Finance Internship Benefits when getting a full-time offer?

oldfort
Mon, 25 Jan 2010 16:44:32 +0000

1. the skillsets are completely different, 2) front-office roles are much more selective, and 3) everyone wants to break into the front office.

This all bull, you do realize that, right?

1) Many front office IT guys write programs for structured product, they also understand hedging, risk management better than those low level sales/trading assistants. If they didn’t how could they possibly write those programs.

2) No, front office is not more selective. CIOs often sit on the same management team as front office managers. Some of my programers get paid more than mid level sales/trading guys.

3) Not everyone wants to break into the front office. I was in the front office, chose to move to technology because of work/life balance, pay, job security.

Over the years, I’ve lost some top developers to trading. They started out by sitting on the desk showing traders how to use those trading systems. Top developers in capital market are often the subject matter expert in many product areas, otherwise it’s not possible for them to develope those systems. They are also good risk takers/manager - every time they put out a new system there is always a possibility it may blow, and they would only have minutes if not seconds to back out or fix the problem (when the market is open and you are doing program trading, price/amt all better be right, and they better all be going to the right destination). I tell my developers - in school if you don’t get a perfect answer, you could get a B or C, but at work you either get an A or F.

Top IT people do very well. When there is a down turn, unlike front office people, it’s not like they could cut 100% of people.

I would take the IT position at GS over any other technology company. After a few years of training there you could move to the front office or run a department at a technology department (moving a trade is no different than moving dog food package, except you just know how to do it a lot faster.)