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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.
you can make an impact here. and you have an interest in the financial markets.. Goldman Sachs is an equal opportunity employer.com/careers to complete an online application. motivation and a thirst for knowledge.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. Whether you study English or Engineering. What you do need are the qualities that we look for in our people: leadership. Think everyone at Goldman Sachs has a financial degree? Think again. .You don’t have to study finance to make an impact. Learn how at gs. Inc. we have an interest in hearing from you. 2010 All rights reserved. If this sounds like you. © The Goldman Sachs Group.
have deepened. 3. Morgan Stanley. hedge funds. but with European and Asian banks too.” 6. capital inflows will massively increase. and this will create new financing needs at home and abroad. Big opportunities. 2.P Morgan and others . 4. The dynamic US market is persuading foreign banks. A great foundation. 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. which will generate business for investment banks. Most leading investment banks (Goldman Sachs. The bounce back has been tremendous. Experience on Wall Street is an invaluable addition to any CV. If you don’t want to work in London. efinancialcareers. US banks are also hiring again. The Singapore government is actively building on its status as a more open and cosmopolitan financial centre. State support. Brazil. “We have an open talent policy to attract the best and brightest here. Career opportunities are therefore flourishing. The Asian financial marketplace is hungry for skilled professionals. When that happens. Asian. from Nomura to SocGen. Zurich. Big infrastructure growth is expected. Citigroup. Emerging markets axis. Economic growth is also leading to the further integration of Asian economies and increased intra-regional capital flows. At the time of writing. the US generated 53% of global IB revenue.com/students 5 . 2. “There is an increasingly pressing need to replace ageing energy infrastructure in the US. Edinburgh specialises in fund management. both debt and equity. the US economy is growing faster than the European economy. 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. Intra-regional capital flows. firm Heidrick & Struggles. not just with local US banks.GettinG in INVESTMENT BANKING FINANCIAL SERVICES EMPLOYERS 6. All but BofA Merrill Lynch are headquartered in New York City. Hong Kong is currently consolidating its position as a fast-growing regional centre and narrowing the gap with London and New York. India and South Africa.” says Florence Mok Wai Cheng of the Financial Centre Development Department of the Monetary Authority of Singapore.” says Alex Alcott. and success in the competitive top league of investment banking is a pretty good foundation for a stellar career. Right now. J. Maintaining Asia’s high growth rates will require constant investment in infrastructure and productive capacity. and this isn’t going to change soon. are investing heavily. Increasingly home to foreign banks. increasingly. Geneva and elsewhere. Lynch) are American. and capital markets. “Financing this new infrastructure and the underlying commodities flows will be highly attractive for banks. New York-based head of the investment banking practice at executive search Six reasons to start your banking career in Asia 1. “Asia appears to be the regional winner from the crisis. Asia is where it’s at. As the US and Europe tighten regulations and threaten curbs on remuneration and bonuses in the wake of the financial crisis. according to information provider Dealogic. Economic dynamism. “Business has picked up across the board and our clients need the capacity to execute their business. Growth. to have big growth plans in the US.” 3. Deregulation. Opportunities.P Morgan. up 11% on the same period of 2009. Zurich and Geneva are specialised in commodities trading and private banking – and. “We have a broad and diverse financial services industry and present myriad opportunities for finance professionals who want to enter the Asian market. This is why HSBC chief executive Michael Geoghegan has left London and relocated to Hong Kong. 4. companies will soon be among the world’s largest multinationals with a strong presence in all emerging markets. China knows that a truly global financial centre needs liberalisation of capital flows and convertibility of the renminbi. Starting your career in New York means you’ll be closer to the power base. Luxembourg specialises in global custody. Frankfurt and Milan are also important financial centres in their respective countries. The American market is the biggest and most developed market in the world. head of EMEA banks and financial research at Morgan Stanley. and using their expertise to drive financial innovation in the ‘new economies’. “The last few months have been the busiest times I have known in my 15-year career.” says Huw van Steenis. Paris.” Six reasons to start your banking career in the US 1. The buzz. Asia is set to loosen the reins. especially Chinese. 5.” 5. In the first quarter of 2010.” says van Steenis of Morgan Stanley. Home to the big banks.com/students Careers in Banking and Finance 2010/11 efinancialcareers. you could always try some of Europe’s other financial centres. 6. and why J. China’s State Council has decreed that Shanghai must become a global financial centre by the year 2020. “Local-to-local business has increased. BofA Merrill .
regardless of nationality. Morgan Stanley Studying for a Masters is a personal choice that you will need to make based on your academic interest. Q Your questions to: Stephanie Ahrens EMEA head of firm-wide graduate recruitment. we make it possible for students to put their questions directly to banks’ graduate recruiters. 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. Subject to being able to fulfil the UK work permit requirements. take measured and controlled risks and want to be leaders in Q 6 Careers in Banking and Finance 2010/11 efinancialcareers. we remain open to applications from anyone who can demonstrate the required skill set to work in investment banking. Stephanie Ahrens EMEA head of firm-wide graduate recruitment.com/students . Your questions to: Jane Eccles Head of campus marketing and events. who respond positively to change and uncertainty. O their field. entrepreneurship – people who will look for and grasp new opportunities. as do messy and unstructured applications.com. and flexibility – people who can adapt to a fast-moving and dynamic environment. and thrive under pressure. actively matching their skill sets to our requirements and core values. Competition to get onto our graduate programme is intense. Below. Another major failing is that many applications just fail to make an impact. Morgan Stanley. 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. 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.GettinG in INVESTMENT BANKING FINANCIAL SERVICES EMPLOYERS Graduate recruiter Q&a Top banking recruiters answer your questions direct n eFinancialCareers. Please bear in mind that most of our programmes require a 2. can a non-EU candidate studying in France apply for a position with Morgan Stanley London? Absolutely. so it is important that applications stand out from the crowd. Credit Suisse and Nomura answer some of the questions you have put so far. 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. senior managers in graduate recruitment at Goldman Sachs. Credit Suisse Q A If a candidate has a low mark in a first degree.1 or above (or equivalent outside the UK). Spelling mistakes or getting the employer’s name wrong guarantees rejection. Morgan Stanley Can candidates who require work permits apply for graduate roles at Morgan Stanley? For example.
G E N E VA .com PA R I S .B R U S S E L S .S I N G A P O R E .M A D R I D .F R A N K F U R T .M I L A N .Z U R I C H .Sharp enough? Get in touch Cash Equities Equity Derivatives Asset Management www.N E W Y O R K .L O N D O N .exane.
com/careers Morgan Stanley is an equal opportunity/affirmative action employer committed to workforce diversity. and responsibility to do it. Moreover. which means you’ll quickly gain unprecedented exposure to every aspect of the financial world. the smaller the globe will seem. And we’ll provide you with the training. If you have the perspective to face today’s global challenges. you might be facilitating and underwriting transactions.Day 1: Introductions Day 2: The World The faster your career grows. we’d like to talk to you. On any given day. At Morgan Stanley. We offer you a structured path to success. (M/F/D/V) © 2010 Morgan Stanley . we’ll give you the opportunity to become involved in making a real difference. or providing liquidity and capital for a growing global economy. mobility. To find out more about career opportunities at Morgan Stanley and to hear from recent hires visit: www. solving complex challenges and fueling economic growth across continents is what we do.morganstanley.
being part of a sports team. with everything you are learning and all the great experiences. but am uncertain about the hours that I’ve heard are involved. and am particularly interested in a research role. but there can be some long weeks. but are some more equal than others? Academic achievement and work experience are two key areas. We do expect candidates to have strong academics. but we are also keen to see what else students have been involved in. Is it imperative to have impeccable academics if I want to apply to Goldman Sachs? Q A No. 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. entrepreneurial and inquisitive.com/students 9 . Goldman Sachs No week is the same. has been one of the most regulated industries in the world for hundreds of years. I am looking to get into the banking industry. which is part of the excitement of the job. The ability to build relationships is also critical – so. Investment banking is still unique in terms of how much you can see and do in such a short period of time. However. driven. learn about every aspect of financial services and value creation will continue for many generations to come. 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. those who show they are hungry to learn and achieve new things. or into management consulting. there is no other career that guarantees this and more. enthusiasm and a desire to improve. but it is also very important that students experience other aspects of school or student life.GettinG in INVESTMENT BANKING FINANCIAL SERVICES EMPLOYERS A Areas of our Finance. As the pace of opportunities is unpredictable. of course. which means the opportunity to come into this business. and the most senior leaders at Goldman Sachs are actively involved. For people who are ambitious to acquire more knowledge. 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. Is it still a good industry to go into? A Q A I’m studying history. Being part of finance-related societies at university helps demonstrate your interest in the industry. pro-activity. take on high levels of responsibility and make an impact on the world around them. Banks and regulators are required to work together in the interest of the public. The need for efficient and effective financial services will continue. We look for well-rounded individuals who have many different strings to their bow. Can you give me an idea what a working week for an M&A banker is like? Banking. aside from the obvious ‘doing an internship’ option? Q A There is no preference shown to graduates from specific universities. Being comfortable with numbers. change and innovation means that this will continue. For example. We look at all aspects of the application when we are selecting candidates for interview. figures and using information to make decisions is key.2 grade. and broadens one’s thinking and skill set. Academic achievement and work experience are two key areas. and any positions of responsibility will give you great experiences to highlight your potential. we accept applications from all degree types. There are managers who ensure that everyone’s workloads are balanced and diverse during the course of the year. Careers in Banking and Finance 2010/11 efinancialcareers. Fixed Income and Equities require a specific degree. 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. engaging. joining a club or society. 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. We are keen to hire self-starters. EMEA and India. we hire people who are bright. Goldman Sachs deal of valuation and financial modelling work. given that I only have limited knowledge of their recruiting efforts. but we are also keen to see what else students have been involved in. EMEA and India. Can In terms of Goldman Sachs analyst classes. industries or companies followed by contributing to marketing presentations on business ideas and ultimately getting involved with transactions. Sarah Harper Head of recruiting. I would not be able to elaborate on other investment banks. or playing a musical instrument to a high standard can all demonstrate commitment. The pace of growth. We look to hire people from a wide variety of backgrounds who can bring something different to the table. of course. Investment Banking Operations and Information Technology departments may accept a 2. a transaction can take seven days to seven months. Last year we made hires from over 50 schools where we had no marketing presence. which is both a necessary and positive thing. This stage can require a great Q As a recent history graduate and current economics postgraduate student. There will be a combination of research on products. by design. I’m thinking of applying for a position in M&A. Recruiting the best people we possibly can into the firm is a top priority for us. Do you have a preference for Oxbridge and Ivy League graduates? I know you may say all degrees are equal. While some areas of Information Technology. you won’t even notice! you suggest some ways in which I can enhance my CV. Nomura I’m thinking of going into investment banking. I’m a bit worried about investment banking as I suspect it will be under a lot of regulatory pressure in future. A Q Your questions to: Malcolm Horton Global head of recruiting and programmes. or equivalent. having a history degree will give you lots of interesting things to talk about.
but not all of them show leadership roles or dedication. The only time he mentions a result is for some of the extra-curricular activity. A CV should either appear on one or two pages. ‘George’ has spelt ‘Nationally’ correctly. Good data on A-levels – both subjects and grades received.g. Extracurricular activities 10 Education 4 The student lists a lot of extracurricular activities. George also talks in various places about what his team did. dates. this contributes to the impression that George is not an achiever. The description of Capita work experience is well-written – it talks about actual actions and responsibilities. We look for examples of leadership or achievement. wrong usage. or that the subjects weren’t particularly relevant. UBS Good variety of experience – internships. Format 11 12 Clear bullet points that aren’t too long. Ideally. so this should be deleted. 10 Careers in Banking and Finance 2010/11 efinancialcareers. Being a member is not enough – there needs to be more to it. but the word used should be ‘Nationality’. have been changed to protect the identity of the real student behind the CV. not the current one-and-a-bit page format. Typos. Lyle Andrews Head of graduate recruitment. given that it has just five lines on it. Errors like “a change to network” instead of “a chance to network” give a very bad impression at the outset. Candidates should double check spelling corrections to ensure that the right message is being communicated – e. It is likely the second page won’t be read at all. and communicates information in a concise way. Work experience 7 8 Language(s) Right word. but there is nothing on his CV to suggest he did anything with that gap year. George needs to follow the maxim “Sell. George has completed a gap year. But the chronology and relevance of these is not clear. which is usually a hint that the grades weren’t good.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. Many students do not include both. * Name. but not the result. Being a member is not enough – there needs to be more to it. 5 6 The student hasn’t listed his/her expected graduation date. In the Languages section. less recent and short work experience should be covered in less detail. there shouldn’t be any gaps on a graduate CV. These can be elaborated on in an interview.com. but are mainly “task-driven”. It’s better to list a few things where something special has been achieved rather than a laundry list. don’t Tell” – none of the entries here focus enough on his achievements. 2 9 3 [For extracurricular activities] we look for examples of leadership or achievement.com/students . George lists his French skills as “Basic” – employers don’t care about languages in which a candidate is not fluent. should the interviewer ask for additional information. but an employer is more interested at this stage in what the candidate did and how the candidate can contribute to their organisation – again. Use of bullet points is good – this keeps sentences short. It would be even better if the candidate linked these to some results or outcomes. at least to business-level. which actually helps those descriptions a lot. Same with volunteer work – the candidate talks about the action. making him sound like more of a doer than an achiever. and need to be fixed immediately. locations etc. Irrelevant. a graduate recruitment consultancy and a CV expert – review a real* CV selected from those submitted by students to efinancialcareers. summer jobs and volunteering.
rs. Weight Training 12 BBER 24 Oxford Road. Leh public awareness of ible for funding. SE3 9JZ Date of Birth: 07. French: Bas ic 3 LSE Soft Skill Ses sion 2010 ker. increa an international cha sing their participat rity. advanc oeconomics. thro in the 2006 Nation ugh my contributio Sept 2005 – June al Debating Matter ns we were succes 2006 s Competition.com University Colleg e London BSc Accounting and 4 Finance. unless he proved to be exceptional in interview. 2006 including: English (A). London 9 • Part of a twelve 8 person team trusted to handle up to £50 • Corrected errors 0. I was responsible for the initial well-being and how to settle into Oct 2008 – June 201 of six first-year stud university life. 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. Depending on what this candidate is looking for. GCSE: Chemistry (A). 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. thro ugh sponsorship from from a single sponso Oct 2007 – June 200 businesses and oth r which was beyond er organisations. ents. sful in reaching the Founding member semi-finals of the Fair Trade Organisation: • After co-foundi ng the organisation. trusts) to see if our its to businesses in organisation was elig London and raised Spring Intern. Home: 020 8856 123 88. Corporate Finance. Lon the need to reduce don • Worked in the Cap one’s carbon footpri nt. I organised votes dends and share pur June 2009 – July for the National Gri chase. ion and appreciation of People and Planet .com Careers in Banking and Finance 2010/11 efinancialcareers. Evidence of a story or narrative in a CV is good – links into a goal. Muswell Hill. We 8 our expectations. Offering guidan 0 UCL Accounting ce on academic adv and Finance Class ice Representative: • Acted as a represe ntative for my pee rs. ULAR ACTIVITI ES 10 UCL Student Me ntor: • For two years. Leh sing productivity by man Brothers. 8 firms in the commu • Prepared presen nications industry tations on specific and presented my industries and presen Cashier. ndations to senior 9 Sponsorship team members of staff and for the UCL Timeles lecturers s Cultural Show: • My role was to secure funding. Bla ckheath. ResumeRebrand. London • Developed an ext solution to the cas e study. GEORGE WE Our thanks to: Lyle Andrews Head of graduate recruitment. Organi ed Managerial Acc sational Behaviour ounting. my role was to val July 2007 – Aug 200 ers in the capital ma idate the daily trad 7 rkets. HOBBIES AND IN TE • Aerobiking. • Compiled spread ing revenue data and sheets for legal exp reported enses for the month • Worked under a -end reports. voicing sugges within the departm tions and recomme Oct 2007 – June 200 ent. This helps the recruiter to get a better understanding of the student. 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. Kingston • As a member of an eight person team . advanced and Theory Hogarth School. Member of the Ho managed to raise £80 garth Debating Soc 00 iety: • Participated in numerous debating competitions. ductivity within the department increa Summer Intern.com/students 11 . . sentation in 25 min ony International utes and present out . ers of the team.03. Lon Macrdon Advanced Levels: 6 Mathematics (A). He rron Financial Reg istrars. EHarm Bankers. London. Tropical Fish K eep ADDITIONAL SK ILL RESTS ing. Front Office would be out of his reach due to lack of previous experience. he has an average to good CV – he would definitely be considered for a Middle Office role. English Literatu WORK EXPIERE re (A) and Science NCE 7 (AA) 5 Administrator. and no hints of motivation or drive to be in finance. Lon 15 per don • As a member of a six person team in Product Control these figure to trad . or themes around activities help to give a fuller picture of an applicant. Expected result 2:1 • Courses includes Sept 2007 – Presen advanced Financial t Accounting. ital Markets Divisio n with the Events • Researched the Driven Trading des Apr 2008 – Apr 200 public image of key k. Nationally: Bri 4 • Mobile: 07794 tish 1 567 890 • E-mail: georgewebber2010@ EDUCATION hotmail. UBS The Graduate Team Cornell partnership graduate recruitment consultancy Claire Crichton CV consultant.GettinG in Overall INVESTMENT BANKING FINANCIAL SERVICES EMPLOYERS There is no indication of what sort of business area this person is interested in. Gym . Capita Ca findings to my team ted to senior memb sh Management. time constraint to create a standardise d spread sheet for the month-end rep EXTRA CURRIC orts. man Brothers. Po S Languages: English : Native. Banking Insight Day • Various presentati . Bio Sept 1999 – June logy (A) 10 A* . given his previous experience. issued customers wit nagement to improv h the correct vouche e efficiency and pro cent.000 and input dat Mar 2007 – Mar in client calculation 2008 a into their in-hous s and subsequently • Worked with ma e database. 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.C grades.
but accurately. For our online practice tests. And whatever you do. make sure you get the easy ones right. I can tell you that they aren’t as bad as they seem. testinG The inside track on… psychometric. However. digest and disseminate accurate information. go to efinancialcareers. a. You will often receive an email with a link directing you to a test site. Have scrap paper. analysing tables and problem-solving. Take the exam when you’re sharp and in a quiet place. 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. Banks want to see that. Tests for all candidates. missing 12 Careers in Banking and Finance 2010/11 efinancialcareers. Candidates who perform well will be invited to sit a verbal reasoning test. The question asks what the Y figure in Year 3 was.com/students . etc and Y is a numerical statistic. Some banks only subject candidates to tests at interview stage. but the key is to make sure you read the statement carefully. 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. Based on information in the application. and those who perform well in this will be invited to interview.. Candidates who pass this test are then asked to take an online verbal reasoning test. c. within a limited time frame and in a pressurised environment. Tests for the best candidates. you may see a simple XY graph where X is Year 1. Move quickly. are you unable to determine whether the statement is true or false without further information?) Practice helps. Our business thrives on attention to detail and being able to maintain a high standard under pressure. asking you to complete it in five business days. Cannot say (Based on the passage. you’re likely to encounter psychometric tests in the following contexts. graph reading. and understand what it’s actually saying. Ask HR if the in-house tests get harder as they progress – if they do. Year 2. Tests for candidates who make it to interview. Beware – they’re harder than the online tests. DON’T miss the deadline. They are often designed to catch out people who don’t read the question properly. you can read. After you’ve made your initial application (whether by filling in an application form. and a calculator. You’re usually provided with a passage of information and required to evaluate a set of statements by stating if each is: a. some banks will ask the best candidates to sit an online numerical test. Unsuspecting candidates may jump to the graph and quickly tick an answer. often touching on bond maths. and interest calculations.com/numericaltests Verbal reasoning test tips Verbal reasoning tests are all about attention to detail. you’ll probably also come across in-house numerical tests. or sending in a CV).GettinG in INVESTMENT BANKING FINANCIAL SERVICES EMPLOYERS testinG. percentages. False (Is it logically false based on information or opinions contained in the passage?) c. Don’t spend five minutes on one question – make an astute guess and carry on. F ear not! As someone who’s been through the psychometric tests successfully on several occasions. This is what the tests are testing! Numerical test tips Online numerical tests usually centre around simple addition and subtraction. For example. Some banks will expect all candidates to sit a numerical test as part of the application process. Don’t allow these tests to become an issue. they are to be taken seriously: failure to perform well will mean you won’t make it through to interview. The hardest element of the online tests is time.. b. an open Excel spreadsheet. Ensure you’ve got everything you need to hand. differentiation. so don’t be disappointed if you don’t encounter them online initially! that the Y column was in fact cumulative. If you’re invited in for interview. True (Does it follow logically from the information or opinions contained in the passage?) b. compound interest.
is dedicated to improving the future of people’s lives in Europe and around the world.eib. Join the EIB The EIB.org/jobs . as the Bank of the European Union. It achieves its goals thanks to a diverse and highly qualified workforce. motivated to support the financing of sound investment projects that deliver tangible results. Join the European Investment Bank www.Working to improve the future.
