THE GRADUATE GUIDE TO FINDING WORK IN THE FINANCIAL SECTOR

Banking & Finance

Careers in

2010/11
efinancialcareers.com/students

GETTING IN

INVESTMENT BANKING

FINANCIAL SERVICES

EMPLOYERS

banking & Finance

Careers in

2010/11

GettinG in
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.

investment bankinG
Mergers & acquisitions ............................................................. Capital markets ......................................................................... Sales, trading & research .......................................................... Electronic trading ...................................................................... Compliance & risk management .............................................. Operations ................................................................................. 22 26 30 36 38 42

Financial services
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

employers
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

1

GettinG in

INVESTMENT BANKING

FINANCIAL SERVICES

EMPLOYERS

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!

I

Asia appears to be the regional winner from the crisis.
Huw van Steenis
Head of EMEA banks and financial research at Morgan Stanley
But where should your career begin? It will almost always be easier to apply for jobs in the continent you’ve been educated in. If you’ve been educated in the UK, you should therefore be looking to Europe; if you’ve been educated in Asia, look to Asia. That said, banks will usually accept applications from students in most geographic jurisdictions, and in financial services terms, it’s worth knowing what each continent has going for it.

positions in equity, bond and commodities trading. It is also the biggest global centre for the over-the-counter derivatives industry (40% of turnover), which drives broader trading flows. Over 80% of the world’s hedge funds are based in London. London has a well-developed infrastructure to support all this activity, with an array of consultancy, accounting, and legal firms. “Starting in a major financial centre with the total breadth of services on offer is a sensible career move,” says Stuart Fraser, chairman of the City of London Corporation. 2. Time zone. Geographically, London and Continental Europe are perfectly positioned between the US and Asia. They do business with Hong Kong or Shanghai in the morning, and with New York or Boston in the afternoon. Bankers in Europe, therefore, have strong links with Europe and the US, but also with Asia and the Middle East. 3. Capital markets growth. Historically, companies in Continental Europe raised money not by selling equity or debt, but by taking out bank loans. This is changing. More Continental European companies are seeking to raise money through markets, leading to growth in European capital markets revenues. “This is a huge shift away from dependence on bank borrowing,” says Fraser. “The crisis has shown bank loans offer less certainty and flexibility than the capital markets.” 4. Innovation. London in particular has historically been an important centre for developing new financial products, from interest-rate derivatives to carbon permit trading and Islamic finance.

Six reasons to start your banking career in Europe
1. London. London (still) ranks in joint first place with New York as the world’s leading financial centre, according to the Global Financial Centres Index. London’s trading floors account for the biggest share of foreign exchange trading (34%), as well as leading
2 Careers in Banking and Finance 2010/11 efinancialcareers.com/students

5. Money. Despite well-founded worries about harsh taxation and curbs on bankers’ bonuses, bankers are still likely to earn more in London than elsewhere, as a study by recruitment specialist Selby Jennings shows. “Despite the UK’s increasingly punitive tax regime, the highest-paid bankers will still be significantly better off working in London,” says managing director Adam Buck.

com/careers Application Deadlines: Fulltime: 24 October 2010 Summer Programme: 5 December 2010 Work Placement: 9 January 2011 Spring Programme: 9 January 2011 Please visit gs. you can make an impact here. . 2010 All rights reserved. If this sounds like you. motivation and a thirst for knowledge.You don’t have to study finance to make an impact. © The Goldman Sachs Group.. What you do need are the qualities that we look for in our people: leadership. and you have an interest in the financial markets.com/careers to complete an online application. Goldman Sachs is an equal opportunity employer. we have an interest in hearing from you. Think everyone at Goldman Sachs has a financial degree? Think again. Whether you study English or Engineering. Learn how at gs. Inc.

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“We have an open talent policy to attract the best and brightest here. Big opportunities. the US economy is growing faster than the European economy. companies will soon be among the world’s largest multinationals with a strong presence in all emerging markets. from Nomura to SocGen. to have big growth plans in the US. China’s State Council has decreed that Shanghai must become a global financial centre by the year 2020. both debt and equity. Zurich. At the time of writing. A great foundation. Economic growth is also leading to the further integration of Asian economies and increased intra-regional capital flows. and this isn’t going to change soon. BofA Merrill . but with European and Asian banks too. Lynch) are American. India and South Africa. Growth. especially Chinese. head of EMEA banks and financial research at Morgan Stanley. Intra-regional capital flows.” says van Steenis of Morgan Stanley. 2. “There is an increasingly pressing need to replace ageing energy infrastructure in the US. according to information provider Dealogic.” Six reasons to start your banking career in the US 1. Morgan Stanley. 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. capital inflows will massively increase. “Financing this new infrastructure and the underlying commodities flows will be highly attractive for banks.com/students 5 . J. The Asian financial marketplace is hungry for skilled professionals. efinancialcareers. Luxembourg specialises in global custody.” says Huw van Steenis. and why J. Paris. 6. have deepened. Citigroup. hedge funds. Home to the big banks. “Business has picked up across the board and our clients need the capacity to execute their business. and capital markets. and success in the competitive top league of investment banking is a pretty good foundation for a stellar career.” 3. “We have a broad and diverse financial services industry and present myriad opportunities for finance professionals who want to enter the Asian market. Brazil. US banks are also hiring again. Opportunities. Right now. “Asia appears to be the regional winner from the crisis. This is why HSBC chief executive Michael Geoghegan has left London and relocated to Hong Kong. firm Heidrick & Struggles. the US generated 53% of global IB revenue. New York-based head of the investment banking practice at executive search Six reasons to start your banking career in Asia 1.P Morgan. 3.” says Florence Mok Wai Cheng of the Financial Centre Development Department of the Monetary Authority of Singapore. Career opportunities are therefore flourishing. Edinburgh specialises in fund management. which will generate business for investment banks. Most leading investment banks (Goldman Sachs. The bounce back has been tremendous. and this will create new financing needs at home and abroad. up 11% on the same period of 2009. The American market is the biggest and most developed market in the world. The buzz.com/students Careers in Banking and Finance 2010/11 efinancialcareers. In the first quarter of 2010. As the US and Europe tighten regulations and threaten curbs on remuneration and bonuses in the wake of the financial crisis. If you don’t want to work in London. 2. All but BofA Merrill Lynch are headquartered in New York City. Asia is set to loosen the reins. Hong Kong is currently consolidating its position as a fast-growing regional centre and narrowing the gap with London and New York.” 6. The Singapore government is actively building on its status as a more open and cosmopolitan financial centre. 4.” 5.” says Alex Alcott. Emerging markets axis. Frankfurt and Milan are also important financial centres in their respective countries. are investing heavily. China knows that a truly global financial centre needs liberalisation of capital flows and convertibility of the renminbi. Big infrastructure growth is expected. When that happens. Economic dynamism. “The last few months have been the busiest times I have known in my 15-year career. Asian. Asia is where it’s at. Experience on Wall Street is an invaluable addition to any CV. Starting your career in New York means you’ll be closer to the power base. State support. The dynamic US market is persuading foreign banks. and using their expertise to drive financial innovation in the ‘new economies’. 5. Increasingly home to foreign banks. Zurich and Geneva are specialised in commodities trading and private banking – and. Geneva and elsewhere. you could always try some of Europe’s other financial centres.P Morgan and others . Deregulation. 4.GettinG in INVESTMENT BANKING FINANCIAL SERVICES EMPLOYERS 6. Maintaining Asia’s high growth rates will require constant investment in infrastructure and productive capacity. increasingly. 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. “Local-to-local business has increased. not just with local US banks.

take measured and controlled risks and want to be leaders in Q 6 Careers in Banking and Finance 2010/11 efinancialcareers.1 or above (or equivalent outside the UK). as do messy and unstructured applications. we remain open to applications from anyone who can demonstrate the required skill set to work in investment banking. Morgan Stanley Can candidates who require work permits apply for graduate roles at Morgan Stanley? For example. O their field.com. regardless of nationality. Q Your questions to: Stephanie Ahrens EMEA head of firm-wide graduate recruitment. entrepreneurship – people who will look for and grasp new opportunities.com/students . Stephanie Ahrens EMEA head of firm-wide graduate recruitment.GettinG in INVESTMENT BANKING FINANCIAL SERVICES EMPLOYERS Graduate recruiter Q&a Top banking recruiters answer your questions direct n eFinancialCareers. Credit Suisse and Nomura answer some of the questions you have put so far. 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. we make it possible for students to put their questions directly to banks’ graduate recruiters. Please bear in mind that most of our programmes require a 2. Credit Suisse Q A If a candidate has a low mark in a first degree. and flexibility – people who can adapt to a fast-moving and dynamic environment. Morgan Stanley Studying for a Masters is a personal choice that you will need to make based on your academic interest. Spelling mistakes or getting the employer’s name wrong guarantees rejection. actively matching their skill sets to our requirements and core values. Below. who respond positively to change and uncertainty. Your questions to: Jane Eccles Head of campus marketing and events. so it is important that applications stand out from the crowd. 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. Another major failing is that many applications just fail to make an impact. can a non-EU candidate studying in France apply for a position with Morgan Stanley London? Absolutely. Morgan Stanley. senior managers in graduate recruitment at Goldman Sachs. and thrive under pressure. 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. Subject to being able to fulfil the UK work permit requirements. Competition to get onto our graduate programme is intense. 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.

B R U S S E L S .M A D R I D .L O N D O N .F R A N K F U R T .G E N E VA .N E W Y O R K .M I L A N .Z U R I C H .Sharp enough? Get in touch Cash Equities Equity Derivatives Asset Management www.exane.S I N G A P O R E .com PA R I S .

On any given day. or providing liquidity and capital for a growing global economy. we’d like to talk to you. which means you’ll quickly gain unprecedented exposure to every aspect of the financial world. mobility. (M/F/D/V) © 2010 Morgan Stanley . To find out more about career opportunities at Morgan Stanley and to hear from recent hires visit: www. If you have the perspective to face today’s global challenges. you might be facilitating and underwriting transactions.com/careers Morgan Stanley is an equal opportunity/affirmative action employer committed to workforce diversity.morganstanley. the smaller the globe will seem.Day 1: Introductions Day 2: The World The faster your career grows. solving complex challenges and fueling economic growth across continents is what we do. we’ll give you the opportunity to become involved in making a real difference. At Morgan Stanley. Moreover. And we’ll provide you with the training. We offer you a structured path to success. and responsibility to do it.

A Q Your questions to: Malcolm Horton Global head of recruiting and programmes. having a history degree will give you lots of interesting things to talk about. and am particularly interested in a research role. This stage can require a great Q As a recent history graduate and current economics postgraduate student. The pace of growth. but we are also keen to see what else students have been involved in. Goldman Sachs deal of valuation and financial modelling work. Fixed Income and Equities require a specific degree. with everything you are learning and all the great experiences. We look at all aspects of the application when we are selecting candidates for interview. or into management consulting. which means the opportunity to come into this business. being part of a sports team. and the most senior leaders at Goldman Sachs are actively involved. you won’t even notice! you suggest some ways in which I can enhance my CV. we hire people who are bright. aside from the obvious ‘doing an internship’ option? Q A There is no preference shown to graduates from specific universities. For people who are ambitious to acquire more knowledge. by design. For example. but are some more equal than others? Academic achievement and work experience are two key areas. Banks and regulators are required to work together in the interest of the public. but am uncertain about the hours that I’ve heard are involved. enthusiasm and a desire to improve. Being comfortable with numbers. Academic achievement and work experience are two key areas. While some areas of Information Technology. which is both a necessary and positive thing.2 grade. or playing a musical instrument to a high standard can all demonstrate commitment. a transaction can take seven days to seven months. EMEA and India. Goldman Sachs No week is the same. joining a club or society. which is part of the excitement of the job. Recruiting the best people we possibly can into the firm is a top priority for us. of course. However.com/students 9 . Last year we made hires from over 50 schools where we had no marketing presence. engaging. Investment banking is still unique in terms of how much you can see and do in such a short period of time. figures and using information to make decisions is key. I am looking to get into the banking industry. Is it imperative to have impeccable academics if I want to apply to Goldman Sachs? Q A No. but it is also very important that students experience other aspects of school or student life. 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. or equivalent. but we are also keen to see what else students have been involved in. pro-activity. We look to hire people from a wide variety of backgrounds who can bring something different to the table. We do expect candidates to have strong academics. We are keen to hire self-starters. There will be a combination of research on products. 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.GettinG in INVESTMENT BANKING FINANCIAL SERVICES EMPLOYERS A Areas of our Finance. we accept applications from all degree types. driven. those who show they are hungry to learn and achieve new things. Sarah Harper Head of recruiting. Do you have a preference for Oxbridge and Ivy League graduates? I know you may say all degrees are equal. industries or companies followed by contributing to marketing presentations on business ideas and ultimately getting involved with transactions. Can you give me an idea what a working week for an M&A banker is like? Banking. As the pace of opportunities is unpredictable. The need for efficient and effective financial services will continue. there is no other career that guarantees this and more. of course. has been one of the most regulated industries in the world for hundreds of years. We look for well-rounded individuals who have many different strings to their bow. 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. The ability to build relationships is also critical – so. I would not be able to elaborate on other investment banks. and broadens one’s thinking and skill set. entrepreneurial and inquisitive. change and innovation means that this will continue. I’m a bit worried about investment banking as I suspect it will be under a lot of regulatory pressure in future. There are managers who ensure that everyone’s workloads are balanced and diverse during the course of the year. but there can be some long weeks. Being part of finance-related societies at university helps demonstrate your interest in the industry. EMEA and India. 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. Careers in Banking and Finance 2010/11 efinancialcareers. Investment Banking Operations and Information Technology departments may accept a 2. Is it still a good industry to go into? A Q A I’m studying history. Can In terms of Goldman Sachs analyst classes. and any positions of responsibility will give you great experiences to highlight your potential. given that I only have limited knowledge of their recruiting efforts. I’m thinking of applying for a position in M&A. 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. take on high levels of responsibility and make an impact on the world around them. Nomura I’m thinking of going into investment banking. learn about every aspect of financial services and value creation will continue for many generations to come.

These can be elaborated on in an interview. Same with volunteer work – the candidate talks about the action. but an employer is more interested at this stage in what the candidate did and how the candidate can contribute to their organisation – again. Being a member is not enough – there needs to be more to it. Typos. which is usually a hint that the grades weren’t good.g. George needs to follow the maxim “Sell. In the Languages section. locations etc. It’s better to list a few things where something special has been achieved rather than a laundry list. which actually helps those descriptions a lot. but not all of them show leadership roles or dedication. But the chronology and relevance of these is not clear. Many students do not include both. A CV should either appear on one or two pages. Errors like “a change to network” instead of “a chance to network” give a very bad impression at the outset. It would be even better if the candidate linked these to some results or outcomes. Good data on A-levels – both subjects and grades received.com/students . Work experience 7 8 Language(s) Right word. summer jobs and volunteering. Ideally. It is likely the second page won’t be read at all.com. or that the subjects weren’t particularly relevant. this contributes to the impression that George is not an achiever.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. dates. Extracurricular activities 10 Education 4 The student lists a lot of extracurricular activities. Irrelevant. less recent and short work experience should be covered in less detail. The description of Capita work experience is well-written – it talks about actual actions and responsibilities. ‘George’ has spelt ‘Nationally’ correctly. a graduate recruitment consultancy and a CV expert – review a real* CV selected from those submitted by students to efinancialcareers. wrong usage. making him sound like more of a doer than an achiever. not the current one-and-a-bit page format. Lyle Andrews Head of graduate recruitment. but not the result. so this should be deleted. have been changed to protect the identity of the real student behind the CV. and communicates information in a concise way. don’t Tell” – none of the entries here focus enough on his achievements. Format 11 12 Clear bullet points that aren’t too long. George has completed a gap year. and need to be fixed immediately. Use of bullet points is good – this keeps sentences short. George lists his French skills as “Basic” – employers don’t care about languages in which a candidate is not fluent. The only time he mentions a result is for some of the extra-curricular activity. George also talks in various places about what his team did. there shouldn’t be any gaps on a graduate CV. We look for examples of leadership or achievement. 2 9 3 [For extracurricular activities] we look for examples of leadership or achievement. 5 6 The student hasn’t listed his/her expected graduation date. * Name. but are mainly “task-driven”. at least to business-level. but the word used should be ‘Nationality’. given that it has just five lines on it. but there is nothing on his CV to suggest he did anything with that gap year. 10 Careers in Banking and Finance 2010/11 efinancialcareers. Candidates should double check spelling corrections to ensure that the right message is being communicated – e. Being a member is not enough – there needs to be more to it. should the interviewer ask for additional information. UBS Good variety of experience – internships.

ULAR ACTIVITI ES 10 UCL Student Me ntor: • For two years. advanced and Theory Hogarth School. Front Office would be out of his reach due to lack of previous experience. Evidence of a story or narrative in a CV is good – links into a goal. Depending on what this candidate is looking for. HOBBIES AND IN TE • Aerobiking. Weight Training 12 BBER 24 Oxford Road. Leh public awareness of ible for funding. Lon the need to reduce don • Worked in the Cap one’s carbon footpri nt. Gym . EHarm Bankers. GEORGE WE Our thanks to: Lyle Andrews Head of graduate recruitment. London • Developed an ext solution to the cas e study. Kingston • As a member of an eight person team . • Compiled spread ing revenue data and sheets for legal exp reported enses for the month • Worked under a -end reports. French: Bas ic 3 LSE Soft Skill Ses sion 2010 ker. man Brothers. We 8 our expectations.com Careers in Banking and Finance 2010/11 efinancialcareers. . Offering guidan 0 UCL Accounting ce on academic adv and Finance Class ice Representative: • Acted as a represe ntative for my pee rs. Tropical Fish K eep ADDITIONAL SK ILL RESTS ing. ResumeRebrand. my role was to val July 2007 – Aug 200 ers in the capital ma idate the daily trad 7 rkets. Nationally: Bri 4 • Mobile: 07794 tish 1 567 890 • E-mail: georgewebber2010@ EDUCATION hotmail.com University Colleg e London BSc Accounting and 4 Finance. Lon Macrdon Advanced Levels: 6 Mathematics (A). GCSE: Chemistry (A). This helps the recruiter to get a better understanding of the student. 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.C grades. thro in the 2006 Nation ugh my contributio Sept 2005 – June al Debating Matter ns we were succes 2006 s Competition. English Literatu WORK EXPIERE re (A) and Science NCE 7 (AA) 5 Administrator. ital Markets Divisio n with the Events • Researched the Driven Trading des Apr 2008 – Apr 200 public image of key k. thro ugh sponsorship from from a single sponso Oct 2007 – June 200 businesses and oth r which was beyond er organisations. unless he proved to be exceptional in interview. Banking Insight Day • Various presentati . Expected result 2:1 • Courses includes Sept 2007 – Presen advanced Financial t Accounting. ents. ers of the team. Bio Sept 1999 – June logy (A) 10 A* .GettinG in Overall INVESTMENT BANKING FINANCIAL SERVICES EMPLOYERS There is no indication of what sort of business area this person is interested in. Leh sing productivity by man Brothers. increa an international cha sing their participat rity.000 and input dat Mar 2007 – Mar in client calculation 2008 a into their in-hous s and subsequently • Worked with ma e database. Po S Languages: English : Native. or themes around activities help to give a fuller picture of an applicant. London.03. Muswell Hill. UBS The Graduate Team Cornell partnership graduate recruitment consultancy Claire Crichton CV consultant. rs. time constraint to create a standardise d spread sheet for the month-end rep EXTRA CURRIC orts. issued customers wit nagement to improv h the correct vouche e efficiency and pro cent. 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. advanc oeconomics.com/students 11 . Bla ckheath. 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. ndations to senior 9 Sponsorship team members of staff and for the UCL Timeles lecturers s Cultural Show: • My role was to secure funding. He rron Financial Reg istrars. 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. 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. I was responsible for the initial well-being and how to settle into Oct 2008 – June 201 of six first-year stud university life. 2006 including: English (A). given his previous experience. Capita Ca findings to my team ted to senior memb sh Management. he has an average to good CV – he would definitely be considered for a Middle Office role. London 9 • Part of a twelve 8 person team trusted to handle up to £50 • Corrected errors 0. Home: 020 8856 123 88. and no hints of motivation or drive to be in finance. ion and appreciation of People and Planet . trusts) to see if our its to businesses in organisation was elig London and raised Spring Intern. sful in reaching the Founding member semi-finals of the Fair Trade Organisation: • After co-foundi ng the organisation. Lon 15 per don • As a member of a six person team in Product Control these figure to trad . voicing sugges within the departm tions and recomme Oct 2007 – June 200 ent. Organi ed Managerial Acc sational Behaviour ounting. sentation in 25 min ony International utes and present out . 8 firms in the commu • Prepared presen nications industry tations on specific and presented my industries and presen Cashier. Corporate Finance. SE3 9JZ Date of Birth: 07. I organised votes dends and share pur June 2009 – July for the National Gri chase.

