Careers in Banking & Finance 2010-2011

THE GRADUATE GUIDE TO FINDING WORK IN THE FINANCIAL SECTOR
Banking & Finance
Careers in
2010/11
efinancialcareers.com/students
GETTING IN
INVESTMENT BANKING
FINANCIAL SERVICES
EMPLOYERS
banking & Finance
Careers in
2010/11
GettinG in
The world at your feet ................................................................... 2 Graduate recruiter Q&A ............................................................... 6 Your CV ...................................................................................... 10 Testing, testing .......................................................................... 12 Assessment centres .................................................................. 14 Real interview questions ........................................................... 16 Investment banking interviews .................................................. 20
Careers in Banking & Finance

More global and more inside track. Thats whats different about Careers in Banking & Finance 2010/11, our essential annual guide for students. Inside track? For this years Getting in section, weve gone straight to banking insiders and brought their advice direct to you. Global? Its distributed more widely across Asia-Pacific as well as Europe, and offers more global information. Not sure if you want to work in the UK, Europe, the US or hot, hot, hot AsiaPac? This years guide addresses the global context, the opportunities and the hot spots of banking and finance to help you decide. Weve also extended every sector article with references, stats and examples from across the globe.
investment bankinG
Mergers & acquisitions ............................................................. Capital markets ......................................................................... Sales, trading & research .......................................................... Electronic trading ...................................................................... Compliance & risk management .............................................. Operations ................................................................................. 22 26 30 36 38 42
Financial services
Fund management & investment consulting ............................. Alternative investments ............................................................. Interdealer broking .................................................................... Wealth management ................................................................. Corporate banking .................................................................... Global custody .......................................................................... Data providers & rating agencies ............................................. IT in finance ............................................................................... Insurance ................................................................................... Accounting ................................................................................ 44 48 50 52 56 60 62 64 66 68
The online Student Centre

Careers in Banking & Finance 2010/11 is brought to you by eFinancialCareers.com, the leading global website for jobs and career advice in the financial markets. In addition to the latest news and trends on graduate hiring and jobs, the online Student Centre offers advice and information to help students navigate their way into the highly competitive world of financial services. Got a question about getting into the banks? Visit Student Answers. Need to prepare for numeracy tests? Take our practice tests online. Want to be sent the latest news and opportunities for students? Register for the student newsletter. If youre 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. Youll find our online Student Centre at www.efinancialcareers.com/students
employers
Company profiles ...................................................................... 72
Careers in Banking & Finance 2010/11

is published by eFinancialCareers Ltd www.efinancialcareers.com Project Manager: Janice Chalmers Designer: Valerio Italiano Editor: Sarah Butcher Regional Editor: Paul Clarke Contributors: Nicole Degli Innocenti, Raymond Ma, Nic Paton Sub-editors: Louis Pattison, Annabella Gabb 2010 eFinancialCareers Ltd No part of this publication may be reproduced without permission.
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the world at your Feet

Six reasons why you should work in Europe, Asia, or maybe even the US
nvestment banking is a truly global business. There are not many other industries you can work in where youll regularly find yourself talking to people in Asia in the morning, the Middle East at lunchtime, and the US in the evening assuming youre working to Greenwich Mean Time!
Asia appears to be the regional winner from the crisis.

Huw van Steenis
Head of EMEA banks and financial research at Morgan Stanley
But where should your career begin? It will almost always be easier to apply for jobs in the continent youve been educated in. If youve been educated in the UK, you should therefore be looking to Europe; if youve 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, its worth knowing what each continent has going for it.
positions in equity, bond and commodities trading. It is also the biggest global centre for the over-the-counter derivatives industry (40% of turnover), which drives broader trading flows. Over 80% of the worlds hedge funds are based in London. London has a well-developed infrastructure to support all this activity, with an array of consultancy, accounting, and legal firms. Starting in a major financial centre with the total breadth of services on offer is a sensible career move, says Stuart Fraser, chairman of the City of London Corporation. 2. Time zone. Geographically, London and Continental Europe are perfectly positioned between the US and Asia. They do business with Hong Kong or Shanghai in the morning, and with New York or Boston in the afternoon. Bankers in Europe, therefore, have strong links with Europe and the US, but also with Asia and the Middle East. 3. Capital markets growth. Historically, companies in Continental Europe raised money not by selling equity or debt, but by taking out bank loans. This is changing. More Continental European companies are seeking to raise money through markets, leading to growth in European capital markets revenues. This is a huge shift away from dependence on bank borrowing, says Fraser. The crisis has shown bank loans offer less certainty and flexibility than the capital markets. 4. Innovation. London in particular has historically been an important centre for developing new financial products, from interest-rate derivatives to carbon permit trading and Islamic finance.
Six reasons to start your banking career in Europe

