I started in back office too… accounting at a PE firm in Canada. I personally loved it for what it was… a high intensity learning experience. I guess it wasn’t a complete BO role since I was responsible for handling the cash portfolio of the funds… but it was BO enough. It fully opened my eyes into the finance world and the difference between BO and FO… pay was fairly low, and the work hours were actually quite long. 9-5 Mon-Thur, 9-7 Fri. I’m now in a treasury role at a corporation.
How is 9-5 (with 2 more hours on Fri) considered “long”? > > It fully opened my eyes into the finance world and > the difference between BO and FO… pay was fairly > low, and the work hours were actually quite long. > 9-5 Mon-Thur, 9-7 Fri. > > I’m now in a treasury role at a corporation.
Sounds friggin’ long to me, I’m 9-3 with 2 less hours on Friday.
one of the cool things about back office is that you can make it what ever you want. People know your job sucks. Its no secert and you can stay and get promoted in back office and actually do well comp wise. However if you want to go more front office type roles and in an office that lets people make the move…they you may have a leg up as oppose to an outside person. I think the exp is what you want it to be. I knew people that were in their 30’s and loved the job and moved up to management roles and were happy. I know some that were 24 and wanted to move to mid or front office and made it very clear.
BO does s×ck but there is nothing wrong with it. Do your job, go back to your wife and kids and pay your mortgage. Live a fine life. FO just has better pay and more respect. I started in BO after college and learned a decent amount. Mainly it taught me that if I wanted something in life you just can’t go through the motions and expect a good opportunity to come along. A lot of people in that job were lazy and complained alot. Most people felt entitled to a FO job. Work hard, be nice to people, pass the CFA and given time an opportunity will come along.
farney Wrote: ------------------------------------------------------- > > what’s “good money”? > > asking cause i’m not familiar. also what > geographical location? OP is delusional…I have a LV collection that is equal to an after-tax year of income from a BO job in nyc.
F$%K off buddha. You’re a 23yo virgin college kid, so stop pretending buddha Wrote: ------------------------------------------------------- > farney Wrote: > -------------------------------------------------- > ----- > > > > > what’s “good money”? > > > > asking cause i’m not familiar. also what > > geographical location? > > OP is delusional…I have a LV collection that is > equal to an after-tax year of income from a BO job > in nyc.
^ err…-1 Let me have an attempt at this game. You are a new grad from a top 50 state school, who thought it was cool to party through school. Now you work in a BO job dreaming about the day you actually had a meaningful job, meanwhile failing to realize that the odds are drastically against you, evidenced by the fact that very few of the guys in front office actually started in the back office and there is an abundance of back office lifers in your department.
err…-1 Wrong on most counts, except the partying through college.
I have to agree with Buddha. Everyone I worked with was set as a lifer in BO.
I like my bankroll bro, keep your f-ing work life balance.
I think you’re all asses… Pretty offensive some of the things you say to no1. BO’s who actually like their jobs and are happy in them no2. Those who are striving to get out of the back office no3. and those who have actually got out of the BO Piss off with your higher than thou attitudes
Dermot81 Wrote: ------------------------------------------------------- > I like my bankroll bro, keep your f-ing work life > balance. +1
maddane Wrote: ------------------------------------------------------- > I think you’re all asses… > > Pretty offensive some of the things you say to > > no1. BO’s who actually like their jobs and are > happy in them > > no2. Those who are striving to get out of the back > office > > no3. and those who have actually got out of the > BO > > > Piss off with your higher than thou attitudes I know I’m biased since I worked in bo for 2 years, but as I said, bo is more of just a job, not a passion/career. Those of us on this board seem to have more of passion towards capital markets than my coworkers at my previous firm. Though your situation may be different.
maddane Wrote: ------------------------------------------------------- > I think you’re all asses… > > > Piss off with your higher than thou attitudes We work in hi-finance, wtf do u expect? maddane Wrote: ------------------------------------------------------- > Pretty offensive some of the things you say to > > no1. BO’s who actually like their jobs and are > happy in them > > no2. Those who are striving to get out of the back > office > > no3. and those who have actually got out of the > BO > 1. They would not find my comments “offensive”, part of being a BO lifer. 2. This forum has a disproportionately high hope of the “success story”, industry changer/non-top 10 grad, started in BO, and thinks that somehow a CFA (and a CFA alone) will get them a research or banking job…hopefully you will open your eyes and see that what I said was the cold hard facts, and not just something to offend you (believe it or not offending you does not make it that high on my priority of things to do). 3. No my comments clearly state that it is rare, therefore my comments would imply that I have a lot of respect for the few that do make the transition.
buddha Wrote: ------------------------------------------------------- > maddane Wrote: > -------------------------------------------------- > ----- > > I think you’re all asses… > > > > > > > Piss off with your higher than thou attitudes > > We work in hi-finance, wtf do u expect? > hi-finance…lol
gotta agree with buddha on the concentration of career changers and people with no finance experience thinking the CFA is going to make everything amazing. I think there will be a wakeup call for many of those people. I mean its cool for them to do, more power to you for learning and bettering yourself, but keep the expectations real homey homes…
Would agree with the above two posts. I have been in the back office for the last year…sucks and there is very little hope of making it out unless you network your butt off and gain some leverage with passing the level 1 or 2 that you could possibly use in interviews for reasonable positions that you could move over to. Also helps to have graduated from a very good school with a strong alumni network.
I disgaree with a lot of the posts. Having the CFA will not going to turn you into a full office role overnight non is not having it. The following things need to happen to make a move from back office to full office. I am in s&t at a bb so may different for investment banking or funds you may work at. 1. Do a good job in your back office role 2. Express a desire to move into xyz role. 3. Talk to manager of xyz role and see if making the move is possible 4. Talk to your BO boss and see if a move to xyz is possible. 5. Wait for someone to quit or group to grow to make room for you in xyz role 6. Plan a route to make the move happen and cont to stay focus on that route. IF you have not noticed 3 of the 6 things I listed have nothing to do with you. You need a few other balls to fall your way. What makes it tough is if you make a goal to move up and do a rock star job most BO managers dont want to lose their top analyst. So that can create an issue. FO may not be intersted in hiring from BO since HR goes to campus and looks for people for those FO roles. That can be another issue. Lots of things can stop someone from making the jump. I would tell my jump in more detail but kind of long
- try to network/get in with the peeps in the roles you want. Befriend them if you can/want. When a spot opens up on their team, it doesnt take much for them to pass your name/info along and put in a word…