I was reading through that Finance/Wall Street Wannabes topic and realized the guy in the youtube video doesn't have a single exam on brokercheck. Then I realized most of the guys at my compliance superdays that got offers also haven't passed any exams. Is it uncommon for compliance guys to have their 79 and 7? I feel kind of out of place studying alongside front office friends for these tests without actually being front office.
06 Aug 2020
TLDR: Family refusing to disclose their accounts under a "household" code for work. Any help and insights would be appreciated.
31 May 2020
Hello, I have been working in the compliance department with a smallish RIA/BD for almost 2 years. I completely fell into my role (I previously worked in HR) and I am having a hard time finding peers in the compliance field. Basically, people to bitch about the ADV/CRS, SEC, etc. Or even discuss education/certificates that helped their career. -C
15 Sep 2020
I'm a sophomore who will be applying for Summer 2019 Legal/Compliance Summer Analyst positions in the upcoming months. I want to get a better sense of how competitive back office positions generally are at places like Morgan Stanley, Goldman Sachs, and Barclays. And what about at boutiques? Looking for recent anecdotes, statistics, etc. Thanks!
10 Feb 2018
I finally joined the Oasis. I was asked to take a moment to introduce myself and point out my reasons for joining. Unlike most of the individuals here, I'm not from a front office background. I started my career in the back office in Fund Accounting/Fund Financial Reporting, then worked my way up a leadership role in AML Compliance. I'm from Toronto, Canada. Also, I may be a bit older than most of the members (34). Rest assured, I don't have any intentions of going into the front office. As they say," the ship has sailed." My intention for joining is to get a better understanding of various
25 Feb 2020
Hi all, I'm a sophomore looking for advice on how to get a Summer 2019 Legal/Compliance Summer Analyst position. Some background info: I'm double majoring in finance and history. My GPA is in the 3.0-3.5 range (I know, I know, working on it) and my SAT score is in the 2300-2350 range. By the end of Summer 2018, I will have interned at 3 law firms. My school is a target but I have no clue if that even means anything for someone looking at legal/compliance positions rather than IB and other finance roles. Would really appreciate any insight you guys can offer.
15 Jan 2018
All, John Cena back in the ring. I was lucky enough to accept a 2018 IBD summer analyst offer in NY at a mid-tier BB (BAML/Citi/CS). Rough recruiting process and many botched interviews but by the grace of God I was able to land an offer. #### "There are moments in life where it gets so hectic that time becomes a blur. Keep calm and never give up." – John Cena I've been writing Seeking Alpha articles for a few years now (don't rag on Seeking Alpha in the comments – I know it's for amateurs). I'm at a liberal arts school (H/Y/P) where they don't teach finance. I thought writing for Seeking
14 Jan 2018
I'm forced to deal with this shit at the end of every quarter and it's just so frustrating. We have to take a series of online courses on the usual bullshit topics -- sanctioned countries, money laundering, etc. The worst part is there's a quiz at the end of each section and we have to achieve a minimum score or else we have to re-take the quiz. In total, there are about 5 or 6 modules that together take at least a couple hours to complete. This stuff doesn't even pertain to my day-to-day functions -- I and the rest of the people in my group don't have the access to defraud the firm even if we
03 Jul 2015
I have just completed a summer internship (compliance role) at a leading fixed-income market infrastructure company. I am now thinking about graduate applications and see that most investment banks lack a specialised compliance route for graduates. Does anyone have any past experience? For the record, I go to a top target school where many students go into front office roles.
07 Sep 2019
Hello everyone, I signed an offer to a B this past October. I have an opportunity to work at a trading desk at a competing bank (not bb, but still well-known) this spring. I've always wanted to work on a trading floor and the product this desk focuses is somewhat relevant to my ft-offer. The desk has made it clear they aren't looking for someone FT and I would definitely join the bb this summer. Are there any compliance issues (I never signed a non-compete)/should I check with the bank I signed for FT with or not even bother bringing this up? Thank you for any help or advice.
28 Oct 2014
Will be doing a summer internship in a BB. One of my parents is restricted from investing in certain financial products due to their occupation. I won't have any contact with the products in question (let alone any decision-making power) and the compliance forms don't cover my situation. They also did very extensive background checks - my parent's job would have definitely come up, and since nobody flagged it up with me I assume it's fine. Having said that I'm tempted to double-check with compliance - don't want trouble down the line. But I feel as though I'd be making something out of nothing
14 Apr 2016
I got through to the 2nd round for a compliance position in NY. The first one interview mainly involved of fit, compliance scenario questions and why GS. I was just wondering if anyone knew what to expect in a 2nd round interview. I feel this will be the last one and I really want to nail it. Any tips or suggestions?
