Working in a bank

Originally Posted by laguna

I see too many 20+ looking to work in a bank, particularly investment banks or in finance
So I asked one new grad, do u know what is an investment bank or finance, answer : blank.
Just join? big bonus, big pay, perks
what are these banks looking for? blank

I truly look down on all these sort of people, no substance

I am not sure about u..
just commenting on those that I have met

maybe the new grad is wondering who is this laguna, that is asking questions & why the heck in the pecking order, does anybody need to answer the question ??

many in banks have "no substance". they are there because the job pays well. they got in because they look good, have above average intelligence, have connections, got their degrees overseas, speak well, present well.

just try your luck to get in. no harm trying.

[ericgohjunhui]

Thanks alot for the advices you guys gave. really appreciate it alot.

[ericgohjunhui]

Is CFA required before applying for IB related banking job or i can gt it once im in?

You don't need CFA.

ERIC, if you are still reading this post...

You are going to get negative comments from people who find joy in putting people down. Don't let it get to you. Average achievers are generally bitter people. I consider myself an slightly above-average achiever myself @ 30 yrs, but I see your initiative coming to ask questions before going out to the workforce, which is good.

There is a perception that many people who make it into banks after undergrad studies do well and make good money. Sometimes yes, sometimes no. You should have come across this term the Bell Curve. This applies wherever you go, and I am seeing people smack in the middle of this curve in private banking, where I am. You have people who climb high, people who lag behind. My ex team mate in Switzerland worked in the same bank, same job (no promo) for 35 years. That's older than you, older than me. But he has got the widest smile in the whole department, with always a kind word especially for a foreigner like myself.

Back to your post. Find out a bit more if you can by reading forums, or talking to people. Just find out more. Some things may not be easy to understand at first but it helps if you just keep an open mind, open ear, and try to relate on your own terms.

There is a good and lucrative career in banking, and it is rewarding if you CHOOSE to make yourself stand out. That applies for Front, Middle, Back offices. It helps to move around these 3 as well though people would say Front Office pays the best. If you like human relationship and are ok with the banking world, a job as a banker pays really really well (if you are a successful one.) Operations and Middle Office jobs are not too bad although they (quite) definitely pay less. Profit Centre = Front Office. Cost Centre = Operations. You can have a rewarding career in Operations too which I would put myself as a good example.

Just keep an open mind and go for your instinct. Just fresh out of school, what you studied and what you encounter and taste in the working world seldom go hand in hand. Someone who studied banking and go on to earn 350K a year as a banker, things are beyond their wildest dreams. Those who studied the same thing and still earn 3-4K after 5 years, they will curse and lament in a 120deg radius wherever they go.

IT'S ALL RELATIVE. Find out more and if you want to venture in this direction, go for it. For you can move in this GENERAL direction and see what opportunities unfold. There is A WHOLE LOT to banking jobs/functions. A veteran would even be hard pressed to lay them all out in a jiffy.

I can only tell you I took a Dip in banking (don't know still if right move or not now) following by an overseas Bach in Econs (WRONG MOVE) then I bit the bullet to work as temp $7/hour in a top, top investment bank and told myself I am getting converted to a fulltime perm staff no matter what. Guess what, I did it in just 2 weeks when it was a tough environment then. I didn't look back since. Yes I am in Operations, but I can tell you it has been really rewarding so far. Comparing to the engineers/project managers/etc/etc/etc here who earn 200-300K, I can't even smell their continental car's smoke, but hey, It's All Relative.

++++

PEOPLE, give this guy a break. How many of you graduated and attained sudden enlightenment about what you wanna do in your life? You chose your tertiary and bachelor courses only with a half-informed mind and a vaguely-formed perception based on your observation, IMAGINATION, and HEARSAY.

You may be doing well right now, and I am happy for you, but did you get there immediately? Was it not with trial and error, and perhaps a lot of luck? So, big deal if this guy doesn't know now what is front office and back office. For the MAJORITY of you, were you fantastically better informed when you were in his position? At least he came out to ask a honest question in search of hopefully a honest opinion.

From what I see, most of the older guys want to put the younger generation down. Not surprising since they are coming out to get their jobs.

Originally Posted by Unregistered

many in banks have "no substance". they are there because the job pays well. they got in because they look good, have above average intelligence, have connections, got their degrees overseas, speak well, present well.

just try your luck to get in. no harm trying.

So... having good oratorical and presentation skills equals having no substance...
I really really agree with you there.

I used to work in a bank dealing with securities and futures. I seen alot of graduates from UOL Banking and finance working in banks as credit or operations officers. Its a stable job with a decent income every month but i notice you said you have been trading for a while. Why not do it full time and try venturing out of the norm of getting a 9 to 5 job?

If successful, you will find yourself the financial freedom where your classmate/friends will envy.

I can't said i'm extremely successful but i have already earn my first 500K within the year. i have to warn you though, its quite stressful at times when things are not going your way and trading is very addictive. I find myself not able to leave my LCD screen when i first started out in forex exchange and that is the main reason i quit my full-time job. I can moved on to futures trading for the past 1 year though

My career path (3 years): Operation Officer>Dealer>Full-time local at home

Cheers

Originally Posted by Unregistered

I used to work in a bank dealing with securities and futures. I seen alot of graduates from UOL Banking and finance working in banks as credit or operations officers. Its a stable job with a decent income every month but i notice you said you have been trading for a while. Why not do it full time and try venturing out of the norm of getting a 9 to 5 job?

If successful, you will find yourself the financial freedom where your classmate/friends will envy.

I can't said i'm extremely successful but i have already earn my first 500K within the year. i have to warn you though, its quite stressful at times when things are not going your way and trading is very addictive. I find myself not able to leave my LCD screen when i first started out in forex exchange and that is the main reason i quit my full-time job. I can moved on to futures trading for the past 1 year though

My career path (3 years): Operation Officer>Dealer>Full-time local at home

Cheers

I believe in your earning thru Forex as I do have friend who really made very much more than that.

Got to be cautious that if luck is not on your side, it will burn a deep hole into your pocket.

Nevertheless, I'm glad that you done well in trading.