Salary Range

[sjgul]

Hello ,

I have about 6 years of experience in C++, Unix in Telecom, DataCom Server Development with a Masters in Engineering.

I have got the HSMP approval and started applying for Jobs through Portals.

Can anybody help with the salary range and details of benefits I could get in the Telecom domain.

Is the salary range too much a difference between the Telecom and Finance domain,If so , Can I switch easily to Finance domain, Will Finance companies entertain as I don't have any Finance/ Investment banking domain knowledge but C++ Multithreaded Server development experience which is required by them.

[marka]

In general it can be difficult to get the first job in finance as most financials want someone with at least a few years of domain experience.

It is quite a specialised domain and the premium the financial is paying is effectivly to compensate you for the business knowledge you have of financial products, risk management concepts, monte carlo simulation etc. Also front-offce pays an additional premium to the rest of finance IT as its a very high pressure job where you will have to deal with traders who are very aggresive and want quick solutions to their issues right away and don't neceserily want to explain concepts without using financial terminology, but do like to shout. Also, long hours are often expected, especially in front-office.

Having said all that you can break into Finance IT (all the people who work there did ) if you have the following skills 1) be mathematically inclined and be able to deal with statistics/probability/calculus/etc. 2) have excelent communication skills. You will have to work with people who are not IT driven and don't want IT explanations. You will have to communicate with them at their level in their terms. 3) Find a hiring manager who is willing to take you on.

It may help if you start reading a book on financial instruments. Something by Hull perhpaps. For example Options, Futures and Other Derivatives. Its a good book to have if you are in the field and it will show the hiring manager that you are taking finance IT seriously and are trying to understand the business aspects.

Cheers,

Marka

[philgeorge999]

I have about 6 years of experience in C++, Unix in Telecom, DataCom Server Development with a Masters in Engineering.
Is the salary range too much a difference between the Telecom and Finance domain,If so , Can I switch easily to Finance domain, Will Finance companies entertain as I don't have any Finance/ Investment banking domain knowledge but C++ Multithreaded Server development experience which is required by them.

Well my old company (a small C++/Unix software house based in London that writes banking systems) employs technically capable people with no finance experience (as they are MUCH cheaper than ones with it!).. and has a very good training scheme. After 3 or 4 years most people leave to join banks. They are always looking for new employees. Personally I found them too stingy, but it's a good learning ground.

[philgeorge999]

Is the salary range too much a difference between the Telecom and Finance domain

To answer this, yes there is a huge difference. e.g. for a team leader type person with say 8 years development experience you can easily earn £80-£100K in front office IT in an investment bank. In telecoms you'll be lucky to get £40K! Back Office banking IT don't pay so much though, maybe £50K-60K for a similar job?

[Ashwin2005]

philgeorge999,

Can you please explain the terms "Front Office IT" and "Back office IT"..?

[philgeorge999]

philgeorge999,

Can you please explain the terms "Front Office IT" and "Back office IT"..?

Front Office generally involves developing and supporting trading, risk and pricing tools for traders. Tends to be high pressure, long hours, there often no documentation or process, and you get shouted at a lot.

Back Office IT is usually geared to writing and supporting settlement and payment systems. These tend to be structured more like traditional software 'waterfall' projects, hours are usually easier and they treat you better. But you're paid much less.

There are exceptions to the above.