Breaking into banking and finance

**northernladuk** · 25 May 2011, 05:18

Well you are in finance now and you had no experience to start off with so it is possible and 6 months is better than none. If you have a long history in banking it does help but the bottom line is you have to be able to do the job. Generally they won't pick someone just because of their experience in the sector if you have more experience on the product or the role. The exception to that could be SC/DV roles but that's off topic.

On the topic of leaving or staying I would batten down the hatches and keep invoicing. I don't mind getting paid for dull compared to a potential stint on the bench. Now THAT is dull and I don't get paid for it.

I would stay, keep invoicing and get more experience.

**Scrag Meister** · 25 May 2011, 07:30

Originally posted by yamamma View Post

Hi,

I'm currently in a contract with a Global finance company, been here for 6 months and have been offred another 3 mth extension. I'm keen to find work with another bank/finance company as the work is pretty dull and I think for what I'm doing I could get £50-100/day more somewhere else.

The problem is that my previous experience has been in the public and private sector but never before finance. Most finance jobs ask for "previous finance" experience, is 6 months sufficient or would most of them be looking for 1 year minimum? Should I stick around for a full year before bothering to look for another contract?

What do you do?

From a dev view point, it does depend on the area you are trying to move into.

Front Office, pay the bills, but want the skills. Hard core maths always helps, as well as extensive business knowledge. DV01? Greeks?

Middle Office, good pay compared to perm, good start if you have a basic understanding of the markets. Bond Yield v Price? What is a coupon? How do you price a bond? what is a credit event?

Back Office, generally not so market heavy. Can you code? What have you done in the past?

As always the more experience and knowledge the better.

GL in your search

**yamamma** · 25 May 2011, 09:43

Not a developer but a network/security - consultant/monkey. Unfortunately most of the jobs in my field on job sites always state - finance exp a must, only candidates with finance exp will be considered. If 6 months is enough i'll start applying now.....

Dont know why - It is a load of kek, a finance environment is not any more complex than any other large organisation from a network / network security point of view..........

**fragglerock** · 25 May 2011, 11:45

Am I being stupid... you now have financial experience so... fill you boots!

No harm in applying and they will say if they don't think your experience is enough.

**Stan.goodvibes** · 2 June 2011, 07:41

Originally posted by yamamma View Post

Dont know why - It is a load of kek, a finance environment is not any more complex than any other large organisation from a network / network security point of view..........

Now now, banking is incredibly difficult and you have to be so clever to do it, that's why they get paid so much. And when they make a teensy weensy mistake (because it's so difficult) then it's only fair that we (not as clever taxpayers) should bail them out so they can carry on doing their incredibly difficult and important work. It's pointless thinking you can do banking without at least 10 years previous experience, it's just too difficult. Could you come up with something as genius as CDOs??? No, no you couldn't.

crawl back to your public service job and leave banking to the experts

**yamamma** · 2 June 2011, 15:23

Originally posted by Stan.goodvibes View Post

crawl back to your public service job and leave banking to the experts

Lol......got to love the inflated sense of importance, muppet

......I'm working in the finance sector and its no more difficult than any other large private enterprise. Only different is one big mistake and you're out the door, but there are enough processes to prevent this and you have to be a bit of a cowboy for this to happen.

**fragglerock** · 2 June 2011, 15:41

Irony detection fail!

**pastalista** · 2 June 2011, 16:05

Originally posted by fragglerock View Post

Irony detection fail!

Enormous fail.

I am in my last month at current client and am wildly applying for any and every contract to do with the world of finance, just to get a foot in the door again (used to work for investment banks but a long time ago). I'm going after jobs at £200 per day less than my current rate just to get the name on my CV as the rates in banking are sooooo high right now.

You never know.

Good luck all

**JoJoGabor** · 2 June 2011, 22:13

Is the reason you want to get into banking just for more money?

be careful what you wish for. it can be painful. This has been discussed many times before. The standard of people required in banking tend to be higher IMHO, but also you need to have the patience of a saint to get anything done, be fairly aggressive to stay alive, be able to play the political game but also, put all those use cases you looked at in any certification exams you have done into action, where other companies have never needed them.

Working in a banks great experience for your cv, fairly good rates, but be prepared to give your pound of flesh.

Breaking into banking and finance