Stockbroking as a way into trading for IB

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js337

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Hi everyone,

I'm new to the site and just have a question about careers in trading.

Having just graduated, I find myself in a bit of a predicament. Back in September, I applied to all the bulge bracket Investment Banks' graduate programmes in trading knowing that these applications were relatively pointless what with the credit crisis in full swing. I am still highly motivated to get into a trading position at a major IB but I need to find the best solution for this coming year. I have several options,

1) I could work as a trainee investment manager for a major stockbroking firm on a relatively low salary (not in London).

2) I could take a finance role at a retail firm in London on a slightly higher salary.

Whichever I choose, I will be taking the CFA level 1 qualification whilst working.

Which option do you believe will gain more credibility when I come back round to applying to the big IBs this winter.

Also, what are your general thoughts on stockbroking (hours, salary, etc..)

Thanks
 
Hi, check your inbox.

thx



js337 said:
Hi everyone,

I'm new to the site and just have a question about careers in trading.

Having just graduated, I find myself in a bit of a predicament. Back in September, I applied to all the bulge bracket Investment Banks' graduate programmes in trading knowing that these applications were relatively pointless what with the credit crisis in full swing. I am still highly motivated to get into a trading position at a major IB but I need to find the best solution for this coming year. I have several options,

1) I could work as a trainee investment manager for a major stockbroking firm on a relatively low salary (not in London).

2) I could take a finance role at a retail firm in London on a slightly higher salary.

Whichever I choose, I will be taking the CFA level 1 qualification whilst working.

Which option do you believe will gain more credibility when I come back round to applying to the big IBs this winter.

Also, what are your general thoughts on stockbroking (hours, salary, etc..)

Thanks
Click to expand...
 
js337 said:
Hi everyone,

I'm new to the site and just have a question about careers in trading.

Having just graduated, I find myself in a bit of a predicament. Back in September, I applied to all the bulge bracket Investment Banks' graduate programmes in trading knowing that these applications were relatively pointless what with the credit crisis in full swing. I am still highly motivated to get into a trading position at a major IB but I need to find the best solution for this coming year. I have several options,

1) I could work as a trainee investment manager for a major stockbroking firm on a relatively low salary (not in London).

2) I could take a finance role at a retail firm in London on a slightly higher salary.

Whichever I choose, I will be taking the CFA level 1 qualification whilst working.

Which option do you believe will gain more credibility when I come back round to applying to the big IBs this winter.

Also, what are your general thoughts on stockbroking (hours, salary, etc..)

Thanks
Click to expand...

Recommend you do a bit more research before applying. What do you ACTUALLY want to do. You said ultimately you want to be a trader, but you appear to be contemplating applying for a broking position at a bucket shop, and moreover, you appear to think that your job there would be 'investment manager'. In no way would a place like that be somewhere where you would be an investment manager. You would be cold calling. Basically telesales. The clash between the firm you decribe, and the job title of 'investment manager' should set alarm bells ringing. If that was their title then more detail is needed. If that was your title then you need to do your homework better.

And in any case, none of this is gonna get you any closer to a decent name bank.

GJ
 
Stockbroking is sh*t. I bet there would be no diff between a stock broker of a wine broker as far as an IB would be concerned unless you are in an analyst position and recommending stock which atm you arent qualified to do.
 
About 15 years ago I very nearly blundered my way into a job like that. I still regard it to this day as a lucky escape. Watch the film 'Boiler Room' to get a good idea imho.... ;)
 
GammaJammer said:
About 15 years ago I very nearly blundered my way into a job like that. I still regard it to this day as a lucky escape. Watch the film 'Boiler Room' to get a good idea imho.... ;)
Click to expand...

giovanni ribisi is a beast.
I've yet to see wall street though.

Have you sorted out a job for me yet GJ?
 
Aaronmalins said:
Stockbroking is sh*t. I bet there would be no diff between a stock broker or a wine broker..........
Click to expand...

Haha - you may well have proved the old adage "many a true word is spoken in jest" Aaron. I just googled the name of the bucketshop that were hiring when I was a nipper all those years ago (basically after my first FX job didn't woprk out too well and I was pondering my options before happily getting a job at a small US bank (jobs were a tad easier to come by in those days) and ultimately ending up building a decent(ish) career out of it.

Anyway, the name of the firm was "Danesfield Securities", and amidst all of the google hits related to real boiler room type stuff (compliance visits from the PIA, that kinda thing) was this link.

How odd - search for Danesfield on the web page.....

investdrinks - Claret Web Archive
 
I was being serious GJ lol. Im clued up to the max on all this b*llocks from my relentless job searching. "wine broker" and "commodities broker (physical)" jobs have been around for the past couple of years on websites that advertise finance jobs next to stockbrokers. Its all classed as investments. Saw a "seafood borker" once too. Apparently the wine is actually a growing market but I just see fancy names for up-market offlicence and wholesale fishmonger lol. Unless its armajaro on the other end of the phone I wouldnt even entertain anything of the sort on the commodities side but they knowked my ass back some time ago. Plus I wouldnt sell wine on accout of my being a muslim.
 
Gamma - I'm just wondering why do you have such an extremely negative view everytime the word 'Stockbroker' is used....its quite a general term.... JS337 at the top said he was considering a role at 'a major Stockbroker' that probaly refers to a firm like Redmayne or Brewin and that is investment management isn't it? The don't cold call all they....instead they manage equity portfolios...and a trainee would be taught to do that...so what wrong with that?

I'm new to this site and trying to get an unbiased view on stockbroking careers but its hard with every thread being full of insulting and negative posts....surely even some of the smaller firms must have some merit and must be making money for some of their clients or they wouldn't be able to continue operating?
 
Hi ....i have got a job as a trainee broker (interest rate swaps ) at one of the top 3 IDB.....
Can any experienced members advise me the career path from here ....apart from hardwork and trying to create a network wht else can be done at my end to propel my career.....does taking up CFA level 1 help to move to institutional broker or sales in investment banks in the future.......wht other certifications can i takeup.

Also whts the future of IDB with trading/broking going more and more towards online platforms these days.
 
:)) ....well gooseman i will surely practice that ....

but on a serious note can one become a trader or get into IB after working in a IBD for a couple of years .....i hear people talking abt CFA 1, FSA , SII certifications ....does an MBA after a couple of years at an IDB help........

point is every other newbie like me is shooting in the dark ....all are getting into it because it looks promising and lucrative..... so if there is any guy working in an IBD who can share his experience and his career it wud be so gr8....
 
after IDB you can maybe move sideways into bank sales role unless you're a cockney ****** type.

"awright geezer-just bowt me new ot tab for the haaas in epping. jast next to the m free bee em"
 
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