Banking Careers: Domestic or IFSC

RUOK

Hello,

This year I graduated from college and after taking sometime out, I’m going to start looking for work within the Dublin (Headquarter) banking sector. I’m very interested in learning about how banking works and how to use what I learn to my own benefit as a consumer. I’ve been told that there are differences between banking careers within domestic companies (eg AIB,BOI) and IFSC companies that don’t transact business in Ireland, but I have to say I don’t fully understand these differences. I’d appreciate any input from people who have worked in either (or both set-ups) on what they consider to be the better sector to work in.

Thanks for any Advice.

LouOB

It would be best to ask a recruitment consultant or go a companys website. There you can see all their business operations
From this you should be able to determine which areas you are interested in

But your question is very vague

IsThatSo?

Ok, so you want to work in one of the Head Offices, but doing what? You need to be more specific about wanting to know how banking works, its a massive area!! Not sure how you could apply your knowledge to your own benefit as a consumer until you are more specific about what it is you want to know..........................

What is your qualification from college and is this the area you want to work in?

Running Bing

Not an expert on the subject but if I was to give a very brief overview I would split it into three areas:

Retail
Corporate
Middle office


Retail and corporate are basically revenue generating roles. Retail is you everyday off the street customer who opens up a saving account. The bank may also provide services to these customers and charge fees on transactions.

Corporate is, as the name suggests, dealing with the big boys. Banks will provide services for these clients like lending them large sums, dealing with mergers and acquisitions and providing "dealing" services (basically dealing in the financial markets trading currencies and I rates although this area is not very well developed over here and tends to be small)

Middle office is what the majority of places in the IFSC deal with. Its basically a support role for the main revenue generating branches of big banks in other countries. A lot of places in the IFSC wont actually make much (or any) money, its just about providing services for the parts of these banks that do.


Very very brief overview there (really just scratching the surface....and Im open to correction on anything there), but it should give an idea. Plenty of info on the websites of banks like AIB or Ulster Bank. Tbh Ireland is not exactly the treasure trove for banking jobs that a lot would think. Middle office and retail will give you a nice steady comfortable career but there's not a lot of money there. Corporate would be the place to be but its not really a huge area over here (revenue wise compared to the major centres) and its not exactly the best time to be thinking about a job in the area (I think it was AIB who took on no grads this year which I found pretty shocking).

Bluetonic

Babybing wrote: »

Middle office is what the majority of places in the IFSC deal with. Its basically a support role for the main revenue generating branches of big banks in other countries. A lot of places in the IFSC wont actually make much (or any) money, its just about providing services for the parts of these banks that do.

Hence IFSC.

Anyhow you'd be surprised just how much money these arms of international companies based in the IFSC that appear to do nothing special declare in terms of revenue. But then we all know of the tax breaks in the IFSC (although most are expired now) and the low corporate tax.

uberwolf

LouOB wrote: »

It would be best to ask a recruitment consultant

Do you mean recruitment agency or consultant?

the agency will just put the OP in the first job that mentions banking in the title, without regard their preferences or aptitudes if he doesn't know himself.

OP - if the domestics are hiring (and it's news to me if they are), then I believe they offer more secure job prospects over the next 12 months than some of the IFSC based entities.

Pythia

There are so many different types of jobs in banking, you will have to be more specific. For example, I work in a bank but only people with mathetical finance, stats, maths, physics, etc degrees work in my dept. Other area would have IT grads, other have Business, other areas just have school leavers.

Are you interested in dealing with customers for a start? The work I do is mainly regulatory and so I never deal with customers for example.

OffshoreBanking

In many cases people use offshore banking to have politically and economically stable environment that often is not present in the country they reside. Offshore banking centers are free of political turmoil and often provide such banking or other financial services that home country will not be able to provide during a decade.