You have two main choices when selecting your interdealer broking career - voice broking or electronic broking.
If you work as a voice broker your career path will be pretty straightforward. You'll start as a trainee broker in your product area and will be able to progress through the system from being a junior broker to a broker, to a desk manager, and ultimately - if you're lucky - to the head of a division.
In some cases, voice brokers are able to move into electronic broking, particularly into roles dealing with clients. Once you've worked in electronic broking at an interdealer broker, there is the possibility of moving into other areas of electronic trading. Many senior electronic brokers go on to work for other electronic trading marketplaces, like MarketAxess or Tradeweb.
Many senior electronic brokers go on to work for other electronic trading marketplaces
At Tullett Prebon, Olutobi Osibodu, a trainee broker, says you start by working on the, "day-to-day operational activity on a desk i.e. booking tickets, preparing research material and making the general broking environment comfortable for the brokers." As their careers progress, they start to become involved in, "price making and execution" (actually quoting prices and buying and selling on behalf of clients.) Thereafter, they might go on to, "run a desk" at which point they become less involved in day-to-day execution and spend more time making sure the business is run correctly. At the most senior level, brokers run a whole business area and ensure that each desk meets its targets.
At the most senior level, brokers run a whole business area and ensure that each desk meets its targets
It's very rare for voice brokers to move into trading roles in investment banks. However, it's not completely unheard of for traders to become brokers as an alternative to their banking careers.