Think at least twice, if not three times before joining
If you get unlucky and get placed in ego centric team, you're wasting your time in SS. Your experience in SS will heavily depend on who you get to work with. For negative experience, it can get extremely bad. Senior and Middle management are too concerned about their own egos to have any consideration about your well being or if you having any issues in your role. Their code of conduct is waste of energy for those who spend hours creating, because it does NOT apply to middle or senior managers. Basically they can and has breached the code of conduct, and if you raised this with HR, they'll covered it up, to protect their own, and you have no rights, to question why HR didn't query those aspects of your concern. That's transparency for you!! If you really want to work in financial services, go somewhere else (also during COVID managers were having some issues with their temperament, on several occasions, they went their frustrations on others regardless if the employee relevant or not, they lacked consideration, and inability to control their delivery /professionalism)
ProsDecent support for mental health with 24 hr helpline (coaching and counselling), they had also supported their employees' participation in charity events - 5km or 10km run or hike
ConsManagers can be extremely inconsiderate and unprofessional, HR policy can be corrupted (as they cover each other mistakes), salary is also on the lower end of market rates, unpaid overtime for all employees from Senior associate upwards, the amount of unpaid overtime can also varied widely
Since starting at State Street I have learned a lot about the financial services sector.
A typical day involves replying the client and internal queries. We also prep files on a monthly basis to prepare for quarterly filings to various financial authorities throughout Europe and the United States of America. On a day to day basis outside of the busy filing months, it can be quite mundane and methodical. There is also not much contact with people outside of the company except for occassional client calls or emails.
The management are extremely nice and have made sure that I am making the most of my time with the company. I have learnt a huge amount from them about the sector, and it is knowledge that I believe will stand to me for the rest of my career.
The most enjoyable part of my job is during the filing month when I can see all the work I have prepped over the previous few months come together. It is satisfying to finally see it all come together. However this time is also the hardest as it involves extremely long hours that can be quite challenging.
Good starting point for anyone looking to gain experience in the financial services industry.
If you are pro-active, willing to learn/teach yourself, tech savvy and have good common sense then you will sail through any role in SS. My knowledge and experience gained from SS has got me to where I am today.
The people I worked with were great and I have made some excellent friends for life.
However, SS as a culture and as a whole is terrible. The lack of staff is shocking, management just don't seem to care and are happy to let good staff go, when they do hire they take on people with little to no experience instead of promoting someone on the team and pay rises or bonuses are non-existent. For new starters, there is no training plan or on boarding for them, it's learning on the job and as for IT/systems it's a joke!!!
My team was a good group. But the workload and the lack of more hires make the work life balance very difficult.
There is no culture as most of the big companies. The experience overall will depend of how you feel towards extra hours and time management.
Also the manager will play a key factor. I was lucky to have great people as managers and I always get along with my team members, but even them will have the same comments not enough resources for the amount of workload, they mention is due to the lack of experience professionals on the market.
In overall is a good place to start but after few years if you want to promote and get more experience is good to move either around the company or somewhere else.
I work from 9 - 5.30 each day with an hour lunch and a semi relaxed timesheet system. Most of the day is spent running calculations and preparing excel worksheets to be run. Some of the time is spend on calls with the clients answering any qustions they have about the current period's filing. I learned much about funds structures and the regulations surrounding them. The management in my team were always very helpful and nice, as were my co-workers. The hardest part of the job was the uneven work distrabution- you might have no work to do all day and then at the end of the day the client would provide feeds so that you have to stay in late to work on them. The most enjoyable part of the job was the supportive team and work location.
A typical day can range from 8-11 hours of action packed learning, decision making and prevention control.
This is a challenging job which gives a great sense of achievement.
I have learned that I am capable of far more than I would have given myself credit for. I have learned that the more expected of you the more you achieve.
The toughest part of the job is only being as good as your last decision and working in an environment that is not team focused but more me/I focused.
