careers in banking & finance 2010-2011

Careers in

efinancialcareers.com/students

THE GRADUATE GUIDE TO FINDING WORK IN THE FINANCIAL SECTOR

Banking & Finance

2010/11

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INVESTMENT BANKING FINANCIAL SERVICES EMPLOYERSGETTING IN

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

GettinG in

The world at your feet ................................................................... 2Graduate recruiter Q&A ............................................................... 6Your CV ...................................................................................... 10Testing, testing .......................................................................... 12Assessment centres .................................................................. 14Real interview questions ........................................................... 16Investment banking interviews .................................................. 20

investment bankinG

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

Financial services

Fund management & investment consulting ............................. 44Alternative investments ............................................................. 48Interdealer broking .................................................................... 50Wealth management ................................................................. 52Corporate banking .................................................................... 56Global custody .......................................................................... 60Data providers & rating agencies ............................................. 62IT in finance ............................................................................... 64Insurance ................................................................................... 66Accounting ................................................................................ 68

employers

Company profiles ...................................................................... 72

Careers in Banking & FinanceMore 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 Asia-Pac? 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.

The online Student CentreCareers 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

Careers in Banking & Finance 2010/11is published by eFinancialCareers Ltd – www.efinancialcareers.comProject Manager: Janice ChalmersDesigner: Valerio ItalianoEditor: Sarah ButcherRegional Editor: Paul ClarkeContributors: Nicole Degli Innocenti, Raymond Ma, Nic PatonSub-editors: Louis Pattison, Annabella Gabb

©2010 eFinancialCareers LtdNo part of this publication may be reproduced without permission.

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Careers in

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INVESTMENT BANKING FINANCIAL SERVICES EMPLOYERSGettinG in

the world at your FeetSix reasons why you should work in Europe, Asia, or maybe even the US

Investment 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!

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.

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

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.

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.

Asia appears to be the regional winner from the crisis.

Huw van Steenis Head of EMEA banks and financial research at Morgan Stanley


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6. Zurich, Geneva and elsewhere. If you don’t want to work in London, you could always try some of Europe’s other financial centres. Zurich and Geneva are specialised in commodities trading and private banking – and, increasingly, hedge funds. Luxembourg specialises in global custody. Edinburgh specialises in fund management. Paris, Frankfurt and Milan are also important financial centres in their respective countries.

Six reasons to start your banking career in the US

1. Home to the big banks. Most leading investment banks (Goldman Sachs, Morgan Stanley, J.P. Morgan, Citigroup, BofA Merrill Lynch) are American. All but BofA Merrill Lynch are headquartered in New York City.

2. Increasingly home to foreign banks. The dynamic US market is persuading foreign banks, from Nomura to SocGen, to have big growth plans in the US. Career opportunities are therefore flourishing, not just with local US banks, but with European and Asian banks too.

3. The buzz. The American market is the biggest and most developed market in the world, and this isn’t going to change soon. In the first quarter of 2010, the US generated 53% of global IB revenue, up 11% on the same period of 2009, according to information provider Dealogic. 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.

4. Big opportunities. Starting your career in New York means you’ll be closer to the power base. US banks are also hiring again. “The last few months have been the busiest times I have known in my 15-year career,” says Alex Alcott, New York-based head of the investment banking practice at executive search

firm Heidrick & Struggles. “Business has picked up across the board and our clients need the capacity to execute their business. The bounce back has been tremendous.”

5. Economic dynamism. At the time of writing, the US economy is growing faster than the European economy. Big infrastructure growth is expected, which will generate business for investment banks. “There is an increasingly pressing need to replace ageing energy infrastructure in the US,” says Huw van Steenis, head of EMEA banks and financial research at Morgan Stanley. “Financing this new infrastructure and the underlying commodities flows will be highly attractive for banks.”

6. A great foundation. Experience on Wall Street is an invaluable addition to any CV, and success in the competitive top league of investment banking is a pretty good foundation for a stellar career.

Six reasons to start your banking career in Asia

1. Growth. Right now, Asia is where it’s at. This is why HSBC chief executive Michael Geoghegan has left London and relocated to Hong Kong, and why J.P. Morgan and others are investing heavily. Maintaining Asia’s high growth rates will require constant investment in infrastructure and productive capacity.

2. Intra-regional capital flows. Economic growth is also leading to the further integration of Asian economies and increased intra-regional capital flows. “Asia appears to be the regional winner from the crisis,” says van Steenis of Morgan Stanley. “Local-to-local business has increased, and capital markets, both debt and equity, have deepened.”

3. Emerging markets axis. Asia’s financial centres are fostering close links with fast-growing emerging markets like

Brazil, India and South Africa, and using their expertise to drive financial innovation in the ‘new economies’. Asian, especially Chinese, companies will soon be among the world’s largest multinationals with a strong presence in all emerging markets, and this will create new financing needs at home and abroad.

4. State support. China’s State Council has decreed that Shanghai must become a global financial centre by the year 2020. Hong Kong is currently consolidating its position as a fast-growing regional centre and narrowing the gap with London and New York. The Singapore government is actively building on its status as a more open and cosmopolitan financial centre.

5. Deregulation. As the US and Europe tighten regulations and threaten curbs on remuneration and bonuses in the wake of the financial crisis, Asia is set to loosen the reins. China knows that a truly global financial centre needs liberalisation of capital flows and convertibility of the renminbi. When that happens, capital inflows will massively increase.

6. Opportunities. The Asian financial marketplace is hungry for skilled professionals. “We have an open talent policy to attract the best and brightest here,” says Florence Mok Wai Cheng of the Financial Centre Development Department of the Monetary Authority of Singapore. “We have a broad and diverse financial services industry and present myriad opportunities for finance professionals who want to enter the Asian market.”

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Graduate recruiter Q&aTop banking recruiters answer your questions direct

On eFinancialCareers.com, we make it possible for students to put their questions directly to banks’ graduate

recruiters. Below, senior managers in graduate recruitment at Goldman Sachs, Morgan Stanley, Credit Suisse and Nomura answer some of the questions you have put so far.

Q What’s the number one reason why student applicants are

rejected from Morgan Stanley?

A The most basic error is lack of attention to detail. Spelling mistakes or getting the

employer’s name wrong guarantees rejection, as do messy and unstructured applications. Another major failing is that many applications just fail to make an impact. Competition to get onto our graduate programme is intense, so it is important that applications stand out from the crowd. 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, actively matching their skill sets to our requirements and core values.

Q What are the three main characteristics defining your

ideal graduate hire?

A Integrity – we look for people who will “do the right thing” and who will speak

up; entrepreneurship – people who will look for and grasp new opportunities, take measured and controlled risks and want to be leaders in

their field; and flexibility – people who can adapt to a fast-moving and dynamic environment, who respond positively to change and uncertainty, and thrive under pressure.

Q Can candidates who require work permits apply for graduate

roles at Morgan Stanley? For example, can a non-EU candidate studying in France apply for a position with Morgan Stanley London?

A Absolutely. Subject to being able to fulfil the UK work permit requirements, we

remain open to applications from anyone who can demonstrate the required skill set to work in investment banking, regardless of nationality.

Q If a candidate has a low mark in a first degree, will it improve

their chances of receiving an offer if they study an MSc?

A Studying for a Masters is a personal choice that you will need to make based

on your academic interest. Please bear in mind that most of our programmes require a 2.1 or above (or equivalent outside the UK).

Q 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?

The most basic error [in applications] is lack of attention to detail.

Stephanie Ahrens EMEA head of firm-wide graduate recruitment, Morgan Stanley

Stephanie Ahrens EMEA head of firm-wide graduate recruitment, Morgan Stanley

Your questions to:Jane Eccles Head of campus marketing and events, Credit Suisse

Your questions to:

Sharp enough? Get in touch

www.exane.com

Cash Equit ies Equity Derivat ives

Asset Management

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The faster your career grows, the smaller the globe will seem. At Morgan Stanley, solving complex challenges and fueling economic growth across continents is what we do. On any given day, you might be facilitating and underwriting transactions, or providing liquidity and capital for a growing global economy. We offer you a structured path to success, which means you’ll quickly gain unprecedented exposure to every aspect of the financial world. Moreover, we’ll give you the opportunity to become involved in making a real difference. And we’ll provide you with the training, mobility, and responsibility to do it. If you have the perspective to face today’s global challenges, we’d like to talk to you.

To find out more about career opportunities at Morgan Stanley and to hear from recent hires visit: www.morganstanley.com/careers

Day 1: Introductions

Day 2: The World


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A Areas of our Finance, Investment Banking Operations and Information Technology

departments may accept a 2.2 grade, or equivalent, 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.

Q Do you have a preference for Oxbridge and Ivy League

graduates? I know you may say all degrees are equal, but are some more equal than others?

A There is no preference shown to graduates from specific universities. Last

year we made hires from over 50 schools where we had no marketing presence. While some areas of Information Technology, Fixed Income and Equities require a specific degree, we accept applications from all degree types.

Q I’m studying history. 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?

A The degree itself is by no means the sole predictor of your future success in

a markets role. 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. Being comfortable with numbers, figures and using information to make decisions is key. The ability to build relationships is also critical – so, having a history degree will give you lots of interesting things to talk about.

Q I’m thinking of applying for a position in M&A, but am

uncertain about the hours that I’ve heard are involved. Can you give me an idea what a working week for an M&A banker is like?

A No week is the same. There will be a combination of research on

products, industries or companies followed by contributing to marketing presentations on business ideas and ultimately getting involved with transactions. This stage can require a great

deal of valuation and financial modelling work. As the pace of opportunities is unpredictable, a transaction can take seven days to seven months, which is part of the excitement of the job. 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. However, with everything you are learning and all the great experiences, you won’t even notice!

Q I’m thinking of going into investment banking, or into

management consulting. I’m a bit worried about investment banking as I suspect it will be under a lot of regulatory pressure in future. Is it still a good industry to go into?

A Banking, by design, has been one of the most regulated industries in the world for

hundreds of years. The pace of growth, change and innovation means that this will continue. Banks and regulators are required to work together in the interest of the public, which is both a necessary and positive thing. The need for efficient and effective financial services will continue, which means the opportunity to come into this business, learn about every aspect of financial services and value creation will continue for many generations to come. Investment banking is still unique in terms of how much you can see and do in such a short period of time. For people who are ambitious to acquire more knowledge, take on high levels of responsibility and make an impact on the world around them, there is no other career that guarantees this and more.

Q As a recent history graduate and current economics postgraduate

student, I am looking to get into the banking industry, and am particularly interested in a research role. Can

you suggest some ways in which I can enhance my CV, aside from the obvious ‘doing an internship’ option?

A We look at all aspects of the application when we are selecting candidates for

interview. Academic achievement and work experience are two key areas, of course, but we are also keen to see what else students have been involved in. Being part of finance-related societies at university helps demonstrate your interest in the industry, and any positions of responsibility will give you great experiences to highlight your potential. We are keen to hire self-starters, those who show they are hungry to learn and achieve new things. 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.

Q Is it imperative to have impeccable academics if I want

to apply to Goldman Sachs?

A No. We look for well-rounded individuals who have many different strings to their

bow. We do expect candidates to have strong academics, but it is also very important that students experience other aspects of school or student life. For example, joining a club or society, being part of a sports team, or playing a musical instrument to a high standard can all demonstrate commitment, pro-activity, enthusiasm and a desire to improve, and broadens one’s thinking and skill set.

Q What distinguishes a Goldman Sachs graduate trainee from a

graduate trainee at other investment banks?

A In terms of Goldman Sachs analyst classes, we hire people who are

bright, engaging, driven, entrepreneurial and inquisitive. We look to hire people from a wide variety of backgrounds who can bring something different to the table. Recruiting the best people we possibly can into the firm is a top priority for us, and the most senior leaders at Goldman Sachs are actively involved. I would not be able to elaborate on other investment banks, given that I only have limited knowledge of their recruiting efforts.

Academic achievement and work experience are two key areas, of course, but we are also keen to see what else students have been involved in.

Sarah Harper Head of recruiting, EMEA and India, Goldman Sachs

Your questions to:Malcolm Horton Global head of recruiting and programmes, Nomura

Your questions to:Sarah Harper Head of recruiting, EMEA and India, Goldman Sachs


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your cvThe subtle art of pitching yourself on paper

Three industry insiders – a top banking graduate recruiter, a graduate recruitment consultancy and a CV expert – review

a real* CV selected from those submitted by students to efinancialcareers.com.

* Name, dates, locations etc. have been changed to protect the identity of the real student behind the CV.

Language(s)1 Right word, wrong usage. Candidates

should double check spelling corrections to ensure that the right message is being communicated – e.g. ‘George’ has spelt ‘Nationally’ correctly, but the word used should be ‘Nationality’.

2 Typos. Errors like “a change to network” instead of “a chance to network” give a very bad impression at the outset, and need to be fixed immediately.

3 In the Languages section, George lists his French skills as “Basic” – employers don’t care about languages in which a candidate is not fluent, at least to business-level, so this should be deleted.

Education4 The student hasn’t listed his/her expected

graduation date.5 Good data on A-levels – both subjects and

grades received. Many students do not include both, which is usually a hint that the grades weren’t good, or that the subjects weren’t particularly relevant.

6 George has completed a gap year, but there is nothing on his CV to suggest he did anything with that gap year. Ideally, there shouldn’t be any gaps on a graduate CV.

Work experience7 Good variety of experience – internships,

summer jobs and volunteering. But the chronology and relevance of these is not clear. Irrelevant, less recent and short work experience should be covered in less detail. These can be elaborated on in an interview, should the interviewer ask for additional information.

8 George needs to follow the maxim “Sell, don’t Tell” – none of the entries here focus enough on his achievements, but are mainly “task-driven”, making him sound like more of a doer than an achiever. George also talks in various places about what his team did, but an employer is more interested at this stage in what the candidate did and how the candidate can contribute to their organisation – again, this contributes to the impression that George is not an achiever.

9 The description of Capita work experience is well-written – it talks about actual actions and responsibilities. It would be even better if the candidate linked these to some results or outcomes. Same with volunteer work – the candidate talks about the action, but not the result. The only time he mentions a result is for some of the extra-curricular activity, which actually helps those descriptions a lot.

Extracurricular activities10 The student lists a lot of extracurricular

activities, but not all of them show leadership roles or dedication. It’s better to list a few things where something special has been achieved rather than a laundry list. We look for examples of leadership or achievement. Being a member is not enough – there needs to be more to it.

Format11 Clear bullet points that aren’t too long. Use of

bullet points is good – this keeps sentences short, and communicates information in a concise way.

12 A CV should either appear on one or two pages, not the current one-and-a-bit page format. It is likely the second page won’t be read at all, given that it has just five lines on it.

[For extracurricular activities] we look for examples of leadership or achievement. Being a member is not enough – there needs to be more to it.

Lyle Andrews Head of graduate recruitment, UBS


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Overall There is no indication of what sort of business area this person is interested in, and no hints of motivation or drive to be in finance.

Depending on what this candidate is looking for, he has an average to good CV – he would definitely be considered for a Middle Office role, given his previous experience. Front Office would be out of his reach due to lack of previous experience, unless he proved to be exceptional in interview.

Evidence of a story or narrative in a CV is good – links into a goal, or themes around activities help to give a fuller picture of an applicant. This helps the recruiter to get a better understanding of the student.

Our thanks to:Lyle Andrews Head of graduate recruitment, UBSThe Graduate Team Cornell partnership graduate recruitment consultancyClaire Crichton CV consultant, ResumeRebrand.com

ADDITIONAL SKILLSLanguages: English: Native, French: BasicLSE Soft Skill Session 2010HOBBIES AND INTERESTS• Aerobiking,Gym,Poker,TropicalFishKeeping,WeightTraining

GEORGE WEBBER24 Oxford Road, Blackheath, London, SE3 9JZ Date of Birth: 07.03.88, Nationally: BritishHome: 020 8856 1234 • Mobile: 07794 567 890 • E-mail: [email protected] EDUCATION University College London

Sept 2007 – Present

BSc Accounting and Finance, Expected result 2:1• Courses includes advanced Financial Accounting, advanced Managerial Accounting, advanced Corporate Finance, Macr-

oeconomics, Organisational Behaviour and Theory Hogarth School, Muswell Hill, London

Sept 1999 – June 2006

Advanced Levels: Mathematics (A), Chemistry (A), Biology (A) GCSE: 10 A* - C grades, including: English (A), English Literature (A) and Science (AA)WORK EXPIERENCEAdministrator, Herron Financial Registrars, Kingston

June 2009 – July 2009

• As a member of an eight person team, I organised votes for the National Grid AGM and the administration for the divi-

dends and share purchase.• Structured and tested the Standard Life letter templates for shareholders and responsible for accuracy and formatting.

Barclays Wealth Insight Day

Aug 2009 – Aug 2009

• Accepted onto the Barclays Private Banking Insight Day.• Various presentations on the work of Barclays Wealth and a change to network with the Private Bankers.

• Group exercises where a team of 5 had to prepare a presentation in 25 minutes and present out solution to the case study.

Volunteer, EHarmony International, London July 2008 – Aug 2008

• Developed an extensive marketing and fund raising campaign for educational and environmental projects.

• Researched potential donors (charitable organisation and trusts) to see if our organisation was eligible for funding.

• Sold carbon audits to businesses in London and raised public awareness of the need to reduce one’s carbon footprint.

Spring Intern, Lehman Brothers, London

Apr 2008 – Apr 2008

• Worked in the Capital Markets Division with the Events Driven Trading desk.• Researched the public image of key firms in the communications industry and presented my findings to my team.

• Prepared presentations on specific industries and presented to senior members of the team.Cashier, Capita Cash Management, London

Mar 2007 – Mar 2008

• Part of a twelve person team trusted to handle up to £500,000 and input data into their in-house database.

• Corrected errors in client calculations and subsequently issued customers with the correct vouchers.

