Andy Harris
Andy Harris
University:
Loughborough
Degree Subject:
Banking, Finance and Management
Desk:
Interest Rate Swaps, Credit Default Swaps, Commodities
At the same time the internship is a fantastic learning opportunity. To be a successful broker you have to be a self-starter and this is also expected to be true of interns. Using your initiative to follow the market activity is the best way to increase your knowledge of brokering. There is little point just sitting there waiting to be asked a question, you must put yourself about. On many occasions I would watch intently and if permitted listen in to calls so to give me a flavour of broker - trader interaction.
For me brokering takes the best parts of sales and trading roles without the downside of taking your position risk home. As a broker you will work in a high pressured, fast moving and client-facing environment but you will not entail the problems having to hedge risks, which is less appealing to me. I identify ICAP as the market leader with a management team with a proven record for continual improvement and business diversification. Couple this with a no nonsense culture built on getting the job done and I feel that I have found the perfect match for a highly ambitious graduate like myself.
The most challenging aspect of the internship was working on the boards with relatively little experience. There is a need to be constantly alert even at quiet times as the market can erupt at any moment. When it does your reactions have to spot-on as the prices you relay are those that the brokers will quote to the market. There is no margin for error.
My expectation of the ICAP internship was that it would replicate the programmes offered by other finance houses. This was quickly dispelled within a week of joining the firm. My understanding of other internships is that are focused on an ongoing project that candidates are then assessed on. ICAP follows this in terms of setting group challenges where the group collective competes against the American counterparts but the bulk of the experience is working alongside the brokers, assisting and learning where possible. More emphasis is placed on networking and the people skills that are central to a successful career in broking.
My advice to anyone looking to break into broking at entry level would be to be yourself. I feel that if you try and put on a face you will be quickly found out and this is less impressive than being yourself and networking based on your actual interests and common ground. People respect honesty so honest you must be!
By far the most enjoyable part of the internship was working alongside the brokers on a day-to-day basis. The brokers at ICAP are the very embodiment of "work hard play hard" and remain the reason that I wish to pursue a career in broking over trading. At times they appear the hardest working people, constantly alert and ready to act, then at other times they are the funniest people to work alongside. The environment is something that once I tasted I knew was for me.
Very strong communication skills are an absolute must. Many entry positions cite such a quality as being needed but having experienced ICAP is essential. You are communicating in a fast paced and high-pressured environment with other brokers and multiple traders both in and out of work hours. Whilst at work it is vital to be accurate and direct and out of work you have to find common ground with existing and new clients. In my opinion communication has to be front and centre of any key skill set. The ability to work as a cohesive unit is important. Regardless of the set up of the desk your fellow brokers are the ones who are going to help you deliver results. There is little room for mavericks that care only for themselves. You must apply yourself in a way that will be of mutual benefit to the team and yourself.
