Mike North

University:
Warwick

Degree Subject:
Mathematics, Operational Research, Statistics and Economics

Desk:
Rotation

The roles and responsibilities varied from desk to desk. Typically I would try to get to know the teams and learn as much about the product as possible. I helped with sending out prices, keeping the boards updated and filling in tickets etc. On certain desks I did research projects on either specific stocks or potential clients.

I wanted to work in the City and have always had an interest in the financial markets. I was drawn towards broking as it combined these interests with elements of my degree, and still seemed like a social and enjoyable job. The interaction with both clients and colleagues makes the days far more varied and interesting than some of the other career paths I had considered. Once I had decided I wanted to pursue the career, ICAP was the obvious choice as it is a global leader in the field.

I was given a login to an online introductory course to the markets. There were text files and video lectures accompanied by practice tests. The first two days of the internship were classroom sessions compounding and extending this knowledge with simulations and real life examples. This gave me confidence in my knowledge of the markets and deeper understanding of ICAP's business. The third day was broker etiquette training. We split into teams and decided how we would deal with different situations that may arise and then received feedback and suggestions on areas of improvement. After that I began rotating around desks where the brokers were happy to answer any questions I had. First hand experience showed me how everything works in the real world, and was far more useful than anything I had ever learnt in a classroom.

I was surprised at how many events there were on the internship. Ranging from drinks after work to sporting activities, charity events and a casino night, they allowed us to relax a little and get to know the people we were working with on a more social level. It was good to hear from graduates who were in our position not too long ago, and people who have been in the industry for far longer. The touch rugby event enabled us to meet some of the interns from the banks around London, and get to know potential clients of the future.

The interdealer broking lifestyle was quite a shock coming straight from University, but this became routine and I found myself enjoying the busier life and more productive days. The hardest part was trying to make an impact when the desks were quiet. It's difficult to show what you can do when you are simply observing and learning from the brokers. Most of the time however, this wasn't a problem as when a desk is busy there is plenty you can do to help the brokers and make their lives easier.

I would have to pass on the best advice I was given in my 8 weeks as it made it clear to me that interdealer broking was for me. I was told to decide whether I saw myself managing people or managing risk. If the answer is risk then perhaps you are more suited to the other side of the business at a bank, if the answer is people then broking is for you.

Sports are huge in ICAP and the City. I have always been active in team sports and was heavily involved in clubs throughout school and University. They not only teach you how to interact with people and work well in a team but provide many networking opportunities on the job. Many forms of entertaining revolve around sports, and they are discussed all day at the desks and with clients. Having a similar interest as your colleagues and clients enables you to strike up an instant rapport and build a good working relationship.

Other than the obvious skills such as being analytical and having a passion for the markets, there are some finer skills that are just as important to being a successful interdealer broker. Keeping calm when the pressure is on enables you to make the right decisions and pay attention to the fine details. It can get pretty intense at times in such a competitive environment and having the right temperament can be crucial. Overall I think it's about establishing profitable relationships with your team and clients. The relationships are vital when attracting business from your clients and keeping them from using your competitors.