Most enjoyable part of the job is the amount of work you complete and the pace at which you work at. You have a great personal sense of achievement each day.
ProsSalary and location
ConsLong days, high intensity, turnover and burn out rate
Awful atmosphere and environment to work in - You could hear a pin drop. Management have no idea how to manage staff but actual knowledge of their job is good purely because most people seem to have got stuck in a rut in the same place due to good location for them for schools etc so experience is there for staff that have stuck around that long. Other than that there is little to no training given to new starters, it's very much a sink or swim atmosphere and each to their own. I really wouldn't recommend to anyone, wages are poor also! Extremely long hours and overtime expected on a whim!
ProsFree parking, location
ConsLong hours, awful atmosphere, poor wages, lack of training and career progressional
Horrible work environment,Stinking management attitudes . Old school management style , managers not whilling to embrace change and are oppressive .Outdated systems and the management don’t seem to develop great work structures for some teams, ( some managers are clueless and always & when things are not going right,they pull a blame on weak team members ). There is a bullying element &
Favoritism for some team members . If the manager is not in favor of you. Chances of getting promotions are zilch.
ProsThe terrible experience outweighs the good. The environment is not an asheap.
ConsWorst Financial service company to work for, unhappy environment
I started in State Street as an A2 and quickly found that the work-life balance leans heavily towards work. The roles are end to end so if you are looking to learn about the industry and don't mind psi overtime then it's a great place to start your career in fund administration. There are opportunities to cross train and move up once you gin some experience however you will be expected to work unsociable hours at times without notice so be prepared for this. Management are keen to help with advancement and are generally experienced. The most enjoyable par of the job is the people.
Overall, if you work hard and show you can add value you will do well. I work in the office on Sir John Rogerson's Quay and really enjoy it. The hardest part of the job sometimes is the pressure to turn around items last minute and the best part is the people I get to work with. The culture is very good - there's a big focus on inclusiveness and also on work life balance. They still need to do a bit of work on the work life balance aspect but that's partly down to the industry we're in I think! If you don't ask you won't get in State Street. All in all, I'm not going to leave any time soon.
Prossubsidised canteen, good pay, great colleagues
Business Systems Analyst | Irvine, CA | 24 Aug 2013
Leading and learning Experience
•Initiating and leading Major Changes and projects involving development of New Applications, Redesign of old applications, Mega Process change.
•Requirement Gathering and feasibility analysis by thorough discussions and interviews with the users and developers. Also active surveys and observation of current Process.
•Team Management Tasks, Score Cards, Development Status report, Vigilance of deliverables and Internal Auditing
•Training of team members, Knowledge Transfer and task lead.
•Demonstrations of New Process, functionalities and enhancements and acting as the frontline project support, client interaction and problem resolution.
•Involved in Agile Process and Scrum meeting and exposure to a more dynamic and productive environment.
•Understanding of various financial components and product Types: Fixed Income, Bonds and Bond Trading Cycle, Bond Pricing, Equities, Trade Cycle, Derivatives (Options and Futures).
•Design and implementation of Regression Tool and utilizing it for a Major migration of Codes in Redesign of an existing application.
•Understand and articulate business requirements from user interviews and then translate requirements into functional and technical specifications.
•Interacted with fixed income business heads to finalize the Business Requirements for the Risk Management process.
•Interacted with SMEs of different divisions (Information Technology, Risk and Operations) and established a business analysis and design methodology around the
Productive, helpful workplace environment. Multi-cultural peers. Great place to be introduced to the financial service industry in Lux
As a CRM Associate my typical day at work varied from week to week as I had an extensive role. My main responsibility was to report, support and aid my manager with administrative support such as preparing for the client meetings, being responsible for confidential contracts and documents, booking trips and taking charge over the trip finances. In addition I supported the head of the CRM Team as well as the assistance with weekly logs and HR related projects. Furthermore I also supported the CRM managers with their contracts in respective of their clients.