. A drinks and networking event. The key to success in this exercise was to make several assumptions at the start that would clarify the situation. A group exercise. A presentation. I managed to survive the elimination of half the candidates at lunchtime. If you are applying for a sales or broking role. If you have applied for a trading role you may well be tested on some form of trading simulator. We were given a selection of different occupations (teacher. T he assessment centre I attended at an investment bank in London ran from 9am to 4pm. Since we were put into relatively large groups of eight. Find the middle ground and drive the group forwards – insist that decisions are intelligently made and move on. Successful candidates try to make a logical attempt to tackle the problem.com/students . or institution type (investment bank. Attention to detail was crucial – for example. not dominate. and were based largely around fit and competency. but it had failed to pass a safety test. interviews. 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. and made a presentation to the assessors at the end. show that you can think. A test. This might be a numerical or verbal reasoning test. too. cosmetic surgeon. this could be the most important part of the day – banks will want to see that you are sociable and able to form relationships. This will be followed by a general grilling from a number of interviewers. The key here is to participate. were we building a society on a desert island or in a city? We had 20 minutes to discuss. Don’t try to control the proceedings. 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.. half the attendees were eliminated! The first group exercise was very interesting. The second exercise took place after a 10-minute tea break and was much more business focused. The key here is to participate. and in the afternoon there was a round of interviews. one of the companies had a best-selling bike. and why at that bank in particular. A n assessor and an assessment centre ‘survivor’ share their perspectives on what tests and trials to expect from an assessment centre. to analyse. 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. investment banker. They weren’t nearly as technical as I’d expected them to be. not dominate. most banks will provide some snacks and drinks. farmer. irrespective of the specific role you have applied for. Be prepared for: The group exercise is one of the most important parts of the assessment centre. etc) and asked to build a society. Twenty-four candidates started the day. Don’t drink all the free alcohol and demonstrate the drinking prowess you’ve developed during university life! The assessor All graduate assessment centres. are run along broadly similar lines. and then made a presentation back to the group on the relative strengths and weaknesses of each company under consideration. 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. lawyer. it was necessary to speak up and voice your opinion clearly. but only 12 finished: after a morning session comprising a numerical test and two group exercises. Don’t just regurgitate figures and statistics. At least one interview is inevitable. At the end of the day. This is one of the most important parts of the assessment centre. You’ll be given some facts or figures and asked to make a presentation around them. role plays and then – a job? The assessor is a senior capital markets professional at a European bank in London. What they seemed most interested in was why I wanted to work in M&A. trading house or even a commercial bank). three separate 30-45 minute interviews are not unheard of. Another interview.GettinG in INVESTMENT BANKING FINANCIAL SERVICES EMPLOYERS assessment centres More tests. For example. hedge fund. This will usually be in the form of either a business case study or a ‘treasure hunt’ scenario. don’t stay in the background.
what is its rough value? • Why IBD and not. arranged in alphabetical order of bank. then 4. Credit Suisse Product control (internship) • What do you know about product control? • Explain how to perform the following Excel functions – Lookup. • 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. 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. 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? . Pivot Tables. 32… up until the last square.P. 2 on the 2nd. what is the last digit of this sum? So for example if the sum was 127.com/students J. 16. efinancialcareers. 8. • 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. then the answer would be 7.com Debt capital markets (graduate) • Tell me about a time when you had to take a risk. 0.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. Sumif. Here’s our pick of the best. Sell me an Easter egg. If I add up all the grains of rice on the chessboard. We can’t vouch for their authenticity.5 (no paper)? If a company has cash flows of –50. etc). Investment Banking (IBD) (internship) • what is 100 divided by 12. but hope they’ll prove a useful resource for anyone aiming for an entry-level position in an investment bank. sales and trading (internship) • There is a chessboard with 1 grain of rice on the first square. +50 billion. • How many people in the US own tennis balls? Citigroup Global markets. consulting? 16 Careers in Banking and Finance 2010/11 efinancialcareers. Sarah Butcher Editor. • Tell me about a time when you worked with someone to achieve a common goal. from one to ten? • It’s Christmas and I’m looking for presents. • 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. • Give me an example of when you had to think outside the box to solve a problem. 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. If. say.
we want individuals with the commitment and flair to succeed within our organisation. institutions. With origins dating back to 1848. as well as asset management services to corporations. Lazard.Independent Thinking on a Global Scale Lazard is a premier financial services firm committed to excellence.lazard. independence. and we maintain long-standing relationships with business leaders and decision makers around the world. . Asia. Apply online today at www. strategic matters.com or 020 7187 2215. Most importantly. one of the world's preeminent financial advisory and asset management firms.chappell@lazard. integrity and creativity for our clients on a global scale. and individuals. along with well-developed interpersonal skills and a sense of individualism and identity. Australia. restructuring and capital structure. capital raising and corporate finance. and commitment to excellence of our team guide everything we do. operates from 40 cities across 26 countries in North America. intellectual rigour. A strong academic track record is a must. Our intellectual capital is our strongest asset. governments. the firm provides advice on mergers and acquisitions. Central and South America. The superior intellect. partnerships. You will possess a passion for business and a genuine interest in investment banking. We are recruiting summer interns and full-time analysts to start in 2011. We are an independent firm. enterprise.com/apply Please direct all enquiries to Shelley Chappell at shelley. Europe. free of the conflicts that can arise at other financial institutions.
you do not believe that the merger will be good value. • 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. and how did you react? • Tell me about a time when you had to go out of your comfort zone. With the current economic pressures and global realities in mind. 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. However. and how do you calculate P&L for this structure? • If I were a pension fund manager. 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. • What do you know about the bank? • What do you like about the bank? Corporate banking (graduate) • What do you expect from banking. 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.GettinG in INVESTMENT BANKING FINANCIAL SERVICES EMPLOYERS IBD (graduate) • How do you respond to change? • You are advising a CEO on a possible merger. what kind of zero-duration structure could you advise to clients. what would you tell me if you were selling a structured portfolio strategy? Morgan Stanley Equity research (graduate) • Tell us about yourself. visit our online student centre to post your banking interview questions and answers – and to check out the latest questions asked by the banks. • 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. as he thinks you’re a burden. Why did you think it was unfair.com/students 19 . Tell me about a time when you received unfair criticism. If you expect rising short-term interest rates. UBS DCM (internship) • Can you draw me a typical yield curve for a bond? • Who pays for the US deficit? efinancialcareers. 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. how would you cope with this? DCM (graduate) • Tell me about a time when you received unfair criticism. • What is Greece’s budget deficit? Credit Risk (graduate) • Would you rather be respected or respectful? • Describe a risky situation you’ve been in.com/students Careers in Banking and Finance 2010/11 efinancialcareers. 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. Why did you think it was unfair.
equity is unsecured. so definitely bear this in mind. • If a company becomes insolvent. 7. • Debt is always repaid. an independent graduate recruitment consultancy. Corporate finance is the advisory service that assists companies in raising capital and acquiring and disposing of businesses. 3. 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. you have to understand the organisation’s strategic positioning and their culture. 10. It includes divisions referred to as M&A. look into the strategic rationale for the transaction. Smith Howard 4. Hazel Scofield Graduate recruitment consultant. debt ranks higher than equity. 6. 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. ere. and Corporate Broking. debt does not. 9. Find out the timeline of the deal. 5. Think about how a business in that sector makes money and where it pays out costs. is founder of Smith Howard.GettinG in INVESTMENT BANKING FINANCIAL SERVICES EMPLOYERS investment bankinG interviews The top 10 questions to prep The author. but you will quickly be required to carry out financial analysis and ultimately complete whole company valuations. Initially you will be responsible for company and sector research. • Advisory – providing financial and strategic advice. comparable transaction analysis. Why did you apply to this organisation? Here. Most importantly.com/students . What is corporate finance? Corporate finance hirers will expect a basic understanding of finance and the corporate finance industry. ECM and DCM. 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. 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. so definitely bear this in mind. H • Debt is often secured on the company’s assets. 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. Most corporate financiers are motivated by ‘doing the deal’ and not by the money. Choose an industry. make sure you check how the share price has moved and what premium the acquirer paid. 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. 2. Then think about how a combination of two businesses in that sector might enable them to make even more money and reduce costs. accountants and PR. and was previously an M&A analyst at a leading independent investment bank in London. Tell me about a recent deal you’ve read about… Study at least one deal in depth. If you have selected a deal involving a public company. 1. What work is carried out in corporate finance? • Pitching – presenting to potential clients. • Project management – managing the deal team of lawyers. comparable companies analysis. Think about your skills and personality and the reasons why you think you would succeed in this organisation. 20 Careers in Banking and Finance 2010/11 efinancialcareers. 8. equity is generally never repaid. How do you value a company? The key to pitching and advisory is valuation. Be prepared to explain how the following valuation techniques work – discounted cash flow (DCF). What are the main differences between debt and equity funding? • Equity confers ownership.
com/graduates © UBS 2010. make your future a part of ours by visiting www. skills and experiences within our workforce. www. Wherever you are in your academic career.Want a fulfilling career that rewards energy and fresh thinking? That’s what we want too. perspectives. All rights reserved. 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. We respect and seek to empower each individual and the diverse cultures. UBS is an Equal Opportunity Employer.ubs. .com/graduates.ubs.
the big US investment banks dominate the top five spots in the 2009 advisor rankings. with transactions that are worth at least Art09 Capital US$100m.P Morgan . It’s only later that you step away from the number crunching. oil and gas or media and telecommunications. IBD at Goldman Sachs. the more you’ll get to deal face-to-face with clients. A career in M&A demands considerable Kudos Opportunities trading & commitment. At the junior level. competitive As the name suggests.” says Anne Perez. Barclays Capital 299 – Manage9. then vice president. M&A bankers advise their research How hot Money Kudos Opportunities How hot Money Kudos Opportunities 22 clients at what are often stressful and critically important periods in a company’s lifetime. deals 282 296 318 209 211 229 234 90 202 222 Source: Dealogic. Junior bankers will work long hours and can expect to be busy assembling the Art11 Electronic information and legal required financial Trading documentation late into the night when the job demands. their summer holiday or Christmas Day. M&A All Advisor Parent Deal value ($USbn) is often seen as the more demanding 1. Angela Hu How hot Executive director and junior resources Art10 Sales.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. or which it should be selling to. B Key players On the global stage. 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). move up to associate.” says Angela 2. Roles and career paths There’s a relatively straight route up the career ladder in M&A. director and managing director – although the job titles may vary depending upon the bank you work for. building a financial model. but despite these pressures it is integral that your work remains accurate. Careers in Banking and Finance 2010/11 efinancialcareers. UBS 316 despite these pressures it is integral & Riskespecially at the analyst level. “Many of an analyst’s key tasks will include financial analysis – for example.com/students . The more senior you get in M&A banking. Global M&A all advisor rankings 2009 “Within investment banking. This is the document a firm will use to outline its ideas on which companies a client should be buying. Lazard 294 ment requires a lot of financial modelling 10. markets The hours can be very long and the Opportunities workload is often intense.P Morgan Asia-Pacific .” No. executive director. Goldman Sachs 662 and complex discipline. Deutsche Bank 292 – that your work remains accurate. Morgan Stanley 622 Hu. BofA Merrill Lynch 381 “The hours can be very long and 6. the deals can be worth billions. you may be fortunate to attend a few client meetings with more senior bankers. J. Money manager. At the upper end. valuing a company or benchmarking a company against others. mergers and acquisitions (M&A) is one of the most acquisitions sectors to break into. she adds. Citi 445 bank J. consumer. 583 resources manager at investment 4. They must therefore make themselves available whenever the client needs them – even if it’s the weekend. which 8. The highest ranked European player was Credit Suisse. but mainly you’ll be focused on complex financial modelling and research to put together ‘pitchbooks’ for the bank. 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. They only start to get involved at the mid-market level. 5. Within those roles you have a chance to focus on a particular sector – for example. . executive director and junior 3. J. followed by UBS and Barclays Capital. Big investment banks aren’t interested in smallfry M&A deals. You start out at analyst level. but 7. Credit Suisse 341 the workload is often Art12 Compliance intense. financials.P Morgan Asia-Pacific.
rothschild. worldwide Leading international advisor Ownership and banker stability Relationship-driven perspective Robust.Leading in financial advice. Summer Internship Programme or Long Term Internship Programme. please submit your online application form at www. objective advice Creativity and rigour To apply for our Graduate Programme.com/careers .
Operations and Technology Application deadlines: Full Time Analyst Programme 7th November 2010 Summer Analyst Programme 2nd January 2011 ©2010 Citibank. Human Resources. someone in our global firm is opening new markets.com Opportunities in: Investment Banking. after a hard day studying. Because Jen isn’t working for us yet. in New York. Citi. Six time zones away.A. Citi Never Sleeps. Global Transaction Services. and Arc Design are service marks of Citigroup or Citibank. oncampus.citi. Risk Management. Capital Markets Origination. Jen’s finally ready to rest. . but we’ve already been working for her. used and registered throughout the world. In Paris. N. All rights reserved. Someone’s closing deals. Investment Banking Associate Rajid is returning from a meeting with government officials in Kazakhstan. half a world away. Meanwhile. That’s why. Citi and Arc Design is a trademark and service mark of Citigroup Inc. Someone’s gaining skills to pass on to the next generation. Citi is an equal opportunities employer. Private Bank. at Citi.OPPORTUNITY NEVER SLEEPS. Authorized and regulated by the Financial Services Authority. At any moment. Lisa – Jen’s future mentor – is shaking hands on funding for an irrigation project in Western Africa. A career with us is full of variety and challenge. Sales & Trading.. N.A. opportunity never sleeps.
as well as tying bonuses more closely to performance. Tim Colson Graduate analyst. be prepared to work hard. following our acquisition of Lehman Brothers’ US business in 2008. adds: *Change measured as a percentage increase on 2008 bonus figure.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. but they will oversee the work and take responsibility for it. and was also fast-paced and competitive. Careers in Banking and Finance 2010/11 efinancialcareers. You will also need good together presentations to clients. I do a lot of chasing down relevant information and documentation. which allows me to work with many different departments. Why did you choose M&A? At university I rowed for Canada. What makes you good at your job? You need to be good at research and analysis. which demanded hard work. Director 200-250 500-700 30% Jan Skarbek. as are stamina and attention to detail. deputy head of UK Managing director 300-400 1. able to assimilate enormous amounts of data and summarise these into the ‘story’. complete commitment and determination. Figures are a global average. 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.” says Elizabeth 3rd year associate 130-140 180-225 30% Wang. 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.com/students 25 . He joined the Barclays Capital Graduate Programme in M&A in September 2009. 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. COO of investment banking at 150-200 350-500 35% Vice-president Morgan Stanley Asia-Pacific. 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. And. M&A advisory. as well as getting up to speed with everything I needed to know before joining my team. so we generally look for languages are valued for working with overseas people with diverse interests and skills. “In order to be successful long-term. associates can take on more projects because they will not always be doing the tasks themselves. Many banks mitigated against this by increasing base pay. but unfortunately a broken rib forced me to withdraw from the selection process for the Beijing Olympics. we have been expanding our advisory business globally. It was a great opportunity to get to know a lot of people. 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. Given that you’ll be working on complex financial have an appetite to learn. What has it been like so far? It is an exciting time to be in M&A as. I wanted a career that challenged and fulfilled me in the same way that competitive sport did.” clients. numerical social skills and flexibility. I spent that summer thinking about life after rowing. You also need to be able to think laterally and be able to put yourself in the client’s shoes. 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. Typically. 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. Additional to be a jack of all trades. which means longer deferrals.600 35% investment banking at Citigroup.” 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. “You need to have a reasonable degree of comfort with numbers. This evening I will further refine the ‘teaser’ document which we will send to potential investors for our sell-side mandate. Source: Options Group Intelligence Unit. Barclays Capital Tim graduated from the University of Western Ontario in 2008 with a degree in business and finance. and be prepared to models for valuing companies and piecing work as part of a team.200-1. As it is in its initial stages. of course. Often in M&A you need and analytical skills are essential. The programme started with a classroom-based period alongside graduates from other divisions in Europe and Asia.
deal Trading with saleable units of debt in the form How hot Money Kudos Opportunities How hot Money Kudos Opportunities 26 of bonds. meaning that. Goldman Sachs 79. Bookrunner Deal Value No. Barclays Capital Kudos Opportunities Debt capital markets Art11 Electronic (DCM). Deutsche Bank 1. they have to convince clients that their firm is the one to use.228 304 7.648 22. Roles and career paths As banks are essentially offering similar services. They act as ‘underwriters’ in the process. therefore paying a higher rate of return). Bonds come in all shapes and sizes.519 15.668 19. a bond worth €100 might 5. 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. 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. including treasury bonds issued by governments (the least likely to default). they must be created. Source: Dealogic. And it’s the ‘pinkcollared’ bankers in the capital markets Art09 Capitalinvestment banks who work on the divisions of markets production line creating them. equity capital markets. in exchange for a fee.9 For example. ment when the original issuer has to 2. So before new equity or debt-related products can be created.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. which are sold to investors.385 16.8 pay back the amount of money on the 3. Careers in Banking and Finance 2010/11 efinancialcareers.2 bond to the bond owner at that time). it’s often not sufficient to specialise solely in equity or bonds. As a junior capital markets professional. 4. when the owner 4. If they can’t find enough people to buy the shares at the price Art10 Sales.that they’ve agreed with the client. see our section on sales. Banks such as Morgan Stanley. trading & research Communication is critical to be Opportunities able to give potential issuers a clear view on market activity and investor sentiment.P Morgan.056 1. or in the syndication process (preparing for the sale of finished products to investors). deal ‘originators’ are deployed to bring in new business. Equity capital markets (ECM) bankers help companies raise money by issuing shares and related derivative products.661 393 10. DCM is also called the ‘fixed-income market’.683 275 7. Citigroup and UBS . Morgan Stanley 73. 97. However.9 will receive its ‘face value’ – in this 5. J. €100. Global DCM bookrunner volume rankings 2009 (US$bn) If the interest rate paid on a bond falls. These days.2 of the bond’s life.com/students .560 291 8. % share the amount that the bond is bought 1. 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. 1.P Morgan .e.2 and sold for will therefore need to rise Art13 Operations date at the end 2. BofA Merrill Lynch 976 1. the bank is obliged to buy the shares itself. J. J.297 17. investment grade bonds issued by companies (not too likely to default) and so-called ‘highyield bonds’ (more likely to default.P Morgan .112 271 8.365 1.1 pay out €10 a year.3 until the redemption 3. meanwhile. How hot Simon Ollerenshaw Money Managing director. so it helps to have a good understanding of both sides of the coin. they guarantee that they will sell the shares the company is issuing for a certain price. trading and research on page 30).037 1. UBS 63. Barclays Capital 1. Citi 1. making the interest rate 10%.9 (i.190 1. BofA Merrill Lynch 71. 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.9 case. have combined their equity and debt origination businesses. % share in Manage& Risk interest until their redemption date 1.
