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Banking & Finance
banking & Finance
The world at your feet ................................................................... 2 Graduate recruiter Q&A ............................................................... 6 Your CV ...................................................................................... 10 Testing, testing .......................................................................... 12 Assessment centres .................................................................. 14 Real interview questions ........................................................... 16 Investment banking interviews .................................................. 20
Careers in Banking & Finance
More global and more inside track. That’s what’s different about Careers in Banking & Finance 2010/11, our essential annual guide for students. Inside track? For this year’s ‘Getting in’ section, we’ve gone straight to banking insiders and brought their advice direct to you. Global? It’s distributed more widely across Asia-Pacific as well as Europe, and offers more global information. Not sure if you want to work in the UK, Europe, the US or hot, hot, hot AsiaPac? This year’s guide addresses the global context, the opportunities and the hot spots of banking and finance to help you decide. We’ve also extended every sector article with references, stats and examples from across the globe.
Mergers & acquisitions ............................................................. Capital markets ......................................................................... Sales, trading & research .......................................................... Electronic trading ...................................................................... Compliance & risk management .............................................. Operations ................................................................................. 22 26 30 36 38 42
Fund management & investment consulting ............................. Alternative investments ............................................................. Interdealer broking .................................................................... Wealth management ................................................................. Corporate banking .................................................................... Global custody .......................................................................... Data providers & rating agencies ............................................. IT in finance ............................................................................... Insurance ................................................................................... Accounting ................................................................................ 44 48 50 52 56 60 62 64 66 68
The online Student Centre
Careers in Banking & Finance 2010/11 is brought to you by eFinancialCareers.com, the leading global website for jobs and career advice in the financial markets. In addition to the latest news and trends on graduate hiring and jobs, the online Student Centre offers advice and information to help students navigate their way into the highly competitive world of financial services. Got a question about getting into the banks? Visit Student Answers. Need to prepare for numeracy tests? Take our practice tests online. Want to be sent the latest news and opportunities for students? Register for the student newsletter. If you’re a student looking for your first opportunity in finance or banking, this guide and the online Student Centre should be your first port of call. You’ll find our online Student Centre at www.efinancialcareers.com/students
Company profiles ...................................................................... 72
Careers in Banking & Finance 2010/11
is published by eFinancialCareers Ltd – www.efinancialcareers.com Project Manager: Janice Chalmers Designer: Valerio Italiano Editor: Sarah Butcher Regional Editor: Paul Clarke Contributors: Nicole Degli Innocenti, Raymond Ma, Nic Paton Sub-editors: Louis Pattison, Annabella Gabb ©2010 eFinancialCareers Ltd No part of this publication may be reproduced without permission.
Careers in Banking and Finance 2010/11 efinancialcareers.com/students
the world at your Feet
Six reasons why you should work in Europe, Asia, or maybe even the US
nvestment banking is a truly global business. There are not many other industries you can work in where you’ll regularly find yourself talking to people in Asia in the morning, the Middle East at lunchtime, and the US in the evening – assuming you’re working to Greenwich Mean Time!
Asia appears to be the regional winner from the crisis.
Huw van Steenis
Head of EMEA banks and financial research at Morgan Stanley
But where should your career begin? It will almost always be easier to apply for jobs in the continent you’ve been educated in. If you’ve been educated in the UK, you should therefore be looking to Europe; if you’ve been educated in Asia, look to Asia. That said, banks will usually accept applications from students in most geographic jurisdictions, and in financial services terms, it’s worth knowing what each continent has going for it.
positions in equity, bond and commodities trading. It is also the biggest global centre for the over-the-counter derivatives industry (40% of turnover), which drives broader trading flows. Over 80% of the world’s hedge funds are based in London. London has a well-developed infrastructure to support all this activity, with an array of consultancy, accounting, and legal firms. “Starting in a major financial centre with the total breadth of services on offer is a sensible career move,” says Stuart Fraser, chairman of the City of London Corporation. 2. Time zone. Geographically, London and Continental Europe are perfectly positioned between the US and Asia. They do business with Hong Kong or Shanghai in the morning, and with New York or Boston in the afternoon. Bankers in Europe, therefore, have strong links with Europe and the US, but also with Asia and the Middle East. 3. Capital markets growth. Historically, companies in Continental Europe raised money not by selling equity or debt, but by taking out bank loans. This is changing. More Continental European companies are seeking to raise money through markets, leading to growth in European capital markets revenues. “This is a huge shift away from dependence on bank borrowing,” says Fraser. “The crisis has shown bank loans offer less certainty and flexibility than the capital markets.” 4. Innovation. London in particular has historically been an important centre for developing new financial products, from interest-rate derivatives to carbon permit trading and Islamic finance.
Six reasons to start your banking career in Europe
1. London. London (still) ranks in joint first place with New York as the world’s leading financial centre, according to the Global Financial Centres Index. London’s trading floors account for the biggest share of foreign exchange trading (34%), as well as leading
2 Careers in Banking and Finance 2010/11 efinancialcareers.com/students
5. Money. Despite well-founded worries about harsh taxation and curbs on bankers’ bonuses, bankers are still likely to earn more in London than elsewhere, as a study by recruitment specialist Selby Jennings shows. “Despite the UK’s increasingly punitive tax regime, the highest-paid bankers will still be significantly better off working in London,” says managing director Adam Buck.
com/careers Application Deadlines: Fulltime: 24 October 2010 Summer Programme: 5 December 2010 Work Placement: 9 January 2011 Spring Programme: 9 January 2011 Please visit gs.com/careers to complete an online application. and you have an interest in the financial markets. we have an interest in hearing from you. Inc. If this sounds like you. . you can make an impact here. © The Goldman Sachs Group. motivation and a thirst for knowledge.You don’t have to study finance to make an impact. Think everyone at Goldman Sachs has a financial degree? Think again. Whether you study English or Engineering. Goldman Sachs is an equal opportunity employer. What you do need are the qualities that we look for in our people: leadership. Learn how at gs.. 2010 All rights reserved.
“Asia appears to be the regional winner from the crisis.” says Florence Mok Wai Cheng of the Financial Centre Development Department of the Monetary Authority of Singapore. Big infrastructure growth is expected. not just with local US banks. are investing heavily. The bounce back has been tremendous. “There is an increasingly pressing need to replace ageing energy infrastructure in the US. Most leading investment banks (Goldman Sachs. efinancialcareers. and why J.P Morgan and others . hedge funds.” 6. firm Heidrick & Struggles. 5. 4. All but BofA Merrill Lynch are headquartered in New York City. State support. “Local-to-local business has increased. Maintaining Asia’s high growth rates will require constant investment in infrastructure and productive capacity. and this isn’t going to change soon. Home to the big banks. Starting your career in New York means you’ll be closer to the power base.” says van Steenis of Morgan Stanley.” Six reasons to start your banking career in the US 1.” 3. from Nomura to SocGen. and success in the competitive top league of investment banking is a pretty good foundation for a stellar career. Big opportunities.GettinG in INVESTMENT BANKING FINANCIAL SERVICES EMPLOYERS 6. Experience on Wall Street is an invaluable addition to any CV. you could always try some of Europe’s other financial centres. both debt and equity. 6. and this will create new financing needs at home and abroad. When that happens.com/students 5 . Growth. Economic growth is also leading to the further integration of Asian economies and increased intra-regional capital flows. and capital markets. Intra-regional capital flows. New York-based head of the investment banking practice at executive search Six reasons to start your banking career in Asia 1. If you don’t want to work in London.” says Alex Alcott. The dynamic US market is persuading foreign banks. China’s State Council has decreed that Shanghai must become a global financial centre by the year 2020. Edinburgh specialises in fund management. At the time of writing. 2. the US generated 53% of global IB revenue. In the first quarter of 2010. China knows that a truly global financial centre needs liberalisation of capital flows and convertibility of the renminbi. Citigroup. Brazil. the US economy is growing faster than the European economy. The Asian financial marketplace is hungry for skilled professionals. Asian. and using their expertise to drive financial innovation in the ‘new economies’. which will generate business for investment banks. increasingly.com/students Careers in Banking and Finance 2010/11 efinancialcareers. Asia’s financial centres are fostering close links with fast-growing emerging markets like sign up for our student newsletter for the latest banking & finance jobs and news. 2. Hong Kong is currently consolidating its position as a fast-growing regional centre and narrowing the gap with London and New York. 4. The Singapore government is actively building on its status as a more open and cosmopolitan financial centre. The American market is the biggest and most developed market in the world. BofA Merrill . according to information provider Dealogic. Increasingly home to foreign banks. US banks are also hiring again. Luxembourg specialises in global custody. J. “The last few months have been the busiest times I have known in my 15-year career. Emerging markets axis. “We have a broad and diverse financial services industry and present myriad opportunities for finance professionals who want to enter the Asian market. Paris.” says Huw van Steenis. to have big growth plans in the US. Deregulation. A great foundation. India and South Africa. Asia is where it’s at. Career opportunities are therefore flourishing. up 11% on the same period of 2009. Asia is set to loosen the reins. Opportunities. Zurich and Geneva are specialised in commodities trading and private banking – and. “Business has picked up across the board and our clients need the capacity to execute their business. The buzz. “We have an open talent policy to attract the best and brightest here. Frankfurt and Milan are also important financial centres in their respective countries. Morgan Stanley. Geneva and elsewhere. This is why HSBC chief executive Michael Geoghegan has left London and relocated to Hong Kong. Lynch) are American.P Morgan. have deepened. “Financing this new infrastructure and the underlying commodities flows will be highly attractive for banks. Sympathetic Mayor Michael Bloomberg is determined to get New York over the shock of the financial crisis and to encourage the growth of a new generation of financial services companies. head of EMEA banks and financial research at Morgan Stanley. but with European and Asian banks too. Zurich. especially Chinese. 3. Right now. Economic dynamism.” 5. As the US and Europe tighten regulations and threaten curbs on remuneration and bonuses in the wake of the financial crisis. companies will soon be among the world’s largest multinationals with a strong presence in all emerging markets. capital inflows will massively increase.
can a non-EU candidate studying in France apply for a position with Morgan Stanley London? Absolutely. So if a candidate has a low mark in a first degree is it possible to start a career with an investment bank? Are there any appropriate positions available for degree students with a lower grade? Or should candidates be applying for additional courses if they wish to start their career in IBD? Q A What are the three main characteristics defining your ideal graduate hire? Integrity – we look for people who will “do the right thing” and who will speak up. O their field. we remain open to applications from anyone who can demonstrate the required skill set to work in investment banking. Please bear in mind that most of our programmes require a 2. actively matching their skill sets to our requirements and core values. we make it possible for students to put their questions directly to banks’ graduate recruiters. senior managers in graduate recruitment at Goldman Sachs. Subject to being able to fulfil the UK work permit requirements. Spelling mistakes or getting the employer’s name wrong guarantees rejection. and flexibility – people who can adapt to a fast-moving and dynamic environment. entrepreneurship – people who will look for and grasp new opportunities. Stephanie Ahrens EMEA head of firm-wide graduate recruitment. Credit Suisse Q A If a candidate has a low mark in a first degree. who respond positively to change and uncertainty. Morgan Stanley Can candidates who require work permits apply for graduate roles at Morgan Stanley? For example. Morgan Stanley. and thrive under pressure. Another major failing is that many applications just fail to make an impact. Competition to get onto our graduate programme is intense. as do messy and unstructured applications. Credit Suisse and Nomura answer some of the questions you have put so far. Q Your questions to: Stephanie Ahrens EMEA head of firm-wide graduate recruitment. Your questions to: Jane Eccles Head of campus marketing and events. Below. regardless of nationality. Graduates can do this by clearly articulating why they want to work at Morgan Stanley and demonstrating that they have researched us thoroughly and know what we are looking for.GettinG in INVESTMENT BANKING FINANCIAL SERVICES EMPLOYERS Graduate recruiter Q&a Top banking recruiters answer your questions direct n eFinancialCareers. will it improve their chances of receiving an offer if they study an MSc? The most basic error [in applications] is lack of attention to detail.com.1 or above (or equivalent outside the UK). A Q A What’s the number one reason why student applicants are rejected from Morgan Stanley? The most basic error is lack of attention to detail. Morgan Stanley Studying for a Masters is a personal choice that you will need to make based on your academic interest. take measured and controlled risks and want to be leaders in Q 6 Careers in Banking and Finance 2010/11 efinancialcareers.com/students . so it is important that applications stand out from the crowd.
M I L A N .com PA R I S .Z U R I C H .G E N E VA .B R U S S E L S .exane.S I N G A P O R E .F R A N K F U R T .Sharp enough? Get in touch Cash Equities Equity Derivatives Asset Management www.L O N D O N .M A D R I D .N E W Y O R K .
If you have the perspective to face today’s global challenges. (M/F/D/V) © 2010 Morgan Stanley . the smaller the globe will seem. To find out more about career opportunities at Morgan Stanley and to hear from recent hires visit: www. or providing liquidity and capital for a growing global economy. we’d like to talk to you.com/careers Morgan Stanley is an equal opportunity/affirmative action employer committed to workforce diversity. And we’ll provide you with the training. Moreover. you might be facilitating and underwriting transactions. which means you’ll quickly gain unprecedented exposure to every aspect of the financial world.morganstanley. At Morgan Stanley. On any given day. and responsibility to do it.Day 1: Introductions Day 2: The World The faster your career grows. mobility. solving complex challenges and fueling economic growth across continents is what we do. we’ll give you the opportunity to become involved in making a real difference. We offer you a structured path to success.
For example. Is it still a good industry to go into? A Q A I’m studying history. and broadens one’s thinking and skill set. given that I only have limited knowledge of their recruiting efforts. joining a club or society. but we are also keen to see what else students have been involved in. The pace of growth. Goldman Sachs No week is the same. pro-activity. but we are also keen to see what else students have been involved in. There will be a combination of research on products. Investment banking is still unique in terms of how much you can see and do in such a short period of time. Being able to articulate in your cover letter why you are applying to Goldman Sachs and the particular divisions you are applying to as well as why you think we should hire you is also really important. EMEA and India. we accept applications from all degree types. This stage can require a great Q As a recent history graduate and current economics postgraduate student. or into management consulting. I am looking to get into the banking industry. Nomura I’m thinking of going into investment banking. Investment Banking Operations and Information Technology departments may accept a 2. What distinguishes a Goldman Sachs graduate trainee from a graduate trainee at other investment banks? Q A Q A Your questions to: Sarah Harper Head of recruiting. We look to hire people from a wide variety of backgrounds who can bring something different to the table. by design. A Q Your questions to: Malcolm Horton Global head of recruiting and programmes. of course. has been one of the most regulated industries in the world for hundreds of years. For people who are ambitious to acquire more knowledge. which is both a necessary and positive thing. We look for well-rounded individuals who have many different strings to their bow. you won’t even notice! you suggest some ways in which I can enhance my CV.2 grade. change and innovation means that this will continue. However. The ability to build relationships is also critical – so. The need for efficient and effective financial services will continue. and the most senior leaders at Goldman Sachs are actively involved. if you can demonstrate knowledge of and a genuine interest in the department that you are applying for and an excellent record of personal accomplishment. While some areas of Information Technology. or playing a musical instrument to a high standard can all demonstrate commitment. but it is also very important that students experience other aspects of school or student life. figures and using information to make decisions is key. Do you have a preference for Oxbridge and Ivy League graduates? I know you may say all degrees are equal. EMEA and India. Is it imperative to have impeccable academics if I want to apply to Goldman Sachs? Q A No. As the pace of opportunities is unpredictable. take on high levels of responsibility and make an impact on the world around them. which means the opportunity to come into this business. I’m thinking of applying for a position in M&A. enthusiasm and a desire to improve.GettinG in INVESTMENT BANKING FINANCIAL SERVICES EMPLOYERS A Areas of our Finance. Can you give me an idea what a working week for an M&A banker is like? Banking. and any positions of responsibility will give you great experiences to highlight your potential. Careers in Banking and Finance 2010/11 efinancialcareers. There are managers who ensure that everyone’s workloads are balanced and diverse during the course of the year. entrepreneurial and inquisitive. and am particularly interested in a research role. Goldman Sachs deal of valuation and financial modelling work. or equivalent. driven. Academic achievement and work experience are two key areas. Banks and regulators are required to work together in the interest of the public. The access to information and technology that students have should allow you to get comfortable with the language and basic concepts of sales and trading. I would not be able to elaborate on other investment banks. with everything you are learning and all the great experiences. but there can be some long weeks. industries or companies followed by contributing to marketing presentations on business ideas and ultimately getting involved with transactions. engaging. of course. Being comfortable with numbers. Does this mean I’m not eligible to apply for a job in sales and trading? Will I struggle with the maths that’s required? The degree itself is by no means the sole predictor of your future success in a markets role. having a history degree will give you lots of interesting things to talk about. there is no other career that guarantees this and more. Being part of finance-related societies at university helps demonstrate your interest in the industry. We do expect candidates to have strong academics. we hire people who are bright. Fixed Income and Equities require a specific degree. We look at all aspects of the application when we are selecting candidates for interview. but are some more equal than others? Academic achievement and work experience are two key areas. I’m a bit worried about investment banking as I suspect it will be under a lot of regulatory pressure in future. those who show they are hungry to learn and achieve new things. which is part of the excitement of the job. aside from the obvious ‘doing an internship’ option? Q A There is no preference shown to graduates from specific universities. Last year we made hires from over 50 schools where we had no marketing presence. a transaction can take seven days to seven months. being part of a sports team. Can In terms of Goldman Sachs analyst classes. Recruiting the best people we possibly can into the firm is a top priority for us. Sarah Harper Head of recruiting. but am uncertain about the hours that I’ve heard are involved.com/students 9 . learn about every aspect of financial services and value creation will continue for many generations to come. We are keen to hire self-starters.
George has completed a gap year. It would be even better if the candidate linked these to some results or outcomes. but there is nothing on his CV to suggest he did anything with that gap year. have been changed to protect the identity of the real student behind the CV. Irrelevant. which is usually a hint that the grades weren’t good. Errors like “a change to network” instead of “a chance to network” give a very bad impression at the outset. The only time he mentions a result is for some of the extra-curricular activity. The description of Capita work experience is well-written – it talks about actual actions and responsibilities. Lyle Andrews Head of graduate recruitment. 2 9 3 [For extracurricular activities] we look for examples of leadership or achievement. and need to be fixed immediately. should the interviewer ask for additional information. dates. this contributes to the impression that George is not an achiever. at least to business-level. Typos. ‘George’ has spelt ‘Nationally’ correctly. and communicates information in a concise way. or that the subjects weren’t particularly relevant. there shouldn’t be any gaps on a graduate CV. Many students do not include both. We look for examples of leadership or achievement. A CV should either appear on one or two pages. Ideally. not the current one-and-a-bit page format. * Name. but are mainly “task-driven”. don’t Tell” – none of the entries here focus enough on his achievements.g. but not the result. Good data on A-levels – both subjects and grades received. Extracurricular activities 10 Education 4 The student lists a lot of extracurricular activities. but the word used should be ‘Nationality’. locations etc. so this should be deleted. but an employer is more interested at this stage in what the candidate did and how the candidate can contribute to their organisation – again. Being a member is not enough – there needs to be more to it. less recent and short work experience should be covered in less detail. making him sound like more of a doer than an achiever. given that it has just five lines on it. Work experience 7 8 Language(s) Right word. 5 6 The student hasn’t listed his/her expected graduation date. These can be elaborated on in an interview. Same with volunteer work – the candidate talks about the action. It is likely the second page won’t be read at all. Being a member is not enough – there needs to be more to it. but not all of them show leadership roles or dedication.com/students . which actually helps those descriptions a lot. But the chronology and relevance of these is not clear. George needs to follow the maxim “Sell.com. George also talks in various places about what his team did. Candidates should double check spelling corrections to ensure that the right message is being communicated – e. a graduate recruitment consultancy and a CV expert – review a real* CV selected from those submitted by students to efinancialcareers. UBS Good variety of experience – internships. 10 Careers in Banking and Finance 2010/11 efinancialcareers. In the Languages section. Format 11 12 Clear bullet points that aren’t too long. Use of bullet points is good – this keeps sentences short. George lists his French skills as “Basic” – employers don’t care about languages in which a candidate is not fluent. It’s better to list a few things where something special has been achieved rather than a laundry list. summer jobs and volunteering.GettinG in INVESTMENT BANKING FINANCIAL SERVICES EMPLOYERS your cv The subtle art of pitching yourself on paper T 1 hree industry insiders – a top banking graduate recruiter. wrong usage.
Organi ed Managerial Acc sational Behaviour ounting. thro in the 2006 Nation ugh my contributio Sept 2005 – June al Debating Matter ns we were succes 2006 s Competition. Aug 2009 – Aug 200 ons on the work of 2 9 Barclays Wealth and • Group exercises a change to netwo where a team of 5 rk with the Private had to prepare a pre Volunteer. I was responsible for the initial well-being and how to settle into Oct 2008 – June 201 of six first-year stud university life.com/students 11 . ion and appreciation of People and Planet . Lon Macrdon Advanced Levels: 6 Mathematics (A). 2006 including: English (A). HOBBIES AND IN TE • Aerobiking. Nationally: Bri 4 • Mobile: 07794 tish 1 567 890 • E-mail: georgewebber2010@ EDUCATION hotmail. Depending on what this candidate is looking for. SE3 9JZ Date of Birth: 07. man Brothers. he has an average to good CV – he would definitely be considered for a Middle Office role. He rron Financial Reg istrars. Member of the Ho managed to raise £80 garth Debating Soc 00 iety: • Participated in numerous debating competitions. 2009 d AGM and the adm • Structured and inistration for the tested the Standard diviLife letter templates Barclays Wealth for shareholders and Insight Day responsible for acc • Accepted onto uracy and formatti the Barclays Private ng. Banking Insight Day • Various presentati . ers of the team. ductivity within the department increa Summer Intern. ResumeRebrand. • Compiled spread ing revenue data and sheets for legal exp reported enses for the month • Worked under a -end reports. or themes around activities help to give a fuller picture of an applicant.C grades. Bla ckheath. ents. Home: 020 8856 123 88. Lon the need to reduce don • Worked in the Cap one’s carbon footpri nt. 11 • Researched pot ensive marketing and fund raising campai July 2008 – Aug 200 ential donors (charit gn for educational and environmenta able organisation and 8 • Sold carbon aud l projects.000 and input dat Mar 2007 – Mar in client calculation 2008 a into their in-hous s and subsequently • Worked with ma e database. Lon 15 per don • As a member of a six person team in Product Control these figure to trad . Offering guidan 0 UCL Accounting ce on academic adv and Finance Class ice Representative: • Acted as a represe ntative for my pee rs. Leh public awareness of ible for funding. time constraint to create a standardise d spread sheet for the month-end rep EXTRA CURRIC orts. I took part in a var • Organised awaren iety of charity work Sept 2004 – June ess sessions for you 2006 and fund-raising for nger students. Capita Ca findings to my team ted to senior memb sh Management. given his previous experience. London. and no hints of motivation or drive to be in finance. trusts) to see if our its to businesses in organisation was elig London and raised Spring Intern. ital Markets Divisio n with the Events • Researched the Driven Trading des Apr 2008 – Apr 200 public image of key k. 8 firms in the commu • Prepared presen nications industry tations on specific and presented my industries and presen Cashier. Bio Sept 1999 – June logy (A) 10 A* . advanc oeconomics. We 8 our expectations. Front Office would be out of his reach due to lack of previous experience. Corporate Finance. London 9 • Part of a twelve 8 person team trusted to handle up to £50 • Corrected errors 0. This helps the recruiter to get a better understanding of the student. thro ugh sponsorship from from a single sponso Oct 2007 – June 200 businesses and oth r which was beyond er organisations. Leh sing productivity by man Brothers. sentation in 25 min ony International utes and present out . Gym . ndations to senior 9 Sponsorship team members of staff and for the UCL Timeles lecturers s Cultural Show: • My role was to secure funding. GEORGE WE Our thanks to: Lyle Andrews Head of graduate recruitment. Muswell Hill. ULAR ACTIVITI ES 10 UCL Student Me ntor: • For two years. unless he proved to be exceptional in interview. London • Developed an ext solution to the cas e study.com Careers in Banking and Finance 2010/11 efinancialcareers. advanced and Theory Hogarth School. my role was to val July 2007 – Aug 200 ers in the capital ma idate the daily trad 7 rkets. increa an international cha sing their participat rity. Kingston • As a member of an eight person team . EHarm Bankers. Po S Languages: English : Native. sful in reaching the Founding member semi-finals of the Fair Trade Organisation: • After co-foundi ng the organisation. UBS The Graduate Team Cornell partnership graduate recruitment consultancy Claire Crichton CV consultant. Tropical Fish K eep ADDITIONAL SK ILL RESTS ing. issued customers wit nagement to improv h the correct vouche e efficiency and pro cent. GCSE: Chemistry (A). I organised votes dends and share pur June 2009 – July for the National Gri chase.com University Colleg e London BSc Accounting and 4 Finance. rs. English Literatu WORK EXPIERE re (A) and Science NCE 7 (AA) 5 Administrator. French: Bas ic 3 LSE Soft Skill Ses sion 2010 ker.GettinG in Overall INVESTMENT BANKING FINANCIAL SERVICES EMPLOYERS There is no indication of what sort of business area this person is interested in. voicing sugges within the departm tions and recomme Oct 2007 – June 200 ent. Evidence of a story or narrative in a CV is good – links into a goal.03. Expected result 2:1 • Courses includes Sept 2007 – Presen advanced Financial t Accounting. . Weight Training 12 BBER 24 Oxford Road.