an open Excel spreadsheet. And whatever you do. Based on information in the application. True (Does it follow logically from the information or opinions contained in the passage?) b. However. so don’t be disappointed if you don’t encounter them online initially! that the Y column was in fact cumulative. compound interest. Take the exam when you’re sharp and in a quiet place. a. Unsuspecting candidates may jump to the graph and quickly tick an answer. but the key is to make sure you read the statement carefully. graph reading. within a limited time frame and in a pressurised environment. missing 12 Careers in Banking and Finance 2010/11 efinancialcareers. some banks will ask the best candidates to sit an online numerical test. are you unable to determine whether the statement is true or false without further information?) Practice helps. percentages. analysing tables and problem-solving. 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. This is what the tests are testing! Numerical test tips Online numerical tests usually centre around simple addition and subtraction. Tests for candidates who make it to interview. Ensure you’ve got everything you need to hand. differentiation. They are often designed to catch out people who don’t read the question properly. After you’ve made your initial application (whether by filling in an application form. etc and Y is a numerical statistic. Tests for all candidates. You’re usually provided with a passage of information and required to evaluate a set of statements by stating if each is: a. Year 2. and a calculator. For example. Candidates who pass this test are then asked to take an online verbal reasoning test.GettinG in INVESTMENT BANKING FINANCIAL SERVICES EMPLOYERS testinG. Beware – they’re harder than the online tests. make sure you get the easy ones right. asking you to complete it in five business days. Have scrap paper. False (Is it logically false based on information or opinions contained in the passage?) c.com/students . they are to be taken seriously: failure to perform well will mean you won’t make it through to interview. Some banks will expect all candidates to sit a numerical test as part of the application process. If you’re invited in for interview. Cannot say (Based on the passage. Candidates who perform well will be invited to sit a verbal reasoning test. testinG The inside track on… psychometric. Our business thrives on attention to detail and being able to maintain a high standard under pressure. The hardest element of the online tests is time. For our online practice tests. and interest calculations. I can tell you that they aren’t as bad as they seem.. Tests for the best candidates.. or sending in a CV). you’ll probably also come across in-house numerical tests. Move quickly. often touching on bond maths.com/numericaltests Verbal reasoning test tips Verbal reasoning tests are all about attention to detail. F ear not! As someone who’s been through the psychometric tests successfully on several occasions. digest and disseminate accurate information. The question asks what the Y figure in Year 3 was. go to efinancialcareers. and understand what it’s actually saying. Don’t allow these tests to become an issue. Some banks only subject candidates to tests at interview stage. you can read. c. and those who perform well in this will be invited to interview. DON’T miss the deadline. Banks want to see that. b. but accurately. You will often receive an email with a link directing you to a test site. you’re likely to encounter psychometric tests in the following contexts. Ask HR if the in-house tests get harder as they progress – if they do. 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. you may see a simple XY graph where X is Year 1. Don’t spend five minutes on one question – make an astute guess and carry on.

Join the EIB The EIB. motivated to support the financing of sound investment projects that deliver tangible results. It achieves its goals thanks to a diverse and highly qualified workforce. is dedicated to improving the future of people’s lives in Europe and around the world.eib.Working to improve the future. as the Bank of the European Union. Join the European Investment Bank www.org/jobs .

This might be a numerical or verbal reasoning test. one of the companies had a best-selling bike. I managed to survive the elimination of half the candidates at lunchtime. were we building a society on a desert island or in a city? We had 20 minutes to discuss. Twenty-four candidates started the day. Attention to detail was crucial – for example. This will usually be in the form of either a business case study or a ‘treasure hunt’ scenario. This is one of the most important parts of the assessment centre. etc) and asked to build a society. If you want to do well in the presentation. most banks will provide some snacks and drinks. don’t stay in the background. Find the middle ground and drive the group forwards – insist that decisions are intelligently made and move on. 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. but it had failed to pass a safety test. If you have applied for a trading role you may well be tested on some form of trading simulator. T he assessment centre I attended at an investment bank in London ran from 9am to 4pm. The key here is to participate. investment banker. We started out by working in groups of two for 10 minutes in order to analyse each different company. Since we were put into relatively large groups of eight. At least one interview is inevitable. Successful candidates try to make a logical attempt to tackle the problem. A presentation. At the end of the day.com/students .GettinG in INVESTMENT BANKING FINANCIAL SERVICES EMPLOYERS assessment centres More tests. A test. or institution type (investment bank.. Be prepared for: The group exercise is one of the most important parts of the assessment centre. irrespective of the specific role you have applied for. 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. not dominate. and made a presentation to the assessors at the end. 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. this could be the most important part of the day – banks will want to see that you are sociable and able to form relationships. role plays and then – a job? The assessor is a senior capital markets professional at a European bank in London. and then made a presentation back to the group on the relative strengths and weaknesses of each company under consideration. to analyse. Another interview. it was necessary to speak up and voice your opinion clearly. are run along broadly similar lines. A drinks and networking event. show that you can think. The second exercise took place after a 10-minute tea break and was much more business focused. They weren’t nearly as technical as I’d expected them to be. The key here is to participate. cosmetic surgeon. trading house or even a commercial bank). Don’t try to control the proceedings. three separate 30-45 minute interviews are not unheard of. interviews. and why at that bank in particular. What they seemed most interested in was why I wanted to work in M&A. You’ll be given some facts or figures and asked to make a presentation around them. The key to success in this exercise was to make several assumptions at the start that would clarify the situation. We were given a selection of different occupations (teacher. hedge fund. and were based largely around fit and competency. Don’t just regurgitate figures and statistics.. half the attendees were eliminated! The first group exercise was very interesting. lawyer. This will be followed by a general grilling from a number of interviewers. If you are applying for a sales or broking role. but only 12 finished: after a morning session comprising a numerical test and two group exercises. A n assessor and an assessment centre ‘survivor’ share their perspectives on what tests and trials to expect from an assessment centre. A group exercise. For example. farmer. and in the afternoon there was a round of interviews. too. not dominate. Don’t drink all the free alcohol and demonstrate the drinking prowess you’ve developed during university life! The assessor All graduate assessment centres.

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Sarah Butcher Editor. • Give me an example of when you had to think outside the box to solve a problem. • 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. Sumif. +50 billion. then 4. say. If. Investment Banking (IBD) (internship) • what is 100 divided by 12.com/students J. Sell me an Easter egg. arranged in alphabetical order of bank. 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. Credit Suisse Product control (internship) • What do you know about product control? • Explain how to perform the following Excel functions – Lookup. what is its rough value? • Why IBD and not. 0. 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.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. Pivot Tables. 8. 16. • Tell me about a time when you worked with someone to achieve a common goal. 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? .P. then the answer would be 7. 2 on the 2nd. We can’t vouch for their authenticity. • 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.5 (no paper)? If a company has cash flows of –50. • How many people in the US own tennis balls? Citigroup Global markets. 32… up until the last square.com Debt capital markets (graduate) • Tell me about a time when you had to take a risk. Here’s our pick of the best. consulting? 16 Careers in Banking and Finance 2010/11 efinancialcareers. etc). what is the last digit of this sum? So for example if the sum was 127. efinancialcareers. • 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. If I add up all the grains of rice on the chessboard. 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. from one to ten? • It’s Christmas and I’m looking for presents.

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com/apply Please direct all enquiries to Shelley Chappell at shelley. The superior intellect. Our intellectual capital is our strongest asset. institutions. enterprise.lazard. With origins dating back to 1848. the firm provides advice on mergers and acquisitions. and we maintain long-standing relationships with business leaders and decision makers around the world. and commitment to excellence of our team guide everything we do.chappell@lazard.com or 020 7187 2215. independence. free of the conflicts that can arise at other financial institutions. partnerships. capital raising and corporate finance. Apply online today at www. integrity and creativity for our clients on a global scale. intellectual rigour.Independent Thinking on a Global Scale Lazard is a premier financial services firm committed to excellence. one of the world's preeminent financial advisory and asset management firms. Australia. Most importantly. Central and South America. along with well-developed interpersonal skills and a sense of individualism and identity. and individuals. . We are recruiting summer interns and full-time analysts to start in 2011. Lazard. governments. as well as asset management services to corporations. Asia. restructuring and capital structure. strategic matters. Europe. You will possess a passion for business and a genuine interest in investment banking. we want individuals with the commitment and flair to succeed within our organisation. operates from 40 cities across 26 countries in North America. A strong academic track record is a must. We are an independent firm.

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. 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.GettinG in INVESTMENT BANKING FINANCIAL SERVICES EMPLOYERS IBD (graduate) • How do you respond to change? • You are advising a CEO on a possible merger. how would you cope with this? DCM (graduate) • Tell me about a time when you received unfair criticism. 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. and how do you calculate P&L for this structure? • If I were a pension fund manager. • 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. • Tell us something you read about recently in the financial press that you found of interest. 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.com/students 19 . • What is Greece’s budget deficit? Credit Risk (graduate) • Would you rather be respected or respectful? • Describe a risky situation you’ve been in. • What do you know about the bank? • What do you like about the bank? Corporate banking (graduate) • What do you expect from banking. 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. Why did you think it was unfair. 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. Tell me about a time when you received unfair criticism. Why did you think it was unfair. as he thinks you’re a burden. what kind of zero-duration structure could you advise to clients. you do not believe that the merger will be good value. and how did you react? • Tell me about a time when you had to go out of your comfort zone. 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. 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. With the current economic pressures and global realities in mind.com/students Careers in Banking and Finance 2010/11 efinancialcareers. visit our online student centre to post your banking interview questions and answers – and to check out the latest questions asked by the banks. what would you tell me if you were selling a structured portfolio strategy? Morgan Stanley Equity research (graduate) • Tell us about yourself. However.

equity is unsecured. 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. Why did you apply to this organisation? Here. Most importantly. • Advisory – providing financial and strategic advice. • Project management – managing the deal team of lawyers. Smith Howard 4. Hazel Scofield. 3. How do you value a company? The key to pitching and advisory is valuation. but you will quickly be required to carry out financial analysis and ultimately complete whole company valuations. What are the main differences between debt and equity funding? • Equity confers ownership. look into the strategic rationale for the transaction. Be prepared to explain how the following valuation techniques work – discounted cash flow (DCF). 9. ECM and DCM. Choose an industry. ere. 8. What is corporate finance? Corporate finance hirers will expect a basic understanding of finance and the corporate finance industry.com/students . • Debt is always repaid. • If a company becomes insolvent. 10. accountants and PR. H • Debt is often secured on the company’s assets. 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. and Corporate Broking. What work is carried out in corporate finance? • Pitching – presenting to potential clients. Then think about how a combination of two businesses in that sector might enable them to make even more money and reduce costs. so definitely bear this in mind. make sure you check how the share price has moved and what premium the acquirer paid. comparable companies analysis. equity is generally never repaid. 7. debt ranks higher than equity. 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. comparable transaction analysis. Corporate finance is the advisory service that assists companies in raising capital and acquiring and disposing of businesses. debt does not. It includes divisions referred to as M&A. Hazel Scofield Graduate recruitment consultant. 1. 20 Careers in Banking and Finance 2010/11 efinancialcareers.GettinG in INVESTMENT BANKING FINANCIAL SERVICES EMPLOYERS investment bankinG interviews The top 10 questions to prep The author. Find out the timeline of the deal. is founder of Smith Howard. Think about your skills and personality and the reasons why you think you would succeed in this organisation. and was previously an M&A analyst at a leading independent investment bank in London. so definitely bear this in mind. an independent graduate recruitment consultancy. 2. 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. 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. 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. If you have selected a deal involving a public company. Initially you will be responsible for company and sector research. you have to understand the organisation’s strategic positioning and their culture. Think about how a business in that sector makes money and where it pays out costs. 5. Tell me about a recent deal you’ve read about… Study at least one deal in depth. 6.

UBS is an Equal Opportunity Employer.ubs.com/graduates. We respect and seek to empower each individual and the diverse cultures. 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. All rights reserved. . Wherever you are in your academic career. www. skills and experiences within our workforce. make your future a part of ours by visiting www. perspectives.com/graduates © UBS 2010.Want a fulfilling career that rewards energy and fresh thinking? That’s what we want too.ubs.

B Key players On the global stage. BofA Merrill Lynch 381 “The hours can be very long and 6. the more you’ll get to deal face-to-face with clients. building a financial model. 583 resources manager at investment 4.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.” says Angela 2. This is the document a firm will use to outline its ideas on which companies a client should be buying. but 7. They must therefore make themselves available whenever the client needs them – even if it’s the weekend. she adds. M&A All Advisor Parent Deal value ($USbn) is often seen as the more demanding 1. you may be fortunate to attend a few client meetings with more senior bankers. Citi 445 bank J. J. You start out at analyst level. A career in M&A demands considerable Kudos Opportunities trading & commitment.P Morgan Asia-Pacific . Careers in Banking and Finance 2010/11 efinancialcareers. Big investment banks aren’t interested in smallfry M&A deals. the deals can be worth billions.P Morgan Asia-Pacific.” says Anne Perez. Credit Suisse 341 the workload is often Art12 Compliance intense. markets The hours can be very long and the Opportunities workload is often intense. . executive director and junior 3. the big US investment banks dominate the top five spots in the 2009 advisor rankings. At the upper end. oil and gas or media and telecommunications. valuing a company or benchmarking a company against others. “Many of an analyst’s key tasks will include financial analysis – for example. Morgan Stanley 622 Hu.P Morgan . Within those roles you have a chance to focus on a particular sector – for example. UBS 316 despite these pressures it is integral & Riskespecially at the analyst level. followed by UBS and Barclays Capital. 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). They only start to get involved at the mid-market level.” No. It’s only later that you step away from the number crunching. 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. then vice president. mergers and acquisitions (M&A) is one of the most acquisitions sectors to break into. The more senior you get in M&A banking. Barclays Capital 299 – Manage9. consumer. but despite these pressures it is integral that your work remains accurate. move up to associate. Money manager.com/students . but mainly you’ll be focused on complex financial modelling and research to put together ‘pitchbooks’ for the bank. executive director. J. or which it should be selling to. 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. Global M&A all advisor rankings 2009 “Within investment banking. with transactions that are worth at least Art09 Capital US$100m. 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. financials. Angela Hu How hot Executive director and junior resources Art10 Sales. At the junior level. competitive As the name suggests. IBD at Goldman Sachs. Goldman Sachs 662 and complex discipline. The highest ranked European player was Credit Suisse. their summer holiday or Christmas Day. speadsheets and number-crunching at the junior level Senior bankers build relationships with clients How hot Money Kudos Opportunities How hot Money Kudos ecause of its reputation as the more glamorous side of the investment banking Art08 Mergers &industry. Deutsche Bank 292 – that your work remains accurate. Lazard 294 ment requires a lot of financial modelling 10. 5. which 8.

rothschild. 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.Leading in financial advice.com/careers . worldwide Leading international advisor Ownership and banker stability Relationship-driven perspective Robust.

Risk Management.citi. . Because Jen isn’t working for us yet. Someone’s gaining skills to pass on to the next generation. oncampus. A career with us is full of variety and challenge. but we’ve already been working for her. Citi. In Paris. used and registered throughout the world. at Citi. Jen’s finally ready to rest. in New York. N.A. Capital Markets Origination. Sales & Trading. N. Investment Banking Associate Rajid is returning from a meeting with government officials in Kazakhstan. after a hard day studying. At any moment. Lisa – Jen’s future mentor – is shaking hands on funding for an irrigation project in Western Africa.. Operations and Technology Application deadlines: Full Time Analyst Programme 7th November 2010 Summer Analyst Programme 2nd January 2011 ©2010 Citibank. Human Resources. All rights reserved. Citi Never Sleeps. Citi is an equal opportunities employer. Private Bank. and Arc Design are service marks of Citigroup or Citibank.A. Global Transaction Services. Meanwhile. Authorized and regulated by the Financial Services Authority. half a world away. Six time zones away.OPPORTUNITY NEVER SLEEPS. opportunity never sleeps. That’s why. Someone’s closing deals. someone in our global firm is opening new markets. Citi and Arc Design is a trademark and service mark of Citigroup Inc.com Opportunities in: Investment Banking.

“In order to be successful long-term.” says Elizabeth 3rd year associate 130-140 180-225 30% Wang. What makes you good at your job? You need to be good at research and analysis. Typically. but they will oversee the work and take responsibility for it. as are stamina and attention to detail. Many banks mitigated against this by increasing base pay. I spent that summer thinking about life after rowing. Why did you choose M&A? At university I rowed for Canada. numerical social skills and flexibility. following our acquisition of Lehman Brothers’ US business in 2008. I wanted a career that challenged and fulfilled me in the same way that competitive sport did. What has it been like so far? It is an exciting time to be in M&A as.600 35% investment banking at Citigroup. M&A advisory. associates can take on more projects because they will not always be doing the tasks themselves. 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. 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. Director 200-250 500-700 30% Jan Skarbek. as well as tying bonuses more closely to performance.GETTING IN investment bankinG Skills sought FINANCIAL SERVICES EMPLOYERS “A key difference between an analyst and an associate is that the associate will take more ownership of the project. It 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. Barclays Capital Tim graduated from the University of Western Ontario in 2008 with a degree in business and finance. It was a great opportunity to get to know a lot of people. 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. be prepared to work hard.” clients. 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. which demanded hard work. Source: Options Group Intelligence Unit. And. As it is in its initial stages. adds: *Change measured as a percentage increase on 2008 bonus figure. Often in M&A you need and analytical skills are essential. Figures are a global average. able to assimilate enormous amounts of data and summarise these into the ‘story’. as well as getting up to speed with everything I needed to know before joining my team. Given that you’ll be working on complex financial have an appetite to learn. I do a lot of chasing down relevant information and documentation. we have been expanding our advisory business globally. which means longer deferrals. This evening I will further refine the ‘teaser’ document which we will send to potential investors for our sell-side mandate. “You need to have a reasonable degree of comfort with numbers. deputy head of UK Managing director 300-400 1. COO of investment banking at 150-200 350-500 35% Vice-president Morgan Stanley Asia-Pacific. but unfortunately a broken rib forced me to withdraw from the selection process for the Beijing Olympics. complete commitment and determination. and was also fast-paced and competitive. The programme started with a classroom-based period alongside graduates from other divisions in Europe and Asia.com/students 25 . which allows me to work with many different departments. He joined the Barclays Capital Graduate Programme in M&A in September 2009. Additional to be a jack of all trades. You also need to be able to think laterally and be able to put yourself in the client’s shoes. 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. Tim Colson Graduate analyst. so we generally look for languages are valued for working with overseas people with diverse interests and skills. of course.” 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. Careers in Banking and Finance 2010/11 efinancialcareers. You will also need good together presentations to clients.200-1. 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. and be prepared to models for valuing companies and piecing work as part of a team.

com/students .8 pay back the amount of money on the 3.1 pay out €10 a year. so it helps to have a good understanding of both sides of the coin. meanwhile. or in the syndication process (preparing for the sale of finished products to investors). the bank is obliged to buy the shares itself. 97.9 will receive its ‘face value’ – in this 5. Barclays Capital 1.2 of the bond’s life. Source: Dealogic. They act as ‘underwriters’ in the process.228 304 7.037 1. Bookrunner Deal Value No.683 275 7. Citigroup and UBS . J. €100.648 22. ment when the original issuer has to 2.365 1. DCM is also called the ‘fixed-income market’. Goldman Sachs 79. they must be created. Global DCM bookrunner volume rankings 2009 (US$bn) If the interest rate paid on a bond falls. investment grade bonds issued by companies (not too likely to default) and so-called ‘highyield bonds’ (more likely to default. deal ‘originators’ are deployed to bring in new business.P Morgan . Deutsche Bank 1. So before new equity or debt-related products can be created.056 1. Roles and career paths As banks are essentially offering similar services. making the interest rate 10%.9 For example. meaning that.2 and sold for will therefore need to rise Art13 Operations date at the end 2.e.P Morgan. Careers in Banking and Finance 2010/11 efinancialcareers. This is because bonds Global ECM bookrunner volume rankings 2009 (US$m) Art12 Compliance amount of money typically pay a fixed Bookrunner Current Value No. in exchange for a fee. BofA Merrill Lynch 71. Morgan Stanley 73.560 291 8. trading and research on page 30).P Morgan . have combined their equity and debt origination businesses.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.297 17.385 16. see our section on sales.that they’ve agreed with the client. deal Trading with saleable units of debt in the form How hot Money Kudos Opportunities How hot Money Kudos Opportunities 26 of bonds. including treasury bonds issued by governments (the least likely to default). % share the amount that the bond is bought 1.190 1. 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. a bond worth €100 might 5. 1. 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. These days. trading & research Communication is critical to be Opportunities able to give potential issuers a clear view on market activity and investor sentiment.3 until the redemption 3. Bonds come in all shapes and sizes. Equity capital markets (ECM) bankers help companies raise money by issuing shares and related derivative products. BofA Merrill Lynch 976 1.112 271 8. Citi 1. 4.668 19. therefore paying a higher rate of return). J. How hot Simon Ollerenshaw Money Managing director.661 393 10.519 15. However. Banks such as Morgan Stanley. % share in Manage& Risk interest until their redemption date 1. when the owner 4. J.9 case.9 (i. they have to convince clients that their firm is the one to use. which are sold to investors. If they can’t find enough people to buy the shares at the price Art10 Sales. And it’s the ‘pinkcollared’ bankers in the capital markets Art09 Capitalinvestment banks who work on the divisions of markets production line creating them.2 bond to the bond owner at that time). equity capital markets. they guarantee that they will sell the shares the company is issuing for a certain price. 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. it’s often not sufficient to specialise solely in equity or bonds. As a junior capital markets professional. Barclays Capital Kudos Opportunities Debt capital markets Art11 Electronic (DCM). UBS 63.