During my time with CRM it was my introduction to the banking scene as well as the financial industry and the large corporation culture in respective to the structure and operations. The specifics of what I learned were the likes of the internal functionality and fluidity of departments integrating with each other in order to accomplish their corporate goals of sealing the big deals. It was interesting to see how time management and communication were vital tools to successfully manage daily, weekly, monthly and annual goals for the bank. In addition there were also the daily opportunities of me learning from my peers and superiors, where they took their time to go through their job titles, responsibilities and processes as well as guiding me through the programs/tools that were being utilized.
I was lucky to work in two great teams with two different team dynamics where I got a daily dosage of learning about the c
Prosfriendly and helpful peers, meal vouchers, cinema discounted tickets, healthcare and insurance
ConsStressful environment, below average IT support
I was with State Street from 2009-2013 (albeit that the last few months I was on short-term disability leave). During this time I saw things become completely unwound, sometimes it seemed, come unwound in real time. My group at my previous employer, BoA, was disbanded and a number of us let go in early 2009 as a direct result of the 2008 financial crisis. I was absolutely thrilled in 2009 when I was taken on in July 2009 after only a few months of being unemployed.
Things were good initially. There was a massive amount of work, and I wasn't initially accustomed to handling the idiosyncrasies of a number of different clients. From about late 2011, things changed and the working conditions took a nosedive. The manifest aspect of this was the hemorrhaging of jobs overseas and multiple yearly layoffs (also, freezes on bonuses and raises). This created a major "brain drain" as many of the people let go were among the more senior and more highly paid. This created endless issues right to the end of my time there. Equally difficult was the effect on morale -- laboring under the threat of being laid off created a shift in the culture toward the mean spirited. Office politics like you wouldn't believe. Also, I should note, unfilled vacancies created a massive upsurge in work -- where I was taken on to manage three clients, I was at the end formally assigned five and informally to assist with one "as time allowed." The stress was unbelievable at times. And, where I was
ProsSome great people, great exposure/opportunities to learn in the industry
The pay keeps getting worse, it's hard to make money for a bank when the stock market is not going up... luckily they are heavily affiliated with the SPY and GLD tickers, as these two tickers usually hit the top 5 highest volume tickers trading in the market frequently.
About work though, they pay $32,500 as a start which is barely enough to afford living if you have $700 in rent bills plus your $300 student loans which only pays the minimum on your loan payments and $300 is probably a lot less for most people paying down their student loans. You can't afford a home loan for 95% of the homes on the market anywhere near your job, and every time someone leaves, you get stuck with that persons workload with no extra pay. Team went from 5 to 3 people... I'll probably ask for a raise, and still not get $40k.
Great on the resume. Seems apparent I'd be better off paying $3,500 for the CPA certificate and making $10,000+ more anywhere else. I came to StateStreet to be along side traders... I'm stuck working next to people who don't know a thing about the stock-market and were shocked when their StateStreet retirement funds fell 20% in 10 days during august, as I watched or continued short-selling the market... and I have no insider knowledge of what would happen in the market as it is too broad of scope to determine, other than speculation using Technical Analytics and being aware of current market sentiment and conditions, and just watching the financials like BofA's chart break a
Prosbenefits are fairly inexpensive, work is not stressful as an associate 1, great location and places to work in boston, clean environment
Consthe pay doesn't make up for the pro's..., can advance when there are layoffs, seems like it takes several years to advance, you get a feel for how the big money moves.
State Street's Atlanta office does a poor job of giving its employees career advancement opportunities. Some people are lucky and are placed on a growing client or on a team that has a number of managerial-level people quit. Others regardless of work performance can get stuck at the some position for 5, 6, or even 7+ years. There are a number of people in the office I have seen this happen to. What is even more alarming is that the office is growing and getting new business and not losing much business. When there is a new client, State Street hires someone from outside the company rather than find a way to promote a current employee. For example, they do not even move a current manager over to a new client so that an associate can move up to a manager position while still be familiar with that same client.
