Mark (not his real name) is a 26 year old, James Madison
University graduate with a bachelor's degree in Economics and a
minor in finance, who been employed at a global investment bank
in NYC for the past 21 months and holds the title of Product
Controller (he has also held the titles of Financial Analyst
and Business Analyst at the same company) gave us an insider's
view on how the company really works.
The interview process was a rigorous one when Mark was
looking for a job he would be content with. He signed
up with a recruiting agency and he says the following about
the interview procedure once walking through the company
doors;
"I had three rounds of interviews for my first job, the first
round was with an Assistant Vice President, the next was with
a Vice President and the final with a Director. As I
found other jobs I was interested in within the bank I had to
network in order to get an interview.
"The second position I held was a direct result of
volunteering to assist another team on a project. After
this project I interviewed with a director and worked with
the team from 6-9pm and weekends after which I was given the
decision to join on a 30-day temporary basis. After the
30 days were up I was offered the position. For my current
role (Product Controller), I was referred by two co-workers,
and met with two Assistant Vice Presidents of the division
and a Vice President."
"They were thorough! The bank is making an investment
in their employee and they want nothing less than the
best. In most corporate jobs a meeting with Human
Resources and your future boss will suffice."
As Mark explained, literally everyone is involved in the
hiring process from your direct supervisor to the Vice
President of your future division of the company. When
asked he described obtaining this job as "very difficult."
Mark started at the bank as a Financial Analyst. He was
responsible for analyzing the copy center, food services, car
services and travel expenses for the bank. He also
created financial reports and managed the balance sheets for
his department. When he moved on to the position of
Business Analyst his role changed entirely. As a business
analyst he worked directly for the Chief Operating Officer
(COO) in Global Management where he managed and assisted
senior management with budget analysis. He also
analyzed the financial impact of the global real estate
portfolio.
In his current position as a Product Controller he works
directly with the traders of a Repo and Bond desks ensuring
their P&L are accurately reflected. He also performs
month end adjustments and reconciles the books and records of
the bank. Mark explains that his most recent position
as his best fit; "Product Control is the best position in
this company for my personality. It deals with heavy
modeling and accounting which I excel in and it is also a
pressure intense position, which really motivates me."
Regarding the pros and cons to working at such a
prestigious company and he was very candid in his response;"I
think the pros to all of the positions here is that they gave
me insight into the different aspects of a Global Investment
Bank. I was encouraged to pursue higher education and all of
the people I work with are motivated and intelligent. The
cons are that I have to work long hours, usually about 65
hours a week during the busy season. The most I have
ever worked was 90 hours a week, and yes that was lots of
coffee and Red Bull. I am also required to work weekends in
order to meet deadlines. It is a rarity that I even get
to take a lunch break.
Tight deadlines and long hours- sounds like exactly what you
would expect of a finance career right? But did you know
about the perks? The tuition remission benefit, the
motivation from co-workers, and being involved in very
important business dealings within a couple months in as a
new hire are serious advantages to working for a prestigious,
well managed company.
As for growth potential within the walls of a Global
Investment Bank, Mark says it is entirely dependent on
the Market; "In a good market their always growth potential,
in a bad market very there is very little potential for
growth. Typically it takes about 2 years to be promoted."
But as you can see from Mark's career, thus far he has
moved three departments in 21 months! Clearly, options
within the company are wide open and you just have to grab
the opportunities when they come to you. This is not a
company afraid of trading people between departments.
It seems they invest in the person being hired as someone who
they would like to keep in the company for the long haul,
regardless of what department they get hired into or move
to. There is a lot of opportunity to grow into the role
that best suits you in the great world of finance."
Asked about the top five qualities that managers look for in
a finance employee, Mark explained that through the
interviewing process and all the months he has worked there
that the traits necessary to succeed in a career such as his
are pretty concise. "You need to be dedicated, intelligent, a
team player, problem solver and willing to learn to be a real
success in a financial career."
Mark shows real passion behind his words -- he seemed driven,
determined, and most importantly like he loved his job.
As he put it, "if I could recommend any company and any
job in finance it would be my job as Product Controller, in New
York for a Global Investment bank. It is a fantastic
place to have a career."
Jianna Schroeder is a freelance writer in New York
City.
