Financial services - banks

Naggins

Hey,

I want to get into either BNY Mellon, Bank of America or Citi. What advice can people give on suitable jobs in these places? I have an arts degree and Masters with work experience in public policy and research.

Cheers for any advice

Tarzana

All ears here too. They seem really hard to get into with no industry experience.

Naggins

Tarzana wrote: »

All ears here too. They seem really hard to get into with no industry experience.

Very hard to get into these places without knowing people already there; referrals seems to be the main way in

Clauric

Naggins wrote: »

Very hard to get into these places without knowing people already there; referrals seems to be the main way in

Basically, you need a couple of things to get in, depending on the area you are looking for. Ideally, you will come from a financial services background - a degree in a finance related course (accountancy, economics, finance, financial services, etc.). Further, you should have worked in an area whose skills can be transferred to the role your seeking ( especially useful if you have no background in finance). You might also look at the institute of bankers courses, to see if there is any course that might improve your chances of getting into a bank ( e.g. a certificate in funds or compliance)

I would look at each company's individual website, and try and find jobs where you think your experience might match up, and apply. Also, try apply through their graduate tools, which require less experience, and more cop-on.

Btw, I should point out the I got into one of the big banks by going in through their graduate program. My original background was in construction. Banks you should try, including those you have already mentioned to include Deutsche Bank, Caseis Bank Luxembourg, JP Morgan, State Street, and HSBC to name a few.

chainsmoker

Most of these banks have a lot of temp positions at the moment. This can be a good way to get a foot in the door and show them what you can do.

Your degree discipline shouldn't be too much of a stumbling block if you are looking for an entry position.

The graduate route is definitely the best way to build your experience quickly.

comongethappy

Most banks are now looking for employees to be QFA certified (institute of bankers diploma) . Under the minimum competency code, those in customer facing roles should at least be APA certified (you would need to complete the regulations module and the relevant module for the area you would want to work in, example, investment for deposits or loans for lending). Some companies will hire once you agree to work towards this, but if you wanted a better chance of getting hired with no industry experience this may help your chances. The cost is not too high either - it's 295 per module, 50 annual study fee, and 40 iob annual subscription fee.

freeze4real

comongethappy wrote: »

Most banks are now looking for employees to be QFA certified (institute of bankers diploma) . Under the minimum competency code, those in customer facing roles should at least be APA certified (you would need to complete the regulations module and the relevant module for the area you would want to work in, example, investment for deposits or loans for lending). Some companies will hire once you agree to work towards this, but if you wanted a better chance of getting hired with no industry experience this may help your chances. The cost is not too high either - it's 295 per module, 50 annual study fee, and 40 iob annual subscription fee.

IMO the QFA is a JOKE. I think its more of a scam than anything else. The supply of those holding it is greater than the demand making the qualification inferior. It adds no benefit to those working in organization like those clauric mentioned.

If you want to work for the likes of AIB/BOI/CERTUS you can do it but for the likes of statestreet, bny citco don't bother. Having the QFA offers nothing to those firms.

I'm looking at the QFA investments course now, any serious student of finance and economics will know 70% of the course. Again it might depend on were you had your degree from but mine covered over 80% of it. Those companies like HSBC will have their own training videos. so don't bother wasting your money on that piece of Joke.

Why will you need QFA financial planning, pensions, life Assurance for bank office which is just reporting or fund administration or transfer agency ? Again its the same with QFA loans except if you want to join a firm like peppergroup.

My 2c is do not do the QFA. it wont make you a desirable candidate going into SS, BNY but for home banks AIB/Certus yes.

I'm not sure why you want to get into those comapnies. All they carry is their name and notimng else. Its middle/back office. The jonb is repetitive, monotonous and boring. Little or no career progression.

I would have recommended the CFA, its much tougher, its recognized worldwide but there's no point doing it if you don't have clear career goals.

Some would disagree with the statements above but its my 2c.

sun structures

freeze4real wrote: »

IMO the QFA is a JOKE. I think its more of a scam than anything else. The supply of those holding it is greater than the demand making the qualification inferior. It adds no benefit to those working in organization like those clauric mentioned.

If you want to work for the likes of AIB/BOI/CERTUS you can do it but for the likes of statestreet, bny citco don't bother. Having the QFA offers nothing to those firms.

