Job Offer

[mAdMaLuDaWg]

Related to this thread: Interview
I basically scored an offer with an investment banking firm on Wall Street. I have two weeks to tell them whether I accept.

Let me give you some background of my experience.
First off, I'm graduating with atleast magna cum laude this December (3.8+ GPA)
I've been working for the past four years as a full-time Web Engineer for an electronics company and at the same time I've been attending college as a full time student (night classes). I live in the tristate area and will most likely be working in the city.

I'd also like to know about the experience of people working in Investment Banking IT. What are the hours like? Environment? Benefits? Job Security?

I should also have an interview with IBM in a few weeks... I'm strictly a developer and thats really what I want to be doing for the rest of my life. However, IBM's job security is a bit flaky IMO.

Advice/tips etc would be much appreciated.

 

[Syringer]

How does investment banking IT differ from regular IB?

 

[mAdMaLuDaWg]

Originally posted by: Syringer


How does investment banking IT differ from regular IB?

Clients, demanding hours... basically environment is way different than working for a strictly software firm.

 

[bigrash]

Most IT dept in banks don't pay much. But I'm sure Wall Street pays a lot more

 

[akubi]

Originally posted by: Syringer


How does investment banking IT differ from regular IB?

end of year bonuses

:laugh:

 

[Ameesh]

you'll defintely have more regular hours then working at a software company, pay is typically pretty good in the financial sector, i'd guess for NEw York a qualified person starting as a developer with 3-5 years exp should start somewhere in the high 70s or low 80s. Benefits should be good but they should be good no matter where you go as a developer.

 

[TwoMix]

People from my school got jobs at citibank on wall st that started 65k, goldman 75k, deutche at 75-80k all grad last year with engineering degrees.

 

[rh71]

Take the financial-sector-related job... even over other big corporates in the IT world. Especially in NY. Trust me. My wife and I live both sides.

 

[mAdMaLuDaWg]

Originally posted by: Ameesh
you'll defintely have more regular hours then working at a software company, pay is typically pretty good in the financial sector, i'd guess for NEw York a qualified person starting as a developer with 3-5 years exp should start somewhere in the high 70s or low 80s. Benefits should be good but they should be good no matter where you go as a developer.

Thats what I thought too... now how do I go about negotiating. What they offered me was significantly less than the high 70s? How long should I wait to call them to negotiate?

 

[mAdMaLuDaWg]

Originally posted by: rh71
Take the financial-sector-related job... even over other big corporates in the IT world. Trust me.

Could you please elaborate? I'm assuming outsourcing??

 

[rh71]

Originally posted by: mAdMaLuDaWg

Originally posted by: rh71
Take the financial-sector-related job... even over other big corporates in the IT world. Trust me.

Could you please elaborate? I'm assuming outsourcing??

no, I'm speaking strictly from a financial perspective. Especially in NYC, financial institutions are less likely to be "budget crunched". As an example, my wife who works for an investment firm doing IT admin stuff got a $10k annual bonus (she's not a manager or anything). Money is like water to them. Her raises have been pretty eye-opening too.

With big IT companies, you will NEVER see that unless you're a "somebody" in the ranks... and you will get lost in there...

 

[mAdMaLuDaWg]

Originally posted by: rh71

Originally posted by: mAdMaLuDaWg

Originally posted by: rh71
Take the financial-sector-related job... even over other big corporates in the IT world. Trust me.

Could you please elaborate? I'm assuming outsourcing??

no, I'm speaking strictly from a financial perspective. Especially in NYC, financial institutions are less likely to be "budget crunched". As an example, my wife who works for an investment firm doing IT admin stuff got a $10k annual bonus (she's not a manager or anything). Money is like water to them. Her raises have been pretty eye-opening too.

With big IT companies, you will NEVER see that unless you're a "somebody" in the ranks... and you will get lost in there...

Ahh ok. Great. I really need to think this through really hard. Thanks for all the advice/help everyone.

 

[Vette73]

IBM's job security is a bit flaky IMO.