EXPECT TO GO PLACES YOU NEVER EXPECTED.. . a FINRA and SIPC member. authorised and regulated by the Financial Services Authority and a member of the London Stock Exchange. All rights reserved. Barclays and Barclays Capital are trademarks of Barclays Bank PLC and its affiliates. For instance. Barclays Capital is the investment banking division of Barclays Bank PLC. © 2010 Barclays Bank PLC. 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. It’s time to raise your expectations. barcap. we think the best way for you to get to the top is to learn from the people who are already there. Visit our website to find out more. we’ll help you fulfil your highest ambitions in the most unexpected ways. Graduate careers in investment banking Here at Barclays Capital.com/expectexcellence Expect Excellence Issued by Barclays Bank PLC.

All rights reserved. Morgan is an equal opportunities employer. solving the most exciting challenges in global finance.Go Global.P. visit: jpmorgan. Morgan is a marketing name of JPMorgan Chase & Co.com/careers J. J. . No matter where you join us. you can expect to work with some of the finest minds. ©2010 JPMorgan Chase & Co. wherever they are in the world. and its subsidiaries worldwide. We work together to mobilize the best financial products and deliver the best solutions to meet our clients’ needs. And that starts with building the most talented team in financial services. To apply for intern and graduate roles in Europe and the Asia Pacific region.P. wherever we need to be. Be part of it. Career opportunities in Europe and Asia Pacific We have offices and opportunities across the globe.

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. But if you like your job and you are interested in what you are doing. 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. “Communication and sales ability is critical – to be able to give potential issuers a clear view on market activity and investor sentiment.com/students 29 . Not every deal is groundbreaking. Sometimes you need to be very proactive and your communications skills need to be sharp. 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 a lot of the projects you work on in Asia will be unique and remarkable. he settled into J. such as IPOs. though? Obviously the hours are not short. mainly because of my language skills and proficiency in Chinese. We also liaise with our equity sales and trading team to make sure the deals are properly executed. Our team works in nearly every single major market in Asia. Hong Kong. but I focus on Greater China. After completing his eight weeks’ training in the New York office. “Good capital markets originators need to have an understanding of products from the simple to the complex. you will more often than not work across multiple time zones. according to the Robert Walters salary survey. What does your job involve? I’m in a team which works on equity-related offerings in Asia. Skills sought If you want to work in capital markets. and a feel for the mathematics that drives the more complex products. When they eventually hit the market and get completed. What are the best parts of your role? You have the chance to work on some of those landmark transactions in the region. ECDM. such as how to structure and price various equity products. but without them. distributed and marketed. but this isn’t the limit of the job. 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 we win a mandate.” says Simon Ollerenshaw. with a potential 500% bonus on the table. Managing directors should expect up to US$360k base.P Morgan . according to the 2010 Michael Page salary survey. banks are issuing less complex financial products than before.P Morgan’s Equity Capital and Derivatives Markets (ECDM) team in . where individual excellence can reap the highest rewards. it’s a really satisfying achievement. sometimes you won’t even realise the clock ticking away. USA. In the UK. There must be some downsides. “As ECM bankers become more senior. he adds. 2007 after graduating with a major in economics from Northwestern University in Illinois. meanwhile. but a lot of the projects you work on in Asia will be unique and remarkable. Henry Leung Investment banking associate. you’d be lost in a capital markets role. with a possible 100% bonus.” says Ollerenshaw. it will help to have an understanding of – and interest in – the technicalities of company financing. public and private share placements and other equity-linked offerings. are the key skills of a capital markets banker. Therefore. capital markets careers are not like trading careers. Not every deal is ground-breaking. Careers in Banking and Finance 2010/11 efinancialcareers.P Morgan Global Investment Banking Analysts Programme in . and ECM practitioners can expect a similar figure. DCM professionals with one to four years’ experience can earn anything between US$30-100k.” says Darius Naraghi. You have to be a real team player in order to keep a variety of parties happy throughout a complex process. vice president of equity capital markets at Deutsche Bank in Hong Kong. DCM salaries start at US$45-65k with potential for a 50% bonus. We do the marketing and execution of different types of equity offerings. managing director of equity capital markets at Barclays Capital. J. Although you’ll be given a high level of individual responsibility. You have the chance to work on some landmark transactions in the region. This rises to US$180k+ at the senior end. Associates (those with three to five years’ experience) can earn US$70-110k. Henry joined the J. we will analyse the company and determine the relevant strategy to put the offering in the market. We work closely with the client coverage bankers to develop the best structure for the transactions. “Market understanding and product knowledge. Another challenge in Asia is that people speak different languages and have different cultural backgrounds. It’s something of a cliché to say that good communication skills are desirable for any job.” Following the financial crisis. as well as to develop the best structure for the deal.GETTING IN Pay and bonuses investment bankinG FINANCIAL SERVICES EMPLOYERS In Hong Kong.

So Fund 2. If you’re trading non-complex. If you’re trading complex derivatives.P Morgan . & Risk ManageThere’s also a whole range of ‘exotic’ ment derivative products within all of these sectors. government Source: Note: given different reporting styles for losses (bad bank. at Barclays Capital. according to the latest figures from the Art12 Compliance Bank for International Settlements. “You have to be good at mathematics. COO Sales. J. or leisure companies). Fixed income. millions of financial products are traded in the secondary markets. head of Hong Kong trading. currencies and interest rate products). you’ll also need the mathematical ability to understand the products themselves. you should be able to sense whether the ballpark figures are correct or not.Money Citi 11. what they are Trading Kudos looking for and how best the bank can solve these issues for them. “But we have a range of functions within sales. who will only go to see Art14 9% the clients with other salespeople. or ‘vanilla’ products. 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. pharmaceuticals. with an average daily turnover of US$4 trillion.Kudos Bank Deutsche 7. 30 Careers in Banking and Finance 2010/11 efinancialcareers. you’ll need a good understanding of what drives the market. The secondary markets are broadly divided into two categories. Equity revenues Europe. 10.9% advise their clients – who might be 2. foreign exchange. Proprietary (or ‘prop’) traders: A select group of elite traders who are given licence to trade the bank’s own money.5% Art13 Operations rich individuals.” says Justin Chan.Money Credit Suisse 3.1% clients every day. equities. researchers produce reports on the advisability of investing in various asset classes or companies. Historically.g. Research roles focus on particular product types (e. When people talk with you about profit and loss. provisions or negative revenues) this is not a clean comparison. Known as analysts. You don’t need a PhD.Kudos America Merrill Lynch Bank of 10.after their initial issue. and head of Asia ex-Japan equity derivatives marketing.3% you don’t want to work with the same 5. J. an understanding of the dynamics of the markets and an analytical mind.8% institutional investors – when to buy 4. Traders come in several types: Flow traders: People who buy and sell financial products on behalf of a bank’s clients. Salespeople 1.How hot Money Kudos Art08 Mergers & acquisitions investment bankinG FINANCIAL SERVICES EMPLOYERS GETTING IN Opportunities sales.P Morgan . many banks have reduced their prop trading activities following large losses and government crackdowns. Your trading career will be defined by both what you trade (e.1% structuring.com/students . How hot Money Kudos Opportunities Within the fixed income division is the foreign exchange (FX) team. E You need to understand what the Art11 Electronic Money client’s objectives are.” says Phillip Scott. Traders track the markets and buy and sell the products at the touch of a button. or commodities) and by the kind of trader you are. while traders carry out the actual buying and selling of securities. Sales. even if you don’t know all the nitty-gritty. prop traders were at the top of the trader hierarchy and execution traders were at the bottom. 5. Execution traders: Traders who do little more than place trades on behalf of analysts and fund managers. Morgan Stanley Research (as at 2H 2009). tradinG & research How hot Kudos Opportunities Fixed income. the value of which is dependent on the underlying security.P Morgan .7% Management that’s an area you go into if maybe 4. “ Opportunities Source: Company data. trading and research are each Company Market share How hot very distinct careers. However. equities (stocks and shares) and fixed income (corporate credit. Goldman Sachs 15. Goldman Sachs 18. “We Company Market share How hot have some people who purely do 1. The FX market is by far the largest in the world.7% and when to sell financial securities. Opportunities David Hansson Managing director for sales and trading. products trading &secondary markets. Sociéte Générale 7.g. bonds) and particular clients. 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.g. where traders buy and sell financial Art10 Sales. J. salespeople advise In the clients research on investment opportunities. global markets at HSBC. currencies and commodities revenues Roles and career paths Skills sought Traders need a keen sense of risk and reward. 7. Deutsche Bank 7.7% Salespeople usually focus on Opportunities Company data. equities or company debt) and particular industry sectors (e.g. pension funds or other 3. government debt. Morgan Stanley Research (as at 2H 2009). but you do need a good sense about numbers at the very least. IAS 39. Sales traders: A kind of hybrid between salespeople and traders – they recommend products to clients and then execute the trades resulting from their recommendations. particular products (e. financial stocks.

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we foster and reward thinkers and doers. a dynamic Securities team can swing back with even stronger. So when one single event somewhere in the world throws the market a fastball. or go to our website. . 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.nl. equities & derivatives for driven people who are on their way to becoming the best in their field. Everything you can expect from a Merchant Bank. The exact same service our clients have been enjoying since the beginning.kempen. swifter impact. 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.as a Trader. www.Everything but. We’ve been generating winners since 1903. With challenging positions in fixed income.

45am so I need to get in a bit before that to sort out any notes or presentations I need to do.000 Change* 40% 40% 40% 45% *Change measured as a percentage increase on 2008 bonus figure. Source: Options Group Intelligence Unit. “As a research analyst. So. followed by an MSc in finance. The day usually ends around 7pm. writing short briefing notes and then sending them out to clients. We normally have our first meeting at 6. figures are a global average. Kaya Endo Associate. managing director for sales and trading. vice president and regional business manager of global markets research at Deutsche Bank. “You will need to have a keen interest in the financial markets and sound knowledge in prevailing market trends. and one of my rotations was derivatives-based which got me into it. you need to possess a tremendous depth of knowledge in your chosen sector.600 Change* 35% 35% 40% 40% *Change measured as a percentage increase on 2008 bonus figure. “One minute you could be discussing or presenting the latest market or company trends with the bank’s clients. Careers in Banking and Finance 2010/11 efinancialcareers. but you’ll also need to be good at dealing with people. you need to be absolutely sure what you are sending out has no errors in it.com/students 33 . it’s about trade idea generation on a daily basis. He adds that knowledge of your clients is key.” And if you want to make your career in sales? Again. figures are a global average.100-1. What makes you good at your job? Attention to detail. and head of Asia ex-Japan equity derivatives marketing at J. which means you have to be able to think on your feet and work well under pressure. the next teaching options theory to a roomful of interns or working on a new tool. “You will need to understand what the client’s objectives are. Citi Kaya studied international economics and management at Bocconi University in Italy.” Equity sales pay 2009 (US$) Title Associate VP Director MD Base 75-100 105-145 150-200 250-350 Bonus 70-110 400-500 600-750 1. No two days are the same. the next performing in-depth financial and qualitative analysis. the next teaching options theory to a roomful of interns or working on a new tool.P Morgan.” believes David Hansson. One day I can be meeting clients in Italy. Any bad bits? Sometimes it can be extremely fast-paced. What have you been working on today? I’ve been writing up a note on a trade idea to send out to a client.” says Matthew Overy. coupled with the communication and presentation skills to convey the salient points in a way that is of relevance to the clients. equity derivatives strategy. She now works as an associate on the equity derivatives strategy desk at Citi. I’ll consult with clients. Equity trading pay 2009 (US$) Title Associate VP Director MD Base 75-100 105-145 150-200 250-350 Bonus 80-120 500-600 650-800 1. I’m involved in educating our interns and graduates. Why equity derivatives? It’s such a challenging environment and everything changes very rapidly. having joined the bank’s graduate scheme in August 2007. I did an internship with Citi in 2006. Second. Source: Options Group Intelligence Unit. analysing and sorting out problems and working with the sales team. I’ve also been stress-testing a tool for options prices and working on a presentation to interns. When you are building tools for traders that could affect their P&L. What are the best parts of your role? No two days are the same. you are the key point of contact for clients. The same goes with when you are dealing with clients.500-2. offering solutions or products that will suit their needs or views. Finally. “If you are selling.GETTING IN investment bankinG FINANCIAL SERVICES EMPLOYERS Highly developed analytical skills are also integral for research roles. We also do a lot of analysis and make presentations internally and to clients. you’ll need to be numerate and technical by nature. as well as proven academic performance at university and good mathematical ability. but that’s not all. I love the atmosphere when you are on the trading floor and speaking to and dealing with so many hugely intelligent people every day. what they are looking for and how best the bank can solve these issues for them. what does your job involve? First. particularly on issues such as risk. One day I can be meeting clients in Italy. Hong Kong. .

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Final assessments will take place in Jan/Feb and July respectively. Finance. RWE Supply & Trading is a leading European energy trader. as well as solid IT skills. Back Office and Trading Support Start date: March or September Where: Rotations are possible in Essen.com/rwest-careers There are two application periods: Nov/Dec and April/May.rwe. 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. gas. What we’re looking for You’ll need a quantitative degree in mathematics. Fluency in English is mandatory. Swindon and Geneva offices. professional career in German is a definite plus. networking opportunities and access to some of the top experts in the industry. coaching. business administration or subject directly related to energy trading. Work experience or an internship in a trading environment is a If you’re looking for fast career progression. . 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.THE RWE GRADUATE SCHEME IN SUPPLY & TRADING: Hands-on experience in the energy business. economics. physics. coal and oil in their physical and derivative forms. We act as the hub for all RWE’s tradable commodities such as power. bonus. Risk Control. RWE Supply & Trading Graduate Development Programme Key Details Duration: 8 months Rotations: 3 rotations Business area: Analysis. engineering. Structuring & Valuation. IT. you’ll find our focus on personal development refreshing. Apply online at www. proficiency We provide on-the-job training. London.

and the opportunities for Kudos advancement are great. They design. reducing the market impact of trades and limiting adverse costs of trading large positions. 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. 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. “This creates efficiency. It’s a combination of marketing and client relationship management. “The traditional sales team will be focused on details of individual stocks or sectors. develop and implement execution algorithms using a mathematical approach to identify investment opportunities and strategies. There are also.300 20% for clients. It requires an understanding of the whole process. It also means trade execution speeds fell dramatically. “Electronic sales staff aim to engage existing or new clients in some form of electronic trading with the bank. a wide range of technology positions around the development of e-trading platforms. They run Prop. 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. along Art12 Compliance with the cost of transactions. just not so many humansSales.com/students *Change measured as percentage increase on 2008 figure. which we cover in our IT in finance section on page 64. and is often complementary to voice business. it allows a greater volume of trades. whereas electronic sales will be more focused on the macro trends in market structure and trading technology. of course. head of EMEA algorithmic execution for Bank of America Merrill Lynch. T of the bank’s e-trading products and facilitating a customer’s decision on which is the best one to suit their needs. and the opportunities for advancement are great. 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. improving market liquidity. greater volumes.How hot Money Kudos Art09 Capital markets investment bankinG FINANCIAL SERVICES EMPLOYERS GETTING IN Opportunities electronic tradinG How hot Money Kudos Opportunities Higher speeds. while also offering a menu Careers in Banking and Finance 2010/11 efinancialcareers. predominantly via multi or single bank platforms. invariably full straight through processing (STP). the US average daily reported trading volume increased from 3 billion shares in 2003 to nearly 10 billion in 2009.” “It’s a rapidly expanding area. Source: Options Group Intelligence Unit. market structure professionals analyse upcoming regulatory changes and macro trends and their potential effect on the trading environment.” says Brian Schwieger. 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. Opportunities Brian Schwieger Head of EMEA algorithmic execution. . The use of transparency in algorithms – computer systems that decide on ment price. Banks also hire for pure sales roles. timing and quantity of an order – also meant that the average trade size fell. such as MATLAB. Firstly. Figures are a global average. head of spot FX at Royal Bank of Scotland. while increasing & Risk Manage.the markets. There are many benefits to this.” says Roger Hawes. from infrastructure and connectivity to more technical issues such as application programme interfaces and price mechanics. One bulge bracket bank tells us it currently employs 30% fewer traders dealing with three times the flow than in 2005. compared to traditional areas of investment banking. Consultants: Consultants are all about keeping clients happy. Art11 Electronic emergence of automation In a nutshell. compared to traditional areas of investment Money Art13 Operations banking.” he adds. How a It’s hot rapidly expanding area. 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. 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. Market structure: This is a research-led role.

