Does anyone work in "back office" banking?

[Newjobthoughts]

Just that really. Thinking about a change if career (currently office admin).

Have heard this is very lucrative but much easier to get into than trading/sales type roles?

I've heard six figure salaries are the norm. Is this true? Googling seems so.....

What is a good route in!

Thanks

Hopeful bump to help my Friday night wishful thinking ?

Used to work in this field and while there were six figure salaries, they certainly weren't "the norm". Can you give more details on what you've been Googling to come to that conclusion?

A typical "hierarchy" in this industry is Clerical, Analyst, Associate, VP, Executive Director, Managing Director - you might have multiple levels within each of those. To get the kind of salary you're talking, you'd need to be at least a VP - if not ED. At that level in that industry, you'll pay the price in terms of work/life balance.

It depends what you want to do in “back office” banking (it’s a very broad area). Office admin IME will make nowhere near six figures until senior management level at least! I know an awful lot of banking administrators who certainly aren’t on megabucks!

Do you have (or are you interested in doing) a professional qualification? What sort of role can you see yourself doing?

OP, do you really think you'll go from office admin to earning hundreds of thousands of pounds per year?

When I was working in back office banking I was earning about £8k a year and that might be generous. Mind you, it was in the late 80s so I suspect that things have changed but surely not to the tune of now being £100k plus per year?

Actually I must have been generous, I’m pretty sure that my take home pay back them was approx £300 per month.

6 figure salaries in the back office? You've having a laugh. For a few senior people, yes (but with the hours they do, they definitely earn it), but for the majority it's not well paid at all. I've never heard anyone refer to the back office as "lucrative" in 20+ years of banking.

Most back office operation jobs have been either automated or outsourced to India and other low cost locations. However, there are some decent onshore roles, depending on the bank, in Manchester, Birmingham etc but not many opportunities in London these days. Typical salary for an AVP in London would be around 40-60k but that was with many years experience. Six figure salaries would be Director level above typically.
Many people who used to do the back office roles have upskilled to something else within banking such as Risk Management/Digital/Strategy/Regulatory roles.
That said, you might find an opportunity in a small bank or the buy-side who might be willing to train up and they may still action the lifecycle of the trade in smaller teams. However, you really would need to be super senior with several years experience for the six figure salaries.

I work in back office banking and to earn that, you'd have to be a director and have about 15 years industry experience and manage quite a few people!

I work in a back office banking role. Just got my first promotion at 26 and earn £40k including bonus. Not in London so live comfortably on this.

My boyfriend is 2 grades higher so middle management and has moved to a regulatory role. Currently on £65k, expecting £75k next year, he’s 29.

Both outside London and own 1 bed house so we live very comfortably. The best thing is that we are both ambitious and there is huge scope for progression. Ideally we’ll both be director level by mid 30s and would expect £100k each so I’d like to think we can have a comfortable family life one day. The pension is the best I have of so we want to continue maxxing this out for as long as possible to ensure a good retirement.

I've done it. Loved it but the pay was shit. Perks were good though.