Thats a understatement. My girl works at IBM and lets say they have NO loyality to any of their people. Been that way for a while now.

Unless IBM is the only option, I take the other job.

 

[bigrash]

Originally posted by: rh71

Originally posted by: mAdMaLuDaWg

Originally posted by: rh71
Take the financial-sector-related job... even over other big corporates in the IT world. Trust me.

Could you please elaborate? I'm assuming outsourcing??

no, I'm speaking strictly from a financial perspective. Especially in NYC, financial institutions are less likely to be "budget crunched". As an example, my wife who works for an investment firm doing IT admin stuff got a $10k annual bonus (she's not a manager or anything). Money is like water to them. Her raises have been pretty eye-opening too.

With big IT companies, you will NEVER see that unless you're a "somebody" in the ranks... and you will get lost in there...

This is so true. I worked alongside Compensation for different companies and this is always the case.

 

[Chadder007]

Its gotta be better than working IT at a hospital, whos clientel is 80% Medicare/Medicaid or Self Paying(non paying).

 

[Ameesh]

Originally posted by: mAdMaLuDaWg

Originally posted by: Ameesh
you'll defintely have more regular hours then working at a software company, pay is typically pretty good in the financial sector, i'd guess for NEw York a qualified person starting as a developer with 3-5 years exp should start somewhere in the high 70s or low 80s. Benefits should be good but they should be good no matter where you go as a developer.

Thats what I thought too... now how do I go about negotiating. What they offered me was significantly less than the high 70s? How long should I wait to call them to negotiate?

the best way to negotiate is to have them "match" your other offer from IBM which is 79K a year + 10K signing bonus, tell them you like their firm much more and would rather work for them but there needs to be at least parity between the offers.

i hope you didnt tell them your current salary no matter what it is.

 

[Reel]

Originally posted by: Ameesh

Originally posted by: mAdMaLuDaWg

Originally posted by: Ameesh
you'll defintely have more regular hours then working at a software company, pay is typically pretty good in the financial sector, i'd guess for NEw York a qualified person starting as a developer with 3-5 years exp should start somewhere in the high 70s or low 80s. Benefits should be good but they should be good no matter where you go as a developer.

Thats what I thought too... now how do I go about negotiating. What they offered me was significantly less than the high 70s? How long should I wait to call them to negotiate?

the best way to negotiate is to have them "match" your other offer from IBM which is 79K a year + 10K signing bonus, tell them you like their firm much more and would rather work for them but there needs to be at least parity between the offers.

i hope you didnt tell them your current salary no matter what it is.

Did you just offer him a job at IBM?

 

[ghostman]

Originally posted by: mAdMaLuDaWg

Originally posted by: Ameesh
you'll defintely have more regular hours then working at a software company, pay is typically pretty good in the financial sector, i'd guess for NEw York a qualified person starting as a developer with 3-5 years exp should start somewhere in the high 70s or low 80s. Benefits should be good but they should be good no matter where you go as a developer.

Thats what I thought too... now how do I go about negotiating. What they offered me was significantly less than the high 70s? How long should I wait to call them to negotiate?

Call me less optimistic, but I doubt your bank will budge on their offer. You were hired in through a graduate program, and everyone in your program will get the same amount. As for experience, everyone they hired will have some experience. Some will be the previous year's interns, others will have worked at ML, GS, etc. as interns. All of them will get the same starting salary. And your salary (AppDev analyst) is on par with what you'll probably see with others in the financial industry (55-65K+bonus). Of course, if there is no harm in trying, then ask if it's a possibility.

Benefits: Industry standard. You'll see when you get the offer letter. Plus the 1-2 month expenses-paid training in the UK ;-)

BTW, congrats on your offer. Also, is that next interview for IBM or IBM Consulting?

 

[Aharami]

my friend works at IBM and is looking to get the hell outta there. he hates his coworkers and his managers. he says its VERY hard to get recognized at IBM.

id take the IT job at the IB company.