Visit our website to find out more.com/expectexcellence Expect Excellence Issued by Barclays Bank PLC.. All rights reserved. we’ll help you fulfil your highest ambitions in the most unexpected ways.EXPECT TO GO PLACES YOU NEVER EXPECTED. . we think the best way for you to get to the top is to learn from the people who are already there. authorised and regulated by the Financial Services Authority and a member of the London Stock Exchange. Graduate careers in investment banking Here at Barclays Capital. Barclays Capital is the investment banking division of Barclays Bank PLC. © 2010 Barclays Bank PLC. barcap. 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. which undertakes US securities business in the name of its wholly-owned subsidiary Barclays Capital Inc. Barclays and Barclays Capital are trademarks of Barclays Bank PLC and its affiliates. a FINRA and SIPC member. It’s time to raise your expectations. For instance.
All rights reserved. you can expect to work with some of the finest minds. Morgan is a marketing name of JPMorgan Chase & Co. Morgan is an equal opportunities employer. To apply for intern and graduate roles in Europe and the Asia Pacific region. visit: jpmorgan. Be part of it.com/careers J. and its subsidiaries worldwide. wherever we need to be.P. wherever they are in the world. And that starts with building the most talented team in financial services. ©2010 JPMorgan Chase & Co. We work together to mobilize the best financial products and deliver the best solutions to meet our clients’ needs. No matter where you join us. J. solving the most exciting challenges in global finance. .Go Global.P. Career opportunities in Europe and Asia Pacific We have offices and opportunities across the globe.
What does your job involve? I’m in a team which works on equity-related offerings in Asia. USA. We do the marketing and execution of different types of equity offerings. Skills sought If you want to work in capital markets. In the UK. according to the Robert Walters salary survey. with a potential 500% bonus on the table. though? Obviously the hours are not short. “As ECM bankers become more senior. You have the chance to work on some landmark transactions in the region. according to the 2010 Michael Page salary survey. 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. We work closely with the client coverage bankers to develop the best structure for the transactions. When we win a mandate. vice president of equity capital markets at Deutsche Bank in Hong Kong. There must be some downsides. you’d be lost in a capital markets role. Henry joined the J. managing director of equity capital markets at Barclays Capital. capital markets careers are not like trading careers. Therefore.com/students 29 . he settled into J. You have to be a real team player in order to keep a variety of parties happy throughout a complex process. Hong Kong. DCM professionals with one to four years’ experience can earn anything between US$30-100k. meanwhile. DCM salaries start at US$45-65k with potential for a 50% bonus. Not every deal is groundbreaking. banks are issuing less complex financial products than before. distributed and marketed. What are the best parts of your role? You have the chance to work on some of those landmark transactions in the region. but it will help if you have the mathematical ability to deal with complex products in case they become popular again in the future. When they eventually hit the market and get completed.GETTING IN Pay and bonuses investment bankinG FINANCIAL SERVICES EMPLOYERS In Hong Kong.P Morgan . Managing directors should expect up to US$360k base. but without them. “Good capital markets originators need to have an understanding of products from the simple to the complex.P Morgan’s Equity Capital and Derivatives Markets (ECDM) team in . 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. but I focus on Greater China. After completing his eight weeks’ training in the New York office. it’s a really satisfying achievement. “Market understanding and product knowledge. but a lot of the projects you work on in Asia will be unique and remarkable.” Following the financial crisis. Henry Leung Investment banking associate. he adds. This rises to US$180k+ at the senior end. J. Not every deal is ground-breaking. Another challenge in Asia is that people speak different languages and have different cultural backgrounds. Careers in Banking and Finance 2010/11 efinancialcareers. such as IPOs. it will help to have an understanding of – and interest in – the technicalities of company financing. It’s something of a cliché to say that good communication skills are desirable for any job.P Morgan Global Investment Banking Analysts Programme in . ECDM. 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. We also liaise with our equity sales and trading team to make sure the deals are properly executed. and a feel for the mathematics that drives the more complex products. 2007 after graduating with a major in economics from Northwestern University in Illinois.” says Darius Naraghi. mainly because of my language skills and proficiency in Chinese. but this isn’t the limit of the job. are the key skills of a capital markets banker. But if you like your job and you are interested in what you are doing. such as how to structure and price various equity products. Our team works in nearly every single major market in Asia. sometimes you won’t even realise the clock ticking away. public and private share placements and other equity-linked offerings. you will more often than not work across multiple time zones. but a lot of the projects you work on in Asia will be unique and remarkable. with a possible 100% bonus. Although you’ll be given a high level of individual responsibility. and ECM practitioners can expect a similar figure. as well as to develop the best structure for the deal. where individual excellence can reap the highest rewards.” says Ollerenshaw. we will analyse the company and determine the relevant strategy to put the offering in the market. Sometimes you need to be very proactive and your communications skills need to be sharp. “Communication and sales ability is critical – to be able to give potential issuers a clear view on market activity and investor sentiment.” says Simon Ollerenshaw. Associates (those with three to five years’ experience) can earn US$70-110k.
g.7% Management that’s an area you go into if maybe 4. If you’re trading non-complex. many banks have reduced their prop trading activities following large losses and government crackdowns. who will only go to see Art14 9% the clients with other salespeople.” says Phillip Scott. & Risk ManageThere’s also a whole range of ‘exotic’ ment derivative products within all of these sectors.P Morgan .after their initial issue. what they are Trading Kudos looking for and how best the bank can solve these issues for them. pharmaceuticals. If you’re trading complex derivatives.7% Salespeople usually focus on Opportunities Company data. The FX market is by far the largest in the world. IAS 39. Traders track the markets and buy and sell the products at the touch of a button.g. you should be able to sense whether the ballpark figures are correct or not. However. J.P Morgan .1% structuring. Equity revenues Europe. Salespeople 1.Kudos Bank Deutsche 7.7% and when to sell financial securities. 30 Careers in Banking and Finance 2010/11 efinancialcareers. at Barclays Capital. particular products (e. financial stocks. Goldman Sachs 18. or leisure companies). Research roles focus on particular product types (e. Proprietary (or ‘prop’) traders: A select group of elite traders who are given licence to trade the bank’s own money. while traders carry out the actual buying and selling of securities. salespeople advise In the clients research on investment opportunities. currencies and interest rate products). products trading &secondary markets. millions of financial products are traded in the secondary markets. equities or company debt) and particular industry sectors (e. tradinG & research How hot Kudos Opportunities Fixed income. but you do need a good sense about numbers at the very least. prop traders were at the top of the trader hierarchy and execution traders were at the bottom. Traders come in several types: Flow traders: People who buy and sell financial products on behalf of a bank’s clients. even if you don’t know all the nitty-gritty.g.Money Credit Suisse 3. government debt. global markets at HSBC. researchers produce reports on the advisability of investing in various asset classes or companies. “We Company Market share How hot have some people who purely do 1. and head of Asia ex-Japan equity derivatives marketing. the value of which is dependent on the underlying security. according to the latest figures from the Art12 Compliance Bank for International Settlements. You don’t need a PhD.Kudos America Merrill Lynch Bank of 10.g. J. Morgan Stanley Research (as at 2H 2009).com/students . Deutsche Bank 7.” says Justin Chan. 10. COO Sales. Sociéte Générale 7. Sales.3% you don’t want to work with the same 5. Sales traders: A kind of hybrid between salespeople and traders – they recommend products to clients and then execute the trades resulting from their recommendations. “ Opportunities Source: Company data. provisions or negative revenues) this is not a clean comparison. “But we have a range of functions within sales. or commodities) and by the kind of trader you are. Your trading career will be defined by both what you trade (e. equities. Fixed income.1% clients every day. 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. 7. Goldman Sachs 15. you’ll also need the mathematical ability to understand the products themselves. an understanding of the dynamics of the markets and an analytical mind. Execution traders: Traders who do little more than place trades on behalf of analysts and fund managers. foreign exchange. Morgan Stanley Research (as at 2H 2009). Opportunities David Hansson Managing director for sales and trading. with an average daily turnover of US$4 trillion.P Morgan . E You need to understand what the Art11 Electronic Money client’s objectives are. J. pension funds or other 3. So Fund 2. The secondary markets are broadly divided into two categories. “You have to be good at mathematics. government Source: Note: given different reporting styles for losses (bad bank. where traders buy and sell financial Art10 Sales. trading and research are each Company Market share How hot very distinct careers. 5. bonds) and particular clients. Known as analysts.8% institutional investors – when to buy 4.How hot Money Kudos Art08 Mergers & acquisitions investment bankinG FINANCIAL SERVICES EMPLOYERS GETTING IN Opportunities sales. Historically. equities (stocks and shares) and fixed income (corporate credit. head of Hong Kong trading.9% advise their clients – who might be 2. 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. How hot Money Kudos Opportunities Within the fixed income division is the foreign exchange (FX) team.5% Art13 Operations rich individuals. currencies and commodities revenues Roles and career paths Skills sought Traders need a keen sense of risk and reward.Money Citi 11. you’ll need a good understanding of what drives the market. or ‘vanilla’ products.
Turkey Hitting new heights.Leading lights. India Charting a new course. www.hsbcnet. More than an investment bank. 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. Brazil Capitalise on the moment The new centre of the world. Driving investments. Today’s China is generating enough economic activity to drive neighbouring emerging markets and to sustain developed economies during the current slowdown. Peru Analyst Programmes 2011 More opportunities. HSBC is acting as the bridge to the rest of the world for this emerging giant. UAE Building strong foundations.com/campusrecruitment This advert is for recruitment purposes only .
nl. The exact same service our clients have been enjoying since the beginning. swifter impact. a dynamic Securities team can swing back with even stronger. we foster and reward thinkers and doers. Are you our new star player? Call our Recruitment department at +31 (0)20-348 95 05 to learn about our starter positions. . At Kempen & Co.kempen. all work no play Game for a career in Brokerage? It begins at Kempen & Co . We are one of the leading Brokerage firms in Europe. Analyst or Sales Account Manager.as a Trader. With challenging positions in fixed income.Everything but. Everything you can expect from a Merchant Bank. www. We’ve been generating winners since 1903. or go to our website. equities & derivatives for driven people who are on their way to becoming the best in their field. So when one single event somewhere in the world throws the market a fastball.
One day I can be meeting clients in Italy. Hong Kong. and head of Asia ex-Japan equity derivatives marketing at J. the next performing in-depth financial and qualitative analysis.500-2. Why equity derivatives? It’s such a challenging environment and everything changes very rapidly. the next teaching options theory to a roomful of interns or working on a new tool. figures are a global average. analysing and sorting out problems and working with the sales team. you need to possess a tremendous depth of knowledge in your chosen sector. but that’s not all. He adds that knowledge of your clients is key. you need to be absolutely sure what you are sending out has no errors in it. When you are building tools for traders that could affect their P&L. what they are looking for and how best the bank can solve these issues for them. What makes you good at your job? Attention to detail.” believes David Hansson.” says Matthew Overy. I’ve also been stress-testing a tool for options prices and working on a presentation to interns. equity derivatives strategy. and one of my rotations was derivatives-based which got me into it. Source: Options Group Intelligence Unit. followed by an MSc in finance. the next teaching options theory to a roomful of interns or working on a new tool. which means you have to be able to think on your feet and work well under pressure. coupled with the communication and presentation skills to convey the salient points in a way that is of relevance to the clients.com/students 33 .100-1. it’s about trade idea generation on a daily basis. Second. What have you been working on today? I’ve been writing up a note on a trade idea to send out to a client. what does your job involve? First. “As a research analyst. No two days are the same. One day I can be meeting clients in Italy. 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’ll consult with clients.” 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. I love the atmosphere when you are on the trading floor and speaking to and dealing with so many hugely intelligent people every day. Citi Kaya studied international economics and management at Bocconi University in Italy. you’ll need to be numerate and technical by nature. So.45am so I need to get in a bit before that to sort out any notes or presentations I need to do.GETTING IN investment bankinG FINANCIAL SERVICES EMPLOYERS Highly developed analytical skills are also integral for research roles. I’m involved in educating our interns and graduates. offering solutions or products that will suit their needs or views. She now works as an associate on the equity derivatives strategy desk at Citi. having joined the bank’s graduate scheme in August 2007. I did an internship with Citi in 2006. Finally. “You will need to understand what the client’s objectives are. writing short briefing notes and then sending them out to clients. particularly on issues such as risk. Source: Options Group Intelligence Unit. vice president and regional business manager of global markets research at Deutsche Bank. The same goes with when you are dealing with clients.000 Change* 40% 40% 40% 45% *Change measured as a percentage increase on 2008 bonus figure.P Morgan. “One minute you could be discussing or presenting the latest market or company trends with the bank’s clients. . “You will need to have a keen interest in the financial markets and sound knowledge in prevailing market trends. We normally have our first meeting at 6. as well as proven academic performance at university and good mathematical ability. figures are a global average. Any bad bits? Sometimes it can be extremely fast-paced. What are the best parts of your role? No two days are the same. The day usually ends around 7pm. “If you are selling.600 Change* 35% 35% 40% 40% *Change measured as a percentage increase on 2008 bonus figure.” And if you want to make your career in sales? Again. Kaya Endo Associate. Careers in Banking and Finance 2010/11 efinancialcareers. but you’ll also need to be good at dealing with people. We also do a lot of analysis and make presentations internally and to clients. you are the key point of contact for clients. managing director for sales and trading.
Structuring & Valuation. coaching. engineering. Swindon and Geneva offices. IT. What we’re looking for You’ll need a quantitative degree in mathematics. bonus. physics. Finance. We act as the hub for all RWE’s tradable commodities such as power. proficiency We provide on-the-job training. Final assessments will take place in Jan/Feb and July respectively.com/rwest-careers There are two application periods: Nov/Dec and April/May. economics. London. RWE Supply & Trading is a leading European energy trader. Risk Control. 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. Apply online at www. business administration or subject directly related to energy trading. Back Office and Trading Support Start date: March or September Where: Rotations are possible in Essen.THE RWE GRADUATE SCHEME IN SUPPLY & TRADING: Hands-on experience in the energy business. Work experience or an internship in a trading environment is a If you’re looking for fast career progression. RWE Supply & Trading Graduate Development Programme Key Details Duration: 8 months Rotations: 3 rotations Business area: Analysis. coal and oil in their physical and derivative forms. Fluency in English is mandatory.rwe. gas. networking opportunities and access to some of the top experts in the industry. professional career in German is a definite plus. . 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. you’ll find our focus on personal development refreshing.
while also offering a menu Careers in Banking and Finance 2010/11 efinancialcareers. They design. There are many benefits to this. 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. while increasing & Risk Manage. timing and quantity of an order – also meant that the average trade size fell. Art11 Electronic emergence of automation In a nutshell. It’s a combination of marketing and client relationship management. invariably full straight through processing (STP). whereas electronic sales will be more focused on the macro trends in market structure and trading technology. just not so many humansSales. 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. compared to traditional areas of investment Money Art13 Operations banking. predominantly via multi or single bank platforms. 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. “This creates efficiency. such as MATLAB. One bulge bracket bank tells us it currently employs 30% fewer traders dealing with three times the flow than in 2005. Market structure: This is a research-led role. Firstly. head of EMEA algorithmic execution for Bank of America Merrill Lynch. How a It’s hot rapidly expanding area.” says Roger Hawes. improving market liquidity. which we cover in our IT in finance section on page 64. greater volumes. along Art12 Compliance with the cost of transactions. of course. develop and implement execution algorithms using a mathematical approach to identify investment opportunities and strategies. Banks also hire for pure sales roles. reducing the market impact of trades and limiting adverse costs of trading large positions. The use of transparency in algorithms – computer systems that decide on ment price. They run Prop. 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. . it allows a greater volume of trades.How hot Money Kudos Art09 Capital markets investment bankinG FINANCIAL SERVICES EMPLOYERS GETTING IN Opportunities electronic tradinG How hot Money Kudos Opportunities Higher speeds. T of the bank’s e-trading products and facilitating a customer’s decision on which is the best one to suit their needs. from infrastructure and connectivity to more technical issues such as application programme interfaces and price mechanics.” he adds.” “It’s a rapidly expanding area. head of spot FX at Royal Bank of Scotland. Figures are a global average. There are also. and the opportunities for Kudos advancement are great. Source: Options Group Intelligence Unit. 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.300 20% for clients. the US average daily reported trading volume increased from 3 billion shares in 2003 to nearly 10 billion in 2009. compared to traditional areas of investment banking. “Electronic sales staff aim to engage existing or new clients in some form of electronic trading with the bank. It also means trade execution speeds fell dramatically. a wide range of technology positions around the development of e-trading platforms. 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. and the opportunities for advancement are great.com/students *Change measured as percentage increase on 2008 figure. “The traditional sales team will be focused on details of individual stocks or sectors. Consultants: Consultants are all about keeping clients happy. Opportunities Brian Schwieger Head of EMEA algorithmic execution.the markets. It requires an understanding of the whole process.” says Brian Schwieger. 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. 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.
