Meaning of 'Must have banking/finance experience'

[DieScum]

Got an interview for an interesting training role coming up. The agent is telling me that client will be looking at my banking/financial experience.

I've done gigs at various banks and accountants over the years... but they have been no different to anywhere else tbh.

So what are clients looking for when they request banking experience?

- knowledge of specific software or at least general awareness? (SWIFT, IBAN, Reuters)
- knowledge of banking/trading terminology?

Wondering if there is something I can brush up on before going for the interview. Really appreciate any feedback from anyone who had this kind of question asked in an interview.

[CoolCat]

Its just agents being lazy and useless...

I have bounced around lots of vertical markets and never had a problem, apart from getting past the gatekeepers (the agents)... If you can produce success you can produce success.

Mostly most systems and processes have lots of similarities across verticals.

Sometimes the incumbent teams have prejudice against anyone from outside their industry too but rarely with any merit.

Is there anything you can revise? Not really. And once you have been there a while you will know more than many who have been there for years anyways.

Its all bluff and counter bluff.

Part of the reason the whole industry is in trouble is the fake qualifications, experiences, and salesy bulltulip having so much prominance

etc

[BlasterBates]

Normally it means theyre looking for someone who understands finance, eg what´s compound interest, what´s a forward or option, double entry bookkeeping or how do you calculate PnL. If it´s puely technical they´re not so bothered about a finance background. If you come from an accounting or finance background that should be sufficient.

[DieScum]

I have an IT background not accounting or finance but I have a reasonable general knowledge of accounting and finance terms and practices.

I think I'll download a few finance ebooks and skim through them before the interview. I guess it can't hurt.

[northernladuk]

I don't think the terminology is much of a factor to be honest.

It can be to show you understand the culture and the market that your client works in. Pharma sales is completely different to telecom sales for example. Knowing who the clients customer is and what the expect is another factor. Some want cheapest price, some want latest gadgets, some want secure banking. There is also the culture within the organisation. IB needs to make £1.50 for every £1 so high pressure where as in the NHS everyone is over worked and under paid. Someone from IB background won't stand NHS culture and vice versa.

It is a bit of a cop out but in some cases but in others it is a strong pointer that you know what to expect and to be able to see the gig through.

[DieScum]

Cheers, northernlad.

Question for you and anyone else. Anything specific about banking culture I should be aware of and maybe bring up at interview?

I've done stints ranging from 1 year all the way to many short 1-2 week training delivery gigs at about 20 or so banks and accountants over the last ten years.

I'm struggling a bit as where I've been there hasn't been huge differences but I am going to need to come up with summat intelligent to say. So let's see culture wise -

- more need for compliance and risk management
- need for risk management can create hostile attitude to change and pace of change is slow
- can be very spread out - from large HQs to small branches

Hmmm...

[northernladuk]

Cheers, northernlad.

Question for you and anyone else. Anything specific about banking culture I should be aware of and maybe bring up at interview?

I've done stints ranging from 1 year all the way to many short 1-2 week training delivery gigs at about 20 or so banks and accountants over the last ten years.

I'm struggling a bit as where I've been there hasn't been huge differences but I am going to need to come up with summat intelligent to say. So let's see culture wise -

- more need for compliance and risk management
- need for risk management can create hostile attitude to change and pace of change is slow
- can be very spread out - from large HQs to small branches

Hmmm...

Problem is if you try too hard to bring something up and it is irrelevant or you get it wrong you are going to prove to them you are not the guy for the job. When I interviewed for the banks I don't actually remember there being any questions like that related to the culture. It's a funny situation. They want the experience but you don't actually get asked on it or asked to prove it I don't think. I certainly didn't. Not having it doesn't mean you won't get the gig by any means so I wouldn't fret too much.

Might want to read up on Sarbanes-Oxley (SOX) though. I was asked if I knew what SOX was and if I had any experience. I did advise I am aware of what it is but not details of how it was implemented or anything which was fine for them. Just an awareness of what it is will do.

[GB9]

In 13 years contracting I have found the culture to be similar across a few sectors. There are extremes at either end and I agree with NLUK that IBs and the NHS (public sector in general) don't mix. Not insurmountable, but I have found the public sector to be very slow at decision making and risk averse (which strangely sometimes is a greater risk) than financials where you are more likely to be told to JFDI.

Is it a retail bank you are going to? If so then expect fairly dull standard office stuff. I have yet to see anything exceptional in a retail bank. As for specific knowledge, it depends what role you are going for. There is generic stuff such as TCF and AML which goes across the board in banking, but also more specific stuff such as SOX and Basel.

Even in the City the only time I have seen any slightly 'odd' behaviour was in the Private Client team at a very large insurer. They had a tendency to act as if they were the clients and had a bit of a taste for champagne.

If you know your core stuff (IT) you should be fine.

[Moscow Mule]

It's useful to understand what people are talking about in all the meetings - this is my favourite book for that sort of thing.

http://www.amazon.co.uk/gp/aw/d/0955...dir_mdp_mobile

Edit: Jesus, just seen the price! There must be a newer, cheaper version out...

[Antman]

My tuppence, the agents put it in to filter CVs to a reasonable level.

My reasoning being that there was a thread here about someone needed for a role in the city and the person who posted it and was leaving said that the only requirement was good at VBA/excel (if memory serves). There are too many CVs to analyse if someone actually can do the core competency, putting "financial experience reqd" gets the CVs from 100 to 50.

I wouldn't worry about it.