Q&A: Top Bucket @ BB, Ask Me About Analytics, Internal Audit, General BO
I am a certified pro at a BB and I work in a BO role. I am posting this under an anonymized name so that I can be a little more liberal in my answers.
I didn't get into the banking world until the middle of my career after doing a lot of consulting both on my own and with firms. Non-target school, I didn't do any OCR - basically none of that was around when I was in school. I have been fortunate to move up the ladder at my BB and I'm consistently rated as a top performer in my group. I'm happy to answer career questions on:
- Analytics
- Data Science
- BO Tech roles
- Internal Audit
- I've also done OCR and I've hired & managed a series of SAs, some of whom now report to me in their FT roles. I've seen good SAs and I've seen some SAs blow up, I'm happy to talk about either.
@AndyLouis
@WallStreetOasis.com
What is your view on the future of the banking business? Have you ever thought of switching into tech, or would you still advice this career for a young student?
I like this question. I came from a tech background and moved into banking from that. And yes, I would still advise a young student to make the move into banking. Not that tech was bad for me, mind you, I just wanted to apply my tech background in a different way.
Overall, I don't see the two career paths as being mutually exclusive to each other. You have a long career ahead of you - you can afford to do both and should keep your options open accordingly.
What is your view on the upcoming election?
Personally, I don't care about the election, neither candidate appeals to me and I'll be using a write-in vote this year.
But since my work is so focused on compliance and audit, I'd prefer whomever is going to put in more financial/banking regulations. FEEL THE BERN!
Sorry... family office guy here. But what is the problem with front office guys filling positions with their own Rolodex? Aside from meeting diversity quotas, I don’t understand why HR needs to be involved here. We’ve literally gotten to the point of figuring out the people we want to work with and then brainstorming on how to create a job for them. The thought of working with some random dude we found on Indeed due to data analytics is repulsive to us.
Was your reply posted in the wrong thread? I think WSO must have had a "hiccup" and posted your item in the wrong section.
What's the career progression like? At what level do people generally tap out/not get promoted further (for whatever reason)?
That's a really good question. Again, I entered this mid-career so I'll focus there. I think the hardest jumps to make - at any BB - are the ones where you actually start to manage people and become part of the leadership for your division. So, whether that means Director or VP or whatever, will depend on where you work, but that's the hardest jump. You have to be a consistent top performer to even be considered for that and then the right opportunity has to come along.
At my particular BB, another difficult jump is into a Director role. That's where company stock becomes part of your compensation and where you are given many, many more responsibilities. But again, some people never even make it this far and never reach any role that puts them in management. It really just depends on you and your own ambitions. The funny thing about BBs is that there's so many people that work there that the people tend to define themselves into roles - "cream rises to the top" type of thing. Some people are natural managers and they will find themselves progressing through the ranks with little trouble, others will never even get close and they're OK with that.
Everyone's favorite question - comp progression over time (including a potential Director promotion)?
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