The company supports tele-commuting and does offer reduced work schedules to people when manpower resources are sufficient enough to allow one to reduce his hours. In the first two calendar years, employees get 3 weeks of vacation plus 4 additional days (3 personal holidays and a day-off for your birthday). You can also purchase up to 5 additional vacation days.
One problem the Atlanta office ran into lately is using up its parking space allotment at 3 Alliance Center. State Street did a good job of planning a green office setup at the new office. However, the Atlanta office has exceeded its parking space allotment based on the square footage leased by Stat
ProsVacation time, supportive of work/life balance
State Street is the typical run of the mill corporation. You are just a number. 5 years and have nothing to show for it. No promotional opportunities unless you move to another department. Managers are either never around or are too busy and goofing off to help you. Work loads have increased as the hiring freeze continues and people have quit.
Offshoring is common and the joint venture teams are next to useless. Everything is literal with them and no logic is used to figure out answers to questions. Everything comes back onshore asking a question. Prime example of if you want it done right, you have to do it yourself. Year end and tax season is stressful. No time off allowed during those periods for any reason. Travel to see family is of no concern to managers who are allowed to take time off then.
In my five years, I have witnessed massive inefficiency get progressively and exponentially worse. This company won't be around in 10 years at the rate it is going.
Pay is low compared to the industry. Healthcare plan is a joke if you are single and healthy and downright affordable if you have a family.
Raises are no longer given and bonuses are insultingly low. You get the same bonus if you work hard all year or goof off. Work From Home is promised upon hire, but is never allowed. Even during snowstorms when the Governor says to stay off the roads, you are expected to be in the building. Managers give you a hard time when you ask to take a half or full day to attend a fu
Pros4 weeks vacation
ConsHealthcare Plan, Low Pay, Low Bonuses, No Raises
For those motivated to progress their career, I can't recommend against this place enough. I worked in their Global Services branch, so I can't comment on GX or GA. Some background:
>Worked there for three years as my first job out of college, with a Finance degree and a 3.85 GPA.
>Received two promotions (from Associate 1 to Senior Associate).
>Only received highly positive performance reviews.
>Left on my own terms, and was asked to stay.
Culture is the biggest issue. There is none. Nobody wants to talk to each other. Everyone wants to do their job and go home. Most people don't do a ton, so any effort to help is often met with hostility - people want to make sure they are worth something and have job security. They are prone to shipping work offshore. Aside from one or two people I worked closely with, I have no desire to keep in contact with anyone.
Compensation is bad. They have a huge drive to cut costs, so paychecks, bonuses, and raises are incredibly low compared to industry standards. They don't get better if you're better. Most people say that to get paid more at State Street, leave the company and come back as an external candidate.
Additionally, progression is bad. 9 times out of 10, they'd rather hire externally than promote internally, which can be a huge kick in the pants. On top of that, they are very bad at developing their talent. Limited training options are available, and they don't seem to have much interest in invest
This was an interesting part of my life where I had just graduated from college with a heavy emphasis on Radio, Film, Theater and Philosophy. Went to a temp agency and they placed me in a major financial institution. This was very fast paced with everyone having a decent amount of know how going into their position.
I was extremely fortunate to have this opportunity. As my first real job, it became a great new learning experience which I excelled at rather quickly.
I learned about how mutual funds work and financial operation on a global scale. Interacted with clients, agent banks and internal investment banks to ensure the portfolios performed optimally.
I was told that my performance accounted to 15% of the funds success. One fund was valued at $14.6 billion. It was an honor to have this kind of responsibilty. Fortunate to work under such a great leader who originally trained me on his duties.
What we did was like one giant puzzle. As a lifelong musician, I believe that it was this skill which allowed me to work well with patterns and math while being creative enough to figure out the reconciliation of the funds they were in the process of balancing.
