Getting a job in the City

Discussion in 'Trading' started by Kicking, Sep 4, 2002.

  1. This topic has been discussed in other interesting threads but I am looking for some advice on getting a sales or trading (possibly back office ) position in London . I am presently in Brussels and plan to go spend a few weeks in London to explore the opportunities there. Any travel advice is welcome too as I have been to London only once and it was a long time ago. I am 27, spent a few years in college just to learn what I thought I needed to be an educated person then dropped out to pursue other interests in the US where I started trading in late 1999. In late 2001, when the PDT rule came into effect, I started trading eminis with the goal of making $200-$300 per week after 6 months, trading one then maybe 2 contracts. I have just been losing almost that amount per month. Luckily I have other sources of income so I can eat everyday .
    I have never done anything else than trading except for an internship and some sales jobs while in college. I recently came about a few ads for sales or trading positions in London one of which for a (execution only)futures trader in a fund with quite surprisingly no requirements regarding degrees . I would appreciate any advice you have on how to increase my chances of getting an interview and a trading related job.
  2. Funster


    I would jump at that futures trading position!

    I looked around a few months back and even submitted my CV to some London agencies for a few jobs.

    I couldn't even get a job thru one of my two friends both at major US banks. One is in back office, the other a trader on a commodity trading desk. Tough times in the Square Mile at the mo I'm afraid.

    The best advice I got from one of the less snotty agencies was, without an MBA type education, you should just simply send your trading statements to some major houses. That is, if you've got a good one.

    The jobs that are advertised are generally dressed up boiler room type sales operations. Good money if you can hack it, but hard work.

    Traveling advice? London is an expensive city, coming from Brussels and the US as you do. Don't go south of the River (Brixton, Stockwell etc) unless you want to be mugged. And (unlike Brussels) you DONT have to tip the doormen when you leave a pub/nightclub!
  3. Thank you Funster.

    Does anybody know what exactly "experience in placing details" mean ? Do London traders trade more LIFFE or Eurex these days? In the case of LIFFE is it all open outcry and what are the most active markets ? Can you easily get a clerk job on the floor?

    One thing that's important to me is the quality of life. I am sure shopping and nightlife are great and there is more going on than here. If I work "low paid jobs" in the City what are my options when looking for housing, will I have to commute a lot, how is the traffic? Besides Hyde Park where else can you go running, mountain biking whatever to forget you live in a big city? Is it easy for foreigners to mingle with the locals (like females)?
    Any input greatly appreciated.
  4. Funster


    The only pits left are the IPE (due to close shortly) and the LME, which is probably not where you want to be. All the ex-liffe locals have gone off to buy and sell other things, or start up London's many futures prop houses, which literally "prop" up european and us electronic futures volumes in a big way.

    London's a very expensive city. And property is quite high in price. We have stunning women here but generally not too friendly. Better in the suburbs, or if you can manage it go and live in a northern city like Newcastle. Very cheap, very (VERY) friendly and many major corporations with potential jobs. Also more countryside around the further you go out of London for your biking etc.
  5. Does anybody know if the IFA licence( FPC 1,2,3) is like NASD series 7 and 63? Many ads for sales jobs don't even mention you have to have FPC 1,2,3, same with degrees I guess they must assume you have them...
  6. I think there might be a job opening here.


    Sun, Sep 22 2002 12:05 AM AEST

    Trader loses $285m in minutes

    An error by a City of London share trader is reported to have cost his bank almost $285 million in a matter of minutes.

    The Guardian newspaper says the mistake also caused massive fluctuations on the stock market on Friday.

    The paper quoted unnamed market insiders as saying that the mistake was made by a trader with the Credit Suisse First Boston bank, who twice, or perhaps three times, mistakenly entered an order to buy shares worth $3.4 billion.

    It says the London Stock Exchange was looking into the fluctuations that hit the market in mid-morning, and which, The Guardian says, allowed several other traders to make spectacular windfall profits in a matter of minutes.
  7. Is <i>this</i> what spiked the markets Friday morning? Whoa.
  8. Well I have pretty much decided to go live and work in the UK, probably in London. Unless I hear from these French banks I sent my resume to for a trading related job, I am just gonna pack as much as I can, take Eurostar and hope for the best .

    you said it's a very expensive city, besides housing (and restaurants, clubs etc. I guess) I can't see what else would be so expensive the UK has still the lowest taxes in Europe, right? how much is VAT in the UK? 15% ? I bet stores are allowed to put goods on sale all year round like in the US. I never paid more than $30 for pants at Gap in the US ...

    About trading now, I hope I will be able to trade a few months after I got there. What's the capital gain tax? Are cable and DSL available in all London areas for about $50/month?

    I am interested in any info , websites etc about jobs, taxes, housing in London.
  9. Funster


    "housing (and restaurants, clubs etc. I guess) "

    What else is there?! These are comparatively expensive.

    VAT = 17.5%

    Clothes, CDs etc have always been much cheaper in the US, however that gap in pricing has reduced significantly in the last few years.

    Capital gains tax is, of course, complicated. Basically from 20-40% normally. But if you trade for your own account via a limited company there are many reliefs. eg no tax on first £10k profit, the ability to pay just 10% CGT if you wind your company up after 4 years (called taper relief - VERY surprising new law from a left wing government) etc

    The UK is far more broadband based than even the USA! You have a choice of ADSL from BT £30 a month, or 512k/128k or 1024/256k from NTL or Telewest via cable modem for a little more with TV and Telephone services included (including of course CNBC etc).

    sites of interest:
  10. Gosh I did not expect so many links ! thank you so much Funster.
    I found some info here looking in an old stack of magazines: social security tax is 10 %, first 4,195 pounds are exempt of income taxes, tax bracket goes to 40% above 26, 000 pounds. It also says overall taxes for low to middle income are not lower than France which I find surprising.
    #10     Sep 29, 2002