Sharing a flat with would-be stand up comic Naomi, Effy is now the office junior at the hedge-fund department of Hewitt Maurice asset management fund. To avoid a friend getting into trouble, Effy stands in for her boss Victoria and takes it upon herself to deal with valued client Max Stibbard, who is impressed. As a result Jake, the head of the firm, gives Effy the chance to be a dealer and, helped by lovelorn Dominic from the research department, pulls off an impressively-lucrative deal. Effy is now mixing with high-flying financiers and Naomi is appalled at her friend's shallow behaviour, especially as Naomi admits to having cancer. But Effy is on a roll and embarks upon an affair with Jake. At the same time it is noticed that market returns are not matching the firm's returns.

Naomi tries to recover from cancer without Emily knowing. Effy is sleeping with her boss and tries to get Dom's help to pull Jake's company out of a slump.