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Working in IT division of a Finance Company

 
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Hi ,

I would like to know the Pros & Cons of working in IT division of Finance companies.Companies like Morgan Stanley,Lehman brothers have their IT center but the problem is if they got enuf work for a tech geek or its just some maintenance work for their inHouse s/w.Also,People generally join such companies to get domain expertise.But i m not sure how much domain knowledge can be derived from such companies.
 
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Why are you not sure on domain knowledge obtained by these companies?
 
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Its gives more domain knowledge to work directly to IT dept of a finance company then working for a s/w company with finance projects. Previously I worked for IT dept of a financial company and didnt find any difference for working to IT Dept of Finance company and working s/w company.
 
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Originally posted by KJ Reddy:
Its gives more domain knowledge to work directly to IT dept of a finance company then working for a s/w company with finance projects. Previously I worked for IT dept of a financial company and didnt find any difference for working to IT Dept of Finance company and working s/w company.



I have heard that the work in a finance company is more hectic and strenous..?
 
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And better paid.
 
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"Leena S",

Welcome to JavaRanch.

Please look carefully at official naming policy at Javaranch & reregister yourself with proper first & last name, with a space between them. Initials may only be used for a first name, but not a last name. Please adhere to official naming policy & help maintain the decorum of the forum. The naming policy can be found at http://www.javaranch.com/name.jsp

--Mark
 
Leena Sawant
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Hi All,

Thanx for the reply.I am an IT professional with 4+ yrs experience & really confused abt applying to a finance company at this stage of my career when m looking for good position.I suppose domain expertise is a plus in IT.And finance is a real Hot domain but my concern is switching back to an IT company from a finance shouldnt be difficult.Also have heard the finance companies generally recruit people for their Maintenance projects.can any1 clear my doubts abt this.

rgds,
leena
 
Kj Reddy
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Originally posted by Leena Sawant:
Hi All,

Thanx for the reply.I am an IT professional with 4+ yrs experience & really confused abt applying to a finance company at this stage of my career when m looking for good position.I suppose domain expertise is a plus in IT.And finance is a real Hot domain but my concern is switching back to an IT company from a finance shouldnt be difficult.Also have heard the finance companies generally recruit people for their Maintenance projects.can any1 clear my doubts abt this.

rgds,
leena



Its good if you work for finance company for long term. You will get good domain knowledge. Thats true mostly the projects are production support, maintainance projects.
 
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Hi Guys !

I will go with reddy. Yes there is a lot of difference working in a specialized finance companies IT division and IT company's Finance Unit.

Infact this all depends on your interest if you are looking to be an IT finance Analyst in future then I should say Finance company is worth joining and If you want to be Architect or designer then there is no difference you can go ahead with which pays more.

Cheers,
Rahul
 
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I worked for a financial services company for three years. I worked on a stock system.

All the glitter is gold. It seems glamorous from the outside, but really, they make you do all the gritty work in production support. They hang on to their systems for years, and you end up getting old with it. Then instead of retraining you, they replace you with consultants with up to date skills.

I retooled and now work as a consultant. No way I would go back to being an employee at any financial institution.
 
K Riaz
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Originally posted by M Burke:
I worked for a financial services company for three years. I worked on a stock system.

All the glitter is gold. It seems glamorous from the outside, but really, they make you do all the gritty work in production support. They hang on to their systems for years, and you end up getting old with it. Then instead of retraining you, they replace you with consultants with up to date skills.

I retooled and now work as a consultant. No way I would go back to being an employee at any financial institution.



Were you working in a development role, or in support? If it was in development, I would have thought that support would have been handled by the designated team.
 
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do major investment banks financial and Merger Acquisition firms develope their IT system in house or outsource to somewhere else?
 
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I am also confused as lot many opportunities in Finance companies r coming with requirement in latest technology, I also dont know how much they pay for dot net professional with 2.5 yr as my current sal is 3.5 .
 
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