Shelf life of a trader?

[kgtest]

So you see it in the movies... Wallstreet for instance "Get out while ya can, kid". etc etc.
I just read that 75% of Goldman's staff are Millenials/GenX. That means, that only 25% of the staff are older than 37. So basically 3 out of 4 people over 37 lose there jobs at Goldman.

I'll never forget my dad a retired engineer rumbling around in his early 50s about age discrimination. One of my motivating factors for ER.
So I guess the saying is true... "Get out while ya can, kid!"

 

[Mdlerth]

But are they happy?

Perhaps they score so much $$ in a short time, they're already retired at 37?

 

[kgtest]

Perhaps they score so much $$ in a short time, they're already retired at 37?

Totally plausible! With those 1%+ fee's a couple hundred million under management over the career and they are done I suppose.

 

[Lakewood90712]

Depends on how good the trader is, or how lucky in the short term. Goldman supposedly dismisses the lowest 10 % performing , non administrative staff every year. So that is a good amount of turnover beyond normal attrition reasons.

It's up or out in some places.

EDIT: I hear being fired at Goldman is somewhat a rite of passage , just look at Jim Cramer.
He " Left Goldman" as he describes. Not sure how his hedge fund did, but it's long gone. Overall, he has done well, post Goldman.

 

[Cassius King]

They get greedy and leave to start hedge funds.

 

[Dtail]

Totally plausible! With those 1%+ fee's a couple hundred million under management over the career and they are done I suppose.

Wall Street is a young person's game for the most part. The traders are trading the firms' portfolios and are not involved with the asset management part of the firm.
Goldman is one of the best paying of the classic Wall Street firms and if one is good, they can can out with millions in their 30's.

 

[DenverGuy42]

So you see it in the movies... Wallstreet for instance "Get out while ya can, kid". etc etc.
I just read that 75% of Goldman's staff are Millenials/GenX. That means, that only 25% of the staff are older than 37. So basically 3 out of 4 people over 37 lose there jobs at Goldman.

I'll never forget my dad a retired engineer rumbling around in his early 50s about age discrimination. One of my motivating factors for ER.
So I guess the saying is true... "Get out while ya can, kid!"

If 75% are Millenials/GenX, then 75% of them are between 22 and 54!!! You have done the math a tad wrong here.

Generation X: Born 1965-1980 (39-54 years old)
Millennials: Born 1981-1996 (23-38 years old)


A lot more than 25% of the staff is over 37.

25% of the staff is over 54, 75% is between 23 and 54.

 

[HillCountry]

Well Goldman staff may not be traders. Technically traders work at the exchange.

Once I chatted with a trader with CBOE, he was an old guy but just retired.

 

[NYEXPAT]

Perhaps they score so much $$ in a short time, they're already retired at 37?

or even 33, I understand.

 

[Dtail]

Well Goldman staff may not be traders. Technically traders work at the exchange.

Once I chatted with a trader with CBOE, he was an old guy but just retired.

Not necessarily. Traders at Goldman can work at Broad Street trading the firms' proprietary positions.
I supported many Wall Street traders who sat and traded in the same building as the support staff.