Hello, I just got an internship at a bulge bracket firm at the "Prime Brokerage" division. I was reading a little about them and vaguely understand what they do. I was wondering if anyone on this forum could give me some insight on the career trajectory of those in Prime Brokerage or if it's a dead end.. What do the hours look like and is it a good stepping stone into other areas of the firm?
you wont do any trading thats for sure . PB's sell trading DMA electroinc trading that is , clearing , cap intro, equities lending etc . It pays quite well , you wont work stupid hours and you'll learn a lot and make loads of contacts . if you make noises you might get a shot on the prop deak but its unlikely - you PB in london or NY ?
I'll be in NY.... so what would you recommend me to know or be very familiar with going into my internship... I really want to get the most and establish/set myself apart from the other interns.
I would like to hear a little more about what prime brokerage is as well. I hear about it but am not totally clear on what exactly it is?
read lots of general financial books , know about all sorts of products. If someone asks if he can do RFQ's for OTC options on your desks you need to know what that means. Learn about fix , DMA , algo trading etc. its a good job , you wont be stuck behind a desk all day, try and get on the hedge fund team for extra interest factor !