Don’t allow these tests to become an issue. etc and Y is a numerical statistic. you can read. b. Move quickly. Unsuspecting candidates may jump to the graph and quickly tick an answer. You will often receive an email with a link directing you to a test site.com/students . Our business thrives on attention to detail and being able to maintain a high standard under pressure. Don’t spend five minutes on one question – make an astute guess and carry on. Based on information in the application. and those who perform well in this will be invited to interview. For example. And whatever you do. False (Is it logically false based on information or opinions contained in the passage?) c. make sure you get the easy ones right. Some banks only subject candidates to tests at interview stage. an open Excel spreadsheet. percentages. Banks want to see that. If you’re invited in for interview. For our online practice tests. Ask HR if the in-house tests get harder as they progress – if they do. digest and disseminate accurate information. True (Does it follow logically from the information or opinions contained in the passage?) b. Cannot say (Based on the passage. c. go to efinancialcareers. a. This is what the tests are testing! Numerical test tips Online numerical tests usually centre around simple addition and subtraction. you’ll probably also come across in-house numerical tests. within a limited time frame and in a pressurised environment.com/numericaltests Verbal reasoning test tips Verbal reasoning tests are all about attention to detail. you may see a simple XY graph where X is Year 1. asking you to complete it in five business days. compound interest. and a calculator. and interest calculations. They are often designed to catch out people who don’t read the question properly. differentiation. numerical and verbal reasoning tests The author is a junior banker who aced a barrage of psychometric tests and is currently working in a sales role at a leading US bank in London. they are to be taken seriously: failure to perform well will mean you won’t make it through to interview. Candidates who pass this too will be invited to an interview where they may be asked to sit yet more – you guessed it – tests! Numerical tests are designed to catch out people who do not read the question properly. often touching on bond maths.. After you’ve made your initial application (whether by filling in an application form. but accurately. Tests for the best candidates. Some banks will expect all candidates to sit a numerical test as part of the application process. testinG The inside track on… psychometric. analysing tables and problem-solving. but the key is to make sure you read the statement carefully. or sending in a CV). are you unable to determine whether the statement is true or false without further information?) Practice helps. Candidates who perform well will be invited to sit a verbal reasoning test. I can tell you that they aren’t as bad as they seem. some banks will ask the best candidates to sit an online numerical test. Take the exam when you’re sharp and in a quiet place. Beware – they’re harder than the online tests. Ensure you’ve got everything you need to hand. and understand what it’s actually saying. Tests for all candidates. Candidates who pass this test are then asked to take an online verbal reasoning test. you’re likely to encounter psychometric tests in the following contexts. The hardest element of the online tests is time. Have scrap paper.. You’re usually provided with a passage of information and required to evaluate a set of statements by stating if each is: a. so don’t be disappointed if you don’t encounter them online initially! that the Y column was in fact cumulative. Tests for candidates who make it to interview. missing 12 Careers in Banking and Finance 2010/11 efinancialcareers. However. The question asks what the Y figure in Year 3 was. Year 2. graph reading. F ear not! As someone who’s been through the psychometric tests successfully on several occasions. DON’T miss the deadline.GettinG in INVESTMENT BANKING FINANCIAL SERVICES EMPLOYERS testinG.
Join the EIB The EIB. Join the European Investment Bank www.Working to improve the future. is dedicated to improving the future of people’s lives in Europe and around the world.eib. It achieves its goals thanks to a diverse and highly qualified workforce.org/jobs . motivated to support the financing of sound investment projects that deliver tangible results. as the Bank of the European Union.
investment banker. A group exercise. role plays and then – a job? The assessor is a senior capital markets professional at a European bank in London. not dominate. For example. They weren’t nearly as technical as I’d expected them to be. but it had failed to pass a safety test. too. At the end of the day. Another interview. Don’t just regurgitate figures and statistics. it was necessary to speak up and voice your opinion clearly. etc) and asked to build a society. trading house or even a commercial bank). Twenty-four candidates started the day. This will usually be in the form of either a business case study or a ‘treasure hunt’ scenario. half the attendees were eliminated! The first group exercise was very interesting. interviews. three separate 30-45 minute interviews are not unheard of. A test. This might be a numerical or verbal reasoning test. Don’t drink all the free alcohol and demonstrate the drinking prowess you’ve developed during university life! The assessor All graduate assessment centres. A drinks and networking event. You’ll be given some facts or figures and asked to make a presentation around them. and in the afternoon there was a round of interviews. this could be the most important part of the day – banks will want to see that you are sociable and able to form relationships. lawyer. and then made a presentation back to the group on the relative strengths and weaknesses of each company under consideration. What they seemed most interested in was why I wanted to work in M&A. and made a presentation to the assessors at the end. Attention to detail was crucial – for example. T he assessment centre I attended at an investment bank in London ran from 9am to 4pm. and why at that bank in particular. were we building a society on a desert island or in a city? We had 20 minutes to discuss. hedge fund. We started out by working in groups of two for 10 minutes in order to analyse each different company. If you want to do well in the presentation. most banks will provide some snacks and drinks.GettinG in INVESTMENT BANKING FINANCIAL SERVICES EMPLOYERS assessment centres More tests. show that you can think. to analyse. don’t stay in the background. cosmetic surgeon. Find the middle ground and drive the group forwards – insist that decisions are intelligently made and move on. but only 12 finished: after a morning session comprising a numerical test and two group exercises. Be prepared for: The group exercise is one of the most important parts of the assessment centre. Successful candidates try to make a logical attempt to tackle the problem. The key here is to participate. are run along broadly similar lines. and were based largely around fit and competency. A n assessor and an assessment centre ‘survivor’ share their perspectives on what tests and trials to expect from an assessment centre. If you are applying for a sales or broking role. I managed to survive the elimination of half the candidates at lunchtime. We were given a selection of different occupations (teacher. you’ll need The candidate is a former student who successfully completed an assessment centre to land a job in M&A at a leading bank in London. one of the companies had a best-selling bike. At least one interview is inevitable. This will be followed by a general grilling from a number of interviewers. They were really friendly and genuinely seemed to want to find out what I was like! 14 Careers in Banking and Finance 2010/11 efinancialcareers. If you have applied for a trading role you may well be tested on some form of trading simulator. The second exercise took place after a 10-minute tea break and was much more business focused. not dominate. The key to success in this exercise was to make several assumptions at the start that would clarify the situation. A presentation. farmer. This is one of the most important parts of the assessment centre.com/students .. irrespective of the specific role you have applied for. Since we were put into relatively large groups of eight. Don’t try to control the proceedings. The key here is to participate. The group of eight was asked to analyse four different firms and suggest one of them as a potential merger or acquisition target for the fictitious company the candidates worked for. or institution type (investment bank..
Sarah Butcher Editor. 2 on the 2nd. specific to PWM? • What skills make you suited to a position in PWM? • How would you persuade a team that the decisions they are making are wrong? Never go to an interview without some questions for your interviewer up your sleeve. +50 billion. What was the result? Operations (graduate) • Why GS? • Why a career in investment banking? • Tell us about a time when you had to work to a tight deadline but didn’t make it… IBD (internship) • Give me an example of a time when you have personally failed. what is the last digit of this sum? So for example if the sum was 127.com/students J. Morgan Financial analyst (graduate) • How do you keep informed about the financial markets? • What do you know about the role of a financial analyst? • Why are you interested in the financial analyst programme? . then 4. • Why do you want to become a ‘greedy’ banker? Goldman Sachs IBD (graduate) • Is there anything about your work or studies that you haven’t enjoyed? • Tell me about a time when you’ve disagreed with team members. efinancialcareers. Sumif.GettinG in INVESTMENT BANKING FINANCIAL SERVICES EMPLOYERS real interview Questions Tricky – and trick – questions candidates have faced F ellow students from around the globe have been sharing the questions they’ve faced at interviews via our online Student Centre. sales and trading (internship) • There is a chessboard with 1 grain of rice on the first square. Here’s our pick of the best. Pivot Tables. what is its rough value? • Why IBD and not. 16.5 (no paper)? If a company has cash flows of –50. Sell me an Easter egg. but hope they’ll prove a useful resource for anyone aiming for an entry-level position in an investment bank. • Give me an example of when you had to think outside the box to solve a problem. • Tell me about a time when you worked with someone to achieve a common goal. etc). If I add up all the grains of rice on the chessboard. then the answer would be 7.P. from one to ten? • It’s Christmas and I’m looking for presents. • What is a ‘swap’? • Where does product controller fit (in the process drawn by the interviewer) and what does this function entail? At which points could possible errors arise? Barclays Capital Sales (internship) • How well would you rate yourself at sales. • How many people in the US own tennis balls? Citigroup Global markets. Credit Suisse Product control (internship) • What do you know about product control? • Explain how to perform the following Excel functions – Lookup. consulting? 16 Careers in Banking and Finance 2010/11 efinancialcareers. 32… up until the last square.com Debt capital markets (graduate) • Tell me about a time when you had to take a risk. • How many petrol stations are there in the USA? • What is the square root of 79? Deutsche Bank Private wealth management (graduate) • Who would you say are our main competitors. 8. Investment Banking (IBD) (internship) • what is 100 divided by 12. We can’t vouch for their authenticity. 0. say. arranged in alphabetical order of bank. If.
institutions. and commitment to excellence of our team guide everything we do.chappell@lazard. intellectual rigour. and individuals. independence. operates from 40 cities across 26 countries in North America. A strong academic track record is a must. . free of the conflicts that can arise at other financial institutions. Europe. Australia. With origins dating back to 1848. Central and South America. strategic matters. Lazard. We are recruiting summer interns and full-time analysts to start in 2011. as well as asset management services to corporations. capital raising and corporate finance. Apply online today at www. we want individuals with the commitment and flair to succeed within our organisation. You will possess a passion for business and a genuine interest in investment banking. and we maintain long-standing relationships with business leaders and decision makers around the world. enterprise. We are an independent firm. the firm provides advice on mergers and acquisitions. Our intellectual capital is our strongest asset.lazard. The superior intellect. Asia. partnerships. one of the world's preeminent financial advisory and asset management firms. along with well-developed interpersonal skills and a sense of individualism and identity. Most importantly.Independent Thinking on a Global Scale Lazard is a premier financial services firm committed to excellence.com or 020 7187 2215. integrity and creativity for our clients on a global scale. governments. restructuring and capital structure.com/apply Please direct all enquiries to Shelley Chappell at shelley.
as he thinks you’re a burden. what would you tell me if you were selling a structured portfolio strategy? Morgan Stanley Equity research (graduate) • Tell us about yourself.GettinG in INVESTMENT BANKING FINANCIAL SERVICES EMPLOYERS IBD (graduate) • How do you respond to change? • You are advising a CEO on a possible merger. • Tell us something you read about recently in the financial press that you found of interest. but also able to operate as a salesman as you progress in your career? • Have you truly considered the lifestyle and work environment of an investment banker? Sales and trading (internship) • Do you prefer sales or trading? • How will you allocate a fund of money? Wealth management (graduate) • How would you explain volatility to a customer? • What financial markets do you know? • Can you give us a market wrap-up? RBS Global restructuring group (graduate) • Emerging Markets have different challenges and opportunities to firstworld economies and countries. The CEO tells you that he is only doing it to improve his status and that he will be gone in a few years’ time. With the current economic pressures and global realities in mind. • Why so interested in equity research? • What’s the biggest challenge that you’ve faced so far? • Do you like music? What instrument do you play? • Do you invest in stocks? If so. Why did you think it was unfair. What do you do? • What’s 12 divided by five? What’s 11 divided by nine? Operations (graduate) • Who do you see as a role model? Can you give me an example of someone you think has huge influence in the world? Trading (internship) • How many barrels of oil does OPEC produce a day? • Give an example of a time when you showed leadership skills. you do not believe that the merger will be good value. and how did you react? • Tell me about a time when you had to go out of your comfort zone. UBS DCM (internship) • Can you draw me a typical yield curve for a bond? • Who pays for the US deficit? efinancialcareers. • What do you know about the bank? • What do you like about the bank? Corporate banking (graduate) • What do you expect from banking. other than a prosperous career? • Which qualities do you have which you think would make you fit the position you’ve applied for? • How will you benefit from RBS and how do you think the bank will benefit from you? Sales and trading (internship) • Tomorrow the ECB is meeting.com/students 19 . visit our online student centre to post your banking interview questions and answers – and to check out the latest questions asked by the banks. which and why? • How do you value stocks? • Is RFID a disruptive technology? How do you define ‘disruptive technology’? Nomura Global markets (internship) • Do you agree with the thinking that in a positive economic environment the yen would be likely to appreciate against the dollar? • What is ‘contango’ and ‘backwardation’? • What do you know about Nomura? • If you end up working long hours and your manager has no time for you. and how did you react? Equities (graduate) • What have you done to prepare for this interview? • Can you describe a situation in which you worked as a member of a team to achieve a goal? • When have you shown initiative by doing something original to solve a problem? • What is your greatest achievement and why? • Do you have any questions? Equitt research (Grad) • Why do you think you will be able to research companies in Europe when you are from the US? What sort of credibility can you have if you don’t know the culture? • Why did you go to University A instead of University B? IBD (graduate) • What makes you think you’d be good at the transactional work of a junior investment banker. what do you regard as an unrealised opportunity and/or unidentified risk associated with financial institutions operating within emerging markets? Global markets sales (graduate) • How did you research the bank? • Tell us about a time when you had to convince people to agree with your view. Why did you think it was unfair. how would you cope with this? DCM (graduate) • Tell me about a time when you received unfair criticism. and how do you calculate P&L for this structure? • If I were a pension fund manager. However. • What is Greece’s budget deficit? Credit Risk (graduate) • Would you rather be respected or respectful? • Describe a risky situation you’ve been in. If you expect rising short-term interest rates. Tell me about a time when you received unfair criticism. what kind of zero-duration structure could you advise to clients.com/students Careers in Banking and Finance 2010/11 efinancialcareers.
look into the strategic rationale for the transaction. an industry insider gives her take on the top 10 questions you must be able to answer before going for an interview in investment banking. Find out the timeline of the deal. Hazel Scofield Graduate recruitment consultant. and Corporate Broking. Most corporate financiers are motivated by ‘doing the deal’ and not by the money. Tell me about a recent deal you’ve read about… Study at least one deal in depth. What are the main differences between debt and equity funding? • Equity confers ownership. 3. What are the drivers and current trends in this industry? Make sure you have a couple of industries that you can talk about – my tip is to choose a consumer-type industry to which you have had exposure. 2. Why did you apply to this organisation? Here. equity is unsecured. and was previously an M&A analyst at a leading independent investment bank in London. accountants and PR. How do you value a company? The key to pitching and advisory is valuation. Have you any questions for me? Have a few genuine questions prepared that will help you in your career choice and to understand the organisation you are interviewing with. Be prepared to explain how the following valuation techniques work – discounted cash flow (DCF). Most importantly. 1. you have to understand the organisation’s strategic positioning and their culture. What work is carried out in corporate finance? • Pitching – presenting to potential clients. Then think about how a combination of two businesses in that sector might enable them to make even more money and reduce costs. equity is generally never repaid. Choose an industry. Think about how a business in that sector makes money and where it pays out costs. Corporate finance is the advisory service that assists companies in raising capital and acquiring and disposing of businesses. Hazel Scofield. Why do you wish to pursue a career in corporate finance? Most corporate financiers are motivated by ‘doing the deal’ and not by the money. The better answers I hear include an interest in the strategy of companies and the public markets along with a desire to have a job that requires you to keep learning throughout your career. 7. ECM and DCM. What do you think you will be doing as an analyst? As an analyst you will help the senior bankers put together presentations for existing and potential clients. ere. 20 Careers in Banking and Finance 2010/11 efinancialcareers. is founder of Smith Howard. • Project management – managing the deal team of lawyers. If you have selected a deal involving a public company. • Debt is always repaid. debt ranks higher than equity. What is corporate finance? Corporate finance hirers will expect a basic understanding of finance and the corporate finance industry. comparable transaction analysis.GettinG in INVESTMENT BANKING FINANCIAL SERVICES EMPLOYERS investment bankinG interviews The top 10 questions to prep The author. Initially you will be responsible for company and sector research. 10. 6. debt does not. 5. make sure you check how the share price has moved and what premium the acquirer paid. an independent graduate recruitment consultancy. 8. comparable companies analysis. Smith Howard 4. 9. so definitely bear this in mind. Think about your skills and personality and the reasons why you think you would succeed in this organisation. • Advisory – providing financial and strategic advice.com/students . • If a company becomes insolvent. so definitely bear this in mind. It includes divisions referred to as M&A. but you will quickly be required to carry out financial analysis and ultimately complete whole company valuations. H • Debt is often secured on the company’s assets.
.ubs.com/graduates. make your future a part of ours by visiting www.Want a fulfilling career that rewards energy and fresh thinking? That’s what we want too.com/graduates © UBS 2010. Wherever you are in your academic career.ubs. www. We respect and seek to empower each individual and the diverse cultures. skills and experiences within our workforce. perspectives. Looking for a career where your ideas could really make a difference? UBS’s Graduate Programme and internships are a chance for you to experience for yourself what it’s like to be part of a global team that rewards your input and believes in succeeding together. UBS is an Equal Opportunity Employer. All rights reserved.
executive director and junior 3. J. director and managing director – although the job titles may vary depending upon the bank you work for.P Morgan . building a financial model. the big US investment banks dominate the top five spots in the 2009 advisor rankings. you may be fortunate to attend a few client meetings with more senior bankers. The more senior you get in M&A banking. UBS 316 despite these pressures it is integral & Riskespecially at the analyst level. she adds. Global M&A all advisor rankings 2009 “Within investment banking. followed by UBS and Barclays Capital. or which it should be selling to.” No. Big investment banks aren’t interested in smallfry M&A deals. At the upper end. markets The hours can be very long and the Opportunities workload is often intense. move up to associate. oil and gas or media and telecommunications.com/students . deals 282 296 318 209 211 229 234 90 202 222 Source: Dealogic. A career in M&A demands considerable Kudos Opportunities trading & commitment. Goldman Sachs 662 and complex discipline. but mainly you’ll be focused on complex financial modelling and research to put together ‘pitchbooks’ for the bank. Credit Suisse 341 the workload is often Art12 Compliance intense.” says Angela 2. M&A All Advisor Parent Deal value ($USbn) is often seen as the more demanding 1. You start out at analyst level.GETTING IN investment bankinG FINANCIAL SERVICES EMPLOYERS merGers & acQuisitions The international jet-set of investment banking The most competitive division of investment banking Long hours. mergers and acquisitions (M&A) is one of the most acquisitions sectors to break into. executive director. They must therefore make themselves available whenever the client needs them – even if it’s the weekend. Barclays Capital 299 – Manage9.P Morgan Asia-Pacific. the deals can be worth billions. competitive As the name suggests. M&A bankers advise their research How hot Money Kudos Opportunities How hot Money Kudos Opportunities 22 clients at what are often stressful and critically important periods in a company’s lifetime. This is the document a firm will use to outline its ideas on which companies a client should be buying. Citi 445 bank J. The highest ranked European player was Credit Suisse. They only start to get involved at the mid-market level. 5. valuing a company or benchmarking a company against others. but despite these pressures it is integral that your work remains accurate. with transactions that are worth at least Art09 Capital US$100m. the more you’ll get to deal face-to-face with clients.P Morgan Asia-Pacific . but 7. Careers in Banking and Finance 2010/11 efinancialcareers. At the junior level. Morgan Stanley 622 Hu. J. . Lazard 294 ment requires a lot of financial modelling 10. financials. Angela Hu How hot Executive director and junior resources Art10 Sales. Money manager. BofA Merrill Lynch 381 “The hours can be very long and 6. M&A teams in investment banks advise client companies on mergers (where two companies join up as equals) and acquisitions (where one firm takes over part or all of another). It’s only later that you step away from the number crunching. Deutsche Bank 292 – that your work remains accurate. then vice president. their summer holiday or Christmas Day. speadsheets and number-crunching at the junior level Senior bankers build relationships with clients How hot Money Kudos Opportunities How hot Money Kudos ecause of its reputation as the more glamorous side of the investment banking Art08 Mergers &industry. 583 resources manager at investment 4. which 8. B Key players On the global stage. IBD at Goldman Sachs. Within those roles you have a chance to focus on a particular sector – for example.” says Anne Perez. consumer. “Many of an analyst’s key tasks will include financial analysis – for example. Junior bankers will work long hours and can expect to be busy assembling the Art11 Electronic information and legal required financial Trading documentation late into the night when the job demands. Roles and career paths There’s a relatively straight route up the career ladder in M&A.
Leading in financial advice. worldwide Leading international advisor Ownership and banker stability Relationship-driven perspective Robust. Summer Internship Programme or Long Term Internship Programme.rothschild. objective advice Creativity and rigour To apply for our Graduate Programme.com/careers . please submit your online application form at www.
