Does anyone here work in a middle office for the global credit department of an investment/corporate bank? Any ideas on repetitiveness of work and starting salaries?
probably 100K all in.
Isn’t it bad timing to get into this field though?
it depends on which sector you will be approving credit for and the product suite that the IB/corporate bank offer… You will have to work on one-off transactions and things like Corporate Annual Reviews for clients in the sector you cover. There should be an array of interesting tasks to participate in. A lot of people at my IB work in Credit before they move to IB/Mkts product areas with the knowledge that they have developed. This tends to work better when you are younger though. I have noticed that a number of failed origination bankers have moved to credit to work away their last few years… All in all, it’s not a bad place to start and move upwards from…Good luck
I thought middle office will be more involved in PnL & performance attribute, etc.
I understand back office and front office. Where are the boundaries that define middle office?
100k all in? I highly doubt that - at least not in your first few years out of school…
bchadwick: middle office liaisons between the sales dept (front office) and the admin/disbursement team (back office) middle office, in a corporate banking setting, means credit amendements, annual reviews, loan restructuring, and maintaining data integrity Seb25: I would be working in the non-bank financial institution sector (insurance companies, trust companies) and public sector (regional municipalities)
$100K is too low. You make $75,000 coming out of college in back office according to Hobbes. $200K minimum for entry level middle office, $500,000 within 3 years.
farley your salaries seem rather high… Middle Office credit would pay like this in the UK (basic salary) Analyst - 30k’ish + Associate - 40k + Associate Director - 55/60k+ Bonus, I imagine would be circa 30-50% analyzethis - don’t worry about the MO stigma, this role would not be looked down on from the FO as credit have to approve our transactions so we form close relationships…it will be a good stepping stone if you want to use it to progress or an interesting job if you choose to remain in credit.
No, there are a lot of 25 year old millionaires on this board who worked in back office out of college and made a killing. Ask Hobbes, he’s rich.
BO has a price ceiling and I appreciate that you can make a good salary but you have to take figures that are printed by people may be over the top… they may be very wealthy now, but they won’t be a 25 year old millionaire from the BO. This is 100% guranteed. And we are talking about MO roles here not BO.
I think they were joking Seb =)