• Worked with management to improve efficiency and productivity within the department increasing productivity by 15 per

cent. Summer Intern, Lehman Brothers, London

July 2007 – Aug 2007

• As a member of a six person team in Product Control, my role was to validate the daily trading revenue data and reported

these figure to traders in the capital markets.• Compiled spreadsheets for legal expenses for the month-end reports.• Worked under a time constraint to create a standardised spread sheet for the month-end reports.EXTRA CURRICULAR ACTIVITIESUCL Student Mentor:

Oct 2008 – June 2010

• For two years, I was responsible for the initial well-being of six first-year students. Offering guidance on academic advice

and how to settle into university life.UCL Accounting and Finance Class Representative: Oct 2007 – June 2009

• Acted as a representative for my peers, voicing suggestions and recommendations to senior members of staff and lecturers

within the department. Sponsorship team for the UCL Timeless Cultural Show:

Oct 2007 – June 2008

• My role was to secure funding, through sponsorship from businesses and other organisations. We managed to raise £8000

from a single sponsor which was beyond our expectations. Member of the Hogarth Debating Society: Sept 2005 – June 2006

• Participated in numerous debating competitions, through my contributions we were successful in reaching the semi-finals

in the 2006 National Debating Matters Competition.Founding member of the Fair Trade Organisation: Sept 2004 – June 2006

• After co-founding the organisation, I took part in a variety of charity work and fund-raising for an international charity.

• Organised awareness sessions for younger students, increasing their participation and appreciation of People and Planet.

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testinG, testinGThe inside track on… psychometric, numerical and verbal reasoning tests

Fear not! As someone who’s been through the psychometric tests successfully on several occasions, I can tell you that they

aren’t as bad as they seem. However, they are to be taken seriously: failure to perform well will mean you won’t make it through to interview. After you’ve made your initial application (whether by filling in an application form, or sending in a CV), you’re likely to encounter psychometric tests in the following contexts...

a. Tests for the best candidates. Based on information in the application, some banks will ask the best candidates to sit an online numerical test. Candidates who pass this test are then asked to take an online verbal reasoning test. Candidates who pass this too will be invited to an interview where they may be asked to sit yet more – you guessed it – tests!

b. Tests for all candidates. Some banks will expect all candidates to sit a numerical test as part of the application process. Candidates who perform well will be invited to sit a verbal reasoning test, and those who perform well in this will be invited to interview.

c. Tests for candidates who make it to interview. Some banks only subject candidates to tests at interview stage, so don’t be disappointed if you don’t encounter them online initially!

Numerical test tips Online numerical tests usually centre around simple addition and subtraction, percentages, compound interest, graph reading, analysing tables and problem-solving. They are often designed to catch out people who don’t read the question properly. For example, you may see a simple XY graph where X is Year 1, Year 2, etc and Y is a numerical statistic. The question asks what the Y figure in Year 3 was. Unsuspecting candidates may jump to the graph and quickly tick an answer, missing

that the Y column was in fact cumulative. The hardest element of the online tests is time. Move quickly, but accurately. Don’t spend five minutes on one question – make an astute guess and carry on. Ensure you’ve got everything you need to hand. Have scrap paper, an open Excel spreadsheet, and a calculator. Take the exam when you’re sharp and in a quiet place. And whatever you do, DON’T miss the deadline. You will often receive an email with a link directing you to a test site, asking you to complete it in five business days. If you’re invited in for interview, you’ll probably also come across in-house numerical tests. Beware – they’re harder than the online tests, often touching on bond maths, differentiation, and interest calculations. Ask HR if the in-house tests get harder as they progress – if they do, make sure you get the easy ones right.For our online practice tests, go to efinancialcareers.com/numericaltests

Verbal reasoning test tips Verbal reasoning tests are all about attention to detail. Banks want to see that, within a limited time frame and in a pressurised environment, you can read, digest and disseminate accurate information. You’re usually provided with a passage of information and required to evaluate a set of statements by stating if each is:

a. True (Does it follow logically from the information or opinions contained in the passage?)

b. False (Is it logically false based on information or opinions contained in the passage?)

c. Cannot say (Based on the passage, are you unable to determine whether the statement is true or false without further information?)

Practice helps, but the key is to make sure you read the statement carefully, and understand what it’s actually saying. Don’t allow these tests to become an issue. Our business thrives on attention to detail and being able to maintain a high standard under pressure. This is what the tests are testing!

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.

Numerical tests are designed to catch out people who do not read the question properly.

Working to improve the future.Join the EIB

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

Join the European Investment Bank www.eib.org/jobs

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assessment centresMore tests, interviews, role plays and then – a job?

An assessor and an assessment centre ‘survivor’ share their perspectives on what tests and trials to expect from an

assessment centre...

The assessorAll graduate assessment centres, irrespective of the specific role you have applied for, or institution type (investment bank, hedge fund, trading house or even a commercial bank), are run along broadly similar lines. Be prepared for:

Another interview. At least one interview is inevitable; three separate 30-45 minute interviews are not unheard of.

A presentation. You’ll be given some facts or figures and asked to make a presentation around them. This will be followed by a general grilling from a number of interviewers. If you want to do well in the presentation, you’ll need

to analyse. Don’t just regurgitate figures and statistics; show that you can think.

A group exercise. 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. The key here is to participate, not dominate. Don’t try to control the proceedings; don’t stay in the background. Find the middle ground and drive the group forwards – insist that decisions are intelligently made and move on.

A test. This might be a numerical or verbal reasoning test. If you have applied for a trading role you may well be tested on some form of trading simulator, too.

A drinks and networking event. At the end of the day, most banks will provide some snacks and drinks. If you are applying for a sales or broking role, this could be the most important part of the day – banks will want to see that you are sociable and able to form relationships. Don’t drink all the free alcohol and demonstrate the drinking prowess you’ve developed during university life!

The assessor is a senior capital markets

professional at a European bank in London.

The assessment centre I attended at an investment bank in London ran from 9am to 4pm. Twenty-four candidates

started the day, but only 12 finished: after a morning session comprising a numerical test and two group exercises, half the attendees were eliminated!The first group exercise was very interesting. We were given a selection of different occupations (teacher, investment banker, cosmetic surgeon, farmer, lawyer, etc)

and asked to build a society. The key to success in this exercise was to make several assumptions at the start that would clarify the situation. For example, were we building a society on a desert island or in a city? We had 20 minutes to discuss, and made a presentation to the assessors at the end. Since we were put into relatively large groups of eight, it was necessary to speak up and voice your opinion clearly. Successful candidates try to make a logical attempt to tackle the problem. The second exercise took place after a 10-minute tea break and was much more business focused. 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. We started out by

working in groups of two for 10 minutes in order to analyse each different company, and then made a presentation back to the group on the relative strengths and weaknesses of each company under consideration. Attention to detail was crucial – for example, one of the companies had a best-selling bike, but it had failed to pass a safety test. I managed to survive the elimination of half the candidates at lunchtime, and in the afternoon there was a round of interviews. They weren’t nearly as technical as I’d expected them to be, and were based largely around fit and competency. What they seemed most interested in was why I wanted to work in M&A, and why at that bank in particular. They were really friendly and genuinely seemed to want to find out what I was like!

The group exercise is one of the most important parts of the assessment centre. The key here is to participate, not dominate.

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.

SOGE_1003062_STEPHANE_210X297_CAREERS_51228_GB.indd 1 15/07/10 17:44:16


16


real interview QuestionsTricky – and trick – questions candidates have faced

Fellow students from around the globe have been sharing the questions they’ve faced at interviews via our online Student

Centre. Here’s our pick of the best, arranged in alphabetical order of bank. We can’t vouch for their authenticity, but hope they’ll prove a useful resource for anyone aiming for an entry-level position in an investment bank.

Barclays CapitalSales (internship)• How well would you rate yourself at sales,

from one to ten?• It’s Christmas and I’m looking for presents.

Sell me an Easter egg.• How many petrol stations are there in the

USA?• What is the square root of 79?

Debt capital markets (graduate)• Tell me about a time when you had to take

a risk.• Why do you want to become a ‘greedy’

banker?

CitigroupGlobal markets, sales and trading (internship)• There is a chessboard with 1 grain of rice on

the first square, 2 on the 2nd, then 4, 8, 16, 32… up until the last square. If I add up all the grains of rice on the chessboard, what is the last digit of this sum? So for example if the sum was 127, then the answer would be 7.

• Give me an example of when you had to think outside the box to solve a problem.

Investment Banking (IBD) (internship)• what is 100 divided by 12.5 (no paper)?

If a company has cash flows of –50, 0, +50 billion, what is its rough value?

• Why IBD and not, say, consulting?

Credit SuisseProduct control (internship)• What do you know about product control?• Explain how to perform the following Excel

functions – Lookup, If, Sumif, Pivot Tables, etc).• 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?

Deutsche BankPrivate wealth management (graduate)• Who would you say are our main competitors,

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?

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.• Tell me about a time when you worked with

someone to achieve a common goal. 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.• How many people in the US own tennis balls?

J.P. MorganFinancial 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?

Never go to an interview without some questions for your interviewer up your sleeve.

Sarah ButcherEditor, efinancialcareers.com

Lazard, one of the world's preeminent financial advisory and asset management firms, operates from 40 cities across 26 countries in North America, Europe, Asia, Australia, Central and South America. With origins dating back to 1848, the firm provides advice on mergers and acquisitions, strategic matters, restructuring and capital structure, capital raising and corporate finance, as well as asset management services to corporations, partnerships, institutions, governments, and individuals.

We are an independent firm, free of the conflicts that can arise at other financial institutions, and we maintain long-standing

relationships with business leaders and decision makers around the world. Our intellectual capital is our strongest asset. The superior intellect, enterprise, and commitment to excellence of our team guide everything we do.

We are recruiting summer interns and full-time analysts to start in 2011. You will possess a passion for business and a genuine interest in investment banking, along with well-developed interpersonal skills and a sense of individualism and identity. A strong academic track record is a must. Most importantly, we want individuals with the commitment and flair to succeed within our organisation.

Apply online today at www.lazard.com/apply Please direct all enquiries to Shelley Chappell at [email protected] or 020 7187 2215.

Lazard is a premier financial services firm committed to excellence, independence, intellectual rigour,integrity and creativity for our clients on a global scale.

Independent Thinking on a Global Scale

103717A4 City and Finance advert V2.pdf 1 29/07/2010 17:25:58


19


IBD (graduate)• How do you respond to change?• You are advising a CEO on a possible

merger. However, you do not believe that the merger will be good value. 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. 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.• What is Greece’s budget deficit?

Credit Risk (graduate)• Would you rather be respected or respectful?• Describe a risky situation you’ve been in.• Tell us something you read about recently

in the financial press that you found of interest.

Morgan StanleyEquity research (graduate)• Tell us about yourself.• 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, which

and why?• How do you value stocks?• Is RFID a disruptive technology? How do

you define ‘disruptive technology’?

NomuraGlobal 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, as he thinks you’re a burden, how would you cope with this?

DCM (graduate)• Tell me about a time when you received unfair

criticism. Why did you think it was unfair, and how did you react?

• Tell me about a time when you had to go out of your comfort zone.

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?

RBSGlobal restructuring group (graduate)• Emerging Markets have different

challenges and opportunities to first-world economies and countries. With the current economic pressures and global realities in mind, 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.• What do you know about the bank?• What do you like about the bank?

Corporate banking (graduate)• What do you expect from banking, other than

a prosperous career?• Which qualities do you have which you

think would make you fit the position you’ve applied for?

• How will you benefit from RBS and how do you think the bank will benefit from you?

Sales and trading (internship)• Tomorrow the ECB is meeting. If you expect

rising short-term interest rates, what kind of zero-duration structure could you advise to clients, and how do you calculate P&L for this structure?

• If I were a pension fund manager, what would you tell me if you were selling a structured portfolio strategy?

UBSDCM (internship)• Can you draw me a typical yield curve

for a bond?• Who pays for the US deficit?

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, 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?

visit our online student centre to post your banking

interview questions and answers – and

to check out the latest questions

asked by the banks.


Tell me about a time when you received unfair criticism. Why did you think it was unfair, and how did you react?

www.ubs.com/graduates

Want a fulfilling career that rewards energy and fresh thinking? That’s what we want too.

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. Wherever you

are in your academic career, make

your future a part of ours by visiting

www.ubs.com/graduates.

UBS is an Equal Opportunity Employer. We

respect and seek to empower each individual

and the diverse cultures, perspectives, skills

and experiences within our workforce.

© U

BS

2010

. All

rig

hts

res

erve

d.


22

investment bankinG FINANCIAL SERVICES EMPLOYERSGETTING IN

merGers & acQuisitionsThe international jet-set of investment banking

Because of its reputation as the more glamorous side of the investment banking industry, mergers and

acquisitions (M&A) is one of the most competitive sectors to break into. As the name suggests, 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). Big investment banks aren’t interested in small-fry M&A deals. They only start to get involved at the mid-market level, with transactions that are worth at least US$100m. At the upper end, the deals can be worth billions.

A career in M&A demands considerable commitment. M&A bankers advise their clients at what are often stressful and critically important periods in a company’s lifetime. They must therefore make themselves available whenever the client needs them – even if it’s the weekend, their summer holiday or Christmas Day.Junior bankers will work long hours and can expect to be busy assembling the required financial information and legal documentation late into the night when the job demands.“Within investment banking, M&A is often seen as the more demanding and complex discipline,” says Angela Hu, executive director and junior resources manager at investment bank J.P. Morgan Asia-Pacific.“The hours can be very long and the workload is often intense, but despite these pressures it is integral – especially at the analyst level, which requires a lot of financial modelling – that your work remains accurate.”

Key playersOn the global stage, the big US investment banks dominate the top five spots in the 2009 advisor rankings. The highest ranked European player was Credit Suisse, followed by UBS and Barclays Capital.

Roles and career pathsThere’s a relatively straight route up the career ladder in M&A. You start out at analyst level, move up to associate, then vice president, director and managing director – although the job titles may vary depending upon the bank you work for. Within those roles you have a chance to focus on a particular sector – for example, consumer, financials, oil and gas or media and telecommunications.The more senior you get in M&A banking, the more you’ll get to deal face-to-face with clients. At the junior level, you may be fortunate to attend a few client meetings with more senior bankers, but mainly you’ll be focused on complex financial modelling and research to put together ‘pitchbooks’ for the bank. This is the document a firm will use to outline its ideas on which companies a client should be buying, or which it should be selling to.“Many of an analyst’s key tasks will include financial analysis – for example, building a financial model, valuing a company or benchmarking a company against others,” says Anne Perez, executive director, IBD at Goldman Sachs.It’s only later that you step away from the number crunching, she adds.

The most competitive division of investment banking

Long hours, speadsheets and number-crunching at the junior level

Senior bankers build relationships with clients

All Advisor Parent Deal value ($USbn) No. deals

1. Goldman Sachs 662 282

2. Morgan Stanley 622 296

3. J.P. Morgan 583 318

4. Citi 445 209

5. BofA Merrill Lynch 381 211

6. Credit Suisse 341 229

7. UBS 316 234

8. Barclays Capital 299 90

9. Lazard 294 202

10. Deutsche Bank 292 222

Source: Dealogic.

Global M&A all advisor rankings 2009

The hours can be very long and the workload is often intense, but despite these pressures it is integral that your work remains accurate.

Angela Hu Executive director and junior resources manager, J.P. Morgan Asia-Pacific

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Art08 Mergers & acquisitions

Art09 Capital markets

Art10 Sales, trading & research

Art11 Electronic Trading

Art12 Compliance & Risk Manage-ment

Art13 Operations

Art14 Fund Management

Art15 Alternative Investments

Art16 Interdealer Broking

Art17 Wealth Management

Art18 Corporate Banking

Art19 Global Custody

Art20 Data Providers & Rating Agencies

Art21 IT in Finance

Art22 Insurance

Art23 Accounting

Leading international advisor Ownership and banker stability Relationship-driven perspective Robust, objective advice Creativity and rigour

Leading in financial advice, worldwide

To apply for our Graduate Programme, Summer Internship Programme or Long Term Internship Programme, please submit your online application form at www.rothschild.com/careers

Graduate Advert_A4.indd 1 2/8/10 10:45:34


25


“A key difference between an analyst and an associate is that the associate will take more ownership of the project. Typically, associates can take on more projects because they will not always be doing the tasks themselves, but they will oversee the work and take responsibility for it.”

Pay and bonusesGovernment crackdowns on investment banking bonuses – which would traditionally comprise the largest proportion of overall compensation – have dominated headlines for some time now. Many banks mitigated against this by increasing base pay, as well as tying bonuses more closely to performance, which means longer deferrals, 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.

Skills soughtGiven that you’ll be working on complex financial models for valuing companies and piecing together presentations to clients, numerical and analytical skills are essential. Additional languages are valued for working with overseas clients, as are stamina and attention to detail.“In order to be successful long-term, a junior professional should also strive to understand the big picture of every transaction they work on. This is crucial for M&A because of the strategic nature of deals. It is also important to learn about the legal and regulatory issues pertinent to the jurisdiction that the professional works in,” says Elizabeth Wang, COO of investment banking at Morgan Stanley Asia-Pacific.Jan Skarbek, deputy head of UK investment banking at Citigroup, adds:

“You need to have a reasonable degree of comfort with numbers, be prepared to work hard, have an appetite to learn, and be prepared to work as part of a team. You will also need good social skills and flexibility. Often in M&A you need to be a jack of all trades, so we generally look for people with diverse interests and skills.”

Tim ColsonGraduate analyst, M&A advisory, Barclays Capital

Tim graduated from the University of Western Ontario in 2008 with a degree in business and finance. He joined the Barclays Capital Graduate Programme in M&A in September 2009.

Why did you choose M&A?At university I rowed for Canada, but unfortunately a broken rib forced me to withdraw from the selection process for the Beijing Olympics. I spent that summer thinking about life after rowing. I wanted a career that challenged and fulfilled me in the same way that competitive sport did; which demanded hard work, complete commitment and determination, and was also fast-paced and competitive.

What has it been like so far?It is an exciting time to be in M&A as, following our acquisition of Lehman Brothers’ US business in 2008, we have been expanding our advisory business globally. The programme started with a classroom-based period alongside graduates from other divisions in Europe and Asia. It was a great opportunity to get to know a lot of people, as well as getting up to speed with everything I needed to know before joining my team.

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 do a lot of chasing down relevant information and documentation, which allows me to work with many different departments. And, of course, 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. As it is in its initial stages, 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. This evening I will further refine the ‘teaser’ document which we will send to potential investors for our sell-side mandate.

What makes you good at your job?You need to be good at research and analysis, able to assimilate enormous amounts of data and summarise these into the ‘story’. You also need to be able to think laterally and be able to put yourself in the client’s shoes.