At any moment. Risk Management. Global Transaction Services. A career with us is full of variety and challenge. . and Arc Design are service marks of Citigroup or Citibank. All rights reserved. Authorized and regulated by the Financial Services Authority. Operations and Technology Application deadlines: Full Time Analyst Programme 7th November 2010 Summer Analyst Programme 2nd January 2011 ©2010 Citibank. That’s why. used and registered throughout the world. Jen’s finally ready to rest. Citi Never Sleeps. Citi is an equal opportunities employer. Investment Banking Associate Rajid is returning from a meeting with government officials in Kazakhstan. Someone’s closing deals.. N. someone in our global firm is opening new markets. N. Human Resources. Sales & Trading.OPPORTUNITY NEVER SLEEPS.com Opportunities in: Investment Banking. Meanwhile.A. but we’ve already been working for her. Capital Markets Origination. oncampus. Six time zones away. half a world away.A. opportunity never sleeps. Private Bank. in New York. Because Jen isn’t working for us yet. Citi. after a hard day studying. Lisa – Jen’s future mentor – is shaking hands on funding for an irrigation project in Western Africa. Someone’s gaining skills to pass on to the next generation.citi. Citi and Arc Design is a trademark and service mark of Citigroup Inc. In Paris. at Citi.
able to assimilate enormous amounts of data and summarise these into the ‘story’. Why did you choose M&A? At university I rowed for Canada. I wanted a career that challenged and fulfilled me in the same way that competitive sport did. of course. You will also need good together presentations to clients. as well as getting up to speed with everything I needed to know before joining my team. as are stamina and attention to detail. Given that you’ll be working on complex financial have an appetite to learn. This evening I will further refine the ‘teaser’ document which we will send to potential investors for our sell-side mandate. Careers in Banking and Finance 2010/11 efinancialcareers. numerical social skills and flexibility. but they will oversee the work and take responsibility for it. Director 200-250 500-700 30% Jan Skarbek. Often in M&A you need and analytical skills are essential.200-1. I get to meet clients – pitching a new deal is the adrenalin-fuelled thrill an investment banker lives for! What have you been working on today? I am currently working on an energy deal in the Middle East with a new client. Figures are a global average. What has it been like so far? It is an exciting time to be in M&A as. M&A advisory. I have spent most of today liaising with compliance and the client to ensure we have the required documentation for the rigorous internal client screening processes. Tim Colson Graduate analyst. And.GETTING IN investment bankinG Skills sought FINANCIAL SERVICES EMPLOYERS “A key difference between an analyst and an associate is that the associate will take more ownership of the project. It was a great opportunity to get to know a lot of people. be prepared to work hard. we have been expanding our advisory business globally. which means longer deferrals. which demanded hard work. As it is in its initial stages. I get to meet clients – pitching a new deal is the adrenalinfuelled thrill an investment banker lives for! What are the main elements of your job? There is a great deal of background work that can range from mundane fact-checking to complex leveraged buy-out analysis. He joined the Barclays Capital Graduate Programme in M&A in September 2009. What makes you good at your job? You need to be good at research and analysis. and was also fast-paced and competitive. You also need to be able to think laterally and be able to put yourself in the client’s shoes. I do a lot of chasing down relevant information and documentation. adds: *Change measured as a percentage increase on 2008 bonus figure. which allows me to work with many different departments. Additional to be a jack of all trades.” says Elizabeth 3rd year associate 130-140 180-225 30% Wang.600 35% investment banking at Citigroup.” clients. COO of investment banking at 150-200 350-500 35% Vice-president Morgan Stanley Asia-Pacific. as well as tying bonuses more closely to performance. Source: Options Group Intelligence Unit. It is also important to learn 3rd year analyst 100-110 60-80 30% about the legal and regulatory issues 110-120 80-120 25% 1st year associate pertinent to the jurisdiction that the 2nd year associate 120-130 150-180 30% professional works in. This is crucial 80-90 40-60 25% 1st year analyst for M&A because of the strategic nature 2nd year analyst 90-100 60-80 30% of deals. complete commitment and determination. deputy head of UK Managing director 300-400 1.” Pay and bonuses Government crackdowns on investment banking bonuses – which would traditionally comprise the largest proportion of overall compensation – have dominated headlines for some time now. associates can take on more projects because they will not always be doing the tasks themselves. but unfortunately a broken rib forced me to withdraw from the selection process for the Beijing Olympics. following our acquisition of Lehman Brothers’ US business in 2008. I spent that summer thinking about life after rowing. The programme started with a classroom-based period alongside graduates from other divisions in Europe and Asia. and be prepared to models for valuing companies and piecing work as part of a team. Many banks mitigated against this by increasing base pay.com/students 25 . “You need to have a reasonable degree of comfort with numbers. so we generally look for languages are valued for working with overseas people with diverse interests and skills. Barclays Capital Tim graduated from the University of Western Ontario in 2008 with a degree in business and finance. Typically. a junior professional should also strive Average global investment bank pay 2009 ($USk) to understand the big picture of every Role Base Bonus Change* transaction they work on. “In order to be successful long-term. a greater percentage being paid in stock and the potential for the firm to ‘claw back’ payments if a predefined return on equity is not met.
equity capital markets. How hot Simon Ollerenshaw Money Managing director. ment when the original issuer has to 2. Careers in Banking and Finance 2010/11 efinancialcareers. BofA Merrill Lynch 71. making the interest rate 10%. As a junior capital markets professional. €100. or in the syndication process (preparing for the sale of finished products to investors). when the owner 4. J. And it’s the ‘pinkcollared’ bankers in the capital markets Art09 Capitalinvestment banks who work on the divisions of markets production line creating them. This is because bonds Global ECM bookrunner volume rankings 2009 (US$m) Art12 Compliance amount of money typically pay a fixed Bookrunner Current Value No.297 17. Citi 1.056 1.that they’ve agreed with the client. deal Trading with saleable units of debt in the form How hot Money Kudos Opportunities How hot Money Kudos Opportunities 26 of bonds. Bookrunner Deal Value No. Bonds come in all shapes and sizes. Goldman Sachs 79. the bank is obliged to buy the shares itself.112 271 8. So before new equity or debt-related products can be created. a bond worth €100 might 5. they have to convince clients that their firm is the one to use. investment grade bonds issued by companies (not too likely to default) and so-called ‘highyield bonds’ (more likely to default. % share the amount that the bond is bought 1.1 pay out €10 a year.2 and sold for will therefore need to rise Art13 Operations date at the end 2. in exchange for a fee. If they can’t find enough people to buy the shares at the price Art10 Sales. Barclays Capital Kudos Opportunities Debt capital markets Art11 Electronic (DCM).190 1.3 until the redemption 3. trading and research on page 30).683 275 7.P Morgan.com/students .228 304 7. meaning that. Barclays Capital 1. However.661 393 10. They act as ‘underwriters’ in the process. deal ‘originators’ are deployed to bring in new business.GETTING IN investment bankinG FINANCIAL SERVICES EMPLOYERS capital markets How hot Money Kudos Opportunities Where financial products are born Art08 Mergers & acquisitions DCM bankers help clients issue bonds (tradable debt) and related derivative products ECM bankers assist companies to raise money by issuing shares and related products Ideal for team players with excellent sales skills How hot Money Kudos Opportunities How hot Money Kudos efore financial products are traded. therefore paying a higher rate of return). meanwhile.9 will receive its ‘face value’ – in this 5.385 16. Banks such as Morgan Stanley. 1. 97. Citigroup and UBS . 4. These days. J.9 For example.9 (i. including treasury bonds issued by governments (the least likely to default).037 1.8 pay back the amount of money on the 3. which are sold to investors. Roles and career paths As banks are essentially offering similar services. so it helps to have a good understanding of both sides of the coin.648 22. Morgan Stanley 73.365 1. UBS 63. trading & research Communication is critical to be Opportunities able to give potential issuers a clear view on market activity and investor sentiment.2 bond to the bond owner at that time).9 case. BofA Merrill Lynch 976 1. Source: Dealogic. have combined their equity and debt origination businesses. they must be created. it’s often not sufficient to specialise solely in equity or bonds. Deutsche Bank 1.e.2 of the bond’s life. J. Equity capital markets (ECM) bankers help companies raise money by issuing shares and related derivative products. DCM is also called the ‘fixed-income market’. they guarantee that they will sell the shares the company is issuing for a certain price.519 15. % share in Manage& Risk interest until their redemption date 1. see our section on sales.P Morgan .668 19.P Morgan . you’re unlikely to become an origination specialist – someone who spends a lot of time meeting clients to gain an insight into their financing needs – until you’ve worked in capital markets for some time.560 291 8. you’re more likely to be involved in structuring the products so that they meet the client company’s financing needs and are compelling for investors. Global DCM bookrunner volume rankings 2009 (US$bn) If the interest rate paid on a bond falls. B Financial products that have been created by capital markets bankers in the so-called ‘primary markets’ go on to be bought and sold by banks’ salespeople and traders in the secondary markets (for more on how this works.
Barclays Capital is the investment banking division of Barclays Bank PLC. .com/expectexcellence Expect Excellence Issued by Barclays Bank PLC. Barclays and Barclays Capital are trademarks of Barclays Bank PLC and its affiliates. Graduate careers in investment banking Here at Barclays Capital. © 2010 Barclays Bank PLC. barcap. authorised and regulated by the Financial Services Authority and a member of the London Stock Exchange. All rights reserved.. a FINRA and SIPC member. Visit our website to find out more. For instance.EXPECT TO GO PLACES YOU NEVER EXPECTED. It’s time to raise your expectations. we think the best way for you to get to the top is to learn from the people who are already there. we’ll help you fulfil your highest ambitions in the most unexpected ways. which undertakes US securities business in the name of its wholly-owned subsidiary Barclays Capital Inc. That’s why our senior managers are intrinsically involved in training our graduates – and why you can look forward to extraordinary insights and top-floor views from day one.
©2010 JPMorgan Chase & Co. To apply for intern and graduate roles in Europe and the Asia Pacific region. We work together to mobilize the best financial products and deliver the best solutions to meet our clients’ needs. All rights reserved. you can expect to work with some of the finest minds. visit: jpmorgan. .P. Be part of it. Morgan is an equal opportunities employer. and its subsidiaries worldwide.P. No matter where you join us. Morgan is a marketing name of JPMorgan Chase & Co. wherever we need to be.Go Global. Career opportunities in Europe and Asia Pacific We have offices and opportunities across the globe. solving the most exciting challenges in global finance. J.com/careers J. wherever they are in the world. And that starts with building the most talented team in financial services.
he adds. Although you’ll be given a high level of individual responsibility. Henry joined the J. sometimes you won’t even realise the clock ticking away. such as how to structure and price various equity products. you will more often than not work across multiple time zones. mainly because of my language skills and proficiency in Chinese. Not every deal is groundbreaking. with a possible 100% bonus. In the UK. public and private share placements and other equity-linked offerings. Our team works in nearly every single major market in Asia.P Morgan . You have to be a real team player in order to keep a variety of parties happy throughout a complex process.P Morgan’s Equity Capital and Derivatives Markets (ECDM) team in . we will analyse the company and determine the relevant strategy to put the offering in the market. After completing his eight weeks’ training in the New York office. where individual excellence can reap the highest rewards. but without them.” says Darius Naraghi. are the key skills of a capital markets banker. but it will help if you have the mathematical ability to deal with complex products in case they become popular again in the future. but I focus on Greater China. We also liaise with our equity sales and trading team to make sure the deals are properly executed. When they eventually hit the market and get completed. “Communication and sales ability is critical – to be able to give potential issuers a clear view on market activity and investor sentiment. but a lot of the projects you work on in Asia will be unique and remarkable. and ECM practitioners can expect a similar figure. such as IPOs. J. according to the Robert Walters salary survey. What are the best parts of your role? You have the chance to work on some of those landmark transactions in the region.GETTING IN Pay and bonuses investment bankinG FINANCIAL SERVICES EMPLOYERS In Hong Kong. ECDM. What does your job involve? I’m in a team which works on equity-related offerings in Asia. distributed and marketed. according to the 2010 Michael Page salary survey. but this isn’t the limit of the job. 2007 after graduating with a major in economics from Northwestern University in Illinois. capital markets careers are not like trading careers. meanwhile. with a potential 500% bonus on the table. You have the chance to work on some landmark transactions in the region. Careers in Banking and Finance 2010/11 efinancialcareers.” Following the financial crisis. he settled into J. but a lot of the projects you work on in Asia will be unique and remarkable.com/students 29 . “Market understanding and product knowledge. Skills sought If you want to work in capital markets. as well as to develop the best structure for the deal. it’s a really satisfying achievement. it will help to have an understanding of – and interest in – the technicalities of company financing. Associates (those with three to five years’ experience) can earn US$70-110k. it is also important to develop strong relationships with regional companies that are looking to raise money and with institutions that are looking to invest. and a feel for the mathematics that drives the more complex products. “Good capital markets originators need to have an understanding of products from the simple to the complex. banks are issuing less complex financial products than before. Not every deal is ground-breaking. When we win a mandate. Therefore. We work closely with the client coverage bankers to develop the best structure for the transactions. DCM professionals with one to four years’ experience can earn anything between US$30-100k. though? Obviously the hours are not short. managing director of equity capital markets at Barclays Capital. DCM salaries start at US$45-65k with potential for a 50% bonus.” says Ollerenshaw. There must be some downsides. It’s something of a cliché to say that good communication skills are desirable for any job. How did you end up in ECDM? The reason why I chose to work in ECDM is because it combines elements of both the investment banking division and the equities division. This rises to US$180k+ at the senior end. We do the marketing and execution of different types of equity offerings.” says Simon Ollerenshaw. Henry Leung Investment banking associate.P Morgan Global Investment Banking Analysts Programme in . But if you like your job and you are interested in what you are doing. “As ECM bankers become more senior. and to be able to explain to potential investors why they should commit to a deal against all of the other opportunities they have to spend their money on. Managing directors should expect up to US$360k base. Hong Kong. you’d be lost in a capital markets role. Another challenge in Asia is that people speak different languages and have different cultural backgrounds. Sometimes you need to be very proactive and your communications skills need to be sharp. vice president of equity capital markets at Deutsche Bank in Hong Kong. USA.
Your trading career will be defined by both what you trade (e. Morgan Stanley Research (as at 2H 2009). while traders carry out the actual buying and selling of securities.Money Credit Suisse 3. you’ll also need the mathematical ability to understand the products themselves. government debt. Traders track the markets and buy and sell the products at the touch of a button. tradinG & research How hot Kudos Opportunities Fixed income. and head of Asia ex-Japan equity derivatives marketing. equities (stocks and shares) and fixed income (corporate credit. an understanding of the dynamics of the markets and an analytical mind. equities or company debt) and particular industry sectors (e. 10.Kudos America Merrill Lynch Bank of 10. but you do need a good sense about numbers at the very least. global markets at HSBC. How hot Money Kudos Opportunities Within the fixed income division is the foreign exchange (FX) team. the higher the pay Art09 Capital A high-stakes game of risks Money markets and reward How hot Money Kudos Opportunities How hot very day. bonds) and particular clients. you should be able to sense whether the ballpark figures are correct or not. currencies and commodities trading has been very lucrative recently An analytical mind and strong mathematics will give you the edge The more exotic the product. When people talk with you about profit and loss. financial stocks.g. currencies and interest rate products). So Fund 2. at Barclays Capital. J.com/students .P Morgan . prop traders were at the top of the trader hierarchy and execution traders were at the bottom. government Source: Note: given different reporting styles for losses (bad bank. salespeople advise In the clients research on investment opportunities.5% Art13 Operations rich individuals.after their initial issue. COO Sales. Traders come in several types: Flow traders: People who buy and sell financial products on behalf of a bank’s clients. researchers produce reports on the advisability of investing in various asset classes or companies. where traders buy and sell financial Art10 Sales. However. Opportunities David Hansson Managing director for sales and trading.” says Phillip Scott. & Risk ManageThere’s also a whole range of ‘exotic’ ment derivative products within all of these sectors.P Morgan .” says Justin Chan. who will only go to see Art14 9% the clients with other salespeople.Money Citi 11.1% clients every day.3% you don’t want to work with the same 5. “ Opportunities Source: Company data. “We Company Market share How hot have some people who purely do 1. provisions or negative revenues) this is not a clean comparison. Proprietary (or ‘prop’) traders: A select group of elite traders who are given licence to trade the bank’s own money.P Morgan . 5. you’ll need a good understanding of what drives the market. Known as analysts. particular products (e. Sales traders: A kind of hybrid between salespeople and traders – they recommend products to clients and then execute the trades resulting from their recommendations. pension funds or other 3.7% and when to sell financial securities. or ‘vanilla’ products. The FX market is by far the largest in the world. what they are Trading Kudos looking for and how best the bank can solve these issues for them. Goldman Sachs 18. 7. Historically. Deutsche Bank 7.g. E You need to understand what the Art11 Electronic Money client’s objectives are. foreign exchange. or commodities) and by the kind of trader you are.g. Goldman Sachs 15. J.Kudos Bank Deutsche 7.9% advise their clients – who might be 2. currencies and commodities revenues Roles and career paths Skills sought Traders need a keen sense of risk and reward.7% Management that’s an area you go into if maybe 4. products trading &secondary markets. according to the latest figures from the Art12 Compliance Bank for International Settlements. You don’t need a PhD. equities. If you’re trading non-complex. Morgan Stanley Research (as at 2H 2009).g. trading and research are each Company Market share How hot very distinct careers. Equity revenues Europe. “You have to be good at mathematics. Salespeople 1. 30 Careers in Banking and Finance 2010/11 efinancialcareers. the value of which is dependent on the underlying security.How hot Money Kudos Art08 Mergers & acquisitions investment bankinG FINANCIAL SERVICES EMPLOYERS GETTING IN Opportunities sales. many banks have reduced their prop trading activities following large losses and government crackdowns. with an average daily turnover of US$4 trillion. or leisure companies).8% institutional investors – when to buy 4.1% structuring. Fixed income. Execution traders: Traders who do little more than place trades on behalf of analysts and fund managers. Research roles focus on particular product types (e. millions of financial products are traded in the secondary markets. “But we have a range of functions within sales. even if you don’t know all the nitty-gritty. J. pharmaceuticals. Sociéte Générale 7. If you’re trading complex derivatives. Sales. The secondary markets are broadly divided into two categories.7% Salespeople usually focus on Opportunities Company data. IAS 39. head of Hong Kong trading.
UAE Building strong foundations. HSBC is acting as the bridge to the rest of the world for this emerging giant. More than an investment bank. Brazil Capitalise on the moment The new centre of the world.hsbcnet.com/campusrecruitment This advert is for recruitment purposes only .Leading lights. www. Peru Analyst Programmes 2011 More opportunities. Today’s China is generating enough economic activity to drive neighbouring emerging markets and to sustain developed economies during the current slowdown. Driving investments. India Charting a new course. Malaysia New energy sources. Our position as a pioneer in emerging markets combined with our truly global presence means there has never been a better time for graduates to join HSBC: Global Banking and Markets Global Asset Management Global Private Banking Global Transaction Banking So capitalise on this moment and visit our website to find out more.Turkey Hitting new heights.
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One day I can be meeting clients in Italy. I’ll consult with clients.” And if you want to make your career in sales? Again. figures are a global average. Finally. “You will need to have a keen interest in the financial markets and sound knowledge in prevailing market trends. and head of Asia ex-Japan equity derivatives marketing at J. He adds that knowledge of your clients is key.100-1. . One day I can be meeting clients in Italy.600 Change* 35% 35% 40% 40% *Change measured as a percentage increase on 2008 bonus figure. What have you been working on today? I’ve been writing up a note on a trade idea to send out to a client. but that’s not all. and one of my rotations was derivatives-based which got me into it.500-2.” Equity sales pay 2009 (US$) Title Associate VP Director MD Base 75-100 105-145 150-200 250-350 Bonus 70-110 400-500 600-750 1. “If you are selling. having joined the bank’s graduate scheme in August 2007. which means you have to be able to think on your feet and work well under pressure. She now works as an associate on the equity derivatives strategy desk at Citi. Second.000 Change* 40% 40% 40% 45% *Change measured as a percentage increase on 2008 bonus figure.P Morgan. I’ve also been stress-testing a tool for options prices and working on a presentation to interns. Kaya Endo Associate. vice president and regional business manager of global markets research at Deutsche Bank. the next performing in-depth financial and qualitative analysis. but you’ll also need to be good at dealing with people. writing short briefing notes and then sending them out to clients. the next teaching options theory to a roomful of interns or working on a new tool. What makes you good at your job? Attention to detail. managing director for sales and trading. Equity trading pay 2009 (US$) Title Associate VP Director MD Base 75-100 105-145 150-200 250-350 Bonus 80-120 500-600 650-800 1. I’m involved in educating our interns and graduates. the next teaching options theory to a roomful of interns or working on a new tool. you need to be absolutely sure what you are sending out has no errors in it. you’ll need to be numerate and technical by nature. analysing and sorting out problems and working with the sales team. you are the key point of contact for clients. what they are looking for and how best the bank can solve these issues for them. offering solutions or products that will suit their needs or views. The day usually ends around 7pm. coupled with the communication and presentation skills to convey the salient points in a way that is of relevance to the clients. What are the best parts of your role? No two days are the same. followed by an MSc in finance. Why equity derivatives? It’s such a challenging environment and everything changes very rapidly. We also do a lot of analysis and make presentations internally and to clients. “You will need to understand what the client’s objectives are. it’s about trade idea generation on a daily basis. figures are a global average. No two days are the same. I love the atmosphere when you are on the trading floor and speaking to and dealing with so many hugely intelligent people every day. I did an internship with Citi in 2006. Source: Options Group Intelligence Unit.” believes David Hansson. Careers in Banking and Finance 2010/11 efinancialcareers. The same goes with when you are dealing with clients. Hong Kong. We normally have our first meeting at 6. you need to possess a tremendous depth of knowledge in your chosen sector. So.GETTING IN investment bankinG FINANCIAL SERVICES EMPLOYERS Highly developed analytical skills are also integral for research roles. “As a research analyst. “One minute you could be discussing or presenting the latest market or company trends with the bank’s clients. Any bad bits? Sometimes it can be extremely fast-paced. equity derivatives strategy. When you are building tools for traders that could affect their P&L. Source: Options Group Intelligence Unit. what does your job involve? First. particularly on issues such as risk.” says Matthew Overy.45am so I need to get in a bit before that to sort out any notes or presentations I need to do. Citi Kaya studied international economics and management at Bocconi University in Italy. as well as proven academic performance at university and good mathematical ability.com/students 33 .
bonus. Why RWE Supply & Trading is a great place to kick start your career • We trade across a wide range of commodities • We’re Europe-wide so you’ll gain international experience straight away. London. economics. Apply online at www. We act as the hub for all RWE’s tradable commodities such as power. Fluency in English is mandatory. Finance. coaching. Join our Graduate Programme We’re looking for graduates with a sharp commercial focus who want to learn the mechanics of the energy trading business by working across a range of functions. as well as solid IT skills. What we’re looking for You’ll need a quantitative degree in mathematics. IT. business administration or subject directly related to energy trading.rwe. RWE Supply & Trading Graduate Development Programme Key Details Duration: 8 months Rotations: 3 rotations Business area: Analysis. Work experience or an internship in a trading environment is a If you’re looking for fast career progression. you’ll find our focus on personal development refreshing. networking opportunities and access to some of the top experts in the industry. Risk Control. Final assessments will take place in Jan/Feb and July respectively. Structuring & Valuation. Back Office and Trading Support Start date: March or September Where: Rotations are possible in Essen.com/rwest-careers There are two application periods: Nov/Dec and April/May. proficiency We provide on-the-job training. gas. professional career in German is a definite plus. RWE Supply & Trading is a leading European energy trader. coal and oil in their physical and derivative forms. .THE RWE GRADUATE SCHEME IN SUPPLY & TRADING: Hands-on experience in the energy business. Swindon and Geneva offices. engineering. physics.
it allows a greater volume of trades. timing and quantity of an order – also meant that the average trade size fell. There are also. Figures are a global average.” says Brian Schwieger. greater volumes. which we cover in our IT in finance section on page 64. while increasing & Risk Manage.How hot Money Kudos Art09 Capital markets investment bankinG FINANCIAL SERVICES EMPLOYERS GETTING IN Opportunities electronic tradinG How hot Money Kudos Opportunities Higher speeds. Roles Art14 Fund and career paths Quantitative Management analysts: Quants are maths How hot Money Kudos Opportunities 36 geniuses key to gaining an edge in e-trading. invariably full straight through processing (STP). “Electronic sales staff aim to engage existing or new clients in some form of electronic trading with the bank. while also offering a menu Careers in Banking and Finance 2010/11 efinancialcareers. compared to traditional areas of investment banking.” he adds. Banks also hire for pure sales roles. It’s a combination of marketing and client relationship management. a wide range of technology positions around the development of e-trading platforms. “This creates efficiency. and the opportunities for Kudos advancement are great. The use of transparency in algorithms – computer systems that decide on ment price.300 20% for clients.” “It’s a rapidly expanding area. Source: Options Group Intelligence Unit. Art11 Electronic emergence of automation In a nutshell. electronic and quant pay 2009 (US$k) statistical reports such as transaction Role Base Bonus Change* cost analysis and trade reports to Analyst (1-2 years) 80-90 70-90 20% ensure clients are using trading tools Associate (quant) 100 90-120 20% Art15 Alternative way. required Art10 trading & research E-trading has reduced execution speeds and increased trade volumes A relatively nascent industry with opportunities for rapid advancement Quants require a PhD in a highly mathematical subject How hot Money Kudos Opportunities How hot Money Kudos Opportunities he rise of electronic trading over the last decade has had a profound effect on the structure of equity markets. whereas electronic sales will be more focused on the macro trends in market structure and trading technology. T of the bank’s e-trading products and facilitating a customer’s decision on which is the best one to suit their needs. and the opportunities for advancement are great. the US average daily reported trading volume increased from 3 billion shares in 2003 to nearly 10 billion in 2009.the markets. Market structure: This is a research-led role. the transformed the market from one where a great Trading deal of human intermediation was required into one where computers largely do the work in executing and processing trades. just not so many humansSales. Opportunities Brian Schwieger Head of EMEA algorithmic execution. predominantly via multi or single bank platforms. compared to traditional areas of investment Money Art13 Operations banking. Consultants: Consultants are all about keeping clients happy. They run Prop. reducing the market impact of trades and limiting adverse costs of trading large positions. Firstly. of course. market structure professionals analyse upcoming regulatory changes and macro trends and their potential effect on the trading environment. and is often complementary to voice business. . It also means trade execution speeds fell dramatically. head of spot FX at Royal Bank of Scotland.” says Roger Hawes.com/students *Change measured as percentage increase on 2008 figure. from infrastructure and connectivity to more technical issues such as application programme interfaces and price mechanics. develop and implement execution algorithms using a mathematical approach to identify investment opportunities and strategies. in the most effective VP 125-150 225-325 15% Sales trader: It’s the sales trader’s Investments Director 200 650-750 15% role to facilitate the execution of trades Managing director 250-300 900-1. They design. such as MATLAB. Bank of America Merrill Lynch How hot Money Kudos Opportunities But one downside is that greater automation means less human intervention and therefore less manpower. There are many benefits to this. improving market liquidity. “The traditional sales team will be focused on details of individual stocks or sectors. head of EMEA algorithmic execution for Bank of America Merrill Lynch. Skills sought Most quants come armed with PhDs in a highly mathematical subject and will also possess a good knowledge of financial instruments and technical computing software. One bulge bracket bank tells us it currently employs 30% fewer traders dealing with three times the flow than in 2005. It requires an understanding of the whole process. How a It’s hot rapidly expanding area. along Art12 Compliance with the cost of transactions.
