Job Responsibilities
Supporting various groups, from internal middle office groups to
private clients to institutions. Dealing with all levels within
the firm, from Analysts to Managing Directors. It's hard to get
to specific without making it obvious to someone reading this
(particular from Lehman) who I am.
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Job Requirements
From my experience and conversations with senior management,
we're primarily concerned with getting well-rounded individuals,
who are patient, great communicators, with excellent problem
solving abilities. Does that mean if you have a Math major and a
4.0 GPA you're an automatic hire? Quite the contrary, being able
to effectively communicate and interact professionally is a most
important part of the day to day here.
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Uppers
I worked at one other Financial Institution previously. My experience there I
will probably wind up detailing in another vault survey. Here's the thing, I have
friends in various professions (Pharmacists, technology for an international
bank, investment banker at Paine Webber) and when I first started in Operations,
I thought there was no way I'd be able to make any kind of significant money.
Well less about 5 years later, I'm out there talking to my colleagues and peers
and I've found that making 6 figures is well within my grasp. Be vigilant, young
readers!!! When my best friend graduated from college in 1999, she worked at a
private bank in operations making a whopping $32,000 a year. Believe it or not, I
was making less than that! Now, with a BA, and a few short years later... You'll
have to check out the compensation part to see my little "success" story.
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Downers
Pressure, pressure, pressure. Well it's all relative to
perspective (this can be said of any job in any profession). As
mentioned before I work in Operations for a major investment
bank, a fortune 100 company. A lot is expected for us and that's
what we get paid for. When you are a new hire, out of college,
you are given a good amount of time to get caught up to speed
with the basics of the job function at hand. Operations has a
dizzying array of jobs and functinoality out there.
I like to visit my old stomping ground in order to appreciate
how far I've come professionally, financially, and mentally.)
Keep a fresh attitude and embrace the opportunity to keep
learning. It'll pay dividends right where it matters most, in
your wallet!
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Lifestyle
Work hours vary from position to position. The nice thing is now Lehman is on
the clock for everyone, except people managing two people or more, so for hours
over 40 you will be paid time and a half. How that impacts bonus at the end of
the year is yet to be determined, but I'll be sure to come back with an update,
if given the opportunity and incentive. :-) My career is on the up and up. I
envision cracking into the VP level within the next 3 years. I'm under 30 now!
Dress at the Jersey City office is business casual. That basically is open to
interpretation. It is supposed to be button down shirts tucked in with pants.
That has somehow translated into golf shirts with khakis to our Neuberger
associates.
Dress at the 745 headquarters is very different and infinitely simpler. Suits
every day. We have a Christmas party that has been at Chelsea Piers the last few
years. I encourage expressing interest in industry affiliations, whenever
possible. It allows the opportunity to get out and meet some of your peers in a
social setting (free drinks!).
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Compensation
As mentioned earlier in 1999 at another institution I made less
than $30k, total compensation on an annual basis, right outta
college. I worked there for about a year. I jumped ship for a
nice little bump in salary to Lehman. I am currently (after
2004) making over $80k total compensation. Last year my bonus
was over $15k. I envision breaking 6 figures in 2 years, worst
case, but perhaps as soon as the end of this year not too shabby
for a kid with a BA.
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Advice to Jobseekers
1. Make sure you catch the ear of someone who is on the fast
track. 2. Build your network. 3. Be friendly with everyone. You
don't have to like them, but definitely be professional. The
guy/girl sitting next to you may be a Senior Managing Director
at another firm 5 years down the line and you could be
interviewing with him. You never know. I hear these kind of
stories all the time. It never hurts to have an "in" and if
being friendly with someone today gives you a leg up down the
road, you would be remiss to not do so. :-)
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