Role Base Bonus Change*

1st year analyst 80-90 40-60 25%

2nd year analyst 90-100 60-80 30%

3rd year analyst 100-110 60-80 30%

1st year associate 110-120 80-120 25%

2nd year associate 120-130 150-180 30%

3rd year associate 130-140 180-225 30%

Vice-president 150-200 350-500 35%

Director 200-250 500-700 30%

Managing director 300-400 1,200-1,600 35%

*Change measured as a percentage increase on 2008 bonus figure. Source: Options Group Intelligence Unit. Figures are a global average.

Average global investment bank pay 2009 ($USk)

I get to meet clients – pitching a new deal is the adrenalin-fuelled thrill an investment banker lives for!


26


capital marketsWhere financial products are born

Before financial products are traded, they must be created. And it’s the ‘pink-collared’ bankers in the capital markets

divisions of investment banks who work on the production line creating them.Equity capital markets (ECM) bankers help companies raise money by issuing shares and related derivative products, which are sold to investors. They act as ‘underwriters’ in the process, meaning that, in exchange for a fee, they guarantee that they will sell the shares the company is issuing for a certain price. If they can’t find enough people to buy the shares at the price that they’ve agreed with the client, the bank is obliged to buy the shares itself.

Debt capital markets (DCM), meanwhile, deal with saleable units of debt in the form of bonds. Bonds come in all shapes and sizes, including treasury bonds issued by governments (the least likely to default), investment grade bonds issued by companies (not too likely to default) and so-called ‘high-yield bonds’ (more likely to default, therefore paying a higher rate of return).DCM is also called the ‘fixed-income market’. This is because bonds typically pay a fixed amount of money in interest until their redemption date (i.e. when the original issuer has to pay back the amount of money on the bond to the bond owner at that time). For example, a bond worth €100 might pay out €10 a year, making the interest rate 10%.If the interest rate paid on a bond falls, the amount that the bond is bought and sold for will therefore need to rise until the redemption date at the end of the bond’s life, when the owner will receive its ‘face value’ – in this case, €100.

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, see our section on sales, trading and research on page 30).

Roles and career pathsAs banks are essentially offering similar services, they have to convince clients that their firm is the one to use. So before new equity or debt-related products can be created, deal ‘originators’ are deployed to bring in new business.However, 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.As a junior capital markets professional, 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, or in the syndication process (preparing for the sale of finished products to investors).These days, it’s often not sufficient to specialise solely in equity or bonds. Banks such as Morgan Stanley, J.P. Morgan, Citigroup and UBS have combined their equity and debt origination businesses, so it helps to have a good understanding of both sides of the coin.

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

Bookrunner Deal Value No. % share

1. J.P. Morgan 1,365 1,648 22.2

2. Barclays Capital 1,190 1,668 19.3

3. Deutsche Bank 1,056 1,297 17.2

4. Citi 1,037 1,385 16.9

5. BofA Merrill Lynch 976 1,519 15.9

Source: Dealogic.

Global DCM bookrunner volume rankings 2009 (US$bn)

Bookrunner Current Value No. % share

1. J.P. Morgan 97,661 393 10.9

2. Goldman Sachs 79,112 271 8.8

3. Morgan Stanley 73,560 291 8.2

4. BofA Merrill Lynch 71,228 304 7.9

5. UBS 63,683 275 7.1

Global ECM bookrunner volume rankings 2009 (US$m)

Communication is critical to be able to give potential issuers a clear view on market activity and investor sentiment. Simon Ollerenshaw Managing director, equity capital markets, Barclays Capital

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Art13 Operations








Art21 IT in Finance

Art22 Insurance

Art23 Accounting

EXPECT TO GO PLACESYOU NEVER EXPECTED.

Graduate careers in investment banking

Here at Barclays Capital, we’ll help you fulfil your

highest ambitions in the most unexpected ways.

For instance, we think the best way for you to get

to the top is to learn from the people who are

already there. 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.

It’s time to raise your expectations. Visit our

website to find out more.

barcap.com/expectexcellence

Issued by Barclays Bank PLC, authorised and regulated by the Financial Services Authority and a member of the London Stock Exchange, Barclays Capital is the investment banking division of Barclays Bank PLC, which undertakes US securities business in the name of its wholly-owned subsidiary Barclays Capital Inc., a FINRA and SIPC member. © 2010 Barclays Bank PLC. All rights reserved. Barclays and Barclays Capital are trademarks of Barclays Bank PLC and its affiliates.

Expect Excellence

BarCap_efine.indd 1 5/7/10 11:48:42


29


Pay and bonusesIn Hong Kong, DCM professionals with one to four years’ experience can earn anything between US$30-100k, according to the Robert Walters salary survey. This rises to US$180k+ at the senior end, and ECM practitioners can expect a similar figure.In the UK, meanwhile, DCM salaries start at US$45-65k with potential for a 50% bonus, according to the 2010 Michael Page salary survey. Associates (those with three to five years’ experience) can earn US$70-110k, with a possible 100% bonus. Managing directors should expect up to US$360k base, with a potential 500% bonus on the table.

Skills soughtIf you want to work in capital markets, it will help to have an understanding of – and interest in – the technicalities of company financing, but this

isn’t the limit of the job. “Market understanding and product knowledge, such as how to structure and price various equity products, are the key skills of a capital markets banker,” says Darius Naraghi, vice president of equity capital markets at Deutsche Bank in Hong Kong. “As ECM bankers become more senior, 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.”Following the financial crisis, banks are issuing less complex financial products than before, but it will help if you have the mathematical ability to deal with complex products in case they become popular again in the future. “Good capital markets originators need to have an understanding of products from the simple to the complex, and a feel for the mathematics that drives the more complex products,” says

Simon Ollerenshaw, managing director of equity capital markets at Barclays Capital.It’s something of a cliché to say that good communication skills are desirable for any job, but without them, you’d be lost in a capital markets role. “Communication and sales ability is critical – to be able to give potential issuers a clear view on market activity and investor sentiment, 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,” says Ollerenshaw. Although you’ll be given a high level of individual responsibility, capital markets careers are not like trading careers, where individual excellence can reap the highest rewards. You have to be a real team player in order to keep a variety of parties happy throughout a complex process, he adds.

Henry LeungInvestment banking associate, ECDM, J.P. Morgan

Henry joined the J.P. Morgan Global Investment Banking Analysts Programme in 2007 after graduating with a major in economics from Northwestern University in Illinois, USA. After completing his eight weeks’ training in the New York office, he settled into J.P. Morgan’s Equity Capital and Derivatives Markets (ECDM) team in Hong Kong.

What does your job involve?I’m in a team which works on equity-related offerings in Asia. Our team works in nearly every single major market in Asia, but I focus on Greater China, mainly because of my language skills and proficiency in Chinese. We do the marketing and execution of different types of equity offerings, such as IPOs, public and private share placements and other equity-linked offerings. When we win a mandate, we will analyse the company and determine the relevant strategy to put the offering in the market, as well as to develop the best structure for the deal.

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. We work closely with the client coverage bankers to develop the best structure for the transactions. We also liaise with our equity sales and trading team to make sure the deals are properly executed, distributed and marketed.

What are the best parts of your role?You have the chance to work on some of those landmark transactions in the region. Not every deal is ground-breaking, but a lot of the projects you work on in Asia will be unique and remarkable. When they eventually hit the market and get completed, it’s a really satisfying achievement.

There must be some downsides, though?Obviously the hours are not short. But if you like your job and you are interested in what you are doing, sometimes you won’t even realise the clock ticking away. Another challenge in Asia is that people speak different languages and have different cultural backgrounds. Therefore, you will more often than not work across multiple time zones. Sometimes you need to be very proactive and your communications skills need to be sharp.

You have the chance to work on some landmark transactions in the region. Not every deal is ground-breaking, but a lot of the projects you work on in Asia will be unique and remarkable.


30


sales, tradinG & researchA high-stakes game of risks and reward

Every day, millions of financial products are traded in the secondary markets, where traders buy and sell financial

products after their initial issue.In the secondary markets, salespeople advise clients on investment opportunities, while traders carry out the actual buying and selling of securities.The secondary markets are broadly divided into two categories, equities (stocks and shares) and fixed income (corporate credit, government debt, currencies and interest rate products).

Within the fixed income division is the foreign exchange (FX) team. The FX market is by far the largest in the world, with an average daily turnover of US$4 trillion, according to the latest figures from the Bank for International Settlements.There’s also a whole range of ‘exotic’ derivative products within all of these sectors, the value of which is dependent on the underlying security.

Roles and career pathsSales, trading and research are each very distinct careers. Salespeople advise their clients – who might be rich individuals, pension funds or other institutional investors – when to buy and when to sell financial securities.Salespeople usually focus on particular products (e.g. government bonds) and particular clients. “But we have a range of functions within sales,” says Phillip Scott, COO Sales, Europe, at Barclays Capital. “We have some people who purely do structuring, who will only go to see the clients with other salespeople. So maybe that’s an area you go into if you don’t want to work with the same clients every day. “

Traders track the markets and buy and sell the products at the touch of a button. Your trading career will be defined by both what you trade (e.g. equities, foreign exchange, or commodities) and by the kind of trader you are.Traders come in several types: Flow traders: People who buy and sell financial products on behalf of a bank’s clients.Proprietary (or ‘prop’) traders: A select group of elite traders who are given licence to trade the bank’s own money.Execution traders: Traders who do little more than place trades on behalf of analysts and fund managers.Sales traders: A kind of hybrid between salespeople and traders – they recommend products to clients and then execute the trades resulting from their recommendations.Historically, prop traders were at the top of the trader hierarchy and execution traders were at the bottom. However, many banks have reduced their prop trading activities following large losses and government crackdowns.Research roles focus on particular product types (e.g. equities or company debt) and particular industry sectors (e.g. pharmaceuticals, financial stocks, or leisure companies). Known as analysts, researchers produce reports on the advisability of investing in various asset classes or companies.

Skills soughtTraders need a keen sense of risk and reward, an understanding of the dynamics of the markets and an analytical mind. If you’re trading complex derivatives, you’ll also need the mathematical ability to understand the products themselves.If you’re trading non-complex, or ‘vanilla’ products, you’ll need a good understanding of what drives the market. “You have to be good at mathematics. You don’t need a PhD, but you do need a good sense about numbers at the very least. When people talk with you about profit and loss, even if you don’t know all the nitty-gritty, you should be able to sense whether the ballpark figures are correct or not,” says Justin Chan, head of Hong Kong trading, global markets at HSBC.

Fixed income, 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, the higher the pay

Company Market share

1. Goldman Sachs 18.1%

2. Credit Suisse 9%

3. Sociéte Générale 7.7%

4. Deutsche Bank 7.3%

5. J.P. Morgan 7.1%

Source: Company data, Morgan Stanley Research (as at 2H 2009).

Equity revenues

Company Market share

1. Goldman Sachs 15.9%

2. Citi 11.5%

3. J.P. Morgan 10.8%

4. Bank of America Merrill Lynch 10.7%

5. Deutsche Bank 7.7%

Source: Company data, Morgan Stanley Research (as at 2H 2009).Note: given different reporting styles for losses (bad bank, IAS 39,

provisions or negative revenues) this is not a clean comparison.

Fixed income, currencies and commodities revenues

You need to understand what the client’s objectives are, what they are looking for and how best the bank can solve these issues for them.

David Hansson Managing director for sales and trading, and head of Asia ex-Japan equity derivatives marketing, J.P. Morgan

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Art13 Operations








Art21 IT in Finance

Art22 Insurance

Art23 Accounting

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Highly developed analytical skills are also integral for research roles, but that’s not all. “One minute you could be discussing or presenting the latest market or company trends with the bank’s clients, the next performing in-depth financial and qualitative analysis,” says Matthew Overy, vice president and regional business manager of global markets research at Deutsche Bank, Hong Kong. “As a research analyst, you need to possess a tremendous depth of knowledge in your chosen sector, coupled with the communication and presentation skills to convey the salient points in a way that is of relevance to the clients.”And if you want to make your career in sales? Again, you’ll need to be numerate and technical by nature, but you’ll also need to be good at dealing with people.

“If you are selling, you are the key point of contact for clients,” believes David Hansson, managing director for sales and trading, and head of Asia ex-Japan equity derivatives marketing at J.P. Morgan.He adds that knowledge of your clients is key. “You will need to understand what the client’s objectives are, what they are looking for and how best the bank can solve these issues for them. “You will need to have a keen interest in the financial markets and sound knowledge in prevailing market trends, as well as proven academic performance at university and good mathematical ability.”

Kaya EndoAssociate, equity derivatives strategy, Citi

Kaya studied international economics and management at Bocconi University in Italy, followed by an MSc in finance. She now works as an associate on the equity derivatives strategy desk at Citi, having joined the bank’s graduate scheme in August 2007.

Why equity derivatives?It’s such a challenging environment and everything changes very rapidly. I love the atmosphere when you are on the trading floor and speaking to and dealing with so many hugely intelligent people every day. I did an internship with Citi in 2006, and one of my rotations was derivatives-based which got me into it.

So, what does your job involve?First, it’s about trade idea generation on a daily basis, writing short briefing notes and then sending them out to clients. We also do a lot of analysis and make presentations internally and to clients. Second, I’ll consult with clients, analysing and sorting out problems and working with the sales team, offering solutions or products that will suit their needs or views. Finally, I’m involved in educating our interns and graduates.

What have you been working on today?I’ve been writing up a note on a trade idea to send out to a client. I’ve also been stress-testing a tool for options prices and working on a presentation to interns. We normally have our first meeting at 6.45am so I need to get in a bit before that to sort out any notes or presentations I need to do. The day usually ends around 7pm.

What makes you good at your job?Attention to detail. When you are building tools for traders that could affect their P&L, you need to be absolutely sure what you are sending out has no errors in it. The same goes with when you are dealing with clients, particularly on issues such as risk.

What are the best parts of your role?No two days are the same. One day I can be meeting clients in Italy, the next teaching options theory to a roomful of interns or working on a new tool.

Any bad bits?Sometimes it can be extremely fast-paced, which means you have to be able to think on your feet and work well under pressure.

Title Base Bonus Change*

Associate 75-100 70-110 35%

VP 105-145 400-500 35%

Director 150-200 600-750 40%

MD 250-350 1,100-1,600 40%

*Change measured as a percentage increase on 2008 bonus figure.Source: Options Group Intelligence Unit, figures are a global average.

Equity sales pay 2009 (US$)

Title Base Bonus Change*

Associate 75-100 80-120 40%

VP 105-145 500-600 40%

Director 150-200 650-800 40%

MD 250-350 1,500-2,000 45%

*Change measured as a percentage increase on 2008 bonus figure.Source: Options Group Intelligence Unit, figures are a global average.

Equity trading pay 2009 (US$)

No two days are the same. One day I can be meeting clients in Italy, the next teaching options theory to a roomful of interns or working on a new tool.

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RWE Supply & Trading Graduate Development ProgrammeKey DetailsDuration: 8 months Rotations: 3 rotations Business area: Analysis, Risk Control, Structuring & Valuation,IT,Finance,BackOfficeandTradingSupport Start date: March or SeptemberWhere: Rotations are possible in Essen, London, SwindonandGenevaoffices.

What we’re looking forYou’ll need a quantitative degree in mathematics, physics, economics, engineering, business administration or subject directly related to energy trading, as well as solid IT skills. Work experience or an internship in a trading environment is a bonus.FluencyinEnglishismandatory;proficiencyinGermanisadefiniteplus.

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www.rwe.com/rwest-careersThere are two application periods: Nov/Dec and April/May. Final assessments will take place in Jan/Feb and July respectively.


36


electronic tradinGHigher speeds, greater volumes, just not so many humans required

The rise of electronic trading over the last decade has had a profound effect on the structure of equity markets.

In a nutshell, the emergence of automation transformed the market from one where a great deal of human intermediation was required into one where computers largely do the work in executing and processing trades.There are many benefits to this. Firstly, it allows a greater volume of trades, improving market liquidity; the US average daily reported trading volume increased from 3 billion shares in 2003 to nearly 10 billion in 2009. It also means trade execution speeds fell dramatically, along with the cost of transactions, while increasing transparency in the markets. The use of algorithms – computer systems that decide on price, timing and quantity of an order – also meant that the average trade size fell, reducing the market impact of trades and limiting adverse costs of trading large positions.

But one downside is that greater automation means less human intervention and therefore less manpower. One bulge bracket bank tells us it currently employs 30% fewer traders dealing with three times the flow than in 2005.

Roles and career pathsQuantitative analysts: Quants are maths geniuses key to gaining an edge in e-trading. They design, develop and implement execution algorithms using a mathematical approach to identify investment opportunities and strategies. Consultants: Consultants are all about keeping clients happy. They run statistical reports such as transaction cost analysis and trade reports to ensure clients are using trading tools in the most effective way. Sales trader: It’s the sales trader’s role to facilitate the execution of trades for clients, while also offering a menu

of the bank’s e-trading products and facilitating a customer’s decision on which is the best one to suit their needs. It’s a combination of marketing and client relationship management. Banks also hire for pure sales roles. Market structure: This is a research-led role; market structure professionals analyse upcoming regulatory changes and macro trends and their potential effect on the trading environment. There are also, of course, a wide range of technology positions around the development of e-trading platforms, which we cover in our IT in finance section on page 64.

Skills soughtMost quants come armed with PhDs in a highly mathematical subject and will also possess a good knowledge of financial instruments and technical computing software, such as MATLAB.“Electronic sales staff aim to engage existing or new clients in some form of electronic trading with the bank, predominantly via multi or single bank platforms,” says Roger Hawes, head of spot FX at Royal Bank of Scotland. “This creates efficiency, invariably full straight through processing (STP), and is often complementary to voice business. It requires an understanding of the whole process, from infrastructure and connectivity to more technical issues such as application programme interfaces and price mechanics.”“It’s a rapidly expanding area, compared to traditional areas of investment banking, and the opportunities for advancement are great,”says Brian Schwieger, head of EMEA algorithmic execution for Bank of America Merrill Lynch. “The traditional sales team will be focused on details of individual stocks or sectors, whereas electronic sales will be more focused on the macro trends in market structure and trading technology,” he adds.

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

Role Base Bonus Change*

Analyst (1-2 years) 80-90 70-90 20%

Associate (quant) 100 90-120 20%

VP 125-150 225-325 15%

Director 200 650-750 15%

Managing director 250-300 900-1,300 20%

*Change measured as percentage increase on 2008 figure.Source: Options Group Intelligence Unit. Figures are a global average.

Prop, electronic and quant pay 2009 (US$k)

It’s a rapidly expanding area, compared to traditional areas of investment banking, and the opportunities for advancement are great.