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Should certain staff be placed on ‘stop and watch’ lists. the Securities and Futures Commission regulates Hong Kong. equities or derivatives. that is going to be a huge challenge. Control room compliance: Centralised tasks such as maintaining the bank’s restricted list and checking for abnormal dealing activity.com/students . As well as individual country watchdogs. While risk managers try to stop a bank’s employees indulging in behaviour that might lead to big losses. As just about every & Risk Manage. Goldman Sachs Money Kudos Opportunities How hot Money Kudos Opportunities How hot Money Kudos Opportunities 38 In the wake of the financial crisis. Art13 Operations Kudos Even if you know one skill set or product. 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. Careers in Banking and Finance 2010/11 efinancialcareers. Art14 Fund and. Market risk: The risk that a whole group of traded financial products (e. while Singapore is under the watchful eye of the Monetary Authority of Singapore. you’re likely to be ‘rotated’ around different areas of the risk function.” 7-12 yrs 98-122 57-86 105-158 103-125 12+ yrs 98-184 107-200 158-344 133-162 Source: Robert Walters. Compliance roles in investment banks can also be divided into various categories. “Overall. Also known as ‘systemic risk’. I Roles and career paths Risk management in investment banks is divided into different areas.How hot Money Kudos GETTING IN Art10 Sales. Sales and trading compliance pros are often product specialists – for example. Monitoring and surveillance: Scrutinising specific behaviour and transactions that might indicate fraudulent activity. Seung Earm How hot Executive director. If you join an investment bank as a graduate trainee. it’s the control room compliance team who ensure their activity is monitored. In Asia. 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. such as rising oil prices or terrorist activity. a more strategy has never been greater. regulators across the world have increasingly been baring their teeth time of writing. at thecoordination on were best seeking international how Management to reform financial services regulation. European firms are Art15 Alternative also regulated by the Committee for European Securities Regulation Investments Committee of European Banking (CESR).g.investment bank has had to off billions over the past two ment writethe focus onof dollarsprudent investment years.” says Mike Newby. such as insider dealing or manipulation of markets across the exchanges. if you cannot develop a rapport Opportunities with the people you are speaking to. Operational risk: The risk that a bank will incur damage or losses due to internal factors such as systems breakdown or financial wrongdoing. the Supervisors (CEBS) and the Committee of European Insurance and Occupational Pension Supervisors (Ceiops). Credit risk: The risk that a particular company or an individual will default on their obligation to repay their debts. the soon-to-be regulator is the Bank of England. it is a very challenging environment. compliance. “We need to be France 61-110 flexible and keep Art16 Interdealerup with the everSingapore 29-43 changing regulatory environment. 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. bonds or commodities) fall in value simultaneously because of outside events. they might specialise in bonds. Anti-money laundering (AML): Stopping money laundering (where the financial proceeds of illegal activities are given the appearance of being legitimate). the compliance teams are there to ensure banks work in line with the regulations imposed in the country in which they’re operating. as Broking Switzerland 97-132 well as with the evolving products and UK 81-103 services the firm provides. In the UK. stocks.
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executive director of compliance at Goldman Sachs. we ensure that the bank’s market risk exposures are correctly reflected and do not exceed the limits allocated. sales and trading compliance professionals who specialise in the latest hot product can expect the biggest pay packages. better solutions to be found. new rules to follow. “Even if you know one skill set or product.com/students 41 . At the same time. Careers in Banking and Finance 2010/11 efinancialcareers. Challenging market conditions required the team to revisit existing market risk models. which was caught in the eye of the storm. Working in a niche market that is developing constantly meant the learning curve would be steep and the areas of contribution would be significant. Risk managers and compliance officers who work alongside salespeople and traders typically earn the most.” “For entry level. In compliance. What do you think makes you good at your job? It is good to be inquisitive and take the initiative. The job is never dull. market risk management is still considered a new and developing area. 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. traders and so on but also people externally. This was the point where market risk infrastructures were put to the test. better solutions to be found.“ Get the latest graduate and internship programme news. There are many opportunities to make your mark in this area. and left Columbia University with a master’s degree in 2008. new rules to follow. finance or some other business discipline. 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.GETTING IN Pay and bonuses investment bankinG FINANCIAL SERVICES EMPLOYERS The heightened focus on risk and compliance means many teams are expanding. efinancialcareers. In a short space of time. this means high-earning market risk specialists. auditing. “By its nature compliance involves a lot of interaction with different areas – not just internal managers. but this hasn’t really translated into higher salaries. and design new measures to keep up with the changing perceptions on trading. the typical person would have received some academic training in law. that is going to be a huge challenge. if you cannot develop a rapport with the people you are speaking to. There are always new ideas coming up. How did you end up in your current position? I joined the team in September 2008. such as regulators. having the initiative and the ability to follow through can get you anywhere. sales. It is never dull. I had the chance to change the value-at-risk model used by the bank. There are always new ideas coming up. I was assigned to monitor traded credit risk. but I would say there was never a better time to join. In Asia. What’s the best part of the job? There are many opportunities to make your mark in this area. and regulatory and enforcement.com/students Ong Bi Hui Market risk controller.” says Seung Earm.” adds Mike Newby at Morgan Stanley. 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. What does your job involve? As market risk controllers. At the same time. a few days after Lehman Brothers filed for bankruptcy. She joined DBS Bank the same year. consulting. one of the key attributes banks look for in their risk and compliance recruits is good communication skills and an ability to build relationships. Skills sought Perhaps slightly surprisingly. You can learn many things by being curious. “ Junior-level candidates with some work experience usually have some form of training in legal. Trading book positions are dynamic and dependent on current market conditions. On the risk side. in particular derivatives trading. DBS Bank Ong Bi Hui graduated from the National University of Singapore in 2007 with a bachelor’s degree in applied mathematics.
Moves are being made to automate the clearing and settlements process in the OTC derivatives market. people Art14 Fund operations don’t liaise with working in customers to Management generate revenues and profits for the bank. ‘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. Asia-Pacific Opportunities Art15 Alternative Operations professionals support people in Investments to make sure everything works the front office Instead. 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. for example. In most cases. they’re talking about functions like IT. Kudos global business services. ‘middle office’.com/students . However. At the time of writing. the huge US$320 trillion daily turnover in the Over-The-Counter (OTC) derivatives market still relies heavily on a lot of manual processing. Roles and career paths As a junior working in clearing and settlements. If you work as an exception manager on a settlement desk. which would require a proportion of those to be cleared through central counterparty clearing houses in a bid to increase transparency in the industry. 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. Every now and then automatic clearing systems break down in a so-called ‘exception’. business and people management through to technological capability How hot and client service. I fast. demanding and competitive. Opportunities Working in operations requires a diverse range of skills from project. and ‘back office’. 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. In particular. moves were being made to regulate the OTC derivatives market. 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. they’re talking about operations.” says David Bromley. your job will mostly involve intervening when computer systems fail. David Bromley Money Director and chief operating officer. director and chief operating officer of global business services at Deutsche Bank. Deutsche Bank. they’re talking about the ‘sexy’ areas of investment banking – mergers and acquisitions. And when people talk about the back office. Art13 Operations When people talk about the front office. there are some areas of the market where clearing still isn’t automated.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. The US — 120-185 world of global financial markets is 12+ yrs 86-148 104-194 115-204 111+ 185-300 Source: Robert Walters. 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. the division is a support function. How hot Money Kudos Opportunities How hot Money Kudos Opportunities 42 smoothly and the bank gets paid. When people talk about the middle office. Careers in Banking and Finance 2010/11 efinancialcareers. accounting (finance) and risk management (which we cover in other pages of this book). Unlike the people in the front office. 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. and this is creating problems. 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. The main business of operations is clearing and settling trades. and the operations division plays an increasingly important role supporting business growth and being a key differentiator for client service. or sales and trading. but until this happens people are needed to fill in and fax through the documentation. pretty soon you’ll undoubtedly hear the terms ‘front office’. Clearing specialists spend most of their time dealing with these exceptions and trying to work out what went wrong. Asia-Pacific. simple trades are cleared automatically through huge electronic systems such as the Brussels-based Euroclear.
and it can be challenging. Pay and bonuses Since it’s not revenue generating. 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. Goldman Sachs Ginny graduated with a degree in business administration from Bath University in 2008. You have to manage a high degree of risk. 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. it is about building relationships and earning respect. I tend to finish at around 6pm but some days you will work later or leave earlier. for example. and we deal with it afterwards. In a role where accuracy and consistency are key. Presumably you wouldn’t agree? It is exciting. looking at issues such as how to streamline the exceptions process or which functions should be moved offshore. She joined Goldman Sachs in September of the same year. at which point I catch up on what has been handed over from other regions overnight. “It is not just about speaking to people. confirming the detail of the transaction and then getting it out of the door and managing the trade. What are the main elements of your job? I work on the sales side. technological capability. this morning I’ve also been learning about a new product and have gone through all the trades for it. I’ll normally get in at 8. people in the operations divisions will never receive bonuses as substantial as those enjoyed by their colleagues in the front office. I’ll normally be settling trades throughout the day but.” Find out which sectors are still hiring. 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. business and people management through to documentation skills. Good communications skills are also important. banks look for a combination of problem-solving. because you are working closely with traders and they are relying on you. “Working in operations requires a diverse range of skills from project. Skills sought When filling operations roles. control. efinancialcareers. Careers in Banking and Finance 2010/11 efinancialcareers. On the plus side. So they execute a trade.GETTING IN investment bankinG FINANCIAL SERVICES EMPLOYERS As you work your way up the operations hierarchy you will progress to more strategic roles. Some people would say that operations is the less exciting area of investment banking. 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. There is never much time for switching off. We also handle a lot of the risk. You will also be involved in different projects and be working with different people all the time. depending on what trades are being done. You need good people management skills and you need to be able to work well as part of a team. because you are working closely with traders and they are relying on you. We are responsible for taking information. global head of equity middle office at Citi. Talk us through an average day. and it can be challenging. You have to manage a high degree of risk.com/students Ginny Clayton Analyst. attention to detail is also a must. I’ll be liaising with clients.com/students 43 .” says Bromley. but there will also often be things that are more unpredictable. “The back office and middle office are the cogs right at the heart of the wheel.30am. regulatory knowledge and client service. processing it. operations. 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. There are certain things that have to be done each day. supporting sales traders.” says Steve Morgan. and disseminating it across many different platforms. It is exciting.
5 1.P Morgan . and sifting through buy and sell information and company reports. analytical skills and passion is key art. It remains a key player.com/students The investment consulting industry has been shaken up over the last year or so. fund managers (also known as asset managers) fall into two camps: active fund managers and passive fund managers. product development and client servicing. fixed income or alternatives. Active fund managers have to use their skill to beat the market average. As in investment banking. and science.9 1. who have the final responsibility for investment decisions on a range of funds across their area of expertise. A It’s like being a student taking Money a test every single day. Top 10 asset managers by global assets (US$bn) Company 1. Simply generating returns that match the market is known as ‘generating beta’. and the Art16 Interdealer grade is published every day Broking Kudos in the newspaper.817. . Investment roles: These roles are all about investing the money managed by the asset management firm. PIMCO* 8. State Street Global Investors 3. Most graduates starting out in a fund management firm begin life as a research analyst. be it equities. Source: IPE International Publishers. then writing reports for pension funds on the firms’ strengths and weaknesses. 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. 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. Allianz Global Investors 4.2 639. Pension fund trustees (who are often not finance professionals) use investment consultants to help them choose which fund manager to put their money with. marketing. Asia. you could say fund management is all about investing other people’s money.607.6 Art18 Corporate Roles and career paths Banking in fund management fall into two Jobs broad categories. correct as of 31 December 09. passive management. Distribution roles: Distribution covers roles such as sales. It’s all about selling a fund manager’s services to clients. People in investment roles are usually either analysts – who scrutinise the best companies and products in which to invest – or portfolio managers. Douglas Eu Opportunities How hot CEO. 6.5 937. or index tracking. most notably by the merger between Watson Wyatt and Towers Perrin to create Towers Watson. J. Most of these jobs are focused on winning new business or maintaining existing relationships. as do Mercer. 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. BNP Paribas Investment Partners 10. Fund selectors spend their days analysing fund managers and questioning them about the nature of their investment strategy. there’s also a whole range of middle-office jobs in fund management in areas such as compliance.7 1. the higher paying roles are in investment and distribution. operations and risk management. the Dow Jones Industrial Average in the US and the Hang Seng Index in Hong Kong. However. If you want to work in investment consulting.421.243.7 808. 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. Vanguard Group 5. BlackRock 2. Broadly speaking.053. Hymans Robertson. there are two key areas – asset allocation and fund selection. By comparison. Amundi Group 9. bonds or other financial products. Art13 Operations of investing for the long term Opportunities How hot Money Kudos Opportunities How hot Money Kudos Opportunities t a basic level. How hot Money Kudos Opportunities 44 Careers in Banking and Finance 2010/11 efinancialcareers.2 1. visiting companies to assess their investment potential. Asset allocation professionals advise clients on whether to invest in equities.8 633.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. Eurostoxx 50 in the eurozone. BNY Mellon 7. Hewitt Associates and Aon Consulting.5 842. and often take bigger risks with their investments for better rewards.
no.henderson. no. 962757). our values and our corporate strength Global is our reach. 2 Source: Henderson Global Investors. Market capitalisation at 31 December 2009. the US and Asia-Paciﬁc • Listed on the London Stock Exchange and the Australia Securities Exchange with a market capitalisation of US$1. 3 Source: Henderson Global Investors.7bn3 Henderson’s strength lies in its diversity – the assets we manage and the clients we invest for across the globe. Henderson Investment Funds Limited (reg. Number of employees at 31 May 2010. We select people with exceptional talent and entrepreneurial minds. Henderson Investment Management Limited (reg. HGI42240/0710 .com/graduates 1 Source: Henderson Global Investors. no. Henderson Global Investors is the name under which Henderson Global Investors Limited (reg. Telephone calls may be recorded and monitored. ﬁnd out more today at www. Assets under management at 30 March 2010. you will be recognised for your achievements. Henderson Fund Management plc (reg. equity. no. 2606646) (each incorporated and registered in England and Wales with registered ofﬁce at 201 Bishopsgate. 1795354). We will support you to obtain the qualiﬁcations you need to progress your career. If you are passionate about investment and aspire to work for one of Europe’s largest investment managers. no. outlook and our future Investors are our focus and investing is our specialisation • One of Europe’s largest independent investment managers. ﬁxed income and alternatives • £60. no. Come to Henderson and discover a breadth and quality of experience that’s hard to ﬁnd elsewhere.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. Henderson Equity Partners Limited (reg.Graduate Investment Management Opportunities smartest Our investment is you Henderson carries our heritage. Henderson Alternative Investment Advisor Limited (reg. 2607112). 2678531). founded in 1934 • 234 investment professionals with an average of 14 years’ investment experience1 • Operating globally and investing in core asset classes. At Henderson. 906355).
we’ll keep it simple because we want to attract the best graduates from any degree background. gobbledygook. Do you understand what we’re saying? To ﬁnd out more and to apply please visit bailliegifford.BALDERDASH. Quite the opposite in fact.com . This speaks volumes about the quality of our graduate training programme. We were one of the first investment management firms awarded the national 'Investors in People' standard. We’re not one of those investment management firms that will bombard you with financial jargon. What we’d really like to talk about is development.
senior salaries come in at US$136k+.” What attributes help you get a foot in the door? “Getting to grips with annual reports.com/students 47 . bonuses would have been based on individual performance and could be many multiples of base salary. Work in asset management offers a balance between an enviable professional career and private life. according to the Robert Walters salary survey. however. Any downsides? It really is difficult to find any downsides. What have you been working on today? As a part of my research. Beata Harasim Analyst. An analyst/AVP should expect US$80-110k. pay is under scrutiny. Careers in Banking and Finance 2010/11 efinancialcareers. especially fixed income. 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. I also believe my passion for the markets. senior consultant at Towers Watson. Every day portfolio managers need to make sure client assets are correctly positioned for the expected environment. generic research skills. broker analysis and performance indicators obviously means a decent level of numeracy is important.” And again. 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.” says Paul Deane-Williams. I recently went to Budapest to broaden my insight regarding the current macroeconomic environment in Hungary. 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. Skills sought To be a fund manager. Sovereigns and Currencies Investment Team. “You have days off. Experienced portfolio managers in the UK earn up to US$220k. I also provide a steady stream of research. “It’s an incredibly stressful job.GETTING IN Pay and bonuses INVESTMENT BANKING Financial services EMPLOYERS Much like other areas of financial services. BlackRock After completing an MA in finance and banking at Warsaw School of Economics. In the US – home of the world’s largest asset management industry – senior fund managers can bring in base pay of US$175-250k.” says Richard Barry. Traditionally. Beata joined BlackRock in the autumn of 2008.” says Douglas Eu. In Singapore. “You might be speaking to a roomful of brilliantly intelligent bankers. means I’m naturally enthusiastic about everything I do. “That said. according to Robert Walters. you’ll need to be passionate about investing and an expert at filtering large quantities of data. but you are always working. fixed income. What was the appeal of fixed income? I have always been fascinated by the complexity of global financial markets. She works as an analyst in the company’s European Rates. CEO. good communication skills are vital. Asia at Allianz Global Investors Asia-Pacific. You are managing somebody’s money as a fiduciary. which enables portfolio managers to have the edge when making investment decisions. This translates into daily monitoring of trade positions across our portfolios and adjusting them as necessary. Junior investment analysts can bring in US$60-95k. according to figures from recruiters Michael Page. working within the Fundamental Fixed Income Portfolio Management Group and with a focus on currencies and CEE rates markets. What does your job involve? I have a very broad set of responsibilities ranging from portfolio construction to trade idea generation. You are never really on vacation because you have a lot of responsibility. or asset managers. company balance sheets. bonuses are being more closely aligned to company performance. It’s like being a student taking a test every single day and the grade is published every day in the newspaper. trustees or lay people and you’ll need to be able to participate in discussions about complex financial situations while ensuring clients fully understand. which are often demonstrated in more humanities-based rather than mathematical and financial degrees are highly desirable in fund management. and can be deferred over a number of years. I strive for continuous improvement in my work and am also building up my professional qualifications by undertaking the CFA and CAIA programmes. and find the fixed income market particularly appealing because of its close connection to macroeconomic fundamentals as well as its sheer size and depth. HR director at Baillie Gifford. Being at the very centre of markets and actively participating in the investment process is definitely the most appealing part of this job. Now.
Brevan Management Howard Asset Management and Soros Fund Management make up the remainder of the top five. but the pay on offer is certainly not to be sniffed at. quantitative and business streams – is that they all require good numerical and team-working skills. Art18 Corporate look at the companies. and trading. Hedge fund managers also invest in stocks or bonds. Alternative investments cover a broader range – from wine to art and real estate. Bridgewater Associates. according to Private Equity Intelligence. In private equity. bonds or cash. which is based around the profits made when a fund’s investments are sold. according to Alpha . Paulson & Co. graduates are competing not only amongst themselves. however. We also generally look for evidence of good collaborative working. Kohlberg Kravis Roberts and Blackstone Group dominate. head of talent and development at Man Group. 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. 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. Art17 Wealth magazine.” says Timothy Mahapatra. Source: Glocap Search. Carlyle Group. we’re going to look at hedge funds and private equity. How hot Timothy Mahapatra Key players Globally. but is a less data-heavy role than working in a hedge fund. Private equity demands a flawless academic record. For the purposes of this article. but an increasing number of firms are rolling out dedicated programmes to employ juniors. which invest larger sums in more established companies. Skills sought Traditionally. who Senior associate 160 317 oversee and source deals.” adds Mahapatra. Careers in Banking and Finance 2010/11 efinancialcareers. head of corporate finance at Deloitte.com/students . A Pay and bonuses Hedge fund managers can bring in large sums of money – the highest earner in 2009 made US$4bn.pursuing and sorting out At the top are Associate 100 208 Custody originators. Senior private equity professionals also earn ‘carried interest’. the largest player in the hedge fund world is J. In private equity. “You will be stretched both intellectually and in terms of your propensity to work. com. a strong sense of integrity. looking for possible Associate (2-4 yrs exp) 135 300 investment targets. It’s made with a view to earning interest or dividends. In a private equity fund you’ll probably Grade Base Salary Total comp. Analysts markets Banking and financial products the hedge fund invests in. You will be stretched both intellectually and in terms of your propensity to work.P Morgan. Art19 Globallegal issues. Such lofty sums are not available to more junior staff. “In today’s market. but while traditional fund managers do so in the hope that prices rise. or because the Art15 Alternative value of the investment is expected to rise over Investments time. appraising Private equity pay (fund with US$750m-$2bn assets) (US$k) whether a deal is worth Grade Base Salary Total comp. it’s even tougher to get in at a junior level. but with more experienced candidates who find themselves in the market due to the turmoil of the last couple of years.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.” says Jo Carter. start as an analyst. usually firm partners. CVC Capital Partners. entrepreneurial flair and an impeccable academic record. You’ll need to be entrepreneurial and have good ‘soft skills’. traders act on the analysts’ Hedge fund pay (fund with US$500m-$3bn in AUM) (US$k) recommendations and place trades. So how can you stand out? “The common element to our three graduate recruitment programmes – technology. hedge funds recruit few graduates. TPG. hedge funds use strategies to make money even if they fall. sales and marketing liaise with investors and persuade them to put money into the fund. Head of corporate finance. These can vary from Broking ‘seeding’ smaller firms to buyout funds. You can then move into the role of principal. according to Absolute Return + Alpha. sales and marketing. and being required to demonstrate such commitment and drive will be vital to success. Private equity funds invest in companies that are not listed on the stock Art16 Interdealer exchange.
