moving to banking - ever possible?

[ratewhore]

yes, it's possible.

next...

[Xenophon]

For the contracts I have had (and do currently) in banking, previous experience of the sector has never really come up.

[swamp]

I know someone who broke into banking. He brought some skills to the table they lacked, and also made the move in the peak of the boom. He soon left though for various reasons.

Right now the advertised rates in banking are little above (or often below) my current rate outside of the sector. It's still my long-term plan to move in there though.

[YHB]

FAO anyone in banking:
As you'd expect it appears pretty much dead at the moment but roles do still occasionally appear and although I've got the technical nouse, these roles nearly always include "A background in Investment Banking / Financial is necessary".

With fewer roles around now and those that do appear getting snapped up by the right guys, this is something that's not going to happen at the moment..but I was just wondering if anyone without a banking background has ever managed to actually break into this sector or is it something you basically have to have done since graduation into a perm role?

I suppose there is some training I could in future to improve my chances but I'm not sure it's worth the effort if it's always going to be the experience that counts.

Also bear in mind with banking you often get a higher rate but also work in a expensive to live/long commute area AND work longer hours (miss my 8-4 blue chip "you must keep a work life balance" culture ) so the 'real' hourly rate may not be anymore than current...

Be careful what you wish for and all that...

[TheFaQQer]

Just buy yourself a bank - they're about a fiver these days.

HTH.

[YHB]

FAO anyone in banking:
As you'd expect it appears pretty much dead at the moment but roles do still occasionally appear and although I've got the technical nouse, these roles nearly always include "A background in Investment Banking / Financial is necessary".

With fewer roles around now and those that do appear getting snapped up by the right guys, this is something that's not going to happen at the moment..but I was just wondering if anyone without a banking background has ever managed to actually break into this sector or is it something you basically have to have done since graduation into a perm role?

I suppose there is some training I could in future to improve my chances but I'm not sure it's worth the effort if it's always going to be the experience that counts.

Pass CFA level 1 or other maths based qualifications to give yourself a start. Other than just keep applying and something will turn up- im currently in a hedge fund with no prior experience, right place right time with right skills

[minestrone]

Aye, be carefull what you wish for, usually banking jobs are the most boring, working with a bunch of total tossers and using 10 year old technology.

There is a reason why it pays well which you soon realise that when you get in.

Once the mortgage is paid off i'm seriously thinking of heading back to permie in a small software house.

[BrilloPad]

I start as a permie 1st Jan 1987 - it was tough to break in even on the permie side. I got a job heavily involving mathematics - I was doing Finite Element Stress Analysis for MOD before - you have to try to leverage on your existing skills.

But it wont make you happy.......

[minestrone]

My first contract was in a bank and I had no previous financial experience but my first daily rate was 180, 6 months later it was 270, 6 months later it was 320, 1 year later it was 400.

It was a really low rate that got me in and because I now have 5 years in the business i'm always in with a shout on jobs coming up.

If you really want in going low as I did might be your best choice.

[Hex]

I got into it through a contact. A friend of mine who I've worked with before outside the banking world moved into the banking world and I was recommended by him. He originally got into it via recommendation from other people he'd worked with and so on.

[Alexander Coe]

Hi, my brother moved from computer games programming to working in the city about 6 months ago, although for a financial data provider rather than directly for a bank, (pay is bank money though...) but he'll be able to go any where in a year or two with the experience he's getting - so it is possible.

You're right in thinking the roles specifically demanding experience are probably closed to those lacking this in most cases. Keep you eyes pealed for the "break into banking" type roles you see from time to time, although in current climate may be a while! I'd have thought training prob irrelevant, but work buying a couple of dummies guides to finance type books if you serious, so you can at least understand and use some of the terms and jargon.

Good luck.

[b0redom]

I've been offered interviews for some niche stuff, but I suspect that you'd need to perm it out for a year or so to get the experience before scoring a contract for something more mainstream.

[TheRefactornator]

FAO anyone in banking:
As you'd expect it appears pretty much dead at the moment but roles do still occasionally appear and although I've got the technical nouse, these roles nearly always include "A background in Investment Banking / Financial is necessary".

With fewer roles around now and those that do appear getting snapped up by the right guys, this is something that's not going to happen at the moment..but I was just wondering if anyone without a banking background has ever managed to actually break into this sector or is it something you basically have to have done since graduation into a perm role?

I suppose there is some training I could in future to improve my chances but I'm not sure it's worth the effort if it's always going to be the experience that counts.