Brian Schwieger Head of EMEA algorithmic execution, Bank of America Merrill Lynch

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Art13 Operations








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38


compliance and risk manaGementA question of control

It’s up to risk management teams in investment banks to make sure the bank doesn’t take huge risks and therefore make

huge losses in its pursuit of gigantic profits. As just about every investment bank has had to write off billions of dollars over the past two years, the focus on a more prudent investment strategy has never been greater.While risk managers try to stop a bank’s employees indulging in behaviour that might lead to big losses, the compliance teams are there to ensure banks work in line with the regulations imposed in the country in which they’re operating.

In the wake of the financial crisis, regulators across the world have increasingly been baring their teeth and, at the time of writing, were seeking international coordination on how best to reform financial services regulation. In the UK, the soon-to-be regulator is the Bank of England, while in the US the Securities and Exchange Commission (SEC) is the financial watchdog. In Asia, the Securities and Futures Commission regulates Hong Kong, while Singapore is under the watchful eye of the Monetary Authority of Singapore. As well as individual country watchdogs, European firms are also regulated by the Committee for European Securities Regulation (CESR), the Committee of European Banking Supervisors (CEBS) and the Committee of European Insurance and Occupational Pension Supervisors (Ceiops).“Overall, it is a very challenging environment,” says Mike Newby, executive director and chief operations officer for Morgan Stanley’s legal and compliance division in Asia. “We need to be flexible and keep up with the ever-changing regulatory environment, as well as with the evolving products and services the firm provides.”

Roles and career pathsRisk management in investment banks is divided into different areas.Market risk: The risk that a whole group of traded financial products (e.g. stocks, bonds or commodities) fall in value simultaneously because of outside events, such as rising oil prices or terrorist activity. Also known as ‘systemic risk’.Credit risk: The risk that a particular company or an individual will default on their obligation to repay their debts.Operational risk: The risk that a bank will incur damage or losses due to internal factors such as systems breakdown or financial wrongdoing. If you join an investment bank as a graduate trainee, you’re likely to be ‘rotated’ around different areas of the risk function.Compliance roles in investment banks can also be divided into various categories, 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. Sales and trading compliance pros are often product specialists – for example, they might specialise in bonds, equities or derivatives.Control room compliance: Centralised tasks such as maintaining the bank’s restricted list and checking for abnormal dealing activity. Should certain staff be placed on ‘stop and watch’ lists, it’s the control room compliance team who ensure their activity is monitored.Monitoring and surveillance: Scrutinising specific behaviour and transactions that might indicate fraudulent activity, such as insider dealing or manipulation of markets across the exchanges.Anti-money laundering (AML): Stopping money laundering (where the financial proceeds of illegal activities are given the appearance of being legitimate).

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

Country 5-7 yrs 7-12 yrs 12+ yrs

France 61-110 98-122 98-184

Singapore 29-43 57-86 107-200

Switzerland 97-132 105-158 158-344

UK 81-103 103-125 133-162

Source: Robert Walters.

Risk manager pay figures (US$k)

Even if you know one skill set or product, if you cannot develop a rapport with the people you are speaking to, that is going to be a huge challenge.

Seung Earm Executive director, compliance, Goldman Sachs

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Art13 Operations








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Moving Forward


41


Pay and bonusesThe heightened focus on risk and compliance means many teams are expanding, but this hasn’t really translated into higher salaries.Risk managers and compliance officers who work alongside salespeople and traders typically earn the most. On the risk side, this means high-earning market risk specialists. In compliance, sales and trading compliance professionals who specialise in the latest hot product can expect the biggest pay packages.

Skills soughtPerhaps slightly surprisingly, one of the key attributes banks look for in their risk and compliance recruits is good communication skills and an ability to build relationships.

“By its nature compliance involves a lot of interaction with different areas – not just internal managers, sales, traders and so on but also people externally, such as regulators,” says Seung Earm, executive director of compliance at Goldman Sachs.“Even if you know one skill set or product, if you cannot develop a rapport with the people you are speaking to, that is going to be a huge challenge.” “For entry level, the typical person would have received some academic training in law, finance or some other business discipline,” adds Mike Newby at Morgan Stanley. “Junior-level candidates with some work experience usually have some form of training in legal, auditing, consulting, and regulatory and enforcement.“

Ong Bi HuiMarket risk controller, DBS Bank

Ong Bi Hui graduated from the National University of Singapore in 2007 with a bachelor’s degree in applied mathematics, and left Columbia University with a master’s degree in 2008. She joined DBS Bank the same year.

What does your job involve?As market risk controllers, we ensure that the bank’s market risk exposures are correctly reflected and do not exceed the limits allocated. Trading book positions are dynamic and dependent on current market conditions. The risks have to be managed so that the bank is not caught off-guard by sudden or large movements in the market. 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.

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. In Asia, market risk management is still considered a new and developing area. Working in a niche market that is developing constantly meant the learning curve would be steep and the areas of contribution would be significant.

How did you end up in your current position?I joined the team in September 2008, a few days after Lehman Brothers filed for bankruptcy, but I would say there was never a better time to join. This was the point where market risk infrastructures were put to the test. Challenging market conditions required the team to revisit existing market risk models, and design new measures to keep up with the changing perceptions on trading, in particular derivatives trading. I was assigned to monitor traded credit risk, which was caught in the eye of the storm. 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. In a short space of time, I had the chance to change the value-at-risk model used by the bank.

What’s the best part of the job?There are many opportunities to make your mark in this area. There are always new ideas coming up, new rules to follow, better solutions to be found. It is never dull.

What do you think makes you good at your job?It is good to be inquisitive and take the initiative. You can learn many things by being curious. At the same time, having the initiative and the ability to follow through can get you anywhere.

Get the latest graduate and

internship programme news.


There are many opportunities to make your mark in this area. There are always new ideas coming up, new rules to follow, better solutions to be found. The job is never dull.


42


operationsThe busy world of the back office

If you delve into the murky world of investment banking, pretty soon you’ll undoubtedly hear the terms ‘front office’, ‘middle office’, and

‘back office’.When people talk about the front office, they’re talking about the ‘sexy’ areas of investment banking – mergers and acquisitions, or sales and trading. When people talk about the middle office, they’re talking about functions like IT, accounting (finance) and risk management (which we cover in other pages of this book).And when people talk about the back office, they’re talking about operations.Unlike the people in the front office, people working in operations don’t liaise with customers to generate revenues and profits for the bank.

Instead, the division is a support function. Operations professionals support people in the front office to make sure everything works smoothly and the bank gets paid.The main business of operations is clearing and settling trades. Clearing trades involves making sure that the records one bank has kept of the sale of a financial security match those of the bank or organisation it sold the security to.In most cases, simple trades are cleared automatically through huge electronic systems such as the Brussels-based Euroclear.Settlements professionals ensure that stocks or shares bought and sold by the bank’s traders are exchanged for the correct amount of money.‘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.“The investment banking operations (IBO) support function provides transactional support, ensuring documentation and settlement of transactions in a controlled and regulatory-compliant manner. The world of global financial markets is

fast, demanding and competitive, and the operations division plays an increasingly important role supporting business growth and being a key differentiator for client service,” says David Bromley, director and chief operating officer of global business services at Deutsche Bank, Asia-Pacific.

Roles and career pathsAs a junior working in clearing and settlements, your job will mostly involve intervening when computer systems fail. Every now and then automatic clearing systems break down in a so-called ‘exception’. Clearing specialists spend most of their time dealing with these exceptions and trying to work out what went wrong.If you work as an exception manager on a settlement desk, 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, for example.However, there are some areas of the market where clearing still isn’t automated, 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.In particular, 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. Moves are being made to automate the clearing and settlements process in the OTC derivatives market, but until this happens people are needed to fill in and fax through the documentation. At the time of writing, moves were being made to regulate the OTC derivatives market, which would require a proportion of those to be cleared through central counterparty clearing houses in a bid to increase transparency in the industry.

You are a key point of contact for various platforms and divisions

The pay is lower, but the hours are shorter

You’ll need to be a good communicator and a team player

Country 5-7 yrs 7-12 yrs 12+ yrs

France 43-74 62-123 86-148

Singapore 29-57 79-97 104-194

Switzerland 62-97 80-133 115-204

UK 74-89 89-104 111+

US — 120-185 185-300Source: Robert Walters.

Settlements manager base salary (US$k)

Working in operations requires a diverse range of skills from project, business and people management through to technological capability and client service.

David Bromley Director and chief operating officer, global business services, Deutsche Bank, Asia-Pacific

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43


As you work your way up the operations hierarchy you will progress to more strategic roles, looking at issues such as how to streamline the exceptions process or which functions should be moved offshore.

Pay and bonuses Since it’s not revenue generating, people in the operations divisions will never receive bonuses as substantial as those enjoyed by their colleagues in the front office. On the plus side, 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.

Skills soughtWhen filling operations roles, banks look for a combination of problem-solving, interpersonal

and time management skills. In a role where accuracy and consistency are key, attention to detail is also a must.“Working in operations requires a diverse range of skills from project, business and people management through to documentation skills, technological capability, control, regulatory knowledge and client service,” says Bromley. Good communications skills are also important. “It is not just about speaking to people; it is about building relationships and earning respect,” says Steve Morgan, global head of equity middle office at Citi. “The back office and middle office are the cogs right at the heart of the wheel. We are responsible for taking information, processing it, and disseminating it across many different platforms.”

Ginny ClaytonAnalyst, operations, Goldman Sachs

Ginny graduated with a degree in business administration from Bath University in 2008. She joined Goldman Sachs in September of the same year.

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. You need good people management skills and you need to be able to work well as part of a team.

What are the main elements of your job?I work on the sales side, supporting sales traders. So they execute a trade, and we deal with it afterwards. I’ll be liaising with clients, confirming the detail of the transaction and then getting it out of the door and managing the trade. We also handle a lot of the risk.

Talk us through an average day.I’ll normally get in at 8.30am, at which point I catch up on what has been handed over from other regions overnight. There are certain things that have to be done each day, but there will also often be things that are more unpredictable, depending on what trades are being done. I’ll normally be settling trades throughout the day but, for example, this morning I’ve also been learning about a new product and have gone through all the trades for it. I tend to finish at around 6pm but some days you will work later or leave earlier.

Some people would say that operations is the less exciting area of investment banking. Presumably you wouldn’t agree? It is exciting, because you are working closely with traders and they are relying on you. You have to manage a high degree of risk, and it can be challenging. You will also be involved in different projects and be working with different people all the time.

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. 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.

Any bad parts?Because you are coming into an environment that is very data-heavy you do have to be accurate and conscientious. There is never much time for switching off.

Find out which sectors are still hiring.


It is exciting, because you are working closely with traders and they are relying on you. You have to manage a high degree of risk, and it can be challenging.

smartestOur

investment is you

• One of Europe’s largest independent investment managers,founded in 1934

• 234 investment professionals with an average of 14 years’investment experience1

• Operating globally and investing in core asset classes, equity,fixed income and alternatives

• £60.3 billion of assets under management2

• Approximately 930 employees in Europe, the US and Asia-Pacific

• Listed on the London Stock Exchange and the Australia SecuritiesExchange with a market capitalisation of US$1.7bn3

Henderson’s strength lies in its diversity – the assets we manageand the clients we invest for across the globe. We select peoplewith exceptional talent and entrepreneurial minds. At Henderson,you will be recognised for your achievements. We will support youto obtain the qualifications you need to progress your career.Come to Henderson and discover a breadth and quality ofexperience that’s hard to find elsewhere.

If you are passionate about investment and aspire towork for one of Europe’s largest investment managers,find out more today at www.henderson.com/graduates

Henderson carries our heritage, our values and our corporate strengthGlobal is our reach, outlook and our futureInvestors are our focus and investing is our specialisation

1 Source: Henderson Global Investors. Number of employees at 31 May 2010. 2 Source: Henderson Global Investors. Assets under management at 30 March 2010. 3 Source: Henderson GlobalInvestors. Market capitalisation at 31 December 2009. Henderson Global Investors is the name under which Henderson Global Investors Limited (reg. no. 906355), Henderson Fund Managementplc (reg. no. 2607112), Henderson Investment Funds Limited (reg. no. 2678531), Henderson Investment Management Limited (reg. no. 1795354), Henderson Alternative Investment Advisor Limited(reg. no. 962757), Henderson Equity Partners Limited (reg. no. 2606646) (each incorporated and registered in England and Wales with registered office at 201 Bishopsgate, London EC2M 3AEand authorised and regulated by the Financial Services Authority) provide investment products and services. Telephone calls may be recorded and monitored.

HGI42240/0710

Graduate Investment Management Opportunities

To find out more and to apply please visit bailliegifford.com

BALDERDASH,gobbledygook.

We’re not one of those investment management firms that will bombard you with financial jargon.Quite the opposite in fact, we’ll keep it simple because we want to attract the best graduates fromany degree background. What we’d really like to talk about is development. We were one of the firstinvestment management firms awarded the national 'Investors in People' standard. This speaks volumesabout the quality of our graduate training programme. Do you understand what we’re saying?

156906 (Baillie Gifford) x210.qxd:156906 8/7/10 10:45 Page 1


47

INVESTMENT BANKING Financial services EMPLOYERSGETTING IN

Pay and bonusesMuch like other areas of financial services, pay is under scrutiny. Traditionally, bonuses would have been based on individual performance and could be many multiples of base salary. Now, however, bonuses are being more closely aligned to company performance, and can be deferred over a number of years.In the US – home of the world’s largest asset management industry – senior fund managers can bring in base pay of US$175-250k, according to the Robert Walters salary survey. An analyst/AVP should expect US$80-110k.Experienced portfolio managers in the UK earn up to US$220k, according to figures from recruiters Michael Page. Junior investment

analysts can bring in US$60-95k. In Singapore, senior salaries come in at US$136k+, according to Robert Walters.

Skills soughtTo be a fund manager, you’ll need to be passionate about investing and an expert at filtering large quantities of data. “It’s an incredibly stressful job,” says Douglas Eu, CEO, Asia at Allianz Global Investors Asia-Pacific. “You have days off, but you are always working. You are never really on vacation because you have a lot of responsibility. You are managing somebody’s money as a fiduciary. It’s like being a student taking a test every single day and the grade is published every day in the newspaper.” What attributes help you get a foot in the door?

“Getting to grips with annual reports, company balance sheets, broker analysis and performance indicators obviously means a decent level of numeracy is important,” says Richard Barry, HR director at Baillie Gifford. “That said, generic research skills, which are often demonstrated in more humanities-based rather than mathematical and financial degrees are highly desirable in fund management.”And again, good communication skills are vital.“You might be speaking to a roomful of brilliantly intelligent bankers, or asset managers, trustees or lay people and you’ll need to be able to participate in discussions about complex financial situations while ensuring clients fully understand,” says Paul Deane-Williams, senior consultant at Towers Watson.

Beata HarasimAnalyst, fixed income, BlackRock

After completing an MA in finance and banking at Warsaw School of Economics, Beata joined BlackRock in the autumn of 2008. She works as an analyst in the company’s European Rates, Sovereigns and Currencies Investment Team, working within the Fundamental Fixed Income Portfolio Management Group and with a focus on currencies and CEE rates markets.

What was the appeal of fixed income?I have always been fascinated by the complexity of global financial markets, 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. This translates into daily monitoring of trade positions across our portfolios and adjusting them as necessary. I also provide a steady stream of research, which enables portfolio managers to have the edge when making investment decisions.

What have you been working on today?As a part of my research, I recently went to Budapest to broaden my insight regarding the current macroeconomic environment in Hungary. 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.

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. Every day portfolio managers need to make sure client assets are correctly positioned for the expected environment.

Any downsides?It really is difficult to find any downsides. Work in asset management offers a balance between an enviable professional career and private life.

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. I also believe my passion for the markets, especially fixed income, means I’m naturally enthusiastic about everything I do. I strive for continuous improvement in my work and am also building up my professional qualifications by undertaking the CFA and CAIA programmes.

Being at the very centre of markets and actively participating in the investment process is definitely the most appealing part of this job.


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alternative investmentsHigh earning roles, reserved for the elite

A ‘normal’ investment is fairly straightforward – usually in stocks, bonds or cash. It’s made with a view to

earning interest or dividends, or because the value of the investment is expected to rise over time. Alternative investments cover a broader range – from wine to art and real estate. For the purposes of this article, however, we’re going to look at hedge funds and private equity.Hedge fund managers also invest in stocks or bonds, but while traditional fund managers do so in the hope that prices rise, hedge funds use strategies to make money even if they fall.Private equity funds invest in companies that are not listed on the stock exchange. These can vary from ‘seeding’ smaller firms to buyout funds, which invest larger sums in more established companies.

Key playersGlobally, the largest player in the hedge fund world is J.P. Morgan, according to Alpha magazine. Bridgewater Associates, Paulson & Co, Brevan Howard Asset Management and Soros Fund Management make up the remainder of the top five. In private equity, TPG, Carlyle Group, CVC Capital Partners, Kohlberg Kravis Roberts and Blackstone Group dominate, according to Private Equity Intelligence.

Roles and career pathsThere are three key areas in the front office of a hedge fund: analysis, sales and marketing, and trading. Analysts look at the companies, markets and financial products the hedge fund invests in; sales and marketing liaise with investors and persuade them to put money into the fund; traders act on the analysts’ recommendations and place trades.In a private equity fund you’ll probably start as an analyst, looking for possible investment targets. You can then move into the role of principal, appraising whether a deal is worth pursuing and sorting out legal issues. At the top are originators, usually firm partners, who oversee and source deals.

Pay and bonusesHedge fund managers can bring in large sums of money – the highest earner in 2009 made US$4bn, according to Absolute Return + Alpha.com. Such lofty sums are not available to more junior staff, but the pay on offer is certainly not to be sniffed at. Senior private equity professionals also earn ‘carried interest’, which is based around the profits made when a fund’s investments are sold.

Skills soughtTraditionally, hedge funds recruit few graduates, but an increasing number of firms are rolling out dedicated programmes to employ juniors. So how can you stand out?“The common element to our three graduate recruitment programmes – technology, quantitative and business streams – is that they all require good numerical and team-working skills. We also generally look for evidence of good collaborative working, a strong sense of integrity, entrepreneurial flair and an impeccable academic record,” says Jo Carter, head of talent and development at Man Group.In private equity, it’s even tougher to get in at a junior level. “In today’s market, graduates are competing not only amongst themselves, but with more experienced candidates who find themselves in the market due to the turmoil of the last couple of years,” says Timothy Mahapatra, head of corporate finance at Deloitte. Private equity demands a flawless academic record, but is a less data-heavy role than working in a hedge fund. You’ll need to be entrepreneurial and have good ‘soft skills’.“You will be stretched both intellectually and in terms of your propensity to work, and being required to demonstrate such commitment and drive will be vital to success,” adds Mahapatra.

