I am 26, my most recent experience is in equity prop trading as a trading assistant, and at a small Native American Broker Dealer as a trading assistant. (neither had a base salary, totally commission based.) I have 3 offers:
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Deloitte Israel (Tel-Aviv): 6-month unpaid internship in Project Finance or financial modelling or Business Planning groups (No guaranteed job at the end. I am half Israeli and have family nearby the office, I've been there and speak good hebrew.)
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JP Morgan - Market Risk Reporting Associate - Creating reports and commenting on them for senior risk mgmt and CFO groups at the firm. Pays kinda low 70k, and in Brooklyn. I have a decent network of other alums from my college at JPM across BO/MO and some FO. Ready made network in the firm.
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Barclays - Interest Rates Middle Office Associate- Confirming trades and doing MO functions for this interest rate desk. Pay is decently good (by my standards) could be around 100k (76k base, 1.5x OT.) Job is in Midtown. I know nobody at Barclays, no network coming in.
I am leaning towards either JPM or Deloitte. I am CFA Level 3 candidate, Series 7/63 which I might lose but ok with that.
I'm guessing you're only considering Deloitte because of family ties, but I would choose Barclays tbh - similar job description to JPM but better pay and location.
Im considering Deloitte because its much more interesting work than the other 2 in my opinion. Is it not? Strategy consulting > Middle Office/Back office?
Associate > 6 month unpaid internship
Plus, it's more similar to what you've been doing and you can always try to shift to a FO role.
Barclays, then JPM
based on?
Barclays is the most interesting and closest to FO.
JPM is BO helping to write variance commentary for Mgmt, no real upward path Deloitte is FP&A/ BO and sounds like you're free labor during a busy time and won't hire you back.
Barclays might give you the best use of your CFA, allow you to move to FO on a desk - should keep your 7/63 if you're working in the markets
What are your career goals?
I would opt for Barclays. As you will be on a desk supporting FO, dealing with traders and having access to first hand information. You may have a network base at JPM but have an opportunity to develop more at Barclays, plus get imo a better experience to your belt. End of the day you will know more people, and if you're smart you develop a good understanding of the interest rate markets. You can then leverage your networks at both JPM and Barclays for future progression into FO.
If you take the Deloitte offer, chances are you won't receive a employment after 6 months of hard work. To top it off with no pay and relocation expenses covered by yourself. Rent doesn't pay itself. You will be supporting Account Directors day to night, and relearning from scratch because you've just joined a new industry if they decide to hire you. Or cause it's an internship you could just be copying and pasting data onto spreadsheet templates for the next 6 months.
The JPM offer imo sounds like a glorified news reporter. As other's have said, there's no upward path.
Can you say that Middle Office is "on the desk?" I feel like that job has the least connection to FO of the 3. You are just confirming and settling trades. Am I wrong?
Echoing Barclays. Almost everyone has told you to take that offer, yet you are resisting. Why ask the question if you don't want to hear the answer?
Nobody's "resisting" Dick. I thought this was a forum? where people can push back and ask for more clarity on a response?
I'm genuinely surprised at the Barclays responses because Middle Office seemed to me the least upwardly mobile, and Barclays the least prestigious firm. Am I not allowed to push back? I don't understand.
The job you seem to want the most is an unpaid position that seems very unlikely to offer you full time employment. I would just cross that off the list.
By your description, Barclays seems to be closest to the action and has the highest pay. Seems like the best combo to me.
Barclays all the way. It's prestigious enough and the job is superior to the other two. Definitely zero purpose in your pursuing an unpaid internship with these options on the table, and JPM/Barclays aren't so far apart as it feels like from the outside looking in that its worth the getting the company name vs the experience..
Curious to hear why you think Brclays over JPM? Those MO roles are notorious for having no way through to FO and being boring as all f***. Risk at least feels like I'd build some Excel skills, network with Risk Coverage and generally have a better, bigger bank with more potential upward opportunities in 1 or 2 years time.
I would go for the Deloitte option. I could do that even for two-three years rather than spending one more day at operations/middle office. Honestly.
If that was a paid, full time position it would be a frontrunner. But what is with a big 4 firm offering an unpaid internship to a 26 year old? I keep scratching my head over it. If it was really a sort of 'temp to perm' potential I'd think there would be some dollars behind it.
Come on now! it can't be that bad right? good $ coming in the door surely.
take the Barclays job. learn the clearing and settlement of the trades. backtest the trades and see what style of funds you are dealing with - I am sure you will have access to a bloomberg terminal. stay there until you pass level 3. after you have passed start "asking" where your expertise may be better served.
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