I just got a telephone interview at ICAP, I looked at the threads about ICAP on here most were either years old or had no or few responses. My questions are what is a first round like for brokerage, any insight on the London or NY offices, how tech heavy are these and what products should I know?
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Only technical I can recall from phone interview "was what happens when bond prices go up?" very easy as far as technical and pretty much all fit.
Can confirm, good friend works there.
BTW dude stay away from ICAP, brokering will be dead in around 10 years and the exit opps are literally horrendous. B-schools don't care for brokers and the rest of the 'street' thinks brokers are idiots. There is a reason ICAP is being aggressive with their recruiting, and that is because most smart people realize it will be a dead industry.
I have discussed this with many traders, brokers, and heads of exchanges
Agreed. I used to audit a competitor of theirs and the good guys were routinely bringing in ~$5 million/year. Everyone knew though that the industry was very quickly going electronic, even with the higher-spread exotic and illiquid products. I'd equate it to NYSE floor trader in terms of exit opportunities (or lack thereof).
My friend worked on one of the hotter desks and he was killing it at around 4-5 million a year, but now he only makes half.
He predicts that in around 5 more years they will be down to another half and so on. It really is a dead industry
good luck!
I understand that there will indeed be issues going forward, but I was under the impression that you can lateral to PB, sales, sales trading and execution trading? I'm a junior at a complete non-target, my 2 best high level contacts (one director at a BB and an executive in AM) are both out of their jobs one lost in a political fight, the other had no deal flow and got axed. I may pursue a MSF, but as a junior SA this seems relatively appealing.
if you want to go into AM DO NOT GO INTO BROKERING
Trust me, you cannot transfer! Go get a MSF! Do not do brokering do not do not!
And sales?? NO brokering has no relevant skills, trust me on this man. You are better working off in PWM
I plan to do the MSF, I worked in IB last summer at an MM, recruiting this year was awful, I thought I would have had better luck.
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