Wednesday, December 16, 2009

Wall St.

I along with many of my peers want to pursue some sort of career in Wall St. I want to work in the legal side of the business. Right now though, if I were to graduate and be ready to start working I would not be trying to start in this industry. I speak to my father about once a week, and normally the markets come up in some sort of way, as he works as a Municipal Bonds Trader. I can remember ever since I was younger he used to say that by the time I grow up Wall St. and the whole business is going to be completely different. I am starting to understand what he means having been paying attention the what has happened and is still happening to companies. I have noticed that jobs that once took 4 or 5 people to do are now instead being done by 1 or 2 people, the whole industry is shrinking and computers are leading the charge in this shrinkage of Wall St. For example, as trading is starting be done instantly over the computer, companies are starting to lower the amount of people they have on the actual floor of the New York Stock Exchange because its no longer needed. Traders are slowly being able to place their orders for them and their clients online and have them carried out that way. In my fathers industry he has said that the computers are eliminating the need for some of the traders because once agin they are slowly developing programs that can do what the traders do. Eventually you will need 1 or 2 people to run a whole trading floor that deals with thousands of people a day simply because of the creation of new technology that can handle that amount of people. This has made me start to rethink what I want to do, but the prestige of Wall St. is still luring me to go and the history that my family has with working in some sort of Wall St. type industry. My dad is the 3rd generation in his family to work in Municipal Bonds, and my mother when she used to work worked trading Municipal Bonds. It almost seems like its in my blood to pursue that sort of career.

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