There are newer employer reviews for Bloomberg L.P.

Helpful (6)

Great first industry job - not so great to stay.

  • Comp & Benefits
  • Work/Life Balance
  • Senior Management
  • Culture & Values
  • Career Opportunities
Former Employee - Senior Software Engineer in New York, NY
Former Employee - Senior Software Engineer in New York, NY

I worked at Bloomberg L.P. full-time (more than 3 years)

Doesn't Recommend
Neutral Outlook
No opinion of CEO
Doesn't Recommend
Neutral Outlook
No opinion of CEO

Pros

The work environment is reasonably pleasant, although it does feel like a corporate job. You get a desk in an open floor space, but there's plenty of places to find a little "retreat" to think or relax during the day, and flowers and aquarium contribute to making the very glass-like structure more "organic". The kitchen is always stocked for drinks and snacks, incl. late nights and weekends if you really have to stay and finish a project.

The Bloomberg annual parties are legendary and really fun (although if they gave us the money they spend on those, I'm sure I'd have been happier - they must be very very expensive!). There are a few perks working for a large employer, like a savings program.

My boss gave us plenty of latitude to get the work done, and apart from the occasional crunch time, work was not overly stressful. This varies widely by department though. My co-workers were top-rate. Again, varies widely depending what team you're with.

This was my first job out of academia (used to teach before), and although I was an accomplished programmer, I still learned a lot about software and engineering.

Cons

The software environment is both challenging and very peculiar to the company, though. And a lot of it is legacy, which means having to work within a set of constraints (binary compatibility with 1990s Fortran code, code relocatibility, proprietary routines) which I can pretty much guarantee you will not find anywhere else. And because of those constraints, moving code thru to production is a major pain. On some particularly central class I was tasked to optimize, my changes took 6 months to percolate thru to production environment.

The bureaucracy is also sclerotic. Having to document your working hours and bill it to various tickets (development, bug fixes, etc.) gets quickly tiring, and meaningless, as the fudge factor for accounting for 8 hrs day makes charging completely arbitrary. Getting a TREQ (technical request for new projects) can be a pain. All this is done thru the Bloomberg terminal which means there is nowhere to hide: your boss (but also pretty much anyone in the company) can find out about all the commands you typed during the day. The terminal has quirks too and I can't count how many times I lost a long typed message because of a wrong key stroke.

But the reason I eventually left is that once you're in, the possibilities for raising your salary are limited. You will do well to negotiate the highest you can on entry, it's unlikely to rise significantly after that. Your first year bonus is invested/amanged by the company into internal stock (BB is private) and you only see it in your bank account after the end of the second year (with moderate interests). The value of the internal stock can be tracked using another Bloomberg terminal function, so at least it's transparent. That means of course when you leave they get to keep your current year bonus - the one they are still "managing" for you. This is described by the employer as an incentive for you to invest in the company. The longer you stay, the better. Unfortunately, it makes leaving that much more painful.

Until recently, there was an unwritten policy that they would not rehire previous employees. I hear that's been rescinded. Having left all that behind though, I can't really think of why I'd want to go back...

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  1. Amazing

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Anonymous Employee
    Former Employee - Anonymous Employee

    I worked at Bloomberg L.P.

    Pros

    Great work culture values in the office

    Cons

    There are no cons for Bloomberg

  2. Helpful (7)

    Emperor's New Clothes

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee

    I have been working at Bloomberg L.P. (more than 5 years)

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

    Pros

    Like everyone else says, free food, good health care, decent location in NYC, lots of vacation time (which you will need every second of).

    Cons

    Where to even begin? Do not join, unless you must:
    - 1984 Orwellian style fear based management. You are literally being spied on.
    - Team Leads who generally tend to be 22 years old and incompetent. They prey on young kids because they can mold them and they are too inexperienced to know they are being manipulated. Ever wonder what it's like to have an ivy league degree and10 yrs experience and be told your new boss just graduated from some community college in NJ and has six months experience? Work here if you'd like to find out.
    - Churn and burn. Every year they have to have a new crop of analysts coming in to replace the people that quit. In the past 6 months, half my team has left. Some even left having nothing else lined up.
    - They simply do not want to accept that no one is going to pay 20K/yr for a terminal that looks like it is from 1980. Why should they when most of that data is free?
    - Rather than berate their employees for violations such as not showing a positive attitude in the face of declining sales, they should instead spend that time checking out the competitors that are about to eat our lunch. Even the mainstream press has picked up on this.
     - It is a fact that many top banks no longer use the terminal. Not least because they discovered Bloomberg was spying on them thru the terminal. This information can be freely found doing any basic web search. That giant whooshing sound is the sound of customers leaving. But the management is asleep at the wheel and their response is to focus MORE on the terminal. Heard of the Emperor's New Clothes?
    - Apparently their HR dept spends much of their time writing fake reviews because in my time hear, I have never heard anyone speak so highly of this company. Unless they are heavily medicated from the stress of working here.

    Advice to Management

    None. You don't care that you are putting this place out of business.

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