Breaking into Middle Office

Hey guys,

I was wondering if I can get some advice on my career path. Thanks in advance!

I want break into a Middle Office position at an investment bank. Right now I currently work as an analyst within the analytic’s department of my bank. I graduated from a non-target in spring 2010. I report directly to COO of my division, but my work is not relevant to anything that is happening in the market. I want to be apart of group that is involved in capital markets. What would be the best route for me to obtain a position in middle office where I can apart of this kind of group or something similar?

 

I work for a MO group at a BB, we're not directly involved in the markets from a decision making perspective. So by saying "I want to be apart of group that is involved in capital markets", perhaps you need to be a bit more clear as what type of 'involvement' you would like to have.

As far as a MO group goes (I cover structured products), we do help design the products that our PMs think of, and basically connect our desk with the BO and Tech groups to correctly put the product in place within our risk systems, accounting systems, and with our counterparties in the market. However, you need to understand that the MO does not have any direct input as to how to allocate capital whatsoever.

Perhaps you can restate your question of what you are really looking for and I can give a more focused response here.

Thank you for your response. Sorry for my ambiguous post let me rephrase what I was trying to state. I want to be apart of a middle office group where we cover "market products". At my current position I don't cover any financial products (such as equities, mutual funds, derivatives etc). I’d like to be in a role where I can gain exposure, understand and implement some of these instruments and so fourth. What would be the best way of getting into a financial driven setting? Thank you again for your help!

 
Best Response

Breaking in is both easy and hard. It is easy because it is not a position that is as competitive as the majority of FO positions, but its hard because the economy sucks major ass and my group (which I think is in line with most other similar groups across the BBs) has had three days of layoffs already in 2011 and I think we're supposed to have another one before the year is over.

We hired only one person this year and she went through the usual campus recruiting process from one of the schools we target (and I am prety sure she was an intern somewhere within the firm last year). Getting hired as an "experienced hire", which sounds like the category you belong to, is unfortuntely just not happening right now, at least not in my area.

As far as advice on how to break in, unfortunately, the best I can do is tell you to network. People who work at the firms have an ability to recommend their qualified friends (usually for a bonus) if there is an opening.

Hope this helps.

 

I currently cover equities @ a BB doing MO/Trade support. Are you currently hired through an operational type program? Or just as a new hire straight out of school non-inclusive of any type of “analyst” program? If your part of a program usually they will sent out a job opening or potential MO spots that open up and you can apply/interview for. If not, I would recommend networking networking networking. In terms of breaking in... as trailmix said it best network and meet some MO people if you can. Also perhaps try a mid-size firm (bnp?)

Natural path or dream of a MO employee typically is to make it to a FO position or get brought onto a desk they support (nowadays is few and far between… but does happen still). Other than that a MO person would jump shop for a potential jr trader/trading assistant position. This is the one few times that mo spots open up. From what I am seeing recently a lot of the bigger banks are outsourcing their MO/BO functions to other locations and not backfilling the MO spots at their main offices. I am also seeing now that MO roles get filled by campus recruiting spots (simply put… when they go through this the new candidates/hires are not on MO PnL, usually on the university programs PnL which reduced)

 
nemze:
I currently cover equities @ a BB doing MO/Trade support. Are you currently hired through an operational type program? Or just as a new hire straight out of school non-inclusive of any type of “analyst” program? If your part of a program usually they will sent out a job opening or potential MO spots that open up and you can apply/interview for. If not, I would recommend networking networking networking. In terms of breaking in... as trailmix said it best network and meet some MO people if you can. Also perhaps try a mid-size firm (bnp?)

Natural path or dream of a MO employee typically is to make it to a FO position or get brought onto a desk they support (nowadays is few and far between… but does happen still). Other than that a MO person would jump shop for a potential jr trader/trading assistant position. This is the one few times that mo spots open up. From what I am seeing recently a lot of the bigger banks are outsourcing their MO/BO functions to other locations and not backfilling the MO spots at their main offices. I am also seeing now that MO roles get filled by campus recruiting spots (simply put… when they go through this the new candidates/hires are not on MO PnL, usually on the university programs PnL which reduced)

Thank you for insight. I am currently just an analyst, no operational type program. I was looking into MO roles similar to your position, where you’re doing some sort of trade support within a certain group. I've been trying to network but it's very difficult in my situation because my group has no ties to middle office. I have two friends that are currently in MO at BB's that I'm going to speak to. I've been also applying like a mad man to every middle office position that I can find. I have similar idea to break into FO from MO but it's going to be a long shot and I'm going to try my best. My main thing is to avoid going back for my MBA just to try my luck to get into a FO role. I've lost an arm and leg paying over 50 grand for a non target that did absolutely nothing for my career enhancements, even with all the work I put in. But thank you again for your advice.

 

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