Just got an interview as a Trainee Dealer

[rAc3rX]

******deleted******

[icyspawn]

Who's to say which is a better deal? Are u confident of getting your own clientele? Do u have $30k for a banker's guarantee? Are u prepared to be liable for your clients' contralosses? If yes to the 3 questions, it's a no brainer, go to KE.

[icyspawn]

Since all of the above is a "No", then that's another no-brainer.
As for 3, your banker's guarantee will have to be maintained at $30k... your client's contralosses are not supposed to be taken out from your banker's guarantee unless in a worst case scenario which u should not even be thinking of at the moment.

You're welcome ;)

[Nemphus]

fresh grad from where?/

[3dfxplayer]

By the way, KE called me to go down for a interview tomorrow. The guy told me that its not really a formal interview but a session with his boss so that he can tell me what the job is about.

I think i need to prepare some questions to ask him, are there any "must-ask" questions?

You might want to ask him what is the minimum amount of comm that you have to churn every month as a remisier to avoid paying "desk fees" (which is usually $500 or so). You might also want to know what is the comm split like when you convert to a remiser, i.e 40/60, 50/50, etc.

Yeah you just graduated from a poly or uni? The stock market is pretty quiet now, I think remisiers will have a hard time next year...

[3dfxplayer]

grad from uni. anyway he say is not really a remisier but they are a team of dealers with no base salary. all from commissions. I'll just go and gain more knowledge abt the jobscope.

thanks for the inputs :)

That sounds pretty weird, because no base salary + need to find your own customers usually = remisier, dealers usually have basic salaries.

Anyway good luck with your interview.

:yawn:

[icyspawn]

KE's retail dealer is essentially the same as remisier.

[carey]

That sounds pretty weird, because no base salary + need to find your own customers usually = remisier, dealers usually have basic salaries.

Anyway good luck with your interview.

:yawn:

Ya lor - might as well try OCBC Sec if you are interested...

I think the trainee dealers are still paid a basic salary after completing the training and commissions will also start to kick in...

[WaYne900]

unless u are really good at helping ur client with advice, recommendations.. if not your client will also run here and there and will not only trade thru u.

so think twice.. unless u got a lot of friends really dun mind deal thru u den i think it will be fine to go to KE.

[icyspawn]

Ya lor - might as well try OCBC Sec if you are interested...

I think the trainee dealers are still paid a basic salary after completing the training and commissions will also start to kick in...

Do u happen to be with OIR?

[icyspawn]

Who interviewed u? Daniel?

Perhaps his team does Corporate & Institional clients... there are many types of dealers u may not know of... in fact, some dealers do not even handle clients and are pure execution fyi.

[3dfxplayer]

Hi guys just back from the interview. OK here's the story:

Basically this is a team from KE that's just newly setup (Since last Sep 07). Currently they consists of a team head and the rest are dealers.
They will provide me with 6 months of training with basic salary of 2k. This training will consist of the operations about dealing, how to get new customers thru either cold calling or seminars, financial advisory (stocks recommendation) to clients and fundamental/technical analysis.

After the 6 months is up, I will be converted to a fully based commissions dealer with no fix pay (like remisier). Still have 2 years bond and 30k bankers guarantee.

The commissions are like this 1st year- 30/70 , 2nd year - 35/65, after 2 years - 40/60

The thing about this team is that according to the team head (he is the one that interviewed me), other than the retail side of the business, they will also have deals with corporates and institutions, things like M&A, IPO, RTO, share placement, rights issues etc. According to him this is where the big money is BUT each deal will take about 6-9 months to materialize and the profits/commissions will be spread among the team.

At this point it sounds like I can learn alot of things.. since im a fresh grad i can be exposed to M&A, IPP RTO! but then i got abit fishy and i ask him this

"since you said that your team will be involved in deals with corporates/institutions , and high levels stuff like RTO, IPO etc why would you still want to employ me, a fresh grad with no experience in this area at all? Dont you rather hire someone with the relevant experience to assist you in this?"

His ans was that by giving me an example, when someone builds a building, he cant have a team full of architects to build it. he needs architects, and some other ppl to do the dirty work. Hence he is looking for experience and no experience ppl like me to do the more operational side of things but also learn in the process.

Basically, retail side = bread and butter, corporate side = big money. Since the coporate deals take 6-9 months to materialize, I will have to earn my "core income" thru retail.

Having said so much, what u guys think of this job? Can i trust his words? ive never heard of this "Team of dealers" before.

