Do you need a degree to be an interdealer broker?

[TheSquareMile]

Hi all,

I will be finishing my A - levels in a year and half or so and really want to go into interdealing broking, working at firms like Tullet Prebon or BGC partners.......
I do however want to work when I leave school...... I could go to uni and do an economics degree but it would be at a top 10/russel group i.e not oxbridge/LSE/Warwick.......

SO my questions is can you get in a firm like BGC working at an interdealer broker from the word go? and can you be put on a revenue generating desk at the age of 18/19 with no degree but v. good Work experince and good A - levels?

 

[TimYoung]

You should look at their website and career opportunities and see what they ask for:

BGC
http://media.cantor.com/documents/bgccareers.pdf

Also, try email their human resources to ask about your specific situation.

 

[TheSquareMile]

You should look at their website and career opportunities and see what they ask for:

BGC
http://media.cantor.com/documents/bgccareers.pdf

Also, try email their human resources to ask about your specific situation.

Thanks for your reply, I have been on their careers section on their website and there isn't that much info... I sent an email to an adress on their site but didn't get a reply unfortunately. I will keep trying tho!

 

[TimYoung]

The link does list out the specific requirements they want for a job position. Like to be a compliance developer they want someone with a degree in computer science whereas it seems most of the other jobs they want people with a knowledge of C++.

At least for BGC, it seems you need computing programming knowledge more than anything else.

 

[Martinghoul]

No

 

[Chartsy]

Probably need a degree in maths or economics

 

[Martinghoul]

No, you don't... You don't need a degree to be a broker.

 

[tommog]

Brokers are essentially sales people, but with a good knowledge of the financial market they cover. But a salesman non the less. Therefore personality traits are just as important if not more important than education. The best brokers are the ones that are very extrovert, arent afraid to pick up the phone to the head of a trading desk and pitch for new business, take regular bolloc****s from your clients for calling them when theyre busy, not calling them when they wanted you to etc etc. Long hours 6.30- 7am starts, 5-6 pm finishes and then out entertaining clients through the night.

I worked as an IDB before becoming a trader, but i wasnt cut out for it, i learned loads and grew as a person but dreaded getting in to the office everyday.

But if youre the type that is thick skinned, doesnt mind being yelled at or getting drunk every night with people you dont particularly like then the potential rewards are huge.

So in answer to your question, a degree would certainly help, but i dont have one and neither did several of the people i worked with, peronality is more important.

 

[welco11]

Wouldn't bother volumes bigger in electronic than voice broking now, in 5 years all the voice brokers will be gone.

 

[TheSquareMile]

Wouldn't bother volumes bigger in electronic than voice broking now, in 5 years all the voice brokers will be gone.

Really? I still think the traders will want to speak to the voice brokers in the illiquid market.

 

[welco11]

Its not about what traders want its the fact banks hate paying brokerage and will do whatever is cheapest.

 

[charliechan]

Wouldn't bother volumes bigger in electronic than voice broking now, in 5 years all the voice brokers will be gone.

depends. in equity, etd's and fx then id agree.

but for repo, oic, some swaps, freight, otc energy voice is king.

and no, you dont need a degree. walk on the icap, tullets, bgc etc floors and you'd be lucky to find someone with a-levels. ok there will be a few with a degree or a-level but they are the minority. these guys are street smart, not academics.

 

[TheSquareMile]

depends. in equity, etd's and fx then id agree.

but for repo, oic, some swaps, freight, otc energy voice is king.

and no, you dont need a degree. walk on the icap, tullets, bgc etc floors and you'd be lucky to find someone with a-levels. ok there will be a few with a degree or a-level but they are the minority. these guys are street smart, not academics.

Absolutely agree, say that I started of as a non - grad at Icap... What sort of work would I be doing? can you get a put on a desk straight away and work for lines 2/3 years down the line?

 

[welco11]

There was an article in City Am yesterday Michael Spencer at Icap saying how much investment is going into his electronic broking arm, he basically said the future is electronic and the regulators will push for everything to be done on exchange's eventually, they don't like OTC.

There are a few broker's who still do very well but I know alot of them are struggling.Just trying to give you some advice,personally at your age I'd try to get a good degree it's only 3 or 4 years and then try to get into a bank prime broker or one of the good props eg Marex,Liquid Capital etc.

 

[TheSquareMile]

There was an article in City Am yesterday Michael Spencer at Icap saying how much investment is going into his electronic broking arm, he basically said the future is electronic and the regulators will push for everything to be done on exchange's eventually, they don't like OTC.

There are a few broker's who still do very well but I know alot of them are struggling.Just trying to give you some advice,personally at your age I'd try to get a good degree it's only 3 or 4 years and then try to get into a bank prime broker or one of the good props eg Marex,Liquid Capital etc.

Ok, Thank you - I appreciate your advice. With that in mind, how would you say doing a years work at a brokers in the City and then do a degree.... The year out working would sort of be a gap year for me.