Back office refers to the part of a company responsible for ensuring that the duties and tasks necessary for the efficient running of a business take place. In banking the back office is where the administration and tasks necessary for the completion of business takes place, for example confirmations, settlements and compliance.
The term back office refers to the part of a company or organisation that carries out the tasks necessary for the day to day running of a company. Simply put, the back office is the administration and support staff and services.
In banking and financial services, the back office will include IT systems which support the transactions agreed by traders and brokers in the front office as well as areas such as HR and marketing.
Tasks carried out in the back office include:
Clearing.
Settlements.
Confirmations.
Record keeping.
Compliance.
Back office jobs include:
Settlements Clerk.
Project Manager.
Regulatory Reporting Accountant.
Trade Support Clerk.
Operations Analyst.
Fund Administrator.
Compliance Analyst.
Qualifications
The qualifications required for a back office job depend very much on the nature of the specific role.
Salary Snapshot
Recent salaries advertised on TopFinancialJobs (February 2010) include:
£60-90,000 per annum for a Head of Compliance Monitoring working at a financial services company in the North East of England.
£30-45,000 per annum for an International Asia Securities Settlements specialist working in the City of London.
£18-20 per hour for a Trade Support Clerk working in the City of London.
A competitive salary is on offer for a Software Engineer - Trading Platform working in London for a securities trading company.
Do you work in the back office? Would you like to contribute to our "Day in the Life of..." series? Email us at info@topfinancialjobs.co.uk for more details.
