Seeking Advice For Jobs In Finance Sector - Page 4 - Salary.sg Forums
Salary.sg Forums  

Go Back   Salary.sg Forums > The Salary.sg Discussion Forums: > Income and Jobs

Income and Jobs Discuss jobs, career options and of course salaries




Seeking Advice For Jobs In Finance Sector

Reply
 
Thread Tools
  #31 (permalink)  
Old 27-02-2012, 09:54 AM
QXP
Guest
 
Posts: n/a
Default

Quote:
Originally Posted by Unregistered View Post
Glad to hear that, my background is R&D digital signal processing with masters from NUS-MIT alliance. I just finish reading the Stochastic Calculus for Finance book by Steven E. Shreve, a bit like quantum mechanics of mathematics which I studied for physics. I find it pretty easy for me - with my DSP knowledge, I can easily use fast-fourier transform to solve some excerise in the book.
My friend, a trader, is trying to arrange a job in a bank for me, but it is put on hold as there is no headcount. Not sure what the job entails but something to price and risk manage some counterparty otc contracts, but my friend jokingly says if I can smoke and talk cock very well e.g. prove that black-scholes equation wrong, I will get the job immediately.
Hate to break it to you, when I meant financial modeling, I’m not talking about stuff like Black Scholes, that’s just a simple calculator that any junior accountant can whack just by grabbing a few key assumptions from Bloomberg.

While I don’t have direct experience in modeling, the few I have examples I have seen constructed are very complicated and requires not only mathematical and programming skills, but also a deep understanding of the principles behind the bank’s assessment of VAR as well as compliance to the usual Basel stuff.

A lot of risk management guys are fully qualified actuaries and actuarial certification itself on average takes about 7 years to complete if you are studying while working. Deep stuff I wouldn’t want to go to. It is definitely not something you can smoke your way out with rudimentary Finance knowledge and throwing out a few sexy key words.

PS: All above refers to the "real" risk management job that pays the "real" money, normal BO jops under the risk department that are more tracking, reporting and compliance in nature is of course far easier to get.

Reply With Quote
  #32 (permalink)  
Old 27-02-2012, 02:06 PM
jonny
Guest
 
Posts: n/a
Default

Hi QXP,

Thanks for the insight, seems you really know risk management jobs well. I am in engineering and currently interviewing for a role in risk management, this is the description the recruiter agent sent me:

- Manual Adjustment Reviews: Assist in monthly review of adjustments including P&L and balance sheet substantiation with various PC areas

- Key Risk indicators: Prepare / Consolidate key risk reports

- Assess, monitor and track outstanding issues and action plans from audit reviews, control incidents, and other internal control reviews

- Site Review: Conduct site control reviews, identify control gaps, escalate and report on findings to management

- Risk and Control Assessments / SOX

- Control Pack: Assist in producing monthly PC control packages to highlight control / performance issues and solutions to management

- Balance Sheet review: Review, Coordinate, facilitate and report on findings by working with PCs to substantiate the balance sheet

- Remediation of control gaps / process re-engineering: Work with Product Controllers to develop solution and remediation to control gap identified

Base on your opinion will this be a real risk management job? I am hoping my technical and numerical skills can be put to good use and of course make more money in the process.

Thanks

Quote:
Originally Posted by QXP View Post
Hate to break it to you, when I meant financial modeling, I’m not talking about stuff like Black Scholes, that’s just a simple calculator that any junior accountant can whack just by grabbing a few key assumptions from Bloomberg.

While I don’t have direct experience in modeling, the few I have examples I have seen constructed are very complicated and requires not only mathematical and programming skills, but also a deep understanding of the principles behind the bank’s assessment of VAR as well as compliance to the usual Basel stuff.

A lot of risk management guys are fully qualified actuaries and actuarial certification itself on average takes about 7 years to complete if you are studying while working. Deep stuff I wouldn’t want to go to. It is definitely not something you can smoke your way out with rudimentary Finance knowledge and throwing out a few sexy key words.

PS: All above refers to the "real" risk management job that pays the "real" money, normal BO jops under the risk department that are more tracking, reporting and compliance in nature is of course far easier to get.


Reply With Quote
  #33 (permalink)  
Old 27-02-2012, 10:23 PM
Unregistered
Guest
 
Posts: n/a
Default

Quote:
Originally Posted by QXP View Post
Hate to break it to you, when I meant financial modeling, I’m not talking about stuff like Black Scholes, that’s just a simple calculator that any junior accountant can whack just by grabbing a few key assumptions from Bloomberg.

While I don’t have direct experience in modeling, the few I have examples I have seen constructed are very complicated and requires not only mathematical and programming skills, but also a deep understanding of the principles behind the bank’s assessment of VAR as well as compliance to the usual Basel stuff.

A lot of risk management guys are fully qualified actuaries and actuarial certification itself on average takes about 7 years to complete if you are studying while working. Deep stuff I wouldn’t want to go to. It is definitely not something you can smoke your way out with rudimentary Finance knowledge and throwing out a few sexy key words.

PS: All above refers to the "real" risk management job that pays the "real" money, normal BO jops under the risk department that are more tracking, reporting and compliance in nature is of course far easier to get.
Yeah, i live in ivory tower, know nuts about finance until i read abt stochastic mathematics book. Do you know counterparty valuation adjustment desk a good place to start risk management career? Need to price and risk manage correlation trades against retained credits risk in the bank? I derive some numerical methods for some these contracts, which my friend says my price is off by 100bps, and will be arb by goldman sachs, haha, so need to fine-tune my modelling with further price-vol relationship or need to consider 3 factor model(with more stochastic variables added?) when i have chance to log into nus shared bloomberg terminal. Hoping to get the role as heard some guys at vp level there getting 240k base, a jump from current digital signal processing job in lab.

Reply With Quote
  #34 (permalink)  
Old 28-02-2012, 09:51 AM
QXP
Guest
 
Posts: n/a
Default

Quote:
Originally Posted by jonny View Post
Hi QXP,

Thanks for the insight, seems you really know risk management jobs well. I am in engineering and currently interviewing for a role in risk management, this is the description the recruiter agent sent me:

- Manual Adjustment Reviews: Assist in monthly review of adjustments including P&L and balance sheet substantiation with various PC areas

- Key Risk indicators: Prepare / Consolidate key risk reports

- Assess, monitor and track outstanding issues and action plans from audit reviews, control incidents, and other internal control reviews

- Site Review: Conduct site control reviews, identify control gaps, escalate and report on findings to management

- Risk and Control Assessments / SOX

- Control Pack: Assist in producing monthly PC control packages to highlight control / performance issues and solutions to management

- Balance Sheet review: Review, Coordinate, facilitate and report on findings by working with PCs to substantiate the balance sheet

- Remediation of control gaps / process re-engineering: Work with Product Controllers to develop solution and remediation to control gap identified

Base on your opinion will this be a real risk management job? I am hoping my technical and numerical skills can be put to good use and of course make more money in the process.

Thanks
What you have here is a very typical reporting & compliance ops job in the risk department. From the description, it’s probably a junior VP role that supports a risk & compliance business partner supporting a particular business in the bank.

It’s a common enough BO job that pays decently compared to similar corporate functions in other companies, but one thing for certain is don’t kid yourself that you will be putting your engineering skills to good use doing complex financial modeling, taking part in committees to formulate risk policies or liaising with the FO guys.

At the end of the day, it's a straight forward and typical corporate support role just like IT, HR, Marketing etc.
Reply With Quote
  #35 (permalink)  
Old 28-02-2012, 10:22 PM
Super Member
 
Join Date: May 2011
Posts: 168
Anonymous is on a distinguished road
Default

Quote:
Originally Posted by Unregistered View Post
Glad to hear that, my background is R&D digital signal processing with masters from NUS-MIT alliance. I just finish reading the Stochastic Calculus for Finance book by Steven E. Shreve, a bit like quantum mechanics of mathematics which I studied for physics. I find it pretty easy for me - with my DSP knowledge, I can easily use fast-fourier transform to solve some excerise in the book.
My friend, a trader, is trying to arrange a job in a bank for me, but it is put on hold as there is no headcount. Not sure what the job entails but something to price and risk manage some counterparty otc contracts, but my friend jokingly says if I can smoke and talk cock very well e.g. prove that black-scholes equation wrong, I will get the job immediately.
Haha hey did you read Book 2 (continuous stochastic modelling) or book 1? book 1 is baby stuff btw.
Reply With Quote
  #36 (permalink)  
Old 28-02-2012, 10:25 PM
Super Member
 
Join Date: May 2011
Posts: 168
Anonymous is on a distinguished road
Default

Quote:
Originally Posted by QXP View Post
Hate to break it to you, when I meant financial modeling, I’m not talking about stuff like Black Scholes, that’s just a simple calculator that any junior accountant can whack just by grabbing a few key assumptions from Bloomberg.

While I don’t have direct experience in modeling, the few I have examples I have seen constructed are very complicated and requires not only mathematical and programming skills, but also a deep understanding of the principles behind the bank’s assessment of VAR as well as compliance to the usual Basel stuff.

A lot of risk management guys are fully qualified actuaries and actuarial certification itself on average takes about 7 years to complete if you are studying while working. Deep stuff I wouldn’t want to go to. It is definitely not something you can smoke your way out with rudimentary Finance knowledge and throwing out a few sexy key words.

PS: All above refers to the "real" risk management job that pays the "real" money, normal BO jops under the risk department that are more tracking, reporting and compliance in nature is of course far easier to get.
Hmm... my friend who is working on his actuarial certification told me stochastic calculus (continuous) is more difficult.
Reply With Quote

  #37 (permalink)  
Old 28-02-2012, 10:48 PM
Unregistered
Guest
 
Posts: n/a
Default

Quote:
Originally Posted by Anonymous View Post
Haha hey did you read Book 2 (continuous stochastic modelling) or book 1? book 1 is baby stuff btw.
i read the book 2 continuous stochastic modelling - for a engineer/scientist, it seems so intuitive to think asset prices as a stochastic variable - just like white noise with added drift in my DSP processing... well honestly it quite heavy stuff to me towards the end when it talks abt the fwd libor model - and also trying to extend it to american expiry pricing with poisson jump process for credit event - seems eventually a numerical method is required mm... a bit blur not sure how to solve real finance problem given by my friend.... hehe

anyway, i think i still lack market knowledge especially on the implied vol stochastic modelling.. it seems quite to voodoo science to me, prob might be some serious money making strategies for hedge funds i guess...

Well bloomberg machine not within my 200m radius doesnt help
Reply With Quote
  #38 (permalink)  
Old 28-02-2012, 10:59 PM
Super Member
 
Join Date: May 2011
Posts: 168
Anonymous is on a distinguished road
Default

Quote:
Originally Posted by Unregistered View Post
i read the book 2 continuous stochastic modelling - for a engineer/scientist, it seems so intuitive to think asset prices as a stochastic variable - just like white noise with added drift in my DSP processing... well honestly it quite heavy stuff to me towards the end when it talks abt the fwd libor model - and also trying to extend it to american expiry pricing with poisson jump process for credit event - seems eventually a numerical method is required mm... a bit blur not sure how to solve real finance problem given by my friend.... hehe

anyway, i think i still lack market knowledge especially on the implied vol stochastic modelling.. it seems quite to voodoo science to me, prob might be some serious money making strategies for hedge funds i guess...

Well bloomberg machine not within my 200m radius doesnt help
forward libor - use change of numeraire. jumps are too complicated to solve analytically without making ridiculous assumptions so probably numerical.
Reply With Quote
  #39 (permalink)  
Old 29-02-2012, 10:16 AM
jonny
Guest
 
Posts: n/a
Default

During interview they said it’s a strategic role where I am required to engage numerous senior stakeholders and influence them on key business decisions.

Interviewer told me they require someone technically very strong with innovative thinking, that’s why willing to consider people outside of banking.

Now you say until like that, really sian 50%.


Quote:
Originally Posted by QXP View Post
What you have here is a very typical reporting & compliance ops job in the risk department. From the description, it’s probably a junior VP role that supports a risk & compliance business partner supporting a particular business in the bank.

It’s a common enough BO job that pays decently compared to similar corporate functions in other companies, but one thing for certain is don’t kid yourself that you will be putting your engineering skills to good use doing complex financial modeling, taking part in committees to formulate risk policies or liaising with the FO guys.

At the end of the day, it's a straight forward and typical corporate support role just like IT, HR, Marketing etc.
Reply With Quote
  #40 (permalink)  
Old 29-02-2012, 07:20 PM
Unregistered
Guest
 
Posts: n/a
Default

Quote:
Originally Posted by Unregistered View Post
i read the book 2 continuous stochastic modelling - for a engineer/scientist, it seems so intuitive to think asset prices as a stochastic variable - just like white noise with added drift in my DSP processing... well honestly it quite heavy stuff to me towards the end when it talks abt the fwd libor model - and also trying to extend it to american expiry pricing with poisson jump process for credit event - seems eventually a numerical method is required mm... a bit blur not sure how to solve real finance problem given by my friend.... hehe

anyway, i think i still lack market knowledge especially on the implied vol stochastic modelling.. it seems quite to voodoo science to me, prob might be some serious money making strategies for hedge funds i guess...

Well bloomberg machine not within my 200m radius doesnt help

There are few roles in singapore for your caliber as all top tier banks run credit portfolio desk in london or ny, there are no local banks who are actively managing cva risk, not even stan char i think, suggest u seek employment in london

Based on your profile, you might try to join algorithmic hedge funds, met few guys with similar background running their own shop after a stint in renassiance tech hedge fund. Your karman filter will come in useful for alpha generation, and potentially more lucrative.
Reply With Quote
Reply

Bookmarks

Tags
finance

« Previous Thread | Next Thread »
Thread Tools

Posting Rules
You may not post new threads
You may post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are On
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
For jobs in public sector, when would the interveiw outcome be known? driver Income and Jobs 22 14-06-2013 10:59 AM
Seeking Advice for jobs in SG 04800798 Income and Jobs 2 18-02-2012 02:59 PM
Requesting Advice with Regards to Finance Sector EpicMonkey Income and Jobs 2 05-05-2011 12:29 PM
Seeking advice on Career jump CareerSG Income and Jobs 2 01-09-2010 09:46 AM
Banking and Finance Jobs Preferred Salary.sg Income and Jobs 1 11-01-2008 02:02 AM

» 30 Recent Threads
GovTech ( 1 2 3... Last Page)
5,160 Replies, 2,162,849 Views
Visa Graduate Development Program ( 1 2 3... Last Page)
207 Replies, 134,471 Views
Career as Teacher ( 1 2 3... Last Page)
10,826 Replies, 6,664,100 Views
SIM-UOL fresh grad starting pay ( 1 2 3... Last Page)
6,922 Replies, 2,902,451 Views
UOB Management Associate Program ( 1 2 3... Last Page)
1,455 Replies, 784,254 Views
MAS for Mid Career Professionals ( 1 2 3... Last Page)
1,799 Replies, 1,043,521 Views
Nparks ( 1 2 3... Last Page)
39 Replies, 34,334 Views
MINDEF DXO (All FAQ on it) ( 1 2 3... Last Page)
5,828 Replies, 4,656,339 Views
ITE Polytechnic Scheme ( 1 2 3... Last Page)
309 Replies, 368,854 Views
Q: Big4 - Yearly salary increment ( 1 2 3... Last Page)
15,303 Replies, 4,982,403 Views
Civil Service Performance Bonus ( 1 2 3... Last Page)
5,338 Replies, 4,769,056 Views
Compare civil service salary ( 1 2 3... Last Page)
16,342 Replies, 12,453,800 Views
Civil Service Current Estimated... ( 1 2 3... Last Page)
169 Replies, 308,954 Views
LTA (Land Transport Authority) ( 1 2 3... Last Page)
678 Replies, 388,099 Views
Constituency Manager (People... ( 1 2 3... Last Page)
989 Replies, 813,805 Views
Julius Baer Graduate Program 2023 ( 1 2 3)
21 Replies, 14,771 Views
Roles in accenture singapore ( 1 2 3... Last Page)
7,385 Replies, 2,323,632 Views
Lawyer Salary ( 1 2 3... Last Page)
21,013 Replies, 10,328,301 Views
HTX (Home Team Science and... ( 1 2 3... Last Page)
752 Replies, 358,200 Views
Shopee fresh grad pay ( 1 2 3... Last Page)
1,049 Replies, 440,451 Views
DSTA (under Mindef) ( 1 2 3... Last Page)
1,464 Replies, 1,375,024 Views
ST Electronics ( 1 2 3... Last Page)
3,767 Replies, 1,544,282 Views
IMDA (under MCI) ( 1 2 3... Last Page)
1,260 Replies, 613,443 Views
Civil Svc/ Statboard - Typical... ( 1 2 3... Last Page)
6,123 Replies, 3,738,295 Views
MX12 reappointed at MX11
8 Replies, 788 Views
Hospital (Private or Public)... ( 1 2 3... Last Page)
749 Replies, 405,303 Views
NCS (SingTel subsidiary) ( 1 2 3... Last Page)
1,329 Replies, 1,141,954 Views
MFA- Foreign Service... ( 1 2 3... Last Page)
54 Replies, 84,945 Views
Cybersecurity/Info security career ( 1 2 3... Last Page)
511 Replies, 268,496 Views
Singapore Airlines ( 1 2 3)
22 Replies, 11,272 Views
Powered by vBadvanced CMPS v3.2.2



All times are GMT +8. The time now is 11:50 PM.


Powered by vBulletin® Version 3.8.5
Copyright ©2000 - 2024, Jelsoft Enterprises Ltd.
Content Relevant URLs by vBSEO 3.3.2