Getting Out of Private Client Broking

[majicka]

Hi there,

I hold the CISI's Certificate in Securities and it's Certificate in Investment Management, have been working in the private client broking field for a few years but lost my job back in '08 and had to take middle office roles for a while. I'm now back in the front office at a brokers but to be honest, I realised that I want a more challenging role which can pay more. Private client broking doesn't pay very well.

I was wondering how difficult would it be to move into: trading, sales, instituional broking, or anything that can pay me a decent amount? And what's the best way to secure an interview?

 

[omid81]

hi there mate,

i had a the same problem. Private client stuff is not challenging and doesnt pay well either.

the place to be is the institutional space wherr huge doors will open.

the problem is moving from private to institutional is very hard.

if u have private clients experience and go for an interview for an institutional role, the chance of getting it are slim as you will be up against guys who have inst. experience and prob have a network of contacts too.

i think the best way of getting in the door is getting into a firm where they have both a retail and inst. desk so you can prove yourself on the retail desk and then move on up to inst.

if ur at a retail only broker, try get out and into somewhere where theres an inst. desk.

ie. mf global, sucden financial, cantor fitzgerald

another way is to get into a firm like bloomberg and start from scratch. they will teach you the system and within a year you will start selling them to institutions. once u start doing that, you;ll be laughing long term with that experience.

good luck

 

[Posca]

How much were you earning as a private client broker?

 

[omid81]

i was on a 35k base and ended with 55k at cmc markets.

how about u?