[BiggieBig]

Hi guys,

I’ve mange to get an interview in s\w development for a consultancy that provides IT solutions for investments banks. I’ve been trying to get into an investment banking for a while but it’s proving difficult.

Anyway I was hoping somebody can help me with some basic terminology that may be asked during the interview in particular :

1) What is the different between front office and back office applications?
2) What is an investment bank and who are their clients?
3) Some basic investment banking terminology?
4) Any thing else that I may need to know in relation to investment banking s\w development using c#.

[CrazyindianZA]

Originally Posted by depsi

Hi guys,

I’ve mange to get an interview in s\w development for a consultancy that provides IT solutions for investments banks. I’ve been trying to get into an investment banking for a while but it’s proving difficult.

Anyway I was hoping somebody can help me with some basic terminology that may be asked during the interview in particular :

1) What is the different between front office and back office applications?
2) What is an investment bank and who are their clients?
3) Some basic investment banking terminology?
4) Any thing else that I may need to know in relation to investment banking s\w development using c#.

1) front office = where the traders sit..(rev generators) and back office would be all the assoc support functions e.g settlements etc
2) corporate bank as opposed to retail..no strict def but generally investment banks almost always have an M&A department...if you tell me who you are interviewing with..I may be able to shed more light e.g Lehmans famous for fixed income, UBS best private bank, DB credit derivs..
3) google...not being funny but thats you best bet...
4) not an it person so can't help there

but best of luck...investment banking is not the most pleasant place to be working but it does/can pay reasonably well.

[BiggieBig]

Originally Posted by CrazyindianZA

1) front office = where the traders sit..(rev generators) and back office would be all the assoc support functions e.g settlements etc
2) corporate bank as opposed to retail..no strict def but generally investment banks almost always have an M&A department...if you tell me who you are interviewing with..I may be able to shed more light e.g Lehmans famous for fixed income, UBS best private bank, DB credit derivs..
3) google...not being funny but thats you best bet...
4) not an it person so can't help there

but best of luck...investment banking is not the most pleasant place to be working but it does/can pay reasonably well.

thanks for the replies.

The salary would be my main reason for doing it
plus from an IT prospective I think it quite challeging and intresting...

As I say it's for a consultancy group but just some of their clients include CSFB,BNY + many others...

Would you be able to elaborate a little on the front office \ back office question I think i'm starting to get the picture.

tried googling but can't seem to find the specific info i'm after, the search engine starts to bring up jobs.

Thanks

Also an unfortunate consequence of trying to get work in the City is that they will want to know what grades you got and where you got them right back to GCSE/GCE's. If they are not good, or from the 'right places' then you're unlikely to get anywhere no matter how good you actually are at your job. Unfortunately this is very much the clique of city work, there is no way in hell I would work there again.

[eviljohn2]

Much of what you need to know will be found from the links and info here:
http://en.wikipedia.org/wiki/Investment_banking

For someone who claims to be interested in the investment banking world you seem a bit short on the basic information about the industry.

[BiggieBig]

Originally Posted by eviljohn2

Much of what you need to know will be found from the links and info here:
http://en.wikipedia.org/wiki/Investment_banking

For someone who claims to be interested in the investment banking world you seem a bit short on the basic information about the industry.

I know I admit my weakness

I have worked at ABN-Amro for 6 months, but failed to pic up the terminalogy.
So I thought the best place to get help is the forums.

I believe Morgan Stanley or Merrill Lynch have terminology on their sites. I've done plenty of copywriting for investment banks (HSBC, Credit Suisse First Boston, Morgan Stanley among them), but thankfully, I always had a glossary to hand from the client before I wrote anything! There's certainly a lot you need to know.

[Mep]

there is a huge amount to know....front office can cover everything from traders, brokers, research, etc...then these guys will all specialise in specific instruments, derivatives, sectors, markets, etc......from a functional point of view tools used by these guys include portfolio modelling, performance measurement, risk management, trading, pricing....the list goes on and on. I think to be frank that your best hope will be that they are looking for the right development skills more than market experience. A smart developer will usually pick up the requirements very quickly.

[Mr_Wistles]

Originally Posted by Chumpy

Also an unfortunate consequence of trying to get work in the City is that they will want to know what grades you got and where you got them right back to GCSE/GCE's. If they are not good, or from the 'right places' then you're unlikely to get anywhere no matter how good you actually are at your job. Unfortunately this is very much the clique of city work, there is no way in hell I would work there again.

Complete and utter toilet.

I did not have good grades and I got a placement at Citibank at 20, I worked bloody hard for five years and moved through eight different companies, headhunted for three of them.

Most people who fit the mould of an Investment Bank / Asset Management interview have lots of brains on paper but no common sense, when it comes down to the actual job, one cock up and you have cost the company loads of cash. If you work hard and show you can do something that the pre-programmed university automotons cannot (as you can tell I feel strongly about people with poor grades not getting placed), you are quids in.

