 "Photo: Larissa Mueller")
An Austin-based proprietary trading firm, Kershner Trading Group, make its millions trading stock numerous times throughout the day and profiting from the market's volatility. A proprietary trading firm is one in which traders trade stocks, bonds or other items with the firm's money instead of customers' money.
Kershner Trading affiliates with the University Investors Association, an organization that encourages UT students to delve into the stock market and investment banking, and urges UT students to consider short-term trading as a career.
Robbie MacGregor, who graduated from UT in 2003 with a bachelor's degree in history, had never heard of the proprietary trading field or Kershner Trading Group when a friend of his encouraged him to apply for the trading firm.
With some interest in the stock market, MacGregor began working for Kershner and has worked for the firm for about four years.
"It's a fun job; there's always new and different things going on, and it's fast-paced," MacGregor said.
Kershner Trading Group allows traders to use the company's money to trade stock throughout the day with no set salary for the traders, only a percentage-based commission.
"I'm trading the first couple hours out of the day and then activity kind of slows down around 10 a.m., and if it's a good day of trading, it usually picks up around 2 p.m.," MacGregor said.
MacGregor said traders are encouraged to play ping-pong, pool and foosball during downtime.
Andy Kershner, CEO of Kershner Trading Group, said that while working for the company is fun, there are some risks beginning traders should consider.
"Only a third makes it and stays here - there's no set salary." Kershner said. "It takes about a year or year and a half to see if one is going to make it."
Kershner said traders' backgrounds at the firm vary from sheet rockers to Harvard graduates.
"There's no experience required," Kershner said. "It's actually easier to train brand new people without experience because we don't have to break bad habits."
Former UT student Jerry Lopez started working at Kershner Trading last July.
"It's always different, always different trades that go on. There's always the possibility of making good money on any given day and excitement, kind of like playing a poker game," Lopez said.
Andy Kershner currently has about 150 traders working for the firm and is a regular speaker for University Investors Association, encouraging more UT students to join the company.
"Most people don't hear about proprietary trading. It won't become faddish because it's hard to do, it takes a certain kind of person," Kershner said. "We have a hard time getting women interested. We're looking for powerful, strong women."
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