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Pretty dead end. Clock in at 7-7:30am, run a pre-made model (you don't do any modeling) by inputting data from the trading desk for the prior day. PC typically works on a T+1 basis as they report on the trading activity (which doesn't end until the bell rings). You sort out operational issues including two systems not matching up on key data points, data being updated on a severe lag or coming out buggy, Ops screwing up something on the back end (because all banks have SOME manual operation still run by people), or on occasion, some actual trading noise that occurs because of some unique event that is really interesting.
Value added skills gained: learning to move fast and get data/manipulate it from databases quickly. Learning VBA, and to some extent, Bloomberg. Learning to deal with Type-A people who think you're wrong. Doing some high level market research (just enough to understand what's going on in the market, nothing in depth at all). Taking control of processes/gaining recognition for leadership when everyone else is busy hating their job.
PC functions are being moved offshore/outsourced to middle of nowhere states as big banks rationalize their costs. In the worst case scenario, the job gets moved to a foreign country that no one wants to go to. In the best case, you make strong connections and exit the role. The natural progression to the role itself is to make a move to a hedge fund to do the SAME EXACT THING or stay and move up the ladder, getting more recognition for helping to manage the trading business. Junior product controllers get disrespect for the role from traders who realize that most PC analysts/associates don't know anything about the business or underlying metrics. At the VP+ level that can change for the better.
Exit options would be to other areas of finance (definitely possible within the bank; minimal networking required) like FP&A which, despite moving from MO to BO, is a better position to be in. If you get the role, learn VBA and Bloomberg, then get out to anything else.
Experience: 1.25 years in PC before moving to FP&A for 9 months. Exited to a rating agency. Exit ops are looking a ton better with solid credit skills now.
Product Control (Originally Posted: 09/11/2006)
I know it is back office, but I was wondering if anyone could shed some light on what it is that product controllers at investment banks actually do, how you get int the door (i.e. job requirements) and the pay. I'm interested because I saw this article http://news.efinancialcareers.co.uk/SALARY_SURVEY_ITEM/newsItemId-5865 the salaries seem pretty decent, at least in London. Also, would this be a way to transition into a front office sales and trading role?
salary is good, PC do internal processes, you won't learn much about the actual macro reasons you are doing them, you will learn excel very well
I have an interview for product control analyst job. I am into fund accounting now. Can you tell me the roles and details of this role. Even I would like to know what and from where should I prepare.
Product Control - IB (Originally Posted: 03/20/2010)
Hi are there any product controllers out here?
what sort of finance knowledge would a product controller be expected to know? I am an accounting graduate and former big four auditor (not banking audits). I am currently aiming for a product control role and would like to study up.
None lol. You'll be able to break in with your background.
True. As long as you have a pulse, know basic math, and don't drool on yourself, you'll ace the interview.
Use the position for what it is: a good, low-risk place to build knowledge, skills and connections.
What good is Product Control for me? (Originally Posted: 08/13/2013)
I have three years audit experience in a Big 4 firm, and I just had an associate product control position offered to me. PC is not something I would want to do forever of course, I just want to see what kind of more permanent job this role would put me in a position to go after in 3 to 5 years. The potential to switch to trading is an option, but what else would be a logical position to seek in the long term? Could this be a step along the path to a CFO position, or will experience in product control not help me in that way?
If your end goal is CFO, you might want to stay at your Big 4 firm and/or look for corporate accounting roles in industry (e.g. FP&A for a Fortune 500 or small, fast growing company, etc.). Product control unfortunately will be more of a dead-end
product control is a dead end job
product control (Originally Posted: 04/16/2011)
Hey, I'd like to get some insights on what product control does on a daily basis and what kind of technical knowledge should I have for an interview with product control?
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