Grade Base Salary Total comp.

Associate 100 208

Senior associate 160 317

Source: Glocap Search.

Private equity pay (fund with US$750m-$2bn assets) (US$k)

Grade Base Salary Total comp.

Associate (2-4 yrs exp) 135 300

Hedge fund pay (fund with US$500m-$3bn in AUM) (US$k)

Alternatives can be anything from wine to hedge funds

Top hedge fund managers earn megabucks

Private equity requires prior experience

You will be stretched both intellectually and in terms of your propensity to work.

Timothy Mahapatra Head of corporate finance, Deloitte

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Changing the nature of investmentGrow your career with the global leader in alternative investments.Undergraduate, Graduate and Postgraduate opportunities in London, Oxford and Switzerland

Full details of all our schemes can be found on our website www.mancareers.com


50


interdealer brokinGMiddle men making sure the price is right

Interdealer brokers (IDBs) have traditionally been rather publicity-shy, but a strong performance during the financial crisis

has thrust this fairly mysterious sector into the limelight.An IDB acts as an intermediary between dealers at investment banks, enabling banks’ traders to do large deals with one another anonymously.For example, assume a trader wants to buy two million shares in Company A at 50p each. They check prices and availability with an IDB. If the trader is happy with what the IDB has to offer, the IDB will execute the deal. In return, it takes a small percentage as commission, which can be very lucrative, particularly in volatile markets.Because IDBs get paid whenever people trade, they make money whether the market is rising or falling. High levels of price volatility in the stock markets are actually beneficial to them.

Key playersFive big firms dominate 70% of the market, according to analysis by Celent. These firms are ICAP, Tullett Prebon, GFI, BGC and Tradition.

Roles and career pathsInterdealer brokers recruit graduates for two main roles – voice and electronic broking.Voice brokers speak with clients on the telephone, and execute trades around more complex products, which typically require more discussion or explanation. Electronic brokers use computer screens to check client needs and execute deals.Electronic broking is all about speed, trading cash or equity products in large volumes at the right price, before the client’s competitors.Brokers usually specialise in a particular product, which can range from anything from

options or futures to the various fixed income products. The career path is straightforward – junior broker, broker, desk manager, director, head of division.

Pay and bonuses Starting salaries range between US$40k and US$50k, according to IDB headhunter Search Partners.The spread between base salaries for senior brokers is large – US$120-220k – the general rule being that the more complex the product, the higher the salary.But IDBs make most of their cash through taking a percentage of the money they bring in for the company. This can be anything from 35% to 50%, with the more confident brokers pushing for a bigger cut and smaller base.

Skills soughtInterdealer broking is all about relationships, so if you’re not a people person, don’t bother applying. In fact, such is the bond between broker and client that, if a successful broker leaves for a competitor, they’ll often take their business with them.“The ability to develop strong client relationships is a key part of the job, particularly at the early stages of your career. In order to develop a long-term relationship with any client you need to be able to develop a bond of trust and understanding,” says Mark Scally, head of HR at Tullett Prebon.This involves a lot of client entertainment. While the hours of a broker are reasonable – typically 7am to 5pm – a lot of your evenings are taken up wining and dining clients. Damien Lee, managing director of Search Partners, says a junior broker can spend three or four nights a week entertaining, “and you’re still expected to be at your desk at 7am the following morning.”Obviously, you have to keep clients sweet on a more professional basis, too. “On the trading floor of an investment bank, traders take a position and therefore potentially a risk. Our business is more about swift execution – ensuring we can trade our clients’ positions fast. Brokers need to be able to react quickly to find solutions to individual clients’ needs,” says Scally.

Building relationships key to interdealer broker success

The more complex the product, the higher the pay

Brokers judged on swift execution of deals

The ability to develop strong client relationships is a key part of the job, particularly at the early stages of your career.

Mark Scally Head of HR, Tullett Prebon

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Tom SheridanVoice Broker, New York

Here’s the deal.ICAP is the world’s premier interdealer broker, executing more than USD $1.4 trillion worth of transactions every single day.

You’re an incredibly bright individual with a personality to match. We connect buyers and sellers in the world’s financial markets. You approach challenges determined to succeed. We’re fast-moving, global, entrepreneurial and meritocratic. You’re quick-thinking, outgoing, confident and ambitious. We offer prospects. And we both know that with the right training, exposure and recognition, you’re going to go places that even we’ve never thought of yet.

We have a range of full-time, internship and placement opportunities in Broking, Accounting, Business Services, Human Resources, Post Trade Risk Services, Research and Risk.

Careers in global financial marketswww.icap.com/careers

©ICAP plc 2010. ICAP® and other service marks and logos are service marks of ICAP plc and/or one of its group of companies. All rights reserved. Entities within the ICAP group are registered as applicable.

ICAP1862 Advert_Final.indd 1 26/7/10 17:29:14


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wealth manaGementCombining diplomacy, deep relationships and technical expertise

As their name suggests, private wealth managers help very rich people to manage their money in private, far away

from the prying eyes of the gossip columnists and paparazzi.They fall into two categories:Private bankers: Help clients invest their money wisely and avoid any risks that might reduce the value of their assets. They also offer tax and pensions advice, help clients to develop a strategy for charitable giving, and advise them on bequeathing their wealth to the next generation.Private client brokers: Help clients to buy and sell financial products, particularly equities or stocks (hence the term “stockbroker”). They also offer advice on the best products to invest in. The clients of private wealth managers can be anyone from company chief executives to property tycoons, investment bankers, footballers, pop stars or members of privately run family businesses.Private banks typically look for clients with at least US$1m to invest, but many deal only with clients whose financial assets (so not their houses or yachts) alone are worth more than US$30m.

Roles and career pathsIf you work as a private banker, you can expect to perform one of three broad categories of job: investing money for existing clients; building relationships; or managing back-office functions such as human resources or accounting.People working on the investment side either invest their clients’ money themselves or offer their clients detailed advice to help them invest their own money. They are typically product specialists who are expert in a particular asset class, such as fixed

income, equities, structured products of any kind, or investments in the private equity and hedge fund sectors.Those on the relationship side are effectively salespeople who spend their time cultivating links with clients and selling the bank’s services.This can involve a lot of travelling and close contact with interesting, unusual and demanding people. When a relationship manager has established a client’s needs, investment specialists are brought in to put a more detailed solution together.“Sometimes you might have five relationship managers all vying to manage the money of one single high-net-worth individual, so relationship building is pivotal,” says Katie Lin, chief wealth management officer at Axa Hong Kong.Meanwhile, private client brokers come in two kinds: those working on discretionary mandates, in which wealthy clients communicate their general investment strategy and the broker buys and sells the financial products they think appropriate; and those working on advisory mandates, where the broker advises the client what to invest in, but needs their permission before making a move.Junior brokers are most likely to work on advisory mandates. However, making the first move can be challenging, as few brokerage firms offer graduate training courses.US banks such as Citi, Goldman Sachs and Morgan Stanley hire graduates onto their wealth management or broker training programmes.

Company AUM

1. Bank of America Merrill Lynch 1,824

2. UBS 1,526

3. Morgan Stanley-Smith Barney 1,420

4. Credit Suisse 656

5. HSBC Private Bank 345

6. Citigroup 335

7. BNP Paribas/Fortis 265

8. J.P. Morgan 258

9. Deutsche Bank 240

10. Barclays Wealth 222

Source: Private Banker International, figures as at H1 2009.

Key players by global assets under management (US$bn)

Managing money for the world’s wealthy

Don’t expect just to give investment advice – high-net-worth clients expect more

A relationship manager is judged by the amount of money under their stewardship

You need to be able to build long-term relationships. You have to be interested in clients, their background and their family – you have to understand what makes them tick.

Kate Turner Head of private banking, Coutts

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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. Registered No: 1026167. Registered office: 1 Churchill Place, London E14 5HP.

STRUCTURED TRAINING, A PROFESSIONAL QUALIFICATION

AND UNRIVALLED JOB SATISFACTION

Meeting the complex wealth management needs of high net worth, affluent and corporate clients is what we do atBarclays Wealth.

As a graduate there are plenty of great reasons to choose a career with us. Our three-year structured trainingprogramme for one. The chance to obtain the CFA™ and, of course, the international experience you can gain throughour overseas placements.

But the truth is how much you get out of that careerdepends on what you’re prepared to put in.

You see, as an organisation, we have big plans for the future,and securing our position as one of the world’s leadingwealth management businesses is really just the start. Our goal is to redefine the entire wealth management sector,and to help us we need graduates who share that same levelof ambition.

We have operations spanning Europe, the Middle East,Africa, Asia and the Americas, and we’re currently recruitingin the UK, Switzerland, Monaco, Mumbai, Spain, Portugal,Italy, UAE, India, Singapore, Hong Kong and Johannesburg.

To find out more and apply online, go tobarclayswealthgraduates.com/CIBF

We’ll judge you on your ability and nothing else.

WORK. WHAT’S IT TO YOU?

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And Barclays Wealth, Coutts, Credit Suisse, HSBC Private Bank, Kleinwort Benson, RBC Wealth Management and UBS also run graduate schemes for private bankers.

Pay and bonusesIn Switzerland, traditionally a hub for wealth management, a private client relationship manager can expect to earn US$70-140k base pay after five to seven years’ experience, rising to US$140-255k at the senior end, according to the Robert Walters 2010 survey.In Singapore, which has been particularly active recruiting wealth managers over the last 18 months, a junior relationship manager can expect a base of US$65-85k, while an investment advisor can bring in US$35-70k, according to Robert Walters.

At the senior end, base pay comes in at US$155k+.

Skills soughtPrivate banking is no place for anyone with a taste for gossip. Discretion and an ability to retain and build relationships with incredibly wealthy individuals are absolutely vital. “You can teach people financial skills but what you cannot teach is the ability to build a rapport. You need to be able to build long-term relationships. You have to be interested in them, their background and family – you have to understand what makes them tick,” says Kate Turner, head of private banking at Coutts. In the fiercely competitive market of wealth management, private bankers also need technical expertise to get ahead of the herd.

“They need to know what kind of product they are selling, and its competitors in the market,” says Katie Lin, chief wealth management officer at Axa Hong Kong. “They need to know how to read the market, and provide the latest financial information to clients, because they will expect regular updates on their portfolio as well as relevant information that will help them make astute investment choices.“An understanding of different cultures will help, too, suggests Turner. “Although a lot of our work is UK-focused, another language can be useful. If you have particular knowledge of, say, the Middle East or the non-resident Indian market, that will always be helpful. We find many graduates with finance-oriented degrees applying, but a background in economics and law can be useful too.”

Angeline Seah Associate director, ANZ Private Bank Asia

Angeline graduated from Monash University in Australia in 2003 with a master’s degree in business systems. She also has a bachelor’s degree in commerce, specialising in finance. She joined ANZ Private Bank in Singapore in 2008.

How did you end up in your current role?After graduating with my master’s, I joined ANZ in Melbourne as a management trainee. After that I joined a subsidiary of National Australia Bank in 2005, working as a credit coordinator, followed by Macquarie Bank in 2006 in a similar role. 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, and was promoted to my current role within six months. ANZ is undergoing an exciting period of growth in the region, and there is a strong focus on development opportunities there.

What exactly does your job involve?There’s a lot of frontline contact with high-net-worth clients, and it’s about managing their relationship with the bank. We need to understand our client’s needs, risk appetite and financial objectives. We also need to build our portfolio as our sales are judged on the amount of funds under our management. There are different ways we can go about doing that. The most obvious way is word of mouth. If you have good relationships with your existing clients, they often refer a lot of new leads to you.

What do you like most about your job?Building contact networks is something you have to do, but it can also be very enjoyable. Your network is your net worth. You never know when your contacts will come in handy. However, the best part is that you get to meet people from all walks of life, not just from the finance sector.

What is it like to be a banker for rich people and celebrities?I have a lot of high-net-worth clients, and these clients have high expectations – they expect fast turnaround, good service, and for everything to be at their fingertips. You first need to gain their trust to invest that money, but you’re not only offering financial advice – they could come to you for help with other things, like finding a reliable accountant or a managing agent for investment properties. If you can provide that extra help, then you will be of value to them, because they know you are the one-stop shop for everything.

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.


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corporate bankinGBanking for high-value companies

In a nutshell, 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, but it’s not.At its most basic, corporate banking can mean arranging loans (a service which itself comes in various forms), offering cash management services – such as helping minimise tax paid by overseas subsidiaries – or managing changes in foreign exchange rates. Corporate bankers target different industries, and often carve out niche areas of expertise. For instance, those servicing energy, mining or utilities companies might be project finance experts, working out the business case for funding a new power plant or mine.

Roles and career pathsWhile 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. Junior corporate bankers often start out as credit analysts, assessing company balance sheets and deciding whether or not to issue loans. You may also get to accompany senior sales and relationship staff as they attempt to sell products to corporate customers. One banker describes this as “bag-carrying” – you’ll be picking up tips from senior directors without having much influence on the deal. Senior roles in corporate banking are more client-focused. There are business development managers, who attempt to bring in new customers, or

relationship managers, who look after existing clients. Both involve wining and dining chief executives and finance officers, but are also quite technical.Relationship managers are also assisted by a support team, which deals with the client’s day-to-day banking needs. But when the company needs to raise more finance, the relationship management team also provides transaction and structuring advice.“Corporate bankers, because they work with different industry players, tend to have a better understanding of, or sensitivity to, the whole economy,” says Nick Huang, alternate chief executive and head of wholesale banking group at Citic Bank International. “Every industry is changing. Working in corporate banking means you have to manage these changes.”If you’re not up for a client-facing role, you also have the option of working in risk/credit assessments or product, operations or treasury management (the administration of currencies, cash flows and debt).

Pay and bonusesGraduates usually start on around US$35k, according to the banks we spoke to, and a senior relationship manager can earn up to US$210k in the UK, says financial recruiter Morgan McKinley.In Hong Kong, a relationship manager can earn US$45-110k after four to eight years’ experience, according to recruiters Robert Walters. This hovers between US$85k and US$95k for the same level of experience in Ireland.

Bank Market capitalisation

ICBC 268.9

China Construction Bank 201.4

HSBC 200.7

JPMorgan Chase 171

Bank of China 153.9

Bank of America 149.6

Wells Fargo 137.9

Santander 136

BNP Paribas 94.8

Citigroup 93.5

Source: ICBC, figures as of 2009.

World‘s largest banks by market capitalisation (US$bn)

Relationship building is key, but technical skills are also essential

Corporate banks provide complex services to large institutions

Deep understanding of various industries and products

It helps to be a bit of a jack-of-all-trades, so you have to have good general expertise. But you also need to know – and this is crucial – where your expertise runs out and you need to get someone else involved.

Richard Miles Head of corporate and transaction banking, BNP Paribas, London

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Achieving more together

Ready for a company that offers more than you’d expect?Apply now for the Corporates & Markets Graduate Programme.

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 61,000 employees worldwide. Our Corporates & Markets Graduate Programme offers you the opportunity to join our investment banking team. Right from the start you will be part of the action, where good ideas get recognised and you can make a real difference.

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Skills soughtWhile you have to be an affable people person to win the business and maintain relationships in corporate banking, you also have to be a ruthless number cruncher. After all, there’s no point in lending money to a firm if they’re going to fail to pay it back.“In terms of specialist products and services, it helps to be a bit of a jack-of-all-trades, so you have to have good general expertise. But you also need to know – and this is crucial – where your expertise runs out and you need to get someone else involved,” says Richard Miles, head of corporate and transaction banking at BNP Paribas in London.Not only will you be required to keep up with developments within various industries and the implications of these on your clients’ risk

appetite, 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, as many roles cover a number of geographical locations.“Customers are different animals in the various parts of Asia,” says Aubrey Wang, senior vice president and head of corporate banking at Fubon Bank (Hong Kong). “In Hong Kong, for example, they tend to be fairly straight-forward. They focus more on the terms and conditions of the deal that they are working on directly, while in Taiwan, it’s more about relationship building – lots of golfing, wining and dining.”“Graduates must have good verbal skills,” says Gregg Carnaffan, graduate development manager at HSBC. “They need to be able to get to know people quite quickly and develop

relationships. Emotional intelligence is essential. In the corporate environment, particularly, you will be coming up against people who might be quite demanding and time poor, so you have to be able to deal with that and quickly show you can be of benefit to them.”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. Banks want to see evidence of this in their graduate recruits.“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,” says Carnaffan. “It is not just about academic qualifications – you have to have character.”

Deirdre CloakeCorporate banking analyst, HSBC

Deirdre studied financial mathematics at Heriot-Watt University, Edinburgh, graduating last year. She joined the HSBC commercial management training programme in October 2009, and is now working as a corporate banking analyst.

How did you get to where you are today?I am now mid-way through my second placement in the Glasgow Corporate Banking Centre, having completed my first placement in HSBC’s Yorkshire Centre. I support and work alongside our corporate banking managers, who manage relationships with companies with a turnover of between £25m and £1bn.

What are the three main elements of your job?At the moment the main elements are financial analysis and research, meeting customers and studying for my diploma in corporate banking. For the analysis element, what’s important is being able to assimilate a lot of information quickly, to be analytical and to come to well-constructed conclusions. Time management skills and an ability to prioritise are also vital. But equally, within the corporate banking environment, people and communication skills are essential. You need to be able to communicate clearly and effectively, as every day you will be dealing with people of all levels internally within the bank network and, of course, building and maintaining relationships with customers externally.

What makes you good at your job?Having a background in maths has certainly helped me in my role, especially in terms of understanding many of the products and tools used within the industry. A positive attitude, enthusiasm and a willingness to be proactive and ask questions also goes a long way. 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. The complexity of the corporate business environment, and the range of customers and products, also means no day is ever the same.

Where do you see yourself in five years’ time?Ideally I’d like to become a global relationship manager, perhaps with an international portfolio of customers. The fact that HSBC has a presence in 88 countries will, I hope, help in this – the corporate team works with a hugely diverse range of companies and industries.

Every day you will be dealing with people of all levels internally within the bank network and building relationships with customers externally.