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while in the US the Securities and Exchange Commission (SEC) is the financial watchdog. as Broking Switzerland 97-132 well as with the evolving products and UK 81-103 services the firm provides. 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. the Securities and Futures Commission regulates Hong Kong. the Supervisors (CEBS) and the Committee of European Insurance and Occupational Pension Supervisors (Ceiops). you’re likely to be ‘rotated’ around different areas of the risk function. 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. regulators across the world have increasingly been baring their teeth time of writing. “Overall. equities or derivatives. stocks. Sales and trading compliance pros are often product specialists – for example. Should certain staff be placed on ‘stop and watch’ lists. Art14 Fund and.” 7-12 yrs 98-122 57-86 105-158 103-125 12+ yrs 98-184 107-200 158-344 133-162 Source: Robert Walters. Also known as ‘systemic risk’. it is a very challenging environment. Careers in Banking and Finance 2010/11 efinancialcareers. European firms are Art15 Alternative also regulated by the Committee for European Securities Regulation Investments Committee of European Banking (CESR). 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. Goldman Sachs Money Kudos Opportunities How hot Money Kudos Opportunities How hot Money Kudos Opportunities 38 In the wake of the financial crisis. Credit risk: The risk that a particular company or an individual will default on their obligation to repay their debts. If you join an investment bank as a graduate trainee. Monitoring and surveillance: Scrutinising specific behaviour and transactions that might indicate fraudulent activity. As well as individual country watchdogs.com/students . I Roles and career paths Risk management in investment banks is divided into different areas. Operational risk: The risk that a bank will incur damage or losses due to internal factors such as systems breakdown or financial wrongdoing. compliance.How hot Money Kudos GETTING IN Art10 Sales. the compliance teams are there to ensure banks work in line with the regulations imposed in the country in which they’re operating. the soon-to-be regulator is the Bank of England. such as insider dealing or manipulation of markets across the exchanges. Seung Earm How hot Executive director. if you cannot develop a rapport Opportunities with the people you are speaking to.g. While risk managers try to stop a bank’s employees indulging in behaviour that might lead to big losses. such as rising oil prices or terrorist activity. 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. In the UK.” says Mike Newby.investment bank has had to off billions over the past two ment writethe focus onof dollarsprudent investment years. they might specialise in bonds. Control room compliance: Centralised tasks such as maintaining the bank’s restricted list and checking for abnormal dealing activity. “We need to be France 61-110 flexible and keep Art16 Interdealerup with the everSingapore 29-43 changing regulatory environment. In Asia. a more strategy has never been greater. at thecoordination on were best seeking international how Management to reform financial services regulation. Art13 Operations Kudos Even if you know one skill set or product. Compliance roles in investment banks can also be divided into various categories. it’s the control room compliance team who ensure their activity is monitored. Anti-money laundering (AML): Stopping money laundering (where the financial proceeds of illegal activities are given the appearance of being legitimate). that is going to be a huge challenge. As just about every & Risk Manage. bonds or commodities) fall in value simultaneously because of outside events.

Creativity. We have a tradition of doing things differently here.com Careers in Corporate & Investment Banking . pursuing our own ideas and working collaboratively to achieve exceptional results for our clients. then find out where you could fit in at BNP Paribas.bnpparibas. If you’re interested in joining an international team and launching an exciting career in the fast-moving financial markets. Our strong risk management and financial stability have enabled us to continue growing – and to help our clients grow – even in the most challenging of times. www. entrepreneurialism and a relentless focus on our clients’ goals have allowed us to grow into a leading European bank with a strong global presence. BNP Paribas Corporate & Investment Banking is an innovative provider of sophisticated financial and strategic solutions to large companies and financial institutions around the world.AMBITIOUS When you think of ambition do you think of using your talents to rise to new heights in the fast-moving global markets? We do. Now we are in a position to pursue bold strategies for expansion around the world.graduates.

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sales. There are always new ideas coming up. In a short space of time. and design new measures to keep up with the changing perceptions on trading. Working in a niche market that is developing constantly meant the learning curve would be steep and the areas of contribution would be significant. having the initiative and the ability to follow through can get you anywhere. we ensure that the bank’s market risk exposures are correctly reflected and do not exceed the limits allocated. and left Columbia University with a master’s degree in 2008. Challenging market conditions required the team to revisit existing market risk models. but I would say there was never a better time to join. “ 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. finance or some other business discipline. the typical person would have received some academic training in law. In Asia. What’s the best part of the job? There are many opportunities to make your mark in this area. “By its nature compliance involves a lot of interaction with different areas – not just internal managers.“ Get the latest graduate and internship programme news. this means high-earning market risk specialists. In compliance. At the same time. changes in trading strategies and regulations require the market risk department to evolve constantly to stay on top of the game.com/students 41 . At the same time. She joined DBS Bank the same year. efinancialcareers. in particular derivatives trading. There are many opportunities to make your mark in this area. What do you think makes you good at your job? It is good to be inquisitive and take the initiative. 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. which was caught in the eye of the storm. new rules to follow. and regulatory and enforcement. market risk management is still considered a new and developing area. I had the chance to change the value-at-risk model used by the bank. How did you end up in your current position? I joined the team in September 2008. The job is never dull. auditing. You can learn many things by being curious. traders and so on but also people externally.GETTING IN Pay and bonuses investment bankinG FINANCIAL SERVICES EMPLOYERS The heightened focus on risk and compliance means many teams are expanding. but this hasn’t really translated into higher salaries. There are always new ideas coming up. I was assigned to monitor traded credit risk. It is never dull.” says Seung Earm. Skills sought Perhaps slightly surprisingly. sales and trading compliance professionals who specialise in the latest hot product can expect the biggest pay packages. better solutions to be found. “Even if you know one skill set or product. executive director of compliance at Goldman Sachs. consulting.com/students Ong Bi Hui Market risk controller. such as regulators. new rules to follow. a few days after Lehman Brothers filed for bankruptcy. On the risk side. one of the key attributes banks look for in their risk and compliance recruits is good communication skills and an ability to build relationships.” adds Mike Newby at Morgan Stanley. better solutions to be found. DBS Bank Ong Bi Hui graduated from the National University of Singapore in 2007 with a bachelor’s degree in applied mathematics. Careers in Banking and Finance 2010/11 efinancialcareers. What does your job involve? As market risk controllers. 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. This was the point where market risk infrastructures were put to the test. that is going to be a huge challenge. The risks have to be managed so that the bank is not caught off-guard by sudden or large movements in the market. Risk managers and compliance officers who work alongside salespeople and traders typically earn the most. if you cannot develop a rapport with the people you are speaking to.” “For entry level.

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. David Bromley Money Director and chief operating officer. 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. Opportunities Working in operations requires a diverse range of skills from project. The main business of operations is clearing and settling trades.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. accounting (finance) and risk management (which we cover in other pages of this book). How hot Money Kudos Opportunities How hot Money Kudos Opportunities 42 smoothly and the bank gets paid. or sales and trading. Clearing specialists spend most of their time dealing with these exceptions and trying to work out what went wrong. Unlike the people in the front office. they’re talking about functions like IT. ‘middle office’. And when people talk about the back office. which would require a proportion of those to be cleared through central counterparty clearing houses in a bid to increase transparency in the industry. Every now and then automatic clearing systems break down in a so-called ‘exception’. ‘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. Kudos global business services. they’re talking about the ‘sexy’ areas of investment banking – mergers and acquisitions. If you work as an exception manager on a settlement desk. In particular. 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. Deutsche Bank. people Art14 Fund operations don’t liaise with working in customers to Management generate revenues and profits for the bank. However. simple trades are cleared automatically through huge electronic systems such as the Brussels-based Euroclear. The US — 120-185 world of global financial markets is 12+ yrs 86-148 104-194 115-204 111+ 185-300 Source: Robert Walters. Moves are being made to automate the clearing and settlements process in the OTC derivatives market. demanding and competitive. the huge US$320 trillion daily turnover in the Over-The-Counter (OTC) derivatives market still relies heavily on a lot of manual processing. and this is creating problems.com/students . Asia-Pacific Opportunities Art15 Alternative Operations professionals support people in Investments to make sure everything works the front office Instead. and ‘back office’. 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. 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$2. When people talk about the middle office. Clearing trades involves making sure that the records one bank has kept of the sale of a financial security match those of the bank or organisation it sold the security to. pretty soon you’ll undoubtedly hear the terms ‘front office’. Settlements manager base salary (US$k) “The investment banking operations Country 5-7 yrs 7-12 yrs (IBO) support function provides France 43-74 62-123 transactional support.” says David Bromley. Art13 Operations When people talk about the front office. I fast. At the time of writing. moves were being made to regulate the OTC derivatives market. but until this happens people are needed to fill in and fax through the documentation. and the operations division plays an increasingly important role supporting business growth and being a key differentiator for client service. business and people management through to technological capability How hot and client service. In most cases. the division is a support function. Roles and career paths As a junior working in clearing and settlements. director and chief operating officer of global business services at Deutsche Bank. they’re talking about operations. Careers in Banking and Finance 2010/11 efinancialcareers. your job will mostly involve intervening when computer systems fail. Asia-Pacific. there are some areas of the market where clearing still isn’t automated. for example.

but there will also often be things that are more unpredictable. You have to manage a high degree of risk. supporting sales traders. She joined Goldman Sachs in September of the same year. “Working in operations requires a diverse range of skills from project. confirming the detail of the transaction and then getting it out of the door and managing the trade. I’ll normally get in at 8. regulatory knowledge and client service. “The back office and middle office are the cogs right at the heart of the wheel. control. 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. because you are working closely with traders and they are relying on you. 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. this morning I’ve also been learning about a new product and have gone through all the trades for it. because you are working closely with traders and they are relying on you. In a role where accuracy and consistency are key.” says Bromley. interpersonal and time management skills. for example. global head of equity middle office at Citi. I tend to finish at around 6pm but some days you will work later or leave earlier. We also handle a lot of the risk. Good communications skills are also important. technological capability. So they execute a trade.” Find out which sectors are still hiring. Talk us through an average day. efinancialcareers.GETTING IN investment bankinG FINANCIAL SERVICES EMPLOYERS As you work your way up the operations hierarchy you will progress to more strategic roles. We are responsible for taking information. Careers in Banking and Finance 2010/11 efinancialcareers. On the plus side. There are certain things that have to be done each day. people in the operations divisions will never receive bonuses as substantial as those enjoyed by their colleagues in the front office. Pay and bonuses Since it’s not revenue generating.” says Steve Morgan. You need good people management skills and you need to be able to work well as part of a team. Skills sought When filling operations roles.30am. Goldman Sachs Ginny graduated with a degree in business administration from Bath University in 2008. “It is not just about speaking to people. I’ll normally be settling trades throughout the day but. It is exciting.com/students Ginny Clayton Analyst. at which point I catch up on what has been handed over from other regions overnight. and it can be challenging. Any bad parts? Because you are coming into an environment that is very data-heavy you do have to be accurate and conscientious. 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. Some people would say that operations is the less exciting area of investment banking. operations. You have to manage a high degree of risk. I’ll be liaising with clients. and we deal with it afterwards. and disseminating it across many different platforms. processing it. depending on what trades are being done. There is never much time for switching off. attention to detail is also a must. You will also be involved in different projects and be working with different people all the time. and it can be challenging. What are the main elements of your job? I work on the sales side. 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. Presumably you wouldn’t agree? It is exciting.com/students 43 . looking at issues such as how to streamline the exceptions process or which functions should be moved offshore. it is about building relationships and earning respect. banks look for a combination of problem-solving.

However. By comparison. visiting companies to assess their investment potential. People in investment roles are usually either analysts – who scrutinise the best companies and products in which to invest – or portfolio managers. Allianz Global Investors 4. and science. correct as of 31 December 09. Pension fund trustees (who are often not finance professionals) use investment consultants to help them choose which fund manager to put their money with. PIMCO* 8. 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. Asset allocation professionals advise clients on whether to invest in equities. the Dow Jones Industrial Average in the US and the Hang Seng Index in Hong Kong. It’s all about selling a fund manager’s services to clients. fixed income or alternatives. Douglas Eu Opportunities How hot CEO. there’s also a whole range of middle-office jobs in fund management in areas such as compliance. product development and client servicing. passive management. the higher paying roles are in investment and distribution.P Morgan . Amundi Group 9.5 937. 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.243. Simply generating returns that match the market is known as ‘generating beta’. As in investment banking. Vanguard Group 5. as do Mercer. Most graduates starting out in a fund management firm begin life as a research analyst.053. Broadly speaking. Hewitt Associates and Aon Consulting.6 Art18 Corporate Roles and career paths Banking in fund management fall into two Jobs broad categories. BNY Mellon 7.817. 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. Asia. This involves working with the portfolio managers. .7 808. there are two key areas – asset allocation and fund selection. marketing. who have the final responsibility for investment decisions on a range of funds across their area of expertise. Investment roles: These roles are all about investing the money managed by the asset management firm. Most of these jobs are focused on winning new business or maintaining existing relationships. It remains a key player. BlackRock 2. operations and risk management. be it equities. Distribution roles: Distribution covers roles such as sales. Active fund managers have to use their skill to beat the market average.com/students The investment consulting industry has been shaken up over the last year or so. then writing reports for pension funds on the firms’ strengths and weaknesses.9 1. Goldman Sachs Country US/UK US/UK Germany US/Belgium US/UK US/UK US/Germany/UK France France US/UK Total 2.5 842. or index tracking.421. Art13 Operations of investing for the long term Opportunities How hot Money Kudos Opportunities How hot Money Kudos Opportunities t a basic level. If you want to work in investment consulting. 6. How hot Money Kudos Opportunities 44 Careers in Banking and Finance 2010/11 efinancialcareers. Fund selectors spend their days analysing fund managers and questioning them about the nature of their investment strategy.7 1. bonds or other financial products.2 639. and sifting through buy and sell information and company reports. you could say fund management is all about investing other people’s money. Source: IPE International Publishers. Hymans Robertson. analytical skills and passion is key art. fund managers (also known as asset managers) fall into two camps: active fund managers and passive fund managers. A It’s like being a student taking Money a test every single day. Eurostoxx 50 in the eurozone. BNP Paribas Investment Partners 10.5 1.607. and the Art16 Interdealer grade is published every day Broking Kudos in the newspaper.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. and often take bigger risks with their investments for better rewards. State Street Global Investors 3. J.2 1.8 633. Top 10 asset managers by global assets (US$bn) Company 1. most notably by the merger between Watson Wyatt and Towers Perrin to create Towers Watson.

962757).7bn3 Henderson’s strength lies in its diversity – the assets we manage and the clients we invest for across the globe.henderson. Henderson Fund Management plc (reg. Henderson Investment Funds Limited (reg. our values and our corporate strength Global is our reach. Telephone calls may be recorded and monitored. 3 Source: Henderson Global Investors. Henderson Equity Partners Limited (reg. 906355). We will support you to obtain the qualifications you need to progress your career.Graduate Investment Management Opportunities smartest Our investment is you Henderson carries our heritage. Assets under management at 30 March 2010. find out more today at www. equity. Market capitalisation at 31 December 2009. London EC2M 3AE and authorised and regulated by the Financial Services Authority) provide investment products and services. 2678531). 1795354). no. 2607112). 2 Source: Henderson Global Investors. At Henderson. Henderson Global Investors is the name under which Henderson Global Investors Limited (reg. the US and Asia-Pacific • Listed on the London Stock Exchange and the Australia Securities Exchange with a market capitalisation of US$1.com/graduates 1 Source: Henderson Global Investors.3 billion of assets under management2 • Approximately 930 employees in Europe. no. founded in 1934 • 234 investment professionals with an average of 14 years’ investment experience1 • Operating globally and investing in core asset classes. We select people with exceptional talent and entrepreneurial minds. no. Henderson Investment Management Limited (reg. Number of employees at 31 May 2010. If you are passionate about investment and aspire to work for one of Europe’s largest investment managers. HGI42240/0710 . no. you will be recognised for your achievements. fixed income and alternatives • £60. no. no. outlook and our future Investors are our focus and investing is our specialisation • One of Europe’s largest independent investment managers. Henderson Alternative Investment Advisor Limited (reg. 2606646) (each incorporated and registered in England and Wales with registered office at 201 Bishopsgate. Come to Henderson and discover a breadth and quality of experience that’s hard to find elsewhere.

Quite the opposite in fact. We were one of the first investment management firms awarded the national 'Investors in People' standard.com . Do you understand what we’re saying? To find out more and to apply please visit bailliegifford. 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. we’ll keep it simple because we want to attract the best graduates from any degree background. gobbledygook.BALDERDASH. This speaks volumes about the quality of our graduate training programme.

senior salaries come in at US$136k+. good communication skills are vital. generic research skills.” And again. however. 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. Beata joined BlackRock in the autumn of 2008. pay is under scrutiny. I also provide a steady stream of research. In the US – home of the world’s largest asset management industry – senior fund managers can bring in base pay of US$175-250k. Beata Harasim Analyst.GETTING IN Pay and bonuses INVESTMENT BANKING Financial services EMPLOYERS Much like other areas of financial services. You are managing somebody’s money as a fiduciary. fixed income. Asia at Allianz Global Investors Asia-Pacific. which are often demonstrated in more humanities-based rather than mathematical and financial degrees are highly desirable in fund management. HR director at Baillie Gifford. Sovereigns and Currencies Investment Team.” says Richard Barry. according to the Robert Walters salary survey. Traditionally.” says Paul Deane-Williams. This translates into daily monitoring of trade positions across our portfolios and adjusting them as necessary. Being at the very centre of markets and actively participating in the investment process is definitely the most appealing part of this job. but you are always working.com/students 47 . Now. BlackRock After completing an MA in finance and banking at Warsaw School of Economics. Every day portfolio managers need to make sure client assets are correctly positioned for the expected environment. working within the Fundamental Fixed Income Portfolio Management Group and with a focus on currencies and CEE rates markets. I strive for continuous improvement in my work and am also building up my professional qualifications by undertaking the CFA and CAIA programmes. according to Robert Walters. broker analysis and performance indicators obviously means a decent level of numeracy is important. Junior investment analysts can bring in US$60-95k. The information acquired during the trip combined with a proprietary macro view enabled me to produce recommendations which will hopefully enable our clients to profit from the future price action. bonuses would have been based on individual performance and could be many multiples of base salary.” What attributes help you get a foot in the door? “Getting to grips with annual reports. It’s like being a student taking a test every single day and the grade is published every day in the newspaper. What was the appeal of fixed income? I have always been fascinated by the complexity of global financial markets. means I’m naturally enthusiastic about everything I do. senior consultant at Towers Watson. company balance sheets. Any downsides? It really is difficult to find any downsides. “That said. What have you been working on today? As a part of my research.” says Douglas Eu. and can be deferred over a number of years. according to figures from recruiters Michael Page. She works as an analyst in the company’s European Rates. which enables portfolio managers to have the edge when making investment decisions. 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. you’ll need to be passionate about investing and an expert at filtering large quantities of data. especially fixed income. “You have days off. Careers in Banking and Finance 2010/11 efinancialcareers. “You might be speaking to a roomful of brilliantly intelligent bankers. trustees or lay people and you’ll need to be able to participate in discussions about complex financial situations while ensuring clients fully understand. Work in asset management offers a balance between an enviable professional career and private life. CEO. bonuses are being more closely aligned to company performance. You are never really on vacation because you have a lot of responsibility. Experienced portfolio managers in the UK earn up to US$220k. Skills sought To be a fund manager. or asset managers. I also believe my passion for the markets. I recently went to Budapest to broaden my insight regarding the current macroeconomic environment in Hungary. An analyst/AVP should expect US$80-110k. “It’s an incredibly stressful job. and find the fixed income market particularly appealing because of its close connection to macroeconomic fundamentals as well as its sheer size and depth. What does your job involve? I have a very broad set of responsibilities ranging from portfolio construction to trade idea generation. In Singapore.

