Backoffice
I know that to most this is beneath them. But the numbers I've seen on here for the BB's. Seems pretty decent for a job fresh from undy. What would the compensation be for something like say compliance for the BB's vs. Big 4 accounting etc, and fortune 500 entry level. What about the MM back office, whats that compensation like. Whats the career progression for backoffice at BB vs. MM
Also how hard is it to get internships/full time jobs in compliance(do you need a degree from a top school) Would midgrade schools with a solid GPA make you competitive?
Also if one decided they didn't like compliance or wanted to switch to the fortune 500, what opps are available?
Lastly, could you get into a solid program with work experience in compliance?
not totally related, but im considering working as an actuary for a few years before applying to a top10 mba, then moving onto an associate role in a BB.
I am hoping that the valuation and modeling experience will help me get into a solid program. Also, passing actuarial examinations shows a solid quantitative foundation.
I'd like to hear some opinions on this.
Actuary, are you going to work for an insurance company?
I don't know man. Actuaries usually go into HF or S&T. (since they have so much stats background and thats what's usually preffered by S&T).
Actuary switching to a typical Corp. Fin. IB type.... man that would be one heck of a transition though, since I've never seen one or heard of it at least.
Mind you that the kind of valuations done by actuaries is more on insurance or pension related side. I don't think they deal much (if at all) with valuing companies. Mind you that passing those actuarial exams is harder than passing CFA exams (in my opinions at least).
Yeah, if you are using this path just to get into a good MBA, sure it might work. However, if you are able to make the transition then I'm guessing that you must have hated at least one of your jobs. Either, the actuarial type of work or IB.
hey de0cy:
a former coworker at my firm worked as an actuary for 5 years before he went to HBS. Then he went to BB Associate --> PE. from what i heard, the actuary exams are very grueling and made the CFA/Series 7/GMAT seem really easy, and very much prepared him for banking/finance. People who know what actuaries seemed to have a lot of respect for his quant skills and discipline in passing those exams. At HBS though, he seemed to have an atraditional working experience compared to everyone else. dunno if this helps but this is what i heard from him.
Anybody got an answer to my questions?
I think that the banks like to keep who they already have. I have seen people come out of operations and through an MBA make it right back to the same bank they used to work at but at the associate level. One of the biggest questions employeers have when they recruit is about the lifestyle and if people know what they are getting into. They will not really question that.
Going from MM to BB you will have to just prove yourself during the fall of your 1st year MBA. I think you will have it the same as most career changers. It is very possible in a strong market.
Also going from actuary to IB can be done but you will probably have to answer the question why not S&T. I have seen people go from English teacher to IB Associate with an MBA so as an actuary you should be able to do it.
how much do they make at the BB's vs. MM. Whats the most you could possibly make at the MD level at the BB vs. MM?
bump
sorry mssales, I didnt mean to hijack your thread!
I could totally see myself doing something like HF. I am not too keen on what exactly S&T is, specifically what their typical job roles are, but I guess I should look into it.
I have passed the first exam, and I am taking the second one in may, then I will probably work for an insurance company of small consulting gig for a while. I am a senior at a state school at the moment, and I have never worked as an actuary.
I was most curious if in fact actuaries end up going to top MBA programs and where they end up afterwards... the problem I see with the actuarial profession is that it will have me wanting more responsiblity and personality within the company. I dont want to be a back office number cruncher my whole, but I could see myself doing it for a few years as a vessel for bigger things in IB, HF, PE etc.
to the top.
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