Banking Technology a lucrative career path?

bana87's picture
Rank: Chimp | banana points 3

I've been out of college for 2 years and have been working for the past 2 years within Banking Technology. First worked for a boutique technology firm that built CRM Software for Wealth Management Firms and now work with a non-prestigious global Technology Services company as a Business Systems Analyst.

I want to do an MBA in 2 years and wanted to get into Strategy Consulting and then Product Management for a technology company or within Banking Technology itself. Bloomberg or BlackRock's Alladin have Product Management positions, if all falls into place then something like that.

My question is how lucrative is being a Business Systems Analyst for a bank in the US? I currently work in Canada and unless I work for a big 4 or contract independently I'll be looking at atleast another 5 years before I break 100k i.e 7 years of work exp.

I understand, I will never be making what i bankers or traders make. But what are the average salaries for Business Analysts/Product Managers within the technology departments at the banks in the US.

I currently work as a Business Systnms Analyst on Implementation or Migration projects involving Bloomberg, Markit systems.

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Comments (9)

Mar 10, 2016

bump !

Any thoughts are welcome. !!

Mar 10, 2016

I don't know banking technology analyst salaries and the systems you work with sort of leave you stuck in that industry unless you lateral to get experience working with the major ERPs. If you have ERP experience and go to a technology or consumer products company along a coast you would probably break $100k as a senior business systems analyst.

Why do you want to do 2 more years of work, then strategy consulting before product management? You shouldn't need that background if Product Management is the end goal. You may need a masters for some jobs - but a masters in project management or something with systems would be more relevant if it's even required (and had for a much lower cost). Work hard, combine that with a PMP and/or Agile/Scrum certification, get well-rounded systems experience and you could be on that path within 2-3 more years. Is there another end goal beyond Product Management?

Mar 10, 2016

Technology careers in ibanking aren't IN ibanking. Most college kids think of ibanking as, well, ibanking, think of sales & trading as, well, sales & trading, and think of technology and operations as, quite frankly, "back office."

Mar 10, 2016

As investment firms, especially those in the US, announce massive layoffs in the wake of the credit crisis, the legions of technologists might be safe - for now, at least.

One reason for this is that it is far easier to replace traders who fail to meet their targets than it is to dump the men and women who keep the systems up and running. This may seem illogical because on paper the traders make money and the techies hail from that dreaded place known as the land of cost centres. They cost money and spend money and do not generate revenue.

But this doesn't matter so much, thanks to advances in trading platforms and ever faster markets. Techies are ever more important.

Traders, no matter how quick, prescient or macho, can always be replaced by algorithms created by Russian mathematicians who were educated to create war game scenarios for the Soviet Navy. These whizzes now devise algorithms that pinpoint the exact time to execute deals. Combined with super-fast trading systems, these formulae are smarter and arguably wiser than any floor-full of traders an investment firm could ever hope to gather.

Intelligent and dedicated technologists are not a resource a firm should slough off lightly. Granted, we are entering rough economic waters, but there is one truth no one can deny: recessions always come to an end. And no investment firm wants to be caught unprepared for the recovery.

When the storm passes, firms must be ready for the sunshine. The technologists who build and maintain high-speed systems, resilient back offices, and state-of-the-art trading floors are more valuable than ever.

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Mar 10, 2016

tech is STILL back-office, and until they can decide WHICH trades to place at that perfect time, they won't replace a star trader. Algorithmic trading is definitely good stuff, and people doing that are getting paid well enough, but they still don't have an individual P&L that they can point to come bonus time. It sucks, and part of the reason I chose to do Finance/IS in college rather than a straight CS major even though I have quite a bit of talent for that sort of thing.

Mar 10, 2016

Tech is not back office in lots of BB's. I just accepted a position on the trading floor at UBS as a technologist - should be pretty exciting.

Also, I've asked lots of my interviewers if they switched or knoew someone who did - they said moving from tech to s&T is pretty common though getting into IBD from tech is harder.

Mar 10, 2016

Because you don't generate revenue for the company directly. If you want respect doing tech, it should be with a company who makes profit doing tech.

Mar 10, 2016