# How do I get into stockbroking?



## Joe Nonety (1 Sep 2004)

Either the mad on the floor type of trading as in "Trading Places" or the in the office type?


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## efm1 (1 Sep 2004)

Hi Joe,

Are you talking about becoming a trader / broker or is any area of stockbroking including back office ie settlements / recs / accounts / customer service ?

A couple of points -  the mad on the floor type trading is largely disappearing from markets globally and being replaced by electronic systems - the Irish Stock Exchange no longer has daily sessions on the floor as it installed the Xetra trading system a couple of years ago.  It is the same in the UK for most markets.

Also, in Trading Places it was the commodities market if I remember correctly and not the equities exchange.

In Ireland all brokers / dealers / traders (ie anyone buying  or selling securities on behalf of clients) must pass the Irish Stock Exchange Registered Representative exam before they are allowed anywhere near a dealing desk.  You could apply to take this course (I believe it is DCU but I may be wrong) but there is absolutely no guarantee that a job would be offered anywhere as a result of passing it (also you need to get a score of 70% correct or over to pass the exam!).

The other thing to think about is what do you want to be trading ? equities , bonds, futures, options, swaps, repos, MBS's etc., etc., etc   As far as I know the exam requirements are not as stringent to trade some of the Treasury products (once again I am open to correction on this).

If you're thinking of equities or bonds then you are talking about the broking houses in Dublin ie Goodbodys, Davy's, Bloxhams, etc

If you're thinking treasuries then most of the banks would have a treasury trading desk eg Bof I, AIB, Anglo, Ulster Bank etc.

From my understanding it is quite difficult to get a position of a trading desk in Dublin - theses are considered "plum" positions - a lot of people think it would be great to work in stockbroking "sure aren't they all millionaires" !! so there is a lot of competition for limited places.  In addition preference would be given to people within the industry with experience.

So, from my experience (and apologies for the long post !) the best way to get "in" is to apply for a job in the back office of a brokerage house, get them to sponsor your reg rep exams and if you pass the exam then tell the company you want to move to the desk.

Alternatively, you could get a portfolio of clients with a high Net Worth (ie 20-50 million plus) who are active traders and would be willing to trade through you; then walk into Davy's or NCB with these clients in your pocket and ask for a job !!!

Good Luck !!

efm


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## piggy (1 Sep 2004)

Joe,

Aren't you another IT-er? Another one leaves the roost!!


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## Joe Nonety (2 Sep 2004)

Thanks efm1.

Yes, another disillusioned ITer. Just sick of the area I'm in really (localisation).


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## CPAMG (6 Sep 2004)

Hi 
I work in a stockbrokers, and my advice would be stick with the IT! The pay is crap, especially the last few years as a large part of what you earn comes from bonuses.  Im moving the other way myself into IT.  If you really wanted to get into trading, your best bet would be to try London as its easier to make your way onto a trading desk.  To make it here you need either experience or a rich daddy with rich friends!
Try the link below for further info.

www.londonstockexchange.c...erfaqs.htm


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## James (8 Sep 2004)

*Breaking into Broking*



> To make it here you need either experience or a rich daddy with rich friends!



Yup, you really need good connections to get into this line in Ireland. What golf club does your Daddy play at ? Did you go the 'Rock ? All these factors will help


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