THE WOLF2222
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I have a friend who started at Icap and earned around £35k in year 1 on the energy desk. He expects this to be far higher approaching 6 figures in the coming years.
It is difficult to answer this kind of question with any accuracy as there are so many variables.
It is difficult to answer this kind of question with any accuracy as there are so many variables.
THE WOLF2222
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So I've heard yes. But I cannot cite any concrete references to this. My friend who earned the £35k went in at a trainee level, starting from scratch. You would be paid what you are worth and for what you can bring to the firm employing you. Supply and demand n all that.
I've noticed that IDB, as well as MM jobs are not advertised that much in the public domain and tend to be filled through recommendation.
I've noticed that IDB, as well as MM jobs are not advertised that much in the public domain and tend to be filled through recommendation.
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THE WOLF2222
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Why are you so keen to know? It's quite hard to be precise, and also depends on the firm.
Are you about to land a job as an IDB? Don't get worked up over the sums and what other people are earning. It's nice to have an idea, I admit, and that is probably that it is a few hundred thousand a year, around £350k I've heard , but it all depends on you making that money, not what other people have made.
If you need to find the entry rate to ensure you are being offered a fair deal then I reckon £35K+ for the first year if you are new to the game is a fair representation.
If I unearth anymore details from my friend i will tell you.
Are you about to land a job as an IDB? Don't get worked up over the sums and what other people are earning. It's nice to have an idea, I admit, and that is probably that it is a few hundred thousand a year, around £350k I've heard , but it all depends on you making that money, not what other people have made.
If you need to find the entry rate to ensure you are being offered a fair deal then I reckon £35K+ for the first year if you are new to the game is a fair representation.
If I unearth anymore details from my friend i will tell you.
A Dashing Blade
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Of course, but bear in mind that "broker" is simply another word for "salesman"
Your right UKUK, although most brokers are salesman, interdealers are more matchmakers. It's almost like working on an exchange. You will know who wants what, and who wants to sell what, and it will be your job to match these deals up getting both clients the best possible price. You will get commision for each match you make...usually a thrid of whatever the company takes in.
Does anyone have any direct experience with BGC Partners? Specifically with their employment contracts? And how well respected are they as a company?
Does anyone have any direct experience with BGC Partners? Specifically with their employment contracts? And how well respected are they as a company?
woodie_woodpeck
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steveborner
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I am just abouyt to sit my SII papers (unit 1 and 4) from what I have seen, most IDB jobs are getting someone to open the door for you, wither contacts or recomendations.
woodie_woodpeck
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Yeah it's surprising how much of it goes on. I suppose they want everybody to get on with each other when fostering relationships with traders.
Entering the world of interdealer broking
Im currently working as an IT Recruiter in the city, which I've been doing for twelve months. I have a real passion for the financial markets and after doing research on inter-dealer broking would love to secure a job as one.
I was hoping you could give me an insight into the pros and cons of life as an interdealer. I'm interested to know about the office culture, how it can be cut throat and the best way to approach my job search?
Im currently working as an IT Recruiter in the city, which I've been doing for twelve months. I have a real passion for the financial markets and after doing research on inter-dealer broking would love to secure a job as one.
I was hoping you could give me an insight into the pros and cons of life as an interdealer. I'm interested to know about the office culture, how it can be cut throat and the best way to approach my job search?
From the research i've done:
Pro's
If you're young and single you'll have a lot of fun at night going to bars, restaurants, clubs, strip bars and sports games
You don't need to worry about work at the weekend the way a trader does
You can make good money
Good banter with the other brokers if you're on the right desk
Transparent compensation based on brokerage %
1/4ly or 1/2 yrly bonuses
Cons
Going out 3-4 times a week will hammer your liver and destroy your out of work social life
Limited exit ops
You don't learn as much as say if you were in asset management, sales or trading or IB
Can be difficult taking **** off traders all day and trying to be their best mate
Pro's
If you're young and single you'll have a lot of fun at night going to bars, restaurants, clubs, strip bars and sports games
You don't need to worry about work at the weekend the way a trader does
You can make good money
Good banter with the other brokers if you're on the right desk
Transparent compensation based on brokerage %
1/4ly or 1/2 yrly bonuses
Cons
Going out 3-4 times a week will hammer your liver and destroy your out of work social life
Limited exit ops
You don't learn as much as say if you were in asset management, sales or trading or IB
Can be difficult taking **** off traders all day and trying to be their best mate
FWIW, as I understand it, IDB's are more concerned with their book of clients than their salary...
... theory being that clients will follow a good broker over to another firm - it's not unheard of for IDB's to be offered $millions+ as an incentive to move over to a competitor - bringing their clients with them.
... theory being that clients will follow a good broker over to another firm - it's not unheard of for IDB's to be offered $millions+ as an incentive to move over to a competitor - bringing their clients with them.
steveborner
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has anyone found any routes in to junior IDB positions as yet or seen any advertised?
Total jobs advertised a whole load of trainnee roles like around June and I am so f**kd of that I missed the boat as I actively started applying for jobs mid-July onwards- by which time those roles had been filled. I have been offered a good role but I really have missed the chance to get in as a trainee IDB. There really aren't many openings in IDB unless you have a whole book of clients. btw for the trainee positions the basic advertised was £15-20k, alot less than the Basic for the role I have been offered, but I do think with comms and a good IDB it is possible to earn £35-40k in your first year. I suggest keep checking out TOTAL JOBS site in the business & financial services section.
irs_broker
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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.
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.