Hello, I apologise in advance for asking such a basic question. I recently graduated from university with a non finance related degree. I am currently looking to work within a cfd/spread betting firm as a dealer. Do I need to pass FSA exams for such a position, or should I enter via a sales role and work my way from there? Any feedback would be much appreciated.
Hey come on Pualo he was asking a serious question, don't dash the poor boys dreams of granduer!
Ha ha, ok I guess I was being a little harsh but I'm sure this question has been asked and asked and asked.....
If you want to work in a regulated role, which sales and dealing are, then you will need to be FSA CF30 Registered. To do this a firm must sponsor you, so they will require you to pass SII Unit 1 Regulations, Unit 2 Securities, Unit 2 Derivatives and Unit 7 Risk management (you need this if you work with retail clients but some spreadbet firms decided to re-classify all their clients as wholesale).
Obviously, it would look good on your CV to have all these before you apply, although not essential. If you are dead set on being a dealer then only take a dealing related role if you can. However, everyone seems to want to be a dealer, even at the SB firms and competition is fierce and the job market in the city is looking very dry at the moment so the sales route may be your only option...
Unfortunately 'sales' at a spreadbet/cfd firm is no training ground for the dealing room. If you have a few spreadbet accounts and one or two of them lay dormant you will find that every few months a guy will call you up from the firm and ask if everything is alright? noticed you haven't traded in a while? have you heard about our new product offering etc etc. This is what you'll be doing. This is a different skill set from dealing and as such will put you any nearer to being a dealer.
Ive worked many since leaving uni for a commercial property development comp, and the briefly a venture copitalist firm and went to one of the top uni's Manchester (ancient history), I have a pretty good understanding of the markets.... Thanks Elefteros and Pualo for the advice.
Looking at you experience it looks as if there's an 'investment managment' bias to your work history. Have you considered this as a career? The entry level qualification for the fund/investment managment route is the IMC, and again will look good if you have it before you apply but not essential.
CFA SOCIETY OF THE UK - CFA UK >> IMC
CFA SOCIETY OF THE UK - CFA UK >> IMC
