Working in Finance/Banking

[ipitythefool]

So because I don't have a background of working in banking/financial services, I can't get into it at my level because it is effectively a closed shop. I'm told it's a closed shop because the responsibility is too large for those without experience to handle. Of course this hasn't stopped the ones WITH experience making an utter pile of crap of the banking system and bringing it to its knees.

And then to cap it off we have the former bank chairmen today apologising for the cock-ups. Incidentally people who had the most senior jobs in banking and yet they didn't actually have any banking experience themselves.

Please tell me again why we should ever trust The City again?

[Chris_w666]

Is this a I want a better job thread or a I read the Daily Mirror and think all bankers are thieves thread?

[ukwill]

ipitythefool said:

So because I don't have a background of working in banking/financial services, I can't get into it at my level because it is effectively a closed shop. I'm told it's a closed shop because the responsibility is too large for those without experience to handle. Of course this hasn't stopped the ones WITH experience making an utter pile of crap of the banking system and bringing it to its knees.

And then to cap it off we have the former bank chairmen today apologising for the cock-ups. Incidentally people who had the most senior jobs in banking and yet they didn't actually have any banking experience themselves.

Please tell me again why we should ever trust The City again?

That's been the catch 22 about getting into the city since time immemorial. That hasn't stopped 90% of Romford from manning Back Offices across the capital...

[ipitythefool]

Chris_w666 said:

Is this a I want a better job thread or a I read the Daily Mirror and think all bankers are thieves thread?

No far from it - it's more just a question about whether a strategy of applying the need for industry experience is actually the right one. Plainly the ones with prior experience got it wrong.

[KANEIT]

ipitythefool said:

Chris_w666 said:

Is this a I want a better job thread or a I read the Daily Mirror and think all bankers are thieves thread?

No far from it - it's more just a question about whether a strategy of applying the need for industry experience is actually the right one. Plainly the ones with prior experience got it wrong.

It's the same with all industries, quite frustrating I know!

[Chris_w666]

ipitythefool said:

Chris_w666 said:

Is this a I want a better job thread or a I read the Daily Mirror and think all bankers are thieves thread?

No far from it - it's more just a question about whether a strategy of applying the need for industry experience is actually the right one. Plainly the ones with prior experience got it wrong.

I think the nature of a lot of todays businesses means that specific knowledge is secondary to having a skill with management BS bingo and confidence to make strategic decisions that sound good to the investors.

A lot of businesses, Banks included, have used this model and found it sucessful so judging a recruitment model on 2 poor performing institutions is harsh IMO.

[Zod]

I hear they are recruiting heavily at the moment,

[Jasandjules]

ipitythefool said:

So because I don't have a background of working in banking/financial services, I can't get into it at my level because it is effectively a closed shop.

Is there any job you know of where you can simply wander in to a senior role without any previous experience?

What is "your level"? What sort of job are you looking for? What qualifications do you have?

Is this an "I wasn't good enough to get into banking so now I'll gloat" thread?

[Animal]

ukwill said:

That hasn't stopped 90% of Romford from manning Back Offices across the capital...

[Digga]

ipitythefool said:

to cap it off we have the former bank chairmen today apologising for the cock-ups. Incidentally people who had the most senior jobs in banking and yet they didn't actually have any banking [practical] experience themselves.

EFA

The prevalence of 'flagship' directors in all quoted firms, the stuffed suits who can talk the talk to shareholders and media, but fall flat on their faces in terms of executive capability is largely a symptom of the short-termism of the markets and institutional (and to an extent, private) investors. Everyone wants to get rich quick.

Compare and contrast our best with Japanese firms, like Toyota or Komatsu most of whom operate to a 50 year plan, and it's easy to see why we're in the st in terms of engineering and manufacturing.

Edited by Digga on Wednesday 11th February 08:36

[MitchT]

If you want a £20k job in a bank you need the right qualifications. If you want a £2m job in banking you need the right friends. So, depending on which you want you have to decide whether to go to university or the golf club.

