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IT Projects/job Duties in Financial Sector

 
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"Can anyone working in IT in the financial sector please explain something about your job duties" : This would be a series of Post which would ask from individual working in different sectors of Financial Industry like Hedge Fund, Investment Banking, Retail Banking, Corporate Banking, Trading, Brokerage, Foreign Exchange, Forex to share their experience about different IT Project in their particular industry. Doing so would people to gain some domain expertise too...

Main Goal: Share Domain Specific Experience gained by working on IT Project on particular Industry with the IT Commuity.


It all depends upon the response if idea is welcomed than we can start post which would explain IT projects/job duties in various sectors like health care, education, military, Technolgy, Transportation, Logistics and Supply Chain, Retail and many other sectors.


It is an noble idea and would be off good to everyone if it is welcomed well by the community.

Thanks and waiting for positive responses.

LONG LIVE IT COMMUNITY
 
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Raj,
While I think this is great idea, do keep in mind that not everyone in the financial industry can share freely. I work for "a bank in NYC" and that's pretty much all I can say about my job publicly.

I think job responsibilities are similar in different industries with different emphasis. For example, the financial industry is very focused on security and audits. Many financial domains are also very focused on performance.
 
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That's a pretty big area. I've worked for a bank and for one of the largest Mortgage Processing service bureaus in the US. At the bank, my primary duties were to the legal department and to the accounting system. The legal area alone was multiple projects. Banks have some fairly stringent obligations some of which carry severe penalties if not met.

At the Mortgage Processor, I worked initially in the OS support group on one of the largest mainframe systems in town. That was back before widespread use of PCs, but they still have their mainframes, since millions of loans are processed in batch every day, and that's a mainframe specialty. I left and returned several years later, where I was involved in a department that specialized in the valuation of mortgage loan portfolios. These valuations were used to determine the net worth of a financial institution and as an aid to that institution when it wanted to bundled up loans and securitize them. All of which, while perfectly legal and more or less moral, contributed to the mess we're in today. Not that I ever enjoyed being a component in the system that help lender buy lender, laying off staff right and left until they not only were "too big to fail", but we no longer had enough customers to keep the department in business. They'd all bought each other.

The primary business of the aforementioned institution, however, wasn't in contributing to the economic collapse. We also developed loan origination systems (oops), default and foreclosure systems (oops, again), and various other mortgage loan-related products. But the real cash cow was just plain everyday mortgages. Which is to say, printing statements, calculating interest, tallying up payments, assisting in tax calculation and reporting, and so forth.
 
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Doing so would people to gain some domain expertise too...



Sounds a little shady to me...

does reading Internet posts give an individual "expertise" that they can add to their resume or include in their 1000+ {interview questions and phony experiences web site}?

This is one of the main reasons why blogs and candidate "web sites" should NOT be considered when hiring?
 
Raj Shharma
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Sounds a little shady to me...

does reading Internet posts give an individual "expertise" that they can add to their resume or include in their 1000+ {interview questions and phony experiences web site}?



I am in total agreement with James opinion but the main motive is to gain some domain knowledge and not expertise about parallel industries and how IT aids in different industries. I am totally against with the idea of putting phony projects on blogs and website.


Thank you Tim and Jeanne for sharing the useful information.
 
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