Reply to: Investment Banking

[Ruprect]

Before I worked in Investment Banking - I was a seven stone weakling.

Now - I am two seperate Gorillas .

No you're not. You're Amy Pond and a tardis.

[AlfredJPruffock]

Before I worked in Investment Banking - I was a seven stone weakling.

Now - I am two seperate Gorillas .

[thunderlizard]

John Hull is the obvious one.

This is a good overview:
Business Knowledge For IT in Investment Banking : A complete handbook for IT Professionals: The Complete Handbook for IT Professionals: Amazon.co.uk: Essvale Corporation: Books

These are good on the product details that people try and scare you with but aren't too hard to grasp when you buckle down to it:
Understand Derivatives in a Day Understand in a day: Amazon.co.uk: Stefan Bernstein, et al: Books
(as well as the derivatives book, there are several others on commodities etc.)

[BlasterBates]

Everything you need to know about valuating financial products is described here:

John Hull - options futures and other derivatives

Has some in depth tricky to understand stuff on some of the more exotic stuff but on the whole quite readable.

If you understand everything in that book you'll fly through any interview on "business".

[MarillionFan]

Its alright if you don't mind dealing with smart a r s e s all day and alpha male types who want to crush you at every opportunity.There is some crumpet around the trading floor. Back Office is full of old women though.

The hours can be long but most contractors don't do long hours from what i've seen. Most are out the door at 5.30pm including me these days.

If you want an intro to IB from an I.T. perspective, read Principles of Quantitative Development by Manoj Thulisades. The book adds nothing new, just brings together info, but it does give a decent overview of the various parts of an IB and how I.T. is involved.

Thanks AL.

Anyone else have any background reading?

[aussielong]

Its alright if you don't mind dealing with smart a r s e s all day and alpha male types who want to crush you at every opportunity.There is some crumpet around the trading floor. Back Office is full of old women though.

The hours can be long but most contractors don't do long hours from what i've seen. Most are out the door at 5.30pm including me these days.

If you want an intro to IB from an I.T. perspective, read Principles of Quantitative Development by Manoj Thulisades. The book adds nothing new, just brings together info, but it does give a decent overview of the various parts of an IB and how I.T. is involved.

[Jog On]

I'm in one at the moment, not the nicest of places.

Permies walking past and looking at your screen with an air of "I've got your number mate", people who walk straight past without acknowledging you're there when you hold a door open for them.... very very very very fit girls (think that brunette model type one on the apprentice) that are also very very stuck up...

All extremely pleased with themselves.

Good money though, just smile and invoice.. smile and invoice. I just remind myself that I'm probably earning more than them and they're building my trading account quicker than if I worked anywhere else

The only other place I've worked where people loved themselves this much was a creative advertising agency.

Just smile and invoice...smile and invoice

[MarillionFan]

I did a couple of stints in banking very early, but it was so long ago I don't remember anything.

Initially it was a daunting aggressive environment and I was a soft gentle fella into pressing wild flowers.

I think I might be ready for it now.

[oracleslave]

You either need to be lucky or go perm first. Ruprect has it about right.

I did 2 years of it and the only reason I considered myself lucky was that I wasn't filled with the same piss-poor attitude to work/life and everyone around me that the rest of them had.

Getting better rates now than in those days (2003/4) so wouldn't go back unless I could find nothing else.

[The_Equalizer]

In my younger days I was quite taken by the idea of working in an IB, but have since come to the conclusion that it is pretty much selling your soul.

[AlfredJPruffock]

Worst ever contracting experience I had was in IB .

My advice is to stay clear of this sector - full of ex Public Schoolboys whom - if they were chocolate would eat themselves.

Go for another position in another sector instead.

[shaunbhoy]

Both agents I spoke to said it could be learned but it was about appearance.

Well that is you royally fooked...............unless you rebrand yourself well away from your current "Son of Steptoe" look.

[Scrag Meister]

I've never worked in an IB, though as a permie some years ago I visited the Bank of Mitotoyo's place next to the ice rink and the railway terminus (which doesn't count).

I wondered why IB jobs have always tended to have a caveat that the individual should have previous banking experience? Not being funny, but adding numbers together doesn't seem such a hard thing to do, so is this to do with having a basic understanding of financial things like depreciation etc?

Just curious what sets IB people apart from other industries.

About 25-40% higher rate. :-)

[Lockhouse]

You either need to be lucky or go perm first. Ruprect has it about right.

[Ruprect]

There is a fair amount of terminology you need to be familiar with; and depending on where in the bank you are you may need a thicker than usual skin. You might also need to put the hours in too (I missed out on a role at gs because I made it clear I wouldn't work 15 hour days). I guess they'd just rather know you can deal with these things.

It's not impossible to get a contract in an ib, but it depends on the market, if there's loads of competition around they're likely to go with the guy with the experience.

Also handy if you hear of a role from someone you know, can be a way in.