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if you cannot develop a rapport Opportunities with the people you are speaking to. equities or derivatives.How hot Money Kudos GETTING IN Art10 Sales.g. it is a very challenging environment. the Securities and Futures Commission regulates Hong Kong. Anti-money laundering (AML): Stopping money laundering (where the financial proceeds of illegal activities are given the appearance of being legitimate). you’re likely to be ‘rotated’ around different areas of the risk function. If you join an investment bank as a graduate trainee. Sales and trading compliance pros are often product specialists – for example.” 7-12 yrs 98-122 57-86 105-158 103-125 12+ yrs 98-184 107-200 158-344 133-162 Source: Robert Walters. As just about every & Risk Manage. Also known as ‘systemic risk’. “Overall. Art13 Operations Kudos Even if you know one skill set or product. Monitoring and surveillance: Scrutinising specific behaviour and transactions that might indicate fraudulent activity.com/students . it’s the control room compliance team who ensure their activity is monitored. Careers in Banking and Finance 2010/11 efinancialcareers. Goldman Sachs Money Kudos Opportunities How hot Money Kudos Opportunities How hot Money Kudos Opportunities 38 In the wake of the financial crisis. trading & research investment bankinG FINANCIAL SERVICES EMPLOYERS Opportunities compliance and risk manaGement How hot A question Money Kudos Opportunities Tougher regulation means greater demand for compliance staff Risk managers have been thrust into the spotlight Internal and external liaison means communication skills are important of controlArt11 Electronic Trading How hot Money Kudos Opportunities How hot Money t’s up to risk management teams in investment banks to make sure the bank doesn’t take huge risks and therefore make Art12 Compliance huge losses in its pursuit of gigantic profits. while in the US the Securities and Exchange Commission (SEC) is the financial watchdog. Control room compliance: Centralised tasks such as maintaining the bank’s restricted list and checking for abnormal dealing activity.” says Mike Newby. European firms are Art15 Alternative also regulated by the Committee for European Securities Regulation Investments Committee of European Banking (CESR). Operational risk: The risk that a bank will incur damage or losses due to internal factors such as systems breakdown or financial wrongdoing. I Roles and career paths Risk management in investment banks is divided into different areas. In Asia. As well as individual country watchdogs. “We need to be France 61-110 flexible and keep Art16 Interdealerup with the everSingapore 29-43 changing regulatory environment. that is going to be a huge challenge. they might specialise in bonds. bonds or commodities) fall in value simultaneously because of outside events. compliance. While risk managers try to stop a bank’s employees indulging in behaviour that might lead to big losses. stocks. the compliance teams are there to ensure banks work in line with the regulations imposed in the country in which they’re operating. Seung Earm How hot Executive director. executive director and chief operations officer for Morgan Risk manager pay figures (US$k) Stanley’s legal and compliance Country 5-7 yrs division in Asia. as Broking Switzerland 97-132 well as with the evolving products and UK 81-103 services the firm provides. while Singapore is under the watchful eye of the Monetary Authority of Singapore. regulators across the world have increasingly been baring their teeth time of writing. a more strategy has never been greater. Compliance roles in investment banks can also be divided into various categories. such as insider dealing or manipulation of markets across the exchanges. such as rising oil prices or terrorist activity. Market risk: The risk that a whole group of traded financial products (e.investment bank has had to off billions over the past two ment writethe focus onof dollarsprudent investment years. Credit risk: The risk that a particular company or an individual will default on their obligation to repay their debts. In the UK. Should certain staff be placed on ‘stop and watch’ lists. the Supervisors (CEBS) and the Committee of European Insurance and Occupational Pension Supervisors (Ceiops). Art14 Fund and. at thecoordination on were best seeking international how Management to reform financial services regulation. including: Sales and trading compliance: Working with a bank’s salespeople and traders to ensure their activities comply with the requirements of the local regulator. the soon-to-be regulator is the Bank of England.
bnpparibas. www.graduates. BNP Paribas Corporate & Investment Banking is an innovative provider of sophisticated financial and strategic solutions to large companies and financial institutions around the world. then find out where you could fit in at BNP Paribas. We have a tradition of doing things differently here. Now we are in a position to pursue bold strategies for expansion around the world. entrepreneurialism and a relentless focus on our clients’ goals have allowed us to grow into a leading European bank with a strong global presence. pursuing our own ideas and working collaboratively to achieve exceptional results for our clients. Our strong risk management and financial stability have enabled us to continue growing – and to help our clients grow – even in the most challenging of times. Creativity.AMBITIOUS When you think of ambition do you think of using your talents to rise to new heights in the fast-moving global markets? We do.com Careers in Corporate & Investment Banking . If you’re interested in joining an international team and launching an exciting career in the fast-moving financial markets.
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Careers in Banking and Finance 2010/11 efinancialcareers. this means high-earning market risk specialists. Trading book positions are dynamic and dependent on current market conditions. but I would say there was never a better time to join. What does your job involve? As market risk controllers. The job is never dull. You can learn many things by being curious.com/students 41 . efinancialcareers. a few days after Lehman Brothers filed for bankruptcy. This was the point where market risk infrastructures were put to the test. such as regulators. but this hasn’t really translated into higher salaries. In Asia. new rules to follow. Why did you pick this team? I decided to work in market risk as it provided me with the opportunity to leverage my background in financial engineering. There are always new ideas coming up.” “For entry level. changes in trading strategies and regulations require the market risk department to evolve constantly to stay on top of the game. The risks have to be managed so that the bank is not caught off-guard by sudden or large movements in the market.” says Seung Earm. sales. new rules to follow. There are many opportunities to make your mark in this area. and left Columbia University with a master’s degree in 2008. having the initiative and the ability to follow through can get you anywhere. I had the chance to change the value-at-risk model used by the bank. the typical person would have received some academic training in law. At the same time. I was assigned to monitor traded credit risk. if you cannot develop a rapport with the people you are speaking to.” adds Mike Newby at Morgan Stanley. in particular derivatives trading. At the same time. that is going to be a huge challenge. “ Junior-level candidates with some work experience usually have some form of training in legal. “Even if you know one skill set or product. and design new measures to keep up with the changing perceptions on trading. which was caught in the eye of the storm. market risk management is still considered a new and developing area. Skills sought Perhaps slightly surprisingly. finance or some other business discipline. sales and trading compliance professionals who specialise in the latest hot product can expect the biggest pay packages. consulting. It is never dull. In compliance. What’s the best part of the job? There are many opportunities to make your mark in this area. and regulatory and enforcement. executive director of compliance at Goldman Sachs. How did you end up in your current position? I joined the team in September 2008. I had to work quickly to understand the bank’s credit trading positions as well as how our market risk models were reacting to the shocks in the market.com/students Ong Bi Hui Market risk controller. What do you think makes you good at your job? It is good to be inquisitive and take the initiative. She joined DBS Bank the same year. one of the key attributes banks look for in their risk and compliance recruits is good communication skills and an ability to build relationships. traders and so on but also people externally. Risk managers and compliance officers who work alongside salespeople and traders typically earn the most. better solutions to be found. Working in a niche market that is developing constantly meant the learning curve would be steep and the areas of contribution would be significant. “By its nature compliance involves a lot of interaction with different areas – not just internal managers. On the risk side. DBS Bank Ong Bi Hui graduated from the National University of Singapore in 2007 with a bachelor’s degree in applied mathematics. auditing. In a short space of time.GETTING IN Pay and bonuses investment bankinG FINANCIAL SERVICES EMPLOYERS The heightened focus on risk and compliance means many teams are expanding. better solutions to be found. we ensure that the bank’s market risk exposures are correctly reflected and do not exceed the limits allocated. There are always new ideas coming up. Challenging market conditions required the team to revisit existing market risk models.“ Get the latest graduate and internship programme news.
and this is creating problems. and if you work in one of these you will be expected to do a lot more than simply sort out failures in the electronic clearing and settlements process. Every now and then automatic clearing systems break down in a so-called ‘exception’. Asia-Pacific Opportunities Art15 Alternative Operations professionals support people in Investments to make sure everything works the front office Instead.How hot Money Kudos Art11 Electronic Trading investment bankinG FINANCIAL SERVICES EMPLOYERS GETTING IN Opportunities operations How hot Money Kudos Opportunities The busy world of the back office Art12 Compliance & Risk Management You are a key point of contact for various platforms and divisions The pay is lower. Art16 Interdealer Settlements professionals ensure that stocks Broking or shares bought and sold by the bank’s traders are exchanged for the correct amount of money. Unlike the people in the front office. but until this happens people are needed to fill in and fax through the documentation. Careers in Banking and Finance 2010/11 efinancialcareers. ‘middle office’. Clearing specialists spend most of their time dealing with these exceptions and trying to work out what went wrong. If you work as an exception manager on a settlement desk. Asia-Pacific. your job will mostly involve intervening when computer systems fail. Clearing trades involves making sure that the records one bank has kept of the sale of a financial security match those of the bank or organisation it sold the security to. ‘Settlements’ covers everything from preparing the documentation required for a sale to making sure the bank has been paid for all the shares it has sold and bought. At the time of writing. However. they’re talking about functions like IT. they’re talking about operations. and the operations division plays an increasingly important role supporting business growth and being a key differentiator for client service. Roles and career paths As a junior working in clearing and settlements. the division is a support function. David Bromley Money Director and chief operating officer. The US — 120-185 world of global financial markets is 12+ yrs 86-148 104-194 115-204 111+ 185-300 Source: Robert Walters. there are some areas of the market where clearing still isn’t automated.” says David Bromley. Opportunities Working in operations requires a diverse range of skills from project. which would require a proportion of those to be cleared through central counterparty clearing houses in a bid to increase transparency in the industry. director and chief operating officer of global business services at Deutsche Bank. simple trades are cleared automatically through huge electronic systems such as the Brussels-based Euroclear. pretty soon you’ll undoubtedly hear the terms ‘front office’. moves were being made to regulate the OTC derivatives market. The main business of operations is clearing and settling trades. Deutsche Bank. business and people management through to technological capability How hot and client service. demanding and competitive. Moves are being made to automate the clearing and settlements process in the OTC derivatives market. accounting (finance) and risk management (which we cover in other pages of this book).com/students . or sales and trading. When people talk about the middle office. people Art14 Fund operations don’t liaise with working in customers to Management generate revenues and profits for the bank. the huge US$320 trillion daily turnover in the Over-The-Counter (OTC) derivatives market still relies heavily on a lot of manual processing. In particular. I fast. Settlements manager base salary (US$k) “The investment banking operations Country 5-7 yrs 7-12 yrs (IBO) support function provides France 43-74 62-123 transactional support. ensuring Singapore 29-57 79-97 documentation Art17 Wealth and settlement of Switzerland 62-97 80-133 transactions in a controlled and Management UK 74-89 89-104 regulatory-compliant manner. but the hours are shorter You’ll need to be a good communicator and a team player How hot Money Kudos Opportunities How hot Money Kudos f you delve into the murky world of investment banking. In most cases. Kudos global business services. How hot Money Kudos Opportunities How hot Money Kudos Opportunities 42 smoothly and the bank gets paid. And when people talk about the back office. they’re talking about the ‘sexy’ areas of investment banking – mergers and acquisitions. you might find yourself talking to traders who claim to have sold shares for US$3 each when the buyer says the price was only US$2. Art13 Operations When people talk about the front office. and ‘back office’. for example.
I’ll be liaising with clients. She joined Goldman Sachs in September of the same year. but there will also often be things that are more unpredictable. and we deal with it afterwards. Goldman Sachs Ginny graduated with a degree in business administration from Bath University in 2008.” says Bromley.30am. people in the operations divisions will never receive bonuses as substantial as those enjoyed by their colleagues in the front office. In a role where accuracy and consistency are key.GETTING IN investment bankinG FINANCIAL SERVICES EMPLOYERS As you work your way up the operations hierarchy you will progress to more strategic roles.” Find out which sectors are still hiring. processing it. Good communications skills are also important. It is exciting. What was the appeal of operations? I wanted to be in operations because it involves such a broad range of skills – you have client contact with traders and are always on the go. depending on what trades are being done.com/students 43 . On the plus side. What are the main elements of your job? I work on the sales side. Careers in Banking and Finance 2010/11 efinancialcareers. looking at issues such as how to streamline the exceptions process or which functions should be moved offshore. at which point I catch up on what has been handed over from other regions overnight. Pay and bonuses Since it’s not revenue generating.” says Steve Morgan. global head of equity middle office at Citi. and disseminating it across many different platforms. You have to manage a high degree of risk. We are responsible for taking information. We also handle a lot of the risk.com/students Ginny Clayton Analyst. for example. There are certain things that have to be done each day. So they execute a trade. technological capability. You need good people management skills and you need to be able to work well as part of a team. You have to manage a high degree of risk. interpersonal and time management skills. Any bad parts? Because you are coming into an environment that is very data-heavy you do have to be accurate and conscientious. because you are working closely with traders and they are relying on you. You have to be organised and able to manage your time well because you often do not know what is going to be chucked at you next. Presumably you wouldn’t agree? It is exciting. because you are working closely with traders and they are relying on you. “The back office and middle office are the cogs right at the heart of the wheel. You will also be involved in different projects and be working with different people all the time. business and people management through to documentation skills. Skills sought When filling operations roles. What are the best parts of the job? There are parts of the day when you are trying to resolve issues in just a few minutes – it can give you quite an adrenalin rush. I’ll normally get in at 8. it is about building relationships and earning respect. supporting sales traders. efinancialcareers. Some people would say that operations is the less exciting area of investment banking. I’ll normally be settling trades throughout the day but. your working hours will be shorter – you’re not likely to spend most of your life camped at your desk like someone in M&A. confirming the detail of the transaction and then getting it out of the door and managing the trade. There is never much time for switching off. “It is not just about speaking to people. Talk us through an average day. and it can be challenging. banks look for a combination of problem-solving. regulatory knowledge and client service. attention to detail is also a must. control. this morning I’ve also been learning about a new product and have gone through all the trades for it. and it can be challenging. operations. “Working in operations requires a diverse range of skills from project. I tend to finish at around 6pm but some days you will work later or leave earlier.
com/students The investment consulting industry has been shaken up over the last year or so. and earning a fee for the Art14 Fund privilege – be it from the man on the street or from huge institutions such as Management pension funds. As in investment banking. This involves working with the portfolio managers. Goldman Sachs Country US/UK US/UK Germany US/Belgium US/UK US/UK US/Germany/UK France France US/UK Total 2.817. who have the final responsibility for investment decisions on a range of funds across their area of expertise. as do Mercer.9 1. J. fund managers (also known as asset managers) fall into two camps: active fund managers and passive fund managers. analytical skills and passion is key art.243. there are two key areas – asset allocation and fund selection. then writing reports for pension funds on the firms’ strengths and weaknesses. be it equities. Investment roles: These roles are all about investing the money managed by the asset management firm. product development and client servicing. BlackRock 2. Fund selectors spend their days analysing fund managers and questioning them about the nature of their investment strategy. Asia. and science. Vanguard Group 5. If you want to work in investment consulting. there’s also a whole range of middle-office jobs in fund management in areas such as compliance. Active fund managers have to use their skill to beat the market average. Most of these jobs are focused on winning new business or maintaining existing relationships. However.P Morgan .053. correct as of 31 December 09.How hot Money Kudos GETTING IN Art12 Compliance & Risk ManageINVESTMENT BANKING ment Financial services EMPLOYERS Opportunities Fund manaGement & investment consultinG How hot The Money Kudos There’s a vast array of fund management strategies Investment consultants offer advice to pension funds and companies The right balance of numeracy.7 808. Distribution roles: Distribution covers roles such as sales. you could say fund management is all about investing other people’s money.6 Art18 Corporate Roles and career paths Banking in fund management fall into two Jobs broad categories. Pension fund trustees (who are often not finance professionals) use investment consultants to help them choose which fund manager to put their money with. bonds or other financial products. operations and risk management. and often take bigger risks with their investments for better rewards. Simply generating returns that match the market is known as ‘generating beta’. Top 10 asset managers by global assets (US$bn) Company 1.607.421.2 1. Eurostoxx 50 in the eurozone. Amundi Group 9. Most graduates starting out in a fund management firm begin life as a research analyst. and the Art16 Interdealer grade is published every day Broking Kudos in the newspaper. How hot Money Kudos Opportunities 44 Careers in Banking and Finance 2010/11 efinancialcareers. Hewitt Associates and Aon Consulting. Asset allocation professionals advise clients on whether to invest in equities.7 1. It remains a key player. passive management. State Street Global Investors 3. Douglas Eu Opportunities How hot CEO. Broadly speaking. Source: IPE International Publishers. It’s all about selling a fund manager’s services to clients. Allianz Global Investors Asia-Pacific How hot Money Kudos Opportunities Art17 Wealth Management Key players The array of potential fund managers and fund management strategies is huge and can be confusing. 6. or index tracking. Art13 Operations of investing for the long term Opportunities How hot Money Kudos Opportunities How hot Money Kudos Opportunities t a basic level. the Dow Jones Industrial Average in the US and the Hang Seng Index in Hong Kong. . involves selecting a portfolio Art15 Alternative of assets whose value will match that of a Investments financial index – such as the UK’s FTSE 100. BNY Mellon 7.5 842. marketing.8 633. PIMCO* 8.2 639. and sifting through buy and sell information and company reports.5 1. By comparison. BNP Paribas Investment Partners 10. Allianz Global Investors 4. fixed income or alternatives. People in investment roles are usually either analysts – who scrutinise the best companies and products in which to invest – or portfolio managers. Hymans Robertson. the higher paying roles are in investment and distribution. most notably by the merger between Watson Wyatt and Towers Perrin to create Towers Watson.5 937. visiting companies to assess their investment potential. A It’s like being a student taking Money a test every single day.
At Henderson. no. Henderson Investment Management Limited (reg. no.henderson.com/graduates 1 Source: Henderson Global Investors. 2606646) (each incorporated and registered in England and Wales with registered ofﬁce at 201 Bishopsgate. Number of employees at 31 May 2010. Henderson Equity Partners Limited (reg. 2678531). 2 Source: Henderson Global Investors. the US and Asia-Paciﬁc • Listed on the London Stock Exchange and the Australia Securities Exchange with a market capitalisation of US$1. equity. founded in 1934 • 234 investment professionals with an average of 14 years’ investment experience1 • Operating globally and investing in core asset classes. Telephone calls may be recorded and monitored. Henderson Fund Management plc (reg. you will be recognised for your achievements. Henderson Alternative Investment Advisor Limited (reg. no. ﬁxed income and alternatives • £60. 906355). ﬁnd out more today at www. outlook and our future Investors are our focus and investing is our specialisation • One of Europe’s largest independent investment managers. no. Henderson Global Investors is the name under which Henderson Global Investors Limited (reg. no.7bn3 Henderson’s strength lies in its diversity – the assets we manage and the clients we invest for across the globe. 2607112). Henderson Investment Funds Limited (reg. 1795354). our values and our corporate strength Global is our reach. We select people with exceptional talent and entrepreneurial minds. If you are passionate about investment and aspire to work for one of Europe’s largest investment managers. Market capitalisation at 31 December 2009. Come to Henderson and discover a breadth and quality of experience that’s hard to ﬁnd elsewhere. 962757).Graduate Investment Management Opportunities smartest Our investment is you Henderson carries our heritage. Assets under management at 30 March 2010. HGI42240/0710 . We will support you to obtain the qualiﬁcations you need to progress your career.3 billion of assets under management2 • Approximately 930 employees in Europe. London EC2M 3AE and authorised and regulated by the Financial Services Authority) provide investment products and services. 3 Source: Henderson Global Investors. no.
We were one of the first investment management firms awarded the national 'Investors in People' standard. Quite the opposite in fact.BALDERDASH.com . What we’d really like to talk about is development. This speaks volumes about the quality of our graduate training programme. Do you understand what we’re saying? To ﬁnd out more and to apply please visit bailliegifford. gobbledygook. we’ll keep it simple because we want to attract the best graduates from any degree background. We’re not one of those investment management firms that will bombard you with financial jargon.
good communication skills are vital. broker analysis and performance indicators obviously means a decent level of numeracy is important. What have you been working on today? As a part of my research. Sovereigns and Currencies Investment Team. CEO. Any downsides? It really is difficult to find any downsides. Traditionally. Being at the very centre of markets and actively participating in the investment process is definitely the most appealing part of this job. bonuses are being more closely aligned to company performance. according to figures from recruiters Michael Page. Skills sought To be a fund manager. according to Robert Walters. especially fixed income. I recently went to Budapest to broaden my insight regarding the current macroeconomic environment in Hungary. I also believe my passion for the markets. “You might be speaking to a roomful of brilliantly intelligent bankers. Now. She works as an analyst in the company’s European Rates. working within the Fundamental Fixed Income Portfolio Management Group and with a focus on currencies and CEE rates markets. Beata joined BlackRock in the autumn of 2008. you’ll need to be passionate about investing and an expert at filtering large quantities of data. and find the fixed income market particularly appealing because of its close connection to macroeconomic fundamentals as well as its sheer size and depth. trustees or lay people and you’ll need to be able to participate in discussions about complex financial situations while ensuring clients fully understand. In the US – home of the world’s largest asset management industry – senior fund managers can bring in base pay of US$175-250k. senior salaries come in at US$136k+. Asia at Allianz Global Investors Asia-Pacific. company balance sheets. Junior investment analysts can bring in US$60-95k. Experienced portfolio managers in the UK earn up to US$220k. Beata Harasim Analyst. This translates into daily monitoring of trade positions across our portfolios and adjusting them as necessary. An analyst/AVP should expect US$80-110k. BlackRock After completing an MA in finance and banking at Warsaw School of Economics. In Singapore. You are never really on vacation because you have a lot of responsibility. fixed income. “That said. and can be deferred over a number of years.” says Richard Barry. “It’s an incredibly stressful job. which enables portfolio managers to have the edge when making investment decisions.” And again. pay is under scrutiny. which are often demonstrated in more humanities-based rather than mathematical and financial degrees are highly desirable in fund management. Work in asset management offers a balance between an enviable professional career and private life. I also provide a steady stream of research. Every day portfolio managers need to make sure client assets are correctly positioned for the expected environment.” says Douglas Eu.com/students 47 . “You have days off. What makes you good at your job? I think that my financial background together with a quantitative skill set means I’ve been able contribute to my team’s investment process from a very early stage of my career. HR director at Baillie Gifford.” says Paul Deane-Williams. I strive for continuous improvement in my work and am also building up my professional qualifications by undertaking the CFA and CAIA programmes. Careers in Banking and Finance 2010/11 efinancialcareers. generic research skills. or asset managers. What was the appeal of fixed income? I have always been fascinated by the complexity of global financial markets. What is the best part of the job? Being at the very centre of markets and actively participating in the investment process is definitely the most appealing part of this job. senior consultant at Towers Watson. You are managing somebody’s money as a fiduciary.GETTING IN Pay and bonuses INVESTMENT BANKING Financial services EMPLOYERS Much like other areas of financial services. but you are always working. means I’m naturally enthusiastic about everything I do. however. according to the Robert Walters salary survey. The information acquired during the trip combined with a proprietary macro view enabled me to produce recommendations which will hopefully enable our clients to profit from the future price action. bonuses would have been based on individual performance and could be many multiples of base salary. What does your job involve? I have a very broad set of responsibilities ranging from portfolio construction to trade idea generation.” What attributes help you get a foot in the door? “Getting to grips with annual reports. It’s like being a student taking a test every single day and the grade is published every day in the newspaper.
” adds Mahapatra. Art17 Wealth magazine. but an increasing number of firms are rolling out dedicated programmes to employ juniors. Source: Glocap Search. graduates are competing not only amongst themselves. You’ll need to be entrepreneurial and have good ‘soft skills’. a strong sense of integrity. In a private equity fund you’ll probably Grade Base Salary Total comp. Brevan Management Howard Asset Management and Soros Fund Management make up the remainder of the top five.pursuing and sorting out At the top are Associate 100 208 Custody originators. Private equity funds invest in companies that are not listed on the stock Art16 Interdealer exchange. Alternative investments cover a broader range – from wine to art and real estate. Kohlberg Kravis Roberts and Blackstone Group dominate. Money Deloitte Kudos Opportunities How hot Money Kudos Opportunities Roles and career paths How hot Money Kudos Opportunities 48 There are three key areas in the front office of a hedge fund: analysis. sales and marketing. and being required to demonstrate such commitment and drive will be vital to success. Head of corporate finance. In private equity. “You will be stretched both intellectually and in terms of your propensity to work. It’s made with a view to earning interest or dividends. it’s even tougher to get in at a junior level. looking for possible Associate (2-4 yrs exp) 135 300 investment targets. head of corporate finance at Deloitte. according to Alpha . but is a less data-heavy role than working in a hedge fund. traders act on the analysts’ Hedge fund pay (fund with US$500m-$3bn in AUM) (US$k) recommendations and place trades. sales and marketing liaise with investors and persuade them to put money into the fund. quantitative and business streams – is that they all require good numerical and team-working skills. You will be stretched both intellectually and in terms of your propensity to work. Hedge fund managers also invest in stocks or bonds.How hot Money Kudos Art13 Operations INVESTMENT BANKING Financial services EMPLOYERS GETTING IN Opportunities alternative investments How hot High Money Kudos Alternatives can be anything from wine to hedge funds Top hedge fund managers earn megabucks Private equity requires prior experience earning roles.P Morgan. Carlyle Group. hedge funds use strategies to make money even if they fall. however. according to Private Equity Intelligence. which invest larger sums in more established companies. Careers in Banking and Finance 2010/11 efinancialcareers. Paulson & Co. which is based around the profits made when a fund’s investments are sold.” says Timothy Mahapatra. Bridgewater Associates. start as an analyst. according to Absolute Return + Alpha. Analysts markets Banking and financial products the hedge fund invests in. Art14 Fund reserved for the eliteManagement Opportunities How hot Money Kudos Opportunities How hot Money Kudos Opportunities ‘normal’ investment is fairly straightforward – usually in stocks.” says Jo Carter. For the purposes of this article. Skills sought Traditionally. the largest player in the hedge fund world is J. How hot Timothy Mahapatra Key players Globally. and trading. usually firm partners. In private equity. These can vary from Broking ‘seeding’ smaller firms to buyout funds. but while traditional fund managers do so in the hope that prices rise. TPG. You can then move into the role of principal. or because the Art15 Alternative value of the investment is expected to rise over Investments time. Art19 Globallegal issues. Art18 Corporate look at the companies. head of talent and development at Man Group. “In today’s market. who Senior associate 160 317 oversee and source deals. but the pay on offer is certainly not to be sniffed at. A Pay and bonuses Hedge fund managers can bring in large sums of money – the highest earner in 2009 made US$4bn. bonds or cash. Senior private equity professionals also earn ‘carried interest’. Such lofty sums are not available to more junior staff. appraising Private equity pay (fund with US$750m-$2bn assets) (US$k) whether a deal is worth Grade Base Salary Total comp. hedge funds recruit few graduates. Private equity demands a flawless academic record.com/students . CVC Capital Partners. com. but with more experienced candidates who find themselves in the market due to the turmoil of the last couple of years. So how can you stand out? “The common element to our three graduate recruitment programmes – technology. we’re going to look at hedge funds and private equity. entrepreneurial flair and an impeccable academic record. We also generally look for evidence of good collaborative working.
