So what exactly do they mean

[Flat Eric]

It all depends on the role your being asked to do.

I've got over 10years financial experience both front and back office.

I know my way around fixed income, credit default swaps, futures (inc. basis trading), interest rate swaps and most, if not all derivatives of the aforementioned.

Does this help me in my C++ role? Not directly but it does help when I'm talking to the traders / desk heads and they start talking about coupons, value dates, strike prices, haircuts etc. It's surprising when a trader thinks your a computer geek but you start pointing out ways in which technology can make his job easier in terms in which they understand.

This is where the "financial experience needed" come into it. If you're only every going to be a heads-down, arse-up developer who is fed requirements with no interaction with the business, then no, financial experience isn't really required but the banks will still use it as a "weeding out the chaff" approach.

HTH
M.

[Not So Wise]

From my experience "financial institution experience required" is a crap requirement because really that covers so much that it's meaningless. These are normally someone trying to make their area look "special" and "elite" (probably so they can justify costing the client so much themselves)

Now if they ask for specific area of experience, credit risk, derivatives, forex trading so forth there might be a genuine reason for it, mainly business knowledge of the in's and outs of that particular market so one can anticipate the clients needs

As to agents being to blame, honestly most agents are little more than a CV filtering service before the contract is signed and then a factoring agent afterward. Never had or heard of a agent offering alternatives or making suggestions in regards to a requirement spec.

[ratewhore]

Neither. I do Infosec policy and compliance. BS17799, ISO27001, PCIDSS etc. All standard stuff and no different inside or outside the finance industry.

I guess they'll be wanting to know if you understand the FSA regs and Basel II governance regs etc etc etc...

[BlasterBates]

I think probably what they mean is booking systems, ledgers and P&L, but I'm guessing.

Often they ask for something specific like Equity derivatives, or Swaps.

[darmstadt]

I get asked this and not just for banking but automotive or government, etc. Having worked in a lot of different areas I just say yes but it really doesn't matter because what I do doesn't have anything to do with what the company does. I'm not writing applications to move money from one account to another (mine, if I did) but installing the operating systems for people to write these applications. I tried telling that to both the agencies and customers but it kind of goes in one ear and out the other.

[ratewhore]

Slightly different for those of us who deal with compliance. We need to understand what it is the client needs to be compliant with. This changes between industry sectors...

[DodgyAgent]

A valid point it is the agents job to educate the client when they take a job spec. A PSL or sh#t agent will just take where their given as a spec which may be a few lines. The agents that are any good will get flexibilty with their spec, it is their job to make the gig as filable as possible otherwise they wont get paid.

IE Mr Client you have asked for 5 years WinRunner experience, 1 Years TSL scripting from scratch?....What about 2 Years WinRunner, 18 month TSL scripting? That gives flexibilty and the second option would be easier to find in this case for the agent.

In terms of industry specific experience again this is usually avoidable. It isn't too common that someone from one industry will not be able to pick another up almost instantly. The reason that it is asked for will happen for one of three reasons.

1) tulip agent, and uneducated client
2) The market dictates - when there are a lot more contractors then gigs, the client can be choosey... If you were shopping for a new suite and there was loads of choice, would you ask for one that was reasonably well fitted with an ok design or would you ask the attendant for a fitted suite and excellent design from their range. However if there are alot more jobs then there are contractors, you dont have the choice and you generally wont see the client being to picky.
3) Pretty obvious, the position demands experience. No doubt any good contractor could do the role given time, but they may be required to 'hit the ground running'

Usually another sh*t agent though. Best thing to do is ask them they want it. If they can't answer it in line with the importance of it for the project or at the very least justify it then they are sh*t and don't bother with them, because if they can't represent their client, how on Earth can they represent you at the other end?

Fair point, but unfortunately we are nowadays kept very much at arms length from hiring managers

[senditback]

Fair point, but unfortunately we are nowadays kept very much at arms length from hiring managers

This is ware I get confused. From my experience I have always gone via an EB for my contracts, I have used the same individual agent 3 times. Now he maintains that he has direct dealings with the manager hence he can 'sell' me to them. Thus he does provide some worth rather than just sending my CV. Hence I tend to stick to him.

If you can't speak to the manager, how can you represent me?

[Denny]

This is ware I get confused. From my experience I have always gone via an EB for my contracts, I have used the same individual agent 3 times. Now he maintains that he has direct dealings with the manager hence he can 'sell' me to them. Thus he does provide some worth rather than just sending my CV. Hence I tend to stick to him.

If you can't speak to the manager, how can you represent me?

They can't and don't. That's why they're a complete waste of time.

I had the same with another EB last week. I actually received an e-mail from a recruiter (or so I thought) stating that the EB were going to represent me for a role in return for representation rights. I then followed up confirming CV status with the client only to be told by my contact he wasn't the recruiter in touch with the hiring manager or client (HR??) after all but a junior resourcer who was only doing the initial sifting and that my CV had gone to the recruiter in touch with the client, who I had not yet spoken to. I then verified the status of my CV with the actual recruiter and he wasn't putting me forward after all out of the CVs the resourcer had sent for consideration - for no good reason (as I was well qualified for the role). The fact I had an unequivocal e-mail from this resourcer for what turned out to be a pre-emptive bit of deceit from someone without the power to represent me at all stating that the client would be sent my details and that they were keen to put me forward in return for representation and clarity on my opt out status had no bearing on the matter, so it seems.

I have now tracked down the client (an HR contact???) and sent my details directly explaining why I am not going through the EB. However, I've not heard anything from them either, so I assume that the HR person thinks that I am breaching client to EB etiquette by going direct to them even though the EB actually misrepresented the position and in writing too just to grab representation rights (which the client HR bod presumably thinks still stand whether the EB represented me or not hence they can't touch me directly and haven't even extended the courtesy of writing to me directly refusing my application (presumably because they would only be willing to talk to the EB - who the HR bod hasn't grasped is no longer representing me and I have no contract with to go through.

What this amounts to is a clear breach of contract by the EB with impunity whilst still deceiving me on representation right to gain exclusive rights to my services to this client leading to an outright restriction of trade either through them or direct to the client. However, what can I do about it when there are no material losses arising from loss of business which was never at the offer stage to begin with? I can't prove that I would have been offered had I been represented. No doubt the client is still sourcing through this same EB for the CVs that were put forward. Therefore, the client doesn't lose, the EB doesn't lose and the only one paying the price for the clients rigid adherence to etiquette and the EBs own deceit is me.

The only thing I can hope for is that the CVs that were sent across were crap or else the client takes on the wrong person and they screw the job up. It seems very likely that this could happen given the quality of candidates the recruiter said he was putting forward (who are not even working in my area of expertise).

The whole thing stinks!

[Bluebird]

it does.

Have you ever noticed that anybody with the name 'agent' in the job/name should never be trusted...

employment agent
estate agent
travel agent
football agent

It seems they all have a bad [ but probably deserved ] image.