Bank of America Quantitative Middle Office? is it quantitative or middle office?
I had interview with Bank of America Quantitative Middle Office. First off, I am not sure what they are doing exactly and the answers are not consistent. I was told it's similar to quant on the desk... but why a quant in the middle office? Has anyone worked there before and how's it really going? For some reason it seems really suspicious.
I think you answered your own question in another post?
"william999 IB(Chimp, 3 ) on 10/16/15 at 5:31pmwilliam999's picture if you are talking about the Quantitative Middle Office (QMO) from Bank of America, then the short answer is NO. There is no way you can move to trading desk from there. The work is completely not related to the desk quant job and the exposure to the trading desk is almost zero. I heard many bad things about this group and stay away from it if you are serious of career. The turn over rate is extremely high and the management try to stuck you by giving you bad performance review."
the QMO from Bank of America is not good for people who are interested in trading or investment. It's a middle office, not a quant group. No matter how hard they window dress themselves, it's a middle office with absolutely zero quant work. Industry know that, so stay away and don't be the last one fooled.
yeah, i think this concurs with many other posts. People seem to be weary about this now.
Sadly, SWIM has worked there. And you are absolutely right - it has nothing to do with quant work.
as a desk quant, i simply don't understand why a group from middle office call itself quant. Correct me if i'm wrong, but why would any kind of quant work fall outside of front office? BOA has its own market risk function to manage risk and everything else is taken by desk quant. What's left for middle office is just validation and reconciliation. Spreadsheet is sufficient enough for this kind of work... not quant...
when in doubt, ask the interviewer the details of their project, ask them what exactly the tools they're using, ask them which part of the project they're responsible of, it could be design, implementation, or just testing/validation which is most middle office do.
Found this with some quick googling. IA amounts are simply a % of derivative notional and usually done by operations / collateral teams. Definitely just an MO/BO position with a little model validation here and there, hardly real quant work.
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