Uddeshya Chaudhary - PPO at Futures First
Written on September 11th, 2020 by {"login"=>"jcbitshyd", "email"=>"journal@hyderabad.bits-pilani.ac.in", "display_name"=>"Journal Club, BPHC", "first_name"=>"", "last_name"=>""}Uddeshya Chaudhary, a 4th-year Manufacturing Engineering student from our campus, secured a Pre-Placement Offer at the finance firm Futures First, after a Summer Internship. Ten others also got offers to intern at the firm in summer of 2020, while three finally bagged a PPO. Uddeshya Chaudhary is one of them. He was the President of The Wall Street Club for the academic year 2019-2020, and is also the Pitching Head at the Placement Unit for Semester 2, 2020-2021. Through this interview by the Journal Club, he shares his journey to his achievement, experiences in college life, and many more.
Q. Can you tell us about your college life so far? What exactly made you choose Finance as your career option? What are the other offers you received for SIs?
A. I'll begin by giving you a brief about what I did in my four years of college life. In the first year, my only focus was to enjoy, and I did enjoy it a lot. In the second year, I joined the Wall Street Club, the finance club of the campus. I then realized I was inclined towards Finance because I liked how businesses and the economic aspects of any business work. At the same time, I joined the Placement Unit. Also, I always had a thought that I'll do an MBA sometime in the future. So I thought I would start with Finance. As I started learning more about these subjects, I developed more interest. I applied for two internships, the first one being Daikin, which is in my core sector, and the other one is at Futures First. I was able to get a PPO at Futures First, and I'm still interning at Daikin.
Q. What was your position at Futures First while you had your SI there? How were your working hours? What work did you involve doing?
A. I worked as a Financial Markets Intern at Futures First. My work was regarding future contracts. The use of a futures contract is to reduce the amount of risk for many commodities. Companies forecast their need for any commodity, and they make a contract for the future. If you're selling something of value and buying it later at a reduced price, you're actually making money. The job of traders like us is to do precisely that. We are helping the firm earn money and inject liquidity so that the market doesn't stop. People have different views, versions, emotions, and things in mind while buying and selling these assets, just like in the stock market. The trader's job is to analyze all of that and the market sentiment and trade based on those various sides. For example, when we were trading, we used to find a correlation between the weather and oil prices.
Only students from IITs and BITS were selected for the internship, and we were close to 149 students from the entire country. In the first two weeks, they taught us everything from derivatives, which most of the BITS students knew, because we have specific courses that have them. However, many students from the IITs do not because they don't have any such courses. So we have an edge in there in that sense. After that, they gave us the resources to learn programming on our own because eventually, we will need it. You can do much work through Excel or other analytical software, knowledge of specific programming languages like Python or C++ to make your life a lot easier. It is the time when most of the students who come for the internship start disliking it if they don't have any finance or programming background. After that, they'll put you on to the real market, which means you will be trading for real. Then you will get a project and another side you'll be trading. For about five to seven weeks, you will get constant feedback from your mentor, and he will tell you about how to manage risks and build a portfolio, and that can be a pretty overwhelming experience.
My work timings were from 1 pm to midnight. It was because we trade for the Chicago exchange, and those markets specifically work at that time.
Q. Tell us about the selection process, the testing process, and the interview you had for getting your SI. How did your interview go?
A. Firstly I had an aptitude test. It had around 60 math questions, which had to be done in 30 minutes. Speed was the key. In the 2nd part of the test, we were given a PDF sort of book, and it had a lot of necessary but explicit understanding about how oil markets work in various parts of the world, etc. Then 15 questions were given. If you would have studied the PDF adequately, you'll be able to get through that easily. After that, we had a long one-round interview. They generally start by asking basic things like an introduction to make us feel comfortable; then they start being tricky. I was asked a few questions from speed maths. Then there were questions like why I was interested in that profile, why I was interested in trading at all. There were many questions about the Wall Street club in general and about my work there. I was also asked specific questions regarding one of my projects based on the aviation sector's market analysis, which I did on campus. For an interview, the key is that you just have to put on a smile and answer the questions with absolutely zero stress. After my interview was over, then I had some mixed feelings regarding the process.