They foresaw the economic crisis and began to downsize. This offered a voluntary layoff which helped to change and refocus my life. The severance package is what I used to move to the greatest city ever... Austin, Tx.
ProsAmount of learning, responsibility and work experience I gained, assisted my future in countless ways both personally and in my future career endeavors
ConsIt was not a job I was trying to get and pursue for my career. Although, if there was something relevant that presents itself down the road, I may be inclined.
Very stressed work environment with little flexible time management.
It's a good place to work for people who does not have kids or is a caregiver. Because of lack of flexibility very rigid environment. The work load is excessively and there is never enough people for the work load. Pregnancy can be very traumatic because there is no special accommodations the expectations is unrealistic when facing all the discomfort and extra self-care. The stress that some pregnant women go through gives a feeling that people are upset at you for being pregnant. The stress seems to be directly causing early contraction some days. Not a good place to go through a pregnancy. Flexibility for vacation should be plan to allow people to take turns for holidays vacation. Or hire more worker to have enough coverage so the workers are not over work and not able to have enough times to travel for the holidays. The blocky days should be dealt differently maybe by giving incentives. Because not everyone needs to travel during the holidays, some people only needs to celebrate locally. We are people working with people consideration should be made to life and family. Values the individual and family because the work atmosphere is very important. Increase productivity creates better place to work. Nobody wants to be working someplace where you are not value and appreciate. The work load in some case is excessively too much. When the preparer are all salary there is not limit and restraint on working time and the expectations is clearly states that working all day all n
Administrative Specialist | Boston, MA | 10 May 2017
Decent place to gain experience at straight out of college, but not a destination employer
Other departments are probably different, but this review strictly refers to financial reporting/fund administration.
Decent entry level job but more of a stepping stone than anything else. Extremely low starting pay relative to similar companies/market value leads to high turnover. Not one person seems to enjoy working there at all, which is reflected in the overall culture. Very repetitive work and inconsistent workload. Terrible work life balance at times, working up to 60 hours/week in some busy months but no more than 15 hours of actual work a week in slower months. Poorly designed training/orientation that doesn't really prepare you for your job at all. A lot of learning as you go, which is basically dependent on the quality of your co workers. Company is vague about what specific position you're actually interviewing for. I didn't find out my exact department and job title until my first day on the job. Heavy emphasis on offshoring to India, which can cause logistical problems with different tie zones and uncertainty of job security. Skills learned are not easily transferable to other jobs, which can make the job a bit of a dead end.
Generous vacation policy. Starting paid time off allotment of 3 weeks plus 3 personal days. Decent opportunities for advancement within the department, but easy to get stuck on a treadmill so to speak. Some co workers can be very knowledgeable and helpful. Paid overtime for any hours past 40 in a week.
ProsGood vacation time, decent opportunities for advancement
ConsLong hours during busier months, low starting pay, bad overall culture
Questions and answers about State Street
What should you wear to an interview at State Street?
Asked 10 Sept 2018
Nike air max trainers nike tracksuit bottoms and top and away u go
Answered 23 Oct 2019
Answered 3 Dec 2018
Why would you want to work at State Street?
Asked 8 Aug 2017
I wouldn't , maybe in the Dublin office, they seem to forget the other offices exist, better atmosphere, more training and less overtime worked there
Answered 5 Jul 2018
Good career opportunities and global mobility options are excellent too.
Answered 8 Aug 2017
How are the working hours at State Street?
Asked 8 Aug 2017
I been told that the normal hours to leave are 7pm onwards even though in the contract says until 5:30pm
Answered 9 Oct 2019
9am -5:30 pm
Answered 21 Mar 2018
What is the work-from-home policy at State Street?
Asked 10 Mar 2023
2 days in office, 3 at home
Answered 10 Mar 2023
What is the promotion process like at State Street?