Undergraduate. Oxford and Switzerland Full details of all our schemes can be found on our website www.com . Graduate and Postgraduate opportunities in London.mancareers.Changing the nature of investment Grow your career with the global leader in alternative investments.
The spread between base salaries for senior brokers is large – US$120-220k – the general rule being that the more complex the product. Electronic broking is all about speed. Electronic brokers use computer screens to check client needs and execute deals. They check prices and availability with an IDB. director. “and you’re still expected to be at your desk at 7am the following morning. head of HR at Tullett Prebon. says a junior broker can spend three or four nights a week entertaining. particularly in Management volatile markets. In fact. In order to develop a long-term relationship with any client you need to be able to develop a bond of trust and understanding. This can be anything from 35% to 50%. Tullett Prebon Key players Five big firms dominate 70% of the market. too. don’t bother applying. part of the Kudos Banking particularly at the early stages of your career. such is the bond between broker and client that. they’ll often take their business with them. But IDBs make most of their cash through taking a percentage of the money they bring in for the company. they make money whether the market is rising or falling. according to IDB headhunter Search Partners. particularly at the early stages of your career. In return.” Obviously. enabling banks’ traders to do large deals with one another anonymously. Damien Lee. Pay and bonuses Starting salaries range between US$40k and US$50k. and execute trades around more complex products. GFI. so if you’re not a people person. These firms are ICAP Tullett Prebon. assume a trader wants to buy two million shares in Company A at 50p each. which can Rating Agencies range from anything from Careers in Banking and Finance 2010/11 efinancialcareers. Opportunities Mark Scally How hot Money Kudos Opportunities Head of HR. desk manager. Skills sought Interdealer broking is all about relationships. broker. Voice brokers speak with clients on the telephone. Our business is more about swift execution – ensuring we can trade our clients’ positions fast. Brokers need to be able to react quickly to find solutions to individual clients’ needs. according to analysis by Celent. the right Providers & Brokers usually specialise in a particular product. but a strong performance during the financial crisis has thrust this fairly mysterious sector into Art16 Interdealer the limelight. While the hours of a broker are reasonable – typically 7am to 5pm – a lot of your evenings are taken up wining and dining clients. For example. the higher the salary.” says Mark Scally. before the client’s competitors. BGC .com/students . 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. Broking acts as an intermediary between An IDB dealers at investment banks. This involves a lot of client entertainment. which typically require more discussion or explanation. High levels of price volatility in the stock markets are actually beneficial to them. you have to keep clients sweet on a more professional basis. with the more confident brokers pushing for a bigger cut and smaller base. trading cash or equity products in large volumes at Art20 Dataprice. Because IDBs get paid whenever people trade. If the trader is happy with what the IDB has to offer.” says Scally. the IDB will execute the deal. “On the trading floor of an investment bank. if a successful broker leaves for a competitor. it Art17 takes a small percentage as commission. I options or futures to the various fixed income products. How hot The ability to develop strong client Money relationships is a keyArt18 Corporate job. head of division. 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. and Tradition. The career path is straightforward – junior broker. traders take a position and therefore potentially a risk. “The ability to develop strong client relationships is a key part of the job.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. Wealth which can be very lucrative. managing director of Search Partners.
You’re an incredibly bright individual with a personality to match. Careers in global financial markets www.4 trillion worth of transactions every single day. . We have a range of full-time. We connect buyers and sellers in the world’s financial markets. entrepreneurial and meritocratic. internship and placement opportunities in Broking. We’re fast-moving. Accounting. confident and ambitious. Business Services. All rights reserved. And we both know that with the right training. You’re quick-thinking. executing more than USD $1. Post Trade Risk Services. You approach challenges determined to succeed. Human Resources.com/careers Tom Sheridan Voice Broker. We offer prospects. New York ©ICAP plc 2010. outgoing. exposure and recognition. global. you’re going to go places that even we’ve never thought of yet.Here’s the deal. ICAP is the world’s premier interdealer broker.icap. ICAP® and other service marks and logos are service marks of ICAP plc and/or one of its group of companies. Entities within the ICAP group are registered as applicable. Research and Risk.
equities. pop stars or members of privately run family businesses. You have to be interested in clients. unusual and demanding people. 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. and advise them on bequeathing their wealth to the next generation. as few brokerage firms offer graduate training courses. J. 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. They also stocks (hence the Bankingadvice on the best products to invest in. but many deal only with clients whose financial assets (so not their houses or yachts) alone are worth more than Art19 Global US$30m. private wealth managers help very rich people to manage their money in private.com/students . particularly equities or Art18 Corporate term “stockbroker”). Those on the relationship side are effectively salespeople who spend their time cultivating links with clients and selling the bank’s services. and those working on advisory mandates. They also offer tax and pensions advice. you can expect Providers & to perform one of three broad categories of job: investing Rating Agencies clients. investment bankers. offer The clients of private wealth managers can be anyone from company chief executives to property tycoons. Junior brokers are most likely to work on advisory mandates. Citigroup 7. UBS 3. so relationship building is pivotal. Key players by global assets under management (US$bn) Company 1.824 1.” says Katie Lin. Morgan Stanley-Smith Barney 4. A Custody Opportunities You need to be able to build long-term relationships. Deutsche Bank 10. US banks such as Citi. How hot Money Kudos Opportunities 52 relationships. Private client brokers: Help clients to buy and sell financial products. making the first move can be challenging. This can involve a lot of travelling and close contact with interesting. Coutts Kudos If Data Art20 you work as a private banker. 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. or managing backoffice functions such as human resources or accounting. in which wealthy clients communicate their general investment strategy and the broker buys and sells the financial products they think appropriate. When a relationship manager has established a client’s needs. help clients to develop a strategy for charitable giving.420 656 345 335 265 258 240 222 Source: Private Banker International. 9. Kate Turner Opportunities Money Head of private banking. structured products of any kind. BNP Paribas/Fortis 8. “Sometimes you might have five relationship managers all vying to manage the money of one single high-net-worth individual. chief wealth management officer at Axa Hong Kong. or investments in the private equity and hedge fund sectors. investment specialists are brought in to put a more detailed solution together. figures as at H1 2009.526 1.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. However. Barclays Wealth AUM 1. Goldman Sachs and Morgan Stanley hire graduates onto their wealth management or broker training programmes. Bank of America Merrill Lynch 2. where the broker advises the client what to invest in. They are typically their in product Finance specialists who are expert in a particular asset class. such as fixed Careers in Banking and Finance 2010/11 efinancialcareers. their background and their family – you have to understand what How hot makes them tick. Meanwhile. Private banks typically look for clients with at least US$1m to invest. private client brokers come in two kinds: those working on discretionary mandates.P Morgan . HSBC Private Bank 6. but needs their permission before making a move. far away from the prying eyes of the gossip columnists Art17 Wealth and paparazzi. building money for existing Roles and career paths income. footballers. Credit Suisse 5.
UAE. The chance to obtain the CFA™ and. Africa. Registered No: 1026167. WHAT’S IT TO YOU? Meeting the complex wealth management needs of high net worth. Asia and the Americas. Mumbai. Barclays Bank PLC is registered in England and authorised and regulated by the Financial Services Authority. Singapore. Registered office: 1 Churchill Place. London E14 5HP. But the truth is how much you get out of that career depends on what you’re prepared to put in. Portugal.com/CIBF Barclays Wealth is the wealth management division of Barclays and operates through Barclays Bank PLC and its subsidiaries. Our three-year structured training programme for one. go to barclayswealthgraduates. Hong Kong and Johannesburg. To find out more and apply online.STRUCTURED TRAINING. We have operations spanning Europe. Switzerland. of course. We’ll judge you on your ability and nothing else. As a graduate there are plenty of great reasons to choose a career with us. affluent and corporate clients is what we do at Barclays Wealth. You see. . and we’re currently recruiting in the UK. we have big plans for the future. the Middle East. and securing our position as one of the world’s leading wealth management businesses is really just the start. as an organisation. and to help us we need graduates who share that same level of ambition. Monaco. A PROFESSIONAL QUALIFICATION AND UNRIVALLED JOB SATISFACTION WORK. India. the international experience you can gain through our overseas placements. Italy. Spain. Our goal is to redefine the entire wealth management sector.
it was a sign that the company had financial difficulty. authorised and regulated in the UK by the Financial Services Authority. Was it significant? Or had they just run out of chocolate ones? As it turned out. whether you’re interested in Investment. Operations. So.jobs/directory Fidelity is an equal opportunities employer and is committed to a policy of treating all its employees and job applicants equally.fidelityinternational. you’ll discover a demanding. And after further research and probing it helped us to decide not to invest further with them. noticed the usual chocolate biscuits had been replaced by plain ones. Sales and Marketing or Human Resources. after a series of meetings with a prospective investment. discover your investment intelligence. Join us and you’ll enjoy the freedom to think for yourself. To find out more. stimulating and highly rewarding career. Issued by FIL Investments International. at Fidelity we encourage graduates to focus on the details that might provide valuable investment insights. absorb new ideas and make your own decisions. THE WORLD’S INVESTMENT SPECIALIST . For example. It’s this instinct to delve deeper and understand opportunities that little bit better that sets us apart. go to www. So. We saw the plain truth. one of our Analysts.Graduate & Summer Internship Investment Management opportunities As a leading asset management company.
and was promoted to my current role within six months. RBC Wealth Management and UBS also run graduate schemes for private bankers. traditionally a hub for wealth management. followed by Macquarie Bank in 2006 in a similar role. their background and family – you have to understand what makes them tick.GETTING IN INVESTMENT BANKING Financial services EMPLOYERS And Barclays Wealth. What is it like to be a banker for rich people and celebrities? I have a lot of high-net-worth clients. After that I joined a subsidiary of National Australia Bank in 2005. chief wealth management officer at Axa Hong Kong. ANZ Private Bank Asia Angeline graduated from Monash University in Australia in 2003 with a master’s degree in business systems. What exactly does your job involve? There’s a lot of frontline contact with high-net-worth clients. and these clients have high expectations – they expect fast turnaround. another language can be useful. “You can teach people financial skills but what you cannot teach is the ability to build a rapport. like finding a reliable accountant or a managing agent for investment properties. I then moved to Singapore and returned to ANZ there in 2008. that will always be helpful. If you have good relationships with your existing clients. good service. a junior relationship manager can expect a base of US$65-85k. but a background in economics and law can be useful too. not just from the finance sector. according to Robert Walters. There are different ways we can go about doing that. suggests Turner. rising to US$140-255k at the senior end. and it’s about managing their relationship with the bank. Discretion and an ability to retain and build relationships with incredibly wealthy individuals are absolutely vital. and provide the latest financial information to clients. What do you like most about your job? Building contact networks is something you have to do. If you have particular knowledge of. according to the Robert Walters 2010 survey. then you will be of value to them. “They need to know what kind of product they are selling. a private client relationship manager can expect to earn US$70-140k base pay after five to seven years’ experience. Your network is your net worth. Skills sought Private banking is no place for anyone with a taste for gossip. “Although a lot of our work is UK-focused. She also has a bachelor’s degree in commerce. Careers in Banking and Finance 2010/11 efinancialcareers. private bankers also need technical expertise to get ahead of the herd. You never know when your contacts will come in handy. In the fiercely competitive market of wealth management. We need to understand our client’s needs. You need to be able to build long-term relationships. while an investment advisor can bring in US$35-70k. However. the Middle East or the non-resident Indian market. In Singapore. HSBC Private Bank.” says Katie Lin. and its competitors in the market. and there is a strong focus on development opportunities there. specialising in finance. which has been particularly active recruiting wealth managers over the last 18 months. ANZ is undergoing an exciting period of growth in the region. risk appetite and financial objectives. they often refer a lot of new leads to you.” says Kate Turner. You have to be interested in them. 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. the best part is that you get to meet people from all walks of life. We find many graduates with finance-oriented degrees applying. Kleinwort Benson. because they know you are the one-stop shop for everything. head of private banking at Coutts. because they will expect regular updates on their portfolio as well as relevant information that will help them make astute investment choices. Pay and bonuses In Switzerland. You first need to gain their trust to invest that money. Coutts. Credit Suisse. but you’re not only offering financial advice – they could come to you for help with other things. She joined ANZ Private Bank in Singapore in 2008. I came on board as an assistant manager to a senior private banker. If you can provide that extra help. The most obvious way is word of mouth. and for everything to be at their fingertips. We also need to build our portfolio as our sales are judged on the amount of funds under our management. but it can also be very enjoyable. At the senior end. I joined ANZ in Melbourne as a management trainee. base pay comes in at US$155k+. “They need to know how to read the market.com/students 55 .“ An understanding of different cultures will help. working as a credit coordinator. say. too. How did you end up in your current role? After graduating with my master’s.” Angeline Seah Associate director.
In Hong Kong. Head of corporate and transaction Opportunities banking. Both involve wining and dining chief executives and finance officers.4 sell products to corporate customers. so you have to have good general expertise. or Source: ICBC. corporate banking can mean arranging loans (a service which itself comes in various forms). and a senior relationship manager can earn up to US$210k in the UK.5 attempt to bring in new customers. Art18 Corporate but it’s not.8 business development managers. This hovers between US$85k and US$95k for the same level of experience in Ireland. who look after existing clients. who Citigroup 93. or sensitivity to. mining or utilities companies might be project finance experts. a relationship manager can earn US$45-110k after four to eight years’ experience. corporate banking is the broad term applied to the various different banking services offered to large companies – those worth US$25m and above. tend to have a better understanding of. figures as of 2009.9 from senior directors without having Bank of America 149. and often carve out niche areas of expertise. assessing company balance and Finance to sheetsloans. according to recruiters Robert Walters. For instance.” If you’re not up for a client-facing role. alternate chief executive and head of wholesale banking group at Citic Bank International. “Corporate bankers.9 relationship staff as they attempt to China Construction Bank 201. Corporate bankers target different industries. those servicing energy. But when the company needs to raise more finance. the whole economy. There are BNP Paribas 94. offering cash management services – such as helping minimise tax paid by overseas subsidiaries – or managing changes in foreign exchange rates. according to the banks we spoke to.7 One banker describes this as “bagJPMorgan Chase 171 carrying” – you’ll be picking up tips Bank of China 153. Junior corporate bankers often start out as credit Art21 IT in analysts. cash flows and debt). but are also quite technical. 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. Wells Fargo 137.9 Senior roles in corporate banking Santander 136 Art22 Insurance are more client-focused. operations or treasury management (the administration of currencies. HSBC 200. you also have the option of working in risk/credit assessments or product. working out Art19 Global case for funding a new power the business Custody or mine. Careers in Banking and Finance 2010/11 efinancialcareers. At its Banking most basic. 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. because they work with different industry players.com/students . says financial recruiter Morgan McKinley.6 much influence on the deal. plant I It helps to be a bit of a jack-of-all-trades. It may sound simple. Kudos Richard Miles relationship managers. the relationship management team also provides transaction and structuring advice. 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. London Art20 Data Providers & Rating Agencies Pay and bonuses Graduates usually start on around US$35k. “Every industry is changing. Working in corporate banking means you have to manage these changes. which deals with the client’s dayto-day banking needs.How hot Money Kudos GETTING IN INVESTMENT BANKING Art16 Interdealer Broking Financial services EMPLOYERS Opportunities corporate bankinG How hot Money Kudos Opportunities Banking for high-value companies Art17 Wealth Management Relationship building is key.” says Nick Huang.deciding whether World‘s largest banks by market capitalisation (US$bn) or not issue You may also Bank Market capitalisation get to accompany senior sales and ICBC 268. BNP Paribas. Relationship managers are also assisted by a support team.
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.Ready for a company that offers more than you’d expect? Apply now for the Corporates & Markets Graduate Programme. Ready to be the future of banking? Take the next step. Right from the start you will be part of the action. Our Corporates & Markets Graduate Programme offers you the opportunity to join our investment banking team.com/career Achieving more together . visit www. where good ideas get recognised and you can make a real difference.000 employees worldwide.
The time is now. Marketing and Sourcing & Vendor Management there’s something for everyone. The place is here. whatever their degree discipline or career aspiration. Find out more at www. from Global Banking & Markets. Finance and Retail Business Leadership to Technology.com .makeitrbs.RIGHT PLACE. With over 30 graduate and intern programmes. To achieve the extraordinary. Graduates and interns who join us now will have an influence on the strategic decisions we make going forward. RIGHT TIME. We are committed to our clients. Continental Europe. global strength and is looking to the future with confidence. and to seize the opportunities at the heart of an organisation that is poised for transformation. growing strong relationships and delivering industry leading products and services. Asia Pacific and the US RBS has a long history. GRADUATE & INTERN CAREERS UK.