In private equity. usually firm partners. Careers in Banking and Finance 2010/11 efinancialcareers. the largest player in the hedge fund world is J. We also generally look for evidence of good collaborative working. So how can you stand out? “The common element to our three graduate recruitment programmes – technology. 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. but with more experienced candidates who find themselves in the market due to the turmoil of the last couple of years. bonds or cash. we’re going to look at hedge funds and private equity. Analysts markets Banking and financial products the hedge fund invests in. hedge funds recruit few graduates.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 Timothy Mahapatra. How hot Timothy Mahapatra Key players Globally. head of talent and development at Man Group. You can then move into the role of principal. “In today’s market. but the pay on offer is certainly not to be sniffed at. sales and marketing liaise with investors and persuade them to put money into the fund.” adds Mahapatra. looking for possible Associate (2-4 yrs exp) 135 300 investment targets. Brevan Management Howard Asset Management and Soros Fund Management make up the remainder of the top five. It’s made with a view to earning interest or dividends. Art18 Corporate look at the companies. Hedge fund managers also invest in stocks or bonds. or because the Art15 Alternative value of the investment is expected to rise over Investments time.P Morgan. which invest larger sums in more established companies. TPG. CVC Capital Partners. Skills sought Traditionally. Paulson & Co. start as an analyst. and trading.pursuing and sorting out At the top are Associate 100 208 Custody originators. however. A Pay and bonuses Hedge fund managers can bring in large sums of money – the highest earner in 2009 made US$4bn. graduates are competing not only amongst themselves. “You will be stretched both intellectually and in terms of your propensity to work. which is based around the profits made when a fund’s investments are sold. In a private equity fund you’ll probably Grade Base Salary Total comp. traders act on the analysts’ Hedge fund pay (fund with US$500m-$3bn in AUM) (US$k) recommendations and place trades.” says Jo Carter. according to Absolute Return + Alpha. Kohlberg Kravis Roberts and Blackstone Group dominate. but while traditional fund managers do so in the hope that prices rise. appraising Private equity pay (fund with US$750m-$2bn assets) (US$k) whether a deal is worth Grade Base Salary Total comp. according to Alpha .com/students . You’ll need to be entrepreneurial and have good ‘soft skills’. hedge funds use strategies to make money even if they fall. but is a less data-heavy role than working in a hedge fund. Head of corporate finance. Bridgewater Associates. according to Private Equity Intelligence. For the purposes of this article. Such lofty sums are not available to more junior staff. Carlyle Group. Source: Glocap Search. Art17 Wealth magazine. head of corporate finance at Deloitte. Senior private equity professionals also earn ‘carried interest’. com. In private equity. Alternative investments cover a broader range – from wine to art and real estate. Private equity demands a flawless academic record. sales and marketing. These can vary from Broking ‘seeding’ smaller firms to buyout funds. 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. 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. entrepreneurial flair and an impeccable academic record. You will be stretched both intellectually and in terms of your propensity to work. but an increasing number of firms are rolling out dedicated programmes to employ juniors. who Senior associate 160 317 oversee and source deals. a strong sense of integrity. quantitative and business streams – is that they all require good numerical and team-working skills. Art19 Globallegal issues. it’s even tougher to get in at a junior level.

Changing the nature of investment Grow your career with the global leader in alternative investments. Graduate and Postgraduate opportunities in London. Undergraduate.com . Oxford and Switzerland Full details of all our schemes can be found on our website www.mancareers.

the higher the salary. so if you’re not a people person. trading cash or equity products in large volumes at Art20 Dataprice. the right Providers & Brokers usually specialise in a particular product. according to IDB headhunter Search Partners. But IDBs make most of their cash through taking a percentage of the money they bring in for the company. they’ll often take their business with them. “and you’re still expected to be at your desk at 7am the following morning. In return. broker. according to analysis by Celent. it Art17 takes a small percentage as commission. desk manager. before the client’s competitors. Because IDBs get paid whenever people trade. Voice brokers speak with clients on the telephone. Broking acts as an intermediary between An IDB dealers at investment banks. Brokers need to be able to react quickly to find solutions to individual clients’ needs. Electronic brokers use computer screens to check client needs and execute deals. Our business is more about swift execution – ensuring we can trade our clients’ positions fast. the IDB will execute the deal. Electronic broking is all about speed. such is the bond between broker and client that. but a strong performance during the financial crisis has thrust this fairly mysterious sector into Art16 Interdealer the limelight. part of the Kudos Banking particularly at the early stages of your career. I options or futures to the various fixed income products. 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. Damien Lee. which typically require more discussion or explanation. they make money whether the market is rising or falling. if a successful broker leaves for a competitor. which can Rating Agencies range from anything from Careers in Banking and Finance 2010/11 efinancialcareers. This can be anything from 35% to 50%. particularly at the early stages of your career.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. with the more confident brokers pushing for a bigger cut and smaller base. 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 involves a lot of client entertainment. If the trader is happy with what the IDB has to offer. The spread between base salaries for senior brokers is large – US$120-220k – the general rule being that the more complex the product.” Obviously. traders take a position and therefore potentially a risk.” says Mark Scally. particularly in Management volatile markets. “The ability to develop strong client relationships is a key part of the job. The career path is straightforward – junior broker. They check prices and availability with an IDB. Skills sought Interdealer broking is all about relationships. and execute trades around more complex products. “On the trading floor of an investment bank. How hot The ability to develop strong client Money relationships is a keyArt18 Corporate job. head of HR at Tullett Prebon. While the hours of a broker are reasonable – typically 7am to 5pm – a lot of your evenings are taken up wining and dining clients. BGC . too.” says Scally. enabling banks’ traders to do large deals with one another anonymously. Wealth which can be very lucrative. High levels of price volatility in the stock markets are actually beneficial to them. don’t bother applying. assume a trader wants to buy two million shares in Company A at 50p each. director. For example. 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. These firms are ICAP Tullett Prebon. In fact. says a junior broker can spend three or four nights a week entertaining. GFI. head of division.com/students . Tullett Prebon Key players Five big firms dominate 70% of the market. you have to keep clients sweet on a more professional basis. Pay and bonuses Starting salaries range between US$40k and US$50k. Opportunities Mark Scally How hot Money Kudos Opportunities Head of HR. managing director of Search Partners. and Tradition.

you’re going to go places that even we’ve never thought of yet. Business Services.4 trillion worth of transactions every single day.com/careers Tom Sheridan Voice Broker. New York ©ICAP plc 2010. internship and placement opportunities in Broking. outgoing. ICAP is the world’s premier interdealer broker. .icap. You’re an incredibly bright individual with a personality to match. Careers in global financial markets www. Post Trade Risk Services. entrepreneurial and meritocratic. confident and ambitious. executing more than USD $1. We connect buyers and sellers in the world’s financial markets. You’re quick-thinking.Here’s the deal. Research and Risk. Human Resources. You approach challenges determined to succeed. We have a range of full-time. ICAP® and other service marks and logos are service marks of ICAP plc and/or one of its group of companies. We offer prospects. Entities within the ICAP group are registered as applicable. And we both know that with the right training. global. All rights reserved. We’re fast-moving. exposure and recognition. Accounting.

help clients to develop a strategy for charitable giving. HSBC Private Bank 6. offer The clients of private wealth managers can be anyone from company chief executives to property tycoons.” says Katie Lin. 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. investment specialists are brought in to put a more detailed solution together. 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. footballers. Meanwhile. Kate Turner Opportunities Money Head of private banking. This can involve a lot of travelling and close contact with interesting. chief wealth management officer at Axa Hong Kong. private wealth managers help very rich people to manage their money in private. but many deal only with clients whose financial assets (so not their houses or yachts) alone are worth more than Art19 Global US$30m.com/students . They also stocks (hence the Bankingadvice on the best products to invest in. US banks such as Citi. making the first move can be challenging. as few brokerage firms offer graduate training courses. Coutts Kudos If Data Art20 you work as a private banker. building money for existing Roles and career paths income. and advise them on bequeathing their wealth to the next generation. their background and their family – you have to understand what How hot makes them tick. Barclays Wealth AUM 1. investment bankers. 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. figures as at H1 2009. equities. J. Private banks typically look for clients with at least US$1m to invest. Goldman Sachs and Morgan Stanley hire graduates onto their wealth management or broker training programmes. Morgan Stanley-Smith Barney 4. You have to be interested in clients. pop stars or members of privately run family businesses.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. A Custody Opportunities You need to be able to build long-term relationships. Bank of America Merrill Lynch 2. 9. They also offer tax and pensions advice. How hot Money Kudos Opportunities 52 relationships. but needs their permission before making a move. private client brokers come in two kinds: those working on discretionary mandates.420 656 345 335 265 258 240 222 Source: Private Banker International. far away from the prying eyes of the gossip columnists Art17 Wealth and paparazzi. particularly equities or Art18 Corporate term “stockbroker”). unusual and demanding people. When a relationship manager has established a client’s needs. Private client brokers: Help clients to buy and sell financial products. Those on the relationship side are effectively salespeople who spend their time cultivating links with clients and selling the bank’s services. Credit Suisse 5.P Morgan . you can expect Providers & to perform one of three broad categories of job: investing Rating Agencies clients. structured products of any kind. or managing backoffice functions such as human resources or accounting. “Sometimes you might have five relationship managers all vying to manage the money of one single high-net-worth individual. and those working on advisory mandates. However. UBS 3. so relationship building is pivotal. BNP Paribas/Fortis 8. in which wealthy clients communicate their general investment strategy and the broker buys and sells the financial products they think appropriate.526 1.824 1. Key players by global assets under management (US$bn) Company 1. or investments in the private equity and hedge fund sectors. They are typically their in product Finance specialists who are expert in a particular asset class. Junior brokers are most likely to work on advisory mandates. where the broker advises the client what to invest in. such as fixed Careers in Banking and Finance 2010/11 efinancialcareers. Citigroup 7. Deutsche Bank 10.

Hong Kong and Johannesburg. Switzerland. The chance to obtain the CFA™ and.com/CIBF Barclays Wealth is the wealth management division of Barclays and operates through Barclays Bank PLC and its subsidiaries. Barclays Bank PLC is registered in England and authorised and regulated by the Financial Services Authority. the international experience you can gain through our overseas placements. To find out more and apply online. and we’re currently recruiting in the UK. Registered No: 1026167. As a graduate there are plenty of great reasons to choose a career with us. Singapore. . Africa. London E14 5HP. WHAT’S IT TO YOU? Meeting the complex wealth management needs of high net worth.STRUCTURED TRAINING. UAE. Asia and the Americas. Italy. Portugal. as an organisation. go to barclayswealthgraduates. Monaco. We have operations spanning Europe. Spain. Registered office: 1 Churchill Place. You see. we have big plans for the future. Our three-year structured training programme for one. the Middle East. India. Our goal is to redefine the entire wealth management sector. and to help us we need graduates who share that same level of ambition. A PROFESSIONAL QUALIFICATION AND UNRIVALLED JOB SATISFACTION WORK. Mumbai. affluent and corporate clients is what we do at Barclays Wealth. But the truth is how much you get out of that career depends on what you’re prepared to put in. and securing our position as one of the world’s leading wealth management businesses is really just the start. We’ll judge you on your ability and nothing else. of course.

It’s this instinct to delve deeper and understand opportunities that little bit better that sets us apart. discover your investment intelligence. you’ll discover a demanding. one of our Analysts. And after further research and probing it helped us to decide not to invest further with them. after a series of meetings with a prospective investment. absorb new ideas and make your own decisions.Graduate & Summer Internship Investment Management opportunities As a leading asset management company. So. authorised and regulated in the UK by the Financial Services Authority. go to www. Issued by FIL Investments International. Was it significant? Or had they just run out of chocolate ones? As it turned out. THE WORLD’S INVESTMENT SPECIALIST . at Fidelity we encourage graduates to focus on the details that might provide valuable investment insights. For example. To find out more. noticed the usual chocolate biscuits had been replaced by plain ones. Join us and you’ll enjoy the freedom to think for yourself.jobs/directory Fidelity is an equal opportunities employer and is committed to a policy of treating all its employees and job applicants equally. Operations. Sales and Marketing or Human Resources. We saw the plain truth. whether you’re interested in Investment. So.fidelityinternational. stimulating and highly rewarding career. it was a sign that the company had financial difficulty.

and it’s about managing their relationship with the bank. according to the Robert Walters 2010 survey. say. according to Robert Walters. not just from the finance sector. Credit Suisse. “They need to know how to read the market. and there is a strong focus on development opportunities there. What do you like most about your job? Building contact networks is something you have to do. a private client relationship manager can expect to earn US$70-140k base pay after five to seven years’ experience. working as a credit coordinator.” says Katie Lin. their background and family – you have to understand what makes them tick. You have to be interested in them. but you’re not only offering financial advice – they could come to you for help with other things. specialising in finance. good service. the Middle East or the non-resident Indian market. private bankers also need technical expertise to get ahead of the herd. rising to US$140-255k at the senior end. because they will expect regular updates on their portfolio as well as relevant information that will help them make astute investment choices. while an investment advisor can bring in US$35-70k. She also has a bachelor’s degree in commerce. chief wealth management officer at Axa Hong Kong.“ An understanding of different cultures will help. which has been particularly active recruiting wealth managers over the last 18 months. “You can teach people financial skills but what you cannot teach is the ability to build a rapport. then you will be of value to them. “Although a lot of our work is UK-focused. Your network is your net worth. because they know you are the one-stop shop for everything. If you have good relationships with your existing clients. the best part is that you get to meet people from all walks of life. RBC Wealth Management and UBS also run graduate schemes for private bankers. “They need to know what kind of product they are selling. At the senior end. followed by Macquarie Bank in 2006 in a similar role. You need to be able to build long-term relationships. In the fiercely competitive market of wealth management.GETTING IN INVESTMENT BANKING Financial services EMPLOYERS And Barclays Wealth. We also need to build our portfolio as our sales are judged on the amount of funds under our management. Skills sought Private banking is no place for anyone with a taste for gossip. In Singapore. but it can also be very enjoyable. base pay comes in at US$155k+. but a background in economics and law can be useful too. ANZ Private Bank Asia Angeline graduated from Monash University in Australia in 2003 with a master’s degree in business systems. The most obvious way is word of mouth. After that I joined a subsidiary of National Australia Bank in 2005.com/students 55 . risk appetite and financial objectives. What is it like to be a banker for rich people and celebrities? I have a lot of high-net-worth clients. too. What exactly does your job involve? There’s a lot of frontline contact with high-net-worth clients. like finding a reliable accountant or a managing agent for investment properties. ANZ is undergoing an exciting period of growth in the region. Coutts.” Angeline Seah Associate director. You never know when your contacts will come in handy. that will always be helpful. and its competitors in the market. Discretion and an ability to retain and build relationships with incredibly wealthy individuals are absolutely vital. traditionally a hub for wealth management. and was promoted to my current role within six months. She joined ANZ Private Bank in Singapore in 2008.” says Kate Turner. 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. There are different ways we can go about doing that. and these clients have high expectations – they expect fast turnaround. I joined ANZ in Melbourne as a management trainee. You first need to gain their trust to invest that money. a junior relationship manager can expect a base of US$65-85k. and for everything to be at their fingertips. suggests Turner. Kleinwort Benson. If you can provide that extra help. We find many graduates with finance-oriented degrees applying. If you have particular knowledge of. head of private banking at Coutts. another language can be useful. Pay and bonuses In Switzerland. I then moved to Singapore and returned to ANZ there in 2008. I came on board as an assistant manager to a senior private banker. HSBC Private Bank. Careers in Banking and Finance 2010/11 efinancialcareers. We need to understand our client’s needs. and provide the latest financial information to clients. However. they often refer a lot of new leads to you. How did you end up in your current role? After graduating with my master’s.

At its Banking most basic. operations or treasury management (the administration of currencies.8 business development managers. says financial recruiter Morgan McKinley. figures as of 2009. tend to have a better understanding of.5 attempt to bring in new customers. because they work with different industry players. Both involve wining and dining chief executives and finance officers. Corporate bankers target different industries.6 much influence on the deal. according to the banks we spoke to. In Hong Kong. so you have to have good general expertise. 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.7 One banker describes this as “bagJPMorgan Chase 171 carrying” – you’ll be picking up tips Bank of China 153. offering cash management services – such as helping minimise tax paid by overseas subsidiaries – or managing changes in foreign exchange rates.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. which deals with the client’s dayto-day banking needs. London Art20 Data Providers & Rating Agencies Pay and bonuses Graduates usually start on around US$35k. Junior corporate bankers often start out as credit Art21 IT in analysts. Art18 Corporate but it’s not. cash flows and debt). but are also quite technical.deciding whether World‘s largest banks by market capitalisation (US$bn) or not issue You may also Bank Market capitalisation get to accompany senior sales and ICBC 268. Head of corporate and transaction Opportunities banking. There are BNP Paribas 94. But when the company needs to raise more finance. corporate banking can mean arranging loans (a service which itself comes in various forms). Working in corporate banking means you have to manage these changes. alternate chief executive and head of wholesale banking group at Citic Bank International. the whole economy.4 sell products to corporate customers. Kudos Richard Miles relationship managers. plant I It helps to be a bit of a jack-of-all-trades. the relationship management team also provides transaction and structuring advice.9 from senior directors without having Bank of America 149. a relationship manager can earn US$45-110k after four to eight years’ experience. and a senior relationship manager can earn up to US$210k in the UK. 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. HSBC 200. who look after existing clients. assessing company balance and Finance to sheetsloans. 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.” says Nick Huang. BNP Paribas. For instance. Careers in Banking and Finance 2010/11 efinancialcareers. “Corporate bankers. who Citigroup 93.9 relationship staff as they attempt to China Construction Bank 201. or sensitivity to. according to recruiters Robert Walters.com/students . or Source: ICBC. “Every industry is changing. working out Art19 Global case for funding a new power the business Custody or mine.” If you’re not up for a client-facing role. This hovers between US$85k and US$95k for the same level of experience in Ireland. Relationship managers are also assisted by a support team. you also have the option of working in risk/credit assessments or product. mining or utilities companies might be project finance experts. those servicing energy. corporate banking is the broad term applied to the various different banking services offered to large companies – those worth US$25m and above. It may sound simple. and often carve out niche areas of expertise.9 Senior roles in corporate banking Santander 136 Art22 Insurance are more client-focused.

where good ideas get recognised and you can make a real difference.commerzbank.000 employees worldwide.com/career Achieving more together . Ready to be the future of banking? Take the next step. Our Corporates & Markets Graduate Programme offers you the opportunity to join our investment banking team. visit www. Are you looking for an exciting job in the finance industry with challenging career prospects in a dynamic environment? At Commerzbank you can get a head start to your career in an international investment bank which is part of the second-largest bank in Germany with over 61. Right from the start you will be part of the action.Ready for a company that offers more than you’d expect? Apply now for the Corporates & Markets Graduate Programme.

We are committed to our clients.makeitrbs. growing strong relationships and delivering industry leading products and services. Graduates and interns who join us now will have an influence on the strategic decisions we make going forward. With over 30 graduate and intern programmes. Finance and Retail Business Leadership to Technology. Marketing and Sourcing & Vendor Management there’s something for everyone. To achieve the extraordinary. from Global Banking & Markets. Find out more at www.RIGHT PLACE. The place is here.com . whatever their degree discipline or career aspiration. The time is now. GRADUATE & INTERN CAREERS UK. and to seize the opportunities at the heart of an organisation that is poised for transformation. Continental Europe. global strength and is looking to the future with confidence. Asia Pacific and the US RBS has a long history. RIGHT TIME.