Sounds like a remisier to me. There is no guarantee that there will be M&A, RTO, etc deals down the road, the market is really slow now, you will have to depend on your own customers if you want to survive in this kind of market.

The comm structure is really bad, I think most do 40/60 in the first year, 30% is really too low. Is there any minimum that you have to meet every month? I mean desk fees that you have to pay should you fail to meet the minimum?

[icyspawn]

i agree the comm structure for the 1st 2 years sucks.

for eg. lets say my client bought ABC stock 10 lots at $1.00. Total cost = $10,000. KE's commission is 0.275% for online trading. therefore total commission = $27.50 , and i will be getting 30% of it, which is $8.25???

how to survive sia unless i know some big bosses as my clients.

Haha. Welcome to the real world my friend.

30% is very low. Most remisier terms get 40/60, 45/55 or 50/50 depending on your brokerage generated. However, even for 50/50, based on your example, that's only $13.75... in which case by the time u qualify for 50/50, even a $50k trade is nothing to u anyway.
If u think dealers/remisiers can earn big bucks easily... wake up and smell the roses. In fact, not very uncommon for remisiers to trade the market just to try earn their own income from the market... especially in times like these when the volume is very thin.

[windroar]

based on ur calculation u have to hit 3million worth of trades, in order to earn about 2500 per month, which is easily obtainable for fresh grads in other jobs, not forgetting your downside risk is so high, say one bugger out of 100 customers contra lose $ just run away u may lose tens of thousands easily.

[w3irdo6]

Hi TS, can i know what field did u studied for your degree? Is it a local or overseas degree?

Btw, is there any courses outside that can train u to trade or be a trader ? Will getting CFA level 1 helps me to get a trader position ?

[w3irdo6]

i always tot they are somehow the same, can you explain a little to me ?

[icyspawn]

i always tot they are somehow the same, can you explain a little to me ?

Dealers/Remisiers mainly do execution on behalf of their clients.

Traders trade the markets themselves, ie. they decide what/when to buy/sell, either for their own gains, or for the institution in the case of a Proprietory Trader.

Sometimes dealers are given the title trader though... more often in foreign banks, even though they may not do prop trading.

Dealers/Remisiers are often mistakenly called Traders, but may not always be wrong since many Dealers/Remisiers do trade the markets themselves... esp in the case of a Remisier since a Remisier does not need to seek his/her management's approval for own trades, like Dealers usually have to.

[Gilch2]

Hi guys just back from the interview. OK here's the story:

Basically this is a team from KE that's just newly setup (Since last Sep 07). Currently they consists of a team head and the rest are dealers.
They will provide me with 6 months of training with basic salary of 2k. This training will consist of the operations about dealing, how to get new customers thru either cold calling or seminars, financial advisory (stocks recommendation) to clients and fundamental/technical analysis.

After the 6 months is up, I will be converted to a fully based commissions dealer with no fix pay (like remisier). Still have 2 years bond and 30k bankers guarantee.


Hi, I heard something similar... dealer position, almost the same as your's~ 6mths training, basic $2k, 2 years bond
didn't mention anything about the $30k guarantee or salary package, only mention a quarterly bonus...

heard most of the time after training they convert into remisiers instead?
for say, a fresh grad with limited network, this job...hmm... any comments?

[icyspawn]

Go for the interview to find out.

With regards to your network, that's up to u... don't assume a dealer/remisier job is easy to make big bucks. Too many ppl are assuming that, and too many ppl find trading to be "fun".

[ExK]

I like to deal with charts and figures. the maths and stats are fun, but the real life consequences aren't always so.

[evets]

with the current market, trading volume will be low. so for newbie might not be easy to source for customers.

[mkt_maker]

hey TS, if ur looking to "see how is the job like" u can try vickers as a trainee dealer. quite comprehensive program.

but i can tell u its not as "glorious" a job as u think. best not to start as a fresh grad (like i did) cuz of the little network u have. and not to mention now is really a bad time. win 1x lose 3x kind of bad.

although if u can ride out this rough time, u will definitely shine when the mkt picks up. just be patient is my advise

[icyspawn]

Many ppl think it's a glorious job, and easy to make big bucks.
Wait till your clients refuse to pay their contra loss... then your "big bucks" becomes "working for free" to pay back the broking house for that contra loss.
Apart from that, in a very quiet market like now, u can be sitting at your desk simply waiting and hoping for phone calls.