Graduate and Postgraduate opportunities in London.com . Oxford and Switzerland Full details of all our schemes can be found on our website www.Changing the nature of investment Grow your career with the global leader in alternative investments. Undergraduate.mancareers.
This involves a lot of client entertainment. In order to develop a long-term relationship with any client you need to be able to develop a bond of trust and understanding. assume a trader wants to buy two million shares in Company A at 50p each. “and you’re still expected to be at your desk at 7am the following morning. Art19 Global Roles and career paths Interdealer brokers recruit graduates for two Custody How hot Money Kudos Opportunities 50 main roles – voice and electronic broking. For example. Electronic broking is all about speed. Voice brokers speak with clients on the telephone. The spread between base salaries for senior brokers is large – US$120-220k – the general rule being that the more complex the product. “On the trading floor of an investment bank. Opportunities Mark Scally How hot Money Kudos Opportunities Head of HR. High levels of price volatility in the stock markets are actually beneficial to them. according to analysis by Celent. managing director of Search Partners. The career path is straightforward – junior broker. Because IDBs get paid whenever people trade. While the hours of a broker are reasonable – typically 7am to 5pm – a lot of your evenings are taken up wining and dining clients. part of the Kudos Banking particularly at the early stages of your career. This can be anything from 35% to 50%. In fact. How hot The ability to develop strong client Money relationships is a keyArt18 Corporate job. it Art17 takes a small percentage as commission. you have to keep clients sweet on a more professional basis. if a successful broker leaves for a competitor. enabling banks’ traders to do large deals with one another anonymously. These firms are ICAP Tullett Prebon.How hot Money Kudos GETTING IN INVESTMENT BANKING Art14 Fund Management Financial services EMPLOYERS Opportunities interdealer brokinG How hot Middle Money Kudos Building relationships key to interdealer broker success The more complex the product. But IDBs make most of their cash through taking a percentage of the money they bring in for the company.” says Mark Scally. Wealth which can be very lucrative. Our business is more about swift execution – ensuring we can trade our clients’ positions fast. director. traders take a position and therefore potentially a risk. If the trader is happy with what the IDB has to offer. and Tradition. They check prices and availability with an IDB. Broking acts as an intermediary between An IDB dealers at investment banks. with the more confident brokers pushing for a bigger cut and smaller base. too. don’t bother applying. and execute trades around more complex products. which can Rating Agencies range from anything from Careers in Banking and Finance 2010/11 efinancialcareers. I options or futures to the various fixed income products.” says Scally. according to IDB headhunter Search Partners. the higher the salary. Damien Lee. head of division. In return. particularly in Management volatile markets. says a junior broker can spend three or four nights a week entertaining. head of HR at Tullett Prebon. the right Providers & Brokers usually specialise in a particular product. Skills sought Interdealer broking is all about relationships. BGC . “The ability to develop strong client relationships is a key part of the job.com/students . such is the bond between broker and client that. GFI. which typically require more discussion or explanation. Electronic brokers use computer screens to check client needs and execute deals. but a strong performance during the financial crisis has thrust this fairly mysterious sector into Art16 Interdealer the limelight. Pay and bonuses Starting salaries range between US$40k and US$50k. desk manager.” Obviously. they’ll often take their business with them. trading cash or equity products in large volumes at Art20 Dataprice. the higher the pay Brokers judged on swift execution of deals men making sure Art15 Alternative the price is right Investments Opportunities How hot Money Kudos Opportunities How hot Money Kudos Opportunities nterdealer brokers (IDBs) have traditionally been rather publicity-shy. Tullett Prebon Key players Five big firms dominate 70% of the market. so if you’re not a people person. broker. the IDB will execute the deal. before the client’s competitors. particularly at the early stages of your career. they make money whether the market is rising or falling. Brokers need to be able to react quickly to find solutions to individual clients’ needs.
exposure and recognition. . entrepreneurial and meritocratic. ICAP® and other service marks and logos are service marks of ICAP plc and/or one of its group of companies. Post Trade Risk Services. And we both know that with the right training.4 trillion worth of transactions every single day. We offer prospects. Entities within the ICAP group are registered as applicable. Research and Risk. ICAP is the world’s premier interdealer broker. We have a range of full-time. New York ©ICAP plc 2010. All rights reserved. global.Here’s the deal. you’re going to go places that even we’ve never thought of yet. We’re fast-moving. Careers in global financial markets www. internship and placement opportunities in Broking. confident and ambitious. You approach challenges determined to succeed. Human Resources. You’re quick-thinking.icap. outgoing. We connect buyers and sellers in the world’s financial markets.com/careers Tom Sheridan Voice Broker. Business Services. executing more than USD $1. You’re an incredibly bright individual with a personality to match. Accounting.
particularly equities or Art18 Corporate term “stockbroker”).com/students . Bank of America Merrill Lynch 2. They fall into Management two categories: Private bankers: Help clients invest their money wisely and avoid any risks that might reduce the value of their assets. investment bankers. Key players by global assets under management (US$bn) Company 1. chief wealth management officer at Axa Hong Kong. but many deal only with clients whose financial assets (so not their houses or yachts) alone are worth more than Art19 Global US$30m. unusual and demanding people. Those on the relationship side are effectively salespeople who spend their time cultivating links with clients and selling the bank’s services. “Sometimes you might have five relationship managers all vying to manage the money of one single high-net-worth individual. Coutts Kudos If Data Art20 you work as a private banker.” says Katie Lin. How hot Money Kudos Opportunities 52 relationships. Deutsche Bank 10. figures as at H1 2009. but needs their permission before making a move. or investments in the private equity and hedge fund sectors. You have to be interested in clients. However. in which wealthy clients communicate their general investment strategy and the broker buys and sells the financial products they think appropriate. 9. UBS 3. and advise them on bequeathing their wealth to the next generation. deep Art16 Interdealer relationships and technical expertise Broking How hot Money Kudos Opportunities How hot Money Kudos Opportunities How hot Money Kudos s their name suggests. far away from the prying eyes of the gossip columnists Art17 Wealth and paparazzi.526 1.P Morgan . building money for existing Roles and career paths income. footballers. pop stars or members of privately run family businesses. US banks such as Citi. as few brokerage firms offer graduate training courses. private wealth managers help very rich people to manage their money in private. Morgan Stanley-Smith Barney 4. private client brokers come in two kinds: those working on discretionary mandates.How hot Money Kudos GETTING IN INVESTMENT BANKING Art15 Alternative Investments Financial services EMPLOYERS Opportunities wealth manaGement How hot Combining Money Kudos Opportunities Managing money for the world’s wealthy Don’t expect just to give investment advice – high-networth clients expect more A relationship manager is judged by the amount of money under their stewardship diplomacy. and those working on advisory mandates. HSBC Private Bank 6. This can involve a lot of travelling and close contact with interesting. They also offer tax and pensions advice. their background and their family – you have to understand what How hot makes them tick.824 1. People working on the investment side either invest their clients’ money themselves or offer their clients detailed advice to help them invest Art21 IT own money. you can expect Providers & to perform one of three broad categories of job: investing Rating Agencies clients. offer The clients of private wealth managers can be anyone from company chief executives to property tycoons. so relationship building is pivotal. BNP Paribas/Fortis 8. Meanwhile. or managing backoffice functions such as human resources or accounting. Goldman Sachs and Morgan Stanley hire graduates onto their wealth management or broker training programmes. They are typically their in product Finance specialists who are expert in a particular asset class. A Custody Opportunities You need to be able to build long-term relationships. help clients to develop a strategy for charitable giving. such as fixed Careers in Banking and Finance 2010/11 efinancialcareers. Barclays Wealth AUM 1. When a relationship manager has established a client’s needs. Kate Turner Opportunities Money Head of private banking. They also stocks (hence the Bankingadvice on the best products to invest in. investment specialists are brought in to put a more detailed solution together.420 656 345 335 265 258 240 222 Source: Private Banker International. Private banks typically look for clients with at least US$1m to invest. where the broker advises the client what to invest in. structured products of any kind. making the first move can be challenging. Citigroup 7. Private client brokers: Help clients to buy and sell financial products. Junior brokers are most likely to work on advisory mandates. equities. J. Credit Suisse 5.
we have big plans for the future. London E14 5HP. As a graduate there are plenty of great reasons to choose a career with us. The chance to obtain the CFA™ and. Asia and the Americas. the international experience you can gain through our overseas placements. To find out more and apply online. and securing our position as one of the world’s leading wealth management businesses is really just the start. Barclays Bank PLC is registered in England and authorised and regulated by the Financial Services Authority. Hong Kong and Johannesburg. and we’re currently recruiting in the UK. Spain.STRUCTURED TRAINING.com/CIBF Barclays Wealth is the wealth management division of Barclays and operates through Barclays Bank PLC and its subsidiaries. and to help us we need graduates who share that same level of ambition. Mumbai. Portugal. We have operations spanning Europe. A PROFESSIONAL QUALIFICATION AND UNRIVALLED JOB SATISFACTION WORK. as an organisation. Switzerland. India. of course. Singapore. Registered office: 1 Churchill Place. affluent and corporate clients is what we do at Barclays Wealth. the Middle East. . Africa. Our three-year structured training programme for one. WHAT’S IT TO YOU? Meeting the complex wealth management needs of high net worth. Monaco. You see. Italy. go to barclayswealthgraduates. Registered No: 1026167. But the truth is how much you get out of that career depends on what you’re prepared to put in. Our goal is to redefine the entire wealth management sector. UAE. We’ll judge you on your ability and nothing else.
Was it significant? Or had they just run out of chocolate ones? As it turned out.Graduate & Summer Internship Investment Management opportunities As a leading asset management company. Operations. Join us and you’ll enjoy the freedom to think for yourself. THE WORLD’S INVESTMENT SPECIALIST . you’ll discover a demanding. noticed the usual chocolate biscuits had been replaced by plain ones.fidelityinternational. To find out more. And after further research and probing it helped us to decide not to invest further with them. one of our Analysts. whether you’re interested in Investment. authorised and regulated in the UK by the Financial Services Authority. at Fidelity we encourage graduates to focus on the details that might provide valuable investment insights. after a series of meetings with a prospective investment. Issued by FIL Investments International. Sales and Marketing or Human Resources. For example. So. it was a sign that the company had financial difficulty. We saw the plain truth. stimulating and highly rewarding career. discover your investment intelligence. go to www. So.jobs/directory Fidelity is an equal opportunities employer and is committed to a policy of treating all its employees and job applicants equally. absorb new ideas and make your own decisions. It’s this instinct to delve deeper and understand opportunities that little bit better that sets us apart.
” Angeline Seah Associate director. Your network is your net worth. “They need to know how to read the market. and was promoted to my current role within six months. like finding a reliable accountant or a managing agent for investment properties. You have to be interested in them. good service. I then moved to Singapore and returned to ANZ there in 2008.“ An understanding of different cultures will help. their background and family – you have to understand what makes them tick.” says Kate Turner. and these clients have high expectations – they expect fast turnaround. too. but a background in economics and law can be useful too. while an investment advisor can bring in US$35-70k. say. HSBC Private Bank. At the senior end. ANZ is undergoing an exciting period of growth in the region. What exactly does your job involve? There’s a lot of frontline contact with high-net-worth clients. and there is a strong focus on development opportunities there. I joined ANZ in Melbourne as a management trainee. head of private banking at Coutts. ANZ Private Bank Asia Angeline graduated from Monash University in Australia in 2003 with a master’s degree in business systems. followed by Macquarie Bank in 2006 in a similar role. “You can teach people financial skills but what you cannot teach is the ability to build a rapport. If you have good relationships with your existing clients. a private client relationship manager can expect to earn US$70-140k base pay after five to seven years’ experience. chief wealth management officer at Axa Hong Kong. base pay comes in at US$155k+. However. not just from the finance sector. according to Robert Walters. and for everything to be at their fingertips. they often refer a lot of new leads to you. We find many graduates with finance-oriented degrees applying. There are different ways we can go about doing that. Discretion and an ability to retain and build relationships with incredibly wealthy individuals are absolutely vital. because they know you are the one-stop shop for everything. The most obvious way is word of mouth. then you will be of value to them. Coutts. In Singapore. and provide the latest financial information to clients. private bankers also need technical expertise to get ahead of the herd. How did you end up in your current role? After graduating with my master’s. We need to understand our client’s needs. “Although a lot of our work is UK-focused. Kleinwort Benson. the best part is that you get to meet people from all walks of life. working as a credit coordinator. “They need to know what kind of product they are selling. specialising in finance. rising to US$140-255k at the senior end. Pay and bonuses In Switzerland. the Middle East or the non-resident Indian market. Careers in Banking and Finance 2010/11 efinancialcareers. You’re not only offering financial advice – clients could come to you for help with other things from finding a reliable accountant or a managing agent for investment properties.com/students 55 . She joined ANZ Private Bank in Singapore in 2008. Credit Suisse. You never know when your contacts will come in handy. We also need to build our portfolio as our sales are judged on the amount of funds under our management. Skills sought Private banking is no place for anyone with a taste for gossip.GETTING IN INVESTMENT BANKING Financial services EMPLOYERS And Barclays Wealth. and its competitors in the market. If you have particular knowledge of. She also has a bachelor’s degree in commerce. suggests Turner. I came on board as an assistant manager to a senior private banker. You first need to gain their trust to invest that money. In the fiercely competitive market of wealth management. a junior relationship manager can expect a base of US$65-85k. risk appetite and financial objectives. because they will expect regular updates on their portfolio as well as relevant information that will help them make astute investment choices. traditionally a hub for wealth management. After that I joined a subsidiary of National Australia Bank in 2005.” says Katie Lin. If you can provide that extra help. You need to be able to build long-term relationships. which has been particularly active recruiting wealth managers over the last 18 months. What do you like most about your job? Building contact networks is something you have to do. that will always be helpful. another language can be useful. and it’s about managing their relationship with the bank. according to the Robert Walters 2010 survey. but it can also be very enjoyable. What is it like to be a banker for rich people and celebrities? I have a lot of high-net-worth clients. but you’re not only offering financial advice – they could come to you for help with other things. RBC Wealth Management and UBS also run graduate schemes for private bankers.
so you have to have good general expertise. But when the company needs to raise more finance. because they work with different industry players. mining or utilities companies might be project finance experts. London Art20 Data Providers & Rating Agencies Pay and bonuses Graduates usually start on around US$35k. tend to have a better understanding of. according to the banks we spoke to. corporate banking can mean arranging loans (a service which itself comes in various forms). according to recruiters Robert Walters. offering cash management services – such as helping minimise tax paid by overseas subsidiaries – or managing changes in foreign exchange rates. a relationship manager can earn US$45-110k after four to eight years’ experience. working out Art19 Global case for funding a new power the business Custody or mine. BNP Paribas.9 Senior roles in corporate banking Santander 136 Art22 Insurance are more client-focused. you also have the option of working in risk/credit assessments or product. Head of corporate and transaction Opportunities banking. Relationship managers are also assisted by a support team. Wells Fargo 137. and a senior relationship manager can earn up to US$210k in the UK. alternate chief executive and head of wholesale banking group at Citic Bank International. Both involve wining and dining chief executives and finance officers. assessing company balance and Finance to sheetsloans. who Citigroup 93. figures as of 2009. says financial recruiter Morgan McKinley. Corporate bankers target different industries. the relationship management team also provides transaction and structuring advice. corporate banking is the broad term applied to the various different banking services offered to large companies – those worth US$25m and above. There are BNP Paribas 94. “Corporate bankers. In Hong Kong. Art18 Corporate but it’s not. It may sound simple. This hovers between US$85k and US$95k for the same level of experience in Ireland.7 One banker describes this as “bagJPMorgan Chase 171 carrying” – you’ll be picking up tips Bank of China 153. and often carve out niche areas of expertise. who look after existing clients. Junior corporate bankers often start out as credit Art21 IT in analysts. the whole economy.4 sell products to corporate customers. cash flows and debt). Careers in Banking and Finance 2010/11 efinancialcareers.deciding whether World‘s largest banks by market capitalisation (US$bn) or not issue You may also Bank Market capitalisation get to accompany senior sales and ICBC 268.9 relationship staff as they attempt to China Construction Bank 201. but technical skills are also essential Corporate banks provide complex services to large institutions Deep understanding of various industries and products How hot Money Kudos Opportunities How hot Money Kudos Opportunities n a nutshell. Buthot you also need to know – and this is How crucial – where your expertise runs out and Money you need to get someone else involved. “Every industry is changing. or Source: ICBC.5 attempt to bring in new customers. Working in corporate banking means you have to manage these changes. but are also quite technical. or sensitivity to. operations or treasury management (the administration of currencies.” says Nick Huang. which deals with the client’s dayto-day banking needs.8 business development managers.6 much influence on the deal. HSBC 200. plant I It helps to be a bit of a jack-of-all-trades. At its Banking most basic. For instance. those servicing energy. Roles and career paths How hot Money Kudos Opportunities How hot Money Kudos Opportunities 56 While most graduates joining a corporate bank will be expected to undertake a formal qualification – like the UK’s Professional Certificate in Banking – you can also expect a lot of on-the-job training.How hot Money Kudos GETTING IN INVESTMENT BANKING Art16 Interdealer Broking Financial services EMPLOYERS Opportunities corporate bankinG How hot Money Kudos Opportunities Banking for high-value companies Art17 Wealth Management Relationship building is key. Kudos Richard Miles relationship managers.” If you’re not up for a client-facing role.9 from senior directors without having Bank of America 149.com/students .
000 employees worldwide. Our Corporates & Markets Graduate Programme offers you the opportunity to join our investment banking team. Ready to be the future of banking? Take the next step. visit www.commerzbank. Are you looking for an exciting job in the finance industry with challenging career prospects in a dynamic environment? At Commerzbank you can get a head start to your career in an international investment bank which is part of the second-largest bank in Germany with over 61. Right from the start you will be part of the action.Ready for a company that offers more than you’d expect? Apply now for the Corporates & Markets Graduate Programme.com/career Achieving more together . where good ideas get recognised and you can make a real difference.
Continental Europe. growing strong relationships and delivering industry leading products and services. Asia Pacific and the US RBS has a long history. Marketing and Sourcing & Vendor Management there’s something for everyone. To achieve the extraordinary. The time is now. Find out more at www. RIGHT TIME. and to seize the opportunities at the heart of an organisation that is poised for transformation. We are committed to our clients. GRADUATE & INTERN CAREERS UK. Finance and Retail Business Leadership to Technology.makeitrbs. global strength and is looking to the future with confidence. whatever their degree discipline or career aspiration. With over 30 graduate and intern programmes. Graduates and interns who join us now will have an influence on the strategic decisions we make going forward.RIGHT PLACE.com . from Global Banking & Markets. The place is here.
as every day you will be dealing with people of all levels internally within the bank network and. You need to be able to communicate clearly and effectively.GETTING IN Skills sought INVESTMENT BANKING Financial services EMPLOYERS While you have to be an affable people person to win the business and maintain relationships in corporate banking. help in this – the corporate team works with a hugely diverse range of companies and industries. I hope. The complexity of the corporate business environment. Where do you see yourself in five years’ time? Ideally I’d like to become a global relationship manager. but you’ll also need to be aware of the regulatory hurdles in different countries and the cultural sensitivities of doing business with people in several locations. graduating last year. Edinburgh. and is now working as a corporate banking analyst. A positive attitude.” says Carnaffan. Time management skills and an ability to prioritise are also vital. Every day you will be dealing with people of all levels internally within the bank network and building relationships with customers externally. for example. The fact that HSBC has a presence in 88 countries will. you will be coming up against people who might be quite demanding and time poor. They focus more on the terms and conditions of the deal that they are working on directly. as many roles cover a number of geographical locations. What makes you good at your job? Having a background in maths has certainly helped me in my role. while in Taiwan. head of corporate and transaction banking at BNP Paribas in London. For the analysis element. they tend to be fairly straight-forward. Careers in Banking and Finance 2010/11 efinancialcareers. perhaps with an international portfolio of customers. it’s more about relationship building – lots of golfing. “We accept graduates from any degree discipline – what they need to show is evidence of having worked as part of a team at university or having taken a leadership role in something. particularly. “Customers are different animals in the various parts of Asia. Emotional intelligence is essential. especially in terms of understanding many of the products and tools used within the industry. I support and work alongside our corporate banking managers. enthusiasm and a willingness to be proactive and ask questions also goes a long way. “In Hong Kong. within the corporate banking environment. to be analytical and to come to well-constructed conclusions. and the range of customers and products.” “Graduates must have good verbal skills. also means no day is ever the same. But equally. so you have to be able to deal with that and quickly show you can be of benefit to them. “They need to be able to get to know people quite quickly and develop relationships. In the corporate environment. senior vice president and head of corporate banking at Fubon Bank (Hong Kong). What are the three main elements of your job? At the moment the main elements are financial analysis and research. so you have to have good general expertise. wining and dining.” Corporate bankers will be given a lot of responsibility relatively quickly – at least when it comes to client interaction – but will also be required to understand how their role fits into the wider organisation. people and communication skills are essential. it helps to be a bit of a jack-of-all-trades. She joined the HSBC commercial management training programme in October 2009. But you also need to know – and this is crucial – where your expertise runs out and you need to get someone else involved. For me the best part is simply meeting customers and getting an in-depth picture of how a company operates – its ambitions and its culture.” Deirdre Cloake Corporate banking analyst. “It is not just about academic qualifications – you have to have character. meeting customers and studying for my diploma in corporate banking. you also have to be a ruthless number cruncher.com/students 59 .” says Richard Miles. graduate development manager at HSBC.” says Aubrey Wang. Banks want to see evidence of this in their graduate recruits. what’s important is being able to assimilate a lot of information quickly. HSBC Deirdre studied financial mathematics at Heriot-Watt University. of course. After all. who manage relationships with companies with a turnover of between £25m and £1bn. Not only will you be required to keep up with developments within various industries and the implications of these on your clients’ risk appetite. building and maintaining relationships with customers externally.” says Gregg Carnaffan. “In terms of specialist products and services. there’s no point in lending money to a firm if they’re going to fail to pay it back. having completed my first placement in HSBC’s Yorkshire Centre. How did you get to where you are today? I am now mid-way through my second placement in the Glasgow Corporate Banking Centre.
data architects.How hot Money Kudos GETTING IN Art17 Wealth Management INVESTMENT BANKING Financial services EMPLOYERS Opportunities Global custody How hot Money Kudos Opportunities The range of custody functions is growing Technology key to gaining a competitive edge Maths are a must. while a custody associate can bring in US$55-85k. A senior relationship manager in the Pay and bonuses 2. the role of global custodians is changing dramatically. which has driven the need for sophisticated administration technology. “If someone has a maths degree. State Street 4.” says Wade McDonald. systems Top five global custodians (US$bn) integrators and business process reCompany Assets under custody engineering experts.” You will need to have the skills to How hot administer new and exciting investment Money products as they enter the market. senior vice president at State Street Global Services. which has now become integral to profitability. Ross Whitehill Kudos Head of offshore management. control.” says Ross Whitehill. a fund accountant with more than five years’ experience can earn US$60-95k. fund administration jobs pay US$50-80k at manager/ AVP level. A UK can earn US$95-135k. Firms hire system programmers. In Singapore. Graduates with mathematical degrees like engineering tend to gravitate towards the core custody functions. or make a client presentation. Skills sought The official line is that there are no favoured degrees for global custodians. but certain roles. with the exception of BNP Paribas Securities Services which is as at 31 December 2009. including fund accounting.com/students Source: Company reports. and a firm grasp of maths will help. “But we get people with economics or business degrees and even history. settlements (delivering securities Rating Agencies to the buyer and the money to the seller). “You will need to have the skills to administer new and exciting investment products as they enter the market. settlements and corporate actions. Core functions include fund administration and Art20 Data fund accounting (calculating how much income funds & Providersare making and spending).800 5. Delivery: The roles traditionally associated with global custody. according to the Robert Walters salary survey. BNY Mellon 3. such as exchange-traded funds (ETFs) and hedge funds. Careers in Banking and Finance 2010/11 efinancialcareers. Citigroup Global Transaction Services 5. head of offshore management at BNY Mellon Asset Servicing. “But an ability effectively to define and communicate a problem or a strategy. while corporate actions roles pay US$50-75k at the same level.400 14. 1. Calculating corporate actions across multiple funds and asset classes can be complex. ensuring they’re happy with existing services and – hopefully – selling them others. and a range of complex derivatives. Graduates are usually given Art22 Insurance a grounding in all these areas before specialising in one. will require a pre-existing skills base. In Luxembourg. In Dublin.900 14. Figures as at 31 March 2010. is increasingly important. Technology: Custodians spend hundreds of millions of dollars on technology. audit or fund accounting for example – while a computing degree might direct you more into technology. swaps. J. a head of fund administration is paid US$135k+. This is typically something to aspire to after a few years. such as fund accounting or IT. although you should expect to be asked why you chose a career in banking. it is quite likely they are going to go more into the accounting side – finance. mortgage-backed securities. and corporate actions (keeping track of dividend payments for equities and coupon payments for bonds). “Global custody Art19 Global has evolved enormously over the last decade or so with a steady rise in automation Custody and an explosion of exotic investment vehicles and instruments. Opportunities BNY Mellon Asset Servicing Art21 IT in Finance Roles and career paths How hot Money Kudos Opportunities How hot Money Kudos Opportunities 60 Client: Here.” While numerical skills are needed to get your head around accounting and valuation models.793 Client-facing roles Art23 Accountingare the most lucrative within global custody.058 11. business analysts.P Morgan Worldwide Securities Services . but need to be combined with initiative and analytical skills The ever-more complex task of administrating investments Art18 Corporate Banking How hot Money Kudos Opportunities How hot Money Kudos Opportunities s asset managers become more sophisticated with their investment strategies. you’ll schmooze with fund manager clients.” says Whitehill. BNP Paribas Securities Services 22. graduates will need to demonstrate softer attributes if they’re to climb the career ladder. .
