Back-office work

Operations is most likely the position you are describing. More specifically, trade support. From JPMorgan website...

Hope that helps.

yeah, I'm used to looking at the company hierarchies in terms of 1st, 2nd year analysts, like an investment bank. However, the hedge fund model doesn't necessarily play by those rules. From what I've learned, back-office (trade support or operations) at a hedge fund is a normal spot to start fresh out of college.

As far as advancement goes, I have no idea. I guess I'll see what happens when I get there.

Oh. Didn't know you were talking about a hedge fund.

Well, I can answer my own question now.

For anyone wondering what salary back-office pays generally:

Base+overtime+bonus. 33k+12k+10k= mid 50s total compensation.

From what I understand, this is a fairly standard rate across multiple types of companies. The bonus might change considerably, either up or down, depending on the type of company.

at the big banks ops gets the same salary just a much lower bonus, in the range of 5-10% of salary

It depends on what bank you're at. Some banks seem to value ops more than others. General sentiment from my friends in ops is that lateral mobility (moving into a front office role) is very limited.

I worked at 2 top IBs in ops (back and mid-office). Additionally, I know several people whose experiences at several other top IBs mirror mine. Depending on what you like, it may or may not be for you. If you like working MAX 40 hrs/wk, and job responsibilities and pay is less important to you, then it's not so bad. If you have a family, like most of the people I worked with, it's probably ideal for that type of situation. If you wanna get into S&T, this isn't the ideal route. Look elsewhere. BASICS: zero stress pay: $40-50k first year 5-10 yrs out, $80-90k. Yes, this is 100% correct, and leads to my next point: Bonuses are negligible, about 5-15% regardless of ability. This will be a "communist" atmosphere. Noone's bonus will be better than the next person's, regardless of ability or how hard they worked. Hrs: 40 hrs/week. OT is completely optional. Work is pretty much paper-pushing busywork. There are minimal deadlines, but nobody's stressing them, and if they're not met, it's passed off. You have to try really hard to get fired. Seriously. BOTTOM LINE: It wasn't for me, but may be for some people. If you just want a secure, stable job with zero stress that pays average, then this is for you. If you want the high-stress, high responsibility, high-reward, INTERESTING (IMHO) work of S&T, go directly to S&T. Take a TA or SA job, regardless of the seemingly low pay. You will have a much better chance of getting a job as a salesperson or trader via that route. Hope this helps!

gossard13...my brother is in his first year of operations at a top IB and I'm trying to convince him to get out of it ASAP. Can I get a message or email from you to discuss this?

I assume you all are referring to these positions in NYC, Boston or Chicago, yes?

If so, I'd be quite concerned about the cost of living, since each of those places has a cost of living 50%-100% above the national average. This means $33k salary in NYC is only worth, say, $17k anywhere else. That's not taking into consideration the crazy rental/real estate prices.

You gotta be careful!

It's not a matter of me losing; it's a matter of you not winning.

Just as an fyi, I work in ops in a 2nd tier bank in NYC, make $75k base w/ 15% bonus for a job that's MAX 60hrs/wk, but normally less than 50hrs. And this is my first job in finance (altho I've been working 3+ yrs.) I'm actually looking to move up though... was considering trading assistant , but dunno how far that'll put me towards having a career in S&T... anyone have any insight?

you will learn more about financial markets, products, and how to manage clients selling life insurances by phone than working for the back office department of a bank. 

To be honest, you don't even need a degree to work for the back office. Some basic knowledge of financial markets should be enough and you don't need a degree for that,probably a 1 week intensive course is enough to learn what you need to know.  Back office is like administrative work but even more repetitive.