When I was in the position of hiring, as Chumpy said my colleagues would bin cv's that had bad grades or only a 2.2 degree but I would pull those people in for the interviews as it showed that they had a life outside of learning and did not just read from the book. Thats who I wanted not someone who would read the instructions and do it but someone who would try and do it better or quicker and in my experience the average university grad did not have this (and I must have crossed paths with thousands of them)

I worked for HSBC Investment Bank, HSBC Asset Management, Citibank twice (different locations), Investec Asset Management, Credit Suisse, UBS, Goldman Sachs and DB.

I then setup my own consultancy firm redeveloping back to front office processes. Basically if a back office were not meeting there targets or there processes were out the window they would bring me and my team in to rip everything out, get it back up to spec and then sod off. Good money and none of the office politics as I was self emplyed and on a contract.

I earnt enough cash to buy a couple of properties to support myself and a load of toys (hence my infatuation with these forums) so I left the city last year and now run my own company from home doing something totally different but it beats the 80-100 hour weeks that I used to do. My missus runs a settlements desk at DB at the moment and we met at ********* sorry Citibank (I hope your interview is not there)

If you want a better explanation of front and back office drop me a pm as I am no way typing all that and I will give you my phone number and mumble through the basics. Or I have a few good friends at recruitment consultants like Michael Page and Joslin Rowe who would be happy to give you the textbook answer.


[Swear word removed by Garrett for circumventing filtter]

[Matt Horne]

Settlements at DB.... Do I know her

A bit OT what do you do these days then Russell. Have to say from the interviews I have been on.. the experience and ability to pick up the work is what counts.. though from a HT perspective the grades do pay a part...

Been here nearly 8 years.. would love to do something completely different but it pays the bills.. and I have a good niche here.

Cheers

Matt

Originally Posted by Russell_Piper

Complete and utter toilet.

I did not have good grades and I got a placement at Citibank at 20, I worked bloody hard for five years and moved through eight different companies, headhunted for three of them.

Most people who fit the mould of an Investment Bank / Asset Management interview have lots of brains on paper but no common sense, when it comes down to the actual job, one cock up and you have cost the company loads of cash. If you work hard and show you can do something that the pre-programmed university automotons cannot (as you can tell I feel strongly about people with poor grades not getting placed), you are quids in.

When I was in the position of hiring, as Chumpy said my colleagues would bin cv's that had bad grades or only a 2.2 degree but I would pull those people in for the interviews as it showed that they had a life outside of learning and did not just read from the book. Thats who I wanted not someone who would read the instructions and do it but someone who would try and do it better or quicker and in my experience the average university grad did not have this (and I must have crossed paths with thousands of them)

I worked for HSBC Investment Bank, HSBC Asset Management, Citibank twice (different locations), Investec Asset Management, Credit Suisse, UBS, Goldman Sachs and DB.

I then setup my own consultancy firm redeveloping back to front office processes. Basically if a back office were not meeting there targets or there processes were out the window they would bring me and my team in to rip everything out, get it back up to spec and then sod off. Good money and none of the office politics as I was self emplyed and on a contract.

I earnt enough cash to buy a couple of properties to support myself and a load of toys (hence my infatuation with these forums) so I left the city last year and now run my own company from home doing something totally different but it beats the 80-100 hour weeks that I used to do. My missus runs a settlements desk at DB at the moment and we met at ********** sorry Citibank (I hope your interview is not there)

If you want a better explanation of front and back office drop me a pm as I am no way typing all that and I will give you my phone number and mumble through the basics. Or I have a few good friends at recruitment consultants like Michael Page and Joslin Rowe who would be happy to give you the textbook answer.

You completely disagree with everything I said then go on to agree with most of what I said again err ok. It's kinda good that you seem to buck the trend, but the trend is still there and hasn't changed significantly as far as I am aware in the 3-4 years since I last worked in that market sector.

Of course once you are in the 'old boys network' then things are a lot easier (i'm sure there will be some who will deny that this really exists or makes any difference), moreso if you are being head-hunted, as opposed to trying to get into this sector initially which is where the original poster is coming from.

My point overall is that even if you do manage to get in there, the work and stress rate is extremely high (moreso than probably any other sector I can think of) and burnout is quite common. It's something at the time I was glad to do for the money, but couldn't wait to get out of and get a real job elsewhere at the end. Bottom line is it's a young person's job, do it for 2 years and escape with a life, some sanity, and hopefully a bit of cash, if you don't end up drinking it away after work

[Mr_Wistles]

Originally Posted by Matt Horne

Settlements at DB.... Do I know her

A bit OT what do you do these days then Russell. Have to say from the interviews I have been on.. the experience and ability to pick up the work is what counts.. though from a HT perspective the grades do pay a part...

Been here nearly 8 years.. would love to do something completely different but it pays the bills.. and I have a good niche here.

Cheers

Matt

She has been there for about six months, think she is at the same office as you on Bishopsgate.

Nowadays I run a wholesaling company importing pet prodcuts from China which I then sell on to market traders, wholesalers, pet shops etc....

Beats being on the 5.10am train. I can now go to work in my pants and dont have to worry about drinking too much in the evening

[Londondecca]

Originally Posted by depsi

I have worked at ABN-Amro for 6 months, but failed to pic up the terminalogy.

Irrespective of the industry, it is critical to learn the language of that sector/organisation