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The former has 29.” he says. Further up the career ladder.2%. the European Commission is proposing to increase competition in the Art23 Accounting that the information on which sector by requiring many ratings are based is accessible to all rating firms. such as an ability to communicate effectively.” says Andy Jackson. After five to seven years. while Moody’s and Standard & Poor’s recruit according to need. Data providers offer a variety of graduate roles.” How hot Money Kudos Opportunities 62 Careers in Banking and Finance 2010/11 efinancialcareers. Thomson Reuters and Bloomberg continue to battle it out for top spot. other “softer” skills. in the EU at least.4% of the market globally. But the industry could be set for a shake-up. research and analytics. as well as the capacity to adapt to a matrix organisation. FactSet. if not astronomically. European human resources director at Interactive Data. with Fitch Ratings coming in a close third. Risks are (indicating a high classified as ‘investment grade’ if they come in at BBB or above. salaries come in at US$90-120k in the UK. credit analysis roles pay well. depending on experience and academic background.com/students . and are now virtually even when it comes to market share. Pay and bonuses Graduate trainees within data providers can expect to start on salaries of US$35-40k in London. Moody’s Investor Services and Standard & Poor’s are the top two. What this means for graduates is that. Organisations Providers & to are rated from AAA (virtuallyC guaranteed pay up on time) through to Rating Agencies risk of default). New recruits are encouraged to develop relationship-building skills. Money Andy Jackson Kudos Art22 Insurance Key players The credit rating agency business has long been dominated by a handful of US-based key players. “We look for graduates with a strong academic background that includes finance. while the latter has 29. Data providers supply financial markets and the global media with critical real-time information such as company share prices. accounting or economics. Interactive Data. Trainees typically start out in research roles in teams focusing on anything from industry sectors to financial products. They Finance also provide financial and business news services via a number of media channels. Fitch Ratings Opportunities Skills sought The current volatility within the world’s financial markets has led to increased demand for data providers. plus the ability to convey a complex message clearly. according to recruitment sources. according to Burton-Taylor International Consulting. exchange rates. are also sought. Rating agencies typically pay a similar amount at a junior level. with anything less known as ‘speculative grade’. argues Chris Mills. rising to US$120-150k after seven to 10 years. In the data provider space. How hot accounting or economics. with the additional possibility of a small bonus. and tools and software for tracking Art21 IT in portfolios. according to the Robert Walters salary survey. T Roles and career paths Rating agencies usually recruit graduates into data analysis jobs. Other significant names include Dow Jones/ Factiva. including data analysis. plus the ability to convey a complex message clearly. Fitch has a structured graduate programme. journalism and business development. SIX-Telekurs and IRESS. “In addition to technical skills we also focus on soft skills when hiring. technology. We look for graduates with a strong academic background that includes finance. Head of human resources for EMEA. At the time of writing. “Successful applicants usually have a postgraduate qualification and often fluency in a second language. head of human resources for EMEA at Fitch Ratings.How hot Money Kudos GETTING IN Art18 Corporate Banking INVESTMENT BANKING Financial services EMPLOYERS Opportunities data providers & ratinG aGencies How hot Supplying Money Kudos Opportunities Organisations seek the AAA gold stamp from rating agencies Bloomberg and Thomson Reuters rule the data providers’ world Postgraduate qualifications in a financial subject a prerequisite the info that underpins investment decisionsArt19 Global Custody How hot Money Kudos Opportunities How hot Money Kudos Opportunities he main purpose of credit rating agencies is to assess the likelihood that an organisation issuing debt will fail to pay back its creditors fully and on time – called ‘going into Art20 Data default’. while firms do still want people with good technical skills and a flair for analysis.
Our employees have a passion for excellence. Data Analysis. ©2009 Bloomberg L.com Bloomberg is a proud Equal Opportunity Employer. Innovate from the front. We foster that passion and encourage growth and development in every way possible. 34842161 0609 .P. Software Development.bloomberg. Join Bloomberg. News and many more areas. All rights reserved. careers. Bloomberg is the ideal place for you to develop your knowledge and enthusiasm for the financial markets. Join the company at the forefront of finance and technology. no matter what their experience is.MOVE THE MARKETS. We have opportunities in Financial Sales. Bloomberg provides information to business leaders around the world.
After a period of shrinking IT budgets and cancelled projects throughout 2008/09. Generally. there’s the option of working for third-party vendors. fund managers. SUMMIT) reducing the amount of time it takes C++ 108 147 both to execute and process a trade. But do not exaggerate your skills. help organisations save money. And traders aren’t shy when it comes to berating you for their IT gremlins. because you will be found out. A salary survey by IT headhunter JM Group revealed that a vice president business analyst working on exotic derivatives can earn up to Roles and career paths Within financial services. Fidessa. retail banks. Sophis. structuring and eventual completion of the projects. according to research from consultancy Celent. banks often purchase software from third-party vendors. Pay and bonuses IT pay doesn’t reach the dizzy heights to be found in investment banking. Not Art21 ITsurprisingly. This might sound simple.How hot Money Kudos GETTING IN Art19 Global Custody INVESTMENT BANKING Financial services EMPLOYERS Opportunities it in Finance How hot Money Kudos Opportunities Software. Business analysts effectively act as the liaison between the IT department and the company. where solutions must be delivered under pressure How hot Money Kudos Opportunities How hot Money Kudos Opportunities How hot Money Kudos Opportunities Don’t be he right technology is often the factor that gives a financial services company the edge over its competitors. prompting something of a hiring spree in the sector. It can also. and may be as little as microseconds. investigating how technology can be used to improve the bank’s competitive advantage. or integrating it into existing systems. financial services firms are expected to spend US$357bn on IT globally. OpenLink or Charles River. In 2010. processing them through smart-order routing systems. T Art23 Accounting afraid to do internships and learn as much as you can. If you don’t want to work for a bank. but glitches could cost banks millions of dollars within minutes. hard skills and a thick skin Art20 Data Providers & Rating Agencies Financial services firms have increased their IT budgets again this year Technical knowledge must be combined with softer skills A fast-paced environment. Although some of the job will involve developing new systems in-house.com/students Source: JM Group (base salaries only). and be answerable to the business should plans go awry. Whether it’s a question of buying and selling financial products Art22 Insurance electronically. or communicating to ensure that trades go through smoothly. which specialise in providing software for a particular sector. project managers will take the reins of the new venture once it has been given the go-ahead. or have a comparatively rare skill set. multi-million dollar technology projects are crucial to successful operations. you are at the coalface of the IT department. liaise with third-party vendors. in the long run. firms in the financial in sector are among the biggest spenders on IT. VP/Dir. You’ll have to manage a team of developers. . the greater your earning potential. if you possess knowledge of more complex financial products. Meanwhile. business analysis. Victor Lebreton Manager. financial services firms have again focused on frontoffice technology. The people in technical support solve problems when they arise on the trading floor. The really big user of technology is the trading floor. their developers tailoring the software to UK developer salaries in investment banking (US$k) suit the institution’s particular needs Software Analyst/Assoc. Project management is a strategic role involving planning. As a developer. 64 Careers in Banking and Finance 2010/11 efinancialcareers. IT roles tend to fall into four camps – development. so a thick skin is a must. Try sending your CV to major players such as Sungard or Oracle. but it’s not pennies either. or apply to specialist financial services software vendors such as Fidessa. Excel/Access VBA 100 116 Developers aim for ‘low latency’ or 116 154 3rd party (Murex. Vendors generally pay less but can provide a good training ground to develop your technical skills. and everything related to it. Quant Hedge The speed with which a trade is placed can be crucial to its profitability. brokers and insurance firms all spend billions on technology. therefore. Finance Investment banks. project management and technical support.
finance. Project manager roles. Since joining EDIT my role has been primarily as a business analyst/project manager on a strategic flow risk management application. and gave me the opportunity to meet the traders. C++. an IT risk analyst within fixed income at BNP Paribas: “You could be dealing with queries from traders looking for support on applications or complaining that something is inaccurate.” Soft skills are valuable when it comes to business analyst or project management roles. Even in highly technical roles. A C++ developer with over six years under their belt can earn US$90-155k. “Entry-level positions have become much more competitive over the past two years. Any downsides? Part of the pressure of working in a banking environment is the need to work long hours in order to meet tight deadlines. “Don’t be afraid to do internships and learn as much as you can. experience with programming languages like Java. says Dipen Shah. In my analysis role. market risk and client valuations – to work through issues and come up with solutions. An ability to remain calm under pressure is a must. This involves assessing the valuations versus our pricing sheets.” Technical skills will be nurtured. as you are always faced with a dynamic. “Many will have a background in computer studies but we often find that it helps to be able to offer computer studies with something else. providing first-line support for the flow equity derivatives business in London. C# or Microsoft’s . You also get to work alongside and learn from highly skilled individuals. reconciling valuations and dealing with system issues. and the front-to-back implementation. fast-paced environment where there is plenty of variety on a daily basis. Why did you choose this role? I started off at Credit Suisse in a support role. Skills sought The vast majority of successful applicants will have a computer science degree.” Hazera Akthar Business analyst. It requires engagement with all stakeholders – front office. working closely with the development. soft skills are key. including the testing of the downstream feeds. global head of rates support/EMEA FI support manager (technology) at Citi. as you are always faced with a dynamic. those working on simpler ‘vanilla’ products can get US$135k for the same position. and those who don’t will come from a maths or physics background. equity derivatives IT. understand the business and manage expectations. but the learning curve is steep. Credit Suisse Hazera completed a degree in computer science at King’s College. In Hong Kong. If you have not done computer studies.” says Matthew Widders. Business analysts have to be able to explain the pros and cons of a potential technology investment without leaving non-IT people swimming in a sea of jargon.Net is essential. a programme manager with over eight years’ experience can expect US$130k-255k. product controllers. liaising with developers. are essentially management positions for developers. Careers in Banking and Finance 2010/11 efinancialcareers. “Recent examples have included artificial intelligence. because you will be found out. support and quality assurance teams to identify and prioritise tasks and ensure timelines are met. But do not exaggerate your skills. What’s the best part of the job? Working in a front-office IT team is very exciting. or co-ordinating with managers from mid. I am responsible for setting up valuations for new products. but this is not to say you need to be a whizz kid at entry level.” says Victor Lebreton. If you’re seeking a development role. London before joining Credit Suisse’s graduate programme in 2007.and back-office teams. fast-paced environment where there is plenty of variety on a daily basis. meanwhile. and you’ll have to act as a central coordinator for disparate groups with differing interests.GETTING IN INVESTMENT BANKING Financial services EMPLOYERS US$140k in the UK. and there is fast career progression with a high degree of responsibility from day one. What have you been working on today? I manage the day-to-day running of LOTS (a strategic flow risk management application) and am responsible for the project deliverables in London. that does not necessarily rule you out.com/students 65 . This role involved investigating P&L breaks. A smile and an open-minded attitude make things easier for everyone in the team! Working in a front-office IT team is very exciting. Since January 2009 she has been working as a risk management business analyst within the bank’s Equity Derivatives IT (EDIT) team in London. economics and psychology. manager of Paris-based electronic trading firm Quant Hedge. according to recruiter Hudson’s 2010 salary survey.
be it a shipping firm or a bank.000. rising to US$150k after 10 years. with training usually provided by the employer. Broking: The salespeople of insurance. it employs more than 313. demographics and clients to prepare a quote. according to recruiters Joslin Rowe. who will attempt to find the right product for a particular client. says Abby Cox. but that isn’t all. Few places for graduates. according to figures from the Association of Art22 Insurance– a third of all financial services British Insurers jobs in the country. The top 10% earned more than US$160k. Newly qualified actuaries earn US$80k in general insurance.” Actuaries need to communicate the results of their investigations to the underwriters and other people in the business in a way that’s not going to confound them. Insurance brokers: Intermediaries who sell insurance products Art23 Accounting – particularly important in the corporate market. “Climate change is a great example. individuals. Specialist senior underwriters can earn up to US$220k. however. “What are the risks going forward. Re-insurers: Insure the insurers against the risk of significant losses. Skills sought It takes five to seven years to qualify as an associate actuary. In the UK (the world’s second largest insurance centre).3m jobs. AXA Group “We’d expect graduates to have 3. mortality projections for life insurance firms. Zurich Financial Services the motivation to show they have 4. profits. assets and market value. . HR graduate recruitment manager at Allianz. The industry has four main areas: Insurers: Assess risk and develop products for sale to individuals and corporations. Claims: By far the biggest volume Key players of people work within claims divisions. rising to US$90k at the top. rising to US$80-150k. In the US the insurance industry provides 2. and how can we work with our clients to prepare for them? We’ll usually test graduates’ logic on these issues. Munich Re basic understanding of the insurance Country Germany France Switzerland Italy Germany 66 Careers in Banking and Finance 2010/11 efinancialcareers. Clearly. Source: Forbes Global 2000. Actuarial: Actuaries produce financial models based on the statistical analysis of risk – for example. sifting stats on industries. Abby Cox Roles and career paths Graduate recruitment manager. Generali Group researched us as a firm and have a 5. it’s big business.” says Paul Roberts. You’ll need a maths-based degree to get your foot in the door. according to Hays Specialist Recruitment. but actuaries can earn six figures Global premiums exceeded $4 trillion in 2008 The complex business of being covered for a worst-case scenario Art21 IT in Finance How hot Money Kudos Opportunities How hot Money Kudos Opportunities lobal insurance premiums totalled over US$4.3 trillion in 2008. 2010 rankings. Allianz detection or claims investigation. UK resourcing manager at Zurich Financial Services. You’ll also have to show understanding of how current affairs can affect the industry. In the US. A junior commercial underwriter in the UK earns US$30-40k. HR. It’s also home to 176 broking firms. Allianz Underwriting: Involves extensive risk analysis. “It’s all very well having a brain the size of a planet. Pay and bonuses Insurance salaries are not massive.” she says.com/students Measured by a composite of sales. but you can earn decent money.How hot Money Kudos GETTING IN Opportunities Art20 Data INVESTMENT BANKING Providers & Rating Agencies Financial services EMPLOYERS insurance How hot Money Kudos Opportunities Insurance employs huge numbers across the globe Pay is comparatively modest. Company Graduates are likely to start in fraud 1. 2.” Underwriters require good numeracy and communication skills.” says Rob Mould.4k. These models are used by underwriters in their analysis. Lloyds market: Around 80 corporations. G industry for all our schemes. according to the Bureau of Labor Statistics. Business development roles start at US$30-50k. underwriters and financial backers – or syndicates – who come together to spread risk. the median annual wage of qualified actuaries was US$84. UK graduate resourcing manager at AXA. “But actuaries need to be able to communicate the results of their investigations to the underwriters and other people in the business in a way that’s not going to confound them.
com/career . Are you the kind of person that would thrive on realizing global projects alongside 13.000 colleagues? If so. To find out what is expected of our graduates on the trainee program and what opportunities we offer. visit munichre. We develop custom-made solutions for the risks that face people today and those they will encounter tomorrow. mathematicians and risk managers By finding new ways to stop the deterioration of the ozone layer All of the above Our strength lies in the combined knowledge of our multi-skilled teams. Our extraordinary breadth of expertise allows us to work on the most complex challenges of the present day – from economic and social concerns and global warming through to the world’s most ambitious engineering projects and space travel.How could you successfully launch your career? By tackling the biggest challenges in today's world By helping to send satellites into space Through brainstorming with engineers. we are looking forward to your application.
Source: Robert Walters.com/students . the first thing to ask yourself is where you want to work. Lyle Andrews Head of graduate recruitment EMEA. Companies in all other sectors also need accountants to help them tot up profits and losses and calculate tax liabilities. reorganisation services (advising on everything from restructuring and insolvency to improving a firm’s performance). 68 Careers in Banking and Finance 2010/11 efinancialcareers. half-yearly Skills sought and annual reports. Ernst & Young. Alternatively. KPMG and PricewaterhouseCoopers – but there are plenty of other smaller operations. As well as audit and assurance. a dedication to the industry. private equity firms. Financial control: Accountants in financial control analyse the bank’s overall performance. according to Robert Walters. quarterly. UBS By comparison. accountants keep a close eye on the profits and losses made on products bought and sold on the trading floor. Basic salaries are higher. and there’s the potential for lucrative bonuses. Product control: Here. advising on the business case for everything from technology to outsourcing. a hunger to learn and the ability to work well under pressure. The best known of these are the Big Four – Deloitte. Big Four firms conduct advisory work. several options are open to you. providing independent audit services to other companies.” says Lyle Andrews. Hong Kong 122-155 Treasury: Structure the bank’s Switzerland 125-189 financial affairs (often working with UK 200+ colleagues in tax) so that sufficient US 190-400 cash is available to meet its liabilities. Pay and bonuses Accountants earn more in financial services than in any other sector. By comparison. “Good attention to detail and superior numeracy Internal audit: Accountants in internal skills are pretty much a baseline when it comes audit teams are responsible for checking to accountancy and accountancy-related that financial systems and controls within roles. They also run consulting arms. or forensic accounting (investigating improper practice). where they handle the accounts of publicly traded companies. which can include corporate finance (see M&A article on page 22). hedge funds. Art23 Accounting Within financial services. an internal auditor in a large firm in industry or commerce earns US$75-105k. A You also need to show motivation and enthusiasm. investment banks hire accountants.How hot Money Kudos GETTING IN INVESTMENT BANKING Finance Art21 IT in Financial services EMPLOYERS Opportunities accountinG How hot Money Kudos Opportunities Formal qualifications add to long-term employability Numeracy is just a baseline – teamwork and dedication are paramount The number of accountancy roles is wide and varied The number crunchers at the heart of every organisation Art22 Insurance How hot Money Kudos Opportunities ccountants are not a single breed – they come in various shapes and sizes. insurance companies and fund managers. if you start as a graduate trainee in a Big Four accountancy firm. Finally. so do retail banks. You’ll find a team of bean counters in any large firm. They produce month-end. and independently validate that a company’s accounts are correct. and what kind of accountant you’d like to be. your career will be more limited – 50-60% end up in audit and assurance departments. there are also accountancy opportunities in industry and commerce. Roles and career paths If you choose to work in an investment bank as an accountant. you could work for an accountancy firm. They fall into two categories – financial (presenting company figures for external consumption) and management (presenting the figures and their implications internally). head of graduate the organisation are complied with. Regulatory accountants: Financial controller salaries (large organisation) (US$k) Ensure that the way the bank reports Country Salary its financial activity complies with France 99-155 the legal rules and regulations of the Singapore 115-144 countries it trades in. If you want to become one. An internal auditor with more than five years’ experience working in banking and financial services in the UK can expect US$110-150k.
Calculating your Future Value is easier than you think Calculating the future value of an investment is easier when you know how to approach it. giving you the tools and insight you need to stand out. and continue helping you right through your career in ﬁnance. At eFinancialCareers. we help you approach the challenge of securing a ﬁrst internship or graduate role. Invest in your future today by visiting: www.eﬁnancialcareers.com.com/students . Our Student Centre focuses on graduate recruitment at major banks and ﬁnancial ﬁrms.
uk/solution THE BUSINESS SCHOOL FOR FINANCIAL MARKETS .MASTER THE PRACTICE INVALUABLE IN TODAY’S JOB MARKET. March and July Visit www. FINANCIAL MARKETS AS EUROPE’S LEADING BUSINESS SCHOOL FOR FINANCIAL MARKETS.MSc Open Afternoons in November.icmacentre. A MASTERS FROM THE ICMA CENTRE WILL EQUIP YOU WITH BOTH SPECIALIST FINANCE THEORY AND REAL INVESTMENT BANKING By choosing one of our degrees you will benefit from: • A strong practical component and great links with the financial markets • State-of-the-art facilities including our ThomsonReuters equipped dealing rooms • World renowned academics as well as distinguished industry practitioners REGISTER FOR AN OPEN DAY AND GET A FLAVOUR OF WHAT IT’S LIKE ON THE TRADING FLOOR: .BSc Taster Days in October and June .ac.
