When talking to a friend during dinner, she seems to be pretty satisfied with her back office job and does not want to go elsewhere. So I am wondering, what kind of career path waits ahead of one who works in the back office (operations) of a BB bank like GS. If you have been there for like 4+ years already and know that you are not VP material, can you continue to stay on the job (for years) without ever getting another promotion? Is there really a career path for back office employees in BB banks?
if you want to max out at $120K then be my guest
I’ve never understand the obsession with a BO vs FO distinction here at AF or even what the heck that means. I think it means working independently analyzing stuff vs being a socializing customer service guy, but still unsure. Golf may be involved? To the extent BO means doing something mechanical like looking at trade numbers or something, then I would say that blows. But then golf blows too. Anyhow if it means working independently analyzing stuff, that is the greatest thing imaginable. I passed the $120K mark and work about 30hrs a week analyzing stuff. What more would you do? And what is all this “path” crap? Cmon man. I mean lots of guys thought they had paths and then the market blew up and they are all still unemployed. So much for plans.
I was referring specifically to operations type jobs at banks, not the type that involves serious analysis.
Like a teller? Ha, I think that really low level stuff is good for people who have other stuff to do outside work, but if you are smart that may be really lame after a decade dood!
I have met people who like the back office. The main type of person that I can think of is the type who settles into their position, gains maximum flexibility on hours of work and when/where to work and is happy with lower responsibility for lower pay. Less stress and more constants in the worklife than other positions.
Although I was not a fan of the BO I was making over 100k at age 26 at my last job working as a fund acct. My new job is a bit of a hybrid of accounting and research so I get to experience the FO now as well.
pennyless Wrote: ------------------------------------------------------- > I was referring specifically to operations type > jobs at banks, not the type that involves serious > analysis. that work would be the bottom of the food chain, i’ll have to readjust my estimates to $100k max.
Speaking of food chain… If you could either be a teller or a SBUX barista which would you choose and why?
Back office front office… it’s all about what happens in your office. Make some moves or move to the side.
Well, there is job progression even within operations. All the junior operations people have a boss in operations, and that guy has a boss. Most companies have some sort of final boss in operations with a “Chief” or “Head” title. I’m pretty sure you will make decent compensation if you manage to climb this ladder. If we assume that we are looking at someone who is stuck on the bottom tier of operations forever, that’s like looking at someone who is stuck as an equity research associate forever. However, to our simian friend’s point, there is limited room at the top and there are people who top out at $100k or less (I know this for a fact). Not that $100k is really a bad number, of course.
NycDank Wrote: ------------------------------------------------------- > Back office front office… it’s all about what > happens in your office. Make some moves or move > to the side. Word son.
I think teller chicks are hot.
purealpha Wrote: ------------------------------------------------------- > I think teller chicks are hot. The trend in my area is hot Bosnian chicks that count my money. That’s a trend I could get behind (get it?).
It seems like my friend’s operations job is just about reconciling trades and nothing more exciting. Hours are not not even short. They work pretty insane hours during quarter and year ends too. For someone who’s stuck in the lowest rank on the bottom of the food chain, she’s satisfied. I am just wondering if banks are fine with people being stuck in one position and not tell them to move on to find another job.
“Were it not for imagination, sir, a man would be as happy in the arms of a chambermaid as a duchess” Don’t tell your BO friend what FO jobs are like, and she’ll continue to be happy.
pennyless Wrote: ------------------------------------------------------- > It seems like my friend’s operations job is just > about reconciling trades and nothing more > exciting. Hours are not not even short. They work > pretty insane hours during quarter and year ends > too. For someone who’s stuck in the lowest rank on > the bottom of the food chain, she’s satisfied. I > am just wondering if banks are fine with people > being stuck in one position and not tell them to > move on to find another job. Why would the bank’s care if the person is capable? And furthermore if it’s a high turnover position and an experienced person is comfortable in their job, the bank would be even happier.
NycDank Wrote: ------------------------------------------------------- > Back office front office… it’s all about what > happens in your office. Make some moves or move > to the side. must be in the back office then kid
What about IT career?
There are 2 kinds of people in Back Office 1) Happy. Enjoys a good work-life balance. Likes the good job security, relatively stress free, no investment risk to worry about. Has a family + kids. Not making the big bucks, but just fine with making a decent career. slow-and-steady. 2) Bitter, hates back office. Trying everything to learn something useful and get the hell out into a front office job where you can strike it big and really live it up. gorden gekko style. models and bottles.