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Global custody The ever-more complex task of administrating investments

As asset managers become more sophisticated with their investment strategies, the role of global custodians

is changing dramatically. “Global custody has evolved enormously over the last decade or so with a steady rise in automation and an explosion of exotic investment vehicles and instruments, such as exchange-traded funds (ETFs) and hedge funds, mortgage-backed securities, swaps, and a range of complex derivatives, which has driven the need for sophisticated administration technology,” says Ross Whitehill, head of offshore management at BNY Mellon Asset Servicing.Core functions include fund administration and fund accounting (calculating how much income funds are making and spending), settlements (delivering securities to the buyer and the money to the seller), and corporate actions (keeping track of dividend payments for equities and coupon payments for bonds).

Roles and career pathsClient: Here, you’ll schmooze with fund manager clients, ensuring they’re happy with existing services and – hopefully – selling them others. This is typically something to aspire to after a few years. Delivery: The roles traditionally associated with global custody, including fund accounting, settlements and corporate actions. Graduates are usually given a grounding in all these areas before specialising in one.Technology: Custodians spend hundreds of millions of dollars on technology, which has now become integral to profitability. Firms hire system programmers, data architects, business analysts, systems integrators and business process re-engineering experts.

Pay and bonusesClient-facing roles are the most lucrative within global custody. A senior relationship manager in the

UK can earn US$95-135k, according to the Robert Walters salary survey. In Dublin, a fund accountant with more than five years’ experience can earn US$60-95k, while a custody associate can bring in US$55-85k. In Luxembourg, a head of fund administration is paid US$135k+. In Singapore, fund administration jobs pay US$50-80k at manager/AVP level, while corporate actions roles pay US$50-75k at the same level.

Skills soughtThe official line is that there are no favoured degrees for global custodians, but certain roles, such as fund accounting or IT, will require a pre-existing skills base. Graduates with mathematical degrees like engineering tend to gravitate towards the core custody functions. Calculating corporate actions across multiple funds and asset classes can be complex, and a firm grasp of maths will help.“If someone has a maths degree, it is quite likely they are going to go more into the accounting side – finance, control, audit or fund accounting for example – while a computing degree might direct you more into technology,” says Wade McDonald, senior vice president at State Street Global Services. “But we get people with economics or business degrees and even history, although you should expect to be asked why you chose a career in banking.”While numerical skills are needed to get your head around accounting and valuation models, graduates will need to demonstrate softer attributes if they’re to climb the career ladder. “You will need to have the skills to administer new and exciting investment products as they enter the market,” says Whitehill. “But an ability effectively to define and communicate a problem or a strategy, or make a client presentation, is increasingly important.”

Company Assets under custody

1. BNY Mellon 22,400

2. J.P. Morgan Worldwide Securities Services 14,900

3. State Street 14,058

4. Citigroup Global Transaction Services 11,800

5. BNP Paribas Securities Services 5,793

Source: Company reports. Figures as at 31 March 2010, with the exception of BNP Paribas Securities Services which is as at 31 December 2009.

Top five global custodians (US$bn)

The range of custody functions is growing

Technology key to gaining a competitive edge

Maths are a must, but need to be combined with initiative and analytical skills

You will need to have the skills to administer new and exciting investment products as they enter the market.

Ross Whitehill Head of offshore management, BNY Mellon Asset Servicing

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We at the European Central Bank are committedto performing all central bank tasks entrusted to useffectively and efficiently. In so doing, we strivefor the highest level of competence, transparency,accountability and integrity. We aim to recruithigh-quality staff with a strong team spirit.

Workingfor Europe

Please visit our website www.ecb.europa.eu or register for job alerts via oure-recruitment tool Working for Europe.

Annuaire de MINES 2010 297x210_IC:AR 04Innen2.3.05PP 01.04.2010 12:06 Uhr Seite 1


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data providers & ratinG aGenciesSupplying the info that underpins investment decisions

The 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 default’.Organisations are rated from AAA (virtually guaranteed to pay up on time) through to C (indicating a high risk of default). Risks are classified as ‘investment grade’ if they come in at BBB or above, with anything less known as ‘speculative grade’.Data providers supply financial markets and the global media with critical real-time information such as company share prices, exchange rates, research and analytics, and tools and software for tracking portfolios.They also provide financial and business news services via a number of media channels.

Key playersThe credit rating agency business has long been dominated by a handful of US-based key players. Moody’s Investor Services and Standard & Poor’s are the top two, with Fitch Ratings coming in a close third. But the industry could be set for a shake-up, in the EU at least. At the time of writing, the European Commission is proposing to increase competition in the sector by requiring that the information on which many ratings are based is accessible to all rating firms. In the data provider space, Thomson Reuters and Bloomberg continue to battle it out for top spot, and are now virtually even when it comes to market share. The former has 29.4% of the market globally, according to Burton-Taylor International Consulting, while the latter has 29.2%. Other significant names include Dow Jones/Factiva, Interactive Data, FactSet, SIX-Telekurs and IRESS.

Roles and career pathsRating agencies usually recruit graduates into data analysis jobs. Trainees typically start out in research roles in teams focusing on anything from industry sectors to financial products.Fitch has a structured graduate programme, while Moody’s and Standard & Poor’s recruit according to need. Data providers offer a variety of graduate roles, including data analysis, technology, journalism and business development.

Pay and bonusesGraduate trainees within data providers can expect to start on salaries of US$35-40k in London, depending on experience and academic background, according to recruitment sources. Rating agencies typically pay a similar amount at a junior level, with the additional possibility of a small bonus.Further up the career ladder, credit analysis roles pay well, if not astronomically. After five to seven years, salaries come in at US$90-120k in the UK, according to the Robert Walters salary survey, rising to US$120-150k after seven to 10 years.

Skills soughtThe current volatility within the world’s financial markets has led to increased demand for data providers, argues Chris Mills, European human resources director at Interactive Data. What this means for graduates is that, while firms do still want people with good technical skills and a flair for analysis, other “softer” skills, such as an ability to communicate effectively, are also sought.“In addition to technical skills we also focus on soft skills when hiring. New recruits are encouraged to develop relationship-building skills, as well as the capacity to adapt to a matrix organisation,” he says.“We look for graduates with a strong academic background that includes finance, accounting or economics, plus the ability to convey a complex message clearly,” says Andy Jackson, head of human resources for EMEA at Fitch Ratings. “Successful applicants usually have a postgraduate qualification and often fluency in a second language.”

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

We look for graduates with a strong academic background that includes finance, accounting or economics, plus the ability to convey a complex message clearly.

Andy Jackson Head of human resources for EMEA, Fitch Ratings

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Join the company at the forefront of finance and technology.

Bloomberg provides information to business leaders around the world. Our employees have a passion for excellence, no matter what their experience is. We foster that passion and encourage growth and development in every way possible.

We have opportunities in Financial Sales, Data Analysis, Software Development, News and many more areas. Bloomberg is the ideal place for you to develop your knowledge and enthusiasm for the financial markets. Join Bloomberg.

MOVE THE MARKETS.Innovate from the front.

careers.bloomberg.com

Bloomberg is a proud Equal Opportunity Employer. ©2009 Bloomberg L.P. All rights reserved. 34842161 0609


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US$140k in the UK; those working on simpler ‘vanilla’ products can get US$135k for the same position. In Hong Kong, a programme manager with over eight years’ experience can expect US$130k-255k, according to recruiter Hudson’s 2010 salary survey. A C++ developer with over six years under their belt can earn US$90-155k.

Skills soughtThe vast majority of successful applicants will have a computer science degree, and those who don’t will come from a maths or physics background. If you’re seeking a development role, experience with programming languages like Java, C++, C# or Microsoft’s .Net is essential, but this is not to say you need to be a whizz kid at entry level.

“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,” says Matthew Widders, global head of rates support/EMEA FI support manager (technology) at Citi. “Recent examples have included artificial intelligence, finance, economics and psychology. If you have not done computer studies, that does not necessarily rule you out.” Technical skills will be nurtured, but the learning curve is steep. “Entry-level positions have become much more competitive over the past two years,” says Victor Lebreton, manager of Paris-based electronic trading firm Quant Hedge. “Don’t be afraid to do internships and learn as much as you can. But do not exaggerate your skills, because you will be found out.”

Soft skills are valuable when it comes to business analyst or project management roles. 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. Project manager roles, meanwhile, are essentially management positions for developers, and you’ll have to act as a central coordinator for disparate groups with differing interests. Even in highly technical roles, soft skills are key, says Dipen Shah, 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, liaising with developers, or co-ordinating with managers from mid- and back-office teams.”

Hazera AktharBusiness analyst, equity derivatives IT, Credit Suisse

Hazera completed a degree in computer science at King’s College, London before joining Credit Suisse’s graduate programme in 2007. Since January 2009 she has been working as a risk management business analyst within the bank’s Equity Derivatives IT (EDIT) team in London.

Why did you choose this role?I started off at Credit Suisse in a support role, providing first-line support for the flow equity derivatives business in London. This role involved investigating P&L breaks, reconciling valuations and dealing with system issues, and gave me the opportunity to meet the traders, understand the business and manage expectations. Since joining EDIT my role has been primarily as a business analyst/project manager on a strategic flow risk management application.

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, working closely with the development, support and quality assurance teams to identify and prioritise tasks and ensure timelines are met.In my analysis role, I am responsible for setting up valuations for new products. This involves assessing the valuations versus our pricing sheets, and the front-to-back implementation, including the testing of the downstream feeds. It requires engagement with all stakeholders – front office, product controllers, market risk and client valuations – to work through issues and come up with solutions.

What’s the best part of the job? Working in a front-office IT team is very exciting, as you are always faced with a dynamic, fast-paced environment where there is plenty of variety on a daily basis. You also get to work alongside and learn from highly skilled individuals, and there is fast career progression with a high degree of responsibility from day one.

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. An ability to remain calm under pressure is a must. 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, as you are always faced with a dynamic, fast-paced environment where there is plenty of variety on a daily basis.


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insuranceThe complex business of being covered for a worst-case scenario

Global insurance premiums totalled over US$4.3 trillion in 2008. In the UK (the world’s second largest insurance

centre), it employs more than 313,000, according to figures from the Association of British Insurers – a third of all financial services jobs in the country. In the US the insurance industry provides 2.3m jobs. Clearly, it’s big business.The industry has four main areas:Insurers: Assess risk and develop products for sale to individuals and corporations.Re-insurers: Insure the insurers against the risk of significant losses.Insurance brokers: Intermediaries who sell insurance products – particularly important in the corporate market.Lloyds market: Around 80 corporations, individuals, underwriters and financial backers – or syndicates – who come together to spread risk. It’s also home to 176 broking firms.

Roles and career pathsUnderwriting: Involves extensive risk analysis, sifting stats on industries, demographics and clients to prepare a quote.Actuarial: Actuaries produce financial models based on the statistical analysis of risk – for example, mortality projections for life insurance firms. These models are used by underwriters in their analysis. Broking: The salespeople of insurance, who will attempt to find the right product for a particular client, be it a shipping firm or a bank. Few places for graduates, however.Claims: By far the biggest volume of people work within claims divisions. Graduates are likely to start in fraud detection or claims investigation.“We’d expect graduates to have the motivation to show they have researched us as a firm and have a basic understanding of the insurance

industry for all our schemes,” says Paul Roberts, UK graduate resourcing manager at AXA.

Pay and bonusesInsurance salaries are not massive, but you can earn decent money. A junior commercial underwriter in the UK earns US$30-40k, according to recruiters Joslin Rowe, rising to US$90k at the top. Business development roles start at US$30-50k, rising to US$80-150k. Specialist senior underwriters can earn up to US$220k. Newly qualified actuaries earn US$80k in general insurance, according to Hays Specialist Recruitment, rising to US$150k after 10 years. In the US, the median annual wage of qualified actuaries was US$84.4k, according to the Bureau of Labor Statistics. The top 10% earned more than US$160k.

Skills soughtIt takes five to seven years to qualify as an associate actuary, with training usually provided by the employer. You’ll need a maths-based degree to get your foot in the door, but that isn’t all, says Abby Cox, HR graduate recruitment manager at Allianz.“It’s all very well having a brain the size of a planet,” she says. “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.”Underwriters require good numeracy and communication skills. You’ll also have to show understanding of how current affairs can affect the industry. “Climate change is a great example,” says Rob Mould, UK resourcing manager at Zurich Financial Services. “What are the risks going forward, and how can we work with our clients to prepare for them? We’ll usually test graduates’ logic on these issues.”

Company Country

1. Allianz Germany

2. AXA Group France

3. Zurich Financial Services Switzerland

4. Generali Group Italy

5. Munich Re Germany

Measured by a composite of sales, profits, assets and market value.Source: Forbes Global 2000, 2010 rankings.

Key players

Insurance employs huge numbers across the globe

Pay is comparatively modest, but actuaries can earn six figures

Global premiums exceeded $4 trillion in 2008

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.

Abby Cox Graduate recruitment manager, HR, Allianz

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How could you successfully launch your career?

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Our strength lies in the combined knowledge of our multi-skilled teams. Ourextraordinary breadth of expertise allows us to work on the most complexchallenges of the present day – from economic and social concerns and globalwarming through to the world’s most ambitious engineering projects and spacetravel. We develop custom-made solutions for the risks that face people todayand those they will encounter tomorrow. Are you the kind of person that wouldthrive on realizing global projects alongside 13,000 colleagues? If so, we arelooking forward to your application.

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accountinGThe number crunchers at the heart of every organisation

Accountants are not a single breed – they come in various shapes and sizes. If you want to become one, the first thing

to ask yourself is where you want to work, and what kind of accountant you’d like to be.Within financial services, investment banks hire accountants; so do retail banks, hedge funds, private equity firms, insurance companies and fund managers. Companies in all other sectors also need accountants to help them tot up profits and losses and calculate tax liabilities.Alternatively, you could work for an accountancy firm, providing independent audit services to other companies. The best known of these are the Big Four – Deloitte, Ernst & Young, KPMG and PricewaterhouseCoopers – but there are plenty of other smaller operations.

Roles and career pathsIf you choose to work in an investment bank as an accountant, several options are open to you.Product control: Here, 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. They produce month-end, quarterly, half-yearly and annual reports.Internal audit: Accountants in internal audit teams are responsible for checking that financial systems and controls within the organisation are complied with.Regulatory accountants: Ensure that the way the bank reports its financial activity complies with the legal rules and regulations of the countries it trades in.Treasury: Structure the bank’s financial affairs (often working with colleagues in tax) so that sufficient cash is available to meet its liabilities.

By comparison, if you start as a graduate trainee in a Big Four accountancy firm, your career will be more limited – 50-60% end up in audit and assurance departments, where they handle the accounts of publicly traded companies, and independently validate that a company’s accounts are correct.As well as audit and assurance, Big Four firms conduct advisory work, which can include corporate finance (see M&A article on page 22), reorganisation services (advising on everything from restructuring and insolvency to improving a firm’s performance), or forensic accounting (investigating improper practice). They also run consulting arms, advising on the business case for everything from technology to outsourcing.Finally, there are also accountancy opportunities in industry and commerce. You’ll find a team of bean counters in any large firm. They fall into two categories – financial (presenting company figures for external consumption) and management (presenting the figures and their implications internally).

Pay and bonusesAccountants earn more in financial services than in any other sector. Basic salaries are higher, and there’s the potential for lucrative bonuses. An internal auditor with more than five years’ experience working in banking and financial services in the UK can expect US$110-150k, according to Robert Walters. By comparison, an internal auditor in a large firm in industry or commerce earns US$75-105k.

Skills sought“Good attention to detail and superior numeracy skills are pretty much a baseline when it comes to accountancy and accountancy-related roles,” says Lyle Andrews, head of graduate

Country Salary

France 99-155

Singapore 115-144

Hong Kong 122-155

Switzerland 125-189

UK 200+

US 190-400

Source: Robert Walters.

Financial controller salaries (large organisation) (US$k)

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

You also need to show motivation and enthusiasm, a dedication to the industry, a hunger to learn and the ability to work well under pressure.

Lyle Andrews Head of graduate recruitment EMEA, UBS

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Art13 Operations








Art21 IT in Finance

Art22 Insurance

Art23 Accounting

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recruitment EMEA at UBS. “But you also need to show motivation and enthusiasm, a dedication to the industry, a hunger to learn and the ability to work well under pressure.”Don’t worry if you haven’t studied accounting or economics – accounting firms rarely demand a finance-related degree, and don’t expect you to come ready equipped with all the technical skills. Often, they look for raw talent.“What is essential is to be able to demonstrate evidence of what you have achieved and what you can do,” says Richard Irwin, senior manager of student recruitment at PricewaterhouseCoopers. ”So highlighting the skills you have gained from extra-curricular activities can be a good idea. You need to think about how your experiences can be mapped against your skills. Even if you have just spent a

summer working in a pizza restaurant, that can give you great customer relationship skills, which could be useful to a career in accountancy.” If you train as an accountant in London, 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), while banks tend to favour Associate of the Institute of Chartered Accountants in England and Wales (ACA) qualified accountants.These are internationally recognised, but different countries also offer their own options.In France, there is the DCG (Diplôme de Comptabilité et Gestion), equivalent to a three-year degree, and the DSCG (Diplôme Supérieur de Comptabilité et Gestion), equivalent to

a master’s degree. In Germany, accountants qualify through vocational training with an employer for two or three years or through more complex university studies, which typically take six years.In the US, the Certified Public Accountants (CPA) qualification is key, but there’s also the option of Certified Internal Auditors (CIA), Certified Management Accountants (CMA), and Accredited Business Accountants (ABAs).However, qualifications are just the beginning. “You need to have drive, motivation and a real focus to succeed,” adds Irwin. “You need a capacity to learn and develop and to take responsibility for your learning and development. You need an awareness of what you are doing and what needs to come next.”

Nancy YimAssistant manager, audit, KPMG

Nancy graduated from the Chinese University of Hong Kong with a degree in accountancy. She joined KPMG in 2007.

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, as they provide a clear career path which makes them an attractive proposition. I applied and was accepted into KPMG, and have been here for three years. During that time, I have been learning the auditing trade, focusing specifically on companies in the private equity and insurance sectors.

What does auditing involve?We’re analysing companies’ operations – looking at whether the financial statements contain any material misstatements, and ensuring they give an accurate picture of financial status. We have to communicate with management in order to examine their strategy, and we also look closely at how transactions are booked in financial statements. Most graduates spend the majority of their first two years doing the latter, but as we gain more experience, we are expected to take charge of projects.

