Reply to: Getting into Investment Banking

[mcquiggd]

I went the permie route - opportunity came up and no previous experience was required. Several interviews and technical tests, last one lasted 3 hours.

It's mostly Asset / Fund Management with a few hooks into other areas, and it's been quite interesting to find out how broad the industry is, and the different investment vehicles that are available. I have worked at banks on contract but normally for compliance projects rather than having in-depth knowledge of how they operate.

.Net 2, and I work 8am - 4.30-pm with an hour for lunch, one meeting a week plus one per iteration (agile development), casual clothes, the boss is away for the next 10 days on some exotic island, and we are allowed to play Counterstrike etc during working hours. As long as we meet deadlines we are fine - if we don't, we get chewed out... only downside is that virtually everyone is a Senior Developer so we all have strong opinions on architecture and little cliques have formed who favour one approach over another.

[barely_pointless]

Just finished a senior BA (tech) with an investment arm of a commercial bank in OZ, Back/Middle Global Money markets, Datawarehouse deployment, Product pricing and FTP's, moved on to Funds Management and Wealth Management - No brainer compared to the work I did years ago in Credit/Issuer/Market Risk in London, rate about 650-700 auz a day, which is fairly poor compared to the square mile which was pegged at around 450-550 GBP back in '98

Can only comment on personal experience for UBS, and they were excellent to work for, but you have to know your stuff, and *be* creative with problem solving, and be a team player like you mean it (i.e look out for the junior permies and contractors) hours were fairly good, 0830 to 1800(ish) is what I did at UBS , compared to here in OZ where an IB 1/50th the size of most European players want to pay you a pittance and own you, guess that what the market dictates here..........

Heard deutsche and gs were complete "tossers" to work for as contractors, but I guess it depends on your immediate line manager. Maybe things have changed

[Lockhouse]

Are you doing more than your contracted hours? Or do you get paid hourly?

My contracted hours are 35 and that's all I do, unless of course there is an emergency or something.

I get paid for a professional day and work quite hard. I also get paid quite well.

[ChimpMaster]

7.45 to 17:30, 15 mins to grab a sarnie around lunchtime.

Are you doing more than your contracted hours? Or do you get paid hourly?

My contracted hours are 35 and that's all I do, unless of course there is an emergency or something.

[Lockhouse]

What kind of hours do you work?

7.45 to 17:30, 15 mins to grab a sarnie around lunchtime.

[BradNeedsYourHelp]

What kind of hours do you work?

[Lockhouse]

At the moment I'm in Equities but have worked in Fixed Income, Equity Derivatives and Credit Risk.

Rates are relative. It all depends on your skills and more importantly what you can do for the business.

[ChimpMaster]

I've been contracting in Investment Banking for over 15 years and if I hadn't had to have got divorced twice I'd have retired by now

Hey Lock. What area do you work in, and from your experience, what are good rates in investment banking?

[Lockhouse]

I've been contracting in Investment Banking for over 15 years and if I hadn't had to have got divorced twice I'd have retired by now

[ChimpMaster]

1st Post, so here goes (hello everyone btw)
Investment Banking is difficult to get into even from within finance.
..........
Best bet to get something £400 - £500 to start with then move on with experience. Most likely to get longer contracts this way too.

Welcome Bunt.

I wouldn't say that credit cards counts as finance, but that really depends on one's definition of the term.

It's also not easy to get something paying 400/500 "to start with"... unless of course there's something ur not sharing???

[bunting]

1st Post, so here goes (hello everyone btw)
Investment Banking is difficult to get into even from within finance. I've been in credit cards for 10 years as PMO, DBA, MI Mgr, Service Mgr as permie then PM contracting. The rates are good here, but you still have to specialise & keep your skills up to scratch. Prince2 is all the rage so I've had to fork out 1500 sheets to keep a contract alive. next year it's MSP. Lots of reading around chip cards for me. You've got to know your market.
Investment Banking is like the holy grail of contracting, they will take you on but they will also get rid of you very easily/quickly if don't make the grade. Best bet to get something £400 - £500 to start with then move on with experience. Most likely to get longer contracts this way too.

[BlasterBates]

About £600..

You can get more but its unusual. There have been peaks where you could get £800. I remember a couple of years back they got that high but only temporarily, some highly paid contractors then got their rates cut.

Going for an experienced role front/office or risk management developer role, you should be pitching in at £550-600.

[ChimpMaster]

FYI: Got first contract in investment banking at top rates, due to technical expertise and the gift of charm!

Seriously tho.. spoke to an agent (who seems pretty knowledgable) who suggested that the big demand for contractors at the moment means that there are a lot more openings where banking experience is not required. He suggested to me that it is a case of getting in now before the doors close again.

What's a "top rate" these days in banking?

[Jay54]

I agree with whore, .NET + Public Sector = Gravy Train.

That sounds familiar - I was on the train! But now Im on the loco express!

[dork]

FYI: Got first contract in investment banking at top rates, due to technical expertise and the gift of charm!

Seriously tho.. spoke to an agent (who seems pretty knowledgable) who suggested that the big demand for contractors at the moment means that there are a lot more openings where banking experience is not required. He suggested to me that it is a case of getting in now before the doors close again.