25 Mar 2013
Have a family friend who was high up in Legal of a bunch of BB's. He is really pushing me to go into Compliance. What are some exit ops of compliance, benefits of being in compliance? He says very steady career, get certs and become an asset. My worry is that its ancillary, don't generate business= no bonus--> stuck in compliance.
28 Aug 2014
I'm a little frustrated. I've had 4 excellent interviews with Goldman Sachs for a compliance role. They went very well, and all 4 of the interviewers really liked me, as they mentioned it, communicated that I gave excellent answers, etc. I followed up with the interviewers immediately afterwards and thanked them for their time and how much I ejoyed meeting them and learning about the role/firm.
18 Apr 2013
So I successfully landed a temp role in compliance at a major investment bank. Although the work is interesting, its not ultimately where I wanted to be. I took this job because I really had no internships while I was getting my MBA. So now, I'll be working on landing a full time position with the IB. Would it be really hard to go from compliance into M&A side? I also have a trade support specialist job offer. Which one will offer me a better platform to make a transition into valuations etc?
16 Apr 2013
Who's ready to watch Lloyd Blankfein pinky swear that Goldman Sachs will do no evil? That's what's in store for investment bank CEOs if the Financial Stability Oversight Council has their way. In a proposal released this week, the FSOC is floating the notion that bank CEOs should have to publicly personally guarantee their firm's compliance with securities regulations and swear their allegiance to the Volcker Rule.
I happen to think this is a fantastic idea. I "CEOs will not like this," said analyst Paul Miller, a former examiner for the Philadelphia Fed, according to Bloomberg.
20 Jan 2011
Compliance is one of those fine print realities of working in finance. I can't count the amount of times a future monkey's excitement was dashed to dust at the realization that his master plan was actually a misuse of proprietary info. Any job at a large firm carries the weight of silence along with it. After all, you're dealing with a lot of secretive information that could damage the firm's earnings, reputation and operations if it were to leak out. Attorneys and bankers are great examples of employees who are terrorized by the strict and often incomprehensible boundaries of compliance.
16 Apr 2011
The Nobel Prize. Once an everlasting testament to human intellectual innovation. A beacon of hope, a searchlight though the clouds over our mind's eye. Today, more akin to an online diploma from a for-profit university . A lifetime achievement Oscar for the likable fellow who never quite shone brightly enough on his own merit. A ferris wheel with a jammed lever. A comically, self indulgent world of the theoretician guffawing over his own perceived brilliance. Why not get your piece of the action? $500,000, a lifetime of juicy consulting gigs, because you quantified that "buyers and sellers have a hard time meeting in the marketplace"? Sounds like a pretty sweet deal.
11 Oct 2010
Sending PE prep materials with excel attachments to my work email from my personal email. Any reason not to do this? I know the other way is a big no no (work to personal), but just want a sanity check on this one after hearing some of the compliance stories from other threads. Thanks in advance.
31 Dec 2014
Hi, I have recently been offered a job at a top IB bank in the compliance division. The programme is rotational so I will be assigned to a front desk (not sure which I would prefer -- I am learning towards IB, Asset Management etc) whatever happens I am KEEEN to get land an advisory role. That is my interest and what I want to do. But the bank will decide but I really want an advisory role in COMPLIANCE.. MORE MONEY!!!!! I want to make money, but I am a lady who wants a family too and I genuinely have an interest in COMPLIANCE but I feel kind of inferior. Like, maybe I should have gone for a
26 Mar 2016
I want to set up a ~5-10k account with Scottrade in the next few days and my IB job starts in late July. My plan is to invest in 5-8 stocks I think are undervalued and just hold on to them for the long-run. Is this a bad idea from a compliance perspective? I know I will have to disclose my positions, but will I be asked to close the account when I start? Any thoughts? Thanks
07 Jun 2012
I recently got a job offer at a big four bank as an KYC officer in their Funds Group. Can anyone give advice on salary I should shoot for (and the long-term potential), typical annual bonus amount, and career path trajectory? Feel free to offer any advice on the prospects of working in compliance period. Thanks a lot!
25 Jun 2014
I am looking for a GMP (good manufacturing practice) compliance software that would help us in complying with our GMP audit. Once that can also help us with event detection, event correction and continuous improvement. Any suggestions?
18 Feb 2017
WSO, I need some advice. And sorry, this is long. So I spent a couple of years working in-house at a large investment bank in their compliance department directly supporting their investment banking and capital markets groups. Then I made a jump over to a non-finance company for personal and professional reasons and moved across the country to CA. Now my position has been eliminated because our group got cut from the budget so....I'm out job hunting again. I'd be interested in working in compliance on the asset/investment management side of finance but have virtually no experience there. Trying to get interviews with various investment groups in LA but no go.