I'm looking at the QFA investments course now, any serious student of finance and economics will know 70% of the course. Again it might depend on were you had your degree from but mine covered over 80% of it. Those companies like HSBC will have their own training videos. so don't bother wasting your money on that piece of Joke.

Why will you need QFA financial planning, pensions, life Assurance for bank office which is just reporting or fund administration or transfer agency ? Again its the same with QFA loans except if you want to join a firm like peppergroup.

My 2c is do not do the QFA. it wont make you a desirable candidate going into SS, BNY but for home banks AIB/Certus yes.

I'm not sure why you want to get into those comapnies. All they carry is their name and notimng else. Its middle/back office. The jonb is repetitive, monotonous and boring. Little or no career progression.

I would have recommended the CFA, its much tougher, its recognized worldwide but there's no point doing it if you don't have clear career goals.

Some would disagree with the statements above but its my 2c.

If you do not have any financial qualifications the QFA is perfect if you want a career in financial services. Most institutions will pay for them and you can use it as a stepping stone to achieving CFA or the coveted graduate diploma in finance. You are really missing the point regarding these qualifications.

Jim2007

sun structures wrote: »

If you do not have any financial qualifications the QFA is perfect if you want a career in financial services. Most institutions will pay for them and you can use it as a stepping stone to achieving CFA or the coveted graduate diploma in finance. You are really missing the point regarding these qualifications.

Actually if you are seeking work in the back office type stuff done in Dublin by companies like SS etc... then an accounting qualification would be more useful...

sun structures

Jim2007 wrote: »

Actually if you are seeking work in the back office type stuff done in Dublin by companies like SS etc... then an accounting qualification would be more useful...

QFA gives you more variety to pick and choose what you want to do without the need for additional qualifications whereas you can only do so much with accounting. The accountant in our company is taking QFA exams at the mo. I'm learning a hell of a lot in these exams and finding them anything but easy.

Jim2007

sun structures wrote: »

QFA gives you more variety to pick and choose what you want to do without the need for additional qualifications whereas you can only do so much with accounting. The accountant in our company is taking QFA exams at the mo. I'm learning a hell of a lot in these exams and finding them anything but easy.

QFA is primarily a qualification for those intending to provide financial advice to the public. It does not address many of the skill sets required for back office operations, such as accounting, audit, risk management, corporate finance & tax, treasury, law etc. Many of those skills are addressed by an accounting qualification.

In 25 years working in investment banking, asset management and insurance, I've never met anyone who held the QFA qualification! Most people hold masters degrees in special areas, accounting qualifications or CFA.

In addition, an accounting qualification opens the doors to other industrial sectors, general management and international opportunities.

I'm sure you are learning a lot by doing the QFA, but it is in a specialized area and a generalist qualification such as accounting, economics, math etc.

sun structures

Jim2007 wrote: »

QFA is primarily a qualification for those intending to provide financial advice to the public. It does not address many of the skill sets required for back office operations, such as accounting, audit, risk management, corporate finance & tax, treasury, law etc. Many of those skills are addressed by an accounting qualification.

In 25 years working in investment banking, asset management and insurance, I've never met anyone who held the QFA qualification! Most people hold masters degrees in special areas, accounting qualifications or CFA.

In addition, an accounting qualification opens the doors to other industrial sectors, general management and international opportunities.

I'm sure you are learning a lot by doing the QFA, but it is in a specialized area and a generalist qualification such as accounting, economics, math etc.

Well im doing my QFA to get in the door with a view to getting CFA. I see it as a very useful stepping stone.

doc11

sun structures wrote: »

Well im doing my QFA to get in the door with a view to getting CFA. I see it as a very useful stepping stone.

There's no comparison, you may as well say I did the junior cert with a view to completing a PHD.

sun structures

Idiotic comparison.

SBWife

Actually Doc11's comparison is spot on.

Jim2007

sun structures wrote: »

Well im doing my QFA to get in the door with a view to getting CFA. I see it as a very useful stepping stone.

Hmmm really, it is hard to see the stepping stones on this one... People with the CFA qualification tend to work at things like: Buy side analysts, Product construction, institutional advisors and so on, but I've yet to hear of them giving financial advice to average Joe public, which is what the QFA is aimed at.