IT in banks

[sochews]

Hi all,

I have read this forum and found out that some people mentioned that IT in banks are quite well paid.

I'm a IT student in local uni. Can someone with relevant exp give some insights on what are kind of IT jobs available in banks, what do they really encompass and how well/differently are they paid?

It depends on the experience.

Most banks pay well and ONLY hire those that have banking experience.

There is a back door approach and that is to work for company that deals with banks such as software / services and then get yourself in with related Banking experience but at its still worth it.

The time at the bank may not be to everyones liking as the culture is rather top down and at some investment bank, it is rather harsh and abusive.

As I mention , may not be to everyone cup of tea.

But the pay is not going to be able to be match out side. So for a simliar post, just up it 40 % to 60% monthly and that is the pay you should be getting from non bank to bank.

For bank to bank, its the usual 25% to 30 % as dictated by HR and how hard the hiring manager wants you.

[sochews]

thanks for your reply and your insight on the salary aspect.

but just to check with you on what the jobs can encompass. i know IT in banks mainly revolves around development and infrastructure, but what exactly do the people in the teams do?

developers develop programs, i think that's simple enough. but what about the infra side? i heard they do support and stuff, but support what? is it like call centre? or those go to your comp when your comp breaks down kind of guy?

yes something like this. there are many kinds of IT in banks.

1. yes go to comp when comp break down. bank usually at least 300 people, so need to be available for when they need to reset password, install programs, troubleshoot software problems, etc etc.

2. banks use propriertary software, so either u need to:
a. support software when it fails.
b. code new software modules as and when needed.

please note that 2a and 2b are to be done by different department so no one IT guy can handle it. it might come across as a monotonous job.

3. networking to interface with online systems, usually secure connections to MAS or SWIFT alliance. MAS does do SWIFT drills, so IT staff is needed. Or link to other branches or networks.

4. Programming in front office. many positions available, but need banking experience to support analysts' decisions to create algorithms and software models.

5. the hardware setup guy - acquire and assemble keyboards, monitors, printers, new switches, etc. something like a technician.

6. IT planning, support, maintance, security, etc.

these are some of the few broad description i could come out with.

there are many kinds of roles available, pick which kind suits you. but i have to say not all positions pay well.

if possible, transit to other roles in the bank.

Life as IT in banks is not easy. depends on the system, be prepared to be on standby 24x7.

Knew of someone who did IT in the financial industry (worked in bank and currently in an insurance company). Good pay but no weekend life.

Originally Posted by Unregistered

It depends on the experience.

Most banks pay well and ONLY hire those that have banking experience.

There is a back door approach and that is to work for company that deals with banks such as software / services and then get yourself in with related Banking experience but at its still worth it.

The time at the bank may not be to everyones liking as the culture is rather top down and at some investment bank, it is rather harsh and abusive.

As I mention , may not be to everyone cup of tea.

But the pay is not going to be able to be match out side. So for a simliar post, just up it 40 % to 60% monthly and that is the pay you should be getting from non bank to bank.

For bank to bank, its the usual 25% to 30 % as dictated by HR and how hard the hiring manager wants you.

>>Most banks pay well and ONLY hire those that have banking experience.
Yep.

>>There is a back door approach and that is to work for company that deals with banks such as software / services and then get yourself in with related Banking experience but at its still worth it.
Yep. Or get yourself in a position which deals with software that banks use.

>>The time at the bank may not be to everyones liking as the culture is rather top down and at some investment bank, it is rather harsh and abusive.
Totally agree about the bit on IBs.

>>But the pay is not going to be able to be match out side. So for a simliar post, just up it 40 % to 60% monthly and that is the pay you should be getting from non bank to bank.
Yep.

Originally Posted by Unregistered

Knew of someone who did IT in the financial industry (worked in bank and currently in an insurance company). Good pay but no weekend life.

That's the way it is. It's a relationship in which you sell your time to the bank.