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capafan2
Posts: 924
Joined: June 20th, 2009, 11:26 am

Compensation: Dev. position in technology firm v/s Technology position in a financial firm

March 6th, 2011, 9:38 pm

QuoteOriginally posted by: stealthspyThank you for your insights capafan2.The gossip among classmates is that compensation patterns, bonuses and job satisfaction vary greatly across front office technology roles and middle+back office technology roles. Is this notion correct? Also, what exactly is "front office IT" and how is it different form "middle/back office IT"?A friend's cousin works on algorithmic trading systems and another acquaintance of mine works on high-frequency trading systems. From what I hear both the individuals in question are making "truckloads of cash" (much much more than their CS classmates who took up jobs at Microsoft, Amazon, Yahoo!, etc)And yes algorithmic trading systems is a way to make truckloads if you can get in. But beware of the lies floating around. You could be supporting a trading system and the recruiter will sell it to you saying its an algorithmic trading system and all the disillusionment I mentioned before applies.
 
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mrmister
Posts: 225
Joined: August 15th, 2009, 4:33 pm

Compensation: Dev. position in technology firm v/s Technology position in a financial firm

March 6th, 2011, 10:27 pm

Nothing makes your life more miserable than moving from actual technology firms on the west coast to finance IT, be it "front-office" or "back-office". Now, we will wait to hear from twofish about why it is glorious and spectacular to be a code monkey in finance IT. Expect to hear about better salaries and all of that but nothing about appropriate discounting for the lack of respect, position in the big scheme of things and horrible work culture/hours.About algorithmic trading, you have a better chance of getting into it if you have never ever worked in finance IT. As someone mentioned below, supporting a trading system and supporting an algorithmic trading system are very different things.Isn't just about everybody a VP of some kind on the sell-side?
 
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ithousekeeper
Posts: 33
Joined: March 28th, 2009, 11:09 pm

Compensation: Dev. position in technology firm v/s Technology position in a financial firm

March 6th, 2011, 10:59 pm

QuoteOriginally posted by: mrmisterNothing makes your life more miserable than moving from actual technology firms on the west coast to finance IT, be it "front-office" or "back-office". Now, we will wait to hear from twofish about why it is glorious and spectacular to be a code monkey in finance IT. Expect to hear about better salaries and all of that but nothing about appropriate discounting for the lack of respect, position in the big scheme of things and horrible work culture/hours.About algorithmic trading, you have a better chance of getting into it if you have never ever worked in finance IT. As someone mentioned below, supporting a trading system and supporting an algorithmic trading system are very different things.Isn't just about everybody a VP of some kind on the sell-side?Why is there a better chance of getting into algorithmic trading if you have never worked in finance IT?
 
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ArthurDent
Posts: 1166
Joined: July 2nd, 2005, 4:38 pm

Compensation: Dev. position in technology firm v/s Technology position in a financial firm

March 6th, 2011, 11:51 pm

QuoteOriginally posted by: ithousekeeper Why is there a better chance of getting into algorithmic trading if you have never worked in finance IT?Because you are more likely to be working on device drivers, assembly or micro processor code, low latency programming, GPU programming, parallel and distributed algorithms, signal processing, etc outside of finance IT.
 
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twofish
Posts: 4944
Joined: February 18th, 2005, 6:51 pm

Compensation: Dev. position in technology firm v/s Technology position in a financial firm

March 7th, 2011, 11:04 am

QuoteOriginally posted by: mrmisterNothing makes your life more miserable than moving from actual technology firms on the west coast to finance IT, be it "front-office" or "back-office". Now, we will wait to hear from twofish about why it is glorious and spectacular to be a code monkey in finance IT.It really depends on the group that you work with. I work with a cool bunch of people. There are other groups in the same place in which people have the "abused worker" stare. IT is sort of a dirty word in finance. So is "technology". Also there is a marketing issue. You take some work and if you label it "IT" then it gets underfunded and sent off to India. You call the exact same work and call it "quantitative development" and then suddenly it becomes sexy. Now what that means is that people tend to take "IT" jobs and market as "quantitative development" but if you have a recruiter that says "here is an IT job" it means that the job is so bad that they aren't even willing to lie to you.QuoteAbout algorithmic trading, you have a better chance of getting into it if you have never ever worked in finance IT. As someone mentioned below, supporting a trading system and supporting an algorithmic trading system are very different things.Quite true.
Last edited by twofish on March 6th, 2011, 11:00 pm, edited 1 time in total.
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