The results of a theoretical investigation of the generation of broadband electrostatic noise (BEN) by an ion beam in the Earth's magnetotail are presented. It is shown that at low beam temperatures an ion beam can generate BEN at wave normal angles (θ) between zero and 80°, with the maximum growth occurring at θ = 0° when the beam velocity is small and at large θ (∼ 70°) for higher beam velocities. It is also shown that two types of instability are responsible for the wave amplification. One is the ion acoustic instability associated with the electron‐ion beam relative drift, and the other is the ion‐ion instability. The broad frequency and angular spectra of BEN can be explained by the presence of the two instabilities. These instabilities are shown to be insensitive to the presence of a background mag