Q. When did you start preparing for your SI?
A. I didn't actually prepare as I had already gotten the internship offer from Daikin. Nevertheless, what happened was, Daikin said they might be postponing this entire summer internship program to June due to COVID-19. Then I talked to my seniors in the Placement Unit, and they were very kind enough to allow all of us to sit for this process of Futures First.
Q. What are the resources you used to prepare for your interview process?
A. I was preparing for the CAT exam at that time. So I was decent enough on the aptitude part.
After I got to know that I was selected for the interview round, I prepared my resume, did whatever projects I was able to do, and revised them. And whenever I did them, I used to do it thoroughly. Also, my internship experience at WorldQuant (a trading firm) helped me tell them a lot about that experience. I also watched a couple of YouTube videos on speed maths tricks, etc. For puzzles, you can refer to sites like Geeks for Geeks and InterviewBit. I did close to 50 puzzles before the interview.
Q. How much time and effort do you think would be ideal for getting on the board?
A. For securing the internship, it boils down to 3 things. The individual's dedication, preparation, and luck, too, sometimes. Dedication should come at the beginning of your 2nd year to start looking at various fields, whatever you have to pursue. If you want to pursue Finance, try going to all the classes taught in Finance, try listening to whatever the teacher is saying and try making notes and try understanding it from a real-life perspective. Apart from that, you can read newspapers like Economic Times, they give you a lot of info about economics, anything that is happening for a particular business. For PPO, people have to work hard. Talk to your mentors, take constructive feedback, try taking new initiatives. For example, we were told to design some algorithms regarding trade. I was pretty involved in that. In my first week, I started learning Python rigorously as I previously didn't know it. Then I started designing algorithms at that time.
Q. What are the courses you did under Finance minor? Would you rate the courses offered in our college based on their importance in the SI and PPO point of view? What are the other courses you did outside campus?
A. I have done FOFA, FM, DRM, BAV, SAPM, and Project Appraisal. For SI and PS2 as well, I would say courses like DRM, FM are essential. DRM is a very technical course, but it also has a lot of real-life applications. In placements point of view, you should know BAV because many consulting companies and product management companies expect you to know specific structures, certain frameworks, which are taught in it.
I also did the Bloomberg Market Concepts course, which was told to us by the Economics and Finance Department. I also did a project from the Economics department.
Q. What's your offshoot score? How important has it been in your SI and PPO selection process?
A. I have an offshoot of 40, but for SI, they don't look at your offshoot. You should just cross the minimum CGPA requirements. After the clearing criteria, it all boils down to your preparation.
Q. Coming to your profile (your PoRs, projects, etc.), what do you think was the most crucial factor that helped you in the selection process?
A. About the PoR, even if you don't have a PoR, you'll be fine. But what the PoR does is it provides you with lots of opportunities. Like with the Wall Street club, I was able to get to know a lot about Finance and be around people who also had similar goals. In the Placement Unit, the best thing that happened to me was that I could connect to a lot of seniors and juniors, who could help me regarding the various doubts I had regarding my career. About projects and previous internships experiences they matter a lot more than all these.
Q. How heavily do you weigh the role of soft-skills, CGPA, technical skills, and in your SI process and the SI to PPO conversion? (rank on a scale of 1-3 and add other factors that they see as important)
A. I'd put Soft skills and Technical skills on the same tier, followed by CGPA.
You can be a rock star with around 9 CGPA, tons of good internships, and tons of good projects on records. But when you sit in front of the interviewer for the interview, your soft skills matter a lot, because if you're not able to explain what you're trying to say, you're not able to comprehend your thoughts, then that will undoubtedly impact your selection. That shouldn't happen. For this, you need to get out of your comfort zone and start working on improving your speaking skills and confidence. The equally important thing for people sitting for placements and summer internships will be your internships and projects because these two things determine your intent and interest. Projects are significant because, in any interview, you will be grilled upon them. Be it your PS2 projects or the projects which you have done on campus. So, try doing these and try to maintain a good CGPA because it would open many of these opportunities for you. Particularly for non-tech placements and internships, CGPA is just a filtering criterion. If you're able to cross the threshold of that CGPA, it's okay or else you are out of the process altogether. It can be the most important criterion for some close to that threshold; it can also be the least important for some who are way above that threshold.