[Hippo_dance]

so good.... me cant be one :(

[pier]

hey TS, if ur looking to "see how is the job like" u can try vickers as a trainee dealer. quite comprehensive program.

but i can tell u its not as "glorious" a job as u think. best not to start as a fresh grad (like i did) cuz of the little network u have. and not to mention now is really a bad time. win 1x lose 3x kind of bad.

although if u can ride out this rough time, u will definitely shine when the mkt picks up. just be patient is my advise

is the position still available? how do i apply for it? cant find details in the vickers website...

if my motive is to learn how to trade with skill instead of gambling like now, wat r the chances to learn from being a dealer?

[pier]

Many ppl think it's a glorious job, and easy to make big bucks.
Wait till your clients refuse to pay their contra loss... then your "big bucks" becomes "working for free" to pay back the broking house for that contra loss.
Apart from that, in a very quiet market like now, u can be sitting at your desk simply waiting and hoping for phone calls.

dealer have to compensate for their client's contra loss? i tot only remisier need to do tat?

[pier]

Anyway i got an offer from Philip also as an dealer, normal pay package, 2 year bond, but with no commissions.

which is a better deal?

wat is the normal pay package like from philip?

so wat job did u end up now?

[icyspawn]

I don't think any broking houses are hiring right now. In fact, I heard Vickers have axed some ppl.

Depending on house, dealers usually do not pay for client's contraloss... however, they usually deduct from your payouts(which essentially comes from your brokerage). You still get your monthly salary though, unlike remisiers.

[pier]

I don't think any broking houses are hiring right now. In fact, I heard Vickers have axed some ppl.

Depending on house, dealers usually do not pay for client's contraloss... however, they usually deduct from your payouts(which essentially comes from your brokerage). You still get your monthly salary though, unlike remisiers.

ya i wld think so...KE still on hiring but i suppose its like wat TS described...so i dunno whether shld i go for interview ornot...

for AMFraser, they jus wan dealers with client base...those w/o can forget abt it...

[icyspawn]

KE hires remisiers.

[tellim]

i wont trade w a fresh grad...

[class]

hi.

any idea if dealers have to do roadshow?
what about places like kayhian? what is the package like compared to KE?

[russgiam]

yeah, i went for the interview as wll, by the W^^G guy, he is the head of of team over at ki^ E^g. My interview was something back already.

During my interview, as a trainee dealer, i know about the training for 6 mths, n the base of 2K, but he din mentioned anything on 2 yrs bonding n 3oK B.G. Eventually, I was recruited, then still have to pay for my own m6 and M1A. I took m6 two times, failed. I asked around my frens who are in the B & F sector, they told me about the 2 yrs n 30K, and most imptly, you will be carrying your clients risk as well. If they run, u pay. ( rem the broker who owed her company money in TNP some back back.

So, pls really understand thier T & C before committing. Lucky for me, at the point of time, I had not sign anything with them, except, for the money on the m6.

[russgiam]

Personally feel that...

Given the market bearish condition, its not a ggod time to work as a remisiers/dealer for stocks.

If can, go for forex positions, forex/currency dealer/trader, Good payout and sometimes they take cuts from the spreads also. Another good one is Oil/Fuel broker, but very difficult to get into, must have the networks n contacts.

Heard that one of the local based oil brokerage firm has been very successful. Team of 18 to 20 oil brokers. The company had created 7 to 9 millionares. ( Dun Knw how true also, heard from my frens 0

[class]

what about the hours? thought that dealers dun have to do 30k BG?
roadshow?

[class]

anyone in KE now?

[chemz]

if you're that worried abt the 30k BG, then dealing really isn't for you.
credit risk is inherent in any business, especially since this is largely a sales position. and sales is only completely concluded upon receipt of payment.

even if you're house based, you can still be liable for client's contra losses (in the form of having your bonuses scratched till your acct is paid off)

[PostCountWarrior[+1]]

learned somethings today

pcw +1

[icyspawn]

if you're that worried abt the 30k BG, then dealing really isn't for you.
credit risk is inherent in any business, especially since this is largely a sales position. and sales is only completely concluded upon receipt of payment.

even if you're house based, you can still be liable for client's contra losses (in the form of having your bonuses scratched till your acct is paid off)

Definitely...
I've always said, many ppl think that the stockbroking industry is a bright and rosey one.

What they don't know is that all it takes for 1 client to screw you up with huge contra losses and you could be literally(almost) working for free for the next few months/years just to clear that mess.

[Hamstar]

wah KE so chek ark towards new remisiers :s8:

me after conversion immediately 40/60 liaoz, but that was abt 4 years ago


Hi guys just back from the interview. OK here's the story:

Basically this is a team from KE that's just newly setup (Since last Sep 07). Currently they consists of a team head and the rest are dealers.
They will provide me with 6 months of training with basic salary of 2k. This training will consist of the operations about dealing, how to get new customers thru either cold calling or seminars, financial advisory (stocks recommendation) to clients and fundamental/technical analysis.

