“People looked at me like I was a madman when I quit my job as a junior reporter at the Times to work for Bloomberg News. That was five years ago, and at first when I ran into old colleagues on the street they seemed to be kind of embarrassed for me. Now, more and more of those old colleagues are getting in touch with me and asking how they can get jobs at Bloomberg. Not that it’s perfect here, but Bloomberg is offering a few things that other news outlets aren’t: job security and a decent paycheck for motivated, hard-working journalists.
The Bloomberg News headquarters is unlike any news bureau you’ve ever seen. There are no private offices, no elevators--no enclosed spaces of any kind. More than anything else, it looks like a Wall Street trading floor. It’s as if they designed the office of People magazine to look like Paris Hilton’s living room.
With all this open space, there’s not much opportunity for screwing around. Everyone does their best to stay busy. There’s even a well-stocked table of junk food and coffee, so you have no excuse running out with your pals every few hours. When you sit down at your desk, management tracks your keystrokes so they know whether you’re procrastinating on that piece about Canadian steel tariffs. Speed is a big deal at Bloomberg News. The in-house style book, The Bloomberg Way, counts it as one of the “Five F’s”. The “Five F’s” make up the essential ingredients of any publishable story: these are “first, fastest, factual, final, and future.”
The focus on process is one of my main issues with the work we do at Bloomberg News. There’s very much a formula for the stories we write. Sometimes I think that this formula inhibits the kind of creativity that wins Pulitzer Prizes, but the truth is, Bloomberg News is winning awards for its coverage anyway. One reason is that Bloomberg is outspending its competitors. We’re hiring more journalists and paying them more, on average, than any other outlet. The days are long, the work can be formulaic and a bit boring but nowhere else will your editor be so willing to sign off on a flight if you need it for your story. And nowhere else will you have such good benefits. Once you’re here, you’ll find it hard to leave. ”
“New employees at Bloomberg start at 20 days of paid time off per year, but can work up to a
maximum of 25 days per year if they stay at the company. There’s no limit to the number of sick
days you can take.”
“Bloomberg is a wealthy company and its offices are usually located in beautiful, modern buildings. Bloomberg is known for its lack of private workspaces. People often comment that the offices look a bit like trading floors.”
“Employees at Bloomberg tend to view their bonuses as generous. Exact figures vary by position and performance. Bonuses are annual and follow an annual performance review.”
“The work culture at Bloomberg is pretty strong. In general people have a very strong connection to the company and definitely have a positive view and attribution of it. This can both be a negative and a positive though.
I really like that I'm working somewhere people like to work at. The core reason is that people are generally in a more positive mood. Too many times I've worked at companies where all people do is complain that the company is out to get them. Most of the people I've met have a really positive view of the company, and it generally makes them more enjoyable to work with.
This also works in the reverse though for certain people. Some people have an inflated sense of self worth because they feel like they work at a top company. It leads to people not actually doing the work they should be doing, and pushing complaints to other employees creating a more aggressive work dynamic.”
Successful Bloomberg applicants cite the importance of being personable and positive during interviews. You will need to show that you surpass ordinary expectations in terms of your capabilities and work ethic.
Love the offices that we get to work in and that we can also travel around the world (expensed by the company depending on your role), to visit the different offices. The London, UK office is maybe one of the most beautiful offices in the world.
I would definitely say that working at Bloomberg can be intense at times, but with so many formal processes and with decisions sometimes taking a long time to be made, the pace can definitely slow down. Bloomberg expects high quality work, but it's really up to you if you want to choose a super fast pace or a more relaxed one.
“Honestly this is a really tough question to ask and I would say you're probably not asking it in the right way. It really depends what you're looking for in terms of your last step in the career, and if bloomberg aligns with that last step.
If my last step were to work at an international corporation like Bloomberg, and climb the ladder to reach the top, eventually managing a large team and large budget, then Bloomberg would be the perfect place for me.
If I was looking for an environment that provided a ton of real value to the world, like green peace companies or such, than Bloomberg wouldn't be a good place for me.
I really like how Bloomberg is positioned in the market, so I could definitely see it being a 'final step' in my career. All this depends on what opportunities arise in the future and how my life my change. Any company can be a final step if that's what you really want to be working.”
Bloomgberg was initially founded in 1981 when Salomon Brothers was acquired and a general partner of the firm 'Michael Blloomberg' was given a $10 million severence package. With the money Michael Bloomberg received from his severence, he started Innovative Market Systems (IMS), a computerized system to provide real-time market data and financial calculations for Wall Street Firms.
With a $30 million investment by Merrill Lynch in 1983, IMS developed "the Bloomberg" terminal computer system and started selling these terminals to Merrill Lynch's clients. By 1986 the company already had received massive success, having installed more than 5,000 terminals. With the success came the name change to Bloomberg.
Bloomberg has stayed a private company since its founding with the majority being owned by Michael Bloomberg. With continuing diversification into different business areas, Bloomberg has stayed a consistent point of contact for any company and real-time financial data.