What exactly is bank of america's global markets technology team? My friend had an interview with them and he still wasnt sure what it is. They said they mentioned equity trading, investment management, investment banking and a huge umbrella of things included, but is it basically a back office/middle office job for S&T? or does it have nothing to do with ibank?
The following is the expired internship listing in the Michigan's engineering department, but I am still interested in finding out what it is.
Bank of America's Global Markets technology teams partner with our Global Markets, Corporate Treasury and Corporate Investments Groups to develop leading-edge applications supporting the entire range of our business activities - from client-facing sales and trading applications to security analytics, risk management, trade processing, management reporting, reference and market data, and customer relationship management. Our teams work very closely with our business partners, developing strategies and delivering solutions that are integral to the day-to-day running of our business.
There are five job profiles for a Global Markets technology summer analyst:
Business Analyst:
• Translate business needs into technical requirements, documenting process flows and producing diagrams to ensure understanding amongst all project team members.
Developer:
• Provide technical excellence to design, develop and maintain state-of-the-art technology applications utilizing technologies such as Java/EJB’s, C++, .NET and Web services.
• Responsible for internal and external client requirements gathering, translating client interactions into technical design specifications, business process reengineering, and partnering with business, product and technology teams across the organization to deliver world class technology solutions.
Project Management or Systems Support Engineer:
• Management, administration, and configuration of proprietary applications and 3rd party solutions for application servers, messaging, monitoring, etc.
Quality Assurance:
• Combine financial, business, and technical knowledge to develop comprehensive test strategies for internally developed trading systems. Development of knowledge in all these areas is encouraged and supported.
Quantitative Analyst:
• Develop sophisticated models, analyses and forecasts supporting pricing and risk management for a range of financial securities.
All Global Markets technology summer analysts are called upon to:
• Demonstrate understanding of the product set and business processes used within the organization
• Communicate and interact with internal clients on a regular basis
Qualifications:
Candidates must demonstrate a combination of academic aptitude, quantitative skills, strategic and creative thinking and distinguished written and oral communication skills. Analysts will be required to support several projects at once and work effectively as an individual as well as part of a team. Though they come from a variety of backgrounds, all analysts must share common driving characteristics that we look for such as:
• Academic achievement
• Leadership skills
• Strong communication skills
• Self starter
• Commitment to building a complete technical and business skill set
• Ability to work in a fast-paced environment
• Demonstrated problem solving abilities
• Detail oriented
• Strong work ethic
• Team player
I'm pretty sure it's just the tech department at BofA. So you'd be programming trading applications, back end and server side stuff. It pretty much has nothing to do with trading or ibanking.
"Quantitative Analyst: • Develop sophisticated models, analyses and forecasts supporting pricing and risk management for a range of financial securities."
I thought so too at first but one of the roles was QA but why would you need that for a tech department?
keyword ^^^supporting
It's a back office role. Sounds like BoA's tech/programming guys
I do know that it is tech, but does it sound like it's tech as in an investment banking backoffice tech role or is it like a technical support department for the corporation?
I mean he is also a sophomore who wants to get into ibanking. I'd imagine even a BO internship in this market would help his chance for FO next year. but if it's just tech support it does not really help right? Am I right?
I also think it is a fancy name for IT department.... It's is pretty much an IT focused role where you will support the business areas (S&T, IB, CM, etc) programming and creating applications, etc..
I think you're asking if it is tech support for BoA's investment banking arm or for their retail arm shudders. I think it is IT for IBD, and yes, you're right that it would look ok for FO next year, though not great and you run a risk of being pigeonholed. I'm sure you can find a better opportunity.
BO pigeonholes the shit out of you. Perhaps landing BO role working with IBD won't be as bad though.
drexel, it's not for me, it's for my friend.
he has somewhat lower gpa, around 3.3, on route to make it 3.5 by the end of this semester, but right now he's sitting at a 3.3. His only other option is to work at his uncle's PE fund but it's only around 100M AUM and it's overseas so it might not look legit? To add to that, the PE fund is named after his last name...lol doesnt that look really fishy? He's still a sophomore, which internship would you pick? or should he keep cold calling boutique ibanks?
This is how I remember the desk talking to our Risk IT team:
"Yeah, my 10yr swaps are not pricing correctly. Why are all of my hedges 10 ticks off?" " Do you see this?" "WTF!?!?!" "Can you get the fuck over here and fix this piece of shit system, I need to know the P&L on my hedge..NOW!!!!"
............then I'd take em' out for drinks. Never get on ther bad side of your IT team.
this is a good group actually- it's unfortunate that IT has the connotation of the guy who gets you shared drive access or installs Symantec on your computer- IT for S&T is absolutely critical to the performance of the business. After all a bank's edge in trading is it's systems. I worked in S&T last summer and besides flow (which is pretty basic, anyone can do it and you don't need a college education), structured and derivatives trading is essentially model-based. You are not going to understand the models unless you can read the scripts- especially because the computational engine is generally in C++/C#.
Technology people who build the applications have great opportunities in algo, process-driven (i.e. MS PDT) and of course funds like GSAM, DE Shaw, RenTec -> must be an absolute superstar to interview for places like this... the head of US capital markets at Merrill spent most of his career in trading technology.
http://www.ml.com/?id=7695_8134_8302_46184
caveat: IBD is a pretty simple business- just advisory work, no capital needed and no real technology requirements. Not sure if tech support for the banking division would lead you anywhere.
my friend does this ie supports trading functions at a top HF. he is paid well and well respected for what he does. there is less emphasis on actual programming and stuff but you do have to have some knowledge (he was a CS major at mit) but he's developed an intimate knowledge of the trading systems. as someone above mentioned, a lot of your edge is based on your platform/systems and how smoothly, efficiently, and error free those operations are
I'd run unless you want to work with a bunch of Indians and Bengalis here on an H1 visa.
nice Marcus- I see you don't work in derivatives or a quantitative area for that matter- probably somewhere between 75-90% of NY derivatives traders are from some Asian country- mostly China but Indians are over, over represented. Which makes sense, because Asians got the best grades at every school I ever attended.
I see you don't work at all.
There is a huge fucking difference between the Indians in technology and the Indian quant traders.
nice reply- you're right I'm in grad school. I do agree with your most recent sentiments though. The quant traders are less FOBish for sure.
so which internship should he take? bear in mind he's a sophomore; do people get pigeonholed that early in their career?
You get pigeonholed the moment you're born.
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