Hi all,
How would you classify prime brokerage? FO, MO or BO?
I understand prime brokegare people talk to hedge funds managers, so the job could be classified as a FO role, but it seems to me they do very basic tasks (execution only trades, cash management, securities lending etc.) which makes me think this is more a BO role…
Any view? Also what are the salaries in this are?
Thansk!
there are few different roles in PB… generally i would say it’s MO unless you’re the trader or salesman then you’re FO
It’s basically ops or sales. I’m not sure if the traditional MOFO distinction works here.
As per pokhim mention earlier, it sort of a MO (trade booking, allocations, resolving queries fr clients & BO etc). Trade booking is viewed as a skillset.Recruiters view it as a “rocket-science” knowledge and if you have never book a trade in the system before, you are unlikely to get a role that require trade booking skills…I’m from BO btw…
Hi maxirun, thanks for your input
One question though: isn’t trade booking a clear BO task? How can recruiters consider trade booking a rocket science? Any trained monkey can learn to book a trade…am I missing something?
They’re recruiters…
While not exactly relevant, once you have a little experience in BO it is incredibly easy to move around. I am in fund accounting and once you have 2 years or so under your belt you get hit up constantly by recruiters. Even though BO tasks are by no means rocket science, it is still a desired skill set.
Hi Flesh7979,
No prob…Hmm, fr the place where I was from, trade booking is usually done at MO level where interactions with FO is more frequent. From a risk-control perspective,if BO are able to book trades, there is no control in place if someone from BO who has intention to key an “unauthorized” trade into the system where he can instruct the system to pay himself millions of dollars.
As for trade booking perceived as “rocket science” by recruiters, I guess you can’t blame them since they are just recruiters who follow the requirements of their clients. If the JD (job descriptions) relates to trade allocation/trade bookings tasks, they tend to screen these key words in your CV. If you have never done trade booking related tasks, your CV usually goes to the bin. (I have encountered such situations for “X” times). Recruiters are not meant to help job seekers but to get a job they hunting for but more of filtering and target candidates that matches the work experience and qualification as closely as possible provided by their clients. If there is another candidate with similar experience as yours but he/she mention of trade booking/allocation in their CV, they will be of more interest to the recruiters.
And ya, I certainty agree your last sentence… 