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/biz/ - Business & Finance

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462385 No.462385 [Reply] [Original]

How many of you actually work in some form of banking?

What do you do?

>> No.462390

I am a teller. I do it part time while attending school for finance. I like to think it's a decent entry level position or some shit to get my foot in the door but the fact of the matter is the position is pretty much on par with burger flipping

>> No.462396

>>462390
it's not as bad as burger flipping, but it's definitely the McDonald's of white collar professions.

>> No.462400

>>462396
It's the same monotonous labor you would find at any of those pleb jobs. be it burger flipping or a cashier.

>> No.462405

>>462400
I know, i was also a teller during the summer of my sophomore year, and managed to escape.
I feel bad for those who do it as a career, because unless you are at a busy branch or you're a branch manager it's boring as fuck.

>> No.462409

>>462400
The interactions with the people are a bit more interesting though. I was a teller for about a year through school, and it was honestly one of my favorite jobs I've ever had. You have next to no responsibility besides balancing your cash and hitting your incredibly easy sales referral targets, so there's basically no stress involved with the job. You pretty much just sit there and chat with people all day while playing with thousands of dollars of cash.

You can also learn a lot about people from a job like that too. It's funny to see someone standing in line, and try and guess their financial situation before they come up to you, and then see how close you got when they get there. It's usually the boring looking people with all the money, and all the stupid gangsters with gold teeth and chains and shit that have $0.35 in their account trying to apply for another credit card.

>> No.462451

>>462409
That's funny.

I've always wanted to get into the mortgage side of banking. I know a lot about it already, but no formal training.

Can you tell me how easy or hard it would be for someone to get into that area? Would I have to start as a teller or something?

>> No.462456

>>462451
That's what I'm in now. I'm a "financial advisor" which is really just a fancy title for saying I'm in sales. Mortgages are the worst part of my job. When I get someone in for regular accounts, or investment products, I can have a quick 1 hour meeting and get them set up with a good plan, get my sales goals out of them, and have the paperwork done at the end of the day.

With mortgages, I spend days on the paperwork, having to get the client back in to sign different shit, wait for their house to close, argue with them 4 million times as they come back with different rates the other banks are offering and explain over and over how their penalty doesn't make it worth it, and just do weeks worth of work for one sale. They really are a pain compared to most of the other things, especially for the sales revenue I get out of it.

But yeah, starting as a teller is pretty much always going to be your best bet in a bank. It's a stress-free job that you can use to learn the banks systems and get to know in general how they operate, plus you can go to the internal events and meet people and network, which is huge. Just don't get stuck in the job for too long or you'll become "indispensable" and they won't want to let you go to promote you. Try not to be in it longer than a year or you become stuck there like all the other tellers that complain about their jobs constantly.

>> No.462461

>>462456
Thanks for the advice

Is teller the only way in? If I wanted to get into one step above that (not sure what that would be) with no banking experience, what would I have to have as a background?

>> No.462462

>>462396
One of the past CEOs of CIBC (large Canadian bank) started as a teller in the 1970s. He basically worked his way up while most of his co-workers were too stupid or lazy to do so.

Getting your foot in the door is everything.

>> No.462464

>/biz/
>no one who answered yet actually works an acceptable banking job
I'm not impressed.

Anyway. I work at a big bank as a fixed income trader (treasury), previously corporate credit risk analyst.
A tip to people: no one will get impressed with your teller job and no one will give you a chance at a real banking job. It is the same as going into a bank working in technology and think you can transition to an ib position.

>> No.462465

>>462461
The next step is usually some sort of personal banker (every bank has a different name for it), which is basically the lowest rung of sales. You don't have to be a teller to get into it, but it will certainly help, especially if you don't have competitive education (like me), because you can get promoted based on your performance rather than hired based on your qualifications. Most of the guys I see coming straight into personal banking roles have some sort of related business/finance degree or an MBA, which I find to be overkill for a job like that, but you have to consider who you're competing with.

>> No.462466

>>462465
Thanks - this is giving me something to think about. I've been looking for a lower-stress job, maybe I'll go talk to my local branch.

Any banks that I should avoid working for?

>> No.462467

>>462464
A teller job is a great entry level part-time spot as something bank-related to do during school, and then work up from there. I know lots of people who have gone from shitty retail (not teller obviously, but started there) to IB and Wealth.

>> No.462468

>>462466
No idea, I'm in Canada and I assume you're not, so I don't know anything about the banks in your country.

>> No.462469

I work at a major financial institution in technology/databases

I don't do much banking stuff, but a lot of computer stuff

>> No.462471

>>462468
Yes, I'm in the US.

Thanks again for the info!

>> No.462498

My goal is actually to become a mortgage loan officer and I plan to apply for teller jobs next February. I can't do it until then because reasons.

>> No.462503

Does anyone know what are the best (salary-wise) jobs/careers in banking? Specifically for someone right out of college.

I'm doing a paid internship at a bank in South America, but I only just started.

>> No.462510

>>462498
I think it's a good choice.

>> No.462511

Spent a year in IB tech / telco advisory at JP Morgan before going to an independent M&A outfit. Spent two years there before moving to Barcap as an associate also in tech / telco / media. I won't do it for much longer, my hours are better but I still hate the unpredictability of it plus I'd prefer to see my buddies / gf during the weekdays instead of just Saturday and Sunday

>> No.462528

>>462498
Tellers get paid like minimum wage. Don't bother wasting your time. Just do good in school and get a gr8 internship and it won't matter.