[markh1]

The city conforms to the old stereotype of "its not what you know, its who you know"

The city is a relative 'small' place in that its very easy for a person's reputation to spread (good or bad) and most people know, or know of the other people within their specific area. This often means that the new people coming in (unless they are high calibre graduates) are known by someone already in the city, e.g. son of, daughter of etc This is certainly the case for front office roles, but I can't really comment on middle or back office.

[sebo]

ipitythefool said:

So because I don't have a background of working in banking/financial services, I can't get into it at my level because it is effectively a closed shop. I'm told it's a closed shop because the responsibility is too large for those without experience to handle.

When you say your level - how do you mean?

Are you expecting to enter a new industry without any prior experience and be on the same money as you are currently on ?

[ipitythefool]

Jasandjules said:

Is there any job you know of where you can simply wander in to a senior role without any previous experience?

As it happens I've worked in Oil & Gas, Publishing, Education, Retail, Television, Utilities. Each time I've moved I've got plenty of experience but not necessarily vertical experience.

Jasandjules said:

Is this an "I wasn't good enough to get into banking so now I'll gloat" thread?

All the evidence suggests that many in banking don't know their ass from their elbow. So what on earth has 'beeing good enough' got to do with it?

[Maxf]

ipitythefool said:

Jasandjules said:

Is there any job you know of where you can simply wander in to a senior role without any previous experience?

As it happens I've worked in Oil & Gas, Publishing, Education, Retail, Television, Utilities. Each time I've moved I've got plenty of experience but not necessarily vertical experience.

So you aren't actually very good at anything?

[ipitythefool]

Maxf said:

ipitythefool said:

Jasandjules said:

Is there any job you know of where you can simply wander in to a senior role without any previous experience?

As it happens I've worked in Oil & Gas, Publishing, Education, Retail, Television, Utilities. Each time I've moved I've got plenty of experience but not necessarily vertical experience.

So you aren't actually very good at anything?

I'm in consulting - I'm good at everything

[ukwill]

ipitythefool said:

Jasandjules said:

Is there any job you know of where you can simply wander in to a senior role without any previous experience?

As it happens I've worked in Oil & Gas, Publishing, Education, Retail, Television, Utilities. Each time I've moved I've got plenty of experience but not necessarily vertical experience.

Jasandjules said:

Is this an "I wasn't good enough to get into banking so now I'll gloat" thread?

All the evidence suggests that many in banking don't know their ass from their elbow. So what on earth has 'beeing good enough' got to do with it?

Methinks you're oversimplifying things just a tad. Clearly the CEO of any bank is not going to have a technical knowledge of each/every product that his/her Company offers or utilises. The recent high-profile questioning has been nothing more than a chance for the Govt to get out the thumbscrews in a vain attempt to appease certain sectors of the public.

[Tyre_Tread]

Replacing Bankers with Consultants would be an excellent idea.

At least when the next balls up happens the Consultants won't have to apologise. They'll just move on to the next victim job.

[Maxf]

ipitythefool said:

Maxf said:

ipitythefool said:

Jasandjules said:

Is there any job you know of where you can simply wander in to a senior role without any previous experience?

As it happens I've worked in Oil & Gas, Publishing, Education, Retail, Television, Utilities. Each time I've moved I've got plenty of experience but not necessarily vertical experience.

So you aren't actually very good at anything?

I'm in consulting - I'm good at everything

But generally to earn huge money in any of the fields you have worked in you will need to have specialised in that sector for some years and be able to offer something more than the average Joe. Of course there are the lucky few who get bought in based on some kind of 'parallel'' experience, but I would suggest these are very much in the minority.

You can earn seriously good money in each of the sectors you have worked in - without the open critism and vitriol 'bankers' attract.

[Dupont666]

You still havent mentioned what you would like to do a job as???

I have consultant friends who move in and out of the finance sector when the job demands it, it just depends if you are asking to be chairman or a project manager.

Answer that an you may get some more direct responses to your question.

One I can add is that in investment banking its who you know and not what you know..... thats how i got in... I then had to work bloody hard at the knowledge base and then got screwed over by office politics and lost the job....

Now looking again at IB but also consultancy work.... why not look at the consultancies that do work for the investment banks?