Jerome Kerviel, the famed SocGen rogue trader has written a guest column for eFinancialCareers (actually, it came out of his book).
It’s career advice to traders, and the best part is that if you didn’t know who Kerviel was, it would read like a very dry advice column.
In the relationship between a banker and his managers, the most important moment of the year is the annual assessment each December. No matter whether you work in the middle, back, or front office, everyone has a right to this event. This doesn’t mean, however, that the process is always the same.
For non-traders, the annual assessment is a purely qualitative affair. There’s a discussion of what works, and what doesn’t. The employee’s concerns are taken into consideration – is he likely to move jobs, does he want promotion? Objectives are fixed for the year to come. The manager will discuss the potential for salary increases the following February or March, as well as the bonus. When I was a trading assistant the most I ever got was 15k euros.