Reply to: Viscous Circle - Finance Experience

[DS23]

It is a sticky situation, I'll give you that...

[darmstadt]

I've worked in numerous banks, including IBs, and other financial organisations yet have not one inkling about financial systems and it makes me laugh when on the phone that they like the fact that I've worked at them all until I say that I have no knowledge of what they want. The areas that I work in require absolutely no knowledge of these systems apart from the fact they need to be secure and available 24x7 which when trying to point out to an agent falls on deaf ears.

[realityhack]

One of the main reasons for this - particularly in IBs, is they're looking for people who understand the systems, typical challenges and the language/terms used in that sector.

What's the point of hiring a lead developer, designer, architect, BA or PM who doesn't know what yield curves, liquidity risk management or structured investments are? You'd spend half the contract trying to bring them up to speed. More applicable in roles that require that high-level view... so I see the OP's point that there are some roles that are more abstract... but in my experience those sorts of roles are outsourced to technology/implementation vendors.

[SimonMac]

Well I managed to secure an interview with a "finance institute", not an IB but I think if I get the job it will certainly be classed as Finance Experience for future roles

[Scrag Meister]

As someone else said liquidity, it isn't flowing like it has, there are currently well experienced contractors who have the financial experience looking for roles, so the banks can be choosy.

Why would any firm in whatever business given all other things are equal not choose a person experienced in their sector over a person who is not.

[TestMangler]

I disagree. The hirer doesn't want to take a risk. The agent doesn't want to take a risk. His manager isn't bothered provided the agent gets one of his guys in. And the easiest way to avoid a risk is to get someone who already works in finance in.

Its annoying tulip but thats the way the world works.

It kinda depends on the situation eek.

I've been on a couple of jobs (Intelligent Finance launch and lloyds/hbos integration) that were/are swallowing up so many contractors that they appear from all kinds of backgrounds. My last team had an antivirus developer as a BA and an engineering PM as PMO. Niether had any finance experience other then getting a round in on a night out. The opportunities are there.

[eek]

I disgaree. The hirer most certainly wants to reduce costs. The manager isnt really bothered except his \ her own cut. The contractor is the only one tulip scared of a larger gene pool.

I disagree. The hirer doesn't want to take a risk. The agent doesn't want to take a risk. His manager isn't bothered provided the agent gets one of his guys in. And the easiest way to avoid a risk is to get someone who already works in finance in.

Its annoying tulip but thats the way the world works.

[SimonMac]

I disgaree. The hirer most certainly wants to reduce costs. The manager isnt really bothered except his \ her own cut. The contractor is the only one tulip scared of a larger gene pool.

Going on this site as the "gene pool" it could use a little chlorine!

[Old Greg]

Different industry sectors have different cultures and different goals and attitude to customers and in each industry their customer can be vastly different.

The culture in the NHS is vastly different to almost anything as an extreme example. Their needs are different to a bank's customers and different again to a telco's. An appreciation of this can make a big difference to the way you deliver. What works in one sector doesn't work at all in another. The tools they use are subtly different for the same reason. They way Pharma's sell is very different to the way a bank sells and although they may use the same CRM it has to reflect that difference to work.

The assumption if you have experience in a finance means you already have a grasp of the requirements in that sectors so can deliver a better product suited to your clients needs.

The problem comes when they start picking people based on history and not based on skill. Defense and SC is a perfect example of that and would assume IB's would be similar. You get preference for a role you are not as skilled at purely because you are cleared or worked in an IB which obviously has it's flaws.

I do agree though to be passed over just because you don't have experience is a pain in the ass and almost a cop out to help people that can't interview properly but by the same token if you in the 'club' it's great.

Agreed - my problem is I can't get out of the NHS.

[BolshieBastard]

Building a group of elites then keeping others out. Every society however egalitarian on the surface tends towards this - a society made up of tech hirers and contractors is no different.

Bring everyone in, then the risk of undercutting on rates isn't too far away. And the elites don't want that. Not manager, hirer nor contractor.

I disgaree. The hirer most certainly wants to reduce costs. The manager isnt really bothered except his \ her own cut. The contractor is the only one tulip scared of a larger gene pool.

[istvan]

If one is experienced in payroll outsourcing project implementations, does it count as Finance? I do not see an industry by the name of "payroll", but it is definitely not IT. With payroll outsourcing we take over the production of pay-slips, salary/wage payments, HR and Financial reports (such as general ledgers), as well as Statutory reports (tax reports to authorities). We use IT solutions to produce any of the above mentioned products.

In other-words can I say I worked on Financial projects? Of course, I cannot claim Bank, Investment firm, or Insurance company experience. I work for the outsourcing industry.

[TestMangler]

If it is solely one area it can be very limited if its Public Sector, but from what I have heard people who get "into finance" rarely leave

I went from out and out tech in my early days of contracting (IBM Product Development) to finance without any problems (that was 1994/95 right enough) and have stuck with finance ever since except for one brief contract with a timber company. (No, I wasn't a lumberjack, they rolled out a stock management system). I generally find jobs in finance easier to get, but thats mostly becasue of contacts built up over the years. I've worked with a lot of first timers though, even recently, where a software dev from an anti virus company came in as a business test analyst, so it can be done.

[SimonMac]

Do you think or know from experience whether having multiple industries on your CV is a 'bad thing'? Just thinking about the OP's question and if say you had FS experience along with a few other industries would it be damaging?

Do contractors generally stick to an industry or do you move around freely. I've got a few industries but just chasing the cash at the mo!

If it is solely one area it can be very limited if its Public Sector, but from what I have heard people who get "into finance" rarely leave

[inferno]

Do you think or know from experience whether having multiple industries on your CV is a 'bad thing'? Just thinking about the OP's question and if say you had FS experience along with a few other industries would it be damaging?

Do contractors generally stick to an industry or do you move around freely. I've got a few industries but just chasing the cash at the mo!

[cybersquatter]

The problem you are experiencing is due to a lack of liquidity in the finance sector.

LOLOL