Back Office - Product Control/Finance SA at BB
I'm new to the forum, and wanted to get your guys take on a back-office SA position in Finance/Product Control at a BB. I go to a NYC non-target school (think Pace, St. Johns, Fordham, Baruch, etc.), high gpa, and prior summer with Treasury at a finance related company. It was the best offer I received, and considered myself lucky coming from my school to even get a spot at a BB, but wanted to know what type of workload and hours a back-office spot like this has, and how it differs from an actual front-office banking position.
Thanks in advance for any advice, help, direction you can provide.
The workload should be fairly simple and boring. I believe typical BO is 9-5 and honestly if i were you just use this just as a SA experience. There's absolutely no skills in BO thats transferrable to banking. HMM im assuming you go to fordham or baruch because PACE and St. JOHNS are awful.
Not that a back-office position is my dream job, but what would the FT offer opportunities at the end of summer be like?
Thanks in advance for any help/guidance.
im sure you'll be able to spin this to a FT offer pending on how much your group likes you. Trust me man you dont want to get yourself into BO. If its not ideal for you why settle? Network with alums from your school NOW till you graduate.
"Trust me man you dont want to get yourself into BO. "
Just curious, why not?
do the BO position at the BB
Hey guys, thanks for all of the feedback. I'm going to be doing the BO position this summer, and if you have any additional insight you think I should have, I'd really appreciate it if you pm'd me with it. Thanks again.
I'm also taking a BO position at a BB for this summer. I am interested in fiance, economics and the markets. I'm an accounting intern now. I eventually want to go to law and business school. I know that I would not want to be a banker/trader because of the lifestyle, so I'm comfortable sacraficing the big bucks for more pallatable hours. I'm attending a non-target in the NY/NJ region, 3.88 GPA. Am I crazy or is there nothing wrong with making that sacrafice?
For the post above me you want to go to law and business school? WTF? So you want to do a dual program or what? You say, "I know that I would not want to be a banker/trader because of the lifestyle, so I'm comfortable sacraficing the big bucks for more pallatable hours." Going to law school won't help in that respect and i don't think BO as a BB will separate you from getting into a respectable business school.
I never understood the argument of working BO at a BB if you want better hours. The upside is very limited and the work itself is tedious. The BO is way more bureaucratic with more layers to get through in order to move up. If your in it because of the hours why not just work in the finance division of a F500 company as their is much more upside for F500 companies when working in the BO and more respect from the other ppl in the organization.
The only reasons I can think of anybody would want to work in BO in the start of their career is: - They want to make a transition from BO to FO - They want to go to a big city after graduation as most BB's have their headquarters in NYC - The 60,000 base is bigger then most first jobs
As previous posters have said, BO might be useful if you can network and eventually get into a FO role. Or perhaps do something like hedge fund ops and move over that way. Another reason may be if you want to stick with it long term and perhaps end up a VP or MD.
However, this depends on which BB it is as some are more generous than others in allowing movement. Furthermore, weigh whether it is worth it to perhaps waste 2-3 years in order to transition. Finally, for Marsilni, perhaps you should consider Big 4 since I remember you said you were doing Internal Audit at the BB.
HTH.
I work in Ops and depending what kind of group you are placed in, some are actually quite intense and interesting. Like, Derivatives Valuations for margin management and collateral.
I work in a product control/finance position at a BB and let me tell you, it is not a 9-5 position. I consistently would get in at 7:30 or 8am and leave around 6:30, maybe later depending on the workload.
^ For sure. I know average GS Ops is 10 hours to 12 hours. Ppl here just like to repeat what they read.
Sorry, but I don't agree...
These product control/finance roles are generally 9-5 type of job. It's rare to work later than that. When it happens, it is during the monthly closing (to close books, reconciliations, etc)...
Coming from someone that actually works in product control/finance, I think it's safe to say that I know what hours I work.
My friend, I have already worked with this shit and I also know what I'm talking about! And the hours are pretty much 9-5 (with rare deviations).
I left this BO role because it's boring as hell! And don't come up in this banking forum trying to convince us that you work long hours because it's not true at all.
I recommend you change your monkey status and put a more appropriate description (not Corporate Finance) - because your BO role is far awyay from Corp Fin
Wow, you need to cool it. At no point in time did I ever claim that I work "long hours" as defined by what bankers call "long hours". Everyone on my floor comes in around 7 or 7:30am and leaves around 6 or 6:30pm. So no, it's not "9-5". Maybe what you did while you were in your BO role was more 9-5.
Also, what exactly would you recommend my "monkey status" be because there is no good option for what I do besides "Other". But if it would really make you feel better, I can change it.
I have tried to reach the 5 VP's that interviewed me for my position (BO @ BB) by phone. None of them answered when I called at 6:15 pm. I'm gonna try calling at 5:30 tomorrow.
LOL...
Yep marsilni, change your strategy... Try at 4:30pm to be safe! LOL
So put "Other"... because that's really what it is!
I really don't care, my friend. But he asked my advice on what he could put as his "monkey status", and there it is...
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