and 11PM year-round.
Depending where you get in, what role you take and the corporate culture, you'll be working either a 9-5 or 16 hour days. I-banking is usually 14-16 hour days but you get amazing bonuses and move up quickly. Buy-side (portfolio management or analysts for funds) usually have very short hours since they pay other firms to do most of their work. Sales/trading have very short hours since they work only when the market is open and when buy-side guys are at their phones. Equity research is somewhere in between, and also depends on your team/analyst. Some analysts are easy going, some work you like dogs all year long (unfortunately I'm in the dogs category).
All in all, the pay is commensurate to the work you do. I-bankers make the most money followed by sales/trading/research followed by buy-side. Just to give you an idea, some of the senior guys (analysts, head traders, I-bank managing directors) in my firm made semiannual bonuses of over $500K. On top of base salaries that are closer to 7 figures than to 5 figures. If you ride it out, the benefits are amazing, but it's a tough ride.
Damn man, thanks for the info!
Originally Posted by Dmoney
I believe the PM program at UBC takes in like 20-30 students annually, there was no information on how many apply to it though so I sort of assumed it was a very high number.
So if I can keep my GPA above 3.7, join investing clubs, and maintain my own portfolio/document my own investing progress do you think that'll be enough to give me decent odds of getting in?
Is there anything else you would recommend? I may try getting an internship after first year, but I imagine that would be quite hard..
The PM program sounds like an absolutely amazing opportunity. It would be incredible to not only meet other people who enjoy investing/talking about investing and bashing ideas around - but people who are at the top of the investment world...
I wouldn't mind getting an analyst job killing myself at it for 5 years or so to learn as much as I can, gain experience and contacts, and then try to start up my own portfolio management company, but we'll see what life brings!
Hell, if I could just grow my own nest egg and invest purely on my own for income I would.
Keep in mind that's what everyone wants to do
Originally Posted by cannadian
If it were that simple, we'd all be doing it.
But yes, get good grades, a good network and good extracurricular experience and you'll have no problem getting a job. I went to what I'd call a second, maybe even third tier university, but did all of the above and ended up ahead of many who went to top tier schools.
For January I increased my net worth by 3.49%
Cash: $6,974 (-40%: $5K put into TFSA)
TFSA: $22,909 (+32%: $5K contribution, $600 gains)
Unregistered account: $70,432 (+1%: $566 gains)
Employee share plan: $2,000 (+33%: $500 contribution) (Actual amount is slightly lower, waiting for online access, recorded at book value at the moment)
Margin: $4,715 (-21%: $1,260 paid off, dividends and option premiums)
$98,167 (+3.49%: $3,308)
Net dividends after margin interest were $410 for the month.
Options premiums for the month were $903.
Total portfolio income was $1,313.
What % of your portfolio is involved in options?