Q. How did the WFH aspect of your SI affect the general nature of the job? How was that experience?
A. I would say WFH was like a boon for me because a trader is as profitable as the amount of time he spends in front of the trading screen. I'd have to spend 11 hours in front of the trading screen. So if I had to go there and work, it might have been a little difficult for me as there would be traveling and other factors, but it could also have been a lot of knowledge engaging as I would have met a lot of my mentors in person and they would have been able to guide me well.
But with the entire experience being WFH, it was pleasant on the whole. But I am eager too, to get back to the office if given a chance.
Q. How did you find working with your team at Futures First? How big of a role did the senior colleagues there play in guiding you?
A. Mentors are the most important in this company because there's a lot of information coming up to you, and you will not know how to analyze that in the beginning. But then mentors play a very crucial role. They will help you learn almost everything. Mentors will be able to guide you in the best way as they spent years doing the same thing. They understand our mentality as they are also from the same background. The mentor I had was also very accessible to me.
The culture of the company is also excellent. You will also have events like movie nights and all those, and it was fun.
Q. Could you tell us more about the SI-PPO conversion process? What made you stand out apart from all your colleagues that led to your PPO conversion?
A. So, I would say that boils down to the peer to peer communication. First, they analyze your trading journal, a journal that you have to fill with every trade we do, and why we do it. There is also a side project given to you, which you have to do apart from trading. Even in your interaction with your mentors, your mentors will ask you various weekly meet questions. They'll grill you a lot in there. They'll also check your algorithm proficiency and strategies you use (you'll even learn some of them in DRM). For example, in a project, you can either use MS Excel or Python. But with Python, you save a lot of time. And time is of a lot of importance for any trader. So these reflect your knowledge; these are places that make you stand out.
Q. How easy or hard would you say it is to convert the SI to a PPO?
A. For firms like Futures First, you'll have to work hard because you will be judged on each and everything you do. To give you an example, in one of my trade reviews, my mentor was able to know what I did in my particular trade before even telling him. These people can look through you. So you'll have to be very data-driven at this point. You should have specific logics on all the trades. And this is the reason why many students drop out of this process midway. That's why it is vital to know what you want in the first two years of college.
Q. How important do you think doing an SI is for a single-degree student? How much do you believe single-degree students should focus on getting an SI?
A. Single degree students should look at your priorities well. Like, if you are going for a summer internship, you won't be able to do your PS2 in your Semester 1. So that is a drawback because you won't be able to get that 10 SG and the CGPA boost due to 20 credits. So low CG students should try for PS2 in semester 1, but keep in mind that a lot of people who have better CG than you will already be there, and you will be able to get a subpar PS2 station. So summer internships would be the best way for you. So you have to do this analysis by yourself. You have to look at your positions, your stands. One thing that can be done is like if you are doing your PS2 in semester 1, you can take a small internship of like four to five weeks. But you should do internships in any case, as they can help you gauge your interests. You might think you are very much interested in Finance because you like a particular course, but then you see something opposite when you go and work there. Then you would realize you have made a mistake. That shouldn't be the case. There are excellent internship opportunities, some with startups available nowadays, and LinkedIn is an excellent way to score those.
Q. What are your plans for the upcoming placement cycle, as well as the PS-2/TS process? Do you have any off-campus placement/internship plans?
A. I do have a couple of plans, I'm looking for some companies that might come in Semester 2, so I will be preparing for them and some off-campus firms. I'm going for PS2 in January, so I have my fingers crossed to get a nice station.
Q. Do you have any suggestions for your juniors who are appearing for the SI cycle this year or would be appearing for it in a year from now?
A. Always keep the bigger picture in mind and whoever has a CGPA below 6.5 or 7, improve and try to get 7+. It only takes a couple of semesters to get through that. Don't get disheartened by comparing yourself with your fellow classmates. Instead, try to work on your skills, interests, preparation, as in the end, those are what would matter. Also, if you appear for any exams like CAT, that should supplement your placement preparation. You can prepare for them in the 2 to 3 months before your on-campus interviews. The most important thing for summer internships is whatever options or choices you get, try taking them.
I would also suggest to my juniors that if you are not sure about what you want to do in your future, you should explore many things in the first two years. You should also start coding irrespective of your branch or interest. I have seen the placement cycle as a part of PU, and I can say for sure that coding is essential, irrespective of your branch.
Finally, I'm also very thankful to the Journal Club because this is an excellent initiative since juniors don't know what they should be doing. This should help them understand what and how to plan for the future.