[TomX]

Hey,

I'm weighing up the careers I think I would enjoy in the future and since I've always had a liking of being a stockbroker (probably from reading Nick Leesons autobiography, not a good thing) however I think an economics degree would be best to become on of these.

I am doing a full Maths (MMath) course no matter what, no Maths with CS, Maths with Biology (though that tempted me), Maths with Physics (though that tempted me too) or Maths with Economics.

Would it still be possible for me to become a stockbroker with a MMath Degree?

Thanks in Advance
Tom

[mahras]

Nick Lesson was NOT a stockbroker. Stockbroker are the guys who call up your mom and pops to sell stocks. Traders trade stocks and futures for institutionsal clients and later if they are very good move on to managing millions for prop desks at banks or at hedge funds. Stockbrokers dont do any of the above usually. Traders make much much more than stockbrokers.

[TomX]

Hmm, well you're probably right but did the book claim Nick Leeson to be a stockbroker or is my memory failing me?

[mahras]

He wasnt. If he did write he was a stockbroker than it shows again that he has bad credibility. He lost a billion dollars due to him BETTING the bank's money on FUTURES. If he was a stockbroker he would have never lost it because investor clients would have lost money not the bank. I have never read his biography (not that I would really want to). I suggest you read Liar's Poker, Market Wizards etc. There is a book recommendation topic in the investment and finance forum. Just scroll down. Much better read than reading the autobiography of a lying trader.

[jrhartley]

OK - to be clear, people working as analysts, salesmen or traders will generally group themselves under the title "stockbroker" when in social situations as people are likely to misunderstand if you otherwise if you just give your internal bank title. I would therefore say that within a broad definition, its not actually wrong for Leeson to call himself a "broker", and within that, he was obviously a trader.

Maths isn't a particularly important thing for sales, more so for trading (but really most traders are very sharp numerically as opposed to the academic sort of maths - a lot of them haven't gone to uni, but they've been working with cash and figures since they were knee high to a grasshopper). Analysts: stats, english and economics useful.

[TomX]

Thanks for all the replies. Having bought and read Monkey Business a few days ago I've decided not to get into banking. Hopefully I'll become a Maths researcher or something working heavily with Maths where I have to learn new things.

[mahras]

Tom, keep in mind Monkey Business is about BANKING not TRADING. They are two different world. Send me a PM. I will send you a ebook. Liar's Poker. You will definitely like it. BTW definitely do math if you want to work in say derivatives as a quant. Derivatives are very math based.

[mahras]

Jrhartley, I dont know ANY trader or ANY salesperson even WILLING to accept the title stockbroker. One person did call them that. He was never seen in the group again.

[mahras]

Okay for some reason I cant seem to find Liar's Poker on my computer. But I will send you another trading classic Reminiscences of a Stock Operator. My bad on the Liar's Poker.

[jrhartley]

Originally Posted by mahras

Jrhartley, I dont know ANY trader or ANY salesperson even WILLING to accept the title stockbroker. One person did call them that. He was never seen in the group again.

Well, maybe I was just hanging out with a funny crowd then, but i could point you in the direction of a few hundred. Particularly salesmen, less so traders, but I could still find a few there. You will recall that the old houses like Smiths, Kitcat & Aitken, James Capel and the others were traditional brokers, and subsequently got taken over by IBs, so a lot of the staff (and indeed mgmt) still refer to themselves as a stock-brokers.

I think it's a matter of age and "US-isms" - older analysts, sales-traders, and salesmen are all happier to refer to themselves as brokers, newer ones and people who read a lot of mgmt books want to be more US-orientated and so use the tighter definitions. I grant you that there aren't many prop-traders that would refer to themselves as brokers.

[jrhartley]

Originally Posted by mahras

Jrhartley, I dont know ANY trader or ANY salesperson even WILLING to accept the title stockbroker. One person did call them that. He was never seen in the group again.

I've just noticed you're based in the US - that explains the difference in terminology. A lot of UK / European traders and salesmen won't have an issue with it, hence Leeson putting himself down as a broker (Barings being a UK bank)

[mahras]

Yep that may very well be true. People here are very into the whole difference between ibanks and commercial banks/brokerages.