“It is not just about academic qualifications – you have to have character. building and maintaining relationships with customers externally. wining and dining. and is now working as a corporate banking analyst. A positive attitude. They focus more on the terms and conditions of the deal that they are working on directly. Where do you see yourself in five years’ time? Ideally I’d like to become a global relationship manager. enthusiasm and a willingness to be proactive and ask questions also goes a long way. as many roles cover a number of geographical locations. 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. who manage relationships with companies with a turnover of between £25m and £1bn. senior vice president and head of corporate banking at Fubon Bank (Hong Kong). “In Hong Kong. what’s important is being able to assimilate a lot of information quickly. you will be coming up against people who might be quite demanding and time poor. 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. She joined the HSBC commercial management training programme in October 2009. within the corporate banking environment. meeting customers and studying for my diploma in corporate banking. perhaps with an international portfolio of customers. What makes you good at your job? Having a background in maths has certainly helped me in my role. Every day you will be dealing with people of all levels internally within the bank network and building relationships with customers externally. I hope.” says Aubrey Wang. especially in terms of understanding many of the products and tools used within the industry. people and communication skills are essential. After all. while in Taiwan. “In terms of specialist products and services.com/students 59 . Edinburgh. it helps to be a bit of a jack-of-all-trades. 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. I support and work alongside our corporate banking managers. Emotional intelligence is essential. The complexity of the corporate business environment. there’s no point in lending money to a firm if they’re going to fail to pay it back. HSBC Deirdre studied financial mathematics at Heriot-Watt University. for example.” says Gregg Carnaffan. How did you get to where you are today? I am now mid-way through my second placement in the Glasgow Corporate Banking Centre.” “Graduates must have good verbal skills. “Customers are different animals in the various parts of Asia. having completed my first placement in HSBC’s Yorkshire Centre. help in this – the corporate team works with a hugely diverse range of companies and industries. also means no day is ever the same. graduate development manager at HSBC. But equally. Time management skills and an ability to prioritise are also vital.” says Richard Miles. For the analysis element. Not only will you be required to keep up with developments within various industries and the implications of these on your clients’ risk appetite. What are the three main elements of your job? At the moment the main elements are financial analysis and research. of course.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.” Deirdre Cloake Corporate banking analyst. particularly. 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. they tend to be fairly straight-forward. In the corporate environment.” says Carnaffan. and the range of customers and products. head of corporate and transaction banking at BNP Paribas in London. you also have to be a ruthless number cruncher. But you also need to know – and this is crucial – where your expertise runs out and you need to get someone else involved. You need to be able to communicate clearly and effectively. Banks want to see evidence of this in their graduate recruits. to be analytical and to come to well-constructed conclusions. graduating last year.” 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. Careers in Banking and Finance 2010/11 efinancialcareers. so you have to have good general expertise. The fact that HSBC has a presence in 88 countries will. as every day you will be dealing with people of all levels internally within the bank network and.
business analysts. such as fund accounting or IT. although you should expect to be asked why you chose a career in banking. fund administration jobs pay US$50-80k at manager/ AVP level.” says Ross Whitehill.800 5. a head of fund administration is paid US$135k+.793 Client-facing roles Art23 Accountingare the most lucrative within global custody. head of offshore management at BNY Mellon Asset Servicing. which has driven the need for sophisticated administration technology.” says Wade McDonald. “If someone has a maths degree. Opportunities BNY Mellon Asset Servicing Art21 IT in Finance Roles and career paths How hot Money Kudos Opportunities How hot Money Kudos Opportunities 60 Client: Here. Careers in Banking and Finance 2010/11 efinancialcareers.P Morgan Worldwide Securities Services . but certain roles. including fund accounting. systems Top five global custodians (US$bn) integrators and business process reCompany Assets under custody engineering experts. while a custody associate can bring in US$55-85k. and corporate actions (keeping track of dividend payments for equities and coupon payments for bonds). J. Firms hire system programmers. such as exchange-traded funds (ETFs) and hedge funds. control. with the exception of BNP Paribas Securities Services which is as at 31 December 2009. “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. a fund accountant with more than five years’ experience can earn US$60-95k. and a range of complex derivatives. State Street 4. ensuring they’re happy with existing services and – hopefully – selling them others. Core functions include fund administration and Art20 Data fund accounting (calculating how much income funds & Providersare making and spending). audit or fund accounting for example – while a computing degree might direct you more into technology. Graduates are usually given Art22 Insurance a grounding in all these areas before specialising in one. BNY Mellon 3. In Dublin. mortgage-backed securities. settlements and corporate actions. according to the Robert Walters salary survey.900 14.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. will require a pre-existing skills base. In Singapore.com/students Source: Company reports.400 14. senior vice president at State Street Global Services. Delivery: The roles traditionally associated with global custody. This is typically something to aspire to after a few years. it is quite likely they are going to go more into the accounting side – finance. “But we get people with economics or business degrees and even history. Figures as at 31 March 2010. the role of global custodians is changing dramatically. while corporate actions roles pay US$50-75k at the same level. BNP Paribas Securities Services 22. graduates will need to demonstrate softer attributes if they’re to climb the career ladder.” While numerical skills are needed to get your head around accounting and valuation models. data architects. “You will need to have the skills to administer new and exciting investment products as they enter the market. Graduates with mathematical degrees like engineering tend to gravitate towards the core custody functions. . you’ll schmooze with fund manager clients. A senior relationship manager in the Pay and bonuses 2. Technology: Custodians spend hundreds of millions of dollars on technology. A UK can earn US$95-135k. swaps. 1. In Luxembourg. settlements (delivering securities Rating Agencies to the buyer and the money to the seller). or make a client presentation. which has now become integral to profitability. Citigroup Global Transaction Services 5. and a firm grasp of maths will help.” You will need to have the skills to How hot administer new and exciting investment Money products as they enter the market. Calculating corporate actions across multiple funds and asset classes can be complex. Skills sought The official line is that there are no favoured degrees for global custodians.058 11. 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. Ross Whitehill Kudos Head of offshore management. is increasingly important. “But an ability effectively to define and communicate a problem or a strategy.” says Whitehill.
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technology. SIX-Telekurs and IRESS. Pay and bonuses Graduate trainees within data providers can expect to start on salaries of US$35-40k in London. while Moody’s and Standard & Poor’s recruit according to need.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’. plus the ability to convey a complex message clearly. with the additional possibility of a small bonus. Risks are (indicating a high classified as ‘investment grade’ if they come in at BBB or above. How hot accounting or economics. and tools and software for tracking Art21 IT in portfolios. Other significant names include Dow Jones/ Factiva. Moody’s Investor Services and Standard & Poor’s are the top two. research and analytics. other “softer” skills. with Fitch Ratings coming in a close third. while firms do still want people with good technical skills and a flair for analysis. 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. At the time of writing. head of human resources for EMEA at Fitch Ratings. Trainees typically start out in research roles in teams focusing on anything from industry sectors to financial products. Thomson Reuters and Bloomberg continue to battle it out for top spot. Data providers supply financial markets and the global media with critical real-time information such as company share prices. What this means for graduates is that. plus the ability to convey a complex message clearly. according to recruitment sources. They Finance also provide financial and business news services via a number of media channels. according to Burton-Taylor International Consulting. Data providers offer a variety of graduate roles. “We look for graduates with a strong academic background that includes finance. if not astronomically. European human resources director at Interactive Data. according to the Robert Walters salary survey. while the latter has 29. such as an ability to communicate effectively.” How hot Money Kudos Opportunities 62 Careers in Banking and Finance 2010/11 efinancialcareers. argues Chris Mills. T Roles and career paths Rating agencies usually recruit graduates into data analysis jobs. “Successful applicants usually have a postgraduate qualification and often fluency in a second language. with anything less known as ‘speculative grade’. But the industry could be set for a shake-up. Further up the career ladder. including data analysis. Head of human resources for EMEA. In the data provider space. salaries come in at US$90-120k in the UK.2%. FactSet.4% of the market globally. in the EU at least. exchange rates. credit analysis roles pay well. We look for graduates with a strong academic background that includes finance.” says Andy Jackson. After five to seven years. as well as the capacity to adapt to a matrix organisation. are also sought. “In addition to technical skills we also focus on soft skills when hiring. Organisations Providers & to are rated from AAA (virtuallyC guaranteed pay up on time) through to Rating Agencies risk of default). Interactive Data. depending on experience and academic background. accounting or economics.com/students . journalism and business development. rising to US$120-150k after seven to 10 years. Money Andy Jackson Kudos Art22 Insurance Key players The credit rating agency business has long been dominated by a handful of US-based key players. New recruits are encouraged to develop relationship-building skills. and are now virtually even when it comes to market share. Fitch Ratings Opportunities Skills sought The current volatility within the world’s financial markets has led to increased demand for data providers. Fitch has a structured graduate programme. The former has 29.” he says. Rating agencies typically pay a similar amount at a junior level.
com Bloomberg is a proud Equal Opportunity Employer. Bloomberg provides information to business leaders around the world. Data Analysis. We foster that passion and encourage growth and development in every way possible. Join the company at the forefront of finance and technology. no matter what their experience is. Software Development. ©2009 Bloomberg L. Innovate from the front.MOVE THE MARKETS. Join Bloomberg. We have opportunities in Financial Sales.bloomberg. Our employees have a passion for excellence. All rights reserved. Bloomberg is the ideal place for you to develop your knowledge and enthusiasm for the financial markets. 34842161 0609 .P. careers. News and many more areas.
com/students Source: JM Group (base salaries only). 64 Careers in Banking and Finance 2010/11 efinancialcareers. therefore. processing them through smart-order routing systems. which specialise in providing software for a particular sector. VP/Dir. Project management is a strategic role involving planning. structuring and eventual completion of the projects. their developers tailoring the software to UK developer salaries in investment banking (US$k) suit the institution’s particular needs Software Analyst/Assoc. As a developer. But do not exaggerate your skills. If you don’t want to work for a bank. Although some of the job will involve developing new systems in-house. And traders aren’t shy when it comes to berating you for their IT gremlins. you are at the coalface of the IT department. because you will be found out. so a thick skin is a must. This might sound simple. Vendors generally pay less but can provide a good training ground to develop your technical skills. brokers and insurance firms all spend billions on technology. 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. Meanwhile. prompting something of a hiring spree in the sector. multi-million dollar technology projects are crucial to successful operations. You’ll have to manage a team of developers.How hot Money Kudos GETTING IN Art19 Global Custody INVESTMENT BANKING Financial services EMPLOYERS Opportunities it in Finance How hot Money Kudos Opportunities Software. Excel/Access VBA 100 116 Developers aim for ‘low latency’ or 116 154 3rd party (Murex. in the long run. retail banks. Pay and bonuses IT pay doesn’t reach the dizzy heights to be found in investment banking. according to research from consultancy Celent. After a period of shrinking IT budgets and cancelled projects throughout 2008/09. help organisations save money. and may be as little as microseconds. project management and technical support. Fidessa. Not Art21 ITsurprisingly. or integrating it into existing systems. Finance Investment banks. but it’s not pennies either. Generally. if you possess knowledge of more complex financial products. or communicating to ensure that trades go through smoothly. there’s the option of working for third-party vendors. liaise with third-party vendors. banks often purchase software from third-party vendors. SUMMIT) reducing the amount of time it takes C++ 108 147 both to execute and process a trade. financial services firms have again focused on frontoffice technology. . 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. the greater your earning potential. Try sending your CV to major players such as Sungard or Oracle. business analysis. IT roles tend to fall into four camps – development. financial services firms are expected to spend US$357bn on IT globally. Victor Lebreton Manager. and be answerable to the business should plans go awry. but glitches could cost banks millions of dollars within minutes. In 2010. investigating how technology can be used to improve the bank’s competitive advantage. firms in the financial in sector are among the biggest spenders on IT. fund managers. Quant Hedge The speed with which a trade is placed can be crucial to its profitability. T Art23 Accounting afraid to do internships and learn as much as you can. Whether it’s a question of buying and selling financial products Art22 Insurance electronically. OpenLink or Charles River. project managers will take the reins of the new venture once it has been given the go-ahead. 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. or have a comparatively rare skill set. or apply to specialist financial services software vendors such as Fidessa. Sophis. and everything related to it. It can also. Business analysts effectively act as the liaison between the IT department and the company. The people in technical support solve problems when they arise on the trading floor. The really big user of technology is the trading floor.
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. I am responsible for setting up valuations for new products. C# or Microsoft’s . fast-paced environment where there is plenty of variety on a daily basis. soft skills are key. as you are always faced with a dynamic. If you’re seeking a development role. according to recruiter Hudson’s 2010 salary survey. meanwhile.Net is essential. Skills sought The vast majority of successful applicants will have a computer science degree. global head of rates support/EMEA FI support manager (technology) at Citi. C++. but the learning curve is steep. economics and psychology. An ability to remain calm under pressure is a must. product controllers. Even in highly technical roles. that does not necessarily rule you out. those working on simpler ‘vanilla’ products can get US$135k for the same position. Since joining EDIT my role has been primarily as a business analyst/project manager on a strategic flow risk management application. Why did you choose this role? I started off at Credit Suisse in a support role.GETTING IN INVESTMENT BANKING Financial services EMPLOYERS US$140k in the UK. working closely with the development. or co-ordinating with managers from mid. A C++ developer with over six years under their belt can earn US$90-155k. 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. and the front-to-back implementation. Since January 2009 she has been working as a risk management business analyst within the bank’s Equity Derivatives IT (EDIT) team in London. If you have not done computer studies. but this is not to say you need to be a whizz kid at entry level. Project manager roles. including the testing of the downstream feeds. because you will be found out. 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. It requires engagement with all stakeholders – front office.” Technical skills will be nurtured. 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. as you are always faced with a dynamic. “Recent examples have included artificial intelligence. experience with programming languages like Java. and gave me the opportunity to meet the traders.” says Victor Lebreton. understand the business and manage expectations. This role involved investigating P&L breaks. Careers in Banking and Finance 2010/11 efinancialcareers. “Entry-level positions have become much more competitive over the past two years. and there is fast career progression with a high degree of responsibility from day one. are essentially management positions for developers. and you’ll have to act as a central coordinator for disparate groups with differing interests. reconciling valuations and dealing with system issues. support and quality assurance teams to identify and prioritise tasks and ensure timelines are met. You also get to work alongside and learn from highly skilled individuals.” says Matthew Widders. London before joining Credit Suisse’s graduate programme in 2007. fast-paced environment where there is plenty of variety on a daily basis. 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. “Don’t be afraid to do internships and learn as much as you can. What’s the best part of the job? Working in a front-office IT team is very exciting. says Dipen Shah. In Hong Kong. Credit Suisse Hazera completed a degree in computer science at King’s College.and back-office teams. But do not exaggerate your skills.” Hazera Akthar Business analyst. providing first-line support for the flow equity derivatives business in London.” Soft skills are valuable when it comes to business analyst or project management roles. manager of Paris-based electronic trading firm Quant Hedge. “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. liaising with developers. a programme manager with over eight years’ experience can expect US$130k-255k.com/students 65 . finance. This involves assessing the valuations versus our pricing sheets. In my analysis role. and those who don’t will come from a maths or physics background. market risk and client valuations – to work through issues and come up with solutions. equity derivatives IT.
3m jobs. The top 10% earned more than US$160k. Pay and bonuses Insurance salaries are not massive. but you can earn decent money. Re-insurers: Insure the insurers against the risk of significant losses. according to Hays Specialist Recruitment. Newly qualified actuaries earn US$80k in general insurance. rising to US$80-150k. however. Business development roles start at US$30-50k. according to figures from the Association of Art22 Insurance– a third of all financial services British Insurers jobs in the country. You’ll also have to show understanding of how current affairs can affect the industry. Lloyds market: Around 80 corporations. In the UK (the world’s second largest insurance centre). it employs more than 313. mortality projections for life insurance firms. A junior commercial underwriter in the UK earns US$30-40k. “It’s all very well having a brain the size of a planet.4k. Source: Forbes Global 2000. Claims: By far the biggest volume Key players of people work within claims divisions. Zurich Financial Services the motivation to show they have 4. Specialist senior underwriters can earn up to US$220k. who will attempt to find the right product for a particular client. These models are used by underwriters in their analysis. it’s big business.3 trillion in 2008. Skills sought It takes five to seven years to qualify as an associate actuary. Company Graduates are likely to start in fraud 1. “What are the risks going forward. Allianz Underwriting: Involves extensive risk analysis. says Abby Cox. Insurance brokers: Intermediaries who sell insurance products Art23 Accounting – particularly important in the corporate market. 2010 rankings. In the US. and how can we work with our clients to prepare for them? We’ll usually test graduates’ logic on these issues. . Clearly. AXA Group “We’d expect graduates to have 3.” says Paul Roberts. individuals. HR graduate recruitment manager at Allianz. In the US the insurance industry provides 2. but that isn’t all. You’ll need a maths-based degree to get your foot in the door. Broking: The salespeople of insurance. according to recruiters Joslin Rowe. UK resourcing manager at Zurich Financial Services. Few places for graduates. rising to US$150k after 10 years. Munich Re basic understanding of the insurance Country Germany France Switzerland Italy Germany 66 Careers in Banking and Finance 2010/11 efinancialcareers. The industry has four main areas: Insurers: Assess risk and develop products for sale to individuals and corporations. underwriters and financial backers – or syndicates – who come together to spread risk. Allianz detection or claims investigation. It’s also home to 176 broking firms. profits. Generali Group researched us as a firm and have a 5. rising to US$90k at the top. 2. UK graduate resourcing manager at AXA. 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.” she says.” 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.000.” says Rob Mould. G industry for all our schemes.” Underwriters require good numeracy and communication skills. assets and market value. the median annual wage of qualified actuaries was US$84.com/students Measured by a composite of sales. sifting stats on industries. with training usually provided by the employer. be it a shipping firm or a bank. demographics and clients to prepare a quote. Actuarial: Actuaries produce financial models based on the statistical analysis of risk – for example. “Climate change is a great example.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. “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. Abby Cox Roles and career paths Graduate recruitment manager. HR. according to the Bureau of Labor Statistics.
com/career . we are looking forward to your application.000 colleagues? If so.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. 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. Are you the kind of person that would thrive on realizing global projects alongside 13. 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. visit munichre. To find out what is expected of our graduates on the trainee program and what opportunities we offer. We develop custom-made solutions for the risks that face people today and those they will encounter tomorrow.
and independently validate that a company’s accounts are correct. Lyle Andrews Head of graduate recruitment EMEA. Financial control: Accountants in financial control analyse the bank’s overall performance. Big Four firms conduct advisory work. accountants keep a close eye on the profits and losses made on products bought and sold on the trading floor. Product control: Here. and what kind of accountant you’d like to be. investment banks hire accountants.com/students . head of graduate the organisation are complied with. 68 Careers in Banking and Finance 2010/11 efinancialcareers. reorganisation services (advising on everything from restructuring and insolvency to improving a firm’s performance). “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. quarterly. An internal auditor with more than five years’ experience working in banking and financial services in the UK can expect US$110-150k. UBS By comparison. or forensic accounting (investigating improper practice). insurance companies and fund managers. advising on the business case for everything from technology to outsourcing. Ernst & Young. Regulatory accountants: Financial controller salaries (large organisation) (US$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. you could work for an accountancy firm. You’ll find a team of bean counters in any large firm. Roles and career paths If you choose to work in an investment bank as an accountant. Companies in all other sectors also need accountants to help them tot up profits and losses and calculate tax liabilities. Alternatively. there are also accountancy opportunities in industry and commerce. providing independent audit services to other companies.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. a dedication to the industry. hedge funds. an internal auditor in a large firm in industry or commerce earns US$75-105k. The best known of these are the Big Four – Deloitte. They produce month-end. 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. They also run consulting arms. By comparison. if you start as a graduate trainee in a Big Four accountancy firm. KPMG and PricewaterhouseCoopers – but there are plenty of other smaller operations. where they handle the accounts of publicly traded companies. Art23 Accounting Within financial services. If you want to become one. a hunger to learn and the ability to work well under pressure. according to Robert Walters. They fall into two categories – financial (presenting company figures for external consumption) and management (presenting the figures and their implications internally). Basic salaries are higher. Pay and bonuses Accountants earn more in financial services than in any other sector. the first thing to ask yourself is where you want to work. As well as audit and assurance. half-yearly Skills sought and annual reports. private equity firms. several options are open to you. Source: Robert Walters. which can include corporate finance (see M&A article on page 22). Finally.” says Lyle Andrews. your career will be more limited – 50-60% end up in audit and assurance departments. A You also need to show motivation and enthusiasm. and there’s the potential for lucrative bonuses. so do retail banks.
eﬁnancialcareers. Invest in your future today by visiting: www. we help you approach the challenge of securing a ﬁrst internship or graduate role.com. and continue helping you right through your career in ﬁnance.com/students . giving you the tools and insight you need to stand out.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. Our Student Centre focuses on graduate recruitment at major banks and ﬁnancial ﬁrms. At eFinancialCareers.
icmacentre.BSc Taster Days in October and June . FINANCIAL MARKETS AS EUROPE’S LEADING BUSINESS SCHOOL FOR FINANCIAL MARKETS. 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: .uk/solution THE BUSINESS SCHOOL FOR FINANCIAL MARKETS .ac. March and July Visit www.MSc Open Afternoons in November.MASTER THE PRACTICE INVALUABLE IN TODAY’S JOB MARKET.
