Banking Jobs

[superprawney]

Hello everyone, i would just like to see if anyone here can offer me some insight and advice towards the banking sector career pathways.

Im 26, just graduated with a degree in banking and finance and interested to start working in a bank. I don't have any prior working experience and I also currently have no family commitments / relationship commitments at all and intend to devote myself to working for the next few years. I don't mind OT or long hours as i intend to devote all my time to work and building up my career in the coming future.

With that said, I would just like to ask, as a fresh graduate what are the kind of positions in the bank i am able to apply to? I don't mind doing front or backend but there are so many job positions in the bank im unsure which is more suitable for me.

The famous ones i've heard are personal bankers / relationship managers but (pardon me as i have no intention of offending anyone) if im not wrong, a degree is not required for that job position. And mainly it starts with selling insurance, roadshows and being at neighborhood branches etc. Basically i feel that if im going to sell insurance there wouldn't be a need to take my degree as i could have applied for that job with my diploma just as well. Are there any type of sales jobs which have you located in the CBD central office where you don't have to run around?

Ultimately I would just hope any kind souls out here can share with me what kind of job positions in the bank are applicable to fresh grads that basically aren't in competition with diploma holders because i would like to make the most out of my degree. I sincerely am sorry as i don't intend to offend anyone with my post and would just like anyone who has been in my position before to share some information so that i can know what kind of jobs are available out there because im at a lost with all the different job openings available in banks as i don't know what they entail and requires me to do.

Sincere thanks to anyone whos willing to share with me their banking jobs and experiences so i can fully understand all the different roles in the banks at the junior entry fresh grad position.

I refer you to the thread "working in a bank" by Eric:

[superprawney]

I have read that thread beforehand but unfortunately it didn't shed much light on the other existing jobs in a bank which cater towards fresh grads without prior experience. What are some of the jobs which won't post you to branches but instead work in their main cbd office?

I don't claim to know all about banking. But here is a start.

Front office, the revenue generators, the ones who bring in money:
Investment banker - Initial Public Offering (IPO), Mergers and Acquisition (M&A), Debt Capital Markets ( DCM).
Traders, they create the markets, giving out a bid and ask for securities. Usually, they're defined by asset classes - equities, fixed income, currencies, commodities.
Sales, they take the price quoted by the traders and attempt to transact with counterparties, such as hedge funds, pension funds, real money.
Research, the guys who look into the markets and publish reports and newsletters to be circulated to the bank's clients.

Middle office, the one who support those above:
Risk management, watches the bank's risk limits.
Research, some consider to be middle office.

Back office, the guys who come in to book keep all the action:
Operations, when a deal or trade is done, these guys come in to log all the statements and make sure everything is squared off. Whatever security is bought, it needs to be matched off with a corresponding ticket.
Compliance, they ensure whatever is going on in the bank meets the requirements set by MAS.

Originally Posted by Unregistered

I don't claim to know all about banking. But here is a start.

Front office, the revenue generators, the ones who bring in money:
Investment banker - Initial Public Offering (IPO), Mergers and Acquisition (M&A), Debt Capital Markets ( DCM).
Traders, they create the markets, giving out a bid and ask for securities. Usually, they're defined by asset classes - equities, fixed income, currencies, commodities.
Sales, they take the price quoted by the traders and attempt to transact with counterparties, such as hedge funds, pension funds, real money.
Research, the guys who look into the markets and publish reports and newsletters to be circulated to the bank's clients.

Middle office, the one who support those above:
Risk management, watches the bank's risk limits.
Research, some consider to be middle office.

Back office, the guys who come in to book keep all the action:
Operations, when a deal or trade is done, these guys come in to log all the statements and make sure everything is squared off. Whatever security is bought, it needs to be matched off with a corresponding ticket.
Compliance, they ensure whatever is going on in the bank meets the requirements set by MAS.

I would think Compliance is a standalone function, not front/back/middle.

Originally Posted by superprawney

What are some of the jobs which won't post you to branches but instead work in their main cbd office?

Why are you so insistent on working in the cbd main office?
Why degree/school did you graduate from and why do you not have any work experience?

