Hi All,
This summer I interned at a bulge bracket and received a full-time offer for this coming summer BUT it's for a BO operational role. I wanted to work in finance because of my interest in trading and sales, not button pressing in the back office. Since I'm from a non-target school, I was thinking of accepting the offer and taking the CFA to see where my career could go from there. Any thoughts on this? Is going into the back office career suicide?
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Seeing as how your from a non-target and probably have access to limited to no OCR, do you want to assume the risk? What happens if you don't get a job elsewhere or it takes months after graduation to get it. How would you feel about that?
If mommy and daddy, cover your bills or you have ample savings it might not be an issue. If you got bills to pay - take the job.
You did BO SA?
I go to a state school but still am going to graduate with $40,000 in loans. My biggest worry is that I'm going to be labeled as a "BO Guy" and not given a chance...and yes no OCR
Can't say I've seen any Ops people ever transfer out. I know many want to... but simply speaking they're way too ambitious. Perhaps transferring into Investment Management or something similar might be a better way of eventually laterally into the FO?
Honestly, no one in FO really seems to care for BO people nowadays. All you need to do is check the cafeteria.
You're saying this even if a BO guy has CFA?
The CFA is a semi-useful credential for AM and ER, but really for S&T and IBD people could give two shits. There are two ways out of the BO. The first is networking your ass off and convincing the FO guys you work with that you can do their job (hard to do). The second is getting an MBA (expensive).
My advice to you would be: Don't look a gift horse in the mouth. Take this job now, but don't lose sight of your goals. Kick ass, work hard, learn quickly, make a name for yourself, and go from there.
Look for smaller banks honestly, turn your BO experience into something you can transfer to FO.
Thanks guys
The same thing happened to me, I have an offer to start in Jan 2013 and its BO at a BB. BUT its in Newark DE. Any advice on my situation?
In order for you to go from BO to FO you are going to have to network like a mad man.
Given your situation, and how there will be no traders insight, it will be harder for you.
My suggestion is that after a year, you try to get a job at MM bank were the ops guys sit along with the traders. From there meet/network with every salesman and trader on your floor, and try to make the switch from there.
I really appreciate the input jimz. Being in Newark, DE truly is the only thing holding me back from accepting this offer because I know all I will be surrounded by is BO people.
This is good advice. My buddy works at a boutique/MM, not in NY, and he is on the trading desk. He's really busy, but has a ton of connections, and deals with everyone in NY on a daily basis. If he wanted out of the BO, he could get out pretty easily.
Take the job and work hard. This market is tough for new grads and you might not find another job that comes close. Being from a non-target only makes things worse for you.
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