What was the appeal of auditing?It’s an important role in finance. Investors rely on us to give a true and valid view of the companies they want to invest in. I think it’s quite meaningful. We also work with clients from a range of industries, looking at different operations, so we get a lot of exposure that you wouldn’t get in a different role in accounting.

Do you find it daunting to have to speak with your clients’ senior managers?A bit, but it is just a characteristic of working in a Big Four accountancy firm, and you just have to live with it. Generally, we are expected to learn fast, and are pushed to learn new things every year. Each year our role changes slightly as we take on new responsibilities.

Does the job differ from your initial expectations?The biggest difference is the long hours; I didn’t expect that. Sometimes we would be continuously working until midnight for a whole week, especially during the peak financial reporting season, which runs from January to April. You just have to stay optimistic, and learn how to face pressure. Finally, you just have to learn to make the best use of whatever free time that comes your way to unwind.

Investors rely on us to give a true and valid view of the companies they want to invest in. I think it’s quite meaningful.

INVESTMENT BANKING FINANCIAL SERVICES employersGETTING IN


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BAILLIE GIFFORD

Company snapshot Baillie Gifford is one of the leading privately owned investment management firms in the UK with over £60bn under management. The firm has a unique partnership structure, being wholly owned and managed by its 35 working partners. This ownership structure gives us several important advantages over our competitors, both culturally and commercially. We are active managers. Our basic aim is to achieve high returns for our clients and to beat their benchmarks. We have a highly analytical, research-driven approach and we build our portfolios from the bottom up.

Graduate programme infoApprox. grad hires in 2010/11: 6.Divisions offering vacancies: Investment Management.Application criteria: First or 2.1 degree in any discipline.Typical duration of grad programme: Comprehensive training programme, lasting 3 years.Application deadline: 30 November 2010.Apply via: www.bailliegifford.com

Internship/Stage infoApprox. intern hires 2010/11: 6. Divisions offering vacancies: Investment Management.Application criteria: Penultimate year of study. Expected 2.1 degree in any discipline.Typical duration of internship programme: 8 weeks.Application deadline: 31 January 2011.Apply via: www.bailliegifford.com

BARCLAyS CAPITAL

Company snapshot Barclays Capital is the investment banking division of Barclays Bank PLC, offering strategic advisory, financing and risk management solutions to large corporate, government and institutional clients. With more than 23,000 people in offices around the world, 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. But we’re still relatively young and extremely ambitious. Founded just 13 years ago, we’re still growing year on year and continually pursuing excellence in everything we do.

Graduate programme infoApprox. grad hires in 2010/11: 300.Divisions offering vacancies: Compliance, Corporate Communications, Finance, Global Financial Risk Management, Human Resources, Investment Banking, Legal, Marketing, Operations, Prime Services, Quantitative Analytics, Research, Sales, Structuring, Technology and Trading.Application criteria: Minimum degree 2.1.Typical duration of grad programme: One year.Application deadline: Our deadline for full-time applications is 15 November 2010. We recruit on a rolling basis, so be sure to get your application in early.Apply via: www.barcap.com/expectexcellence

Internship/Stage infoApprox. intern hires 2010/11: 250.Divisions offering vacancies: Compliance, Corporate Communications, Finance, Global Financial Risk Management, Human Resources, Investment Banking, Legal, Marketing, Operations, Prime Services, Quantitative Analytics, Research, Sales, Structuring, Technology and Trading.Application criteria: Minimum degree 2.1.Typical duration of internship programme: Most of our internships last for 10-12 weeks over the summer, although we do have off-cycle opportunities depending on business need. Application deadline: Our deadline for internships is 31 December 2010.Apply via: www.barcap.com/expectexcellence

BARCLAyS WEALTH

Company snapshot Barclays Wealth, part of Barclays Bank, is a leading global and the UK’s largest wealth manager. It focuses on private and intermediary clients worldwide, providing international and private banking, investment management, fiduciary services and brokerage. It has £153.5bn total client assets under management (as at 30/06/10), 7,400 employees, and operates in over 20 countries. As one of the first financial organisations to bring all the major wealth management services under one umbrella, it’s in a strong position to become a dominant player in the field.

Graduate programme infoApprox. grad hires in 2010/11: 80.Divisions offering vacancies: UK & Ireland Private Bank and International Private Bank. Application criteria: Candidates must have a real passion for wanting to work in the wealth management industry. Academic excellence is important but strong interpersonal skills, commitment, drive and enthusiasm are key. Recruiting from all degree disciplines. Typical duration of grad programme: 3 years.Application deadline: 14 November 2010.Apply via: barclayswealthgraduates.com/CIBF

Internship/Stage infoApprox. intern hires 2010/11: 40.Divisions offering vacancies: UK & Ireland Private Bank and International Private Bank.Application criteria: Team players with excellent communication and interpersonal skills. Candidates must have outstanding attention to detail and be able to multi-task, plan and organise work and set priorities.Typical duration of internship programme:10 weeks (summer only). Programmes are closed when full. Please apply as early as possible. Application deadline: 30 December 2010.Apply via: barclayswealthgraduates.com/CIBF


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BLOOMBERG

Company snapshot Bloomberg is a leading global provider of data, news and analytics. The Bloomberg Professional® Service and Bloomberg’s media services provide real-time and archived financial and market data, pricing, trading, news and communications tools in a single, integrated package. Bloomberg’s clients include corporations, news organisations, financial and legal professionals, and individuals around the world. With over 11,000 employees operating in more than 153 countries, Bloomberg is truly international. The largest offices include New York, London and Tokyo, and this is where the majority of graduate opportunities are located.

Graduate programme infoApprox. grad hires in 2010/11: 500+ entry-level positions located in London.Divisions offering vacancies: Graduate positions include Financial Sales, Software Development, Global Data, IT, Project Management, News and many more.Application criteria: For most roles, a second language is desirable but not essential. A passion for finance, technology or an international career is required. Typical duration of grad programme: All graduate positions are full-time permanent positions.Application deadline: Bloomberg recruits all year round and from any discipline.Apply via: careers.bloomberg.com

Internship/Stage infoApprox. intern hires 2010/11: We recruit 100+ interns into our London office. Divisions offering vacancies: Internship positions include Financial Sales, Software Development, Global Data, IT, Project Management, News and many more.Application criteria: For most roles, a second language is desirable but not essential. A passion for finance, technology or an international career is required. Typical duration of internship programme: Internships last for 10-16 weeks depending on department, starting late June. Application deadline: Opportunities will be advertised on the Bloomberg website at the end of 2010/beginning of 2011 for 2-3 weeks. Apply via: careers.bloomberg.com

BNP PARIBAS

Company snapshot BNP Paribas Corporate & Investment Banking is a leading European investment bank with global leadership in many of our businesses. We are part of the BNP Paribas Group, one of the six strongest banks in the world, rated AA by Standard & Poor’s, and the largest bank in the eurozone by deposits. With over 19,000 employees in 53 countries, we can offer you a truly global career.

Graduate programme infoApprox. grad hires in 2010/11: 300+ globally.Divisions offering vacancies: Fixed Income, Equity & Derivatives, Commodity Derivatives, Structured Finance, Corporate Finance, Corporate & Transaction Banking Europe, IT, Operations and Human Resources.Application criteria: Minimum 2.1 degree in any subject. However maths, finance, economics, business, sciences, engineering and computer science are the most relevant.Typical duration of grad programme: One year.Application deadline: Please see website for regional deadlines.Apply via: www.graduates.bnpparibas.com

Internship/Stage infoApprox. intern hires 2010/11: 500+.Divisions offering vacancies: Various. Please see website for details.Applicaton Criteria: For long-term internships you must still be in full-time education or have not yet graduated. In addition, you must be on course to achieve at least a 2.1 degree.For summer internships, you must be in your penultimate year to be eligible to apply.Typical duration of internship programme: Long-term internship programme: 3-11 months. Summer internships: 10 weeks (London), 12 weeks (New York).Application deadline: Please see website for regional deadlines.Apply via: www.graduates.bnpparibas.com

CITI

Company snapshot Citi, the leading global financial services company, has approximately 200 million customer accounts and does business in more than 140 countries. Our 200-year heritage is built on a proud pioneering spirit, and we continue that forward-thinking tradition today. Driven by a desire for entrepreneurship and creativity, Citi is helping to shape the future of banking. It is not progress at any price, however. We strongly believe in a commitment to responsible growth that benefits clients, colleagues and communities alike.

Graduate programme infoApprox. grad hires in 2010/11: 250.Divisions offering vacancies: Investment Banking, Corporate Banking, Private Bank, Capital Markets Origination, Sales & Trading, Global Transaction Services, Risk Management, Human Resources, Operations and Technology. Application criteria: In such a wide-ranging business, our application process varies according to location and business area, so please visit www.oncampus.citi.com for all the details.Typical duration of grad programme: Durations vary according to location and business area, so please visit www.oncampus.citi.com for all the details.Application deadline: 7 November 2010.Apply via: www.oncampus.citi.com

Internship/Stage infoApprox. intern hires 2010/11: 150.Divisions offering vacancies: Investment Banking, Corporate Banking, Private Bank, Capital Markets Origination, Sales & Trading, Global Transaction Services, Risk Management, Human Resources, Operations and Technology.Application criteria: In such a wide-ranging business, our application process does vary according to location and business area, so please visit www.oncampus.citi.com for all the details.Typical duration of internship programme:Durations vary according to location and business area, so please visit www.oncampus.citi.com for all the details.Application deadline: 2 January 2011.Apply via: www.oncampus.citi.com



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COMMERZBANK

Company snapshotCommerzbank Corporates & Markets (C&M) is the corporate and investment banking segment of Commerzbank AG, providing a broad range of products and services to corporate and institutional clients in Germany, Europe and beyond. The business incorporates advisory and capital markets activities in debt, equities, commodities, fixed income and currencies with a strong focus on derivatives and structured products. 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.

Graduate programme infoApprox. grad hires in 2010/11: n/a.Divisions offering vacancies: We are recruiting graduates for various business areas.Application criteria: You have ideally graduated in a business-related subject, e.g. economics or mathematics, achieving a 2.1 degree (or equivalent) and above.Typical duration of grad programme: One year.Application deadline: We anticipate closing applications in December 2010.Apply via: www.commerzbank.com/career

Internship/Stage infoApprox. 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.

CRéDIT AGRICOLE CIB

Company snapshotCrédit Agricole CIB is the Corporate and Investment Banking arm of the Crédit Agricole Group, the world’s ninth largest, Europe’s third largest and France’s largest bank on the basis of Tier 1 capital (The Banker, July 2009). The Group is present in 70 countries and has 160,000 employees worldwide.Crédit Agricole CIB offers its clients a comprehensive range of products and services in capital markets, brokerage, investment banking, structured finance, corporate banking and international private banking.The Corporate and Investment Bank is structured around four major divisions: Corporate and Investment Banking, Equity Brokerage and Derivatives, Fixed Income Markets and Structured Finance.

Graduate programme infoApprox. grad hires in 2010/11: n/a.Divisions offering vacancies: Positions are available in different fields of banking activity such as Capital Markets, Investment Banking, Structured Finance, Brokerage, Risk, Audit and Finance. In addition, we offer more than 100 opportunities as VIE (Volontariat International en Entreprise, International Corporate Internship) in our expanded international network (Europe, North and South America, Asia, Middle East and Africa). These very interesting one-year assignment periods allow individuals to become familiar with our international activities.Application criteria: n/aTypical duration of grad programme: n/a.Application deadline: Apply throughout the year.Apply via: www.ca-cib.com

Internship/Stage infoApprox. intern hires in 2010/11: 850 worldwide (including 600 in France).Approx. apprentice hires in 2010/11: 200 in France.Divisions offering vacancies: Positions are available in different fields of banking activity such as Capital Markets, Investment Banking, Structured Finance, Brokerage, Risk, Audit and Finance.Application criteria: n/a.Typical duration of internship programme: 6-12 months.Application deadline: Apply throughout the year.Apply via: www.ca-cib.com

CRéDIT AGRICOLE GROUP

Company snapshotOver the years, 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. With leadership positions in France and a strong presence abroad, the Group plans to continue expanding internationally in Retail Banking, Corporate and Investment Banking and Asset Management. Join the Crédit Agricole Group and play an active part in the development of France’s largest bank.

Graduate programme infoApprox. grad hires in 2010/11: n/a.Divisions offering vacancies: Positions are available in different fields of banking activity, such as Capital Markets, Investment Banking, Structured Finance, Brokerage, Risk, Audit, Finance and IT. In addition, we offer more than 100 opportunities through the International French Program (V.I.E)* in our expanded international network (Europe, North and South America, Asia, Middle East and Africa). These very interesting one-year assignment periods allow individuals to become familiar with our international activities.* V.I.E is a French government sponsored program offering young graduates an opportunity to benefit from a rewarding experience abroad.Application criteria: n/aTypical duration of grad programme: n/a.Application deadline: Apply throughout the year.Apply via: www.mycreditagricole.jobs

Internship/Stage infoApprox. intern hires in 2010/11: 4,000 new hires in 2010 in France.Divisions offering vacancies: n/a.Application criteria: n/a.Typical duration of internship programme:Crédit Agricole Group offers a large range of internships within all our business lines. They must last at least 6 months, and may result in a permanent position being offered.Application deadline: You can apply for all our internships and placement opportunities on our website.Apply via: www.mycreditagricole.jobs


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CREDIT SUISSE

Company snapshotCredit Suisse is one of the world leaders in global financial services, providing private banking, investment banking and asset management services to clients around the world. Credit Suisse is active in over 50 countries, with a team of 49,200 people. We offer advisory services and comprehensive solutions to companies, institutions and high-net-worth individuals worldwide. Credit Suisse offers challenging professional opportunities, exceptional rewards and global development potential for people who are prepared to look at the world in a different way.Many people who join tell us they do so because of ‘the people’. Credit Suisse appeals to intelligent, outgoing personalities who want to work together in an atmosphere of co-operation and respect.

Graduate programme infoApprox. grad hires in 2010/11: 275.Divisions offering vacancies: Investment Banking (including Equities and Fixed Income), Information Technology, Finance, Investment Banking Operations.Application criteria: CV and cover letter, online numerical and verbal testing for some areas. Strong academic background essential. Typical duration of grad programme: Up to two years. Application deadline: Analyst, full-time: 30 November 2010. Please visit website for Associate deadlines.Apply via: www.credit-suisse.com/careers

Internship/Stage infoApprox. intern hires in 2010/11: 300.Divisions offering vacancies: Investment Banking (including Equities and Fixed Income), Information Technology, Finance, Investment Banking Operations. Application criteria: CV and cover letter, online numerical and verbal testing for some areas. Strong academic background essential. Typical duration of internship programme:10 weeks.Application deadline: Analyst, Summer (excl. IT): 11 January 2011. Analyst, Summer (IT only): 25 January 2011. Please refer to website for Spring, Autumn, Quantitative, Associate and Industrial Placement deadlines.Apply via: www.credit-suisse.com/careers

DEUTSCHE BANK

Company snapshot A passion to perform. It’s what drives us. More than a claim, this describes the way we do business. We compete to be the leading global provider of financial services, balancing passion with precision to deliver superior solutions for our clients. This is made possible by our people: agile minds, able to see beyond the obvious and act effectively in an ever-changing global business landscape. As you’ll discover, our culture supports this. Diverse, international and shaped by a variety of different perspectives, we’re driven by a shared sense of purpose. At every level, agile thinking is nurtured.

Graduate programme infoApprox. grad hires in 2010/11: 700 globally.Divisions offering vacancies: Asset Management, Corporate Investment Banking, Finance, Human Resources, In-House Consulting, Legal, Risk & Capital, Group Technology & Operations, Private & Business Clients, Private Wealth Management, Regional Management.Application criteria: Information on how to apply can be found online at db.com/careers.Typical duration of grad programme: Duration depends on division. Application deadline: Date dependent on division and country. Please refer to our careers website for more information.Apply via: www.db.com/careers

Internship/Stage infoApprox. trainee hires 2010/11: n/a. Divisions offering vacancies: Asset Management, Communications and Corporate Social Responsibility, Corporate Investment Banking, DB Research, Finance, Human Resources, In-House Consulting, Legal, Risk & Capital, Group Technology & Operations, Private & Business Clients, Regional Management.Application criteria: Information on how to apply can be found online at db.com/careers. Typical duration of traineeship: 8-10 weeks depending on division and location. For Germany, 8 weeks to 6 months.Application deadline: Date dependent on division and country. Please refer to our careers website for more information. Apply via: www.db.com/careers

EUROPEAN CENTRAL BANK

Company snapshot Since 1 January 1999 the European Central Bank (ECB) has been responsible for conducting monetary policy in the euro area. We at the ECB have a crucial function to fulfil for the people of Europe, namely maintaining price stability (i.e. safeguarding the value of the euro) and fostering financial integration and financial stability in the euro area. With staff from 27 European countries, the unique blend of cultures, languages and professional backgrounds makes the ECB an exciting and attractive place to work.

Graduate programme infoApprox. grad hires in 2010/11: 10.Divisions offering vacancies: A wide range of areas including Economics, Research, Law, Finance, Statistics, Payment Systems, etc.Application criteria: The ECB offers graduate programme opportunities for PhD students as well as graduates in the relevant areas.Typical duration of grad programme: 2 years.Application deadline: Specific vacancies for graduate programme launched on an annual basis. Deadline: end-February/March; starting date: 1 September.Apply via: www.ecb.europa.eu, or register for job alerts via our e-recruitment tool Working for Europe.

Internship/Stage infoApprox. trainee hires 2010/11: 300. Divisions offering vacancies: A wide range of areas including Economics, Finance, Statistics, Business Administration, Law, Human Resources and Translation.Application criteria: Traineeship opportunities for PhD and graduate students. Very occasionally, such opportunities are also offered to undergraduate students. Typical duration of traineeship: 3-6 months, with possibility of extension to 12 months maximum.Application deadline: Each vacancy notice for traineeship will indicate a deadline. Apply via: www.ecb.europa.eu or register for job alerts via our e-recruitment tool, Working for Europe.



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EUROPEAN INVESTMENT BANK

Company snapshotThe EIB, created by the Treaty of Rome, enjoys its own legal personality and financial autonomy within the European Union. It operates in accordance with best banking practices and in close collaboration with the European Commission, other international organisations and institutions, as well as the public and private sectors. The EIB, as the Bank of the European Union, is dedicated to improving the future of people’s lives in Europe and around the world. It achieves its goals thanks to a diverse and highly qualified workforce, motivated to support the financing of sound investment projects that deliver tangible results.

