GUEST COMMENT: How to become a bond trader after giving up on the City and going to work in the Midlands
I'm on my way to becoming a bond trader. It's what I've always wanted to do. However, there was a time when I gave up entirely.
While I was still at university, I underwent an internship in an investment bank so unendurable that I walked out halfway through.
At that stage, I was sick of the City. I decided to move back to the Midlands. As you will know, there are no front office roles here: my skills weren't worth a penny. Instead, I found job working for the outsourced operations of an investment bank, and did a bit of temping. It was fine for a while, until I got bored.
The reality was that during my internship I loved the excitement and thrill of working in the front office, I just didn't like the way I was treated by other staff.
I decided to move on. I left my temping job and joined a global insurance firm's investment accounting team. They looked after the accounting side of equity investments, which were funded through bonds sold via retail banks and IFAs. As a result, I began to learn a bit more about bonds.
Shortly after that, I decided to study for the exams run by the Chartered Institute of Securities & Investment. I had to fund myself as the firm I was working for didn't consider them relevant to my role.
Once I'd passed these, I moved to a large private client investment management firm as an investment assistant. I spent a year in this role. Fortunately for me, this firm had a corporate advisory division which provided services such as M&A, research, and sales and trading. I networked, and got to know some people on the sales and trading team.
As the team's small, opportunities to move into trading occur rarely. I offered to take a desk assistant role, where I'd be doing admin duties. They accepted, and after six months, of admin, an associate left. Instead of replacing him with a junior associate, they decided to promote an existing analyst and elevate me to a junior analyst position. I now provide the team with up to date news on the bond market and analyse spreads for any arbitrage opportunities.
I'm not fully trading yet, but am on my way there. Bonuses won't be like a top tier bank but the team I work with now, many of whom come from the sales and trading divisions of top tier banks, are supportive. In retrospect, I really wouldn't have done it any other way.