Finance Industry Insight: what is interdealer broking? April 2, 2012Posted by Kirsti Burton in : Finance, Finance & IT, The Careers Group Blogs, city jobs , 2comments
Originally posted at QM Jobs Blog
In careeers you get to find out about new areas of work and new job titles all the time. These come about because of the way industry has to respond to the rapidly changing world. A friend of mine is a Social Media Monitoring Officer. These jobs didn’t exist a few years ago! Sometimes it can be hard to find out about what particular or specialist job involves, because there is so little information out there. One question we had recently was about interdealer broking. This is what we found out:
Interdealer broking is about bringing buyers and sellers together to execute a transaction. In this field there are two kinds of broking: electronic broking and voice broking (human brokers). With the electronic broking the most common deals are FX-transactions ? these are foreign exchange transactions. It?s easy to buy and sell on the FX market. For more complex products, you need a person to negotiate before an agreed transaction can be reached. In these instances voice broking is used. For example, if two banks were to trade with each other the interdealer voice broker would transact the bond based on instructions receive from the traders at each of the banks.
Due to the recent financial crises there is a lot of new legislation around transparency, which the industry will have to adapt to, as well as greater obligation to transact through electronic mediums. Technology evolving rapidly also means that the broking industry has to constantly adapt.
Financial Alternatives October 6, 2011Posted by Andrew Falconer in : The Careers Group, Uncategorized, city jobs , add a comment
During the autumn term careers advisers frequently meet students who say they want to work in finance or “the city”. When probed, the students tend not to know what they wish to do or what options there are. Often a career in the financial sector is seen as glamorous but there is a huge difference between an executive assistant and a trader. So how do you know where you might fit in?
Financial Alternatives is your opportunity to explore. With a small group of other students, you will have a few minutes with each professional. They will tell you about their job and how they got there then you can ask them your own questions. It runs on October 20 in Senate House, Malet Street, London. You can find details and register to attend.
Other useful resources include the wonderful Directions High Street mini-site from the Financial Services Skills Council. This site not only looks good but provides real substance about the different areas that might be of interest. There are job profiles, hints about applying for positions and an understanding of where all these functions fit together.
Catherine Sweet, CEO of 4-CS, talks to students each year about careers in the financial sector. She has considerable experience working for high profile institutions, including the London Stock Exchange, and always gives great insight into how the financial sector works.
There are of course other criteria to consider. Working in the financial sector can provide so many opportunities. Your career path is unlikely to be linear and with each job you’ll see further opportunities that interest you. But some basics to think about include money and material reward (not all jobs in the sector are as rewarding as students like to think), work-life balance (do you want to have a life beyond work?), preference for client-facing or back office, status, type of work done.
Use events like Financial Alternatives to consider these criteria and build an understanding of the sector. These events are also very useful for mentioning the contacts you met when you complete your application forms. Employers appreciate students that have made the effort to attend these events as evidence of consideration of career interests.
You can also follow the latest information about working in the financial sector and keep up to date with relevant events and opportunities on our Careers in the City facebook page.
Search for the latest jobs and internships in the financial sector on JobOnline.
podcasts , add a comment
Not all companies produce podcasts, but you might be surprised by how many do. These are definitely worth seeking out as you can get a feel for the people who work in the companies, the arguments they use, the attitudes they hold. It is more personal than reading a website. And with some companies who update regularly, you can find out their latest thinking in a more digestible form than reading a full report.
Here are some company podcasts I found, either by searching a company website, googling, or by searching the podcasts section of the iTunes store.
Deloitte Insights podcasts – the Global insights podcast is good, and there are a number of country-specific Insights podcasts available too
Credit Suisse podcasts - includes Economy & Finance and Global Investor
Aon – Insurance, Pensions and Consulting – about the Aon graduate scheme
J.P. Morgan Asset Management Insights – for a focus on investment
Accenture podcasts – Business and Tech – a range of series available here including financial services, information management, management consultancy and systems. From a quick search it looks like there are more podcasts available in different specialist areas of the site.
Deutsche Bank RSS & podcasts – headlines and press releases
McKinsey Global Institute – audio articles
podcasts , add a comment
****Be aware this content is over two years old****
If you have a bit of spare travel time on your way to uni or work, why not give these podcasts a go to develop your commercial awareness – essential for interviews. I regularly listen to these ones and subscribe to them via iTunes so I can vouch for their quality!
Listen to Lucy – Lucy is the FT’s management columnist, and in snappy five minute podcasts she pulls apart assumptions about management and career planning – through-provoking and entertaining.
Martin Wolf – the FT’s chief economics commentator, reads his weekly column
Wake up to Money – daily business and financial news from the BBC. Also available every weekday morning on BBC Radio 5 live at 5.30am…
Careers in the City – Choosing a Career in the City – a top speaker from our City Course, Catherine Sweet, gives great insight into career choice.
The Bottom Line with Evan Davis – weekly interviews with influential business leaders.
Planet Money – (my favourite) – explores economic theory in a hands-on approach featuring plenty of real-life stories. It is US-based, but discusses global trends and relevant stories to us in the UK. What causes inflation? Why do people buy gold? What is a mortgage bond and a toxic asset?
Business Weekly – BBC World Service podcast looking at current hot topics in business, management and economics.
Bloomberg – range of podcast series on news, economics, politics and the market
TEDtalks – not limited to business, but these podcasts are worth attention as examples of great presentation skills. TED has a reputation for hosting outstanding, inspiring talks.
Do you have any favourites you’d add to the list?