Graduate programme infoThe 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, looking to gain early hands-on professional experience in the bank. Approx. grad hires in 2010/11: Variable, according to the business needs.Divisions offering vacancies: n/a.Application criteria: n/a.Typical duration of grad programme: 1-2 years maximum. For further details, please visit our website. Application deadline: n/aApply via: www.eib.org/about/jobs

Internship/Stage infoThe 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. Most are based at the EIB’s headquarters in Luxembourg.Approx. intern hires in 2010/11: Variable.Divisions offering vacancies: n/a.Application criteria: The EIB publishes internships for a wide variety of educational backgrounds. Preference is given to candidates who have completed studies on European integration.Typical duration of internship programme: 1-5 months maximum.Application deadline: Please visit our website for further details.Apply via: www.eib.org/about/jobs

ExANE

Company snapshotEstablished in 1990, Exane specialises in three business lines: Cash Equity, Equity Derivatives and Asset Management. 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, sales and execution on European equities. Exane Derivatives has built a robust, structured products franchise, based on its longstanding leadership in European convertible bonds and options.Exane Asset Management is the leading long/short equity fund manager in France. Its expertise also includes structured product management.

Graduate programme infoApprox. grad hires in 2010/11: n/a.Divisions offering vacancies: Exane does not run a set graduate programme but there are opportunities for talented young graduates, mainly in our London and Paris offices, in the following fields: Equity or Derivatives Research, Equity or Derivatives Sales, Sales Trading, Structuring, Trading, Fund and Account Management, Marketing, IT Project Management, Middle Office, Financial Control, Risk Management, Compliance, etc. Application criteria: n/a.Typical duration of grad programme: n/a.Application deadline: n/aApply via: www.exane.com/corporate/careers.do

Internship/Stage infoApprox. intern hires in 2010/11: Around 100, mainly in Paris and London.Divisions offering vacancies: Financial Research, Sales, Trading, Middle Office, Marketing, Accountancy, Internal Audit, IT, etc.Application criteria: We are looking for students with strong analytical and interpersonal skills, willing and able to learn fast in a demanding environment. Typical duration of internship programme: 6 months minimum.Application deadline: Throughout the year. Please apply 2 to 3 months before your preferred start date.Apply via: www.exane.com/corporate/careers.do

FIDELITy

Company snapshotFidelity is an investment management company. At Fidelity, it’s our investment intelligence and our attention to detail that set us apart. We make considered judgements about which organisations to invest in around the world to best benefit our clients. It’s an approach that has made us the world’s investment specialist. In fact, we manage assets of US$200bn (as at 30 June 2010) on behalf of clients including corporations, governments, charities, advisors, financial institutions and individuals around the globe. To put it simply, we invest money in equities, bonds, funds and property on behalf of our clients. By using our judgement, knowledge and market expertise, we aim to enable our clients’ money to grow.

Graduate programme infoApprox. grad hires in 2010/11: 20.Divisions offering vacancies: Investment, Operations, European Sales and Marketing, Human Resources and Moonray Investors.Application criteria: 2.1 degree.Typical duration of grad programme: The duration of our programmes varies by scheme. Please see our website for more information.Application deadline: Investment: 5 November 2010. All other programmes: 31 December 2010. Apply via: www.fidelityinternational.jobs/directory

Internship/Stage infoApprox. intern hires in 2010/11: 10.Divisions offering vacancies: Investment, European Business.Application criteria: On course for an expected 2.1.Typical duration of internship programme: Summer placements.Application deadline: Investment: 31 December 2010. European Business Internship Programme: 31 January 2011.Apply via: www.fidelityinternational.jobs/directory


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GOLDMAN SACHS INTERNATIONAL

Company snapshotThe Goldman Sachs Group, Inc is a leading global investment banking, securities and investment management firm that provides a wide range of financial services to a substantial and diversified client base, including corporations, financial institutions, governments and high-net-worth individuals. Founded in 1869, the firm is headquartered in New York and maintains offices in London, Frankfurt, Tokyo, Hong Kong and other major financial centres around the world.

Graduate programme infoApprox. grad hires in 2010/11: c.300.Divisions offering vacancies: Finance, Global Compliance, Global Investment Research, Human Capital Management, Legal, Internal Audit, Investment Banking, Investment Management, Merchant Banking, Operations, Securities, Services and Technology.Application criteria: Please visit gs.com/careers for further details.Typical duration of grad programme: n/a.Application deadline: 24 October 2010.Apply via: www.gs.com/careers

Internship/Stage infoApprox. intern hires in 2010/11: c.350.Divisions offering vacancies: Finance, Global Compliance, Global Investment Research, Human Capital Management, Legal, Internal Audit, Investment Banking, Investment Management, Merchant Banking, Operations, Securities, Services and Technology.Application criteria: Please visit gs.com/careers for further details.Typical duration of internship programme: Various; including 10-week summer internship and 6-month and 1-year work placements.Application deadline: Please apply as follows: Summer Programme: 5 December 2010. Work Placements: 9 January 2011. Spring Programme: 9 January 2011.Apply via: www.gs.com/careers

HENDERSON GLOBAL INVESTORS

Company snapshotHenderson Global Investors is an international investment management company focused on investments across equity, fixed income, currency and property as well as alternative products, such as private equity and hedge funds.We are one of Europe’s largest independent investment managers with £60.3bn (as at 31 March 2010) managed on behalf of clients who include individuals, private banks, third-party distributors, insurance companies, pension funds, government bodies, investment trusts and corporate entities.We employ approximately 930 members of staff across Europe, the US and the Asia-Pacific region, of whom 234 are investment professionals.

Graduate programme infoApprox. grad hires in 2010/11: 6. Divisions offering vacancies: We are recruiting graduates for our fund management and distribution business. We offer a first-class, two-year rotational training programme that gives you access to a wide range of work experience in a broad variety of business areas, including our fund management and distribution business areas. You will work alongside fund managers, analysts, sales directors and other professionals in a fast-paced environment, where senior employees take an active interest in your progress and an experienced employee will be your mentor. Application criteria: Graduate opportunities in London only. Minimum of 2.1 (or equivalent) in any degree discipline. Typical duration of grad programme: 2 years.Application deadline: November 2010.Apply via: www.henderson.com/graduates

Internship/Stage infoHenderson Global Investors does not currently operate a formal internship programme.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.

HSBC

Company snapshotThe HSBC Group is one of the largest banking and financial services organisations in the world, with 295,000+ employees serving customers in 88 countries and territories around the world. With well-established businesses in Europe, Asia-Pacific, the Americas, the Middle East and Africa, HSBC’s unique combination of local knowledge and international expertise reflects its position as ‘the world’s local bank’. Through its businesses – Global Banking and Markets, Global Asset Management, Global Private Banking, and Global Transaction Banking – HSBC offers a comprehensive range of financial services to high-net-worth individuals, corporate, institutional and government clients worldwide. HSBC takes a long-term approach to our clients and invests time in building strong relationships and understanding each client’s financial requirements.

Graduate programme infoApprox. grad hires in 2010/11: 200 globally. Divisions offering vacancies: Global Banking and Markets, Global Asset Management, Global Private Banking, Global Transaction Banking.Application criteria: Minimum 2.1 degree. Minimum 300 UCAS points or overseas equivalent.Typical duration of grad programme: 12-36 months.Application deadline: 8 November 2010.Apply via: www.hsbcnet.com/campusrecruitment

Internship/Stage infoApprox. intern hires in 2010/11: 150 globally.Divisions offering vacancies: Global Banking and Markets, Global Asset Management, Global Private Banking, Global Transaction Banking.Application criteria: Minimum 2.1 degree. Minimum 300 UCAS points or overseas equivalent.Typical duration of internship programme: 10 weeks.Application deadline: 21 January 2011.Apply via: www.hsbcnet.com/campusrecruitment



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ICAP

Company snapshotICAP is the world’s premier interdealer broker, connecting buyers and sellers in global financial markets. We have approximately 4,500 employees in 32 countries, working together to facilitate deals worth in excess of US$1.4 trillion every single day. Our many clients include all the major investment and commercial banks. We also offer a range of post-trade risk and information services, providing data and helping organisations reduce operational and systemic risk in their markets. We’re fast-moving, entrepreneurial and meritocratic: an exciting, innovative business where talent and ambition thrive – and where each day brings another opportunity, another challenge, another chance to prove your potential.

Graduate programme infoApprox. grad hires in 2010/11: 75 globally.Divisions offering vacancies: Broking (voice, electronic, and shipping), Accounting, Business Services, Human Resources, Post Trade Risk Services, Research and Risk.Application criteria: You will need a minimum of a 2.1 degree or equivalent. You should be a self-starter with a keen interest in working in global financial markets. Typical duration of grad programme: 12 months.Application deadline: 28 November 2010.Apply via: www.icap.com/careers

Internship/Stage infoApprox. intern hires in 2010/11: 75 globally.Divisions offering vacancies: We have a range of internship and placement opportunities available in Broking and other business areas. For more information please visit our website. Application criteria: You’ll need to be on track for a 2.1 degree or equivalent. You should be a self-starter with a keen interest in working in global financial markets.Typical duration of internship programme: 8-week summer internships. One-year placements for specific business areas. One-week industry insight programme for first-year students.Application deadline: Internships & Placements: 30 January 2011. Industry Insight: 27 February 2011.Apply via: www.icap.com/careers

J.P. MORGAN

Company snapshotFrom the start, J.P. Morgan’s goal has been to become the world’s most respected, successful and influential investment bank. Two hundred years on, this hasn’t changed. J.P. Morgan is an industry innovator, setting the pace of change in global finance, executing ‘first-class business, in a first-class way’.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, Asset Management and Treasury & Securities Services. We operate in over 150 countries and hold global leadership positions across our businesses. So what does this mean for you? To put it simply, the opportunity to work with some of the finest minds and address some of the most exciting challenges in the industry.

Graduate programme infoApprox. grad hires in 2010/11: n/a.Divisions offering vacancies: Asset Management, IB Risk, Investment Banking, Finance, Operations & Business Services, Private Bank, Sales, Trading & Research, and Technology.Application criteria: Impeccable academic credentials are important, but so are your achievements outside the classroom.Typical duration of grad programme: n/a.Application deadline: Visit the Europe and Asia sections of jpmorgan.com/careers for application deadlines.Apply via: jpmorgan.com/careers

Internship/Stage infoApprox. intern hires in 2010/11: n/a.Divisions offering vacancies: Asset Management, IB Risk, Investment Banking, Finance, Operations & Business Services, Private Bank, Sales, Trading & Research, and Technology.Application criteria: n/a.Typical duration of internship programme: 10-12 weeks.Application deadline: Visit the Europe and Asia sections of our website for application deadlines.Apply via: jpmorgan.com/careers

KEMPEN & CO

Company snapshotKempen & Co is a Dutch merchant bank specialised in financial services for institutional investors, companies and high-net-worth individual clients. We provide specialist financial services in asset management, investment funds, securities brokerage and corporate finance: a unique combination of services on the Dutch market. With a century of experience, Kempen & Co enjoys a high-profile presence in the Dutch market as a bank with an excellent reputation. Our employees – who form the core of our company – focus on the interests of individual clients and provide first-class financial advice.

Graduate programme infoApprox. grad hires in 2010/11: 20.Divisions offering vacancies: Securities(Sales and Research), Corporate Finance, Asset Management & Investments.Application criteria: Candidates with an academic degree, preferably in an economic or financial direction. Entrepreneurship, strong analytical skills, customer and people oriented, team-spirit, drive, commercial skills and a well balanced personality are key competencies. Excellent command of spoken and written English and preferably Dutch.Typical duration of grad programme: You will start as a junior in a team and will be trained on the job. We also offer a Merchant Banking Traineeship, which will last two years.Application deadline: n/aApply via: www.kempen.nl

Internship/Stage infoApprox. intern hires in 2010/11: 30.Divisions offering vacancies: Securities (Sales and Research), Corporate Finance, Asset Management and Investments.Application cireria: Kempen & Co seeks university students with ambition, drive and proven talent. Whilst an economic background is not a prerequisite, stamina and interest in the financial sector are. Kempen & Co requires its analysts to rise to the challenge, and our interns are no exception. Typical duration of internship programme: Internships vary from 3 to 6 months.Application deadline: None.Apply via: www.kempen.nl


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LAZARD

Company snapshotLazard, one of the world’s preeminent financial advisory and asset management firms, operates from 40 cities across 26 countries in North America, Europe, Asia, Australia, and Central and South America. With origins dating back to 1848, the firm provides advice on mergers and acquisitions, strategic matters, restructuring and capital structure, capital raising and corporate finance, as well as asset management services to corporations, partnerships, institutions, governments, and individuals. We are an independent firm, free of the conflicts that can arise at other financial institutions, and we maintain long-standing relationships with business leaders and decision makers around the world.

Graduate programme infoApprox. grad hires 2010/11: 12.Divisions offering vacancies: Financial Advisory.Application criteria: You will possess a passion for business and a genuine interest in investment banking, along with well-developed interpersonal skills and a sense of individualism and identity. A strong academic track record is a must. Most importantly, we want individuals with the commitment and flair to succeed.Typical duration of grad programme: n/a.Application deadline: 5 November 2010Apply via: Apply online only at www.lazard.com/apply

Internship/Stage infoApprox. intern hires in 2010/11: 12.Divisions offering vacancies: Financial Advisory.Application criteria: You will possess a passion for business and a genuine interest in investment banking, along with well-developed interpersonal skills and a sense of individualism and identity. A strong academic track record is a must. Most importantly, we want individuals with the commitment and flair to succeed.Typical duration of internship programme: n/a.Application deadline: 26 November 2010Apply via: Apply online only at www.lazard.com/apply

MAN GROUP PLC

Company snapshotMan is a world-leading alternative investment management business. With a broad range of funds for institutional and private investors globally, it is known for its performance, innovative product design and investor service. The history of Man is one of great entrepreneurial spirit, from its origins as a sugar cooper over 225 years ago through to commodity broking and hedge funds in more recent times. Man is a member of the Dow Jones Sustainability World Index, the FTSE4Good Index and also supports many awards, charities and initiatives around the world.

Graduate programme infoApprox. grad hires in 2010/11: Up to 15 graduate positions in 2011.Divisions offering vacancies: Quantitative, Business (Finance and Product & Client Operations) and Technology. See website for further details.Application criteria: A minimum of 280 UCAS points and a 2.1 degree are required for our graduate schemes. The majority of our schemes take graduates from any degree discipline. Typical duration of grad programme: The programmes are 19 months in duration, with the exception of the Business Finance Programme which is 36 months in duration and includes the CIMA qualification.Application deadline: 15 January 2011. However, early application is advised.Apply via: www.mancareers.com

Internship/Stage infoApprox. intern hires in 2010/11: Approximately 10 internship positions.Divisions offering vacancies: Quantitative, Business (Finance and Product & Client Operations) and Technology. See website for further details.Application criteria: A minimum of 280 UCAS points and predicted/achieved 2.1 undergraduate degree. Candidates must be in their penultimate year of undergraduate or postgraduate studies.Typical duration of internship programme: 8-10 weeks in the UK. Up to 6 months in Switzerland.Application deadline: 15 January 2011.Apply via: www.mancareers.com

MITSUBISHI UFJ SECURITIES

Company snapshotMUSI is the European hub of Mitsubishi UFJ Securities Holdings Co. Ltd. (MUSHD), which is part of the Mitsubishi UFJ Financial Group (MUFG), one of the largest financial institutions in the world. MUSI is headquartered in the City of London and is active throughout the international capital markets, focusing on debt, equity, derivatives and structured products.Following a record-breaking year in 2009 and with strong results during the year 2010 to date, MUSI is well positioned in the market and attracts high-profile deals. Because of our size we are able to offer a boutique client experience whilst having the strength and support of a large group.We are dedicated to giving our graduate and intern recruits all of the support they require to excel in their chosen career. You will be provided with tailored training programmes, early responsibility and exposure to our business and the opportunity to make valuable contributions from your very first day. Because we are looking for a relatively small number of talented graduates and interns, you won’t get lost in a large trainee intake. You’ll feel involved and be an integral part of our team from the start.

Graduate programme infoApprox. grad hires in 2010/11: 12.Divisions offering vacancies: Front Office and Corporate Infrastructure.Application criteria: Final year students and recent graduates (one year since graduation). 2.1 degree minimum or equivalent. Eligibility to work within the UK.Typical duration of grad programme: One year.Application deadline: 26 November 2010, 5pm.Apply via: www.musigraduates.com

Internship/Stage infoApprox. intern hires in 2010/11: 12.Divisions offering vacancies: Front Office and Corporate Infrastructure.Application criteria: Penultimate year of study, in line to achieve a 2.1 degree or equivalent. Eligibility to work within the UK.Typical duration of internship programme: 10 weeks.Application deadline: 7 January 2011, 5pm.Apply via: www.musigraduates.com



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MORGAN STANLEy

Company snapshotA 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 high-net-worth investors across a broad range of asset classes, from traditional equity and fixed income to hedge funds, private equity, real estate and infrastructure.

Graduate programme infoApprox. 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 infoApprox. 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

MUNICH RE

Company snapshotAs 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.

Graduate programme infoApprox. 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

Internship/Stage infoApprox. 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

NOMURA

Company snapshotNomura 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 infoApprox. 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

Internship/Stage infoApprox. 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


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THE ROyAL BANK OF SCOTLAND GROUP

Company snapshotThis 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

Graduate programme infoApprox. 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

Internship/Stage infoApprox. 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

ROTHSCHILD

Company snapshotRothschild 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.

Graduate programme infoApprox. 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/careersTypical 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

Internship/Stage infoApprox. 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/careersTypical duration of internship programme: The Summer Internship Programme is a 10-week 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

RWE

Company snapshotRWE 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 infoApprox. 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.




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SOCIéTé GéNéRALE

Company snapshotAn 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.

Graduate programme infoApprox. 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

Internship/Stage infoApprox. 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

STANDARD BANK

Company snapshotAs 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.

Graduate programme infoApprox. 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


UBS

Company snapshotUBS 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 infoApprox. 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

Internship/Stage infoApprox. 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

INVESTMENT BANKING FINANCIAL SERVICES EMPLOYERSGETTING IN


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careers in banking & finance 2010-2011

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