Three years ago Charles Reeder was a Marine machine gunner in Iraq. Now he’s studying to become a floor trader at the New York Stock Exchange.
Talk about moving downrange from one combat zone to another. Reeder, an ex-Marine that was part of the Second Battalion, 6th Marines, Weapons Company, is one of 28 returning U.S. military veterans taking part in the New York Stock Exchanges’ Veteran Associate Program
The 10 week internship/education course is designed to help returning warriors transition into financial and corporate service careers in the civilian workforce. The program, now in its second year, is designed exclusively – for U.S. military veterans, providing practical, hands-on training, experience and resources.
While learning about NYSE Euronext and the financial services industry, the vets gain – – professional skill development and business education at sessions presented by the NYSE Euronext management team, trading floor personnel and industry experts.
Reeder attends Fordham University in New York and works in the bourse’s corporate actions and market watch group, which oversees listed companies, while planning for his Wall Street career. But he wants to trade. Badly. To that end, he spends a portion of every morning walking the trading floor soaking up the gravitas and speaking with staff, learning all he can.
“I decided I wanted a career on Wall Street when a fellow veteran took me down to the trading floor and showed me how my skills on the battlefield, such as quick strategic thinking in the face of extreme consequences, were applicable in the financial markets,” Reeder said.
The veteran that helped set Reeder’s trajectory was Mark Otto, a designated market-maker with J Streicher & Co. Otto, also a fellow Marine, who helps NYSE in assisting returning soldiers find jobs.
Of the current crop of 28 in this years VAP program, Reeder said upwards of 75 percent to 85 percent want some type of career on Wall Street, including trading.
Last year the VAP program had 15 participants, six of whom have continued with NYSE Euronext in either full-time or contract positions. Participation in the program can also lead to employment with firms other than NYSE, such as member trading firms but is not guaranteed.
“While veterans sometimes struggle to translate their military experience into marketable job skills, the skills they have developed to think strategically under pressure, lead teams in demanding environments, and apply technology to overcome challenges would make them a major asset to any organization I know,” said Duncan Niederauer, chief executive officer , NYSE Euronext, in a release. “Our Veteran Associate Program supports their transition from military life, builds on their unique skills and training and helps create job opportunities and career paths. We encourage others in the corporate sector to join us in unlocking the potential of our military veterans.”
While the national unemployment rate is currently at 7.6 percent, the jobless rate for post-Gulf War II veterans is higher hovering around the 10 percent mark in 2012, according to data from the U.S. Department of Labor -. In 2012, the unemployment rate for male Gulf War-era II veterans age 18 to 24 was 20 percent, higher than the rate for non-veterans of the same age group (16.4 percent).
“For us, this program is the right thing to do for our returning vets,” said Ed Hutner, senior vice president, human resources, NYSE Euronext. “We have a unique platform and ability to show public companies that putting in programs aimed at supporting veterans is not difficult and everyone should be doing their part.”
The veteran candidates come from a multitude of veteran organizations and schools, including Wall Street Warfighters’ Foundation Financial and Trading Education Program, Four Block, the Military Student organizations of Columbia University, Fordham University and NYU, Per Scholas and the Iraq and Afghanistan Veterans of America.
The exchange joins several brokers such as Academy Securities, a San Diego-based agency broker and Mischler Financial, a brokerage owned by U.S. military veterans in Newport Beach, California, that are dedicated to helping returning combat veterans find jobs in finance. Bulge firm J.P. Morgan has also been involved in helping this cause by mentoring smaller-firms like Academy and providing funding for training and support.
