Bloomberg as a good start in the financial industry?
Hello,
I'm wondering about how a job a Bloomberg would be as an introduction to the financial industry. I had never really thought about a career in the financial industry, but I'm in my last year of university and have decided that it's for me.
I'm graduating from a top Canadian university with a degree in chemical engineering, and have the right type of marks, interesting work experience, etc. However, I became interested in working on wall street too late to really apply to any investment banks or consulting firms.
So I have a job offer as a financial software developer with Bloomberg R&D, and I'm quite inclined to take it. The company seems great, I really enjoyed my interview, and the compensation is great. What I'm wondering is if from this entry-level position I could either go to a more finance-focused position at Bloomberg or move to an investment bank after a few years of experience? Would it be possible to move to something a little more front-office in trading or a quant type job, or would I be basically stuck in technology?
My other main option would be to start grad school in my field and continue my job hunt with a PhD. or Msc.
Also I don't have any background in finance or banking, just an interest and drive to learn it. I 'm looking at this job partially as an opportunity to learn. Would I learn useful skills in this capacity?
If i've got this right:
Bloomberg = financial journalism (and data) company Job role = software development
So you plan to code software for a financial journalism company, then something magical happens, and you miraculously end up in a front office position at an investment bank.
This is one of the most unlikely career plans I have heard in quite a while.
Quant positions would require a masters or phd in math/physics/econ or something similar, from global top tier institution. Have never seen engineering undergrads (with no other qualifications) in quant positions, although a few do end up with trading roles. I have seen engineering phds in trading roles, but not quant roles. If you are able to get into a top tier phd (US/UK) then that's something to consider. But a phd from anywhere lower could be very limiting (many places specify 'global top tier phd' -- 2nd tier is not what they are looking for).
If it was me -- and this is just from my experience in commodities -- I'd use the chem eng background w/ strong gpa to land a quality junior position in an oil or mining giant, or at a global commodities trading house (Glencore, Louis Dreyfus, Koch, Trafigura). Pay at the oil companies will probably be way higher than entry level stuff at Bloomberg. And once you have a couple of years of quality experience you have options in commodities trading, energy banking, energy PE, top business school, consulting, etc. Or stay put and work your way into one of the trading divisions at your energy company (I know BP has a significant operation and I think many of the others do as well). Any of these strategies strikes me as higher probability of achieving your goal, with higher pay, higher bonuses, and higher quality exit opportunities at every step along the way.
Thanks for the input nauru. Most of the quant positions I've seen were looking for PhD's, but I wasn't sure if this was always the case. I'm not looking to magically get a great job a an investment bank, but rather whether I could look for an entry level position elsewhere with an engineering degree and experience at Bloomberg, or staying in school what be a better long term option.
The job is in financial software development in Bloomberg's R&D group. The work seems pretty interesting, but depending on where I actually end up after training the exposure I get to finance could be extensive, or minimal. Some of the people I talked to where doing pretty interesting modeling type stuff.
Being a chem eng student a Canadian university, big oil was pretty much my goal up until recently. Hiring pretty much at a stand still, and there's been layoffs at a lot of the big players. Hence I'm pretty much the only one in my graduating class with any sort of a job offer (with the exception of a couple guys going to oilfield services, but that's a dead end).
I'd never thought about commodities trading until now, but it sounds pretty interesting, especially for someone with my background. Any suggestions on getting into that field?
havin ive heard the starting salary for your position is like 90k, is this right?
You're pretty close to the mark on the starting salary samiam, plus a decent bonus. Which seems like pretty good going.
yeah i have a friend of mine telling me - he'll be starting this summer - and i was very surprised, but he also said his sa stint was very demanding and he liked what he was working on so basically ~100k+ 1st year was a no brainier to accept
gluck over there
There are some pretty advanced quants working on the programming side of things at BB. Bloomberg does contain their own proprietary pricing models from implied volatility to MBS prepayment/default rates. However, I'm not sure how advanced the individuals are who are working with some of these high levels models. So to answer your question, I'm sure there are areas and products within Bloomberg that could eventually be transferred to a Investment. However, it would much more likely be on the quant/algo side of things instead of a typical Front Office trading (unless High Freq / algo) banking position.
hey congratz on the job offer! did u end up taking it?
i have quite a similar background as urs. top canadian school, technical background ad education with no finance experience, hardcore montrealer. ;) i have an in-house interview next friday for the same position. would you be able to give me some tips? thx in advance!
hey guys, anyone there? I have scheduled an interview for the same position (Financial Software Developer) and I 've been told that it is going to be somewhat technical. I was wondering if someone can provide me with info and tips. I would greatly appreciate your help. PS: I'm also a Chemical Engineer :). Just finished the MS, in the US.
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