 

[Vette73]

Originally posted by: Aharami
my friend works at IBM and is looking to get the hell outta there. he hates his coworkers and his managers. he says its VERY hard to get recognized at IBM.

id take the IT job at the IB company.

Yep my girl talked to another manager and found out she is on the low end of her payscale and another person was supposed to join their group to help but when that person found out who the manager was, they balked.

IBM has turned into a last resourt place to work. Cut in pay, cut in benifits, and now as soon as they don't think they need you, you are gone. Does not matter how long you have worked there.

 

[Syringer]

If IT in an ibank is anything similar to a regular ib in terms of salary, it won't be negotiable at all..

 

[everman]

The IB job should be much more interesting, and bigger bonuses depending on the economy.

 

[Argo]

What kind of position is it? There are different levels of IT positions, ranging from fixing computers and running network cables to writing software.

 

[Ameesh]

Originally posted by: Reel

Originally posted by: Ameesh

Originally posted by: mAdMaLuDaWg

Originally posted by: Ameesh
you'll defintely have more regular hours then working at a software company, pay is typically pretty good in the financial sector, i'd guess for NEw York a qualified person starting as a developer with 3-5 years exp should start somewhere in the high 70s or low 80s. Benefits should be good but they should be good no matter where you go as a developer.

Thats what I thought too... now how do I go about negotiating. What they offered me was significantly less than the high 70s? How long should I wait to call them to negotiate?

the best way to negotiate is to have them "match" your other offer from IBM which is 79K a year + 10K signing bonus, tell them you like their firm much more and would rather work for them but there needs to be at least parity between the offers.

i hope you didnt tell them your current salary no matter what it is.

Did you just offer him a job at IBM?

sure, why not.

 

[abc]

Originally posted by: mAdMaLuDaWg
Related to this thread: Interview
I basically scored an offer with an investment banking firm on Wall Street. I have two weeks to tell them whether I accept.

Let me give you some background of my experience.
First off, I'm graduating with atleast magna cum laude this December (3.8+ GPA)
I've been working for the past four years as a full-time Web Engineer for an electronics company and at the same time I've been attending college as a full time student (night classes). I live in the tristate area and will most likely be working in the city.

I'd also like to know about the experience of people working in Investment Banking IT. What are the hours like? Environment? Benefits? Job Security?

I should also have an interview with IBM in a few weeks... I'm strictly a developer and thats really what I want to be doing for the rest of my life. However, IBM's job security is a bit flaky IMO.

Advice/tips etc would be much appreciated.

fella.. i read your other linked thread...okay, db vs. ibm... ibm??? unless i was a computer scientist working like their lab in R&D... i'd be hardpressed to join ibm, unless the choice was ibm, vs. IT for Pepboys Corp headquarters...

IBM is soo big, they live and breath a few K in layoffs every other year...

You like $? Why work at a place where their product is software and services and taking outsourced contracts?

Like $?, work where the name of the game IS $... financial sector... they need you to provide the IT tools for the $ to be made.

Looks like in your thread, it could be a trading floor devloper... that can be 125K base in a few yrs if you learn the business side.

With IBM... when you leave, where are you shopping yourself directly to... ComputerAssociates? Intel? Symantec? Sun? ComputerSciences? Accenture? Unisys? all nice w/ their corp. campuses and 2hr suburban commute or whatever... but talk about boring.

vs. after DB, if you choose... you got Barclays, UBS, CSFB? all min. 4 wks vacation just like DB has... or a non-European outfit, Lehman, Bear, Goldman...

Big software houses don't have the financial profit spikes that Investment Banks have... and any good IB spends on IT bigtime so their revenue producers have the best vendor or inhouse tools to make money.

IB is very competitive, be ready to compete and make the right people connections.

One thing about db is GERMANY is in a big rut. Perhaps the worst is over w/ the bloodletting with Kraut banks, and certainly DB is the strongest of the German banks but they had bad 2002-2003-2004 and they are heavily IT outsourced to IBM. DB does NOT have the prominence it enjoyed in NY in the late 90's...