Fixed Income Analysis

[mark mathis]

Hello Guys,
I just got turned down for a JAVA Developer job because I didn't have Fixed Income Analysis experience. I did some searching on the web and couldn't find anything to my satisfaction. What is it and why is it important?!
regards
Mark

[John Dale]

Fixed income analysis sounds like figuring out bond prices and interest rates. This includes doing the calculations right, and obtaining and correctly interpreting the right data, surely guided by economists and financial types.
Why is it important? These things can involve billions (10**9) of dollars. Consider the loss if you had billion dollars is getting only 0.01% too little interest overnight -- an example of a small mistake caught quickly. There may not be much room for a programmer to "wing it" here.

[Mark Herschberg]

If I were you, and wanted the job, I'd go by a book on fixed income (possible in conjunction with a basic econ book, if you don't know the basics of econ) and read it over the next two weeks. Then go back to the company, mention that you've read it, and suggest that you could do it now, so long as during the first project or two someone in the company who does have that experience (assuming such a person exists, and I suspect they do), can double check your models.
--Mark

[SJ Adnams]

get 'The Handbook of fixed income securities' by Fabbozzi. it is really easy to read, more like a novel than a textbook.
there are plenty of links to financial cert sites on my web page.
Simon

[Tony Evans]

I am having the same problem as Mark at least 70% of the roles I am technically experienced for I cannot apply for as they are looking for someone who has experience in the financial markets.
Is there a recognised course I can go on, where did the existing software developers get their first experience. Or was there a time when you did not need that experience to get the role.
Cheers from the UK Tony

[SJ Adnams]

Tony, Oh yes those were the days... Walk into an interview say JAVA,SQL,INTERNET and the next thing you know they are begging you to sign the contract.
If someone asked you 'is there a course i can go on to learn java', you would probably tell them to get a book and sit down at your PC.
I would say the same for finance. Get hold of some books and read them.
With reference to Tony. Mistakes do happen, at my last job we didn't populate a column in a table and it cost about 2million quid :

[Tony Evans]

re : I would say the same for finance. Get hold of some books and read them.
I have nothing against home study, it suggests to me that someone is taking his or her career seriously.
There is just one little problem or two, educational snobbery and/or actual work experience. First I have to get past the first line of defence the IT Recruitment agency, they don�t care if you spent your entire life studying every book in the world in finance, if the tick in the box states must of worked on financial application projects, then that is what they want, if you have not got it you fail at the first line.
There is one way though this first line, not the best way, but still good a recognised qualification. so I can say to the jumped up little oik on the other end of the phone, yes I have not worked in the world of finance but I do have knowledge of this subject and here is the qualification to prove it.
A list of books read will not cut it.
Cheers Tony

[SJ Adnams]

www.aimr.com
www.uksip.com
www.securities-institute.org.uk
www.aciforex.com/education/back_office.htm
Any one of the above certifications are recognised.

[Tony Evans]

Thanks for the info, I will see about studying Securities. Lets hope the career IT goal posts are not moved to far again.
Cheers Tony

[Dan Chisholm]

Originally posted by mark mathis:
Hello Guys,
I just got turned down for a JAVA Developer job because I didn't have Fixed Income Analysis experience. I did some searching on the web and couldn't find anything to my satisfaction. What is it and why is it important?!
regards
Mark

Mark,
I can't offer any help on Fixed Income Analysis, but I can offer a suggestion on job interviews. Before you go to an interview, make sure that you go to the company's web site and learn all that you can about the company and their field and their products and services. For example, if they post any white papers, then make sure that you read them and understand all of the terminology. Do the same with their press releases. Then search the web for articles that review the company's products and services. If you understand all of the buzz words that come up in the white papers, press releases, and product reviews, then you will have a better chance of understanding the buzz words that come up in the interview.

[Roseanne Zhang]

Dan
Agree with you whole heartly! The BUZZ words bridge or language barrier are so hard to across in certain industries. Even you are lucky and get the job, you still need to go through the same path.
Q. What is language barrier in the job? How to cross it?

[Dan Chisholm]

I remember the language barrier to cross when I first entered the telecom business. I was absolutely a foriegner, I did not understand the discussion between my coworkers. I had to use the technique when I was learning English to learn the telecom jargons, acronyms. I put a bunch of 2" * 1" index cards in my pocket, and read them whenever I'd a minute or two...

Roseanne,
I was thinking about the telecom industry when I wrote my post. I was asked to come in for an interview at a telecom company. To prepare, I did everything that I suggested above and I even made a set of 3X5 flashcards with the telecom buzz words such as CLEC, ILEC, ITC, IXC, LATA, RBOC, BNA Database, CARE, CMRS, etc. The interview went well, and we negociated the hourly rate since it was a contract position. I signed the contract and the hiring manager started it through the signature loop. Unfortunately, they had a layoff the following week so I didn't actually get the job. Even though the balance sheet bacame a barrier, the preparation for the interview got me through the interview without a problem.

[Roseanne Zhang]

Once I got a new job into a new industry, and I did not do what you suggested (read press release / white paper / etc. etc.) When I started to work there, I found myself in a very difficult situation...
Because I'm good at understanding, but not very good at memorization I guess that I need to work more than twice as hard as you do to get through the language barrier ...
[ July 19, 2002: Message edited by: Roseanne Zhang ]

[John Fontana]

hey all -
Well, my fun C# contract is over and I'm back in the market. Some more jobs out there now than last month, but the lion's share still want financial experience.
I've posted a few messages about this, and so far this thread is the most informative. Anyone here writing apps for mutual funds/fixed income?
I've been told that the interfaces are very similar from company to company even with in-house solutions. Anybody have a schema, screenshot, or UML to share? I would love to write some apps along these lines to add to my resume.

[John Fontana]

I would hate to see this thread fall by the wayside...I think this is the most relevant topic to today's job market out of all of the threads in this board....