Banking and Finance what is the big deal ?

[marple]

What is the big deal with finance & banking PM jobs, the market is awash with requirements for infrastructure PM's usual skills Data Center, LAN & WAN, systems role out then it says Must have worked in banking and finance - bl__dy frustrating I have 23 years experience - superb references and no gaps in my CV

John

[Aman]

Some, possibly most industries and sectors are just like that. Agents have always said they need people with solid financial industry background because of the cost implications of errors.

Every sector I have worked in has had a "we're different" mindset, but from my experience they aren't all that different. It's possibly a lack of perspective of other sectors, sometimes lack of knowledge of their wider organisation from hiring managers who have only worked in that sector of industry that leads them only to value people from within the industry. It was actually my experiences in sectors which might not seem similar which have enabled me to apply solution in various sectors (Construction> Sat diving> Gas trading > Space> Government> Oil and Gas> Telcos> Shipbuilding > Government > Medicine > whatever fresh and exciting I can manoeuvre into next).
I'd consider myself a failure as a human being if I wasn't able to adapt, a failure as an investor if I wasn't able to quickly learn how a sector works, a failure as an Engineer is if I wasn't able to develop solutions across sectors and a failure of my career if I ended up cookie cutting. I think I woud have died of boredom if I'd spent 15 years applying one solution model to clients in the same industry like some contract advertisements ask.

Ultimately, if you want to change sectors it's up to you to explain your understanding of the needs of the organisation and sector, how you can fulfil their needs, the roles within organisations and how your experience in other areas will bring something to the party.

You need only look at the moves in executive boards in the financial press to see that out-of-sector experience is often valued.

[Gun4Hire]

What is the big deal with finance & banking PM jobs, the market is awash with requirements for infrastructure PM's usual skills Data Center, LAN & WAN, systems role out then it says Must have worked in banking and finance - bl__dy frustrating I have 23 years experience - superb references and no gaps in my CV

John

It makes no difference whether you have experience in about half of the contract positions in the IB sector. I moved into IB with experience from the defence, robotics and teleco industries. As long as if you've worked on very mission critical large low latency systems. The thing is if your experience is on bigger faster systems than theirs, then you have to play it cool at interview time because they like to think of themselves as being the best even if the truth is a little different. The average rate is around £550, generally you can go for these without IB experience (but you might want to drop to £450), £750 is for those experienced IB contractors. I started on £450 for a gig advertised at £550 and worked up to £650 in a little over a year. But when you start you'll probably be surprised that they aren't that good for very good money, banking knowledge is a cake walk.

The other thing is that they like one trick ponys, narrowly focused specialists, being good at a good range of technologies doesn't interest them and it shows because most people in IB would never make a living as an ISV (Independent Software Vendor) where you need a wide range of skills.

Also when I look across the floor nowadays, more than three quarters are from India as many of the banks have set up offices in Bangalore and just perform intra-company transfers (immigration cap is meaningless in this regard).

Ah yes and you are often expected (but don't have to) work long hours, so the rates aren't always as good as other industries when you have lots of overtime. A day rate of £550 isn't great for a twelve hour day.

[malvolio]

Ultimately, if you want to change sectors it's up to you to explain your understanding of the needs of the organisation and sector, how you can fulfil their needs, the roles within organisations and how your experience in other areas will bring something to the party.

.

Minor problem. Given the ineptitude of most Human Remains departments and the total disinterest of the agencies in having anything other than a quiet life, just how are you going to do this? The agency won't listen and you won't get in front of anyone in the client organisation to talk to anyway. I do Service Management, which is about as industry non-specific as you can get and I've got finance, manufacturing, defence and telecomms on my CV, but the last gig was with the Police so that's all I know how to do.


<Edit> Just noticed that this is my 5000th post, and it's a moan. Heigh Ho, at least I'm consistent!

[Scrag Meister]

Lets face it most contract adverts say that they need expertise in the clientco's field. Whatever that is, oil, banking, etc...

But if you know where you want to be and are willing to persue it then I personally reckon you can get wherever you want to be.

I left my last perm role to go contracting without a contract to go to, I knew I wanted to get into banking as there are usually pretty good rates to be had. I could have accepted perm/contract jobs in a solicitors office, a retail chain and a couple of others but that wasn't what was required. It took me 3 months but I landed where I wanted to be and was there for 3 years, now on my second banking contract.

Whats needed is patience, motivation and the funds to stick to your plan.

[Boo]

no gaps in my CV

Why is that important ?

Boo

[Scary]

What is the big deal with finance & banking PM jobs

The fine people at these institutions are the elite, the chosen few, the best of the best, the Masters of the Universe. These geniuses create wealth beyond comprehension. Being a mere Mort I wouldn't expect you to understand.

[filthy1980]

i think banking is attractive because of the rates on offer, i've only been in the contracting PM game for a couple of years and speaking to colleagues who have worked in banking, it definately seems to be one of the most challenging environments to work in, and somewhere i personnally would like to test/develop my skills.

problem lies is that banks not only look for previous industry experience but if that experience hasn't been in the last 2 years then you're not even considered

so unless you can get in via a recommendation the only other way would be to drop your skill level, or if they don't find the right candidate and widen the net

but if you've managed to stay in contract for 23 years i wouldn't worry so much about banking at that stage in my career, i'd be looking for the nearest beach and a thai bride

[marple]

Why is that important ?

Boo

Because I currently havn't got any and i don't want any

[marple]

i think banking is attractive because of the rates on offer, i've only been in the contracting PM game for a couple of years and speaking to colleagues who have worked in banking, it definately seems to be one of the most challenging environments to work in, and somewhere i personnally would like to test/develop my skills.

problem lies is that banks not only look for previous industry experience but if that experience hasn't been in the last 2 years then you're not even considered

so unless you can get in via a recommendation the only other way would be to drop your skill level, or if they don't find the right candidate and widen the net

but if you've managed to stay in contract for 23 years i wouldn't worry so much about banking at that stage in my career, i'd be looking for the nearest beach and a thai bride

I have a 15 year old daughter who I will probably have to keep in dresses and make up for the next 10 years - little chance of her getting a job