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Yeah Man posted:Hey, I just got a job out of university working at the back office. After reading about the horrors of the BO, can any goons tell me what the BO is like and if compensation is anywhere as good as the front office? I don't work in the backoffice myself, but in my function (functional analyst in the IT department of Markets) I come into contact with colleagues from back office all the time and they seem to be really happy with their job. Obviously compensation is generally less than in FO since the people in FO get massive bonusses when they earn money, but at least in my bank BO gets quite a lot of compensation as well. Here there are quite a lot of different parts in backoffice so it's kinda hard for me to tell you what your job will be. You might have to set up settlement instructions and manage exceptions, you might have to analyse data and write reports, you might have to handle complaints from counterparties when something went wrong and try to find out what happened, etc, etc. That said, I work for a Belgium bank so it might be totally different weherever you're from. Walh Hara fucked around with this message at 13:00 on Mar 8, 2015 |
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Mar 8, 2015 12:27
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Yeah Man posted:Is it possible to transition to the front office later, though? I expect this depends a lot on the bank where you work. In mine it's definitely possible as rotations in general are highly encouraged (they encourage people to change jobs every 3~5 years within the bank).
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Mar 8, 2015 13:04
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zmcnulty posted:Rotation is a crapshoot, yes. I would say MO is an easier jumping point to FO because we work more directly with S&T and in some cases sit on the desk. And indeed some MO coworkers have taken roles in S&T once those seats open up. So not impossible but I wouldn't join Ops under the impression you'll definitely move to FO after a year or whatever. Ha, that's funny because in my bank there only one rotation that is never ever allowed and it's rotating from Middle Office to Front Office. Apparantly some rogue trader in France (Jerome Kerviel) abused his background from middle office to know how to evade the risk checking systems and trading limitations of the bank and ended up with an estimated loss of almost 5$ billion. Not my bank, but ever since you have to rotate from MO to some other part of the bank first (and stay a few years) before you can go to FO. Also FO and BO are managed by the same part of the bank while MO is split off into an entirely different part (different chain of directors etc, different building), again to avoid corruption and rogue traders. edit: to illustrate the difference, at the Christmas party of Markets everybody even remotely involved with FO and BO was invited (i.e. even IT people like me) yet Middle Office wasn't. Walh Hara fucked around with this message at 19:38 on Mar 9, 2015 |
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Mar 9, 2015 19:25
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