| Senior Account Controller |
Working at State Street can offer different experiences depending of the
departments or client groups you are working in. But before joining
State Street, I would advise anyone to check on his or her expectations.
State Street is not a Wall Street firm; you will not lead prestigious
lifestyles or hang around with CEO??s. State Street is not a market
maker; State Street is a bookkeeper. If you are from a top school with
top grades, it is better to do something else. The nature of the work is
very administrative. The functions require a lot of processing. The
entry-level jobs (fund accountant, portfolio administrator) give you
some idea about financial markets but it is really up to you to make
something of it. If you see that you have no chance of promotion, you
should look somewhere else. If you are stuck administrating a client who
has an equity portfolio, it quickly gets boring. The best is to work on
portfolios with a variety of products such as bonds and derivatives. If
you want to move up within the organisation you will have to work very
hard for average pay. After acquiring the technical skills, you should
try to develop your leadership and management skills and not just sit
there.
I have worked at the European offices of State Street for three years.
You can expect to work long hours and you can have the feeling that the
work you do is not always appreciated. The firm puts a lot of emphasis
on teamwork, but in my opinion does not train its people to act like
team workers. The firm lacks a specific culture. It has a conservative
approach to business.
Generally the most satisfied employees are the ones working in the IT
department. State Street is mainly a technology firm and all kinds of
applications and products are constantly being developed to increase the
efficiency and speed of the operations. This really offers a competitive
advantage for the firm. So it can offer its services to customers at a
lower price and a higher quality than competitors.
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