26 Apr 2011
I'm finishing up my Bachelor of Commerce in Finance and looking to land a job in the compliance/investigations/business analysis area. Most companies are only hiring candidates who have strong backgrounds in financial analysis and/or who possess "strong investigative skills". Such expectations are generally between 3-5 years experience. While I do have experience in business (operations/account management), I admittedly have no real applicable, specific skills for these positions. I was looking to find out where my first baby steps should be taken. Thank you
29 Mar 2012
I really need help on this one.... what are the convincing arguments to let compliance approve your outside PA? I don't want to have to move my account into my firm, so they can charge me 5x commissions and totally bend me over. I was thinking about describing the "unique" features of my online broker/dealer, and how acquainted I am with their investment products and research which compliment my investment style. Since their brokers and myself are very familiar with this, they are able to better assist me w/decision making... Perhaps describing how detrimental the commission structure would be
22 Sep 2010
I'm a non-target MBA student. To make a long story short, I've been trying to get some insight into the career options that I have. I can get a job in BO, most likely in Compliance for a BB. I know what it entails, and so do most of you. So that's option # 1. Secondly, I've been offered a position for a credit ratings agency selling their financial info/analytics. Salary is actually decent, but I was wondering if anyone knew ANYTHING about this career. It'd be similar to an account management position at Reuters, maybe Bloomberg, Riskmetrics, etc. I've always liked the idea of moving up in relationship mgt and becomeing a VP/Sales where you wine and dine clients. You generate rev and are an asset to the company. Anyone with experience?
01 Dec 2010
Well, thanks to one particularly interesting post on needing advice on how to address his issue with being "Let Go" posted here on WSO by Valuetrader400, I thought it would be a nice thing to explain something called NYSE Rule 407 to all of you prospective monkeys looking for full-time employment. I'm not calling Value out, but if anyone read his story, he made a few mistakes. We all do. The only reason why I mention Value, is because he did not disclose his Personal Account in the proper way to his firm. I'm highlighting this fact because I've seen people get fired over having undisclosed
03 Feb 2011
Hi all, I'm wondering if anyone has any experience with publishing research online and how to make it comply with SEC/FINRA regulations, specifically 17-4a and 17-3a. We're trying to ramp up some online distribution tools, the first foray being a simple "blog" updated by an analyst. I think we need to archive this offsite in a WORM (write once, read many) format, but I'm having trouble finding a service provider. We already have email compliance tools, and I was wondering if we could just download and archive the blog, then send it through the email system? Does anyone know anything about this
11 Nov 2009
What licesnses/accredidations/courses are required to trade equities at a Canadian Broker. I know the following are required CSC - Canadian Securities Course CPH - Conduct and Practices
25 Aug 2012
Hi all, I am currently working in the Asset Management Operations as a business analyst which take care on risk/control related topics and project manager on Ops related initiative. Currently there is an outside job opportunity as a Compliance Advisor which focus on trade monitoring, internal control, licensing, staff education, etc. Both company has similar AUM. I am wondering if this is a good move going to the compliance side, I know it is a "hot" sector now but wondering it is sustainable and what will be the exit opps. Your opinions matters! thanks!
18 Jun 2017
Hi WSO, My buddy is a senior in college at a target, and is looking into opportunities after graduation. He's looking into consulting, considering finance, and is ultimately looking to go to law school --- I thought compliance might be a fit for him. I was wondering if anyone on here worked in compliance or knew someone that did and would be willing to chat with him about what you do. If so, please let me know. Cheers
01 Sep 2016
I'm a rising senior majoring in finance and I'm trying to decide what I want to do after I graduate. My GPA and resume are primed for a F500 corporate analyst spot. However, I'm exploring an interest in compliance as well. I'm starting a compliance focused internship in a few weeks that I know will give me an edge if I perform well there and take the compliance route. **if I don't get into a top-20 law school I won't go to law school at all (so no need for that lecture). If I do get in though, I'm not completely sure I even want to go through the time and misery of law school if it's not going
12 Aug 2016
Hi, has anyone worked in or know anything about Goldman Sachs Compliance Surveillance Analytics group in NYC? Just wondering the types of work that they do, and how technical the work is (in terms of statistical knowledge, big data tools, data science and coding up the surveillance models, etc)? I know Goldman is a very good brand name and they do hire a number of computer and data scientists, but any more info is greatly appreciated! Thanks in advance!
21 Feb 2016
Hello, I was just wondering if any of you have been to a first round compliance analyst interview at DB? If so, what kind of questions did they ask? I promise to do a review after I finish the interview to help other candidates.