Originally Posted by superprawney

I have read that thread beforehand but unfortunately it didn't shed much light on the other existing jobs in a bank which cater towards fresh grads without prior experience. What are some of the jobs which won't post you to branches but instead work in their main cbd office?

I was in a similar position as you 1.5 years ago. I applied to investment consultant role. My job is now to prepare investment proposals and portfolio reviews for private banking clients. All degree holders/CFA/MBA. I joined entry level and was essentially a PowerPoint monkey for the seniors in the team. They will slowly train u up and u get to meet clients with the private bankers soon. Pay is decent. After one year I'm getting around 6+k not including bonus. Also working hours are 9-6.
Alternatively, risk office also pays well with good working hours.

Originally Posted by superprawney

Hello everyone, i would just like to see if anyone here can offer me some insight and advice towards the banking sector career pathways.

Im 26, just graduated with a degree in banking and finance and interested to start working in a bank. I don't have any prior working experience and I also currently have no family commitments / relationship commitments at all and intend to devote myself to working for the next few years. I don't mind OT or long hours as i intend to devote all my time to work and building up my career in the coming future.

With that said, I would just like to ask, as a fresh graduate what are the kind of positions in the bank i am able to apply to? I don't mind doing front or backend but there are so many job positions in the bank im unsure which is more suitable for me.

The famous ones i've heard are personal bankers / relationship managers but (pardon me as i have no intention of offending anyone) if im not wrong, a degree is not required for that job position. And mainly it starts with selling insurance, roadshows and being at neighborhood branches etc. Basically i feel that if im going to sell insurance there wouldn't be a need to take my degree as i could have applied for that job with my diploma just as well. Are there any type of sales jobs which have you located in the CBD central office where you don't have to run around?

Ultimately I would just hope any kind souls out here can share with me what kind of job positions in the bank are applicable to fresh grads that basically aren't in competition with diploma holders because i would like to make the most out of my degree. I sincerely am sorry as i don't intend to offend anyone with my post and would just like anyone who has been in my position before to share some information so that i can know what kind of jobs are available out there because im at a lost with all the different job openings available in banks as i don't know what they entail and requires me to do.

Sincere thanks to anyone whos willing to share with me their banking jobs and experiences so i can fully understand all the different roles in the banks at the junior entry fresh grad position.

Considering you have zero work experience and no banking internships, shouldn't you be just applying and see whether you are even lucky enough to get an interview instead of sitting around posturing about "career paths"?

Few years ago, people like yourself even if cannot make it to proper FO or BO jobs can at least settle for basic sales type jobs, but with the severe recession hitting the finance industry, I'm not so sure these jobs are that easily available now.

Long story short, get your arse up and starting firing the CVs. You are in no position to sit around choosing what career paths to apply.

Get your ass in the industry first. I'm in bulge bracket middle office. Loving it.

Originally Posted by Unregistered

I don't claim to know all about banking. But here is a start.

Front office, the revenue generators, the ones who bring in money:
Investment banker - Initial Public Offering (IPO), Mergers and Acquisition (M&A), Debt Capital Markets ( DCM).
Traders, they create the markets, giving out a bid and ask for securities. Usually, they're defined by asset classes - equities, fixed income, currencies, commodities.
Sales, they take the price quoted by the traders and attempt to transact with counterparties, such as hedge funds, pension funds, real money.
Research, the guys who look into the markets and publish reports and newsletters to be circulated to the bank's clients.

Middle office, the one who support those above:
Risk management, watches the bank's risk limits.
Research, some consider to be middle office.

Back office, the guys who come in to book keep all the action:
Operations, when a deal or trade is done, these guys come in to log all the statements and make sure everything is squared off. Whatever security is bought, it needs to be matched off with a corresponding ticket.
Compliance, they ensure whatever is going on in the bank meets the requirements set by MAS.

actually there's really no "mid office", just back (non revenue generating) and front (revenue generating). The term mid office is coined by risk management people to distinguish themselves from the guys doing settlements in an attempt to themselves feel better

btw u left out treasury