Even if you have just spent a summer working in a pizza restaurant. I think it’s quite meaningful.” Nancy Yim Assistant manager. Investors rely on us to give a true and valid view of the companies they want to invest in. senior manager of student recruitment at PricewaterhouseCoopers. looking at different operations. and we also look closely at how transactions are booked in financial statements. I didn’t expect that. as they provide a clear career path which makes them an attractive proposition.GETTING IN INVESTMENT BANKING Financial services EMPLOYERS recruitment EMEA at UBS. Often. there is the DCG (Diplôme de Comptabilité et Gestion). You need an awareness of what you are doing and what needs to come next. and are pushed to learn new things every year. “You need to have drive. and ensuring they give an accurate picture of financial status. and you just have to live with it.” says Richard Irwin. but there’s also the option of Certified Internal Auditors (CIA). audit. and the DSCG (Diplôme Supérieur de Comptabilité et Gestion).com/students 71 . These are internationally recognised. Does the job differ from your initial expectations? The biggest difference is the long hours. they look for raw talent. equivalent to a master’s degree. We have to communicate with management in order to examine their strategy. I applied and was accepted into KPMG. a hunger to learn and the ability to work well under pressure. the Certified Public Accountants (CPA) qualification is key.” If you train as an accountant in London. Do you find it daunting to have to speak with your clients’ senior managers? A bit. and Accredited Business Accountants (ABAs). In France. In the US. which could be useful to a career in accountancy. In Germany. which typically take six years. I have been learning the auditing trade. but as we gain more experience. most firms will typically expect you to take the exams run by the Association of Chartered Certified Accountants (ACCA) or the Chartered Institute of Management Accountants (CIMA). Investors rely on us to give a true and valid view of the companies they want to invest in. You need to think about how your experiences can be mapped against your skills. Each year our role changes slightly as we take on new responsibilities. which runs from January to April. Sometimes we would be continuously working until midnight for a whole week. and learn how to face pressure. Certified Management Accountants (CMA). I think it’s quite meaningful. and don’t expect you to come ready equipped with all the technical skills. focusing specifically on companies in the private equity and insurance sectors. What was the appeal of auditing? It’s an important role in finance. KPMG Nancy graduated from the Chinese University of Hong Kong with a degree in accountancy. Generally. Finally. She joined KPMG in 2007. equivalent to a threeyear degree. “You need a capacity to learn and develop and to take responsibility for your learning and development.” Don’t worry if you haven’t studied accounting or economics – accounting firms rarely demand a finance-related degree. During that time. What does auditing involve? We’re analysing companies’ operations – looking at whether the financial statements contain any material misstatements. we are expected to take charge of projects. accountants qualify through vocational training with an employer for two or three years or through more complex university studies. We also work with clients from a range of industries. and have been here for three years. that can give you great customer relationship skills. “What is essential is to be able to demonstrate evidence of what you have achieved and what you can do. However. Careers in Banking and Finance 2010/11 efinancialcareers. qualifications are just the beginning. so we get a lot of exposure that you wouldn’t get in a different role in accounting. we are expected to learn fast. but different countries also offer their own options.” adds Irwin. you just have to learn to make the best use of whatever free time that comes your way to unwind. a dedication to the industry. How did you get where you are today? It’s fairly common for accountancy students to apply to Big Four firms in the final year of university. Most graduates spend the majority of their first two years doing the latter. while banks tend to favour Associate of the Institute of Chartered Accountants in England and Wales (ACA) qualified accountants. motivation and a real focus to succeed. You just have to stay optimistic. but it is just a characteristic of working in a Big Four accountancy firm. especially during the peak financial reporting season. ”So highlighting the skills you have gained from extra-curricular activities can be a good idea. “But you also need to show motivation and enthusiasm.
although we do have off-cycle opportunities depending on business need. Typical duration of grad programme: 3 years. Divisions offering vacancies: Investment Management.1. drive and enthusiasm are key. Apply via: barclayswealthgraduates. But we’re still relatively young and extremely ambitious.com Graduate programme info Approx. Typical duration of grad programme: One year. Structuring. Application deadline: 31 January 2011. With more than 23. The firm has a unique partnership structure. Sales.bailliegifford. so be sure to get your application in early.barcap.400 employees. Structuring. Application deadline: 14 November 2010. government and institutional clients. Legal. Apply via: www.com/CIBF Graduate programme info Approx.1 degree in any discipline. Application criteria: Penultimate year of study. it’s in a strong position to become a dominant player in the field. Application deadline: 30 December 2010. intern hires 2010/11: 40. fiduciary services and brokerage. 7. Human Resources. Research.bailliegifford. Academic excellence is important but strong interpersonal skills. Please apply as early as possible. Quantitative Analytics. Application deadline: Our deadline for internships is 31 December 2010.1 degree in any discipline. Technology and Trading. Divisions offering vacancies: Investment Management. Technology and Trading. Sales. Typical duration of internship programme: 8 weeks. grad hires in 2010/11: 80. financing and risk management solutions to large corporate.1. Company snapshot Barclays Wealth. Our basic aim is to achieve high returns for our clients and to beat their benchmarks. Prime Services.com/expectexcellence 72 Careers in Banking and Finance 2010/11 efinancialcareers. Company snapshot Barclays Capital is the investment banking division of Barclays Bank PLC. Apply via: www. Divisions offering vacancies: UK & Ireland Private Bank and International Private Bank. Application criteria: Minimum degree 2. Global Financial Risk Management. Our distinctive business model has cemented our position as a world leader in the industry. We are active managers. intern hires 2010/11: 6. Divisions offering vacancies: UK & Ireland Private Bank and International Private Bank. Application criteria: Minimum degree 2. Marketing. intern hires 2010/11: 250. Application deadline: 30 November 2010. Corporate Communications. Founded just 13 years ago. Expected 2. commitment. Application criteria: First or 2. Application deadline: Our deadline for fulltime applications is 15 November 2010. Recruiting from all degree disciplines.com/students . grad hires in 2010/11: 6. lasting 3 years. we’re still growing year on year and continually pursuing excellence in everything we do. and operates in over 20 countries.000 people in offices around the world.GETTING IN INVESTMENT BANKING FINANCIAL SERVICES employers BAILLIE GIFFORD BARCLAyS CAPITAL BARCLAyS WEALTH Company snapshot Baillie Gifford is one of the leading privately owned investment management firms in the UK with over £60bn under management. Apply via: www. Global Financial Risk Management. Typical duration of internship programme: 10 weeks (summer only). Graduate programme info Approx. As one of the first financial organisations to bring all the major wealth management services under one umbrella. we have the global reach and distribution power to meet the needs of issuers and investors in all the major financial markets. It focuses on private and intermediary clients worldwide. Research. Operations. Corporate Communications. providing international and private banking. is a leading global and the UK’s largest wealth manager. Candidates must have outstanding attention to detail and be able to multi-task. Typical duration of internship programme: Most of our internships last for 10-12 weeks over the summer. Apply via: barclayswealthgraduates.com/CIBF Internship/Stage info Approx. We have a highly analytical. Divisions offering vacancies: Compliance. grad hires in 2010/11: 300. Application criteria: Candidates must have a real passion for wanting to work in the wealth management industry. Quantitative Analytics. Legal. Human Resources. Divisions offering vacancies: Compliance. Finance. Prime Services.5bn total client assets under management (as at 30/06/10). Finance. Investment Banking. offering strategic advisory.barcap. being wholly owned and managed by its 35 working partners. Programmes are closed when full. Operations. both culturally and commercially. investment management.com/expectexcellence Internship/Stage info Approx.com Internship/Stage info Approx. It has £153. part of Barclays Bank. We recruit on a rolling basis. Apply via: www. research-driven approach and we build our portfolios from the bottom up. Investment Banking. This ownership structure gives us several important advantages over our competitors. Application criteria: Team players with excellent communication and interpersonal skills. Marketing. Typical duration of grad programme: Comprehensive training programme. plan and organise work and set priorities.
so please visit www. Project Management. The Bloomberg Professional® Service and Bloomberg’s media services provide real-time and archived financial and market data. citi. Apply via: www. business. so please visit www. Divisions offering vacancies: Investment Banking. economics. and the largest bank in the eurozone by deposits. Driven by a desire for entrepreneurship and creativity. Apply via: careers. IT. Application criteria: For most roles. IT. Typical duration of internship programme: Internships last for 10-16 weeks depending on department. London and Tokyo. Applicaton Criteria: For long-term internships you must still be in full-time education or have not yet graduated. Application criteria: In such a wide-ranging business.000 employees operating in more than 153 countries. We strongly believe in a commitment to responsible growth that benefits clients. Divisions offering vacancies: Fixed Income. Operations and Technology. technology or an international career is required. our application process does vary according to location and business area. Capital Markets Origination. our application process varies according to location and business area.graduates.com for all the details. starting late June. engineering and computer science are the most relevant.000 employees in 53 countries. Application criteria: In such a wide-ranging business. Private Bank. colleagues and communities alike. Divisions offering vacancies: Investment Banking. Structured Finance. A passion for finance. trading. Private Bank. It is not progress at any price. a second language is desirable but not essential. Our 200-year heritage is built on a proud pioneering spirit. Typical duration of grad programme: All graduate positions are full-time permanent positions. Citi is helping to shape the future of banking.com for all the details.oncampus. you must be in your penultimate year to be eligible to apply.com Internship/Stage info Approx. Company snapshot BNP Paribas Corporate & Investment Banking is a leading European investment bank with global leadership in many of our businesses.citi.oncampus. so please visit www. intern hires 2010/11: 150. rated AA by Standard & Poor’s. finance. Summer internships: 10 weeks (London). technology or an international career is required. news and analytics. A passion for finance.oncampus. Global Transaction Services. grad hires in 2010/11: 250.citi. Application deadline: Please see website for regional deadlines.bnpparibas. however.com Graduate programme info Approx.oncampus. Divisions offering vacancies: Graduate positions include Financial Sales.com for all the details. Risk Management. has approximately 200 million customer accounts and does business in more than 140 countries. Divisions offering vacancies: Internship positions include Financial Sales. Software Development. Human Resources.oncampus. Human Resources. However maths.GETTING IN INVESTMENT BANKING FINANCIAL SERVICES employers BLOOMBERG BNP PARIBAS CITI Company snapshot Bloomberg is a leading global provider of data. Global Data. financial and legal professionals.oncampus. one of the six strongest banks in the world. News and many more. citi. Corporate Banking. Typical duration of grad programme: Durations vary according to location and business area.bloomberg. Capital Markets Origination.com Careers in Banking and Finance 2010/11 efinancialcareers. grad hires in 2010/11: 300+ globally.com Graduate programme info Approx. Application deadline: Bloomberg recruits all year round and from any discipline. For summer internships. Application deadline: Opportunities will be advertised on the Bloomberg website at the end of 2010/beginning of 2011 for 2-3 weeks.1 degree. With over 11. intern hires 2010/11: We recruit 100+ interns into our London office. Divisions offering vacancies: Various. Application criteria: For most roles. so please visit www. Global Data.com/students 73 . News and many more. Please see website for details. news and communications tools in a single. you must be on course to achieve at least a 2. Corporate & Transaction Banking Europe.citi. news organisations. Operations and Technology. and this is where the majority of graduate opportunities are located. Apply via: www. grad hires in 2010/11: 500+ entry-level positions located in London. Risk Management. and individuals around the world.graduates.bnpparibas. pricing. Sales & Trading. The largest offices include New York. Bloomberg’s clients include corporations. Typical duration of internship programme: Durations vary according to location and business area. Bloomberg is truly international. we can offer you a truly global career. Graduate programme info Approx. In addition. a second language is desirable but not essential.com Internship/Stage info Approx.bloomberg. With over 19. Apply via: www. intern hires 2010/11: 500+.1 degree in any subject. Application deadline: Please see website for regional deadlines. Application deadline: 7 November 2010. Project Management. Company snapshot Citi. Corporate Banking. Sales & Trading.com Internship/Stage info Approx.com for all the details. 12 weeks (New York). Application criteria: Minimum 2.citi. Corporate Finance. Typical duration of grad programme: One year. Global Transaction Services. and we continue that forward-thinking tradition today. Equity & Derivatives. the leading global financial services company. Software Development. Commodity Derivatives. sciences. Application deadline: 2 January 2011. Apply via: www. Operations and Human Resources. IT. integrated package. Typical duration of internship programme: Long-term internship programme: 3-11 months. Apply via: careers. We are part of the BNP Paribas Group.
Audit and Finance. Approx. achieving a 2. Audit and Finance.I. Application deadline: n/a.E is a French government sponsored program offering young graduates an opportunity to benefit from a rewarding experience abroad. Typical duration of internship programme: n/a.com Internship/Stage info Approx. Asia. the world’s ninth largest. grad hires in 2010/11: n/a. Divisions offering vacancies: Positions are available in different fields of banking activity. They must last at least 6 months. Application criteria: n/a Typical duration of grad programme: n/a.ca-cib. With leadership positions in France and a strong presence abroad. Application criteria: n/a Typical duration of grad programme: n/a. Application deadline: You can apply for all our internships and placement opportunities on our website. Audit. commodities. providing a broad range of products and services to corporate and institutional clients in Germany. Divisions offering vacancies: n/a. Brokerage. Europe’s third largest and France’s largest bank on the basis of Tier 1 capital (The Banker.commerzbank. Typical duration of internship programme: Crédit Agricole Group offers a large range of internships within all our business lines. These very interesting one-year assignment periods allow individuals to become familiar with our international activities. grad hires in 2010/11: n/a. Divisions offering vacancies: We are recruiting graduates for various business areas. Brokerage. structured finance.ca-cib.g. apprentice hires in 2010/11: 200 in France. North and South America.1 degree (or equivalent) and above. equities. C&M aspires to be a client’s partner of choice when it comes to the development and execution of smart solutions for all their financing and capital market needs.E)* in our expanded international network (Europe. Apply via: www. Equity Brokerage and Derivatives. These very interesting one-year assignment periods allow individuals to become familiar with our international activities. Risk. Apply via: www. we offer more than 100 opportunities through the International French Program (V. The Corporate and Investment Bank is structured around four major divisions: Corporate and Investment Banking. Structured Finance. North and South America. Application criteria: n/a. grad hires in 2010/11: n/a. Investment Banking. Investment Banking. Apply via: n/a.com/students . Risk. Middle East and Africa). Structured Finance. Apply via: www. Divisions offering vacancies: Positions are available in different fields of banking activity such as Capital Markets. The business incorporates advisory and capital markets activities in debt. Application deadline: Apply throughout the year.com/career Graduate programme info Approx. intern hires in 2010/11: 4.000 new hires in 2010 in France. Apply via: www. intern hires in 2010/11: 850 worldwide (including 600 in France). Application deadline: We anticipate closing applications in December 2010. e. Investment Banking. Structured Finance. In addition. Company snapshot Over the years. Fixed Income Markets and Structured Finance. and may result in a permanent position being offered. Divisions offering vacancies: Positions are available in different fields of banking activity such as Capital Markets. In addition. economics or mathematics. Apply via: www. such as Capital Markets.I. Join the Crédit Agricole Group and play an active part in the development of France’s largest bank. Crédit Agricole CIB offers its clients a comprehensive range of products and services in capital markets. Europe and beyond. Middle East and Africa). Application deadline: Apply throughout the year. * V. Divisions offering vacancies: n/a. Brokerage. International Corporate Internship) in our expanded international network (Europe. Graduate programme info Approx. Finance and IT. Application criteria: n/a. intern hires in 2010/11: n/a. Crédit Agricole Group has built up its businesses around the regional bank network – its historical base – to become a key partner for every sector of the economy. brokerage. the Group plans to continue expanding internationally in Retail Banking.GETTING IN INVESTMENT BANKING FINANCIAL SERVICES employers COMMERZBANK CRéDIT AGRICOLE CIB CRéDIT AGRICOLE GROUP Company snapshot Commerzbank Corporates & Markets (C&M) is the corporate and investment banking segment of Commerzbank AG. we offer more than 100 opportunities as VIE (Volontariat International en Entreprise.mycreditagricole. Application deadline: Apply throughout the year. Corporate and Investment Banking and Asset Management.000 employees worldwide. Company snapshot Crédit Agricole CIB is the Corporate and Investment Banking arm of the Crédit Agricole Group. Application criteria: You have ideally graduated in a business-related subject. July 2009). Typical duration of grad programme: One year. Asia.jobs Graduate programme info Approx. Risk. Application criteria: n/a. investment banking.mycreditagricole. fixed income and currencies with a strong focus on derivatives and structured products. Internship/Stage info Approx. The Group is present in 70 countries and has 160. corporate banking and international private banking.com 74 Careers in Banking and Finance 2010/11 efinancialcareers.jobs Internship/Stage info Approx. Typical duration of internship programme: 6-12 months.
Strong academic background essential. Credit Suisse offers challenging professional opportunities. with possibility of extension to 12 months maximum. Divisions offering vacancies: Investment Banking (including Equities and Fixed Income). Application criteria: Traineeship opportunities for PhD and graduate students. Company snapshot Since 1 January 1999 the European Central Bank (ECB) has been responsible for conducting monetary policy in the euro area. Application criteria: Information on how to apply can be found online at db.europa.europa. such opportunities are also offered to undergraduate students. Apply via: www. Company snapshot A passion to perform. online numerical and verbal testing for some areas. we’re driven by a shared sense of purpose. Apply via: www. Graduate programme info Approx.eu or register for job alerts via our e-recruitment tool. Graduate programme info Approx. Corporate Investment Banking. Divisions offering vacancies: Investment Banking (including Equities and Fixed Income). Corporate Investment Banking. As you’ll discover.credit-suisse. Business Administration. Application criteria: CV and cover letter. Information Technology. or register for job alerts via our e-recruitment tool Working for Europe. In-House Consulting. Application deadline: Analyst. Payment Systems.credit-suisse.com/students 75 . balancing passion with precision to deliver superior solutions for our clients. Legal. Please refer to website for Spring.ecb. Typical duration of grad programme: Up to two years. Legal. Diverse.com/careers Internship/Stage info Approx. etc.GETTING IN INVESTMENT BANKING FINANCIAL SERVICES employers CREDIT SUISSE DEUTSCHE BANK EUROPEAN CENTRAL BANK Company snapshot Credit Suisse is one of the world leaders in global financial services. grad hires in 2010/11: 275. online numerical and verbal testing for some areas. Statistics.db. Risk & Capital. In-House Consulting. Internship/Stage info Approx. Strong academic background essential.ecb. full-time: 30 November 2010. outgoing personalities who want to work together in an atmosphere of co-operation and respect. Summer (IT only): 25 January 2011. Application deadline: Date dependent on division and country.com/careers. Finance. Group Technology & Operations. Finance. Typical duration of grad programme: 2 years. Divisions offering vacancies: A wide range of areas including Economics. Finance. 8 weeks to 6 months.com/careers Graduate programme info Approx. Very occasionally. Credit Suisse appeals to intelligent. Deadline: end-February/March. IT): 11 January 2011. With staff from 27 European countries.com/careers.com/careers Careers in Banking and Finance 2010/11 efinancialcareers. agile thinking is nurtured. Summer (excl. Apply via: www. For Germany. the unique blend of cultures. grad hires in 2010/11: 700 globally. Divisions offering vacancies: A wide range of areas including Economics. Human Resources and Translation. Application criteria: CV and cover letter. Divisions offering vacancies: Asset Management. Application criteria: The ECB offers graduate programme opportunities for PhD students as well as graduates in the relevant areas.com/careers Internship/Stage info Approx. international and shaped by a variety of different perspectives. DB Research. namely maintaining price stability (i. trainee hires 2010/11: 300. Group Technology & Operations. Law. Typical duration of traineeship: 8-10 weeks depending on division and location.db. Application deadline: Each vacancy notice for traineeship will indicate a deadline. Application deadline: Analyst. We compete to be the leading global provider of financial services. Please refer to our careers website for more information. Investment Banking Operations. Many people who join tell us they do so because of ‘the people’. Finance. Information Technology. Typical duration of internship programme: 10 weeks. Credit Suisse is active in over 50 countries. Human Resources. this describes the way we do business. Human Resources. We offer advisory services and comprehensive solutions to companies. Working for Europe. exceptional rewards and global development potential for people who are prepared to look at the world in a different way.200 people. Law. Finance. Regional Management. with a team of 49. Apply via: www. Typical duration of grad programme: Duration depends on division. Application criteria: Information on how to apply can be found online at db. investment banking and asset management services to clients around the world. Regional Management. More than a claim. At every level. trainee hires 2010/11: n/a. Research. Risk & Capital. We at the ECB have a crucial function to fulfil for the people of Europe. languages and professional backgrounds makes the ECB an exciting and attractive place to work. Analyst. Typical duration of traineeship: 3-6 months. starting date: 1 September. Private Wealth Management. This is made possible by our people: agile minds. safeguarding the value of the euro) and fostering financial integration and financial stability in the euro area. intern hires in 2010/11: 300. Application deadline: Specific vacancies for graduate programme launched on an annual basis. Divisions offering vacancies: Asset Management. Statistics. Please visit website for Associate deadlines. able to see beyond the obvious and act effectively in an everchanging global business landscape. institutions and highnet-worth individuals worldwide. Application deadline: Date dependent on division and country. Finance. Private & Business Clients.eu. Please refer to our careers website for more information. Quantitative. Communications and Corporate Social Responsibility. Apply via: www. providing private banking. our culture supports this. Associate and Industrial Placement deadlines. Investment Banking Operations. Private & Business Clients. Autumn. Apply via: www.e. grad hires in 2010/11: 10. It’s what drives us.
jobs/ directory Internship/Stage info The EIB offers a limited number of internships for university graduates with less than one year of professional experience who wish to acquire an understanding of the Bank’s work. mainly in our London and Paris offices.org/about/jobs Graduate programme info Approx. For further details. Exane Asset Management is the leading long/ short equity fund manager in France. Application deadline: Please visit our website for further details.fidelityinternational. Exane’s Cash Equity business offers a full range of services including research. knowledge and market expertise. Trading. Typical duration of grad programme: 1-2 years maximum. sales and execution on European equities. Application deadline: n/a Apply via: www. Approx. advisors. Divisions offering vacancies: n/a.com/corporate/careers. Apply via: www. Apply via: www. based on its longstanding leadership in European convertible bonds and options. Fund and Account Management. Most are based at the EIB’s headquarters in Luxembourg. Application criteria: n/a. created by the Treaty of Rome. Sales Trading. Divisions offering vacancies: n/a. please visit our website. To put it simply. European Business.do Internship/Stage info Approx.eib. IT. structured products franchise. Sales. Application criteria: n/a. grad hires in 2010/11: n/a.com/corporate/careers. All other programmes: 31 December 2010. Internal Audit.com/students Internship/Stage info Approx.jobs/ directory . Equity Derivatives and Asset Management. Apply via: www. as well as the public and private sectors. grad hires in 2010/11: Variable. Marketing. Divisions offering vacancies: Exane does not run a set graduate programme but there are opportunities for talented young graduates. other international organisations and institutions. intern hires in 2010/11: Variable. funds and property on behalf of our clients. Company snapshot Established in 1990. Application deadline: Throughout the year. It achieves its goals thanks to a diverse and highly qualified workforce. Divisions offering vacancies: Financial Research. we manage assets of US$200bn (as at 30 June 2010) on behalf of clients including corporations.do Graduate programme info Approx. Application criteria: 2. Application deadline: n/a Apply via: www. it’s our investment intelligence and our attention to detail that set us apart. Trading. It operates in accordance with best banking practices and in close collaboration with the European Commission. Its expertise also includes structured product management. Risk Management. European Business Internship Programme: 31 January 2011. grad hires in 2010/11: 20. according to the business needs. etc. Compliance. Please see our website for more information. Operations. financial institutions and individuals around the globe. Human Resources and Moonray Investors. European Sales and Marketing.1 degree.eib. Middle Office.org/about/jobs 76 Careers in Banking and Finance 2010/11 efinancialcareers. etc. Financial Control. charities. The EIB. By using our judgement. At Fidelity. Typical duration of internship programme: 6 months minimum.GETTING IN INVESTMENT BANKING FINANCIAL SERVICES employers EUROPEAN INVESTMENT BANK ExANE FIDELITy Company snapshot The EIB. Preference is given to candidates who have completed studies on European integration. Marketing. willing and able to learn fast in a demanding environment. Application deadline: Investment: 5 November 2010. Application criteria: The EIB publishes internships for a wide variety of educational backgrounds. Application criteria: On course for an expected 2. in the following fields: Equity or Derivatives Research. bonds. IT Project Management. We make considered judgements about which organisations to invest in around the world to best benefit our clients. Typical duration of grad programme: The duration of our programmes varies by scheme. as the Bank of the European Union. Graduate programme info The EIB has put into place a Graduate Recruitment and Development programme aimed at recent graduates without any or with limited (up to two years) work experience. motivated to support the financing of sound investment projects that deliver tangible results. With a strong franchise in Europe under the Exane BNP Paribas brand name. mainly in Paris and London. Divisions offering vacancies: Investment. Company snapshot Fidelity is an investment management company. governments. looking to gain early hands-on professional experience in the bank.exane. Exane specialises in three business lines: Cash Equity. intern hires in 2010/11: Around 100. Application criteria: We are looking for students with strong analytical and interpersonal skills.fidelityinternational. Middle Office. Typical duration of internship programme: Summer placements. we aim to enable our clients’ money to grow. Accountancy. intern hires in 2010/11: 10. In fact. It’s an approach that has made us the world’s investment specialist. Typical duration of grad programme: n/a. Application deadline: Investment: 31 December 2010. we invest money in equities. Please apply 2 to 3 months before your preferred start date. is dedicated to improving the future of people’s lives in Europe and around the world. enjoys its own legal personality and financial autonomy within the European Union. Equity or Derivatives Sales. Exane Derivatives has built a robust. Typical duration of internship programme: 1-5 months maximum. Structuring. Approx.exane.1. Divisions offering vacancies: Investment. Apply via: www.