Not only will you be required to keep up with developments within various industries and the implications of these on your clients’ risk appetite. I hope. as many roles cover a number of geographical locations. wining and dining. it helps to be a bit of a jack-of-all-trades. especially in terms of understanding many of the products and tools used within the industry.” “Graduates must have good verbal skills. who manage relationships with companies with a turnover of between £25m and £1bn.com/students 59 . How did you get to where you are today? I am now mid-way through my second placement in the Glasgow Corporate Banking Centre. “In terms of specialist products and services. to be analytical and to come to well-constructed conclusions. 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.” says Aubrey Wang. Where do you see yourself in five years’ time? Ideally I’d like to become a global relationship manager. After all. particularly. But equally. within the corporate banking environment. as every day you will be dealing with people of all levels internally within the bank network and. people and communication skills are essential. Every day you will be dealing with people of all levels internally within the bank network and building relationships with customers externally. They focus more on the terms and conditions of the deal that they are working on directly. what’s important is being able to assimilate a lot of information quickly. and the range of customers and products. building and maintaining relationships with customers externally. Emotional intelligence is essential. graduate development manager at HSBC. so you have to have good general expertise. you also have to be a ruthless number cruncher. “They need to be able to get to know people quite quickly and develop relationships. and is now working as a corporate banking analyst. help in this – the corporate team works with a hugely diverse range of companies and industries. they tend to be fairly straight-forward. In the corporate environment. “It is not just about academic qualifications – you have to have character. so you have to be able to deal with that and quickly show you can be of benefit to them. you will be coming up against people who might be quite demanding and time poor. I support and work alongside our corporate banking managers. For the analysis element. “In Hong Kong. while in Taiwan. Banks want to see evidence of this in their graduate recruits. there’s no point in lending money to a firm if they’re going to fail to pay it back.” Deirdre Cloake Corporate banking analyst. for example. “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. of course.” says Richard Miles. perhaps with an international portfolio of customers. The fact that HSBC has a presence in 88 countries will. What makes you good at your job? Having a background in maths has certainly helped me in my role. head of corporate and transaction banking at BNP Paribas in London. senior vice president and head of corporate banking at Fubon Bank (Hong Kong). enthusiasm and a willingness to be proactive and ask questions also goes a long way. Edinburgh. Careers in Banking and Finance 2010/11 efinancialcareers. 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. meeting customers and studying for my diploma in corporate banking. HSBC Deirdre studied financial mathematics at Heriot-Watt University. “Customers are different animals in the various parts of Asia. She joined the HSBC commercial management training programme in October 2009. also means no day is ever the same. having completed my first placement in HSBC’s Yorkshire Centre. it’s more about relationship building – lots of golfing. Time management skills and an ability to prioritise are also vital.” says Gregg Carnaffan.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. graduating last year.” says Carnaffan. But you also need to know – and this is crucial – where your expertise runs out and you need to get someone else involved. A positive attitude. The complexity of the corporate business environment.” 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. What are the three main elements of your job? At the moment the main elements are financial analysis and research. You need to be able to communicate clearly and effectively.

ensuring they’re happy with existing services and – hopefully – selling them others. the role of global custodians is changing dramatically. In Dublin. and a range of complex derivatives. according to the Robert Walters salary survey. you’ll schmooze with fund manager clients. graduates will need to demonstrate softer attributes if they’re to climb the career ladder.058 11. a fund accountant with more than five years’ experience can earn US$60-95k.793 Client-facing roles Art23 Accountingare the most lucrative within global custody. is increasingly important. “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. while a custody associate can bring in US$55-85k. In Singapore. which has now become integral to profitability. mortgage-backed securities.” says Wade McDonald. “You will need to have the skills to administer new and exciting investment products as they enter the market. business analysts.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. but certain roles. State Street 4. fund administration jobs pay US$50-80k at manager/ AVP level. data architects. and corporate actions (keeping track of dividend payments for equities and coupon payments for bonds). head of offshore management at BNY Mellon Asset Servicing. Technology: Custodians spend hundreds of millions of dollars on technology. Citigroup Global Transaction Services 5. Opportunities BNY Mellon Asset Servicing Art21 IT in Finance Roles and career paths How hot Money Kudos Opportunities How hot Money Kudos Opportunities 60 Client: Here. Careers in Banking and Finance 2010/11 efinancialcareers. 1. Firms hire system programmers. including fund accounting. swaps. “But we get people with economics or business degrees and even history. Core functions include fund administration and Art20 Data fund accounting (calculating how much income funds & Providersare making and spending).” says Ross Whitehill. systems Top five global custodians (US$bn) integrators and business process reCompany Assets under custody engineering experts. Calculating corporate actions across multiple funds and asset classes can be complex.P Morgan Worldwide Securities Services .900 14.” You will need to have the skills to How hot administer new and exciting investment Money products as they enter the market. BNY Mellon 3.” While numerical skills are needed to get your head around accounting and valuation models. a head of fund administration is paid US$135k+. such as fund accounting or IT.400 14. This is typically something to aspire to after a few years. Ross Whitehill Kudos Head of offshore management. Skills sought The official line is that there are no favoured degrees for global custodians. Graduates are usually given Art22 Insurance a grounding in all these areas before specialising in one. it is quite likely they are going to go more into the accounting side – finance. A UK can earn US$95-135k. Figures as at 31 March 2010. A senior relationship manager in the Pay and bonuses 2. “If someone has a maths degree. BNP Paribas Securities Services 22. such as exchange-traded funds (ETFs) and hedge funds.800 5. and a firm grasp of maths will help. while corporate actions roles pay US$50-75k at the same level. .” says Whitehill. which has driven the need for sophisticated administration technology. control. will require a pre-existing skills base. In Luxembourg. audit or fund accounting for example – while a computing degree might direct you more into technology. settlements and corporate actions.com/students Source: Company reports. or make a client presentation. with the exception of BNP Paribas Securities Services which is as at 31 December 2009. “But an ability effectively to define and communicate a problem or a strategy. although you should expect to be asked why you chose a career in banking. senior vice president at State Street Global Services. Graduates with mathematical degrees like engineering tend to gravitate towards the core custody functions. Delivery: The roles traditionally associated with global custody. J. settlements (delivering securities Rating Agencies to the buyer and the money to the seller). 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.

Please visit our website www. We aim to recruit high-quality staff with a strong team spirit. we strive for the highest level of competence. . In so doing.eu or register for job alerts via our e-recruitment tool Working for Europe. accountability and integrity. transparency.ecb.Working for Europe We at the European Central Bank are committed to performing all central bank tasks entrusted to us effectively and efficiently.europa.

Head of human resources for EMEA. Thomson Reuters and Bloomberg continue to battle it out for top spot. including data analysis. head of human resources for EMEA at Fitch Ratings. while firms do still want people with good technical skills and a flair for analysis. Data providers supply financial markets and the global media with critical real-time information such as company share prices. SIX-Telekurs and IRESS. “We look for graduates with a strong academic background that includes finance. How hot accounting or economics. Pay and bonuses Graduate trainees within data providers can expect to start on salaries of US$35-40k in London. After five to seven years. accounting or economics.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’. FactSet.” says Andy Jackson. Data providers offer a variety of graduate roles. “In addition to technical skills we also focus on soft skills when hiring. depending on experience and academic background. while the latter has 29. according to Burton-Taylor International Consulting. with the additional possibility of a small bonus. The former has 29. 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. Other significant names include Dow Jones/ Factiva. according to recruitment sources. according to the Robert Walters salary survey. and are now virtually even when it comes to market share. are also sought. T Roles and career paths Rating agencies usually recruit graduates into data analysis jobs. technology. exchange rates. 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. argues Chris Mills. They Finance also provide financial and business news services via a number of media channels. Fitch has a structured graduate programme. Trainees typically start out in research roles in teams focusing on anything from industry sectors to financial products. as well as the capacity to adapt to a matrix organisation.” he says.” How hot Money Kudos Opportunities 62 Careers in Banking and Finance 2010/11 efinancialcareers. with anything less known as ‘speculative grade’. At the time of writing.2%. journalism and business development. Rating agencies typically pay a similar amount at a junior level. But the industry could be set for a shake-up.4% of the market globally. In the data provider space. other “softer” skills.com/students . “Successful applicants usually have a postgraduate qualification and often fluency in a second language. Interactive Data. European human resources director at Interactive Data. Further up the career ladder. if not astronomically. What this means for graduates is that. Organisations Providers & to are rated from AAA (virtuallyC guaranteed pay up on time) through to Rating Agencies risk of default). in the EU at least. with Fitch Ratings coming in a close third. such as an ability to communicate effectively. while Moody’s and Standard & Poor’s recruit according to need. plus the ability to convey a complex message clearly. We look for graduates with a strong academic background that includes finance. credit analysis roles pay well. plus the ability to convey a complex message clearly. salaries come in at US$90-120k in the UK. research and analytics. Moody’s Investor Services and Standard & Poor’s are the top two. Risks are (indicating a high classified as ‘investment grade’ if they come in at BBB or above. and tools and software for tracking Art21 IT in portfolios. Fitch Ratings Opportunities Skills sought The current volatility within the world’s financial markets has led to increased demand for data providers.

com Bloomberg is a proud Equal Opportunity Employer.MOVE THE MARKETS. We have opportunities in Financial Sales. Bloomberg provides information to business leaders around the world. Innovate from the front. no matter what their experience is. ©2009 Bloomberg L. News and many more areas.bloomberg. Bloomberg is the ideal place for you to develop your knowledge and enthusiasm for the financial markets. careers. Join Bloomberg. 34842161 0609 . We foster that passion and encourage growth and development in every way possible. Join the company at the forefront of finance and technology. Software Development. Data Analysis. All rights reserved. Our employees have a passion for excellence.P.

Vendors generally pay less but can provide a good training ground to develop your technical skills. so a thick skin is a must. Generally. financial services firms are expected to spend US$357bn on IT globally. business analysis. Quant Hedge The speed with which a trade is placed can be crucial to its profitability. in the long run. SUMMIT) reducing the amount of time it takes C++ 108 147 both to execute and process a trade. financial services firms have again focused on frontoffice technology. This might sound simple. firms in the financial in sector are among the biggest spenders on IT. or communicating to ensure that trades go through smoothly. retail banks. but it’s not pennies either. processing them through smart-order routing systems. 64 Careers in Banking and Finance 2010/11 efinancialcareers. and everything related to it. As a developer. After a period of shrinking IT budgets and cancelled projects throughout 2008/09. Although some of the job will involve developing new systems in-house. OpenLink or Charles River. VP/Dir. Meanwhile. banks often purchase software from third-party vendors. but glitches could cost banks millions of dollars within minutes. or apply to specialist financial services software vendors such as Fidessa. Try sending your CV to major players such as Sungard or Oracle. liaise with third-party vendors. IT roles tend to fall into four camps – development. The people in technical support solve problems when they arise on the trading floor. project management and technical support. their developers tailoring the software to UK developer salaries in investment banking (US$k) suit the institution’s particular needs Software Analyst/Assoc. or integrating it into existing systems. Project management is a strategic role involving planning. you are at the coalface of the IT department. Not Art21 ITsurprisingly. or have a comparatively rare skill set. multi-million dollar technology projects are crucial to successful operations. It can also. the greater your earning potential. if you possess knowledge of more complex financial products. In 2010. Sophis. there’s the option of working for third-party vendors. which specialise in providing software for a particular sector. Whether it’s a question of buying and selling financial products Art22 Insurance electronically. Finance Investment banks.How hot Money Kudos GETTING IN Art19 Global Custody INVESTMENT BANKING Financial services EMPLOYERS Opportunities it in Finance How hot Money Kudos Opportunities Software. structuring and eventual completion of the projects. brokers and insurance firms all spend billions on 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. Business analysts effectively act as the liaison between the IT department and the company. Pay and bonuses IT pay doesn’t reach the dizzy heights to be found in investment banking. fund managers. and be answerable to the business should plans go awry. and may be as little as microseconds. Victor Lebreton Manager. 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. The really big user of technology is the trading floor. If you don’t want to work for a bank. . And traders aren’t shy when it comes to berating you for their IT gremlins.com/students Source: JM Group (base salaries only). investigating how technology can be used to improve the bank’s competitive advantage. therefore. Excel/Access VBA 100 116 Developers aim for ‘low latency’ or 116 154 3rd party (Murex. because you will be found out. But do not exaggerate your skills. A salary survey by IT headhunter JM Group revealed that a vice president business analyst working on exotic derivatives can earn up to Roles and career paths Within financial services. Fidessa. You’ll have to manage a team of developers. prompting something of a hiring spree in the sector. project managers will take the reins of the new venture once it has been given the go-ahead. according to research from consultancy Celent. T Art23 Accounting afraid to do internships and learn as much as you can. help organisations save money.

meanwhile. as you are always faced with a dynamic. because you will be found out. In my analysis role. product controllers. and those who don’t will come from a maths or physics background.Net is essential. But do not exaggerate your skills. those working on simpler ‘vanilla’ products can get US$135k for the same position.” says Matthew Widders. I am responsible for setting up valuations for new products. An ability to remain calm under pressure is a must. working closely with the development. manager of Paris-based electronic trading firm Quant Hedge. finance. Careers in Banking and Finance 2010/11 efinancialcareers. liaising with developers. according to recruiter Hudson’s 2010 salary survey. A C++ developer with over six years under their belt can earn US$90-155k.and back-office teams. 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. London before joining Credit Suisse’s graduate programme in 2007. This role involved investigating P&L breaks. as you are always faced with a dynamic. fast-paced environment where there is plenty of variety on a daily basis. If you’re seeking a development role.GETTING IN INVESTMENT BANKING Financial services EMPLOYERS US$140k in the UK. Since January 2009 she has been working as a risk management business analyst within the bank’s Equity Derivatives IT (EDIT) team in London. and you’ll have to act as a central coordinator for disparate groups with differing interests. economics and psychology. “Don’t be afraid to do internships and learn as much as you can. experience with programming languages like Java. and gave me the opportunity to meet the traders. global head of rates support/EMEA FI support manager (technology) at Citi. or co-ordinating with managers from mid. equity derivatives IT. 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. support and quality assurance teams to identify and prioritise tasks and ensure timelines are met. Since joining EDIT my role has been primarily as a business analyst/project manager on a strategic flow risk management application. understand the business and manage expectations. C++.” Technical skills will be nurtured. Skills sought The vast majority of successful applicants will have a computer science degree.com/students 65 . “Recent examples have included artificial intelligence. providing first-line support for the flow equity derivatives business in London. What’s the best part of the job? Working in a front-office IT team is very exciting. are essentially management positions for developers. soft skills are key. and the front-to-back implementation. a programme manager with over eight years’ experience can expect US$130k-255k. Even in highly technical roles. that does not necessarily rule you out. Project manager roles. Why did you choose this role? I started off at Credit Suisse in a support role.” says Victor Lebreton. This involves assessing the valuations versus our pricing sheets. You also get to work alongside and learn from highly skilled individuals. “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. “Entry-level positions have become much more competitive over the past two years.” Soft skills are valuable when it comes to business analyst or project management roles. but this is not to say you need to be a whizz kid at entry level. including the testing of the downstream feeds. reconciling valuations and dealing with system issues. 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. In Hong Kong. says Dipen Shah. If you have not done computer studies. market risk and client valuations – to work through issues and come up with solutions. fast-paced environment where there is plenty of variety on a daily basis. Credit Suisse Hazera completed a degree in computer science at King’s College. C# or Microsoft’s .” Hazera Akthar Business analyst. 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. but the learning curve is steep. 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. and there is fast career progression with a high degree of responsibility from day one.

AXA Group “We’d expect graduates to have 3. according to the Bureau of Labor Statistics. be it a shipping firm or a bank. assets and market value. with training usually provided by the employer. however. rising to US$80-150k. 2. “Climate change is a great example. . These models are used by underwriters in their analysis. Specialist senior underwriters can earn up to US$220k. underwriters and financial backers – or syndicates – who come together to spread risk. The industry has four main areas: Insurers: Assess risk and develop products for sale to individuals and corporations. demographics and clients to prepare a quote. Actuarial: Actuaries produce financial models based on the statistical analysis of risk – for example. UK resourcing manager at Zurich Financial Services. G industry for all our schemes. “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.4k. it employs more than 313. sifting stats on industries. Allianz Underwriting: Involves extensive risk analysis.3m jobs. Source: Forbes Global 2000. The top 10% earned more than US$160k. profits.3 trillion in 2008. Lloyds market: Around 80 corporations. according to recruiters Joslin Rowe.” 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. Pay and bonuses Insurance salaries are not massive. HR. In the US the insurance industry provides 2. “What are the risks going forward. Clearly. according to figures from the Association of Art22 Insurance– a third of all financial services British Insurers jobs in the country. mortality projections for life insurance firms.” says Rob Mould. but you can earn decent money. Broking: The salespeople of insurance. 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. 2010 rankings. Munich Re basic understanding of the insurance Country Germany France Switzerland Italy Germany 66 Careers in Banking and Finance 2010/11 efinancialcareers. “It’s all very well having a brain the size of a planet. You’ll need a maths-based degree to get your foot in the door. Re-insurers: Insure the insurers against the risk of significant losses. but that isn’t all. UK graduate resourcing manager at AXA. In the US.” says Paul Roberts. and how can we work with our clients to prepare for them? We’ll usually test graduates’ logic on these issues. rising to US$90k at the top. Newly qualified actuaries earn US$80k in general insurance. Claims: By far the biggest volume Key players of people work within claims divisions. A junior commercial underwriter in the UK earns US$30-40k. You’ll also have to show understanding of how current affairs can affect the industry.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. In the UK (the world’s second largest insurance centre). Insurance brokers: Intermediaries who sell insurance products Art23 Accounting – particularly important in the corporate market. the median annual wage of qualified actuaries was US$84. Allianz detection or claims investigation. Business development roles start at US$30-50k. Generali Group researched us as a firm and have a 5. says Abby Cox.000.com/students Measured by a composite of sales. Company Graduates are likely to start in fraud 1. Abby Cox Roles and career paths Graduate recruitment manager. it’s big business. individuals. It’s also home to 176 broking firms. Few places for graduates. Zurich Financial Services the motivation to show they have 4.” she says. Skills sought It takes five to seven years to qualify as an associate actuary.” Underwriters require good numeracy and communication skills. HR graduate recruitment manager at Allianz. who will attempt to find the right product for a particular client. according to Hays Specialist Recruitment. rising to US$150k after 10 years.

000 colleagues? If so.com/career . Are you the kind of person that would thrive on realizing global projects alongside 13.How could you successfully launch your career? By tackling the biggest challenges in today's world By helping to send satellites into space Through brainstorming with engineers. We develop custom-made solutions for the risks that face people today and those they will encounter tomorrow. visit munichre. To find out what is expected of our graduates on the trainee program and what opportunities we offer. we are looking forward to your application. mathematicians and risk managers By finding new ways to stop the deterioration of the ozone layer All of the above Our strength lies in the combined knowledge of our multi-skilled teams. Our extraordinary breadth of expertise allows us to work on the most complex challenges of the present day – from economic and social concerns and global warming through to the world’s most ambitious engineering projects and space travel.

The best known of these are the Big Four – Deloitte. or forensic accounting (investigating improper practice). 68 Careers in Banking and Finance 2010/11 efinancialcareers. your career will be more limited – 50-60% end up in audit and assurance departments. advising on the business case for everything from technology to outsourcing. several options are open to you. if you start as a graduate trainee in a Big Four accountancy firm. an internal auditor in a large firm in industry or commerce earns US$75-105k. They produce month-end. so do retail banks. private equity firms. Regulatory accountants: Financial controller salaries (large organisation) (US$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. Lyle Andrews Head of graduate recruitment EMEA. KPMG and PricewaterhouseCoopers – but there are plenty of other smaller operations. A You also need to show motivation and enthusiasm. 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. insurance companies and fund managers.” says Lyle Andrews. investment banks hire accountants. providing independent audit services to other companies. Alternatively. Ernst & Young.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. you could work for an accountancy firm. Pay and bonuses Accountants earn more in financial services than in any other sector. reorganisation services (advising on everything from restructuring and insolvency to improving a firm’s performance). hedge funds. which can include corporate finance (see M&A article on page 22). half-yearly Skills sought and annual reports. Companies in all other sectors also need accountants to help them tot up profits and losses and calculate tax liabilities. head of graduate the organisation are complied with. If you want to become one. Product control: Here. Finally. and independently validate that a company’s accounts are correct. Roles and career paths If you choose to work in an investment bank as an accountant. and there’s the potential for lucrative bonuses. As well as audit and assurance. UBS By comparison. Basic salaries are higher. An internal auditor with more than five years’ experience working in banking and financial services in the UK can expect US$110-150k. there are also accountancy opportunities in industry and commerce. accountants keep a close eye on the profits and losses made on products bought and sold on the trading floor. Financial control: Accountants in financial control analyse the bank’s overall performance. a dedication to the industry. “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. By comparison. the first thing to ask yourself is where you want to work. You’ll find a team of bean counters in any large firm. They also run consulting arms. and what kind of accountant you’d like to be. where they handle the accounts of publicly traded companies. They fall into two categories – financial (presenting company figures for external consumption) and management (presenting the figures and their implications internally). Art23 Accounting Within financial services. quarterly. Source: Robert Walters. Big Four firms conduct advisory work.com/students . according to Robert Walters. a hunger to learn and the ability to work well under pressure.

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.com. Our Student Centre focuses on graduate recruitment at major banks and financial firms. giving you the tools and insight you need to stand out. and continue helping you right through your career in finance.com/students . we help you approach the challenge of securing a first internship or graduate role. At eFinancialCareers.efinancialcareers. Invest in your future today by visiting: www.

icmacentre. A MASTERS FROM THE ICMA CENTRE WILL EQUIP YOU WITH BOTH SPECIALIST FINANCE THEORY AND REAL INVESTMENT BANKING By choosing one of our degrees you will benefit from: • A strong practical component and great links with the financial markets • State-of-the-art facilities including our ThomsonReuters equipped dealing rooms • World renowned academics as well as distinguished industry practitioners REGISTER FOR AN OPEN DAY AND GET A FLAVOUR OF WHAT IT’S LIKE ON THE TRADING FLOOR: . March and July Visit www.ac.uk/solution THE BUSINESS SCHOOL FOR FINANCIAL MARKETS .MSc Open Afternoons in November.MASTER THE PRACTICE INVALUABLE IN TODAY’S JOB MARKET. FINANCIAL MARKETS AS EUROPE’S LEADING BUSINESS SCHOOL FOR FINANCIAL MARKETS.BSc Taster Days in October and June .

