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.

Comments (11)
  1. truly a heart warming tale of perseverance, fortitude and dedication. This is the sort of thing that we value highly in the small provincial town that I live and work in.

  2. So instead of going onto a trading desk in an investment bank immediately, you wasted 18-24 months to get a not-quite-trading position in a PWM shop? Good job Einstein…

  3. Looking for arbitrage opportunties? Good luck beating my algos

  4. Hey Dream Crusher, How did your algo do in 2008?

  5. Well done, dude, If you work 20 hours a day for 20 years, you may afford to buy a sh*tty house in the Midlands jajaja

  6. I wish I had your luck to get me out of the bank office. I really want to move out of my provincial home town but just can’t afford it on my meagre pay.

  7. @Ali Desai 2 – I too was worried about being able to move out but decided that life in a small provincial town was not so bad after all. I am the only Ali Desai who lives here and all my neighbours, including Charlie who used to work for Goldman, give me a cheery wave every morning. In the evenings, we all meet at the local where the landlord knows all of us by name. So perhaps you should consider moving to a small provincial town.

  8. I think people who say “jajaajajaja” are fat morons

  9. For all who say “jajajaja”- I think they try very hard to justify their miserable life by the amount of money they make. I used to be a trader and I hated the people in the front office from the core of my heart. They are a bunch of narcissists who try to justify their very existence by the amount of money they have in their banks. Thankfully, for me that wasn’t very important. I joined my family business and though I am earning much less than what I used to I am very happy. I get to sleep for 8 hours vs. the 4 hour tensed sleep while I was in FO and the team I work with is much friendlier and jovial as compared to the sullen faces I had to look at every morning.
    My life is very good and I wouldn’t have bartered this for the millions of the miserable FO traders.

    To the Midland guy – All the best for your future.

  10. jajaja means they are Spanish-speaking and they want to express laughter

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