1. London. London (still) ranks in joint first place with New York as the worlds leading financial centre, according to the Global Financial Centres Index. Londons trading floors account for the biggest share of foreign exchange trading (34%), as well as leading
2 Careers in Banking and Finance 2010/11 efinancialcareers.com/students
5. Money. Despite well-founded worries about harsh taxation and curbs on bankers bonuses, bankers are still likely to earn more in London than elsewhere, as a study by recruitment specialist Selby Jennings shows. Despite the UKs increasingly punitive tax regime, the highest-paid bankers will still be significantly better off working in London, says managing director Adam Buck.
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6. Zurich, Geneva and elsewhere. If you dont want to work in London, you could always try some of Europes 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.
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.
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 worlds largest multinationals with a strong presence in all emerging markets, and this will create new financing needs at home and abroad. 4. State support. Chinas 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.
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 isnt 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 youll 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
Six reasons to start your banking career in Asia

1. Growth. Right now, Asia is where its 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 Asias 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. Asias financial centres are fostering close links with fast-growing emerging markets like
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Graduate recruiter Q&a

Top banking recruiters answer your questions direct
n 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.
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.
Your questions to:

Stephanie Ahrens
EMEA head of firm-wide graduate recruitment, Morgan Stanley
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? 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 A
Whats the number one reason why student applicants are rejected from Morgan Stanley? The most basic error is lack of attention to detail. Spelling mistakes or getting the employers 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.
Your questions to:

Jane Eccles
Head of campus marketing and events, Credit Suisse
Q A
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?
The most basic error [in applications] is lack of attention to detail.

Stephanie Ahrens
EMEA head of firm-wide graduate recruitment, Morgan Stanley
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). So if a candidate has a low mark in a first degree is it possible to start a career with an investment bank? Are there any appropriate positions available for degree students with a lower grade? Or should candidates be applying for additional courses if they wish to start their career in IBD?
Q A
What are the three main characteristics defining your ideal graduate hire? Integrity we look for people who will do the right thing and who will speak up; entrepreneurship people who will look for and grasp new opportunities, take measured and controlled risks and want to be leaders in
Sharp enough? Get in touch

Cash Equities Equity Derivatives Asset Management
www.exane.com
PA R I S - L O N D O N - G E N E VA - F R A N K F U R T - M I L A N - Z U R I C H - B R U S S E L S - M A D R I D - N E W Y O R K - S I N G A P O R E
Day 1: Introductions Day 2: The World
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 youll quickly gain unprecedented exposure to every aspect of the financial world. Moreover, well give you the opportunity to become involved in making a real difference. And well provide you with the training, mobility, and responsibility to do it. If you have the perspective to face todays global challenges, wed 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
Morgan Stanley is an equal opportunity/affirmative action employer committed to workforce diversity. (M/F/D/V) 2010 Morgan Stanley
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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. 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?
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
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 everyones 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 wont even notice! you suggest some ways in which I can enhance my CV, aside from the obvious doing an internship option?
Q A
There is no preference shown to graduates from specific universities. Last year we made hires from over 50 schools where we had no marketing presence. While some areas of Information Technology, Fixed Income and Equities require a specific degree, we accept applications from all degree types.
Your questions to:

Malcolm Horton
Global head of recruiting and programmes, Nomura
Im thinking of going into investment banking, or into management consulting. Im 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?
Q A
Im studying history. Does this mean Im not eligible to apply for a job in sales and trading? Will I struggle with the maths thats required?
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. Im thinking of applying for a position in M&A, but am uncertain about the hours that Ive heard are involved. Can you give me an idea what a working week for an M&A banker is like?
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.
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. Is it imperative to have impeccable academics if I want to apply to Goldman Sachs?
Q 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 ones thinking and skill set. What distinguishes a Goldman Sachs graduate trainee from a graduate trainee at other investment banks?
Q A
Q A
Your questions to:

Sarah Harper
Head of recruiting, EMEA and India, Goldman Sachs
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
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
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.
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your cv
The subtle art of pitching yourself on paper
T
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hree 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.
Work experience
7
Language(s)
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. 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. In the Languages section, George lists his French skills as Basic employers dont care about languages in which a candidate is not fluent, at least to business-level, so this should be deleted.
[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
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. George needs to follow the maxim Sell, dont 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. 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 activities
10
Education
4
The student lists a lot of extracurricular activities, but not all of them show leadership roles or dedication. Its 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.
The student hasnt listed his/her expected graduation date. Good data on A-levels both subjects and grades received. Many students do not include both, which is usually a hint that the grades werent good, or that the subjects werent particularly relevant. George has completed a gap year, but there is nothing on his CV to suggest he did anything with that gap year. Ideally, there shouldnt be any gaps on a graduate CV.
Format
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Clear bullet points that arent too long. Use of bullet points is good this keeps sentences short, and communicates information in a concise way. 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 wont be read at all, given that it has just five lines on it.
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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.
HOBBIES AND IN TE
Aerobiking, Gym , Po
S Languages: English : