Seeking Advice For Jobs In Finance Sector

Originally Posted by jonny

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%.

These days words like “strategic”, “innovation”, “engagement”, “leadership” and the likes are thrown about liberally by many companies and that includes banks. You don’t need to read too much into that.

I think you’ve also got to be realistic in your expectations. Did you honestly think a bank is going to offer someone with no relevant experience like yourself a strategic role where you will be discussing with MDs and EVPs about banking policies and long term strategies?

Honestly it would be quite an achievement if you manage to get an offer from them for this role. It would be a good head start.

Hi,

What do guys think of the middle office - product control role at Credit Suisse? It is much better paid than those back office roles right? And after 2-3 years, is promotion to associate a guarantee?

Originally Posted by Unregistered

Hi,

What do guys think of the middle office - product control role at Credit Suisse? It is much better paid than those back office roles right? And after 2-3 years, is promotion to associate a guarantee?

Nothing is guaranteed. You'd be lucky if you're not fired in the coming downturn, which is already happening as we speak. Several big and mid sized banks are already quietly laying off people.

How about the career path/progression as a analyst in banks' PMO office? Anyone care to share salary scale and progression path?

[alwayscan]

Hi Jerry,

I have been working in the banking and finance industry for the last 15 years and I have seen all sorts of people from the police , army , teachers , engineers come and go . Some stay on to be successful while others return to their original industry

To be straight to you , if you can perform , the bank will take you . It does not just mean perform a task but bring in revenue to the bank . So the easiest way for you to enter this sector is to apply for the sales positions . The basic starting pay may range from $2k to $3k excluding bonus . Basically you will be selling loans, credit cards , insurance and other derivative products . Other than this sales positions , the banks are cutting cost and so other areas might not be available unless you have the specific skills. If you are really interested , just go into any of the bank's website and there are plenty of openings . Just a note , if you do not perform , than , you will be asked to move on . You have targets to meet everyday . Hope this helps .

[wahkao]

Originally Posted by alwayscan

Hi Jerry,

I have been working in the banking and finance industry for the last 15 years and I have seen all sorts of people from the police , army , teachers , engineers come and go . Some stay on to be successful while others return to their original industry

To be straight to you , if you can perform , the bank will take you . It does not just mean perform a task but bring in revenue to the bank . So the easiest way for you to enter this sector is to apply for the sales positions . The basic starting pay may range from $2k to $3k excluding bonus . Basically you will be selling loans, credit cards , insurance and other derivative products . Other than this sales positions , the banks are cutting cost and so other areas might not be available unless you have the specific skills. If you are really interested , just go into any of the bank's website and there are plenty of openings . Just a note , if you do not perform , than , you will be asked to move on . You have targets to meet everyday . Hope this helps .

only sales position?
what about analyst position like data analyst, credit analyst, risk analyst, equity analyst?

These positions should be quite common right? banks need analyst! cannot be everyone do sales

now even bank sales roles not easy to get, cos alot of applicants, they state will take in people with no experience but end up always offer to those degree holders with some experience. for sales they are ruthless too, if you cant perform out you go.

year end not a good period to apply for jobs, people waiting for bonus and banks not so keen on hiring too.

[alwayscan]

Those were the days when the bank's loan rates were 5 to 7 % .
These days loan rates are as little as 1.5 %
If you do the maths , with all your deposits , how much can the banks earn ??
Those days , if deposit rates were 3% and loan rates 5% ,
banks could easily earn 2% out of your deposits by doing nothing .
Today , the bank gives you 1% interest on your deposits and loans out at 1.5%
Just enough to pay CEO . So how ?
Squeeze everyone to sell insurance , derivative products
How to pay analyst when you can find free reports everywhere in the Internet and call centers all outsource to cheaper pay countries
By the way , for a fresh grad pay, you can pay a PHd in china or india to do all sorts of analyst jobs

Originally Posted by Unregistered

Hi,

What do guys think of the middle office - product control role at Credit Suisse? It is much better paid than those back office roles right? And after 2-3 years, is promotion to associate a guarantee?

paid better by a little bit but have the worst hours. u need to ensure front office and back office are properly closed before you can go home. good luck if u have outstanding trades with european counterparts - u can wait past midnight while they return from their long lunch breaks.

Originally Posted by alwayscan

Today , the bank gives you 1% interest on your deposits and loans out at 1.5%

Actually today the bank gives you 0.0125% interest on your deposits. Credit card rates are still 25% p.a, personal loans are still 5-12% and SME loans are being charged 5-10% as well. Still plenty of money to go around