Anyone here have experience with ICAP/GFI/Prebon?
I have found there is a serious lack of info on careers with interdealer brokers on WSO. I'm trying to learn more about voice broking/other tracks with IDBs. Any info on possible career tracks, exit ops, comp, current state of hiring would really be appreciated. I'm also curious on how this compares to traditional S&T roles.
Any insight would really be appreciated.
very old boysy--- with exception of ICAP, none really do on campus recruiting--- even there, its also about connections--- interviews are completely focused on personality and likeability--- its also very straightforward---bring in lots of commisions, make lots of dough otherwise you will be forced out----helpful if u have family or friends that will be BB traders
This is all true. I interviewed with Tullet Prebon a few months ago and turned down an interview at ICAP around that time. Alpha male type environment and huge egos from the guys that make millions. I would try to get on a desk that's voice brokered vs something thats electronic.
Are there any smaller IDBs in NYC that I may have overlooked?
Dude I just posted something on this like an hour ago as well...there is a lack of information on here. More would be great and some smaller names would also be much appreciated.
pingafrita- thanks for the confirmation. Did you get the interviews through network or application/recruiter?
Did you end up at an IDB or elsewhere?
bumpity bump bump
Now a few guys doing this in FX Options. It should be noted there is an almost ridiculous amount of client entertaining involved in this gig given their services are a commodity
Yeah it's generally a pretty good time, though it can be a bit much having to go out hard several times a week.
Definitely go for voice broking.
Why voice broking over electronic broking ? How is the pay compared to a sales in IB for example ?
Definitely seems like one of the perks of the job.
Is it safe to assume electronic broking entails less client entertainment?
Revsly - Who is your go to brokerage? Or do you guys spread the wealth to keep everyone happy and giving you looks?
Yes, I've dealt with all of them...they do seem to recruit, often informally. It's a good, sales job. There are niche product areas, but it seems more of a personality fit.
The succesful ones are usually lucky in that they were well placed as a junior person in a quiet market that got "hot", or picked up a smaller account that grew. Turnover helps, and it can definitely be lucrative. Some slots are almost completely impossible to break into as a junior guy in a viable way,
Jimbo
Jimbo- Thanks for the info. Any recruiter contact info? What jobs outside of IDB would build a good foundation to try and transition in to voice broking?
I'm currently in sell-side ER and really want to make the jump.
if you are doing sell side ER and looking for something slightly transferable within the product I would look to join a team that needs an analyst to help cover their accounts. It will get you experience with speaking to accounts while you build your contacts. Unless you have an amazing rolodex already this is a major uphill battle.
A total product switch just sounds stupid honestly.
I think I've got an uphill battle on my hands regardless. I have one strong contact who I could bring in as a client, and I have a few warm contacts in the business. Granted, this will only get me so far. At this point, a foot in the door is what I'm aiming for.
brokers at inter dealers will make multiples of what sales at an IB will do for the same amount of business generated.
At some IDBs some top producers will have guaranteed contracts as well
And as a JR you have a 6 mth contract and no guarantee of placement on a desk...
Hu,that's bad.
Thank you for your answers.
It ends up being your job to win over a desk...its a 6 month interview in essence of trying to sell yourself to each desk that you rotate through...and after ur six months, they place you on the desk where they see you fit best...
Ok got it ! Do you know what are the exit opps for voice broking ? Obs you won't make it in consulting or PE, but what about sales in IB or something sales related ?
Anything outside planning Cancun week for sophomores. Or guiding Las Vegas strip club tours. I would say is a stretch as a real exit opportunity from voice brokering. Really very few transferable skills. That said after you work at one of the three could you really go back to a real work place?
Thanks marcellus-wallace ! If you go in the voice broking you will really be stuck into this business. Can someone answer my other question: how electronic and voice broking compare ?
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