SECURITIES MARKET TRADER TRAINEE
Securities Market Trader Trainee is non-competitive, meaning the state checks your education and experience against the spec instead of ranking you on a test.
On paper it calls for a bachelor's degree, though the specification lets enough relevant experience stand in for the degree.
How to apply
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No examThis title is not filled by examination
Non-competitive, unclassified, and Senior Executive Service titles are appointed directly by the hiring agency rather than through a civil service exam. Apply directly to the agency below.
Official job specification
The text below is the official specification published by the New Jersey Civil Service Commission. The plain-language summary and analysis above are derived from it by NJ Civil Service Navigator.
Definition
Under the close supervision of the Trading Officer, the Supervising Securities Market Trader, or other supervisory official in the Division of Investment, Department of the Treasury, receives on-the-job training in the purchase and sale of financial instruments, long-term debt obligations of corporations, short and long-term obligations of the US government and government agencies, and certificates of deposit and commercial paper in a manner most advantageous to the state; receives on-the-job training in determining the appropriate timing, size, and prices for securities transactions and in negotiating commissions; does other related duties as required
Examples of work
As a trainee and a productive worker: Learns to place orders for purchase of securities and arranges the sale of securities, including but not limited to equities, certificates of deposit, commercial paper, and United States government and government agency securities; and executes repurchase agreements in a manner most advantageous to the state. Learns to determine the trading strategy for purchase or sale of assigned securities, including the timing of transaction, size of offering, price of security and choice of broker. Learns to execute portfolio changes designed to maintain the quality of the investment portfolios and improve the rates of return under changing market conditions, both short term and intermediate term. Learns to develop swaps or strategies to take advantage of financial market inefficiencies. Learns to participate in carrying out special investment programs, including, but not limited to, the small capitalization program, the roll program, and the international investment program. Assists in informing key investment personnel of unusual or extraordinary events occurring in financial markets. Maintains sources of information relating to financial markets. Learns to prepare detailed correspondence to corporate officials, whose securities may or may not be held by New Jersey investment funds. Learns to prepare comprehensive, detailed commission reports for use by the Division, Deputy Director, and State Investment Council. Learns to participate in negotiations regarding securities transaction commissions with brokers and dealers. Learns how to maintain up-to-date data on all common stocks on the approved list of the State Investment Council and on general stock market trends. Maintains files of schedules of new issues. Learns to prepare lists of group accounts participating in equity issues to be offered. Learns to prepare detailed equity reports for use by the Equity Committee. Learns how to initiate securities transactions folders on purchase and sales of securities. Assists in obtaining the Deputy Attorney General's approval of legal papers covering purchases and securities. Learns to prepare detailed correspondence in the course of official duties. May be required to keep extensive daily records of securities transactions, commission negotiations, and other correspondence, records, and files. Will be required to learn to utilize various types of electronic and/or manual recording and information systems used by the agency, office, or related units.
License
Appointees will be required to possess a driver's license valid in New Jersey only if the operation of a vehicle, rather than employee mobility, is necessary to perform the essential duties of the position.
Knowledge, skills and abilities
Knowledge of institutional trading practices and methods of negotiation securities prices and commissions. Knowledge of brokerage firms engaged in the securities business including those located in New York, Philadelphia, and New Jersey. Knowledge of financial systems databases to monitor and analyze real-time market data. Knowledge of electronic trading of stocks, bonds, foreign exchange, and financial derivatives. Knowledge of spreadsheet programs and their use to apply to various financial related applications. Knowledge of the preparation, analysis, and interpretation of varied types of financial statements including profit and loss and balance sheet statements. Knowledge of methods and procedures of underwriting syndicates and joint accounts in both primary and secondary markets. Knowledge of practices of investment banking and of procedures, rules, and regulations of the New York Stock Exchange, NASD and SEC which affect trading activities. Knowledge of interest rates, comparative and relative yields, maturities, spreads, bid and ask price, and terminology peculiar to investment practices. Knowledge of financial instruments including but not limited to stocks, bonds, options, futures, money market instruments, mortgages, currency hedging, and their interaction with each other. Knowledge of various types of securities trading in the market place including where applicable their seniority, redemption features, sinking funds, prepayment provisions, voting rights, preemptive rights, and tax status, together with the effect of these features on market prices. Ability to read, understand, and apply laws of New Jersey and policies of the State Investment Council relating to the purchase and sales of securities. Ability to review, analyze, appraise securities of varied types, and information concerning stock market transactions including offerings, bids, and other data. Ability to establish and maintain cooperative working relations with brokers, representatives of banks, and investment houses, and with groups and individuals engaged in the security business or concerned with the work of the Division of Investments. Ability to identify market trading opportunities and market strategies and to understand the effect of corporate economic or public events on market prices. Ability to evaluate and interpret profitable opportunities in the financial markets. Ability to maintain accurate records of all transactions including the names of vendors, prices paid, the particular accounts involved, yields obtained, commissions paid, and all other attendant details. Ability to keep abreast of market conditions to recognize and assume responsibilities for trading opportunities in conjunction with daily operations. Ability to place orders for and to arrange for sale of securities. Ability to prepare formal recommendations concerning advisability of the purchase and/or sale of particular securities. Ability to prepare detailed and technical correspondence. Ability to establish and maintain records and files. Ability to utilize various types of electronic and/or manual recording and information systems used by the agency, office, or related units. Ability to read, write, speak, understand, and communicate in English sufficiently to perform the duties of this position. American Sign Language or Braille may also be considered as acceptable forms of communication. Persons with mental or physical disabilities are eligible as long as they can perform the essential functions of the job with or without reasonable accommodation .If the accommodation cannot be made because it would cause the employer undue hardship, such persons may not be eligible. ADVANCEMENT: Appointees who successfully complete the 12 month training period will be eligible for advancement to the title Securities Market Trader 1, in accordance with the Civil Service Commission procedures. The inability of an employee in this title to attain a level of proficiency warranting advancement to the title listed above shall be considered as cause for separation.
Note
The examples of work for this title are for illustrative purposes only. A particular position using this title may not perform all duties listed in this job specification. Conversely, all duties performed on the job may not be listed. Applicants must meet one of the following or a combination of both experience and education. Thirty (30) semester hour credits are equal to one (1) year of relevant experience. Four (4) years of professional experience with a public or private organization engaged in institutional activity as a practicing securities market trader involving and negotiating transactions of financial instruments, which shall have been within the past eight (8) year period, including or supplemented by eighteen (18) credit hours of the following subjects: Accounting, six (6) credit hours; plus twelve (12) additional credit hours of any combination of additional courses in Finance; Money, Credit, and Banking, Statistics, Economics, or Investments. OR Possession of a bachelor's degree from an accredited college or university, including or supplemented by eighteen (18) credit hours of the following subjects: Accounting, six (6) credit hours; plus twelve (12) additional credit hours of any combination of additional courses in Finance; Money, Credit, and Banking, Statistics, Economics, or Investments. Experience as a registered representative for an individual is not acceptable for this position. Experience involving Retail Investment and Retail Trading will not be acceptable. "Professional experience" refers to work that is analytical, evaluative, and interpretive; requires a range of basic knowledge of the profession's concepts and practices; and is performed with the authority to act and make accurate and informed decisions.