Why do I need current investment banking experience?

[Signo_cypher]

Currently on the bench and looking to secure a PMO/analyst role,(8 years experience) 90% of roles are in investment banks and stipulate that you need current investment banking experience. This is so frustrating, the job description on most of the roles is me to a tee but I am automatically frozen out.

Whats the big deal with only taking candidates from the same pool of 'experienced' candidates?!

Is it that complicated that I cant pick it up on the job?

[BrilloPad]

Its not the technology thats an issue.

Its can you cope with a tough commute and/or living away from home.

And can you put up with the total 4rsewipes who work in banks. Some days working in an IB makes the trolls in general look like amateurs.

[George Parr]

Currently on the bench and looking to secure a PMO/analyst role,(8 years experience) 90% of roles are in investment banks and stipulate that you need current investment banking experience. This is so frustrating, the job description on most of the roles is me to a tee but I am automatically frozen out.

Whats the big deal with only taking candidates from the same pool of 'experienced' candidates?!

Is it that complicated that I cant pick it up on the job?

Its the same trying to get into the NHS and Defence, there are so many of us on the bench they can be very choosy. They can recruit someone who takes the same sugars in his coffee as the last bloke so that the tea rota doesn't have to be changed.

[malvolio]

Pointless getting worked up about it. To date I've been refused work in banking, insurance, defence, central governement, local governement, Education, the NHS, phrmaceuticals and FMCG. And I've worked in all those sectors at one time or another, just not in the last three years.

It's just another symptom of the ignorance and risk aversion of the recruitment trade these days.

[Ruse]

Its the same trying to get into the NHS and Defence, there are so many of us on the bench they can be very choosy. They can recruit someone who takes the same sugars in his coffee as the last bloke so that the tea rota doesn't have to be changed.

WHS. It has nothing to do with your ability to do the job or any "specialist" knowledge you might need to be a PM in IB. Most of my contracts in the last 10 years have been in IB's and my opinion of PM's in the sector is not that high. In fact the few good ones I have worked with were contractors whose previous role had not been in IB sector.

[northernladuk]

It's just another symptom of the ignorance and risk aversion of the recruitment trade these days.

Sorry Mal, i love your blogs n stuff but I so disagree with this.

If you got 2 people with exactly the same qualifications and one is used to the different culture of a certain business it can be the difference between them sticking it and adding value or leaving. Why on earth would they not go for that. Its a positive benefit to the company.

I don't see why you think it is ignorance or risk aversion. The Pimp is gonna ask for it to put better clients forward to get more chance of getting his guy in, clients will want it to make sure the guys they get fit in. Isn't this just common sense and the way the world works in all sorts of industries and professions?

We can argue how much use this I guess but look at the difference between some public and private roles. Same job but the people doing it will find it very difficult to transition between the two. This is a valid risk so whats wrong with risk aversion?

[malvolio]

No, don't get me wrong. Clearly if two people have roughly similar skills and experience, youll always take the one who's current in your given vertical. With the over-supply of candidates, that's even more obvious right now. So I'm not actually complaining (well, not much...) since it is simply the market at work.

Where it goes wrong is when a pimp refuses to put you forward for something where the client needs your skills and has failed to find anyone inside their own vertical. I've seen a couple of those lately, but you can't do much about selling yourself if the end client never knows you exist (and yes, I've tried back door approaches as well. Oh look, a PSL... ). It's even more irritating when you know what the client is trying to do but the job description isn't actually what they need.

And where it will go wrong is when (if!) the market picks up again and the agencies will have to start doing their job properly. They will discover the bulk of their guys don't actually know what they're doing.

[worzelGummidge]

After working for a few Investment Banks (IB) on a contract I would have thought that the only requirement for someone to work for an IB would be that they have not in the past. They are not very nice places to work at.

[nomadd]

Currently on the bench and looking to secure a PMO/analyst role,(8 years experience) 90% of roles are in investment banks and stipulate that you need current investment banking experience. This is so frustrating, the job description on most of the roles is me to a tee but I am automatically frozen out.

Whats the big deal with only taking candidates from the same pool of 'experienced' candidates?!

Is it that complicated that I cant pick it up on the job?

A lot of it is bluster. I'd not worked for an Investment Bank for 12 years.

I've just spent 7 months applying for roles on Jobserve (i.e. about 300!) and was getting absolutely nowhere. Then, in the last two weeks - bang! - two interviews, then two offers inside 2 days.

I think the hardest part is getting past the agencies, and maybe also some client resistance. I don't think there are as many "good" candidates out there as the IBs like to think, hence they are now a little more open.

The only advice I can give is just keep plugging away at it like I did. Eventually you'll get an interview with someone, and that's your chance to shine. It's surprising how quickly they can forget their prejudices once they've had a chance to sit down and talk to you face-to-face.

Nomadd

[RedTag]

It's simply a matter of ensuring "cultural" fit. You may be a java guru, but if you haven't worked at an IB, how do we know you won't fold under the pressure and leave/get booted the first day? And all after we've spent big money and time to bring you in...

Also, IB staff are far better skilled then the slobs who work public/"new media" etc. so your previous experience in IB goes towards assuring us that you haven't just lied your way through our process.