2024 Bank of America Quantitative Analyst (Global Risk) legitimacy, exit ops, pay, etc.
Got an offer for a Quantitative Analyst in Risk but am not quite sure what the job entails. Mainly want to know what the salaries are like for the entry level QMAP program in NY, what type of work is actually done, and the exit ops for something like this. Is this an internship worth holding onto or should I search for something else if I want to keep advancing prestige and salary throughout my career? My goal is really to work on exciting deals and/or trading that goes on in the bank.
In sum, I'd love to know where a position like this lands at the bank in terms of prestige, salary, and exit ops.
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QMAP is a decent gig if you don't have any other FO options. It's a program where you rotate in risk or model val (or I fear also compliance lately: they moved all the QMAPs in compliance a few weeks ago). The groups you end up in are pretty random (with CCR and Market Risk being the best 2).
But most people do this program pretty passively whereas you can network aggressively and try to land a FO position. The problem with the QMAPs I have met is that they were all pretty passive about their job and wait until the end of the 2 years before looking for another job. But if you are proactive, network internally, etc you can land a FO spot I think.
Thank you man. Couple follow ups:
1. Is it worth asking to recruit for S&T directly either rn (both programs are still open) or after the internship? Also is it worth networking with CCR and Market Risk Groups to ensure good placement?
2. Pay details (we can also take this to PM if you want)?
3. What do a lot of other QMAPs do after the program?
4. Assuming that you were also in NY, how far were you from FO floors (for networking and stuff)?
Happy to answer more questions. At the end of the day it all depends on which other offers you have: if you don't have any, then it's a good internship to get into the industry/ get a good name on your cv.
Tysm again man, couple more questions:
1. Work hours -- my offer letter says it pays 40 base and then 60 overtime, but should I expect to work overtime?
2. If I was to network with credit risk groups and potentially be placed there, it's realistic to make a jump to IB LevFin (or like ECM if I was to work on model risk) either after the internship or after the program; have you seen it done? BofA's Levfin group is pretty competitive I can imagine.
3. What skills should I focus on during the internship to maximize my wow factor when trying to secure FO positions?
Sorry for all the questions -- I really do appreciate this
With out seeing your offer, I am assuming the expected weekly hours worked is 60, 40 regular and 20 over time.
Each building and floor requires assigned access so you most likely would not have access to the trading floors.
BofA is very good at internal movement so if you do well during this internship and network you could land a FO full time offer or lateral after starting in that role.
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