Services and Technology. Internal Audit.com/ campusrecruitment Internship/Stage info Approx. insurance companies. governments and high-net-worth individuals. Work Placements: 9 January 2011. Legal. Merchant Banking. Divisions offering vacancies: Global Banking and Markets. Company snapshot Henderson Global Investors is an international investment management company focused on investments across equity. Application criteria: Please visit gs.GETTING IN INVESTMENT BANKING FINANCIAL SERVICES employers GOLDMAN SACHS INTERNATIONAL HENDERSON GLOBAL INVESTORS HSBC Company snapshot The Goldman Sachs Group. Investment Banking. We employ approximately 930 members of staff across Europe.3bn (as at 31 March 2010) managed on behalf of clients who include individuals. government bodies. Minimum of 2.com/careers Graduate programme info Approx. Company snapshot The HSBC Group is one of the largest banking and financial services organisations in the world. including 10-week summer internship and 6-month and 1-year work placements. Investment Management. financial institutions. Services and Technology. Securities. Apply via: www.1 degree. intern hires in 2010/11: 150 globally. Application criteria: Minimum 2. Human Capital Management. intern hires in 2010/11: c. Through its businesses – Global Banking and Markets. Operations. and Global Transaction Banking – HSBC offers a comprehensive range of financial services to high-net-worth individuals. Asia-Pacific. Typical duration of grad programme: n/a. sales directors and other professionals in a fast-paced environment.henderson. Application criteria: n/a. the Middle East and Africa. corporate. of whom 234 are investment professionals. Divisions offering vacancies: n/a. Global Investment Research. Hong Kong and other major financial centres around the world. Global Private Banking. analysts. with 295. Merchant Banking. Legal.hsbcnet. investment trusts and corporate entities. Minimum 300 UCAS points or overseas equivalent. You will work alongside fund managers. Global Transaction Banking.com/graduates Graduate programme info Approx.hsbcnet. Investment Management. Application deadline: 8 November 2010. Application deadline: 21 January 2011. Typical duration of internship programme: n/a. currency and property as well as alternative products. Operations. Global Compliance. such as private equity and hedge funds. Application deadline: November 2010. Apply via: www. Internal Audit. Application deadline: 24 October 2010. Application criteria: Minimum 2.1 degree. Global Asset Management.gs. With well-established businesses in Europe. Global Investment Research. Inc is a leading global investment banking. Typical duration of grad programme: 12-36 months. Careers in Banking and Finance 2010/11 efinancialcareers. Divisions offering vacancies: Global Banking and Markets. Founded in 1869. where senior employees take an active interest in your progress and an experienced employee will be your mentor. Tokyo. We are one of Europe’s largest independent investment managers with £60. institutional and government clients worldwide. fixed income. Apply via: www. Human Capital Management. grad hires in 2010/11: 200 globally. the US and the AsiaPacific region. Spring Programme: 9 January 2011.com/ careers for further details. Apply via: www. grad hires in 2010/11: 6.000+ employees serving customers in 88 countries and territories around the world. Typical duration of internship programme: Various. the firm is headquartered in New York and maintains offices in London.com/students 77 . private banks.1 (or equivalent) in any degree discipline. Graduate programme info Approx. Securities.gs. Application criteria: Graduate opportunities in London only. Approx. intern hires in 2010/11: n/a. thirdparty distributors. Apply via: www. grad hires in 2010/11: c.com/careers Internship/Stage info Approx. Global Asset Management. securities and investment management firm that provides a wide range of financial services to a substantial and diversified client base. Frankfurt. Application deadline: Please apply as follows: Summer Programme: 5 December 2010. HSBC takes a long-term approach to our clients and invests time in building strong relationships and understanding each client’s financial requirements.300. Global Private Banking. HSBC’s unique combination of local knowledge and international expertise reflects its position as ‘the world’s local bank’. including our fund management and distribution business areas. Typical duration of internship programme: 10 weeks. Typical duration of grad programme: 2 years. Global Asset Management. Investment Banking. Apply via: n/a. twoyear rotational training programme that gives you access to a wide range of work experience in a broad variety of business areas. pension funds.com/ careers for further details. Application criteria: Please visit gs. Global Transaction Banking. Divisions offering vacancies: Finance. Global Private Banking. Global Compliance. Divisions offering vacancies: We are recruiting graduates for our fund management and distribution business. the Americas. Minimum 300 UCAS points or overseas equivalent.350. We offer a first-class. including corporations. Divisions offering vacancies: Finance.com/ campusrecruitment Internship/Stage info Henderson Global Investors does not currently operate a formal internship programme. Application deadline: n/a.
Application deadline: n/a Apply via: www. successful and influential investment bank. Trading & Research. We have approximately 4. executing ‘first-class business. strong analytical skills. For more information please visit our website. Application cireria: Kempen & Co seeks university students with ambition.P Morgan is an .com/students Internship/Stage info Approx. Application deadline: Visit the Europe and Asia sections of jpmorgan. J. electronic. Application criteria: Impeccable academic credentials are important. Our employees – who form the core of our company – focus on the interests of individual clients and provide first-class financial advice. entrepreneurial and meritocratic: an exciting. Divisions offering vacancies: Asset Management. Sales. Typical duration of grad programme: 12 months.500 employees in 32 countries. Corporate Finance.kempen. Divisions offering vacancies: Broking (voice.com/careers Internship/Stage info Approx. and our interns are no exception. commercial skills and a well balanced personality are key competencies. Application deadline: 28 November 2010. Finance. and Technology. the opportunity to work with some of the finest minds and address some of the most exciting challenges in the industry. IB Risk. Application deadline: Visit the Europe and Asia sections of our website for application deadlines.1 degree or equivalent. Apply via: www. MORGAN KEMPEN & CO Company snapshot ICAP is the world’s premier interdealer broker. Asset Management and Treasury & Securities Services. connecting buyers and sellers in global financial markets. We also offer a range of post-trade risk and information services. We provide specialist financial services in asset management. securities brokerage and corporate finance: a unique combination of services on the Dutch market. Post Trade Risk Services. which will last two years. innovative business where talent and ambition thrive – and where each day brings another opportunity.4 trillion every single day. One-year placements for specific business areas. preferably in an economic or financial direction.com/careers Graduate programme info Approx. intern hires in 2010/11: 30. Finance. Typical duration of internship programme: Internships vary from 3 to 6 months. Apply via: jpmorgan. investment funds. Whilst an economic background is not a prerequisite. Two hundred years on. Operations & Business Services. and shipping).kempen. Corporate Finance. Company snapshot From the start. Divisions offering vacancies: Securities (Sales and Research). customer and people oriented. intern hires in 2010/11: n/a. Industry Insight: 27 February 2011. grad hires in 2010/11: 75 globally. Research and Risk. Graduate programme info Approx. Accounting.nl Graduate programme info Approx. another chance to prove your potential. Excellent command of spoken and written English and preferably Dutch. Kempen & Co requires its analysts to rise to the challenge.com/careers for application deadlines. J. Apply via: www. Divisions offering vacancies: We have a range of internship and placement opportunities available in Broking and other business areas. companies and high-net-worth individual clients. Our many clients include all the major investment and commercial banks. working together to facilitate deals worth in excess of US$1.nl . Application criteria: n/a. So what does this mean for you? To put it simply. Typical duration of internship programme: 8-week summer internships. Asset Management & Investments. You should be a self-starter with a keen interest in working in global financial markets. Divisions offering vacancies: Asset Management. Asset Management and Investments. intern hires in 2010/11: 75 globally. Apply via: jpmorgan. Sales. We’re fast-moving. grad hires in 2010/11: 20. You should be a self-starter with a keen interest in working in global financial markets. this hasn’t changed.GETTING IN INVESTMENT BANKING FINANCIAL SERVICES employers ICAP J. setting the pace of change in global finance.icap.P. Trading & Research. another challenge.P Morgan’s goal has been to . but so are your achievements outside the classroom. Investment Banking. Human Resources. Oneweek industry insight programme for first-year students. industry innovator. and Technology. Operations & Business Services. Company snapshot Kempen & Co is a Dutch merchant bank specialised in financial services for institutional investors. We also offer a Merchant Banking Traineeship. With a century of experience. Typical duration of grad programme: n/a.icap. Divisions offering vacancies: Securities(Sales and Research). Application criteria: Candidates with an academic degree.com/careers 78 Careers in Banking and Finance 2010/11 efinancialcareers.com/careers Internship/Stage info Approx. Business Services. Typical duration of grad programme: You will start as a junior in a team and will be trained on the job. Typical duration of internship programme: 10-12 weeks. Investment Banking. Entrepreneurship.1 degree or equivalent. We operate in over 150 countries and hold global leadership positions across our businesses. drive and proven talent. team-spirit. Application criteria: You’ll need to be on track for a 2. in a first-class way’. Apply via: www. Kempen & Co enjoys a high-profile presence in the Dutch market as a bank with an excellent reputation. stamina and interest in the financial sector are. Private Bank. become the world’s most respected. IB Risk. Application criteria: You will need a minimum of a 2. grad hires in 2010/11: n/a. We work in collaboration across the globe to mobilise the best financial products and deliver the best solutions to our clients through the Investment Bank. Private Bank. providing data and helping organisations reduce operational and systemic risk in their markets. drive. Application deadline: None. Application deadline: Internships & Placements: 30 January 2011.
derivatives and structured products.com Careers in Banking and Finance 2010/11 efinancialcareers.1 degree are required for our graduate schemes. Application deadline: 26 November 2010. Apply via: www. You’ll feel involved and be an integral part of our team from the start. Europe. Asia. along with well-developed interpersonal skills and a sense of individualism and identity. from its origins as a sugar cooper over 225 years ago through to commodity broking and hedge funds in more recent times. Application deadline: 15 January 2011. you won’t get lost in a large trainee intake. the FTSE4Good Index and also supports many awards.com Graduate programme info Approx. grad hires in 2010/11: Up to 15 graduate positions in 2011. Typical duration of grad programme: The programmes are 19 months in duration. restructuring and capital structure.mancareers. operates from 40 cities across 26 countries in North America. Divisions offering vacancies: Front Office and Corporate Infrastructure. charities and initiatives around the world.1 degree minimum or equivalent. with the exception of the Business Finance Programme which is 36 months in duration and includes the CIMA qualification. 2. Typical duration of internship programme: 8-10 weeks in the UK. early responsibility and exposure to our business and the opportunity to make valuable contributions from your very first day. Most importantly. MUSI is well positioned in the market and attracts high-profile deals. Australia. We are an independent firm. 5pm. in line to achieve a 2. See website for further details. Application criteria: A minimum of 280 UCAS points and predicted/achieved 2. With origins dating back to 1848. However.lazard. Apply via: www. we want individuals with the commitment and flair to succeed. You will be provided with tailored training programmes. Business (Finance and Product & Client Operations) and Technology. Application criteria: You will possess a passion for business and a genuine interest in investment banking. and individuals. We are dedicated to giving our graduate and intern recruits all of the support they require to excel in their chosen career. Application criteria: A minimum of 280 UCAS points and a 2. With a broad range of funds for institutional and private investors globally. Divisions offering vacancies: Financial Advisory. The majority of our schemes take graduates from any degree discipline. governments. we want individuals with the commitment and flair to succeed. Application criteria: Final year students and recent graduates (one year since graduation). Apply via: www. Company snapshot MUSI is the European hub of Mitsubishi UFJ Securities Holdings Co. com/apply Graduate programme info Approx. as well as asset management services to corporations. Candidates must be in their penultimate year of undergraduate or postgraduate studies. Application deadline: 15 January 2011. The history of Man is one of great entrepreneurial spirit. com/apply Internship/Stage info Approx. early application is advised. Application deadline: 7 January 2011. Divisions offering vacancies: Financial Advisory. Company snapshot Man is a world-leading alternative investment management business. grad hires in 2010/11: 12. capital raising and corporate finance.musigraduates. Ltd. it is known for its performance.1 degree or equivalent. grad hires 2010/11: 12. free of the conflicts that can arise at other financial institutions. intern hires in 2010/11: 12. which is part of the Mitsubishi UFJ Financial Group (MUFG). Divisions offering vacancies: Quantitative. Application deadline: 26 November 2010 Apply via: Apply online only at www.com Internship/Stage info Approx. Typical duration of internship programme: 10 weeks. intern hires in 2010/11: 12. A strong academic track record is a must. and we maintain long-standing relationships with business leaders and decision makers around the world. MUSI is headquartered in the City of London and is active throughout the international capital markets. Because we are looking for a relatively small number of talented graduates and interns. A strong academic track record is a must. and Central and South America. Up to 6 months in Switzerland. 5pm. institutions. Divisions offering vacancies: Front Office and Corporate Infrastructure. Apply via: www. one of the largest financial institutions in the world. partnerships. Typical duration of grad programme: n/a. Typical duration of internship programme: n/a. Application criteria: Penultimate year of study. (MUSHD). Application criteria: You will possess a passion for business and a genuine interest in investment banking. Graduate programme info Approx.GETTING IN INVESTMENT BANKING FINANCIAL SERVICES employers LAZARD MAN GROUP PLC MITSUBISHI UFJ SECURITIES Company snapshot Lazard. strategic matters. along with well-developed interpersonal skills and a sense of individualism and identity. focusing on debt. Typical duration of grad programme: One year. one of the world’s preeminent financial advisory and asset management firms.musigraduates. Application deadline: 5 November 2010 Apply via: Apply online only at www. Eligibility to work within the UK. Man is a member of the Dow Jones Sustainability World Index.mancareers. Business (Finance and Product & Client Operations) and Technology. Divisions offering vacancies: Quantitative.lazard. intern hires in 2010/11: Approximately 10 internship positions.com Internship/Stage info Approx. Because of our size we are able to offer a boutique client experience whilst having the strength and support of a large group. innovative product design and investor service. the firm provides advice on mergers and acquisitions. Most importantly.1 undergraduate degree. Following a record-breaking year in 2009 and with strong results during the year 2010 to date.com/students 79 . See website for further details. equity. Eligibility to work within the UK.
A leading global financial services firm providing a range of investment banking, securities, investment management and wealth management services. Morgan Stanley has over 60,000 employees in more than 1,300 offices in 42 countries, serving clients including corporations, governments, institutions and individuals. Services include: investment banking advice on mergers and acquisitions, privatisations and financial restructuring; debt and equity underwriting; sales and trading in all the world’s major markets and market-leading research, with strengths in global asset and wealth management. Morgan Stanley manages more than US$500bn for institutional and highnet-worth investors across a broad range of asset classes, from traditional equity and fixed income to hedge funds, private equity, real estate and infrastructure.
As one of the world’s leading reinsurers, we ask questions today that will concern all of society tomorrow. For example – what will happen if sea levels rise by a metre? How will offshore wind farms affect shipping risks? What are the implications for life and health insurance if average life expectancy eventually reaches 90 years? In order to identify such trends and manage the risks they bring, we need people who have the ability to think beyond the here and now.
Nomura is ambitious. We are aiming to become this century’s global investment bank and we are perfectly placed to achieve our goal. We are the preeminent independent investment bank, boasting a worldwide reach and a strong balance sheet. With headquarters in London, Tokyo, Hong Kong and New York, we have offices in over 30 countries and employ more than 25,000 people worldwide.
Graduate programme info
Approx. grad hires in 2010/11: n/a. Divisions offering vacancies: 2011 Full Time Graduate Opportunities: Investment Banking, Global Markets and Corporate Infrastructure (incl. Information Technology, Operations, Finance). Application criteria: In order to apply for an analyst position, you should have or expect a minimum 2.1 degree or equivalent. Fluency in a second language as well as English would be beneficial. Typical duration of grad programme: We tailor our graduate programmes to each division and region. Please see our website for further information. Application deadline: We review applications on a rolling basis and we therefore recommend that you apply as soon as possible. Apply via: www.nomura.com/careers
Graduate programme info
Approx. grad hires in 2010/11: 20 hires in our Graduate Trainee Programme. 20 hires as direct entries. Divisions offering vacancies: Underwriting, risk management, claims, actuarial affairs, accounting, controlling and others. Application criteria: University degree, international background, excellent command of English, internship experience, analytical skills. Other languages are a plus. Typical duration of grad programme: 18 months. Application deadline: We accept applications throughout the year. Apply via: www.munichre.com/career
Graduate programme info
Approx. grad hires in 2010/11: c.250. Divisions offering vacancies: Investment Banking, Global Capital Markets, Sales & Trading, Equity Research, Real Estate Investing, Credit Risk Management, Private Wealth Management, Technology, Finance & Operations. Application criteria: We accept applications from all degree disciplines. You must look to graduate in 2011 with a 2.1 or equivalent. Typical duration of grad programme: Variable. Please check our website for details. Application deadline: Variable. Please check our website for more details. Apply via: www.morganstanley.com/careers
Approx. intern hires in 2010/11: 140. Divisions offering vacancies: Underwriting, risk management, claims, actuarial affairs, accounting, controlling, marketing, geo research. Application criteria: Second year of studies, basic command of German, language skills, relevant computer skills. Typical duration of internship programme: 8-26 weeks. Application deadline: We accept applications throughout the year. Please apply for specific internship vacancies on our job market. Apply via: www.munichre.com/career
Approx. intern hires in 2010/11: n/a. Divisions offering vacancies: We are currently recruiting for 2011 internship programmes in Investment Banking, Global Markets and Corporate Infrastructure (including Information Technology, Operations, Finance). Application criteria: In order to apply for an internship position, you should expect to achieve a minimum 2.1 degree or equivalent. Fluency in a second language as well as English would also be beneficial. You should also have a strong interest in banking and finance. Typical duration of internship programme: We offer a wide range of graduate and internship opportunities including 12-week winter, spring and 10-week summer programmes. Application deadline: We review applications on a rolling basis and we therefore recommend that you apply as soon as possible. Apply via: www.nomura.com/careers
Approx. intern hires 2010/11: c.300. Divisions offering vacancies: Investment Banking, Global Capital Markets, Sales & Trading, Equity Research, Real Estate Investing, Private Wealth Management, Technology, Finance & Operations. Application criteria: We welcome applications from all degree disciplines. Please check our website for more details. Typical duration of internship programme: 10 weeks up to 12 months. Application deadline: Variable. Please check our website for more details. Apply via: www.morganstanley.com/careers
80 Careers in Banking and Finance 2010/11 efinancialcareers.com/students
THE ROyAL BANK OF SCOTLAND GROUP
This is an exciting time to join RBS. Graduates and interns who do will find themselves at the centre of our regeneration, redefining RBS and delivering solutions that will shape not only our business, but the future of banking. With a commitment to giving career-building responsibility from day one, you’ll influence the strategic decisions we make going forward – to achieve the extraordinary, and to seize the opportunities at the heart of an organisation that is poised for transformation. The place is here. The time is now. For more information on our graduate and intern programmes and to apply online please visit www.makeitrbs.com
Rothschild is a top tier international investment bank with offices in cities globally. It has approximately 3,000 employees worldwide and more advisory bankers than any of its competitors. Rothschild’s principal activities are divided into Global Financial Advisory (corporate finance advice covering M&A, debt advisory, restructuring and equity advisory), Private Banking, Merchant Banking and Corporate Banking. In all these areas Rothschild is the trusted advisor to its clients.
RWE Supply & Trading is one of the leading companies in European energy trading, taking the responsibility of a gas procurement volume of nearly 50 billion cubic metres per year. The company is responsible for all of RWE’s activities on the international procurement and wholesale markets for energy. RWE Supply & Trading is a Europe-wide enterprise and acts as the hub for all tradable commodities such as power, gas, coal and oil in their physical forms as well as with derivatives to secure against price risks. The company is also optimising the complete gas portfolio of the RWE Group.
Graduate programme info
Approx. grad hires in 2010/11: c.90 globally. Divisions offering vacancies: Global Financial Advisory. Application criteria: Please fill in the online application form at www.rothschild.com/careers Typical duration of grad programme: Global graduates undergo a comprehensive six-week training programme, based in London. Application deadline: The deadline for the London Graduate Programme is midday on 4 November 2010. For all other countries please see our website. Apply via: www.rothschild.com/careers
Graduate programme info
Approx. grad hires in 2010/11: Vacancies for over 600 graduates in 2011. Divisions offering vacancies: Global Banking & Markets, Operations, Technology, Corporate Banking, Retail Banking, Finance, Risk, Marketing. Application criteria: 2.1 or 2.2, depending on programme. Typical duration of grad programme: Varies by programme – please check the website. Application deadline: Varies by programme – please check the website. Apply via: www.makeitrbs.com
Graduate programme info
Approx. grad hires in 2010/11: Assessments are typically held in January/February and June/ July. Approx. 6-8 new graduates are hired each year. Divisions offering vacancies: Rotational programme of 18 months, with three rotations in different business areas and locations. Application criteria: Quantitative degree (e.g. maths, economics, finance, physics, business administration, etc) and proficient IT skills. Experience in the trading business would be beneficial. Typical duration of grad programme: 18 months. Application deadline: Assessment January/ February: November/December. Assessment June/July: April/May. Start is spring or autumn, no matter which assessment date. Apply via: www.rwe.com/rwest-careers Job ad is only online during times we accept applications, but programme info is always available.
Approx. intern hires in 2010/11: c.90 globally. Divisions offering vacancies: Global Financial Advisory. Application criteria: Please fill in the online application form at www.rothschild.com/careers Typical duration of internship programme: The Summer Internship Programme is a 10week internship programme. The Long-Term Internship Programme is typically 3-6 months in duration. Application deadline: The deadline for the London Summer Internship Programme is midday on 2 January 2010. Applications for the Long-Term Internship Programme are received on a rolling basis. Apply via: www.rothschild.com/careers
Approx. intern hires in 2010/11: Vacancies for over 600 interns in 2011. Divisions offering vacancies: Global Banking & Markets, Operations, Technology, Corporate Banking, Finance, Risk, GRG, GTS. Application criteria: Varies by programme – please check the website. Typical duration of internship programme: 10 weeks summer, one week Easter Insight, 6 months off-cycle in Continental Europe. Application deadline: Varies by programme – please check the website. Apply via: www.makeitrbs.com
Approx. intern hires in 2010/11: n/a. Divisions offering vacancies: n/a. Application criteria: n/a. Typical duration of internship programme: n/a. Application deadline: n/a. Apply via: n/a.
Careers in Banking and Finance 2010/11 efinancialcareers.com/students
An international group, Société Générale is a leading financial services provider in the eurozone. We are organised around three dynamic core businesses – French Networks, International Retail Banking and Corporate & Investment Banking. These are supported by two complementary businesses – Specialised Financing & Insurance and Private Banking, and Global Investment Management & Services – which enable us to provide a comprehensive range of services to our clients. Professionalism, team spirit and innovation are our corporate values, reflected in all of our actions and in the diversity of our 157,000 employees.
As a successful global investment bank, we have a presence in 33 countries. Our focus on emerging markets in Africa, South-East Asia, Eastern Europe and Latin America means we’re involved in transactions that many other banks often don’t consider. It’s a strategy that helped us be voted Best Investment Bank from Africa at the Banker Awards 2009. We offer a variety of graduate programmes covering IT, Risk, Operations, Global Markets, Investment Banking and Private Banking. Whatever programme you join, you’ll gain wide exposure to different parts of our business, working in cross-border teams to deliver innovative client solutions. In short, you’ll enjoy the kind of experiences and challenges you simply won’t find anywhere else.
UBS draws on its 150-year heritage to serve private, institutional and corporate clients worldwide, as well as retail clients in Switzerland. We combine our wealth management, investment banking and asset management businesses with our Swiss operations to deliver superior financial solutions and manage CHF 2.2 trillion in invested assets. UBS is present in all major financial centres worldwide. It has offices in over 50 countries and employs about 64,000 people around the world. Its shares are listed on the SIX Swiss Exchange and the New York Stock Exchange (NYSE).
Graduate programme info
Approx. grad hires in 2010/11: 1,000+ across all our divisions worldwide. Divisions offering vacancies: We recruit across all business areas. Application criteria: Criteria vary by business area and opportunity. We are eager to recruit graduates who wish to both contribute in a concrete way to the transformation of the banking industry and have access to a rewarding and challenging career path. Typical duration of grad programme: Durations vary by business area and opportunity. However, graduates are quickly integrated into the relevant teams and rapidly assume responsibilities. Application deadline: Deadlines vary by location and business area. Please consult our website for further details. Apply via: careers.societegenerale.com
Graduate programme info
Approx. grad hires in 2010/11: About 300. Divisions offering vacancies: IBD, Equities, FICC, Operations, Finance, Technology, Risk, COO, HR, Compliance, Global Wealth Management. Application criteria: Applications from all degree disciplines are considered. Additionally, we are always looking for students with strong technical skills and language skills. Typical duration of grad programme: Training lasts 18 to 24 months. Application deadline: 7 November 2010. Apply via: www.ubs.com/graduates
Graduate programme info
Approx. grad hires in 2010/11: 25. Divisions offering vacancies: IT, Risk, Operations, Global Markets, Investment Banking and Private Banking. Application criteria: Details on website. Typical duration of grad programme: 12-24 months. Application deadline: 7 November 2010. Apply via: http://graduate.standardbank.com/ efinancial
Approx. intern hires in 2010/11: n/a. Divisions offering vacancies: n/a. Application criteria: n/a. Typical duration of internship programme: n/a. Application deadline: n/a. Apply via: n/a.
Approx. intern hires in 2010/11: About 300. Divisions offering vacancies: IBD, Equities, FICC, Operations, Finance, Technology, Risk, COO, HR. Application criteria: Applications from all degree disciplines are considered. Additionally, we are always looking for students with strong technical skills and language skills. Typical duration of internship programme: 10 weeks. Application deadline: 29 December 2010. Apply via: www.ubs.com/graduates
Approx. intern hires in 2010/11: 5,000 across all our divisions worldwide. Divisions offering vacancies: We offer internships across all business areas. Application criteria: Criteria varies by business area and opportunity. Typical duration of internship programme: We offer both summer and long-term internships, suitable for students and graduates at different points in their academic career. Application deadline: Deadlines vary by location and business area. Please consult our website for further details. Apply via: careers.societegenerale.com
Careers in Banking and Finance 2010/11 efinancialcareers.com/students
Careers in Banking and Finance 2010/11 efinancialcareers.com/students
com/careers LOCATION: HONG KONG Credit Suisse is an Equal Opportunity Employer and does not discriminate in its employment decisions on the basis of any protected category. All rights reserved. you’ll always have a world of unique opportunities.ONE YOU One Credit Suisse JEANS WANTED TO WORK ON HIGH-PROFILE DEALS. At Credit Suisse. Jeans discovered the global scale of our business when she became a member of our investment banking team. Read her story at credit-suisse. The ﬁrst deal she worked on was the biggest IPO in history. © 2010 CREDIT SUISSE GROUP AG and/or its afﬁliates. WE PUT HER TO WORK ON THE LARGEST IPO EVER. .
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