After the 6 months is up, I will be converted to a fully based commissions dealer with no fix pay (like remisier). Still have 2 years bond and 30k bankers guarantee.

The commissions are like this 1st year- 30/70 , 2nd year - 35/65, after 2 years - 40/60

The thing about this team is that according to the team head (he is the one that interviewed me), other than the retail side of the business, they will also have deals with corporates and institutions, things like M&A, IPO, RTO, share placement, rights issues etc. According to him this is where the big money is BUT each deal will take about 6-9 months to materialize and the profits/commissions will be spread among the team.

At this point it sounds like I can learn alot of things.. since im a fresh grad i can be exposed to M&A, IPP RTO! but then i got abit fishy and i ask him this

"since you said that your team will be involved in deals with corporates/institutions , and high levels stuff like RTO, IPO etc why would you still want to employ me, a fresh grad with no experience in this area at all? Dont you rather hire someone with the relevant experience to assist you in this?"

His ans was that by giving me an example, when someone builds a building, he cant have a team full of architects to build it. he needs architects, and some other ppl to do the dirty work. Hence he is looking for experience and no experience ppl like me to do the more operational side of things but also learn in the process.

Basically, retail side = bread and butter, corporate side = big money. Since the coporate deals take 6-9 months to materialize, I will have to earn my "core income" thru retail.

Having said so much, what u guys think of this job? Can i trust his words? ive never heard of this "Team of dealers" before.

[icyspawn]

40/60 is the norm for normal-performing remisiers isnt it?

[class]

so i gather that it is a lot of risk to get into this business now right.
i got an interview with KE. not sure if i should go.

[icyspawn]

There's always risk, regardless of the market conditions. You'll never know what speculators will be up to.

Of course with the current market condition, the risk has increased exponentially... besides, with volume so low, it's even harder to earn back the contra losses your clients have defaulted on.

Don't think a TR is a bed of roses with high pay... it's not.
Ultimately, it boils down on your own personal risk management on how you understand and manage your clients.

[class]

and it is really true how they calculate the bonus/comm?
0.25% and still must split 30-70?

[Hyruga]

I think as a broker for KE or philips, you are sometimes assigned customers who are new. If they invest online, you will still earn even if you didnt help them at all.

[icyspawn]

and it is really true how they calculate the bonus/comm?
0.25% and still must split 30-70?

Not sure where u get the 0.25% and 30/70 from, but yes, that's how it's calculated.

If your clients' trades are all min brokerage of $25, u're typically getting less than half of that.

[class]

so it must mount up to be a few million dollar before u really earn right?
which part of the finance industry is rewarding then?
what do you think?

[newborn1000]

This is like a salesman job............

I think anyone that is interested should try selling something first before committing

[s7460597]

so it must mount up to be a few million dollar before u really earn right?
which part of the finance industry is rewarding then?
what do you think?

find out about yourself first, what's your personality, interests and then look for the area that interests you then narrow down. finance industry is a big!

[icyspawn]

so it must mount up to be a few million dollar before u really earn right?

That's why I say... too many ignorant ppl think that being a stockbroker is easy and makes big bucks.

[chemz]

so it must mount up to be a few million dollar before u really earn right?
which part of the finance industry is rewarding then?
what do you think?

if you want to step into this line and make a quick fast gain out of it, then you shld have the blessing of a wide network(that will actually trade with you) or a few big pillar/high volume supporters backing your trades.

[class]

in this sort of climate, if u start fresh there, it is tough....

i think i get what you all mean.

but i guess u will learn a lot.

[class]

looking for employment but looks like its quite hard in banking and finance.

[class]

so be it institution dealer or retail dealers. all are resposible for the clients money too?

[bendi85]

hi wat is the minimun qualification to be dealer?
uni or poly?
hmm is it better to start off with working in the treasury department to gain some exp??

[icyspawn]

Institution desk usually don't have contra loss one... what do u mean by responsible for client's money? Not sure what heppens if the client(say Lehman) goes belly up and doesn't pay for trades...
Institution desk typically has 2 types of dealers as well, execution & sales. Execution dealers may not have profit sharing ie. salaried worker, while Sales traders may have profit sharing.

Typically for house dealers, they look for uni grads... I'm sure dip holders are hired as well, just not as common. The MAS/SGX license only requires 4 "O" lvls anyway.

