Introduction
My name is Shirong Liu, and I’m originally from Beijing, China. I moved to the United States when I was 13, an experience that was both challenging and transformative. Adjusting to a new language, culture, and social environment pushed me to reflect on my strengths and weaknesses and taught me how to leverage them as I grew into adulthood.
I went on to earn my bachelor's degree in mathematics and economics from the University of Chicago. Initially, I planned to pursue a PhD in economics, inspired by my early work as a research assistant for economics professors. While I found the intellectual rigor of academic research rewarding, I soon realized that the slow pace and uncertainty of long-term projects didn’t quite align with my personality. I wanted to work in an environment that was dynamic, with new challenges and clear, immediate outcomes. That’s when I discovered sales and trading, and it quickly became clear that this field offered the fast-paced environment I was seeking.
For the past five years, I’ve been working as a trader for a market-making company in New York City. In my current role, I help facilitate liquidity in the market by quoting bid and ask prices for clients, ensuring that buyers and sellers can transact efficiently. My job involves analyzing vast amounts of market data, managing risk, and making quick decisions throughout the day to stay ahead of market fluctuations. The fast-paced nature of trading excites me because every day presents a new challenge, keeping me constantly engaged while allowing me to see the immediate results of my work.
Finance Fellow
career options
There are a diverse range of career paths in the secondary market for individuals interested in market-making and voice trading, each requiring unique skill sets and areas of expertise. Within this industry, roles vary from quantitative and algorithmic trading, which leverages data-driven models, to fundamental and macro trading, focusing on broader economic indicators and company fundamentals. Market-making provides liquidity and facilitates trading, while passive and index investing offers structured, long-term strategies for market exposure. Each of these career options offers distinct challenges and rewards, appealing to different strengths and professional goals within the market-making and voice trading landscape.
Finance Fellow
skills
What are the main hard skills you use on a daily basis in your current job?
I apply financial analysis skills to tasks such as evaluating market liquidity conditions, assessing the value of different financial assets, analyzing market trends, and identifying potential risks or opportunities. This involves reviewing economic data and indicators, company financials, and price and volume movements to develop strategies and execute trades effectively.
Bond basis technicals are critical for assessing the relationship between Treasury bonds and their corresponding futures contracts. I analyze the bond basis to identify pricing inefficiencies or arbitrage opportunities between the cash bond market and the futures market. This helps in optimizing trade execution, managing curve bucket risk, and adjusting positions in response to market shifts.
Python and other programming skills are essential for automating routine tasks, analyzing large sets of market data, and building custom trading models. I use python to write scripts that run daily reports on risk management, profit and loss analysis, etc. I also use python to develop and back-test new trading strategies.
What are the main soft skills you use on a daily basis in your current job?
Markets are constantly changing, and traders must quickly adjust their strategies and re-prioritize to respond to new information or unexpected events. Whether it's shifting economic conditions or market volatility, traders need to stay flexible and make swift decisions to manage risk and capitalize on opportunities. Being adaptable helps me remain effective in high-pressure situations, move on from less-than-ideal results and re-focus on the next task.
Trading role never lacks the abundance of information, so it is important to distinguish between short-term noise and long-term profitability. This information includes not only the “hard facts”, such as economic data, market trends and news, but also views and ideas from other market participants. Strong critical thinking skills enable me to assess all the information from an unbiased standpoint and form my own views.
One important aspect of my job is to clearly convey market insights, pricing, and strategies to sales teams, who in turn communicate this information to clients. Effective communication ensures that both parties are aligned on market conditions and trading opportunities, allowing for timely and accurate execution of trades. It also helps in building strong relationships and facilitating collaboration.
Shirong
’s personal path
Tell us about your personal journey in
Finance Fellow
:
My career journey began with a strong interest in academia, as I pursued studies in mathematics and economics, initially aiming for a PhD in economics. Early on, I immersed myself in academic research, working as a research assistant in the economics department, which offered me invaluable analytical experience. However, as I advanced through my studies, I started to feel that the slower, uncertain pace of academic research didn't fully match my personality or aspirations. I craved a faster, more dynamic environment where I could see the direct impact of my work and be part of something constantly evolving. This realization set me on a new path: finance.
Not entirely certain where to focus within finance, I took a proactive approach to explore my options. I began attending career fairs and participating in professional sessions hosted by various companies. This process gave me exposure to the diversity of roles within the financial sector and the different skill sets each requires. I also had the chance to connect with young professionals from a range of fields, and their experiences helped shape my understanding of the industry. My interest gravitated toward secondary market trading, captivated by the market’s volatility and the immediate feedback loop that trading offers.
With my eyes set on trading, I applied to a range of internships, hoping to gain firsthand experience in this fast-paced field. After numerous applications and interviews, I was fortunate to secure a summer internship at Goldman Sachs, an experience that proved instrumental in launching my finance career. That summer, I was able to immerse myself in the world of market-making, learning from seasoned professionals and experiencing the excitement and rigor of trading. This early exposure solidified my decision to pursue a career in trading, marking the beginning of a journey that has been both challenging and deeply fulfilling.
Throughout this journey, I've learned that finding the right career fit takes time, resilience, and a willingness to adapt. I navigated through countless applications, attended numerous networking events, and faced the inevitable rejections along the way. It’s a process filled with perseverance and unexpected opportunities, but the rewards are worth it. For students starting their job search, remember that the path to a fulfilling career is rarely linear; it’s a winding road that requires both an open mind and a commitment to self-discovery.
What would you tell your younger you regarding building your current career?
If I could give advice to my younger self about building my career, I would emphasize the importance of being open to all the possibilities and taking every opportunity to explore. When I decided to shift from economic research to finance, I accepted the first offer for a summer internship in sales and trading without considering other roles. While this decision worked out for me, in hindsight, I could have benefited from exploring different areas within finance, such as asset management or private equity. Even if I hadn’t chosen those paths, the experience of interviewing and learning about different sectors would have given me a broader perspective on the industry. Keeping an open mind and exploring various roles helps you discover what truly excites you and equips you with diverse insights that can shape your career path.
Final thoughts & tips
As a conclusion, I’d encourage you to stay curious and open to every opportunity that comes your way. The world of finance is vast and constantly evolving, offering countless paths to explore. Don’t be afraid to step outside your comfort zone, try different roles, and learn from every experience, whether it leads you to success or teaches you something new. Ultimately, perseverance, adaptability, and a willingness to grow will guide you toward a fulfilling career.
Resources to dig in more
The Morning Brew
A daily newsletter that breaks down market news and financial updates in an easy-to-read format for finance enthusiasts.
Wall Street Oasis
An online hub with forums, job posts, financial modeling courses and news for aspiring candidates in investment banking and private equity.
The All-In Podcast
A popular podcast where leading investors discuss finance, tech, and economic developments, providing valuable insights for anyone interested in markets and investing.
