Stockbroking as profession.

DeadMoney

Hi, I am a 22yr old student currently studying Human Resource Management. I have always had a bit of an interest in stockbroking but more of a curiosity than anything. I am not sure if this is the right forum to be asking but can anybody tell me where I might find out about stockbroking institutions in Ireland, and courses or exams.
Is it similar to accounting where by you have to take exams to become certified?
Thanks

dblennon

It's a varied and open career with many options non are easy though.

1. basic requirement is the ISE stockbroking exams
2. most portfolio managers have The QFA and I think it will also be a requirement shortly.
3. Huge over supply in the market at the moment I work for a large one and we have not had any new employees for 2 years & only 3/4 internal promotions in that time.
4. most people here, currently have a post grad in finance + currently studying CFA, ACCA, or MBA.

I'm here 3 years and I have the ISE A post grad in Finance and I'm currently studying CAIA(chartered Alternative Investment Analyst).

There is no requirement to get an interview with us but there is an aptitude test that has some financial maths equations that you would need to have a basic understanding of.

DeadMoney

Thanks for the reply. So, would you say I would need to do a post grad first after college and then apply for a firm as an intern or something? I really don't know much about the stock market but I was thinking more along the lines of some sort of independent broking. I assume you would have to work for a firm for a few years and study under somebody? I think what I am trying to find out about is Daytading. Is this the same thing as stockbroking?

Do you mind me asking, what exactly does your job consist of? Is stockbroking all about cold calling and sales? I have an interest in investments and things like risk management, variance fluctuations, mathematical expectation etc.
I guess you could say I am interested in analytical strategies. I can imagine that now is certainly not the best time to be looking to apply for jobs anywhere but I still have 2 years left of college so I am just trying to get an idea of possible career paths. And, I REALLY don't want to end up becoming another accountant. No offence to anybody who is one.

dblennon

I work as a Yeild Analyst and What your looking to do does fall into the catagorie of Hedge funds and general fund managment which is an area I want to get to.

It's hard to pinpoint which direction the industry is going at the moment because historically Irish brokers recieve 99% of their profit from analysing and trading Irish shares.

We don't have the size or the need to daytrade for other clients, although Spreadtrading which has become more popular recently, does show a shift in the physcy of the average client.

I would be happy to answer any questions you might have but you might need to get a better idea of how stock broking works as a whole.

Realistically stockbrokers are sales people but they live and die on there preformance it's not like boiler room or anything like that, I advise PM's on the top Yeilding stocks and bonds currently on the market, and these guys would have ***million under managment.

If you want to become a Market maker Ie Nick Leeson Style you need to be extremely qualified as generally you will be managing the money of institutions, you then would be looking at going to london in a graduate programme but these are highly competitve Actuary and finance Grads 1sts only and degrees in physics maths etc are your general requirements.

Thats the short way!! obviously getting your foot in the door is your best option but you will find that like accounting, law, etc its 3/4 years graft like everything else worth doing!!

dedon

There are no jobs there in this fields what so ever.

ixus

@DeadMoney: you should have a browse through the Investments & Market forum where you will get additional answers to dblennon's.

@dblennon: given your stated background, I'd ask you to contribute to the investments forum if you have the time. Personally, I'd be interested in to here your opinions on the bond markets (all types) and if you could supply any interesting articles that would be sweet!

@dedon: the jobs are scarce alright, but I have seen today two companies advertising for junior traders and one advertising for a junior dealer.

dblennon

ixus wrote: »

@DeadMoney: you should have a browse through the Investments & Market forum where you will get additional answers to dblennon's.

@dblennon: given your stated background, I'd ask you to contribute to the investments forum if you have the time. Personally, I'd be interested in to here your opinions on the bond markets (all types) and if you could supply any interesting articles that would be sweet!

@dedon: the jobs are scarce alright, but I have seen today two companies advertising for junior traders and one advertising for a junior dealer.

I'll try to pop in from time to time I do read the forum. Thanks

Also if that job is with SIG they have a very rigourous application process I'd apply and see what they say.
I was told Min 500 points (my A in LC maths + degree & P.G.) were not mitigating factors.

ixus

Aye, SIG is one of them. One really has to know there stuff and have the aptitude for them.

I was just pointing out that there are some jobs out there in the field.

DeadMoney

By the sounds of things, this seems like a highly competitive profession to tap in to. Is this process similar to America?

farva

One thing that Irish people not in the industry continually do is confuse "stockbroking" with "trading" and "investment banking". Don't mean to be a knob but stockbroking is literally selling shares to clients on the phone - think Charlie Sheen and John C. McGinley in Wall Street.

Check out this thread:

http://www.boards.ie/vbulletin/showthread.php?t=2055524818&highlight=stockbroking

To be honest, it's going to be near impossible to get into the industry at grad level in Ireland over the next few years. As far as I know there is no one taking grads in Autumn '09 who weren't contracted for Autumn '08 and deferred. And I would be shocked if anyone is taking grads for Autumn '10. There is the odd exception - SIG springs to mind and Delta Index may be expanding but BOI & AIB have recruitment freezes, NCB & Davys have been making redundancies mainly in the wealth management divisions. Ulster Bank have let all temporary staff go and are looking for redundancies. I think Dolmen have let people go, I'm not sure about Bloxam and Merrion but I'd assume that they're suffering just like the big boys.