Contracting in IT for an Investment Bank..

**boredsenseless** · 8 May 2006, 11:48

Originally posted by Boolean

Has anybody done this?

What was it like? Is it pressurized for IT personnel?

Is it easy to get into?

Alot of the jobs advertized on Jobsite etc...seem to require somebody with other experience. E.g Financial knowledge, derivatives. Is it the case that there aren't really IT jobs, but requirements for people who work in finance to have an IT skillset?

Is this the case with all Investment bank IT jobs?

The rates seem to be extremely high..

Please advise,

Unless you've got prior Investment Banking experience its going to be hard to get into one. They are the proverbial Catch 22 industry.

**privateeye** · 8 May 2006, 12:15

I got in by a change of direction from A\P which would require business knowledge to Release\Change\Configuration Manager which was not so dependant on business knowledge but process. All I did was sit the ITIL Foundation.

**DaveB** · 8 May 2006, 13:14

Originally posted by Boolean

Has anybody done this?

What was it like? Is it pressurized for IT personnel?

Is it easy to get into?

Alot of the jobs advertized on Jobsite etc...seem to require somebody with other experience. E.g Financial knowledge, derivatives. Is it the case that there aren't really IT jobs, but requirements for people who work in finance to have an IT skillset?

Is this the case with all Investment bank IT jobs?

The rates seem to be extremely high..

Please advise,

Not done it directly but I did a stint at JP Morgan in London a few years back through an outsourcing deal with my then permie employers. The hours are long and in my case the pay was crap, being an outsourced permie.

Contractors and direct hires got very good rates but had no life. 12-14 hour days, weekend working etc were all regular occourances.

It was also a high pressure environment, especially for the support guys. 15 min fix times for hardware faults on the trading floor and screaming traders when things went wrong. Dont know what it's like on the development side but wouldnt imagine it was that much different.

**snaw** · 8 May 2006, 17:59

Been in it for many years, I personally don't think previous experience is as big a thing as they make out as long as you're prepared to work hard and don't flap when it all starts going pear shaped.

Just got to realise how things work in that environment I guess, sloppy work gets noticed quickly and they're not slow sacking people who screw up.

Rates are high for a reason, they expect more - the couple of times I've worked away from it I'm always a little surprised at how laid back non financial environments can be. They generally squeeze every last drop from you in finance, but you get used to it quickly.

**Mailman** · 9 May 2006, 08:38

Agree with Snaw. I arrived in England in December 2003 and after 4 weeks holidaying around the country seeing family etc I then applied and got a job at a swiss investment bank in only 2 weeks.

The ad said they wanted someone with 5 years banking experience and the only banking experience I had was dealing with my over drafts manager cause there woz no money in my account!

The environment was also p1ss easy. Got in to work between 9 and 10am and left at 5 on the dot...didnt really work hard but added lots of value to what ever I did

Then again some of the guys I was working with had worked at other banks (like Barclays) and they thought the other banks cultures were sh1t.

Then again, one of the guys I was dealing with thought our bank was sh1t too...but he was useless and was getting "outsourced" by management anyway so of course he was gonna say the bank was rubbish

Mailman

**Faust** · 9 May 2006, 08:46

I don't think it's really a case of "we'd prefer a finance guy with a bit of IT skills', unless you're a BA by trade.

I've contracted for european, japanese, and american investment banks, and I find that as far as IT development goes - it's very full on. The ads generally mean what they say - we want IT skills with business understanding, not the other way around.

The way I got in was just because my skillset was kinda niche, as I didn't have any banking experience to speak of. After that, once other banks see you have an IB on your cv, you're practically guaranteed an interview.

If you want to break in that bad, I would consider taking a hit on the rate for a few months to get that much experience. Once your foot's in the door, the whole field opens up.

**Ivor1** · 9 May 2006, 10:24

Originally posted by DaveB

It was also a high pressure environment, especially for the support guys. 15 min fix times for hardware faults on the trading floor and screaming traders when things went wrong. Dont know what it's like on the development side but wouldnt imagine it was that much different.

This is my current contract trading BAU support and rapid development (bug fixes), 24/7 call two weeks in five, long hours, too much work and stressful. Only doing it for the ching ching. Rates high but they do get there moneys worth. I wouldnt do it if I had family.

And if you dont make the mark they will get red of you. They got a new contractor in to sit opposite me, she moved over from Holland and had just signed a 6 month let, she had been here a month when they got red of her as she didnt meet the grade.

**sugsy** · 9 May 2006, 10:34

i have worked at an investment bank for 3yrs now and i got to say if you work hard you get rewarded. i love working here, professional and keep you on your toes and the networking here is invaluable. people in the banks move around through contacts etc.

rates are very good and if you love working under pressure and can keep your cool , you are invaluable.

**Fleetwood** · 9 May 2006, 11:04

Rates high but they do get there moneys worth

their money's worth

Contracting in IT for an Investment Bank..