[icy_boi]

isit realli so bad? tmr i be having interview for dealer executive. haiz..

why all negative comment here. no positive comment..:(

and anyone been through the interview.. wat will they normally ask! share!

[MyPhuong]

Its a bloody trick. They will ask a group of interviewer to come out iwth the $30k and do the trading instead of working for them. And if they are not genuine, which is hardly the case, they will ask you to enter and exit heavily and they get all the comms. Worst thing is they give wrong advice and burnt up your $30k.

Just becareful. Now forex, CFD, Options, ETF, futures already open market in Singapore where u can open acocunt with legit licensed by MAS in singapore such as City Index and igmarkets. U only need to invest SGD$1k and you can start trading on your own with their softwares. At least learn from there and worst come to worst u only lost SGD$1k.. and not the $30k!!

[icy_boi]

went for interview. but they said for dealer, after 6 mth training. it's still on basic plus commission. not converting to remisier with the $30k gaurantee. they said there are different positions in the company leh.

mmmm? any comments? :s8::look:

[beefstick]

went for interview. but they said for dealer, after 6 mth training. it's still on basic plus commission. not converting to remisier with the $30k gaurantee. they said there are different positions in the company leh.

mmmm? any comments? :s8::look:

ooo.. im also going for interview.. any idea what qns they will be asking? :D

scully next time both of us are colleagues.. hehe..

[icy_boi]

ooo.. im also going for interview.. any idea what qns they will be asking? :D

scully next time both of us are colleagues.. hehe..


yea keep in contact herre lor~ mayb if we both selected ba..

how ur interview? got confidence? how u fare?

they ask me general qs. quite simple to ans :o

[beefstick]

yea keep in contact herre lor~ mayb if we both selected ba..

how ur interview? got confidence? how u fare?

they ask me general qs. quite simple to ans :o

interviewed by HR? mine only one person interview...

she keep telling me working hours in hellish... heard from my parents.. my aunt is a remisier.. and she got no time for family at all.. even though she enter that line since young..

[icy_boi]

interviewed by HR? mine only one person interview...

she keep telling me working hours in hellish... heard from my parents.. my aunt is a remisier.. and she got no time for family at all.. even though she enter that line since young..


think hr and finance manager or sth. forgotten..

yea. hard work but good money if u noe how to go about it. more work = more pay off i suppose. and plus luck and other stuff comes together of cos.

i think muz have the passion..:look:

[bernice_81]

icy and breef, may i know which company you apply for and how much is the basic? are you a graduate ? i am quite interested being a executive dealer
thanks

[icy_boi]

icy and breef, may i know which company you apply for and how much is the basic? are you a graduate ? i am quite interested being a executive dealer
thanks


company is obvious right from the post at the start. basic around $2000. depends. fresh grad for me.

[beefstick]

going for 2nd roound interview.. did u get any call up so far icy?

[icy_boi]

going for 2nd roound interview.. did u get any call up so far icy?


so far nope. no reply no nth. haiz. :yawn: see how it goes!

good luck! remember share with us wat's ur interview qs and the process so hopefully if i did get, we'll be colleagues! ^^:s12:

[dipznpipz]

hey icy and beefstick...

i was called up as well but the 2 yrs bond turned me off....

nw i told them tt i going holiday in end july...den she just ask me to call back when im back.....seem like they dun reli care....so i dunno how good this deal is.....

it is true tt they have different positions in the company.....this current one is in-house dealer....

awhile ago, my fren went there and it is a 2mth training den convert to remiser post...

but can u guys ask whether the 2k will stay that way for the next 2yrs? and wat if u cant perform? like if u reli reli reli cant find any clients ? den how? will they fire u or keep paying u the basic 2k?

[chemz]

break bond very cheap only..

[supeyrio]

hey icy and beefstick...

i was called up as well but the 2 yrs bond turned me off....

nw i told them tt i going holiday in end july...den she just ask me to call back when im back.....seem like they dun reli care....so i dunno how good this deal is.....

it is true tt they have different positions in the company.....this current one is in-house dealer....

awhile ago, my fren went there and it is a 2mth training den convert to remiser post...

but can u guys ask whether the 2k will stay that way for the next 2yrs? and wat if u cant perform? like if u reli reli reli cant find any clients ? den how? will they fire u or keep paying u the basic 2k?

if they so interested in u, then thats a real problem..

[haojie16]

anyone went to the marina bay casino job fair last sunday at suntec conventions ?

[Subprimer]

any updates on this? i will be going for an interview tmro with KE too. been getting mixed opinions on the job.

[lomjuuuuuuu]

easy to make $