20 Nov 2015
Hello everyone. Intro: I'm currently working on compliance for almost 2 years. I have passed the CFA level I. With that said, I'm striving to become a fixed income portfolio manager in a decade or two after getting much needed experience in fixed income analysis. Currently, I'm having a very hard time transitioning into a relevant entry-level position from my current role within compliance. I've been conflicted as landing a job within IDB is extremely difficult, for obvious reasons, and finding the right path has been a challenge. My options right now are basically landing positions in Ops (BO
14 Jul 2015
Hello! I have mostly posted on Monkey Around and a few other forums here and there. But figured I might as well post here for a brief intro for what it is worth. I graduated from a non-target in 2011 looking to get into AM. Spent a year and a half in Back office doing Mutual Fund and Hedge Fund Accounting for institutional clients of a large Bank that did everything from Private Banking and Personal and Institutional Wealth Management, to custody services. I returned a year and a half later to where I interned in college, a small insurance and financial services firm, where I do Bank
14 May 2015
Hi all, I'm looking for some info on Goldman's salary range + bonus in Salt Lake City. In particular, it's for a Compliance Associate role. I've checked glassdoor and reached out to some friends but I can't find any decent data. Any info would be much appreciated. Thanks so much for your help!
29 Aug 2014
Hi, I have an interview to work in a control room at a reputable bank and was hoping someone could give me some salary information for the role (I was asked to give salary requirements). I do not really have experience but do have a good number of educational credential (good grades and grad school). Also, what can I expect from such a job? Thanks.
12 Apr 2014
Okay I made the mistake of quitting my last job due to frustration and without a game plan or a job to go into. I've been out of work for about 2 months now and its getting to me. I'm desperate to land a compliance gig in NY so I was hoping someone had some leads. Happy to discuss my background and qualifications with someone who could offer some help...one thing is I'm a Brit who most recently worked in DC. Would need a work permit! Anyone know of any hires in their or a friends firm? Hit me up please!
01 Apr 2014
Hi there, A friend of mine seems to be in the final stages of the recruitment process at TIAA-CREF and he was told that "your application is complete and is now being sent to Compliance." He was involuntarily terminated from another financial services company about a year ago because he refused to follow instructions to advise a client into a product that was ill-suited to the client but would generate revenue for the company. The concern is that "your application is complete and is now being sent to Compliance" is a euphemism for "thanks but no thanks" on the premise that Compliance never says Yes to anything.
20 Nov 2013
I was wondering if anyone could provide insight for Compliance and back office jobs in regards to mobility working at a hedge fund, Asset Management or investment advisor firm. I have an opportunity to move to one of those 3 and wanted to make sure it wouldn't put me in a dead end career wise. The job is very attractive due to the more challenges I'd have to deal with and the much better pay. I understand there can be risks if the company went under but I'd also like to think one would be able to move up in the company or to a IB, Trade House, Firm, Regulatory as well. Any advice?
20 Jun 2013
Hey guys, Incoming SA here with two quick questions. I'm going through the paperwork for compliance, and there's a form to disclose any brokerage accounts that I may have in my name. 1) My parents set up a Roth IRA brokerage account for me when I was younger. I called the brokerage today and apparently I have full control of it (I've never touched it). This is definitely something that I have to disclose, even though it's a retirement account, correct? 2) My parents apparently also set up an ESA (Education Savings Account) for me when I was younger, but they've never touched it. I am the beneficiary of this account. Does my ESA need to be disclosed?
06 May 2013
Hey Everyone - long time reader here. Quick background on me. CUNY, 3.1 GPA, Econ Major, studying for gmat , been working in Compliance at Top BB , doing AML/Risk related analysis/investigations/trade surveillence. Prop traded previously for 6 months at no name garbage shop, have 3 years market investing/trading retail experience overall - focused on tech/price action - not profitable to live off of need more time - however I needed $$$ badly. Anyway, I got a compliance gig a year ago, i am one of the top, if not the top performer in my group, however having said that yes- i along with eveyrone and their mother- want to get into S&T, trading especially commodities or forex.
16 Jun 2011
I got a job offer recently from the National Futures Association. They are essentially the FINRA of the futures/commodities industry. I've been having trouble landing finance jobs and only have offers in major insurance broking or this. Does anyone know about this company? Can knowledge of futures compliance eventually lead to a compliance gig on a trading floor? I know I have to settle for BO, which is fine for me, just looking for anyone who's HEARD of this place.
23 Mar 2011
I created a new account to ask this question for obvious reasons. Is it actionable (in a legal sense) if an independent ER firm (that also has a wealth management arm) is pushing products (mostly ETFs that they both control and generate) on clients regardless of the clients risk profile? So if a client comes in and says I am completely risk averse and the firm pushes the client to invest in an ETF that is comprised of small cap (almost penny) stocks, would that be an obvious conflict of interest or breach of fiduciary responsibility? Just started here so not trying to make waves. Just wanted to get your opinions.
20 Jan 2011