These are internationally recognised. but there’s also the option of Certified Internal Auditors (CIA). During that time. equivalent to a master’s degree. In France. “What is essential is to be able to demonstrate evidence of what you have achieved and what you can do. Certified Management Accountants (CMA). they look for raw talent. while banks tend to favour Associate of the Institute of Chartered Accountants in England and Wales (ACA) qualified accountants. and we also look closely at how transactions are booked in financial statements. so we get a lot of exposure that you wouldn’t get in a different role in accounting. and don’t expect you to come ready equipped with all the technical skills. Generally. motivation and a real focus to succeed. Most graduates spend the majority of their first two years doing the latter. She joined KPMG in 2007.” Nancy Yim Assistant manager. we are expected to take charge of projects. I have been learning the auditing trade.GETTING IN INVESTMENT BANKING Financial services EMPLOYERS recruitment EMEA at UBS. and Accredited Business Accountants (ABAs). I think it’s quite meaningful. and are pushed to learn new things every year. senior manager of student recruitment at PricewaterhouseCoopers. focusing specifically on companies in the private equity and insurance sectors. We also work with clients from a range of industries. as they provide a clear career path which makes them an attractive proposition. equivalent to a threeyear degree. and learn how to face pressure. I didn’t expect that. we are expected to learn fast.” Don’t worry if you haven’t studied accounting or economics – accounting firms rarely demand a finance-related degree. but as we gain more experience. You need to think about how your experiences can be mapped against your skills. What was the appeal of auditing? It’s an important role in finance. Sometimes we would be continuously working until midnight for a whole week. a hunger to learn and the ability to work well under pressure. Even if you have just spent a summer working in a pizza restaurant.” adds Irwin. there is the DCG (Diplôme de Comptabilité et Gestion). Do you find it daunting to have to speak with your clients’ senior managers? A bit. However.com/students 71 . 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). “You need to have drive. you just have to learn to make the best use of whatever free time that comes your way to unwind. You need an awareness of what you are doing and what needs to come next. but it is just a characteristic of working in a Big Four accountancy firm. I think it’s quite meaningful. We have to communicate with management in order to examine their strategy. Investors rely on us to give a true and valid view of the companies they want to invest in. 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. ”So highlighting the skills you have gained from extra-curricular activities can be a good idea. that can give you great customer relationship skills. especially during the peak financial reporting season.” If you train as an accountant in London. which typically take six years. “But you also need to show motivation and enthusiasm. Finally. which runs from January to April. Does the job differ from your initial expectations? The biggest difference is the long hours. and have been here for three years. 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. qualifications are just the beginning. audit. I applied and was accepted into KPMG. and ensuring they give an accurate picture of financial status. and you just have to live with it. the Certified Public Accountants (CPA) qualification is key. In Germany. In the US. KPMG Nancy graduated from the Chinese University of Hong Kong with a degree in accountancy. looking at different operations. a dedication to the industry.” says Richard Irwin. You just have to stay optimistic. Often. accountants qualify through vocational training with an employer for two or three years or through more complex university studies. but different countries also offer their own options. which could be useful to a career in accountancy. “You need a capacity to learn and develop and to take responsibility for your learning and development. and the DSCG (Diplôme Supérieur de Comptabilité et Gestion). Each year our role changes slightly as we take on new responsibilities. Careers in Banking and Finance 2010/11 efinancialcareers.

Application criteria: Team players with excellent communication and interpersonal skills.barcap. Divisions offering vacancies: UK & Ireland Private Bank and International Private Bank. Divisions offering vacancies: Compliance. both culturally and commercially. Academic excellence is important but strong interpersonal skills. Technology and Trading. it’s in a strong position to become a dominant player in the field. Typical duration of grad programme: 3 years. Investment Banking. Apply via: www. Company snapshot Barclays Wealth. Operations. Human Resources. Please apply as early as possible. Human Resources.bailliegifford. This ownership structure gives us several important advantages over our competitors. We are active managers. Typical duration of grad programme: Comprehensive training programme. Marketing.barcap. Legal.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. Finance. offering strategic advisory. Divisions offering vacancies: Compliance. is a leading global and the UK’s largest wealth manager. Programmes are closed when full. Expected 2. grad hires in 2010/11: 80. fiduciary services and brokerage. so be sure to get your application in early.1. The firm has a unique partnership structure. lasting 3 years. Application criteria: First or 2. Typical duration of internship programme: 8 weeks. Application deadline: 14 November 2010. Sales. intern hires 2010/11: 250. drive and enthusiasm are key.com Graduate programme info Approx. Global Financial Risk Management. It focuses on private and intermediary clients worldwide. grad hires in 2010/11: 300. Divisions offering vacancies: Investment Management. Sales.com/students . Quantitative Analytics. Application deadline: Our deadline for internships is 31 December 2010. Quantitative Analytics. Company snapshot Barclays Capital is the investment banking division of Barclays Bank PLC. Graduate programme info Approx. we’re still growing year on year and continually pursuing excellence in everything we do. Apply via: www. although we do have off-cycle opportunities depending on business need. Corporate Communications. we have the global reach and distribution power to meet the needs of issuers and investors in all the major financial markets. Our distinctive business model has cemented our position as a world leader in the industry.com/CIBF Graduate programme info Approx. financing and risk management solutions to large corporate. It has £153. research-driven approach and we build our portfolios from the bottom up. intern hires 2010/11: 40. Typical duration of internship programme: Most of our internships last for 10-12 weeks over the summer.000 people in offices around the world. Apply via: www.com/CIBF Internship/Stage info Approx. But we’re still relatively young and extremely ambitious. Divisions offering vacancies: UK & Ireland Private Bank and International Private Bank. Structuring. Recruiting from all degree disciplines.bailliegifford. Application deadline: 30 December 2010. Operations. Application deadline: 30 November 2010. Research. intern hires 2010/11: 6. Typical duration of internship programme: 10 weeks (summer only). Global Financial Risk Management. Application deadline: Our deadline for fulltime applications is 15 November 2010. Prime Services. Apply via: barclayswealthgraduates. As one of the first financial organisations to bring all the major wealth management services under one umbrella. Application deadline: 31 January 2011. We have a highly analytical. plan and organise work and set priorities.1. grad hires in 2010/11: 6. Structuring. Application criteria: Penultimate year of study. Legal. part of Barclays Bank. being wholly owned and managed by its 35 working partners.1 degree in any discipline. Prime Services. Application criteria: Minimum degree 2.1 degree in any discipline.5bn total client assets under management (as at 30/06/10). commitment. Research. 7. We recruit on a rolling basis. Apply via: barclayswealthgraduates.com Internship/Stage info Approx. Investment Banking. Candidates must have outstanding attention to detail and be able to multi-task. investment management. Our basic aim is to achieve high returns for our clients and to beat their benchmarks. Technology and Trading. Corporate Communications.com/expectexcellence 72 Careers in Banking and Finance 2010/11 efinancialcareers. providing international and private banking. Application criteria: Minimum degree 2. government and institutional clients.com/expectexcellence Internship/Stage info Approx. Founded just 13 years ago. Marketing. With more than 23. Apply via: www. Application criteria: Candidates must have a real passion for wanting to work in the wealth management industry. Divisions offering vacancies: Investment Management.400 employees. Finance. and operates in over 20 countries. Typical duration of grad programme: One year.

The Bloomberg Professional® Service and Bloomberg’s media services provide real-time and archived financial and market data. Corporate Banking. a second language is desirable but not essential. Commodity Derivatives.com/students 73 . and individuals around the world. rated AA by Standard & Poor’s. IT.com Internship/Stage info Approx. finance. Applicaton Criteria: For long-term internships you must still be in full-time education or have not yet graduated. Divisions offering vacancies: Fixed Income. Bloomberg is truly international. 12 weeks (New York). Corporate & Transaction Banking Europe. Equity & Derivatives.oncampus.bloomberg. intern hires 2010/11: 150. starting late June.1 degree.com Careers in Banking and Finance 2010/11 efinancialcareers. Project Management. engineering and computer science are the most relevant. Structured Finance. news and analytics.com for all the details. Divisions offering vacancies: Investment Banking. IT. Divisions offering vacancies: Various. so please visit www. and the largest bank in the eurozone by deposits. sciences. one of the six strongest banks in the world. grad hires in 2010/11: 500+ entry-level positions located in London. so please visit www. and this is where the majority of graduate opportunities are located. has approximately 200 million customer accounts and does business in more than 140 countries. Divisions offering vacancies: Investment Banking. you must be on course to achieve at least a 2. Summer internships: 10 weeks (London). Typical duration of grad programme: Durations vary according to location and business area. Application deadline: Bloomberg recruits all year round and from any discipline. However maths. Global Transaction Services. you must be in your penultimate year to be eligible to apply. Application criteria: For most roles. We strongly believe in a commitment to responsible growth that benefits clients. Bloomberg’s clients include corporations. technology or an international career is required. Typical duration of grad programme: All graduate positions are full-time permanent positions. pricing. Application deadline: Opportunities will be advertised on the Bloomberg website at the end of 2010/beginning of 2011 for 2-3 weeks. Corporate Banking. Sales & Trading. Application deadline: 7 November 2010.GETTING IN INVESTMENT BANKING FINANCIAL SERVICES employers BLOOMBERG BNP PARIBAS CITI Company snapshot Bloomberg is a leading global provider of data. Operations and Human Resources. News and many more. Software Development. Global Data. economics. A passion for finance. so please visit www. Application deadline: 2 January 2011. Typical duration of internship programme: Durations vary according to location and business area. Graduate programme info Approx. Corporate Finance. news and communications tools in a single.citi. With over 11. our application process does vary according to location and business area. Divisions offering vacancies: Graduate positions include Financial Sales.com Internship/Stage info Approx. colleagues and communities alike.oncampus. Operations and Technology. citi. Apply via: www. financial and legal professionals.citi. Apply via: careers. technology or an international career is required. Operations and Technology. a second language is desirable but not essential. Risk Management. IT. A passion for finance. Application criteria: Minimum 2. Private Bank.oncampus. Private Bank. Project Management. so please visit www. Divisions offering vacancies: Internship positions include Financial Sales. intern hires 2010/11: We recruit 100+ interns into our London office. trading. Company snapshot BNP Paribas Corporate & Investment Banking is a leading European investment bank with global leadership in many of our businesses. The largest offices include New York. Our 200-year heritage is built on a proud pioneering spirit. London and Tokyo. Sales & Trading. Application deadline: Please see website for regional deadlines. Typical duration of grad programme: One year. Application criteria: In such a wide-ranging business.1 degree in any subject. Apply via: www. grad hires in 2010/11: 250. Human Resources.bloomberg. Software Development. For summer internships. Application deadline: Please see website for regional deadlines. Human Resources. our application process varies according to location and business area. Application criteria: For most roles. With over 19. Typical duration of internship programme: Internships last for 10-16 weeks depending on department.oncampus. citi. Apply via: www.000 employees in 53 countries. business.oncampus.bnpparibas. Apply via: www. Typical duration of internship programme: Long-term internship programme: 3-11 months. Please see website for details.com Internship/Stage info Approx.com Graduate programme info Approx. Global Transaction Services.oncampus. Capital Markets Origination. integrated package.000 employees operating in more than 153 countries. and we continue that forward-thinking tradition today.com for all the details. Apply via: careers. grad hires in 2010/11: 300+ globally.citi. Application criteria: In such a wide-ranging business. Global Data.com for all the details.com Graduate programme info Approx. News and many more.graduates. We are part of the BNP Paribas Group. Driven by a desire for entrepreneurship and creativity.citi. the leading global financial services company. Risk Management. we can offer you a truly global career. Company snapshot Citi.com for all the details. Capital Markets Origination. Citi is helping to shape the future of banking. In addition.bnpparibas. however. It is not progress at any price. intern hires 2010/11: 500+.graduates. news organisations.

com 74 Careers in Banking and Finance 2010/11 efinancialcareers. * V. Divisions offering vacancies: n/a.commerzbank. Structured Finance. Risk. The Group is present in 70 countries and has 160.E)* in our expanded international network (Europe. In addition. Brokerage. Asia. Structured Finance. North and South America. grad hires in 2010/11: n/a. Risk. Application criteria: n/a Typical duration of grad programme: n/a. Equity Brokerage and Derivatives. such as Capital Markets. Europe’s third largest and France’s largest bank on the basis of Tier 1 capital (The Banker.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. Typical duration of internship programme: Crédit Agricole Group offers a large range of internships within all our business lines. Application criteria: n/a Typical duration of grad programme: n/a. structured finance. intern hires in 2010/11: n/a. Join the Crédit Agricole Group and play an active part in the development of France’s largest bank. Application criteria: n/a. equities. They must last at least 6 months. Investment Banking.000 new hires in 2010 in France. Company snapshot Crédit Agricole CIB is the Corporate and Investment Banking arm of the Crédit Agricole Group. North and South America. 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. Investment Banking. Application deadline: You can apply for all our internships and placement opportunities on our website.g. economics or mathematics. Corporate and Investment Banking and Asset Management.com Internship/Stage info Approx. Risk. Application deadline: n/a. Audit. Divisions offering vacancies: We are recruiting graduates for various business areas. Audit and Finance. achieving a 2. Brokerage. Approx. Apply via: www. Company snapshot Over the years. investment banking.com/career Graduate programme info Approx.jobs Graduate programme info Approx. Apply via: n/a. Apply via: www. Brokerage. the Group plans to continue expanding internationally in Retail Banking. These very interesting one-year assignment periods allow individuals to become familiar with our international activities. providing a broad range of products and services to corporate and institutional clients in Germany. grad hires in 2010/11: n/a. Apply via: www. In addition.I. Audit and Finance. Divisions offering vacancies: Positions are available in different fields of banking activity such as Capital Markets. Application criteria: You have ideally graduated in a business-related subject. intern hires in 2010/11: 850 worldwide (including 600 in France). and may result in a permanent position being offered. Apply via: www. These very interesting one-year assignment periods allow individuals to become familiar with our international activities. the world’s ninth largest. International Corporate Internship) in our expanded international network (Europe.mycreditagricole. Application deadline: We anticipate closing applications in December 2010.I. Apply via: www. e. Divisions offering vacancies: n/a. Application deadline: Apply throughout the year. Typical duration of grad programme: One year. Fixed Income Markets and Structured Finance. grad hires in 2010/11: n/a. corporate banking and international private banking. With leadership positions in France and a strong presence abroad. The business incorporates advisory and capital markets activities in debt. Middle East and Africa). brokerage. Asia. Application criteria: n/a. The Corporate and Investment Bank is structured around four major divisions: Corporate and Investment Banking.ca-cib. Structured Finance.jobs Internship/Stage info Approx. fixed income and currencies with a strong focus on derivatives and structured products. we offer more than 100 opportunities as VIE (Volontariat International en Entreprise. Crédit Agricole CIB offers its clients a comprehensive range of products and services in capital markets.1 degree (or equivalent) and above. Investment Banking. Divisions offering vacancies: Positions are available in different fields of banking activity such as Capital Markets. Internship/Stage info Approx. Typical duration of internship programme: 6-12 months. intern hires in 2010/11: 4. Finance and IT.mycreditagricole. Divisions offering vacancies: Positions are available in different fields of banking activity.ca-cib. commodities.E is a French government sponsored program offering young graduates an opportunity to benefit from a rewarding experience abroad. 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. Application deadline: Apply throughout the year. Europe and beyond. we offer more than 100 opportunities through the International French Program (V.com/students . Application criteria: n/a. Graduate programme info Approx. Application deadline: Apply throughout the year. Middle East and Africa).000 employees worldwide. Typical duration of internship programme: n/a. apprentice hires in 2010/11: 200 in France. July 2009).

Typical duration of traineeship: 8-10 weeks depending on division and location. Application criteria: CV and cover letter. Research. Finance. More than a claim. We compete to be the leading global provider of financial services. Information Technology. Business Administration. intern hires in 2010/11: 300.ecb. Payment Systems. providing private banking. Summer (IT only): 25 January 2011. We offer advisory services and comprehensive solutions to companies. Private Wealth Management. starting date: 1 September. Risk & Capital.com/careers. institutions and highnet-worth individuals worldwide. Company snapshot A passion to perform. Apply via: www. Corporate Investment Banking. with a team of 49.com/careers Internship/Stage info Approx. full-time: 30 November 2010. Risk & Capital. the unique blend of cultures. Private & Business Clients. outgoing personalities who want to work together in an atmosphere of co-operation and respect. Law. With staff from 27 European countries. Statistics. with possibility of extension to 12 months maximum.com/careers Graduate programme info Approx. Typical duration of internship programme: 10 weeks. Graduate programme info Approx.com/careers Internship/Stage info Approx. trainee hires 2010/11: 300. Strong academic background essential. Human Resources.credit-suisse. Finance. exceptional rewards and global development potential for people who are prepared to look at the world in a different way.eu or register for job alerts via our e-recruitment tool. Legal. online numerical and verbal testing for some areas. namely maintaining price stability (i. Diverse. grad hires in 2010/11: 275. agile thinking is nurtured. For Germany. Human Resources.europa. Group Technology & Operations. Typical duration of grad programme: Up to two years. grad hires in 2010/11: 10. etc. Finance. Information Technology. our culture supports this. Finance. It’s what drives us. Application criteria: The ECB offers graduate programme opportunities for PhD students as well as graduates in the relevant areas. Quantitative. investment banking and asset management services to clients around the world. able to see beyond the obvious and act effectively in an everchanging global business landscape. Corporate Investment Banking. Graduate programme info Approx. Credit Suisse offers challenging professional opportunities. Legal. Please visit website for Associate deadlines. Divisions offering vacancies: Asset Management. Credit Suisse appeals to intelligent. Apply via: www. This is made possible by our people: agile minds. Summer (excl. Deadline: end-February/March. Finance. Application deadline: Each vacancy notice for traineeship will indicate a deadline. online numerical and verbal testing for some areas. Apply via: www. Apply via: www. or register for job alerts via our e-recruitment tool Working for Europe.eu. Very occasionally. Application deadline: Analyst. balancing passion with precision to deliver superior solutions for our clients. grad hires in 2010/11: 700 globally. Application deadline: Date dependent on division and country. Application deadline: Analyst. Please refer to our careers website for more information. Divisions offering vacancies: A wide range of areas including Economics. Divisions offering vacancies: A wide range of areas including Economics. Investment Banking Operations. Application criteria: Information on how to apply can be found online at db. Please refer to website for Spring. this describes the way we do business. Finance. IT): 11 January 2011. Typical duration of grad programme: 2 years. trainee hires 2010/11: n/a.credit-suisse. Credit Suisse is active in over 50 countries.com/careers Careers in Banking and Finance 2010/11 efinancialcareers. In-House Consulting. Divisions offering vacancies: Asset Management. Divisions offering vacancies: Investment Banking (including Equities and Fixed Income). Communications and Corporate Social Responsibility. Investment Banking Operations. Apply via: www. Statistics. such opportunities are also offered to undergraduate students.com/students 75 . We at the ECB have a crucial function to fulfil for the people of Europe. Apply via: www.com/careers. Application deadline: Specific vacancies for graduate programme launched on an annual basis. Typical duration of grad programme: Duration depends on division.db. international and shaped by a variety of different perspectives.ecb. Regional Management. Private & Business Clients. In-House Consulting. 8 weeks to 6 months. At every level. Application criteria: CV and cover letter. Human Resources and Translation. Company snapshot Since 1 January 1999 the European Central Bank (ECB) has been responsible for conducting monetary policy in the euro area. Group Technology & Operations. Law. Strong academic background essential. Internship/Stage info Approx. Regional Management. Divisions offering vacancies: Investment Banking (including Equities and Fixed Income). Associate and Industrial Placement deadlines. As you’ll discover. Analyst. Application deadline: Date dependent on division and country.db.europa. Many people who join tell us they do so because of ‘the people’.e. Working for Europe. we’re driven by a shared sense of purpose.200 people. Please refer to our careers website for more information. Typical duration of traineeship: 3-6 months. Application criteria: Information on how to apply can be found online at db. Autumn. Application criteria: Traineeship opportunities for PhD and graduate students. safeguarding the value of the euro) and fostering financial integration and financial stability in the euro area. DB Research. languages and professional backgrounds makes the ECB an exciting and attractive place to work.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.

