banking experience required !!!!?

[ContractTor]

wonder why some of the IT contracts I have come across in the Financial sector refer ~"banking experience required " , What has banking experience got to do with managing IT systems ? .

[Mailman_1]

Knowledge of banking systems eg. reuters, Bloomberg, Swift..... Experience in the highly pressurised work environment. You need to be able to hit the ground running, fast... they have no time to train people or let people become au fait with the system. Time is money. Thats why the rates are so good.

[Bumfluff]

You need to be able to hit the ground running, fast... they have no time to train people or let people become au fait with the system. Time is money. Thats why the rates are so good.

Thats what all contractors are supposed to be like isnt it regardless of industry ? When Ive been involved in recruitment at banks, banking experience tended to mean some product knowledge usually specific to the area recruiting. Its easy enough to pick up though, I suppose also that so many people apply to banks they can afford to be pickie, but IMO it doesnt mean people with none banking experience cant do the job.

[NotAllThere]

They do the same in the pharmaceutical industry. And telecoms.

[Lewis]

wonder why some of the IT contracts I have come across in the Financial sector refer ~"banking experience required " , What has banking experience got to do with managing IT systems ? .

You need to be able understand the product your team is developing. To pick a random example, managing the development of (or working on at anything other than a junior level) a FX derivatives pricing system is going to be pretty hard if you have no idea what a derivative is as you won't have a clue what everyone is talking about!

[gadgetman]

My current gig is just like that, with a bank.

I didn't understand any of the language (and to a large extent still don't) but to be honest haven't found it too much of a hindrance. If I was a developer or in support it might be a different ball game though.

I was perfectly open about this at the interview and came in a couple of levels lower than my normal roles for the chance to get the experience. Even given that the rate is the best I've ever had. I've since moved back up one level to team lead.

The experience will hopefully open a lot of doors.

[BrilloPad]

I work in an IB and am very much business focused. I always welcome newbie techies - saves me learning lots of minor techie bits I dont care about while I do the "fun" stuff.

[max]

Knowledge of banking systems eg. reuters, Bloomberg, Swift..... Experience in the highly pressurised work environment. You need to be able to hit the ground running, fast... they have no time to train people or let people become au fait with the system. Time is money. Thats why the rates are so good.

What a load of tosh.

It's just an easy way to whittle down the hundreds of CVs that invariably come through, when they're offering £600+/day.

[ratewhore]

I did some IB work last year. Got in with no previous banking experience, wasn't particularly intense work and the rates weren't up to public sector levels. I work in infosec and I'm sure that will have a bearing on it.

[confusedkiwi]

Talking to business users is really hard when you don't understand the terms they're using.

I didn't realise how much of a diff it made until I went back to a gig, and some newbie 'colleagues' came with me - ohh, the pain of having to explain EVERYTHING ...