The biggest problem with bitter people in BO, is that the longer you stay there, the harder it is to get out. Obviously, people don’t want to give up a steady job ( without another job lined up ) but what happens is that people get too comfortable, and drag out their time in BO. 4 years later, you’re stuck and f*cked
greengrape Wrote: ------------------------------------------------------- > There are 2 kinds of people in Back Office > > 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. models and bottles…that was the lamest video i’ve ever seen in my life a. that kid has a standard boxster, which you can buy for like 20k a few years old b. the girls werent even attractive c. he was just a loser
guys i am in the number 2 category (unfortunately) as mentioned by green grape. its a valuation control role wherein I review valuations of the trader’s book and also review any complex deals on an continuous basis. hour are crazy but pressure is so so. work in HK, have an MBA and am a CFA charterholder. make around 125k us$ (lower taxex in HK but its as expensive or even more when compared to NYC). its a BB ibank. have been trying like over past 2 years to move internally but its so difficult even here with this osrt of job market. have been in backoffice for 5 years but havent given up the aim to move to front-office. my batchmaes with similar or less capability are making mch more than me… anyways…i hope one day i can right some +ve news about my career move… money is ok here but its just not the investment banking enrvironment (risk +return) one would aim for
im in mo (have been for ~3 years) and have been in 2 bo roles and i hated both passionately. bo is great for people who just want to come and punch in and out and don’t really care about what they’re doing. they get all the benefits (vaca, 401k, corporate presitige, etc.) without any of the stress. i think its a great job for moms, very family-oriented people and people who have zero people skills.
greengrape Wrote: ------------------------------------------------------- > 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. ooh, gorden gekko style
greengrape Wrote: ------------------------------------------------------- > 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. Absolutely true.
I’m in mid office and would LOVE to have a BO job that pays $120k/yr working 30 hours a week.
Sombrero Wrote: ------------------------------------------------------- > I’m in mid office and would LOVE to have a BO job > that pays $120k/yr working 30 hours a week. no sht - my first bo boss worked 10-“4” everyday and cleared at least that much with 30+ pto days.
pennyless Wrote: ------------------------------------------------------- > 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. One of the stupidest things I’ve read, and one of the more trivial things to be concerned about.
defone Wrote: ------------------------------------------------------- > pennyless Wrote: > -------------------------------------------------- > ----- > > > 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. > > One of the stupidest things I’ve read, and one of > the more trivial things to be concerned about. It’s a norm in consulting firms that if they don’t promote you in a number of years, they will tell you to move on and find another job. It has happened to a couple I know. I asked because I don’t know if it’s true in banking.
pennyless Wrote: ------------------------------------------------------- > It’s a norm in consulting firms that if they don’t > promote you in a number of years, they will tell > you to move on and find another job. It has > happened to a couple I know. I asked because I > don’t know if it’s true in banking. hmm I don’t think so. if you are meeting your sales/utilization levels in consulting, they are happy - - I think your friends may not have been pulling their own weight.
This thread strikes me as something Michael Lewis would read and shake his head and laugh.
I think in general, Michael Lewis is laughing because he works like 3 hours a week and lives off millions of dollars in book royalties.
Most of the long tenure people at my firm (30+ years) are in the BO. They stay there because they’re just happy to have a job and don’t care about the industry or career advancement. The firm keeps them and their often sh!tty attitudes because they can count on them to come to work everyday and do EXACTLY the amount of work required in order to get by with a paycheck. The firm will never have to replace them because they won’t ever consider leaving. It’s actually depressing seeing them celebrate 30 + yr anniversaries in the same department that they joined during the Nixon presidency.
greengrape Wrote: ------------------------------------------------------- > 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. I think my friend might be in the mix of these two categories. She constantly complains about her job yet is satisfied enough with the hours and okay pay. I asked her whether she’s going to take the CFA exams and she said:“I checked with my boss and he said a CFA not required for operations.” So she thinks that the CFA is of use to her if it’s required in ops?? That’s when I figured she’s planning to stay there forever.
McLeod81 Wrote: ------------------------------------------------------- > Most of the long tenure people at my firm (30+ > years) are in the BO. They stay there because > they’re just happy to have a job and don’t care > about the industry or career advancement. > > The firm keeps them and their often sh!tty > attitudes because they can count on them to come > to work everyday and do EXACTLY the amount of work > required in order to get by with a paycheck. The > firm will never have to replace them because they > won’t ever consider leaving. It’s actually > depressing seeing them celebrate 30 + yr > anniversaries in the same department that they > joined during the Nixon presidency. +1 I’ve met plenty of folk who fell into this category b/w my BO to FO moves. I just fail to understand how an individual can have such a lack of ambition - I suppose that they’re just so deep into their ‘comfort zone’. That said, if there weren’t people like them, it would be even more competitive getting into FO from BO than it already is. K
how much does an MD in the back office of a BB make? can they crack $300K?
NYCGorilla Wrote: ------------------------------------------------------- > how much does an MD in the back office of a BB > make? can they crack $300K? depends the size of the BB and the people/pay under him. at a top 10 - easily yes. their contracts are also highly incentivized so end pay depends on the year.
Top 10 BB? There are more than 10 BB banks?
I would argue that there is no such thing as bulge bracket any more.