Scotia Capital or State Street?

[KittyStardust]

I'm looking for an entry-level position in a financial institution, where I can finish studying for my CGA, and I've received offers from both Scotia Capital and State Street. The wage rates and benefits are comparable, and I'd be doing pretty much the same thing at either position (run macros, push a few buttons and call it "finance"). Which offer should I pick, and why? A few of my friends think that I should go for Scotia, as they figure there'd be more room for advancement since it's a big corporation here, compared to State Street, unless I wanted to move to Boston in the future.

[MICHAELN]

Where you go depends on what exactly the type of job you are looking for the future. State Street is a more specialized financial company (asset management) while Scotia has more diversify in types of financial jobs (investment banking, commercial banking, retail banking, asset management, etc).

[KittyStardust]

As I'm working on my CGA designation, I thought that I should be looking for a job where there is more accounting-related work. I hear that State Street has a really high turnover in terms of employees, though. Does anyone have any opinions on the work culture, people, etc. of either company?

[Quitco]

As I'm working on my CGA designation, I thought that I should be looking for a job where there is more accounting-related work. I hear that State Street has a really high turnover in terms of employees, though. Does anyone have any opinions on the work culture, people, etc. of either company?

Go with Scotia, I don't think anyone I've ever known has said a nice thing about State Street or its work culture.

[MICHAELN]

I would recommend using Linkedin in order to find current or former employees of each of the companies to find out more about the culture.

[GreedIsGood]

OK, we're talking about two massive organizations with very different operations across the board. Can't just speak generally about an organization that big.

Scotia Capital sales & trading will different from investment banking and different from operations (i.e. back office). SS Global Advisors (asset management) is completely different from SS Global Services (back office) and even SS Global Markets (trading & research). Odds are if you accounting then I'm guessing SSGS is where you're heading as opposed to SSGA or SSGM since they have big back office biz in Canada but far smaller presence in SSGA or SSGM north of the border. High turnover and disgruntled dissatisfied workers and typical in operations, so that doesn't surprise me. Everybody there is looking to get out and move to front office. If that's what you're getting in to then yeah could be bad, but just can't generalize an entire organization based on one division.

But if fund accounting is your thing State Street is the largest custodian in the world.

[Maestus_]

I work at SS and I could say with confidence that there are smart people there, and people that you have no idea how they got the job. Also, you have smart, sharp and good managers, and then just managers who put the load on you. But they do have good training, benefits, activities, volunteering etc. People depend on the department, in mine, people are generally keeping their s**t to themselves and do not socialize too much, or socialize (if immigrants) with people from the same country as theirs!
So, you could learn a lot but don't expect quick advancement, as folks in managerial positions don't want to let go )
It's an ok job,with lots of overtime in the busy months, but surely I could not compare it with Scotia.

Hope this helps

[adehbone]

what are the two jobs?

I guess one is fund accountant at State Street. What about Scotia? If its more risk management or middle-office.

Take middle office for sure.

[KittyStardust]

The job title offered by Scotia is "analyst", but the duties look very close to what fund accountants do. I've kinda decided to go for the Scotia Capital job, only because it might be easier to move around later within the organization. I hope I made the right choice...

[Smog]

The job title offered by Scotia is "analyst", but the duties look very close to what fund accountants do. I've kinda decided to go for the Scotia Capital job, only because it might be easier to move around later within the organization. I hope I made the right choice...

You made the right choice.

[maniacshopper]

The job title offered by Scotia is "analyst", but the duties look very close to what fund accountants do. I've kinda decided to go for the Scotia Capital job, only because it might be easier to move around later within the organization. I hope I made the right choice...

I say you made the right choice also.
Scotia is a bigger organization, not stuffy like SS.
SS has high turnover in fund accountants from what I've heard. But it maybe the nature of the fund accountant job.