>> No.462561

>>462528
I am working two jobs now on top of online schooling. I am getting 36 hrs at 9.25 and 26 hrs at 8.00. Being a teller won't be much different. And I live in dumfuck nowhere Midwest, USA (although admittedly one of the bigger cities in Iowa), so I have few choices for internships.

>> No.462724
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462724

>>462385
I work in the bank robbing industry. Its pretty good money tbh. And pretty stress free if done right, infact stress turns into exhilaration pretty quickly. Also if you get caught you can always write a book about it and it doesnt even have to be good for some rich twat to buy the rights from you.

This is a great industry for someone with no qualifications or previous experience. A real go-getter attitude is essential to the role. There is also a lot of oppourtunity for the right candidates and you will always get to meet interesting people!!

>tfw you think im jokjing but im not

>> No.462725
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462725

>Banking

>> No.462738

How important are looks for a teller?

I'm in college and I was thinking about applying for it next summer but I have strabismus (exotropia) and I think they wouldn't give me a job where I need to work with clients.

>> No.462741

i develop financial software

i want to work for a hedge fund one day but im finding it hard to get in, most of their hiring seems to be through connections.

>> No.462742

>>462464
This.

I work in credit risk, which is probably where the 'real' jump start into bank shenanigans starts. My best tip is to find or know someone inside a/the bank you want to work at and see if they'll recommend you. Shit's all about internal hiring because they can train a monkey to do all the stuff. But you can't train a monkey not to steal everything that moves.

Shit is a mad stressful job though. When they talk about 'interpersonal' skills working credit is all about talking to people and not sperging out. That with fast paced quotas means this isn't a job for the lazy.

>> No.462745

>>462464
>It is the same as going into a bank working in technology and think you can transition to an ib position.

ive anecdotally heard of multiple people doing this, although we are talking pre-2008. can you elaborate?

>> No.462754

I work in investor relations for one of the largest community banks in my region. We used to be part of finance until my boss also took on the role of corporate secretary, started reporting directly to the CEO, and got promoted to executive vice president. I handle most of the day to day tasks like talking to retail shareholders and SEC filings, and assist my boss with work on high level items like corporate strategy, earnings releases, and board of director politics. If I stick it out for 10-15 years, I have a path towards being an EVP myself.

IR is the glue that holds the executive group together. I spend most of my time working with Sr. management. We had a big deal a few weeks ago and I put together the presentation with input from the heads of all the business units. Its a rewarding feeling the be cc'ed on the final version, which the CEO called "outstanding"

>>462390
We have had several former tellers move into the bottom rung of finance as "fiscal assistant". They do the accounting grunt work like put together simple reconciliations, and enter GL tickets onto the main frame. Recently, one of the fiscal assistants moved up to investment accountant, and will do all the accounting for the investment portfolio.

>> No.462779

>>462738
anyone?

>> No.462780

>>462468
im currently studing at mcmaster
how fucked am I if I want to land a job in IB?

>> No.462902

Intern at a bank over the summer
$500 a week starting

>> No.462909

I work in real estate owned for a mortgage securitization company. Basically I just record the operations of shitty houses and shopping centers we foreclosed on. We have 1,000s of assets. I can't imagine how much Bank of America has.

>> No.463050

>>462909
Are they still hiring for these types of positions, especially since the REO market is so dry right now?

If so, what are the qualifications you'd need to get in?

>> No.463702

>>462909
each of the large mortgage banks probably foreclose on around 100k-200k properties a year (residential), on an average year

>>463050
it really depends on your area. for my employer for example the foreclosure/REO areas are centralized between 3-4 southern states primarily, but 3rd party vendors will be hired in all areas that are needed around the country (doing the ground work at the properties). foreclosures are definitely declining though, and the banks are shedding employees in those areas

>> No.463935
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463935

>working in public banks
you guys are pathetic

>> No.463944

>>462385
Gone from private fund manager to head of investments at a private bank.

(Non USA, non UK)

>> No.463957

>>462405
Tell me a regular job that isnt bored as fuck.

>> No.464001

>>463957
that depends on the person.
personally i think that front office jobs in asset management are interesting. and usually time flies by

>> No.464005

>>462738
obviously looks help, but unless your beetlejuice ugly i doubt it'll hurt your chances...you're a teller not a model

>> No.464119

>>462467
>A teller job is a great entry level part-time spot as something bank-related to do during school
Only if you want to stay at the retail side. It is MUCH better to get a job directly at banking instead of working as a teller.
> I know lots of people who have gone from shitty retail (not teller obviously, but started there) to IB and Wealth.
Wealth has two kinds of peoplem just like sales, the ones who can bring money and the ones who do whatever the first kind don't want to. Obviously, one earns much more than the other and they don't give a shit from where you are if you have friends with serious money you can bring in.
A teller can go up to CEO, since the retail side should be from where the bank gets money but it would be comparable to the cashier or inventory monkey working his way up in a store. Possible but very unlikely.
It is not bad to be a teller a temporary thing in school since it is not common to have year long internships in the USA. I worked from january to december in my last year of university and it gave me a huge advantage over the guys who coudn't handle work + study.
This people saying a teller is a good start because they interact with people and handle money strikes me the same as saying my bank shoe cleaners will get a chance at management because they personally know and interact with all the MDs and COs in the building on a daily basis.

>>462745
They are most likely cherry picking or lying because i don't know anyone who did back office full time for more than an year that made a succesfull transition.
M&I is right on this matter, it is better to get a real job on a small place than do back office like IT.