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exciting for the first few months only

  • Comp & Benefits
  • Work/Life Balance
  • Senior Management
  • Career Opportunities
Former Employee - Fund Accountant, Associate I  in  Sydney (Australia)
Former Employee - Fund Accountant, Associate I in Sydney (Australia)

I worked at State Street

Pros

work environment was not too competitive. employees get along with each other pretty well. the job was not too hard. quite a good start for fresh graduates. for master's students, it was way too low to start in here.

Cons

the system used is solely for state street, unlike jp morgan or anz who use the same system. knowledge gained from state street (system wise) are not transferable. promotion opportunities are limited.

Advice to ManagementAdvice

not too much delegation on the analysts. managers and client accountants should be aware of what is going on too. clients would not be impressed with managers or client accountants who were not competent to answer their queries.

Recommends
Approves of CEO

Other Reviews for State Street

  1. 2 people found this helpful  

    Disappointed at the general lack of recognition

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Career Opportunities
    Current Employee - Mug  in  Edinburgh, Scotland (UK)
    Current Employee - Mug in Edinburgh, Scotland (UK)

    I have been working at State Street

    Pros

    Nice people to work with and the canteen is very good.

    The benefits package is quite good.

    Good facilities for cyclists, runners etc.

    You can learn a lot to begin with depending on the department you're in.

    Cons

    There can be excessive unpaid overtime - not suitable for anyone in a relationship and/or with children.

    Showing ability or talent can be to your detriment as a lot more responsiblity and expectations are put on you without being promoted to that level or getting any remuneration or recognition for it. Their pay structure is very poor. Salaries are very low and there's little opportunity for promotion.

    We've had zero pay rise for the last two years. Not even a pay rise to match inflation, nothing, a big fat 0. This was despite doing good work and working unpaid overtime that cut losses and expanded our capacity to take on more business. Furthermore bonuses are extremely low. I got a "Above and Beyond Award" and a "Street's Ahead Award", which was nice. A pat on the back is always appreciated but never seems to be converted to any form

    Their elaborate appraisal system is fundamentally flawed. It penalises those who excel and encourages below average efforts. At the annual appraisal, an employee is given a score from 1 - 5 depending on their performance, however a manager is not allowed to give any score other than a 3 (average). There are a very limited number of 2s and 4s to give out across the board, thereby the distribution of scores fits a tight distribution curve. This means that those who perform well above their remit exceeding all their performance goals are give a rating of average rather than good or excellent, while those who are below par are also given a rating of average. The result is that those who put in the effort are disheartened and demoralised, and employees generally start to disengage from the whole process. Performance review time in State Street is not a happy time.

    Not a career but a job. Career progression is woefully lacking.

    A colleague said to me, "State Street is a place where careers come to die". Unfortunately there's a large element of truth to what he/she said.

    Advice to ManagementAdvice

    Reward your employees who work hard and show loyalty to StateStreet, or they will simply leave and not come back. You'll earn a bad reputation and soon you'll not be able to attract anyone of any merit to come and work for you. Also the talent

    Furthermore stop telling us a load of bs the whole time. You might find that honesty would be appreciated. You'll achieve nothing by insulting our intelligence.

    Doesn't Recommend
    No opinion of CEO
  2. 5 people found this helpful  

    Slave Street

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

    I have been working at State Street

    Pros

    Excellent exposure to portfolio / fund industries

    Cons

    Where to start? Incompetent middle management, I mean it, extremely incompetent management. Zero, absolutely zero communcation. Zero, absoluately zero effective time usage. Zero, absolutely zero feedbacks. Middle management's existence is to justify their existence. Read that again, middle management exist to justify their value. Absolutely horrific treatment to juniors and associate level employees. Middle management are brain dead over-paid zombies. Middle management love to see their worker bees work 70-80 hrs a week. They will leverage their perceived power on you if you don't do as they want. If you have an opinion, keep it to yourself if you still want to come back for another day.

    I have yet to mention pay, which is chump changes for the work that they expect out of you. With regards to hours, if you complete your task efficiently and effectively, you will be assigned more mundance work. If you dont' complete your task on time, you will be labelled, zero tolerence, no excuses allowed.

    Middle management doesn't understand the daily grind of the data system that the associates have to deal with; the only excuse they have is: "everyone does it, so should you". That's all they got for a come back? come on, be more creative.

    Smart employees would not tolerate circus like this, get out while you still have a functional brain.

    Advice to ManagementAdvice

    Not much, usually the smart ones would have left here in a matter of months.

    Doesn't Recommend
    No opinion of CEO
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