Getting into Investment Banking

[dork]

I'm just starting out in the contracting game, having been permie for just under 10 years.

It was the rates being offered that finally convinced me it was the thing to do. However, the good rates (ie above £400 p/d) seem to be only in finance/ investment banking. The problem is, every single one says previous experience is manadatory.. but if they don't let you in in the first place, how does anyone get the experience?

Is it a case that you need to have been permie in the industry before you can go contracting in this arena? Otherwise, is there anyway of learning about this, at least to some basic level? Are there any books or other resources?

[Not So Wise]

There is no books or training that can really help you. Finance sector just has a very stupid mentality thats puts contractors in a catch 22 situation while leaving the banks and such with a talent pool to recruit from that is only a fraction of the overall, thus massivly increasing rates well beyond any other sector.

Only ways to get into that sector are
Have worked in it as a permie
Get lucky and find the odd contract that did not demand sector experience (they do exist, though normally for a lot less that the sector normally pays but worth it to break into the market)

Though will say, if you see positions advertised that are offering "breaks" be handy to know at least something about the industry, so recommed reading some books on the markets and finance, does not have to be too technical but be handy to know your share from your option from your divided to your bond.

[BlasterBates]

It depends on the job. If it is technical then it really is no problem, a lot move from the Telecoms because of their real-time experience.

Whether you can get in depends on market, lets face it you´d probably employ someone who´s done something similar and knows the ropes than a newbie, especially if it involves knowledge of trading and pricing.

But just read the adverts carefully, quite often you´ll notice that banking exp. is preferred.

A good book is John Hull Options, Futures and Other Derivatives. If you can digest that, it has more or less all you need to know. You´d be surprised how open minded some banks are to someone who says he read a book about it, but the questions will be difficult.

[thunderlizard]

Any sector prefers people with previous experience, but banking is the worst due to lack of patience, plus not wanting to give the game away that it's not really much harder than other types of work.

Keep plugging away and eventually you'll find an opening that doesn't insist on previous sector experience.

Oh, and don't forget to keep perpetuating the idea that all the best rates are in banking...

[threaded]

Agree with that thunderlizard. My favourite to point out is the requirement for PhDs to work on math modeling. From my experience I've taught ONC process control students that kind of stuff. Piece of p1ss.

[dork]

Cheers

Personally, I have worked in so many business domains and had to take on massive amounts of business information that I think the banking arena should be no harder.. especially since I did do a lot of stats and stuff at Uni... but that was a long time ago... I mean, we are all used to abstraction etc as developers aren't we?

Anyway, I'll spend all my time between contracts studying, both the technical and the finance side of things.. can't do any harm can it?

BTW: thanks to all those that have taken the time to reply. ... but shouldn't you be working?

[The Lone Gunman]

Offer yourself up at half the going rate for 3-6 months or even offer to do a free trial (if you can afford to) for a few days to a month.Afterwards you can legitimately claim up to 6 months experience.

[dork]

I've just done a bit of research into the John Hull book Options, Futures and Other Derivatives. The synopsis on Amazon says "For advanced undergraduate or graduate business, economics, and financial engineering courses in derivatives, options and futures, or risk management." .... sounds a bit advanced for just finding out the basics! Would this be too advanced for a newcomer?

[dork]

Offer yourself up at half the going rate for 3-6 months or even offer to do a free trial (if you can afford to) for a few days to a month.Afterwards you can legitimately claim up to 6 months experience.

I think the problem with this is that the agencies don't get as much out of this due to the lower rates, so they will always put forward someone at the highest rates they think they can get away with.....

Maybe the thing to do is to offer to work at a lower rate but offer the agent a cash bonus of a few hundred quid to make it worth their while?... presumably I can claim it as just a company expense anyway?

Has anyone done this successfully?

[BlasterBates]

sounds a bit advanced for just finding out the basics! Would this be too advanced for a newcomer?

Well as a matter of fact its more of an introduction
The first few chapters are fairly gentle

Another book is

mastering financial calculations
Robert Steiner

It is fairly basic but good enough, for some areas.

You know if you want to break into Investment Banking you really ought to know all this, because its not uncommon (high likely) that you will be asked about evaluating financial instruments.

As we've mentioned there are more or less pure technical roles, in which case you can bypass this. In the technical roles rudimentary knowledge would give you a slight advantage.