Interview preparation for risk positions in banks

[Steve Jobs]

Hi,

I just passed P2 thanks to BT of course. Now want to prepare for the job interview for risk or at least audit positions in banks.

I searched the net but it's mostly general articles. I want something more updated and relevant to what people expect from someone who passed FRM but has no experience in banking...do you advice a specific website or on what should I focus in preparation?

 

[Pflik]

I think you need to identify if the other person really values the FRM designation. I've seen people who where head of risk departments that really didn't think much of it other than that it shows an interest. However I've also seen the opposite frm defines you.

in any case it's difficult to say anything generic.

 

[Steve Jobs]

I probably will do the interview with people attending GARP chapter meetings and who actually encouraged me to take the exam. Also I might be applying to other companies/banks who are not familiar with the exam.

 

[Pflik]

just remember that the exam just scratches the surface of risk management. It's a good start but don't let it be the leading argument in the interview. You still will be learning a lot of new stuff that's not in the curriculum.

 

[Steve Jobs]

I totally agree...I've gone through this once with accountancy certificates...Now, what should I do next?

 

[Pflik]

I totally agree...I've gone through this once with accountancy certificates...Now, what should I do next?

get a cfa

 

[Steve Jobs]

get a cfa

Oh my god no! not again! no more certificates...
I just want to be more knowledgeable about banking/finance....based on previous interviews in a bank and a professional firm, what to do next is (1) reading regional magazines like Banker ME and (2) understanding the risks (credit, market, operational, legal, etc) on 3 levels of industry, business line, product...

 

[brian.field]

I work in Banking and have done so for over 10 years. Depending on your location, I can say with confidence that if you reach out to a risk recruiter, via LinkedIn or some other avenue, and you mention that you have the FRM, you are virtually guaranteed an initial conversation. Again, it depends on where you are. Also, some additional advice...if you are interested in a risk related banking position, and you have interest in stress testing, there is a significant shortage of Model Risk Management personnel. Do some research on CCAR or other recent regulatory requirements - I am just starting my part II studies, and I suspect that much of the recent regulatory changes are covered, at least superficially, in the part 2 curiculum, i.e., basel, etc. (My experience relates to banking in the US.) Also, I would be happy to point you to the risk recruiter at my firm, if you are interested. You can search for me on LinkedIn and I work for BB&T.

Best,

Brian Field

 

[Steve Jobs]

Hi Brian,

I'm living in Dubai and have 3.5 years experience in internal audit in luxury retail business. I'm a certified internal auditor as well. I haven't added the FRM keyword to my linkedIn page yet because then my current employer might ask me what's that! Plus I already used the maximum number of invitations! So I think I will create a second account with no photo! I'll do this and search for recruiters, let me know if you have any comments on this approach. By the way I searched for your page, but wasn't sure you living in LA or NC!


In regard to CCAR, since I don't have experience in modeling or stress testing, so I can't say much about it. The FRM curriculum covers the basic definitions and if I'm not wrong, I think this topic was not covered. Moreover, the AIM based (instead of topic based) order for study materials is confusing and repetitive. I'm currently reviewing the materials again to prepare for an interview in internal audit in a bank, may be next week. However, If I just get into a bank , either risk or audit, the next step will be the PhD (I'm doing Masters of banking now). I appreciate if you could introduce me to any recruiter/employer! Does your firm has a branch in Dubai?!

 

[brian.field]

No we do not have a branch in Dubai. My company is a super-regional bank in the US. I hear there are many, many opportunities in Dubai, so I am certain it will work out for you.

I do not have any network contacts there unfortunately.

Brian

 

[Steve Jobs]

Yes there are but most entry level jobs are asking for locals or reputable schools in US/Europe/american schools. However, I will keep trying and will do this linkedin plan once I'm finished with this coming interview, thanks Brian.