Offer selection: IB compliance v.s. Bloomberg sales
Hi all,
I just got offers from these two sides. any insights about the career prospect in either path?
thanks so much!
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What do you do in BBerg Sales?
IB compliance has got to be painful.
Bloomberg sales requires you to work on the help desk for 18 months I think. Did they give you any details about what you would be doing in your first year or two, and what type of hours you would be working?
Is this for the NYC office?
IB Compliance is a good position and sounds way better than Bloomberg Sales plus probably pays more. Will you be in a group that has direct interaction with the IB groups? Typically, the IB compliance group has someone for ECM, someone for DCM, someone for coverage groups, etc. If so, you are basically the know-all for what bankers can and cannot do. Some of your group will be on the floor, some will be on the main compliance floor. Your team will have a lot of interaction with the control room as well. You will also help with developing policies and procedures when a new regulation that affects IB comes out.
Career progression depends on the bank, my BB pays more in Compliance for the groups under Banking and Markets, less for the Wealth Management, Commercial Banking Compliance groups.
Career progression at my bank for IB Compliance would be Officer/Analyst (3 years) --> AVP (4-5 years) --> VP (5-15 years+) --> Director/SVP (lot of people don't get past this point) --> Group MD --> Division MD
Pay scale for IB Comp. at my bank is pretty much the same salary as risk management with about half the bonus. The groups in WM and Comm. Banking are the same as Ops/Tech. However, I know like GS pays the same for any compliance position, the lower side equivalent to ops/tech.
Do you have a JD? What level are you going in as? What salary did they offer?
Hope this helps.
Thanks so much!! you really helped me a lot!
i don't have JD currently but considering taking one; salaries are actually not so different, so my major concern is about the exit opportunity after 3-5 years. i feel that if i start with Compliance, it's kinda like once compliance, forever compliance - u don't have other expertise besides that; For bloomberg sales, i needa start at helpdesk for 2-3 years and then move on as sales, i may expect interactions with buy-side firms or IB people as well.
do you have any insights about people leaving Bloomberg? what kind of jobs are they doing?
thx!!
If you don't have a JD, you won't need one to make it to the top in Compliance. The landscape has dramatically changed. IB Compliance and Bloomberg Sales are both going to give you ample interaction with the business side. You are going to be pretty limited with other positions in terms of "exit opps" but can switch to other sales roles out of bloomberg, and other compliance roles at HFs, AMs, IBs, etc. Best bet would be to look on Linkedin and find people who have done it in the past to see specific examples.
It depends on what you're selling at Bloomberg, as well as your long term goals. Either way, I'd say go with compliance as that sector is poised for steady growth given the regulatory environment we're in right now. Plus, can't hurt to be working with the IBD, even if its MO.
My group's BB sale rep basically comes to the bank periodically and makes sure everything is running smoothly, helps with licenses, new contracts, transferring licenses, coordinates tech support, etc.
Yeah, if the sales role is anything like this its pretty much a dead end for trying to get into anything finance-related and I'd definitely take the compliance. Is it with a BB?
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