So I apologize if this has been discussed in the past – One of my clients is a financial software company. They employ a bunch of specialists in that pour over sectors. Traditionally this job is held locally by CFA Charterholders and CPAs. About 6-7 years ago, the company was acquired by a large investment bank and over the course of many years, the jobs have shifted to Singapore and other low-cost countries. First it was the technology jobs, and now the jobs that were held by CFAs/CPAs are being moved as well. Considering that the company isn’t differentiating between a US CFA Charterholder and a Singapore (or say Polish) CFA Charterholder, this trend is rather disturbing. There are a few jobs left here in the US, and most of them are in the sales/marketing roles, but pretty much everything else has left. So, can your job move overseas?
My job can move overseas but my sense is that people with investment savvy and talent are still hard to find, so it doesn’t face the “outsource risk” that you’re talking about. What I like about my job is that hopefully someday I can run my own fund, and manage it from anywhere with a high-speed internet connection and a phone line to speak with traders. For the same reason, your traditional equity research jobs aren’t being outsourced because you need the “feet on the ground” to do in-person meetings, networking, etc…but certain components of those jobs (like data management, model building, etc.) are being sourced out to places in Asia where labor is cheaper for more “commoditized” tasks.
Well, a significant part of financial services success depends on prestige and credentialism. Since both of these factors are affected by outsourcing, firms are unlikely to outsource any jobs with the potential for client or counterparty exposure. This is probably why most of the outsourcing is in internal departments, like technology, operations or accounting.
I’m already in India?
ChickenTikka Wrote: ------------------------------------------------------- > I’m already in India? this particular bank has offices in india, but are finding that the costs are higher and could move to countries like poland.
CPierce Wrote: ------------------------------------------------------- > ChickenTikka Wrote: > -------------------------------------------------- > ----- > > I’m already in India? > > > this particular bank has offices in india, but are > finding that the costs are higher and could move > to countries like poland. I have client who does IT outsourcing in CIS because the talent in India got too expensive. They are looking into China now too.
Many of my clients are labor unions that are skeptical of non-Americans–so for me no.
I have lived in the outsourcing Mecca for a long time. I have this to say, if someone in India can do your job as well, or nearly as well, as you can for far less money, then you deserve to lose your job. I have no pity, economically speaking, for deadweight. You are not trying hard enough. If you just expect to show up and make economic profit perpetually without ever innovating or improving then you are gonna get burned. The world owes you nothing and will turn with or without you. So deal with it.
No, my job involves me having a security clearance.
Over the long term (after I’m gone) , the only jobs that will be left in the US will be in sales. Everything will be gone.
mo34 Wrote: ------------------------------------------------------- > Over the long term (after I’m gone) , the only > jobs that will be left in the US will be in sales. > Everything will be gone. Who’s going to wait on all the salesmen when they go to Burger King?
^^^ Don’t forget private security services.
mo34 Wrote: ------------------------------------------------------- > Over the long term (after I’m gone) , the only > jobs that will be left in the US will be in sales. > Everything will be gone. What about ride operators at theme parks? Would be difficult to outsource that responsibility to India.
What about the people running the printing presses at the Federal Reserve?
What about exotic dancers?
king_kong Wrote: ------------------------------------------------------- > What about exotic dancers? You could put them on video live from Mumbai.
Palantir Wrote: ------------------------------------------------------- > What about the people running the printing presses > at the Federal Reserve? Just send Dwight to India… he can operate them from there.
ManMythLegend Wrote: ------------------------------------------------------- > king_kong Wrote: > -------------------------------------------------- > ----- > > What about exotic dancers? > > You could put them on video live from Mumbai. A “friend” told me that they have these websites with live girls getting nude on webcams. My “friend” also told me that his local strip club is still thriving even during this tough economy.
Nude girls on webcams? No way… who would have thought.
I’m currently unemployed, so I’m hoping that gets outsourced