Chimera Securities Reviews | Glassdoor

Chimera Securities Reviews

Updated December 5, 2018
43 reviews

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3.7
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Recommend to a friend
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Jared Gerstenblatt
8 Ratings

Employee Reviews

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  1. "Propietary Trader"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Comp & Benefits
    • Senior Management
    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee
    Recommends
    Positive Outlook
    Approves of CEO

    I have been working at Chimera Securities full-time

    Pros

    I like the freedom they give the traders. They don't micromange you or make you do things that aren't productive. Lots of support if you want it.

    Cons

    I don't have anything negative to say other than the job can be very hard at times.

    Advice to Management

    Keep up the good work


  2. "Good place to be if you know what you're doing. Can be a nightmare if you don't."

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Trader in New York, NY
    Current Employee - Trader in New York, NY
    Doesn't Recommend
    Neutral Outlook
    Approves of CEO

    I have been working at Chimera Securities full-time (More than a year)

    Pros

    - If you mange to figure out how to be a successful trader, this can be a highly rewarding career for you. Few jobs on the planet can compete with that of a good trader in terms of compensation and work/life balance.
    - Buying power and risk limits are impressively large for skilled traders.
    - There are indeed some very successful traders scattered around the office and many are willing to offer valuable mentorship
    - Very high levels of independence and no micromanagement whatsoever
    - $2,000 monthly guaranteed for those in the training program (more about that below...)

    Cons

    - The "training program" will teach you what bids and offers are, but not much else.
    - Although new traders are guaranteed $2,000/month, the painfully slow progression of buying power and risk limits paired with a very low PnL payout ratio all but ensure that traders can't really make much more, if any, in the early years, even after establishing consistent profitability.
    - Traders are left on their own very early on, and without any direction whatsoever, many of them fall into laughable and unsustainable strategies. At times I feel like some on the floor are just pulling on a slot machine with their positions.
    - The trading floor is cramped and the hardware provided is on par with your average middle school's computer lab.
    - The firm is starting to stretch the unpaid portion of the job out for more than 4 months for most people in the training program. This came as a huge shock and in my opinion is highly dishonest.

    Advice to Management

    Start paying attention to what's happening on your trading floor. Finding good traders is very, very difficult. That I understand. But your current system of uncovering talent is disadvantageous to your employees at best, and unethical/borderline predatory at worst. It's not right that an adequate savings account and/or family bankroll is required for someone to make a career at this place. Make the investment in your new traders that you promised before hiring them. You provide enough to make your firm slightly better than the worst firms in the industry, but don't seem to be willing to do much more than that.

  3. "Not great for entry level"

    StarStarStarStarStar
    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee

    Pros

    freedom and possibilities are endless

    Cons

    You are basically on your own


  4. "Great place to learn and grow as a trader."

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Equity Trader in New York, NY
    Former Employee - Equity Trader in New York, NY
    Recommends
    Positive Outlook
    Approves of CEO

    I worked at Chimera Securities full-time (More than 5 years)

    Pros

    The partners are awesome guys to work for--very supportive and feel more like friends than bosses. Casual environment. The sky is the limit--uncapped potential if you have the skills and are insane enough to take on trading as a career.

    Cons

    You eat what you kill, which naturally leads to fluctuations in compensation and psyche. Also, grown men shouldn't wear shorts and sandals to work in the winter.

    Advice to Management

    Encourage/reward more communication on the floor.


  5. Helpful (2)

    "Chimera Securities"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Anonymous Employee
    Former Employee - Anonymous Employee

    I worked at Chimera Securities full-time

    Pros

    - management are intelligent and caring people
    - great deal of personal autonomy once you've demonstrated success

    Cons

    - Lack of investment in employee development past initial training
    - stagnant training modules for new hires
    - the culture is bro-y and not hard working

    Advice to Management

    - provide more structure and guidance to newer employees


  6. Helpful (3)

    "Discretionary trading is a bad and boring job. Inferior strategies other than just gut feel, which is going to die."

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Trader
    Former Employee - Trader
    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

    I worked at Chimera Securities full-time (More than a year)

    Pros

    - Flexible working hours
    - wear whatever you want

    Cons

    - No real training. Everything the firm does and all of these other firms in New York are dated.
    -no real strategies. Stuff like buying down and momentum trading as implemented by these traders is so outdated. Lots of people still do crap like buying against levels.
    - discretionary trading is dying
    - some people still make money by 'seeing' the market. Their intuition with what's right is probably aligned with reality luckily. But these people are few and far between and this stuff can't be taught
    - no career opportunities after Chimera
    - people don't try to collaborate. Huge backroom of traders who don't share information or help others, even though their edge is probably small as well and not worth bragging about.
    - No quants, bad software, no real strategies based on information or math. No automation of strategies.

    Advice to Management

    Who knows, great job starting this company back when trading was beatable by people.


  7. "Equity Trader"

    StarStarStarStarStar
    Former Employee - Anonymous Employee
    Former Employee - Anonymous Employee
    Recommends
    Positive Outlook
    Approves of CEO

    I worked at Chimera Securities full-time

    Pros

    Mentorship, flexible, great prop trading firm

    Cons

    I don't have anything in the cons

  8. "Highly recommend"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Equity Trader in New York, NY
    Current Employee - Equity Trader in New York, NY
    Recommends
    Positive Outlook
    Approves of CEO

    I have been working at Chimera Securities full-time (More than 3 years)

    Pros

    Great management, tech support, software, communication

    Cons

    lack of proper training and sharing of ideas

    Advice to Management

    updates on things that are currently working


  9. "Great Opportunity for those that are Passionate"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Trader in New York, NY
    Former Employee - Trader in New York, NY
    Recommends
    Neutral Outlook
    Approves of CEO

    I worked at Chimera Securities full-time (More than a year)

    Pros

    - Lots of veteran traders, most of which are easy to approach.
    - As soon as you pass the licensing exam, you're given an account to start trading
    - Rolling out and improving in-house proprietary software
    - Easy to talk to Management
    - Everyone wants you to succeed

    Cons

    - No definitive training program (However they will teach you the basics)


  10. "Trader"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Equity Trader in New York, NY
    Current Employee - Equity Trader in New York, NY
    Recommends
    Positive Outlook
    Approves of CEO

    I have been working at Chimera Securities full-time (More than 5 years)

    Pros

    Great place to work. They will give you every
    Chance to succeed but at the end of day you
    Need to figure it out on your own.

    Cons

    Training is very basic other than that I have
    Zero complaints if your serious about trading
    And don't need training go for it here.

    Advice to Management

    Hire a full time trader who can mentor new hires.