It’s an approach that has made us the world’s investment specialist. Typical duration of internship programme: 1-5 months maximum. Application deadline: Please visit our website for further details. Exane specialises in three business lines: Cash Equity. It operates in accordance with best banking practices and in close collaboration with the European Commission.fidelityinternational. In fact. grad hires in 2010/11: Variable. Typical duration of grad programme: The duration of our programmes varies by scheme. Please see our website for more information. Application criteria: 2. Middle Office. Application deadline: n/a Apply via: www. Application criteria: n/a. Divisions offering vacancies: Exane does not run a set graduate programme but there are opportunities for talented young graduates. Application criteria: We are looking for students with strong analytical and interpersonal skills. Middle Office. Apply via: www. European Business Internship Programme: 31 January 2011.org/about/jobs 76 Careers in Banking and Finance 2010/11 efinancialcareers. Financial Control. advisors.fidelityinternational.eib. motivated to support the financing of sound investment projects that deliver tangible results. Apply via: www. we invest money in equities. grad hires in 2010/11: 20. grad hires in 2010/11: n/a. Typical duration of grad programme: 1-2 years maximum. etc. Fund and Account Management. Application criteria: On course for an expected 2. financial institutions and individuals around the globe.com/corporate/careers. Apply via: www. etc. mainly in Paris and London. Sales.com/corporate/careers. Approx. willing and able to learn fast in a demanding environment. Trading. Trading.do Internship/Stage info Approx. Equity or Derivatives Sales.exane. Approx. Operations. 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. funds and property on behalf of our clients. Apply via: www. Preference is given to candidates who have completed studies on European integration. structured products franchise. Compliance. Accountancy. please visit our website. we manage assets of US$200bn (as at 30 June 2010) on behalf of clients including corporations. Exane Derivatives has built a robust. All other programmes: 31 December 2010. With a strong franchise in Europe under the Exane BNP Paribas brand name. Exane’s Cash Equity business offers a full range of services including research.com/students Internship/Stage info Approx.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. based on its longstanding leadership in European convertible bonds and options. European Business. Typical duration of internship programme: 6 months minimum.GETTING IN INVESTMENT BANKING FINANCIAL SERVICES employers EUROPEAN INVESTMENT BANK ExANE FIDELITy Company snapshot The EIB. Risk Management.org/about/jobs Graduate programme info Approx. it’s our investment intelligence and our attention to detail that set us apart. Human Resources and Moonray Investors. looking to gain early hands-on professional experience in the bank. intern hires in 2010/11: Variable. governments. enjoys its own legal personality and financial autonomy within the European Union. We make considered judgements about which organisations to invest in around the world to best benefit our clients. At Fidelity. according to the business needs. Structuring. is dedicated to improving the future of people’s lives in Europe and around the world.1. intern hires in 2010/11: 10. Application deadline: Investment: 31 December 2010. as the Bank of the European Union. as well as the public and private sectors. Most are based at the EIB’s headquarters in Luxembourg. charities.1 degree. Typical duration of internship programme: Summer placements. Marketing. Divisions offering vacancies: n/a.eib. bonds. Application deadline: Investment: 5 November 2010.do Graduate programme info Approx. Application criteria: n/a. Divisions offering vacancies: Investment. Exane Asset Management is the leading long/ short equity fund manager in France. Sales Trading. Its expertise also includes structured product management. Application deadline: Throughout the year. Application criteria: The EIB publishes internships for a wide variety of educational backgrounds. Please apply 2 to 3 months before your preferred start date. European Sales and Marketing. intern hires in 2010/11: Around 100. Internal Audit. Typical duration of grad programme: n/a. in the following fields: Equity or Derivatives Research.exane. sales and execution on European equities. Company snapshot Fidelity is an investment management company. other international organisations and institutions. Marketing. knowledge and market expertise. mainly in our London and Paris offices. Application deadline: n/a Apply via: www. Divisions offering vacancies: Financial Research. It achieves its goals thanks to a diverse and highly qualified workforce. we aim to enable our clients’ money to grow. created by the Treaty of Rome. The EIB. For further details. IT Project Management. By using our judgement. To put it simply.jobs/ directory . Company snapshot Established in 1990. IT. Divisions offering vacancies: Investment. Divisions offering vacancies: n/a. Equity Derivatives and Asset Management.

pension funds. Divisions offering vacancies: Global Banking and Markets.com/careers Graduate programme info Approx. Global Asset Management. Minimum of 2.henderson. Divisions offering vacancies: n/a. Application deadline: n/a. Legal. Application criteria: Please visit gs. Apply via: www. With well-established businesses in Europe.com/students 77 . We employ approximately 930 members of staff across Europe. Global Transaction Banking.3bn (as at 31 March 2010) managed on behalf of clients who include individuals. Application deadline: 21 January 2011. Application deadline: Please apply as follows: Summer Programme: 5 December 2010. Human Capital Management. Typical duration of grad programme: n/a. corporate. Apply via: www. HSBC takes a long-term approach to our clients and invests time in building strong relationships and understanding each client’s financial requirements. Company snapshot Henderson Global Investors is an international investment management company focused on investments across equity. Careers in Banking and Finance 2010/11 efinancialcareers. Merchant Banking. Application criteria: Please visit gs.hsbcnet. Global Compliance. Approx. Securities. including 10-week summer internship and 6-month and 1-year work placements. Divisions offering vacancies: Finance. Typical duration of grad programme: 2 years. Application deadline: November 2010. Typical duration of internship programme: n/a.1 degree. Services and Technology. Internal Audit. Founded in 1869. and Global Transaction Banking – HSBC offers a comprehensive range of financial services to high-net-worth individuals. grad hires in 2010/11: c. Operations. governments and high-net-worth individuals. Global Asset Management.com/graduates Graduate programme info Approx. Typical duration of internship programme: 10 weeks. Spring Programme: 9 January 2011.com/ careers for further details. Internal Audit. institutional and government clients worldwide. Company snapshot The HSBC Group is one of the largest banking and financial services organisations in the world. intern hires in 2010/11: c. Tokyo. Global Private Banking. Operations. fixed income.300. including our fund management and distribution business areas. Global Investment Research. Typical duration of grad programme: 12-36 months. the US and the AsiaPacific region.com/ campusrecruitment Internship/Stage info Approx. Through its businesses – Global Banking and Markets. Global Asset Management. sales directors and other professionals in a fast-paced environment. Services and Technology. Graduate programme info Approx. Apply via: n/a. Global Private Banking. Application criteria: n/a.000+ employees serving customers in 88 countries and territories around the world. analysts. Global Investment Research. Divisions offering vacancies: Finance. Apply via: www. Human Capital Management. currency and property as well as alternative products. Investment Management. Inc is a leading global investment banking. Investment Banking. thirdparty distributors. of whom 234 are investment professionals.350. Apply via: www. grad hires in 2010/11: 6.GETTING IN INVESTMENT BANKING FINANCIAL SERVICES employers GOLDMAN SACHS INTERNATIONAL HENDERSON GLOBAL INVESTORS HSBC Company snapshot The Goldman Sachs Group.gs. insurance companies. Application deadline: 8 November 2010. Frankfurt. Merchant Banking. grad hires in 2010/11: 200 globally. Investment Banking. Minimum 300 UCAS points or overseas equivalent. such as private equity and hedge funds. intern hires in 2010/11: n/a.1 degree. the firm is headquartered in New York and maintains offices in London. Global Private Banking. government bodies. Work Placements: 9 January 2011.com/ campusrecruitment Internship/Stage info Henderson Global Investors does not currently operate a formal internship programme.gs. Hong Kong and other major financial centres around the world. Investment Management. Divisions offering vacancies: We are recruiting graduates for our fund management and distribution business. including corporations. Divisions offering vacancies: Global Banking and Markets.com/ careers for further details. Apply via: www.1 (or equivalent) in any degree discipline.com/careers Internship/Stage info Approx. the Americas.hsbcnet. securities and investment management firm that provides a wide range of financial services to a substantial and diversified client base. where senior employees take an active interest in your progress and an experienced employee will be your mentor. the Middle East and Africa. Typical duration of internship programme: Various. HSBC’s unique combination of local knowledge and international expertise reflects its position as ‘the world’s local bank’. We offer a first-class. We are one of Europe’s largest independent investment managers with £60. twoyear rotational training programme that gives you access to a wide range of work experience in a broad variety of business areas. Application criteria: Minimum 2. Minimum 300 UCAS points or overseas equivalent. Application criteria: Graduate opportunities in London only. Securities. financial institutions. Application criteria: Minimum 2. private banks. investment trusts and corporate entities. Legal. You will work alongside fund managers. Global Transaction Banking. Application deadline: 24 October 2010. Global Compliance. Asia-Pacific. with 295. intern hires in 2010/11: 150 globally.

Kempen & Co enjoys a high-profile presence in the Dutch market as a bank with an excellent reputation. Application deadline: 28 November 2010. Trading & Research.kempen.icap. We’re fast-moving. and shipping). Post Trade Risk Services. Investment Banking. Typical duration of internship programme: 10-12 weeks.com/careers for application deadlines. strong analytical skills. the opportunity to work with some of the finest minds and address some of the most exciting challenges in the industry. 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. and our interns are no exception. Application deadline: Visit the Europe and Asia sections of jpmorgan. Trading & Research. One-year placements for specific business areas. Apply via: www. customer and people oriented. Excellent command of spoken and written English and preferably Dutch. Oneweek industry insight programme for first-year students.kempen. Industry Insight: 27 February 2011. become the world’s most respected. commercial skills and a well balanced personality are key competencies. We also offer a range of post-trade risk and information services. grad hires in 2010/11: 20. Finance.com/careers Graduate programme info Approx.com/careers Internship/Stage info Approx. Application criteria: n/a.1 degree or equivalent. Research and Risk. entrepreneurial and meritocratic: an exciting. Application deadline: Visit the Europe and Asia sections of our website for application deadlines. in a first-class way’.GETTING IN INVESTMENT BANKING FINANCIAL SERVICES employers ICAP J. Asset Management & Investments.icap.com/careers 78 Careers in Banking and Finance 2010/11 efinancialcareers. Application criteria: Impeccable academic credentials are important. Corporate Finance.P Morgan is an . Typical duration of internship programme: Internships vary from 3 to 6 months. With a century of experience. Typical duration of grad programme: n/a.com/careers Internship/Stage info Approx. Typical duration of grad programme: You will start as a junior in a team and will be trained on the job. Private Bank. Divisions offering vacancies: Securities (Sales and Research). Application deadline: Internships & Placements: 30 January 2011. intern hires in 2010/11: 75 globally.4 trillion every single day. Finance. Divisions offering vacancies: Asset Management. We operate in over 150 countries and hold global leadership positions across our businesses. Business Services. Accounting. industry innovator. J. Divisions offering vacancies: We have a range of internship and placement opportunities available in Broking and other business areas. Asset Management and Investments. which will last two years. providing data and helping organisations reduce operational and systemic risk in their markets. Graduate programme info Approx. Application criteria: You will need a minimum of a 2. and Technology. Application criteria: You’ll need to be on track for a 2. Two hundred years on. executing ‘first-class business. drive. drive and proven talent. Whilst an economic background is not a prerequisite. J. another chance to prove your potential. Company snapshot Kempen & Co is a Dutch merchant bank specialised in financial services for institutional investors. this hasn’t changed. For more information please visit our website. but so are your achievements outside the classroom. grad hires in 2010/11: n/a.P Morgan’s goal has been to . Sales. Entrepreneurship. Human Resources. Application cireria: Kempen & Co seeks university students with ambition. team-spirit.500 employees in 32 countries. stamina and interest in the financial sector are. Divisions offering vacancies: Broking (voice. Apply via: www. Kempen & Co requires its analysts to rise to the challenge.P. grad hires in 2010/11: 75 globally.com/students Internship/Stage info Approx. Asset Management and Treasury & Securities Services. Typical duration of grad programme: 12 months. We have approximately 4. securities brokerage and corporate finance: a unique combination of services on the Dutch market. Application deadline: n/a Apply via: www. setting the pace of change in global finance. Corporate Finance.nl . We also offer a Merchant Banking Traineeship. Operations & Business Services. Application deadline: None. Apply via: jpmorgan. companies and high-net-worth individual clients. Divisions offering vacancies: Securities(Sales and Research). and Technology. intern hires in 2010/11: 30. Our many clients include all the major investment and commercial banks. preferably in an economic or financial direction. another challenge. Typical duration of internship programme: 8-week summer internships. intern hires in 2010/11: n/a. Private Bank. Sales. IB Risk. So what does this mean for you? To put it simply. innovative business where talent and ambition thrive – and where each day brings another opportunity. Company snapshot From the start. You should be a self-starter with a keen interest in working in global financial markets. connecting buyers and sellers in global financial markets. investment funds. MORGAN KEMPEN & CO Company snapshot ICAP is the world’s premier interdealer broker. Application criteria: Candidates with an academic degree. IB Risk. Investment Banking. Divisions offering vacancies: Asset Management.1 degree or equivalent.nl Graduate programme info Approx. You should be a self-starter with a keen interest in working in global financial markets. Operations & Business Services. Our employees – who form the core of our company – focus on the interests of individual clients and provide first-class financial advice. We provide specialist financial services in asset management. Apply via: www. Apply via: jpmorgan. working together to facilitate deals worth in excess of US$1. electronic. successful and influential investment bank.

GETTING IN INVESTMENT BANKING FINANCIAL SERVICES employers LAZARD MAN GROUP PLC MITSUBISHI UFJ SECURITIES Company snapshot Lazard. we want individuals with the commitment and flair to succeed. Candidates must be in their penultimate year of undergraduate or postgraduate studies.mancareers.mancareers. operates from 40 cities across 26 countries in North America. Australia.com Internship/Stage info Approx. The history of Man is one of great entrepreneurial spirit. which is part of the Mitsubishi UFJ Financial Group (MUFG). the FTSE4Good Index and also supports many awards. you won’t get lost in a large trainee intake.musigraduates. Company snapshot MUSI is the European hub of Mitsubishi UFJ Securities Holdings Co. Following a record-breaking year in 2009 and with strong results during the year 2010 to date. Divisions offering vacancies: Quantitative. Typical duration of internship programme: n/a. capital raising and corporate finance. Divisions offering vacancies: Front Office and Corporate Infrastructure. Application criteria: Penultimate year of study. Application criteria: Final year students and recent graduates (one year since graduation). See website for further details. Application deadline: 26 November 2010. grad hires 2010/11: 12. Company snapshot Man is a world-leading alternative investment management business. early application is advised. Application deadline: 5 November 2010 Apply via: Apply online only at www.musigraduates. With a broad range of funds for institutional and private investors globally. as well as asset management services to corporations. A strong academic track record is a must. grad hires in 2010/11: 12. Most importantly. 5pm. we want individuals with the commitment and flair to succeed. Man is a member of the Dow Jones Sustainability World Index. Typical duration of grad programme: The programmes are 19 months in duration. Application deadline: 15 January 2011. MUSI is well positioned in the market and attracts high-profile deals. and Central and South America. com/apply Graduate programme info Approx. Ltd.1 degree or equivalent. derivatives and structured products. Application deadline: 15 January 2011. Typical duration of internship programme: 10 weeks. in line to achieve a 2. free of the conflicts that can arise at other financial institutions. Typical duration of grad programme: n/a. Typical duration of internship programme: 8-10 weeks in the UK. Apply via: www. partnerships. charities and initiatives around the world. See website for further details. focusing on debt. Up to 6 months in Switzerland. strategic matters. along with well-developed interpersonal skills and a sense of individualism and identity. Divisions offering vacancies: Quantitative.1 degree minimum or equivalent. The majority of our schemes take graduates from any degree discipline. intern hires in 2010/11: 12.lazard. restructuring and capital structure. one of the world’s preeminent financial advisory and asset management firms. com/apply Internship/Stage info Approx. it is known for its performance. Apply via: www.1 undergraduate degree. Application criteria: A minimum of 280 UCAS points and a 2. 2. Because of our size we are able to offer a boutique client experience whilst having the strength and support of a large group. Application criteria: You will possess a passion for business and a genuine interest in investment banking. intern hires in 2010/11: Approximately 10 internship positions. and individuals. early responsibility and exposure to our business and the opportunity to make valuable contributions from your very first day.lazard. 5pm. You will be provided with tailored training programmes. Europe. Business (Finance and Product & Client Operations) and Technology. and we maintain long-standing relationships with business leaders and decision makers around the world. You’ll feel involved and be an integral part of our team from the start. We are dedicated to giving our graduate and intern recruits all of the support they require to excel in their chosen career. Asia.1 degree are required for our graduate schemes. innovative product design and investor service. Divisions offering vacancies: Financial Advisory. from its origins as a sugar cooper over 225 years ago through to commodity broking and hedge funds in more recent times. the firm provides advice on mergers and acquisitions. Graduate programme info Approx.com Careers in Banking and Finance 2010/11 efinancialcareers. Divisions offering vacancies: Front Office and Corporate Infrastructure. Apply via: www.com/students 79 . Application criteria: A minimum of 280 UCAS points and predicted/achieved 2. With origins dating back to 1848. intern hires in 2010/11: 12. However.com Internship/Stage info Approx. A strong academic track record is a must. institutions. Typical duration of grad programme: One year. Application deadline: 7 January 2011. Eligibility to work within the UK. equity. Application deadline: 26 November 2010 Apply via: Apply online only at www. (MUSHD). Application criteria: You will possess a passion for business and a genuine interest in investment banking. Eligibility to work within the UK. with the exception of the Business Finance Programme which is 36 months in duration and includes the CIMA qualification. along with well-developed interpersonal skills and a sense of individualism and identity. one of the largest financial institutions in the world.com Graduate programme info Approx. Most importantly. We are an independent firm. MUSI is headquartered in the City of London and is active throughout the international capital markets. Because we are looking for a relatively small number of talented graduates and interns. Business (Finance and Product & Client Operations) and Technology. grad hires in 2010/11: Up to 15 graduate positions in 2011. governments. Divisions offering vacancies: Financial Advisory. Apply via: www.

GETTING IN

INVESTMENT BANKING

FINANCIAL SERVICES

employers

MORGAN STANLEy

MUNICH RE

NOMURA

Company snapshot
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.

Company snapshot
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.

Company snapshot
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

Internship/Stage info
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

Internship/Stage info
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

Internship/Stage info
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

GETTING IN

INVESTMENT BANKING

FINANCIAL SERVICES

employers

THE ROyAL BANK OF SCOTLAND GROUP

ROTHSCHILD

RWE

Company snapshot
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

Company snapshot
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.

Company snapshot
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.

Internship/Stage info
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

Internship/Stage info
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

Internship/Stage info
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.

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GETTING IN

INVESTMENT BANKING

FINANCIAL SERVICES

employers

SOCIéTé GéNéRALE

STANDARD BANK

UBS

Company snapshot
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.

Company snapshot
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.

Company snapshot
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

Internship/Stage info
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.

Internship/Stage info
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

Internship/Stage info
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

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Careers in Banking and Finance 2010/11 efinancialcareers.com/students

GETTING IN

INVESTMENT BANKING

FINANCIAL SERVICES

EMPLOYERS

notes

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Careers in Banking and Finance 2010/11 efinancialcareers.com/students

Jeans discovered the global scale of our business when she became a member of our investment banking team. you’ll always have a world of unique opportunities.ONE YOU One Credit Suisse JEANS WANTED TO WORK ON HIGH-PROFILE DEALS. All rights reserved. At Credit Suisse. © 2010 CREDIT SUISSE GROUP AG and/or its affiliates.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. WE PUT HER TO WORK ON THE LARGEST IPO EVER. Read her story at credit-suisse. . The first deal she worked on was the biggest IPO in history.

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