I recently graduated with a degree in finance/economics (and am kicking myself for not doing engineering). I’ve managed to get several pimp job interviews at well known companies but can’t seem to manage an offer. As I continue to look for a job, I see tons of listings for “operations/documentation/reconciliation analyst” (seems like every job title has analyst in it). Just how bad are these jobs? They sound like purely data entry or administrative jobs. Basically every recruiter has these opportunities for me but I’m nervous to be marked with the back office stamp. I’d like to get an MBA in a few years, would I be able to spin one of these jobs on my resume or would the adcom see right through it? Or, if I’m interested in a corporate finance career, would this be an okay starting job?
Judge for yourself.
Sounds like watching paint dry or suicide by eating lead paint chips might be a bit more pleasurable.
First job offer I got was for a Financial Analyst with a university, but upon getting the actual job description, like 50% was going to be reconciling monthly investment accounts and associated bank statements. Death came with a salary of 40k. Turned that one down.
now I’m waiting for a guy to come in and say “oh it’s all good. you’ll be fine. it’s great work”
but seriously, don’t do it. it’s great for 40 yr old married people who have kids and don’t want the pressure of being “revenue generating”. But if you are young and ambitious, you’ll likely be miserable
“A British Asian…”
I know this is completely off topic, but it’s interesting to see. I’m nonwhite and would much rather describe myself as an American “Ethnicity"
On my 6th week in BO (just graduated), I must admit I’m gladly surprised that my fears of the back office were exagerated.
Although I think you should try to avoid it, I notice that:
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People before me all ended up in great portfolio management jobs or other real finance jobs and did CFAs, Msc, etc while in BO, they all left after 1-3 years for quant finance / front office / consulting.
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35h workweek = time to study and kill your GMAT for grad school. (good for 5 years, better do it now)
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Time to shop a better job if you want to switch after a year
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Time to study for CFA and pass it, instead of squeezing a few hours to end up failing level 2 because of a 60h+ corporate job. Thats some money and many, many hours saved by avoiding a repeat.
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Experience that counts towards the obtention of the Charter (mine does at least)
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Time to attend any network event and do community work.
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Time to get a second job between studying periods (CFA), because many jobs that pay more than 40-50 will require you work overtime. I leave work with little stress and lots of stamina to jump to something else.
If you have no other job opps, take this. If you feel you can get something better, take something better.
All there is to it.
1BigStudMuffin wrote:
At the end of the day you’re another day older
Sitting on your bum doesn’t buy any bread
how is this…?
Respect!
I did not really investigate as to why but I can tell you that its investment operations, people before me did their CFA and got the charter after, my job asked for: enrolled in CFA program.
I worked for a large UK shop straight after Uni in the summer of 08, then Lehmans went down and the market with it … BO is precisely what it says on the tin, however I think if I was to do something there it would be on the project management / change side of things. I know a few people that I met during my time working in London who done that gig and done really well out of it. Otherwise … BO is a loooong game, with few winners. Every year fresh meat comes in and have that hunger and you need to fight them off.
I liked the post from the guardian link above, great read and evry accurate. I now work as a portfolio manager and i’m just trying to keep myself busy and hopefully make the grade one day once the market picks up. Lets just hope that once QE steroid injections stop that the World doesn’t stop too.
Hocus pocus.
Agree, I think a lot of the BO bashing is unjustified. A lot of people would kill to have so much free time to study or just enjoy their lives. Most people don’t make into an IB analyst program coming out of school and HF’s are usually unrealistic as well. Consulting and CF are viable options for some but for most finance/econ grads from non-targets, BO may be their only choice.
I’m by no means successful at 27, but I do think I have a unique background. I never graduated from college and at 24 took a BO job with a discount broker. This is probably as low as it gets…BO at a discount broker!! Throughout this time though I’ve finished up school, started prepping on the GMAT and am on L3. I’ve been getting in the high 600’s on my GMAT practice tests throughout the last year, but haven’t had much time to focus on since I’ve been studying for the L3 exam. I’m going to buckle down this summer and I think I’ll wind up in the low 700’s. I hope to be in a decent MBA program by 29. I definitely haven’t made a ton of money, but I never made less than $75K in a given year. I’m actually now doing much better than that now. I still have an uphill battle to climb but it could be much worse. I don’t like to talk about my situation much as it’s a little embarrassing, but I hate to always see the “FO or find another career” talk. BO work is not fun and you likely won’t be surrounded by future BSD’s, but there are far worse jobs you could take. If you make the best of it, you can put yourself on a decent trajectory.
You didn’t make 75k as a 24 yo dropout in ops at a discount broker Tyler…
Sure did! Including OT but it wasn’t excessive (probably 5-10 hours per week average). I should maybe clarfiy that it was more a customer service role, but I think it would be a stretch to consider it MO. Regardless it was a very easy stress free job that paid reasonably well all things considered.
I’m with you on this. No chance u get a back office gig starting at 75k.
Sometimes I forget many people make more for working over 40 hous per week, but I’m still not buying that #.
I also call BS. you say you were a college dropout working at that BO gig at a discount broker making 75k a year on 5-10 hrs a week? and managed to get an undergrad degree at the same time? And also studying for L3 and GMAT’s?
don’t buy it.
My understanding is that ops people in finance still get bonuses that are far better than the rest of non-executive jobs around te country. People here tend to sneer at ops people because they are unlikely to be pulling down multiple millions, but - quite frankly - so are most FO people, there’s a ton o survivor bias in FO upside averages.
I thought ops got paid over-time? BTW i’m mid office but if I got paid OT instead of a small bonus I would be making a hell of a lot more money. Probably north of $100,000