Each year our role changes slightly as we take on new responsibilities. senior manager of student recruitment at PricewaterhouseCoopers.” adds Irwin.” says Richard Irwin. we are expected to learn fast. Investors rely on us to give a true and valid view of the companies they want to invest in. focusing specifically on companies in the private equity and insurance sectors. motivation and a real focus to succeed. Even if you have just spent a summer working in a pizza restaurant. In Germany. but there’s also the option of Certified Internal Auditors (CIA). 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 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). which runs from January to April. Careers in Banking and Finance 2010/11 efinancialcareers. equivalent to a threeyear degree. Finally. What does auditing involve? We’re analysing companies’ operations – looking at whether the financial statements contain any material misstatements. Investors rely on us to give a true and valid view of the companies they want to invest in. audit. Generally. but it is just a characteristic of working in a Big Four accountancy firm. accountants qualify through vocational training with an employer for two or three years or through more complex university studies. and learn how to face pressure. KPMG Nancy graduated from the Chinese University of Hong Kong with a degree in accountancy. These are internationally recognised.” Nancy Yim Assistant manager.GETTING IN INVESTMENT BANKING Financial services EMPLOYERS recruitment EMEA at UBS.com/students 71 . and ensuring they give an accurate picture of financial status. You need an awareness of what you are doing and what needs to come next. they look for raw talent. We also work with clients from a range of industries. we are expected to take charge of projects. but as we gain more experience. a dedication to the industry. there is the DCG (Diplôme de Comptabilité et Gestion). I applied and was accepted into KPMG. Often. Do you find it daunting to have to speak with your clients’ senior managers? A bit. “But you also need to show motivation and enthusiasm. I have been learning the auditing trade. you just have to learn to make the best use of whatever free time that comes your way to unwind. You need to think about how your experiences can be mapped against your skills. Most graduates spend the majority of their first two years doing the latter. “What is essential is to be able to demonstrate evidence of what you have achieved and what you can do. while banks tend to favour Associate of the Institute of Chartered Accountants in England and Wales (ACA) qualified accountants. and are pushed to learn new things every year. and we also look closely at how transactions are booked in financial statements.” Don’t worry if you haven’t studied accounting or economics – accounting firms rarely demand a finance-related degree. We have to communicate with management in order to examine their strategy. Sometimes we would be continuously working until midnight for a whole week. the Certified Public Accountants (CPA) qualification is key. However. a hunger to learn and the ability to work well under pressure. “You need a capacity to learn and develop and to take responsibility for your learning and development. Does the job differ from your initial expectations? The biggest difference is the long hours. especially during the peak financial reporting season. During that time. so we get a lot of exposure that you wouldn’t get in a different role in accounting. and you just have to live with it. equivalent to a master’s degree. I think it’s quite meaningful. and have been here for three years. You just have to stay optimistic. qualifications are just the beginning. and Accredited Business Accountants (ABAs). “You need to have drive. that can give you great customer relationship skills. and don’t expect you to come ready equipped with all the technical skills. but different countries also offer their own options. and the DSCG (Diplôme Supérieur de Comptabilité et Gestion). Certified Management Accountants (CMA). looking at different operations. She joined KPMG in 2007. which typically take six years. ”So highlighting the skills you have gained from extra-curricular activities can be a good idea. I think it’s quite meaningful. In France. In the US. which could be useful to a career in accountancy. What was the appeal of auditing? It’s an important role in finance. I didn’t expect that.” If you train as an accountant in London. as they provide a clear career path which makes them an attractive proposition.
Prime Services.000 people in offices around the world. Application deadline: 30 November 2010. Apply via: www. Marketing. Quantitative Analytics. Application criteria: Team players with excellent communication and interpersonal skills. Operations. commitment. Quantitative Analytics.1 degree in any discipline. Application deadline: 31 January 2011. We recruit on a rolling basis.com/expectexcellence 72 Careers in Banking and Finance 2010/11 efinancialcareers.barcap. and operates in over 20 countries. Application criteria: Minimum degree 2. Typical duration of grad programme: One year. Candidates must have outstanding attention to detail and be able to multi-task. Application deadline: 14 November 2010. This ownership structure gives us several important advantages over our competitors. Investment Banking.5bn total client assets under management (as at 30/06/10). Sales. Divisions offering vacancies: Compliance. Graduate programme info Approx. Legal. Divisions offering vacancies: UK & Ireland Private Bank and International Private Bank.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. Human Resources. We are active managers. Application deadline: Our deadline for internships is 31 December 2010. Research.bailliegifford.com Internship/Stage info Approx. Prime Services. Company snapshot Barclays Wealth. Application deadline: Our deadline for fulltime applications is 15 November 2010. Apply via: barclayswealthgraduates. so be sure to get your application in early. both culturally and commercially. financing and risk management solutions to large corporate. we have the global reach and distribution power to meet the needs of issuers and investors in all the major financial markets.com/CIBF Graduate programme info Approx. Corporate Communications. Recruiting from all degree disciplines. Technology and Trading. investment management.barcap. As one of the first financial organisations to bring all the major wealth management services under one umbrella.1. Our basic aim is to achieve high returns for our clients and to beat their benchmarks. 7. Divisions offering vacancies: Compliance. government and institutional clients. being wholly owned and managed by its 35 working partners. Please apply as early as possible. intern hires 2010/11: 6. is a leading global and the UK’s largest wealth manager. Corporate Communications. Typical duration of grad programme: 3 years. It has £153. fiduciary services and brokerage. Application criteria: Minimum degree 2. plan and organise work and set priorities. Our distinctive business model has cemented our position as a world leader in the industry. part of Barclays Bank. although we do have off-cycle opportunities depending on business need. The firm has a unique partnership structure. intern hires 2010/11: 40.400 employees. grad hires in 2010/11: 80. offering strategic advisory. intern hires 2010/11: 250. Application deadline: 30 December 2010. Founded just 13 years ago. Typical duration of internship programme: 10 weeks (summer only). Finance. research-driven approach and we build our portfolios from the bottom up. Programmes are closed when full. Divisions offering vacancies: UK & Ireland Private Bank and International Private Bank. We have a highly analytical. we’re still growing year on year and continually pursuing excellence in everything we do.1 degree in any discipline. grad hires in 2010/11: 300. Typical duration of grad programme: Comprehensive training programme. Marketing.com Graduate programme info Approx.1. drive and enthusiasm are key. Human Resources. Apply via: www. Technology and Trading. it’s in a strong position to become a dominant player in the field. Divisions offering vacancies: Investment Management. providing international and private banking. Application criteria: Candidates must have a real passion for wanting to work in the wealth management industry. Typical duration of internship programme: 8 weeks.com/expectexcellence Internship/Stage info Approx. Expected 2.com/students . Investment Banking. Finance. Apply via: www. Academic excellence is important but strong interpersonal skills. But we’re still relatively young and extremely ambitious. Divisions offering vacancies: Investment Management. Sales. lasting 3 years. Structuring. Operations. Typical duration of internship programme: Most of our internships last for 10-12 weeks over the summer. Legal. Apply via: www. Company snapshot Barclays Capital is the investment banking division of Barclays Bank PLC. Global Financial Risk Management. It focuses on private and intermediary clients worldwide.bailliegifford. Application criteria: Penultimate year of study. With more than 23. Apply via: barclayswealthgraduates. grad hires in 2010/11: 6. Structuring. Application criteria: First or 2. Research.com/CIBF Internship/Stage info Approx. Global Financial Risk Management.
In addition. Human Resources. IT. we can offer you a truly global career. IT. Corporate Banking.1 degree. Company snapshot BNP Paribas Corporate & Investment Banking is a leading European investment bank with global leadership in many of our businesses.com for all the details. Applicaton Criteria: For long-term internships you must still be in full-time education or have not yet graduated. has approximately 200 million customer accounts and does business in more than 140 countries. trading.oncampus. Structured Finance. Human Resources. Typical duration of internship programme: Durations vary according to location and business area. Operations and Technology. Divisions offering vacancies: Investment Banking. Bloomberg’s clients include corporations. News and many more. Typical duration of grad programme: One year. With over 19. a second language is desirable but not essential. Commodity Derivatives.com Internship/Stage info Approx. Our 200-year heritage is built on a proud pioneering spirit. grad hires in 2010/11: 300+ globally. and we continue that forward-thinking tradition today. Application criteria: For most roles.bnpparibas.oncampus. citi. Risk Management.oncampus. Divisions offering vacancies: Investment Banking. news and analytics. Typical duration of internship programme: Long-term internship programme: 3-11 months. Divisions offering vacancies: Internship positions include Financial Sales. Driven by a desire for entrepreneurship and creativity.bnpparibas. For summer internships.citi.oncampus. news organisations. Corporate & Transaction Banking Europe.bloomberg. Application criteria: Minimum 2. Sales & Trading. Apply via: www. Please see website for details.com Careers in Banking and Finance 2010/11 efinancialcareers. you must be in your penultimate year to be eligible to apply.graduates. Apply via: careers.1 degree in any subject. Operations and Technology. intern hires 2010/11: We recruit 100+ interns into our London office. Apply via: www. However maths.com Graduate programme info Approx. It is not progress at any price. London and Tokyo. Divisions offering vacancies: Various. Apply via: careers.000 employees operating in more than 153 countries. intern hires 2010/11: 150. 12 weeks (New York). grad hires in 2010/11: 250.citi. Risk Management. Capital Markets Origination. Capital Markets Origination. and individuals around the world. IT. Typical duration of grad programme: All graduate positions are full-time permanent positions. however. one of the six strongest banks in the world.bloomberg. Typical duration of grad programme: Durations vary according to location and business area. so please visit www.oncampus. integrated package. news and communications tools in a single. Operations and Human Resources. We are part of the BNP Paribas Group. Application deadline: Please see website for regional deadlines. The largest offices include New York. Application deadline: Please see website for regional deadlines. intern hires 2010/11: 500+.oncampus. Project Management. economics. News and many more.com for all the details. Graduate programme info Approx. Apply via: www. Summer internships: 10 weeks (London).com for all the details. rated AA by Standard & Poor’s. Corporate Finance. so please visit www. Divisions offering vacancies: Graduate positions include Financial Sales. so please visit www. The Bloomberg Professional® Service and Bloomberg’s media services provide real-time and archived financial and market data.com Internship/Stage info Approx. Software Development. our application process varies according to location and business area. Typical duration of internship programme: Internships last for 10-16 weeks depending on department. Software Development.com/students 73 .com Graduate programme info Approx. colleagues and communities alike.GETTING IN INVESTMENT BANKING FINANCIAL SERVICES employers BLOOMBERG BNP PARIBAS CITI Company snapshot Bloomberg is a leading global provider of data. starting late June. Project Management. A passion for finance. Bloomberg is truly international. Global Transaction Services.com Internship/Stage info Approx. technology or an international career is required. Private Bank. Company snapshot Citi. Corporate Banking. technology or an international career is required. Application deadline: Opportunities will be advertised on the Bloomberg website at the end of 2010/beginning of 2011 for 2-3 weeks. Application deadline: 7 November 2010.graduates. grad hires in 2010/11: 500+ entry-level positions located in London. Application deadline: Bloomberg recruits all year round and from any discipline. and the largest bank in the eurozone by deposits. With over 11. A passion for finance. Private Bank. sciences. so please visit www. financial and legal professionals. engineering and computer science are the most relevant. Sales & Trading. finance. pricing. Divisions offering vacancies: Fixed Income.citi. our application process does vary according to location and business area. Global Data. Global Transaction Services. the leading global financial services company. Application criteria: For most roles.citi. Global Data. you must be on course to achieve at least a 2.com for all the details. business. We strongly believe in a commitment to responsible growth that benefits clients.000 employees in 53 countries. citi. Apply via: www. Citi is helping to shape the future of banking. and this is where the majority of graduate opportunities are located. Application deadline: 2 January 2011. Application criteria: In such a wide-ranging business. Application criteria: In such a wide-ranging business. Equity & Derivatives. a second language is desirable but not essential.
E is a French government sponsored program offering young graduates an opportunity to benefit from a rewarding experience abroad. Application criteria: n/a Typical duration of grad programme: n/a. commodities. Structured Finance. such as Capital Markets. Apply via: www. Europe and beyond. Application criteria: n/a. International Corporate Internship) in our expanded international network (Europe. Audit and Finance. Investment Banking. e. the world’s ninth largest. Fixed Income Markets and Structured Finance. Divisions offering vacancies: We are recruiting graduates for various business areas.I.I. The Corporate and Investment Bank is structured around four major divisions: Corporate and Investment Banking. fixed income and currencies with a strong focus on derivatives and structured products. Brokerage. Application deadline: n/a. Investment Banking. Brokerage.ca-cib. intern hires in 2010/11: 4. Audit. intern hires in 2010/11: n/a. North and South America. Company snapshot Over the years.com Internship/Stage info Approx. Investment Banking. Approx. Company snapshot Crédit Agricole CIB is the Corporate and Investment Banking arm of the Crédit Agricole Group. Asia.000 employees worldwide. brokerage. North and South America. Middle East and Africa). investment banking. Typical duration of grad programme: One year. Internship/Stage info Approx. Typical duration of internship programme: Crédit Agricole Group offers a large range of internships within all our business lines. corporate banking and international private banking. Divisions offering vacancies: n/a. The Group is present in 70 countries and has 160. Risk. Equity Brokerage and Derivatives.g. Application criteria: You have ideally graduated in a business-related subject. achieving a 2. Apply via: www. providing a broad range of products and services to corporate and institutional clients in Germany. Finance and IT. grad hires in 2010/11: n/a. With leadership positions in France and a strong presence abroad.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.commerzbank.jobs Graduate programme info Approx. Application criteria: n/a. Audit and Finance. Risk. Europe’s third largest and France’s largest bank on the basis of Tier 1 capital (The Banker. Application deadline: Apply throughout the year. Typical duration of internship programme: 6-12 months. Join the Crédit Agricole Group and play an active part in the development of France’s largest bank. Brokerage. we offer more than 100 opportunities through the International French Program (V. Apply via: n/a. Divisions offering vacancies: n/a. Structured Finance. apprentice hires in 2010/11: 200 in France. * V. Application criteria: n/a Typical duration of grad programme: n/a. These very interesting one-year assignment periods allow individuals to become familiar with our international activities.ca-cib. Typical duration of internship programme: n/a.1 degree (or equivalent) and above.com/students .com/career Graduate programme info Approx. Corporate and Investment Banking and Asset Management. The business incorporates advisory and capital markets activities in debt.com 74 Careers in Banking and Finance 2010/11 efinancialcareers. Graduate programme info Approx. Risk. Application deadline: You can apply for all our internships and placement opportunities on our website. Apply via: www. grad hires in 2010/11: n/a.E)* in our expanded international network (Europe. In addition.000 new hires in 2010 in France.jobs Internship/Stage info Approx. Application deadline: Apply throughout the year.mycreditagricole. These very interesting one-year assignment periods allow individuals to become familiar with our international activities. Application deadline: Apply throughout the year. Application criteria: n/a. Structured Finance.mycreditagricole. Divisions offering vacancies: Positions are available in different fields of banking activity such as Capital Markets. Application deadline: We anticipate closing applications in December 2010. Divisions offering vacancies: Positions are available in different fields of banking activity. Crédit Agricole CIB offers its clients a comprehensive range of products and services in capital markets. economics or mathematics. intern hires in 2010/11: 850 worldwide (including 600 in France). They must last at least 6 months. equities. Middle East and Africa). structured finance. grad hires in 2010/11: n/a. we offer more than 100 opportunities as VIE (Volontariat International en Entreprise. Apply via: www. and may result in a permanent position being offered. July 2009). Apply via: www. Divisions offering vacancies: Positions are available in different fields of banking activity such as Capital Markets. Asia. 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. 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. In addition. the Group plans to continue expanding internationally in Retail Banking.
languages and professional backgrounds makes the ECB an exciting and attractive place to work. etc. Human Resources. Working for Europe. More than a claim. We compete to be the leading global provider of financial services. intern hires in 2010/11: 300. Credit Suisse offers challenging professional opportunities. In-House Consulting. Human Resources. trainee hires 2010/11: 300. Divisions offering vacancies: Asset Management. with possibility of extension to 12 months maximum.ecb. Typical duration of traineeship: 8-10 weeks depending on division and location. Apply via: www.europa. online numerical and verbal testing for some areas. Finance. outgoing personalities who want to work together in an atmosphere of co-operation and respect. We at the ECB have a crucial function to fulfil for the people of Europe. This is made possible by our people: agile minds. online numerical and verbal testing for some areas. Information Technology. Summer (IT only): 25 January 2011. exceptional rewards and global development potential for people who are prepared to look at the world in a different way. Apply via: www. Divisions offering vacancies: A wide range of areas including Economics. Application deadline: Analyst. Summer (excl. Investment Banking Operations. Please refer to our careers website for more information. Please refer to website for Spring. Credit Suisse appeals to intelligent.eu. grad hires in 2010/11: 275. we’re driven by a shared sense of purpose. Please visit website for Associate deadlines. grad hires in 2010/11: 700 globally. Finance. Divisions offering vacancies: A wide range of areas including Economics. Group Technology & Operations. full-time: 30 November 2010. Application deadline: Date dependent on division and country. Research. balancing passion with precision to deliver superior solutions for our clients. starting date: 1 September. Company snapshot Since 1 January 1999 the European Central Bank (ECB) has been responsible for conducting monetary policy in the euro area. institutions and highnet-worth individuals worldwide. our culture supports this. Typical duration of traineeship: 3-6 months. agile thinking is nurtured. It’s what drives us. Investment Banking Operations. Application criteria: Information on how to apply can be found online at db. Application criteria: Information on how to apply can be found online at db. Legal. Credit Suisse is active in over 50 countries. Please refer to our careers website for more information. As you’ll discover. able to see beyond the obvious and act effectively in an everchanging global business landscape. the unique blend of cultures. Application deadline: Specific vacancies for graduate programme launched on an annual basis. Very occasionally.com/careers Careers in Banking and Finance 2010/11 efinancialcareers.200 people. Internship/Stage info Approx.europa. Finance. Typical duration of grad programme: Up to two years.db. In-House Consulting.com/careers. Application deadline: Date dependent on division and country. Private & Business Clients.db. Divisions offering vacancies: Investment Banking (including Equities and Fixed Income).credit-suisse. For Germany. Finance. investment banking and asset management services to clients around the world. Risk & Capital. Law. Application criteria: CV and cover letter. Finance. Private Wealth Management. We offer advisory services and comprehensive solutions to companies. Typical duration of grad programme: Duration depends on division.eu or register for job alerts via our e-recruitment tool. IT): 11 January 2011.e. providing private banking. Payment Systems. With staff from 27 European countries. Application deadline: Analyst. Corporate Investment Banking. safeguarding the value of the euro) and fostering financial integration and financial stability in the euro area. Typical duration of grad programme: 2 years. Corporate Investment Banking.com/careers Internship/Stage info Approx. Apply via: www.com/careers Internship/Stage info Approx. Many people who join tell us they do so because of ‘the people’. Application deadline: Each vacancy notice for traineeship will indicate a deadline. Human Resources and Translation. Regional Management. Analyst. Graduate programme info Approx. Statistics. Application criteria: Traineeship opportunities for PhD and graduate students. Deadline: end-February/March. At every level. Strong academic background essential.com/careers Graduate programme info Approx. Regional Management. Quantitative. this describes the way we do business. or register for job alerts via our e-recruitment tool Working for Europe. Divisions offering vacancies: Asset Management. Law.ecb. namely maintaining price stability (i. such opportunities are also offered to undergraduate students. Apply via: www. with a team of 49. international and shaped by a variety of different perspectives. Diverse.com/careers. Private & Business Clients. Graduate programme info Approx.com/students 75 . trainee hires 2010/11: n/a. Communications and Corporate Social Responsibility. Typical duration of internship programme: 10 weeks. Autumn. Apply via: www. Group Technology & Operations.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. Strong academic background essential. Finance.credit-suisse. Associate and Industrial Placement deadlines. Divisions offering vacancies: Investment Banking (including Equities and Fixed Income). Information Technology. Risk & Capital. Apply via: www. Business Administration. Application criteria: The ECB offers graduate programme opportunities for PhD students as well as graduates in the relevant areas. Legal. Company snapshot A passion to perform. Statistics. grad hires in 2010/11: 10. 8 weeks to 6 months. DB Research. Application criteria: CV and cover letter.
