Day Trading Firms in the UK

Barclays Capital and Citigroup offer good sales and trading positions with starting salaries of £28K, but like all the big investment banks, if you don't have at least 3 straight A's at A-level, you won't have a chance, let alone a first in your degree. And it's no surprise you'll also have to be going to one of the top ten universities according to The Times ranking, courtesy of Price Waterhouse Coopers.

and doh! almost forgot that you'll have to get onto the internship first before being recruited, which should be easy as there are only 10,000+ applicants of which 90% still remain after they are screened for at least 3 straight A's , though 5-6 is typical and expected, at A-level. it's no surprise that those that survive the first year after doing 18 hour days, 5 days (though usually 6 days) a week end up earning the maximum of £150k, with the potential doubling every year. by the time you are 30 you can be like Mr Derhalli, an ex-bond trader, and command $2million basic salary from Salomon Smith Barney AKA Citigroup and then sue them for the rest of your £16.5million bonus that you feel you deserve.

you see so many £100k cars around the city and its pretty obvious why: everyone is earning a stack (well actually they're just ripping the rest of the economy off by rigging the markets). to a normal person like myself, i can only be jealous, because i can't ever be a true city worker because i don't have the academic credentials. but worst of all, i can't go into the Met Bar and slag off all those celebrity c***s and feel safe because i earn more than them!

i was down park lane a few weeks back during one of those don't attack iraq marches, though more through coincidence than because of my opinion of the war. i couldn't help but go into the Porsche garage and sit in a £110k Porsche 911 Turbo. it was really nice, i mean it was REALLY nice. it made me realise that some people are just f***ing lucky!

i hope this has enlightened and entertained everyone!
 
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I wouldn't say that 3 A grade A-levels, a first from a top uni and working 18 hours a day 6 days a week is lucky! Sounds more like hard work to me!!!
 
Reactor, I loved that post of yours , absolute classic. I have great visions of my kids going to work in the City, hopefully as some high flying traders.Listening to what you think is required makes it pretty daunting.
I suppose if it doesn't work out for them , they can join their old man at home and earn six figures trading from home.Sounds far more enjoyable and lot less stressful!! You don't get any nice bonuses every year though.
 
Reactor- hate to nitpick , But Mr Derhali(?) works at Deutsche Bank, and sued Lehmans ( his old employers)
As far as academic credentials- that's only the case if you don't know someone. I'm afraid the Old boys network still operates- most trainees outside of the banks Intern progs, are the offspring of "mates on the desk"
Obvioulsy if you want to take your chances, and bide your time, you could join one of the bulge bracket firms as a settlelements clerk, or Mid office ( pays arround £50k for experienced mid offfice) and hope to get noticed.
The £2mil+ guys are far and few between in The City. But 100,000@s earn well over £100k . Add a acouple of years decent bonuses and you don't need to be anything than an average performer/survivor to drive the Porsche.

Wayno
( yeap survived 25 years in The City!)
 
Seems Reactor was blinded by a cloud of scepticism & missed the two most important criteria to gaining a 'flash' trading job in the city...

...nepotism & schooling.

Not that I'd ever be at all envious of them.
 
Simon- hey, 25 years on the job, and I still have lightening reflexes!!
Where in SW Herts are you?
 
I would agree about the 1st class degree (top 10 Uni - here were talking about Oxbridge, LSE, Imperial, York, Edinburgh, Warwick..) - which I'm pleased to say that I qualify. Althougth, the stringent requirement you say of 3 A's is only (or more) required by B Capital because of the small number of recruits they take (believe me many well able candidates would slip througth the system if this was the case - I studied with many able candidates, some having 3-6 A's at A level didn't always equate to commercial sense: academic yes!

Most of the other I-banks including JP Morgan Chase, Deutsche, Goldmansachs etc.. would look for a consistent academic record 22-26 points (3 A-levels), with a wide interest in extra pursuits and non academic achievements. These well rounded attributes with a good maths/engineering/physics/economics degree help shape a successful trader - don't forget many equity desks prefer to consider PhD's for quant work and trader support roles.
 
Star. I think generally the PHD's will end up on portfolio trading ( prog trading) quant or risk management.
It's generally percieved that for cash trading, the more intuitive the individual, the better the chances of he/she making it as a trader.
 
Not sure about the program guys being the PhDs, none of us guys here are. I would agree that the "food chain" is probably cash equities then program then derivs people. Not going to comment on FX or bond traders.

Mac
 
Actually, none of the prog guys I've worked with have been PHD's - and I've worked with 2 of the best teams in London.


wayno
 
I know a girl who got 3 A's from Cambridge and she's not the brightest bush in the bucket at all. I mean she's got Tesco legs , you know open 24 hours, take her to the pub for 5 mins and she's all over you. Only 10% of folk can be good traders and most of those are they guys who HAVEN't got the A's.
don't envy bank tradres at all, in a lot of ways I think they're quite silly. I mean I know the best FX trader in London, (not as a friend, but I used to support him), and he's getting 10% at a bank, (over a mill, cuz he's the best). However, if he had the sense to work for a prop firm he'd take home 90%, a difference of a wee 10 million pounds a year.
 
LORD JAMLA said:
I know a girl who got 3 A's from Cambridge and she's not the brightest bush in the bucket at all.


If any of you have seen what A-Levels are like these days, you will quickly realise that getting 3As these days is not much better than getting say two B's and a C a few years ago
 
Good info on this thread,

Am also grad already in city Inv Bnk in M&A..bored.. would prefer trading... got interview with Prop firm called advanced trading .

Want to know if anyone heard of it ?

And also if succesful how many mths does it take to earn some proper ££'s ?.. 6mths training during which min wage
 
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