Software Development Contracts and Financial Experience

[NetSleeper]

Hi All,

I am considering moving into the contract field for the usual reasons. It seems that all the good contracts are based at IBs that require financial experience.

I am a software dev currently working for a Mutual Fund on an Online reporting project (reporting performance returns and similar stats). Been doing that for about 4 years now. Before that I work on an online trading platform for a year (in South Africa) and before that a CFD trading company for a year(again, in SA).

The question is will this experience get me a foot in the door, or does financial experience equate to "working in an IB in London directly on a risk/trading platform?"

Thanks

[MyUserName]

Unlikely, to be honest. There are so many contractors who have years of experience actually in investment banks that your experience will not stack up.

By all means, apply if you would like to but the finance sector is getting hammered and many permies that got made redundant are coming in as contractors so competition is fierce.

[Anubis]

There is no golden rule. Some are more leniant than others when it comes to the actual business knowledge, however as the poster above has stated there will be experienced people interested as well.

As a contractor it usually means they need someone to come in, no faffing and get the job done. If you lack the knowledge about part of their business then it'll be tough to convince them that you're right for the job (remember; you are expensive).

I wouldn't say don't apply, but always see it from the hiring managers point of view - they just want the job done.

[GB9]

Unless you have very good system specific experience e.g. energy trading or risk specific, then I would say your chances of getting in to an IB with no real IB experience is close to zero.