what's different about working in finance?

[lambrini_socialist]

i'm a developer and so far all of my contracts (and perm roles) have been in the London-based media / new media / creative / nathan barley industries. i often wonder what it's like working for the financials. basically these are my ill-informed preconceptions - are any of them correct?

- the rates are about 1.5 to 2 X higher than in other industries
- the hours are punishing and you're basically doomed if you want to regularly go home "on time"
- the technology is archaic
- you'll have to wear a suit
- potentially lethal levels of petty bureaucracy
- you'll have to enjoy being pushed around by the kind of testosterone-crazed Gordon Gecko ******* who are alleged to work in such places
- you can't get contracts working for financials unless you've got previous financial experience (how you get the first contract is a mystery)

how accurate is this? i doubt i'll ever end up working in this sector as i don't have the experience or stamina but i'm interested in hearing about it.

[Archangel]

i'm a developer and so far all of my contracts (and perm roles) have been in the London-based media / new media / creative / nathan barley industries. i often wonder what it's like working for the financials. basically these are my ill-informed preconceptions - are any of them correct?

- the rates are about 1.5 to 2 X higher than in other industries
- the hours are punishing and you're basically doomed if you want to regularly go home "on time"
- the technology is archaic
- you'll have to wear a suit
- potentially lethal levels of petty bureaucracy
- you'll have to enjoy being pushed around by the kind of testosterone-crazed Gordon Gecko ******* who are alleged to work in such places
- you can't get contracts working for financials unless you've got previous financial experience (how you get the first contract is a mystery)

how accurate is this? i doubt i'll ever end up working in this sector as i don't have the experience or stamina but i'm interested in hearing about it.

I've contracted at 4 banks, and the following applied (using your points above)

1) My rate is whatever I can get, the sector seems irrelevent, more the location and local supply and demand
2) My hours are usually 8-4 ish 9 (or 7-3) with friday afternoons (at least) off
regardless of sector
3) yes, the technology (back end) can be archaic, but I love legacy systems. The front end systems are not bleeding edge, but are usually fairly up to date
4) I only wear a suit for weddings and funerals, otherwise its business casual
5) All institutions have petty bureaucracy, the financials seem no different, I just ignore it as best I can
6) I usually worked with PM's and Team Leaders who are the same as in any other sector, and managed their expectations
7) I swap between financials and retail, and I agree that the initial contract in financials can be difficult to get, but if your skills fit you should be able to get in if you pitch your rate correctly.

HTH

The financials are having a few problems at the moment though, so perhaps you should forget about the sector for a while.

[snaw]

Clearly depends on which particular area you work in, for me the single biggest difference is the approach to work in financials as compared to other industries.

The stakes are much bigger in finance generally, most outages are down to human error in my experience and in finance the cost of those outages can be huge. Consequently cowboys don't prosper in that kind of environment so there seems to be much less of them than in other industries.

I guess with the bigger stakes also comes bigger pressure, some people just don't work well under pressure (Not the must meet deadline my next Thursday type either, the oh sh!t the 000s are piling up by the minute - the phones are going mental and there's a posse of senior managers on the way to find out wtf is going on).

People with no experience of this can learn it, same as everyone else - but quite often it takes them a few months to get their head round the paradigm and also quite often they just can't handle it.

And yeah, there tends ot be tonnes of beurocracy and change control but the managers imo are ok.

[Moscow Mule]

My experiences (4 different banks, three different countries) below. I work (mostly) in implementations or upgrades of core banking systems - YMMV if you're in support.

- the rates are about 1.5 to 2 X higher than in other industries
I get a good rate, but only because what I do is fairly niche

- the hours are punishing and you're basically doomed if you want to regularly go home "on time"
Absolute rubbish - I finish when the work is done, sometimes 9pm, sometimes 2:30pm

- the technology is archaic
Webphere, latest i5 systems - all very shiny.

- you'll have to wear a suit
only once, then business casual

- potentially lethal levels of petty bureaucracy
and obstructive w*****s at every turn

- you'll have to enjoy being pushed around by the kind of testosterone-crazed Gordon Gecko ******* who are alleged to work in such places
only in support.

- you can't get contracts working for financials unless you've got previous financial experience (how you get the first contract is a mystery)
Work for a reputable software house providing core banking systems is a good start.

[Lockhouse]

1. the rates are about 1.5 to 2 X higher than in other industries
2. the hours are punishing and you're basically doomed if you want to regularly go home "on time"
3. the technology is archaic
4. you'll have to wear a suit
5. potentially lethal levels of petty bureaucracy
6. you'll have to enjoy being pushed around by the kind of testosterone-crazed Gordon Gecko ******* who are alleged to work in such places
7. you can't get contracts working for financials unless you've got previous financial experience (how you get the first contract is a mystery)

I've contracted in the city for the past 16 years

1. Yep
2. Depends - I work 7.45-17:15ish but sometimes need to stay late or cover at weekends - all for the same dosh - but then the dosh is normally quite good
3. Not true - not bleeding edge but not the ark either
4. Not true, smart trousers and shirt only, no tie unless meeting nobs
5. Not true - if anything the opposite - b*llsh*tters need not apply - getting stuff into production can be a pain though
6. Yes - especially if you want to work front office - you need to be up to it
7. Yep

[threaded]

The ties and shoes. Mainly the ties. Especially at NatWest.

[Lockhouse]

The ties and shoes. Mainly the ties. Especially at NatWest.

And the cufflinks!

[Jubber]

6. Yes - especially if you want to work front office - you need to be up to it

"Where's my ******* figures!!" rather than, "Have you had chance to implement that new form yet.?"..??

[Moscow Mule]

"Where's my ******* figures!!"

Where you f*****g left them.

[BrilloPad]

i'm a developer and so far all of my contracts (and perm roles) have been in the London-based media / new media / creative / nathan barley industries. i often wonder what it's like working for the financials. basically these are my ill-informed preconceptions - are any of them correct?

- the rates are about 1.5 to 2 X higher than in other industries
- the hours are punishing and you're basically doomed if you want to regularly go home "on time"
- the technology is archaic
- you'll have to wear a suit
- potentially lethal levels of petty bureaucracy
- you'll have to enjoy being pushed around by the kind of testosterone-crazed Gordon Gecko ******* who are alleged to work in such places
- you can't get contracts working for financials unless you've got previous financial experience (how you get the first contract is a mystery)

how accurate is this? i doubt i'll ever end up working in this sector as i don't have the experience or stamina but i'm interested in hearing about it.

After 22 years in Banks, 20 of them contract :-
1. yes
2. I leave at 15:52 almost every day - stay later once per month - but I start at 6:30 or 7:00
3. yes
4. no
5. YES
6. there are ways of standing up to them and getting your own back
7. IBs dont like unknowns