Why does everybody want front office?
I'm just curious because I see about 70 percent of the posts of people wanting to do S&T or IB,
What I don't understand about S&T is that those jobs are slowly disappearing to algorithmic trading because 80 percent of volumes are from high frequency trading, which is done by computers. They just fired the ten traders we have and replaced them with programmers. Could anybody verify this?
With IB I don't understand why people think that if they can't become an IB, that they will have no future at all. IB does have some great exit ops, but even your first few years you aren't paid AMAZING for how many damn hours you have to work.
Even if I personally had the chance to be an analyst at an IB, I wouldn't do it because the hours are ridiculous and you don't really see the benefit until after 3 years (if you even make it that far).
Could anybody clarify any of this for me?
troll?
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cognitive dissonance: you can't get a FO position so your brain tries to find reasons why FO positions are bad.
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take a hit in your twenties and forget work life balance. also, not to be elitist but I would rather be surrounded by ppl from ivies/T20 schools because I can relate to the culture, humor, and work ethic more.
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Sorry to double post, but if any of you are really really really good at computers you should learn Q/KDB (it's a real-time tick database for trading/compliance). There's this guy at my work hes like 27 and makes $400,000 base doing Q programming. There's no competition with it, but there's very little documentation and it's extremely difficult to learn.
$150,000 base + bonus with a 3.1 from Baruch in some IT role. That means you make more than 95% of all 1st year prop traders from what I understand.
Check out: https://www.renfund.com/vm/data_programming.vm . You are telling me you make more than programmers at rentec and you got that job with a 3.1 from Baruch?
Enlighten me bro
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sorry for a triple post, but this guy just is an idiot
According to Ren:
Total expected first-year compensation will range between $125,000 and $250,000, depending on background and experience.
And I got the job because I interned there over the summer. If you an IT major GPA is worthless, it's all about how good you are on the job.
The job you posted is for a SENIOR programmer and requires experience (also doesnt mention bonus)...
My point with rentec was that with your 150+bonus you would fit right into that range which I think is bullshit.
I agree though that I don't understand all that IT stuff but what I do understand is that nobody in their right mind would pay 150k+ for a 3.1 from Baruch. Like you got C's and stuff in your classes?
[ delete this accidental double post]
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has no shot at banking posts on wso trolls hard brags about self
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thanks for that linda
Where is this 150k link again? I want to make 150k as an intern too
FO gives you a great skill set but it comes at a price of long hours for at least first 2-3 years.
Why does everyone want FO?
Hmmmm:
Why does every guy want a hot girlfriend?
Why do I want a Maserati?
Why did Alexander The Great invade Persia?
Stop asking stupid questions
What is so awesome about front office? (Originally Posted: 02/11/2007)
Is it just the $$$$? Or is the work in front office just that much interesting than work in the mid-office?
Is this a joke?
because anyplace else is just a toilet filled with shit
nice
double post, sorry.
If you don't like being around people and knowing how to kiss up appropriately, front office might not be a good fit.
aka, if you are a loser, take the loser position
There is no such thing as middle office. There is front office = generates P&L and back office = doesn't generate P&L (provides support activities to the front office). What the heck is middle office?
there definitely is a middle office. i'm not sure i'd consider risk to be mid office, but the guys reconcile p&l at the end of the day are generally referred to as middle office.
The legal department is a good example... In a law firm, lawyers bill clients up to $1K an hour for advice. At a bank, however, despite having in-house legal counsel, they still have to go to outside council, billing the bank thousands of dollars a year. It is to your benefit to be on the team bringing in the revenue, in my opinion.
Middle office in my opinion is internal finance, accounting, maybe even HR.
Backoffice is ops, payroll, mailroom...
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