Working in the Funds Inudstry

DulchieLaois

Hi there,

I would like to open a thread on peoples experiences and feedback while working in the Fund industry ?

Overall, I have worked in some nice places and yet not sooo nice.

How do people find trying to get promoted, was it best to move companies or from within.

Thanks

Mr. Loverman

My friends moved to London. They earn crazy money now.

DulchieLaois

What do they do over in London ?

Mr. Loverman

Fund accounting.

The Moldy Gowl

There is an accountancy forum around here which might be better

Jack Nana

Mr. Loverman wrote: »

My friends moved to London. They earn crazy money now.

Define "crazy money"

Mr. Loverman

Jack Nana wrote: »

Define "crazy money"

Annual bonuses of around 50k.

somesoldiers

Mr. Loverman wrote: »

Annual bonuses of around 50k.

OP if you mean fund management that's probably where the 50k comes from, I can't see anyone getting a 50k bonus for fund accounting. 50k basic would be nearer the mark.

It wouldn't be correct to move to an accounting forum, fund accounting is only a small part of hedge funds.

If you are interested in discussing the infinitely more modest world of fund administration,let me know

Mr. Loverman

somesoldiers wrote: »

OP if you mean fund management that's probably where the 50k comes from, I can't see anyone getting a 50k bonus for fund accounting. 50k basic would be nearer the mark.

It wouldn't be correct to move to an accounting forum, fund accounting is only a small part of hedge funds.

If you are interested in discussing the infinitely more modest world of fund administration,let me know

Definitely fund accounting.

freeze4real

somesoldiers wrote: »

I can't see anyone getting a 50k bonus for fund accounting. 50k basic would be nearer the mark.

So do I, even at a managerial level.

Jack Nana

Mr. Loverman wrote: »

Definitely fund accounting.

That's nonsense.

Mr. Loverman

Jack Nana wrote: »

That's nonsense.

It's not nonsense. He's an old friend who I talk to once a week. He just bought a house in London. Amazingly he doesn't even have a degree. He's loaded and he's definitely a vanilla fund accountant. Probably around 10 years experience at this stage.

ElizKenny

Ive been in fund accounting for many years now.
In my experience if you stay in the same company you may get promoted, but you will not get anywhere near competitive pay rises.
The best way to handle it is to move every 2 years or so.
Then you get a nice boost in salary and promotions.
In some cases staying in the same company, you can get a promotion and actually end up on less money.

somesoldiers

Mr. Loverman wrote: »

It's not nonsense. He's an old friend who I talk to once a week. He just bought a house in London. Amazingly he doesn't even have a degree. He's loaded and he's definitely a vanilla fund accountant. Probably around 10 years experience at this stage.

He is either telling you porkies or you have his job description completely wrong, either way it's not much help to the OP, if anyone goes into this expecting a 50k bonus as well as whatever salary they will be disappointed.

I started in fund admin in 2003 during the great fund gold rush as I call it when things were really taking off, lots of companies were looking for anyone with experience so everyone moved about quite often. I myself moved 4 times in my first 3 years. My salary almost doubled by the end of the 3rd. I have been in the same company now for 8 years and salary has gone up by 50% ( that's percent not grand just so no one is under any illusions ) between a few promotions, increments, so overall I think I have done reasonably well out of it.

Hiring in those 8 years since the gold rush has been at very modest levels, probably has returned to what I was first hired at in 2003 for those with no experience though the gold rush would seem to be starting up again and I see a lot of movement among the younger staff, one lad told me he got 12k extra just by moving. A lot of the less well established administrators seem to be throwing money at people with a couple of years experience to get them in and good for them.

If I didn't have a mortgage, kids etc I would think about it but it would have to be a big increase to tempt me away from my current position and benefits package.

I have never worked in FA though do work closely with them. I have worked in transfer agency/ investor relations, pricing, middle office and now am part of a team that provides all of the above & FA teams with more efficient & less risky ways of completing their daily, monthly tasks. I do a bit of travel to our other offices worldwide, leave at 5:30 everyday, can work from home a few days a week if I want to, all in all not bad really now that I see it laid out like that, I should stop moaning but I don't think we ever will.

Jack Nana

somesoldiers wrote: »

He is either telling you porkies or you have his job description completely wrong, either way it's not much help to the OP, if anyone goes into this expecting a 50k bonus as well as whatever salary they will be disappointed.

I started in fund admin in 2003 during the great fund gold rush as I call it when things were really taking off, lots of companies were looking for anyone with experience so everyone moved about quite often. I myself moved 4 times in my first 3 years. My salary almost doubled by the end of the 3rd. I have been in the same company now for 8 years and salary has gone up by 50% ( that's percent not grand just so no one is under any illusions ) between a few promotions, increments, so overall I think I have done reasonably well out of it.

Hiring in those 8 years since the gold rush has been at very modest levels, probably has returned to what I was first hired at in 2003 for those with no experience though the gold rush would seem to be starting up again and I see a lot of movement among the younger staff, one lad told me he got 12k extra just by moving. A lot of the less well established administrators seem to be throwing money at people with a couple of years experience to get them in and good for them.

If I didn't have a mortgage, kids etc I would think about it but it would have to be a big increase to tempt me away from my current position and benefits package.

I have never worked in FA though do work closely with them. I have worked in transfer agency/ investor relations, pricing, middle office and now am part of a team that provides all of the above & FA teams with more efficient & less risky ways of completing their daily, monthly tasks. I do a bit of travel to our other offices worldwide, leave at 5:30 everyday, can work from home a few days a week if I want to, all in all not bad really now that I see it laid out like that, I should stop moaning but I don't think we ever will.

What's your current salary ?

somesoldiers

70k

Mr. Loverman

somesoldiers wrote: »

He is either telling you porkies or you have his job description completely wrong, either way it's not much help to the OP, if anyone goes into this expecting a 50k bonus as well as whatever salary they will be disappointed.

I just asked him and I am wrong. It is £35k which is about €47k.

He's not a spoofer. I'm assuming you worked in London too. Can I ask what you earned when you were there? Is it possible you were underpaid and didn't realise it? I was a manager for a few years so I know people's salaries - people doing the same job - can be vastly different.

Dr Turk Turkelton

I think people here are comparing apples and pears.
The money in finance in cities like London and New York is in no way comparable to Dublin.

Jack Nana

Mr. Loverman wrote: »

I just asked him and I am wrong. It is £35k which is about €47k.

He's not a spoofer. I'm assuming you worked in London too. Can I ask what you earned when you were there? Is it possible you were underpaid and didn't realise it? I was a manager for a few years so I know people's salaries - people doing the same job - can be vastly different.

What's his basic?

ElizKenny

Dr Turk Turkelton wrote: »

I think people here are comparing apples and pears.
The money in finance in cities like London and New York is in no way comparable to Dublin.

This is very true.
I work in Ireland now, but for a UK company.
They relocated me here from London a few years ago, and I still get paid in sterling and have to work in the UK for part of the year.
I would say those of us who are over here, and on th eUK payroll, are easily earning double what people doing the same job that were hired in Ireland are getting.

And while a lot of the people hired in Ireland for our company havent been getting decent bonuses for a few years, some of our bonuses alone would be the equivalent of the Irish hires annual salary.

London rates are in the stratosphere compared to Dublin.

Mr. Loverman

Jack Nana wrote: »

What's his basic?

I'll have to ask him next time I talk to him, but I'm nearly certain he previously told me £70k.