Possible to get onto a trading floor without a degree?
Been heavily interested in macroeconomics for years and have studied the foreign exchange and commodities for a while now.
I really want a job in finance, more specifically brokerage, FA etc. My dream is to one day work on a trading floor and although I’m only young, do not want to attend university as I don’t think I will get any gains out of it other than the degree.
I know some companies hire people without degrees but is it actually possible? If anyone has attained a job like this without a degree, can they expand more on their experience and can anyone give me some general advice? Thank you.
Doesn’t completely answer your question but the reality is, pretty much all front office jobs require a degree now. Having said that, some firms recognise that university isn’t for or a possibility for everyone.
Only time I’ve seen it where you don’t have to go via the traditional full-time university route are the apprenticeship programmes offered by the larger US banks, e.g., BofA, JPM, who do Global Market apprenticeships where you gain a degree from it while working/training there. One caveat I would consider before committing to something like that though is how it may limit you in the future. For example, you want to exit to a hedge fund; you’re going to be competing with those who have degrees from top institutions, who have alumni at them funds also, etc. So if I were you, definitely ask those who have completed these type of apprenticeships about their experience, especially since these are fairly new programmes.
I’m in IB though, someone in S&T would be able to give a better perspective than me. Good luck!
You can try for an apprenticeship in s&t at a bank or as a trainee broker at some interbank brokers like Icap and bgc. Bare in mind these are still very competitive.
If the decision to not do a degree is not based on financial situation I would say really think about it much more before deciding not to. University really is more than a degree, you can join societies, get access to spring weeks and internship programs and meet many people that have similar ambitions to you. Surrounding yourself with smart likeminded people at a decent uni can push you quite far. It also gives you more time to break into finance with many more attempts available and you really can learn more than you expect with the right lecturers and motivation.
I was equally enthusiastic about macro and ficc when i finished a levels, and thought i knew loads, after enough econometrics classes and a macro undergrad dissertation i looked back and realised how much Ive learned and how little i knew when i started in year 1. Because I had 3 years to apply to internships and get better every year I did eventually manage to break into a trading internship at a bank from a non-target university. To me at least, university was very very worth it, and I had a similar mind-set to you 3 years ago.
I don’t have my a levels, but I’m currently in a level 3 apprenticeship for digital marketing, something that I’ll finish around September. I don’t want anything to do with a marketing career but obviously I’ll miss my chance to join a university, right? I’ve looked into ICAP and have connections with people in there who I could potentially work through. I feel as though the timing of everything isn’t fantastic for me, but if you genuinely think it’s worth getting a degree, I’ll happily pursue it. It’s not a financial standpoint that’s blocking me from going, it’s just my lack of interest.
Ngl, if you don't have your A-Levels (or amazing BTECs maybe), it's going to be very hard for you to get into the unis that are necessary to get onto the trading floor of a bank. Same applies with getting these degree apprenticeships. They're competitive AF. Most people on them could've easily gone to a top 5/10 uni.
I know nothing of this ICAP thing but if it satisfies what you're looking for and your qualifications won't hold you back then go for it.
In that case, i would try the ICAP apprenticeship route if possible, using ur connections as much as possible, even use your connections to make more connections in ICAP, give it ur best shot with them for sure. Learn everything about their businesses and make sure to impress them if u get the chance to interview. Apply to all the other brokerages that have trainee programs too. Good luck!
Appreciate you, wish you the best.
Might be hard to get past security
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