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London & Investment Banks

 
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Hello,

I currently work for a Software House in London and have 2 years of experience here. I've been contemplating moving to one of the many prestigious Investment Banks, possibly in a back office environment. What chance do you think I'll have? My main concern is that a few banks have begun outsourcing and others will probably follow suit. Do you think it would be risky to move to a financial institution in the current climate, where thousands of back office jobs have been outsourced from London in recent times?

Also, will lack of knowledge of financial instruments work against me? I have some *basic* knowledge (I worked on a Bond Trading System which I've just finished and have some understanding on the way it works and the calculations), but nothing in depth.

Any advice is much appreciated.

Thanks.
[ January 05, 2006: Message edited by: Sharad P Kumar ]
 
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Originally posted by Sharad P Kumar:
Hello,

I currently work for a Software House in London and have 2 years of experience here. I've been contemplating moving to one of the many prestigious Investment Banks, possibly in a back office environment. What chance do you think I'll have? My main concern is that a few banks have begun outsourcing and others will probably follow suit. Do you think it would be risky to move to a financial institution in the current climate, where thousands of back office jobs have been outsourced from London in recent times?

Also, will lack of knowledge of financial instruments work against me? I have some *basic* knowledge (I worked on a Bond Trading System which I've just finished and have some understanding on the way it works and the calculations), but nothing in depth.

Any advice is much appreciated.

Thanks.

[ January 05, 2006: Message edited by: Sharad P Kumar ]



1. Investment banking knowledge is a plus but not always required.
2. If you are really good you do not need to worry about outsourcing.Most of the Banks are meritocracies, if the outsourced resources are good then they can be made permanent, if the permanent resouces are not that great then they can be shown the door.
 
Sharad P Kumar
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Thank you for your reply Ab Parashar.

Originally posted by ab parashar:

2. If you are really good you do not need to worry about outsourcing.Most of the Banks are meritocracies, if the outsourced resources are good then they can be made permanent, if the permanent resouces are not that great then they can be shown the door.



But IT is seen as a cost to Investment Banks, who want to minimise cost and maximise profit, so they will always look at the back office when cutting costs. Take JP Morgan for example, they hired thousands of UK graduates over the years and have recently announced plans to outsource 3000+ jobs - how can all 3000 be poor employees? Sure, they may keep a few senior and really experienced employees on, but it looks as if one must be an expert in a particular area (not just another Developer) to have a chance of staying put.

How good does one need to be to get in (i.e. academics/experience)?

What is the best way to get into the banks? Is it only through agencies?
 
ab parashar
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1. Once you are in, you need to gain command over the domain to stay put.If you stay a pure techie then the chances of getting outsourced are higher.

2. I would say the best and the fastest way is refrerral,agencies are also not a bad option,but it takes a while for them to get back.

3. You could start as a contractor and once you have built up on domain knowledge you have a better shot at permanent positions.
 
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