Hey guys, I need some feed back. I just got an offer to move from BO to MO in the CDS Derivatives area (internally). At BO: I was confirming trades In MO: I will be in trade support Trade Support: Provide full support in a timely and accurate manner Trade booking/trade validation and matching processes Trade management for deal life cycle, including continued trade maintenance, which encapsulates resets and credit default events Investigate and resolve cash/bond discrepancies and non-receipts Testing/UAT for new systems releases Maintaining static data for Bond and Reference Entity data Production of daily KPI reports to the desk and senior management Deliver support for new products and initiatives Daily queries from Back Office, and liaising between Back and Front Office on payment and settlement queries, DTCC breaks Risk validation and Flash P/L production The only drawback is that I would take a pay cut of 8% - their reasoning (current Market conditions). I’m half way in between on my decision. My ultimate goal is to become a PM. Any feedback would help. thanks
Why bother? Just go to straight to an entry-level FO role.
the job does not justify the pay cut …but thatz just my .02 cents … although this position might get you closer to the trading desk and could potentially lead to a trading gig …if you want to go that way …
Says MO but certainly does not look or sound like it… Almost all those descriptions including the title “trade support” are BO.
That really looks like bo in my opinion. Plus a pay cut! Give me a break.
MO is just a nice way of saying BO. That is certaintly a BO job if I ever seen one…and trust me I seen one. If you’ll learn more things and gets you closer to where you want to be I say take it. I’m vary surprised they would cut your pay for moving to what is supposed to be a step up. I’d try to negotiate with them not to cut your pay. If all you’re doing is confirming trades right now…maybe you should leave even with the pay cut.
Thanks for all your replies. I’m actually in a rotational BO program, so I will be going into a new role soon, but sill BO. So, it’s either that, another roational BO role, or keep networking and move to a different line of business. BTW - CFA level 1 candidate.
I’d save my resume’s dignity if I were you.
There isn’t much disparity between the 2 roles. You will have higher pay at your current role with easier hours. Stay.
if you’re at bear, who has a rotational bo program (i believe), take the MO role bc itll put you on the desk and many of the trading groups hire their jr. guys out of MO
Is it appropriate to say “CFA Level 1 Candidate” on one’s resume?
“MO is just a nice way of saying BO.” Generally agreed. If there is any distinction, it is that the part of the back office designated “middle” are the backoffice people who actually interact with the front office. That is a somewhat valuable trait for a job. The way I would think about the situation is this: (1) Decide whether you would be happy in a role similar to your current job for a long time. Answer sounds like no. (2) If you answer “no” to #1, you will have to exit your job at some point. Question is how and when will you do this? Your options are to take this opportunity now, or leave in some other time for some unspecifed other opportunity. So factors to consider this exit route vs other exit routes: – how long you’ll have to wait to exit if you don’t take this – how the comp compares to comp you’d expect from other opportunities later – the likelihood you’ll have to “exit” the new job in a similar manner to how you could “exit” your current job later. In other words, if you’ll be doing the same thing 5 years from now whatever decision you make, I’d keep your current job. Your future opportunity set is CRITICAL to making the correct decision in this case, and to have a clue about your future opportunity set, you need to consider the honest strength/weakness of your resume, your actual abilities, how much dedication you’ll put into finding opportunities, your network, etc.
Newsmaker - the best advice yet - really appreciate it
pimp Wrote: ------------------------------------------------------- > Is it appropriate to say “CFA Level 1 Candidate” > on one’s resume? yes, it’s appropriate if you’ve registered for the exam. but no “CFA,Level 1” on the resume
8% decrease b/c of current market conditions…they should insulted offering you that. A f*cking cut…and 8%? That’s not going to save the company significant income… I don’t know it’s up to you, Newsmaker is right, none of us have to make the decision so it’s easy for us to tell you to say “f*ck off”. If you take it, tell them you REALLY can’t afford to take a cut for the same reasons that they REALLY can’t afford to keep your salary the same. That’s BS and an insult…
I think you should seriously consider giving your two weeks. They are clearly trying to derail you. F em. It’s totally unacceptable for them to even suggest cutting your salary.
Danteshek Wrote: ------------------------------------------------------- > I think you should seriously consider giving your > two weeks. They are clearly trying to derail you. > F em. It’s totally unacceptable for them to even > suggest cutting your salary. Agreed with Danteshek, but quitting is probably not a luxury you can afford. Cutting your pay is inappropriate. Tell them you think that this is the case. Hopefully they offer you equal terms. If so, then you can think about this seriously. If not, I’d stay put and see where the rotation takes me next.
I am in the same position. My firm knows I am unhappy with BO and have put in my time. It’s been 21 months and I told myself I wont do more than 2 years. It has been conveyed that I can move into an MO role whenever I want (I would have to relocate though). However, I wouldnt do it. Another two years in the MO, which is basically BO, would really pigeonhole you as that type. My job would also be in CDS and other derivatives which is nothing more than a data entry job. I fail to see how inputting data for the next 12-24 months would further my career. If you are going to take a pay cut it might as well be for an entry level FO role or at least something where you can actually use your brain. However if the RAISE is big enough I would consider 12 months of hell and then move on. A pay cut is a raw deal.
It all depends on the MO work… if it is really MO then it might be worth it… I consider MO risk management and pricing… Having contact with Front Office does not make it MO… you have to do some sort of modeling… If you can get these types of roles, I think they are a great way to learn FO work without the risk of losing money/getting fired.