eib. Application deadline: n/a Apply via: www. Typical duration of grad programme: 1-2 years maximum.GETTING IN INVESTMENT BANKING FINANCIAL SERVICES employers EUROPEAN INVESTMENT BANK ExANE FIDELITy Company snapshot The EIB. grad hires in 2010/11: 20. Application deadline: Investment: 31 December 2010. Sales Trading. Typical duration of internship programme: 6 months minimum. structured products franchise. Middle Office. please visit our website. other international organisations and institutions. Risk Management.exane. grad hires in 2010/11: n/a. charities. Operations.org/about/jobs 76 Careers in Banking and Finance 2010/11 efinancialcareers. It operates in accordance with best banking practices and in close collaboration with the European Commission. created by the Treaty of Rome. Typical duration of internship programme: Summer placements. Fund and Account Management. IT. bonds. mainly in Paris and London.1. mainly in our London and Paris offices.do Internship/Stage info Approx. European Business Internship Programme: 31 January 2011.eib. Human Resources and Moonray Investors. Marketing. Apply via: www. IT Project Management. Apply via: www. funds and property on behalf of our clients. we aim to enable our clients’ money to grow. Equity Derivatives and Asset Management.exane. willing and able to learn fast in a demanding environment. Trading. etc. Application criteria: On course for an expected 2. etc.com/students Internship/Stage info Approx. Exane specialises in three business lines: Cash Equity. Application criteria: n/a. Approx. grad hires in 2010/11: Variable. knowledge and market expertise. financial institutions and individuals around the globe. motivated to support the financing of sound investment projects that deliver tangible results. European Business. Divisions offering vacancies: n/a. In fact. we manage assets of US$200bn (as at 30 June 2010) on behalf of clients including corporations. Accountancy. Approx. Exane Asset Management is the leading long/ short equity fund manager in France. Financial Control. Internal Audit. Application criteria: We are looking for students with strong analytical and interpersonal skills. according to the business needs. With a strong franchise in Europe under the Exane BNP Paribas brand name. Compliance. Divisions offering vacancies: Exane does not run a set graduate programme but there are opportunities for talented young graduates. The EIB.com/corporate/careers. Please apply 2 to 3 months before your preferred start date. Divisions offering vacancies: Investment. Equity or Derivatives Sales.1 degree. Typical duration of grad programme: The duration of our programmes varies by scheme. is dedicated to improving the future of people’s lives in Europe and around the world. Application criteria: 2. Divisions offering vacancies: n/a. Marketing. Middle Office.fidelityinternational. Most are based at the EIB’s headquarters in Luxembourg. Its expertise also includes structured product management. Apply via: www. Trading. Exane’s Cash Equity business offers a full range of services including research.org/about/jobs Graduate programme info Approx. Company snapshot Established in 1990. enjoys its own legal personality and financial autonomy within the European Union. All other programmes: 31 December 2010. We make considered judgements about which organisations to invest in around the world to best benefit our clients.fidelityinternational. It’s an approach that has made us the world’s investment specialist. intern hires in 2010/11: Around 100. as well as the public and private sectors. as the Bank of the European Union. Application criteria: n/a.jobs/ directory . It achieves its goals thanks to a diverse and highly qualified workforce.do Graduate programme info Approx. Application criteria: The EIB publishes internships for a wide variety of educational backgrounds. Application deadline: Throughout the year. Application deadline: Please visit our website for further details. Divisions offering vacancies: Investment. it’s our investment intelligence and our attention to detail that set us apart. To put it simply. Typical duration of grad programme: n/a.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. advisors. Preference is given to candidates who have completed studies on European integration. in the following fields: Equity or Derivatives Research. Divisions offering vacancies: Financial Research. Please see our website for more information. Typical duration of internship programme: 1-5 months maximum. Company snapshot Fidelity is an investment management company. governments. Exane Derivatives has built a robust. we invest money in equities. sales and execution on European equities. Structuring. By using our judgement. intern hires in 2010/11: Variable.com/corporate/careers. intern hires in 2010/11: 10. Application deadline: Investment: 5 November 2010. Sales. European Sales and Marketing. looking to gain early hands-on professional experience in the bank. 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. For further details. Apply via: www. based on its longstanding leadership in European convertible bonds and options. At Fidelity. Application deadline: n/a Apply via: www.
intern hires in 2010/11: c. Spring Programme: 9 January 2011.hsbcnet.com/graduates Graduate programme info Approx. HSBC’s unique combination of local knowledge and international expertise reflects its position as ‘the world’s local bank’. Application criteria: Please visit gs. intern hires in 2010/11: n/a. Legal.henderson. Application criteria: Please visit gs.1 degree. Careers in Banking and Finance 2010/11 efinancialcareers. Operations.1 (or equivalent) in any degree discipline. Application deadline: 21 January 2011. Global Asset Management. Typical duration of grad programme: n/a.com/ campusrecruitment Internship/Stage info Henderson Global Investors does not currently operate a formal internship programme. Frankfurt. Global Compliance. Human Capital Management. Operations. Global Investment Research. Global Compliance. Typical duration of grad programme: 12-36 months. Global Private Banking. the US and the AsiaPacific region. Apply via: n/a. such as private equity and hedge funds. Divisions offering vacancies: Finance. the Middle East and Africa. Typical duration of internship programme: 10 weeks.gs. Investment Banking. twoyear rotational training programme that gives you access to a wide range of work experience in a broad variety of business areas. Typical duration of internship programme: Various. Global Private Banking. grad hires in 2010/11: 6. Application criteria: Minimum 2. and Global Transaction Banking – HSBC offers a comprehensive range of financial services to high-net-worth individuals. Divisions offering vacancies: Global Banking and Markets. Investment Banking.com/careers Graduate programme info Approx. Global Asset Management. Application deadline: 24 October 2010. Application deadline: November 2010. Securities. where senior employees take an active interest in your progress and an experienced employee will be your mentor. Internal Audit. Global Transaction Banking. corporate. Investment Management.000+ employees serving customers in 88 countries and territories around the world. We offer a first-class. pension funds. including our fund management and distribution business areas.com/ campusrecruitment Internship/Stage info Approx. Services and Technology. Internal Audit. Apply via: www. Merchant Banking. Application deadline: n/a. Company snapshot Henderson Global Investors is an international investment management company focused on investments across equity.350. including 10-week summer internship and 6-month and 1-year work placements. Minimum of 2. including corporations. Through its businesses – Global Banking and Markets. government bodies. Human Capital Management. thirdparty distributors. Divisions offering vacancies: Global Banking and Markets.hsbcnet. private banks. Founded in 1869. Securities.gs. grad hires in 2010/11: 200 globally. Global Asset Management.com/ careers for further details. Global Private Banking. currency and property as well as alternative products. You will work alongside fund managers. fixed income. Apply via: www. insurance companies. Minimum 300 UCAS points or overseas equivalent. Global Investment Research.com/careers Internship/Stage info Approx. Apply via: www. Application criteria: n/a.1 degree. Graduate programme info Approx. sales directors and other professionals in a fast-paced environment. Services and Technology. Application deadline: 8 November 2010. We are one of Europe’s largest independent investment managers with £60. Divisions offering vacancies: n/a.com/ careers for further details. Apply via: www. With well-established businesses in Europe. Work Placements: 9 January 2011.com/students 77 . investment trusts and corporate entities. the firm is headquartered in New York and maintains offices in London. grad hires in 2010/11: c. intern hires in 2010/11: 150 globally. of whom 234 are investment professionals. the Americas.300. Divisions offering vacancies: We are recruiting graduates for our fund management and distribution business. governments and high-net-worth individuals. Merchant Banking. We employ approximately 930 members of staff across Europe. Application criteria: Minimum 2. Application criteria: Graduate opportunities in London only.3bn (as at 31 March 2010) managed on behalf of clients who include individuals. Inc is a leading global investment banking.GETTING IN INVESTMENT BANKING FINANCIAL SERVICES employers GOLDMAN SACHS INTERNATIONAL HENDERSON GLOBAL INVESTORS HSBC Company snapshot The Goldman Sachs Group. Application deadline: Please apply as follows: Summer Programme: 5 December 2010. Tokyo. institutional and government clients worldwide. Minimum 300 UCAS points or overseas equivalent. Divisions offering vacancies: Finance. with 295. Global Transaction Banking. securities and investment management firm that provides a wide range of financial services to a substantial and diversified client base. Company snapshot The HSBC Group is one of the largest banking and financial services organisations in the world. Apply via: www. analysts. Legal. financial institutions. Typical duration of internship programme: n/a. Approx. Typical duration of grad programme: 2 years. HSBC takes a long-term approach to our clients and invests time in building strong relationships and understanding each client’s financial requirements. Asia-Pacific. Investment Management. Hong Kong and other major financial centres around the world.
customer and people oriented. Application criteria: Candidates with an academic degree. which will last two years. Application deadline: None. Asset Management and Investments. Trading & Research. securities brokerage and corporate finance: a unique combination of services on the Dutch market.com/careers Internship/Stage info Approx. Divisions offering vacancies: Asset Management. Company snapshot Kempen & Co is a Dutch merchant bank specialised in financial services for institutional investors. Asset Management & Investments. IB Risk. another chance to prove your potential. Application criteria: n/a. Finance. grad hires in 2010/11: 20. Asset Management and Treasury & Securities Services.1 degree or equivalent. We have approximately 4. intern hires in 2010/11: 75 globally. strong analytical skills.nl Graduate programme info Approx. Kempen & Co enjoys a high-profile presence in the Dutch market as a bank with an excellent reputation.kempen. Investment Banking. Business Services. Typical duration of grad programme: n/a. Application cireria: Kempen & Co seeks university students with ambition.icap. setting the pace of change in global finance. innovative business where talent and ambition thrive – and where each day brings another opportunity. Whilst an economic background is not a prerequisite. industry innovator. grad hires in 2010/11: n/a. investment funds. team-spirit. in a first-class way’. grad hires in 2010/11: 75 globally. Company snapshot From the start. Apply via: jpmorgan.P.1 degree or equivalent. this hasn’t changed.kempen. MORGAN KEMPEN & CO Company snapshot ICAP is the world’s premier interdealer broker. entrepreneurial and meritocratic: an exciting. drive. Operations & Business Services. We also offer a Merchant Banking Traineeship. 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. Operations & Business Services. J.icap. connecting buyers and sellers in global financial markets. We also offer a range of post-trade risk and information services. Investment Banking. become the world’s most respected. Typical duration of grad programme: 12 months. commercial skills and a well balanced personality are key competencies. IB Risk. Application deadline: Internships & Placements: 30 January 2011. Apply via: jpmorgan. Typical duration of internship programme: Internships vary from 3 to 6 months. Apply via: www. Kempen & Co requires its analysts to rise to the challenge.P Morgan’s goal has been to . companies and high-net-worth individual clients. working together to facilitate deals worth in excess of US$1. stamina and interest in the financial sector are. Apply via: www. Corporate Finance. Finance. but so are your achievements outside the classroom. We provide specialist financial services in asset management. executing ‘first-class business. You should be a self-starter with a keen interest in working in global financial markets. intern hires in 2010/11: n/a. J. Application deadline: Visit the Europe and Asia sections of jpmorgan. providing data and helping organisations reduce operational and systemic risk in their markets. Accounting. preferably in an economic or financial direction. Typical duration of grad programme: You will start as a junior in a team and will be trained on the job. Our employees – who form the core of our company – focus on the interests of individual clients and provide first-class financial advice. Application deadline: n/a Apply via: www. Typical duration of internship programme: 8-week summer internships. We operate in over 150 countries and hold global leadership positions across our businesses. drive and proven talent. and our interns are no exception. Corporate Finance. Industry Insight: 27 February 2011. Two hundred years on. the opportunity to work with some of the finest minds and address some of the most exciting challenges in the industry. So what does this mean for you? To put it simply. Application criteria: You’ll need to be on track for a 2. Divisions offering vacancies: Asset Management. Post Trade Risk Services.com/careers 78 Careers in Banking and Finance 2010/11 efinancialcareers. Application deadline: Visit the Europe and Asia sections of our website for application deadlines. Typical duration of internship programme: 10-12 weeks. intern hires in 2010/11: 30. Excellent command of spoken and written English and preferably Dutch. Private Bank. Private Bank. and Technology. successful and influential investment bank. and shipping). Application criteria: Impeccable academic credentials are important. Divisions offering vacancies: Securities(Sales and Research). One-year placements for specific business areas. Trading & Research. For more information please visit our website. another challenge. Our many clients include all the major investment and commercial banks.nl . Entrepreneurship. Application criteria: You will need a minimum of a 2. Oneweek industry insight programme for first-year students. Graduate programme info Approx. Research and Risk. Sales.GETTING IN INVESTMENT BANKING FINANCIAL SERVICES employers ICAP J. Sales. Divisions offering vacancies: Broking (voice. Apply via: www. electronic.com/careers Internship/Stage info Approx.500 employees in 32 countries.4 trillion every single day. Application deadline: 28 November 2010. Divisions offering vacancies: Securities (Sales and Research). We’re fast-moving. With a century of experience.com/careers Graduate programme info Approx.com/careers for application deadlines. Human Resources. and Technology.P Morgan is an . You should be a self-starter with a keen interest in working in global financial markets.com/students Internship/Stage info Approx. Divisions offering vacancies: We have a range of internship and placement opportunities available in Broking and other business areas.
and Central and South America. See website for further details. as well as asset management services to corporations. innovative product design and investor service. 5pm. institutions. Business (Finance and Product & Client Operations) and Technology. restructuring and capital structure. Candidates must be in their penultimate year of undergraduate or postgraduate studies. We are dedicated to giving our graduate and intern recruits all of the support they require to excel in their chosen career. Divisions offering vacancies: Front Office and Corporate Infrastructure. partnerships. Application criteria: Penultimate year of study.mancareers. Ltd. 5pm. Because we are looking for a relatively small number of talented graduates and interns. Europe.GETTING IN INVESTMENT BANKING FINANCIAL SERVICES employers LAZARD MAN GROUP PLC MITSUBISHI UFJ SECURITIES Company snapshot Lazard. Application criteria: Final year students and recent graduates (one year since graduation). and individuals. Typical duration of internship programme: 10 weeks. 2. Because of our size we are able to offer a boutique client experience whilst having the strength and support of a large group.lazard. Typical duration of grad programme: n/a. Eligibility to work within the UK. Asia. free of the conflicts that can arise at other financial institutions. you won’t get lost in a large trainee intake. operates from 40 cities across 26 countries in North America. it is known for its performance. Business (Finance and Product & Client Operations) and Technology. derivatives and structured products. MUSI is well positioned in the market and attracts high-profile deals. With a broad range of funds for institutional and private investors globally. Application criteria: You will possess a passion for business and a genuine interest in investment banking. Application deadline: 15 January 2011. charities and initiatives around the world.com Careers in Banking and Finance 2010/11 efinancialcareers. With origins dating back to 1848. Most importantly.mancareers. com/apply Graduate programme info Approx. com/apply Internship/Stage info Approx. one of the largest financial institutions in the world. in line to achieve a 2. focusing on debt. grad hires in 2010/11: Up to 15 graduate positions in 2011. The history of Man is one of great entrepreneurial spirit. Application deadline: 26 November 2010. MUSI is headquartered in the City of London and is active throughout the international capital markets. with the exception of the Business Finance Programme which is 36 months in duration and includes the CIMA qualification. Company snapshot Man is a world-leading alternative investment management business. along with well-developed interpersonal skills and a sense of individualism and identity. Man is a member of the Dow Jones Sustainability World Index. Application criteria: A minimum of 280 UCAS points and a 2. and we maintain long-standing relationships with business leaders and decision makers around the world. intern hires in 2010/11: 12. Apply via: www.1 degree or equivalent. Typical duration of grad programme: The programmes are 19 months in duration. early responsibility and exposure to our business and the opportunity to make valuable contributions from your very first day. Divisions offering vacancies: Front Office and Corporate Infrastructure. along with well-developed interpersonal skills and a sense of individualism and identity. which is part of the Mitsubishi UFJ Financial Group (MUFG). strategic matters. the firm provides advice on mergers and acquisitions. We are an independent firm. capital raising and corporate finance. Apply via: www. Divisions offering vacancies: Financial Advisory. Australia. Application deadline: 7 January 2011. from its origins as a sugar cooper over 225 years ago through to commodity broking and hedge funds in more recent times. the FTSE4Good Index and also supports many awards.com Graduate programme info Approx.musigraduates. one of the world’s preeminent financial advisory and asset management firms. Application deadline: 5 November 2010 Apply via: Apply online only at www. Typical duration of internship programme: n/a.1 degree minimum or equivalent. Eligibility to work within the UK. we want individuals with the commitment and flair to succeed. Typical duration of grad programme: One year. Application criteria: You will possess a passion for business and a genuine interest in investment banking. intern hires in 2010/11: 12. Apply via: www.com/students 79 . intern hires in 2010/11: Approximately 10 internship positions. Application criteria: A minimum of 280 UCAS points and predicted/achieved 2. Apply via: www. You will be provided with tailored training programmes. Divisions offering vacancies: Quantitative. Up to 6 months in Switzerland.com Internship/Stage info Approx.1 undergraduate degree. You’ll feel involved and be an integral part of our team from the start. The majority of our schemes take graduates from any degree discipline. early application is advised. grad hires 2010/11: 12. grad hires in 2010/11: 12. governments. (MUSHD). equity.musigraduates. we want individuals with the commitment and flair to succeed. Application deadline: 26 November 2010 Apply via: Apply online only at www. Company snapshot MUSI is the European hub of Mitsubishi UFJ Securities Holdings Co. See website for further details. A strong academic track record is a must.com Internship/Stage info Approx. However. Most importantly. A strong academic track record is a must. Following a record-breaking year in 2009 and with strong results during the year 2010 to date. Divisions offering vacancies: Financial Advisory. Typical duration of internship programme: 8-10 weeks in the UK.1 degree are required for our graduate schemes. Application deadline: 15 January 2011. Graduate programme info Approx.lazard. Divisions offering vacancies: Quantitative.
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
Read her story at credit-suisse. All rights reserved. WE PUT HER TO WORK ON THE LARGEST IPO EVER. Jeans discovered the global scale of our business when she became a member of our investment banking team. At Credit Suisse.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. . © 2010 CREDIT SUISSE GROUP AG and/or its afﬁliates. The ﬁrst deal she worked on was the biggest IPO in history.ONE YOU One Credit Suisse JEANS WANTED TO WORK ON HIGH-PROFILE DEALS. you’ll always have a world of unique opportunities.
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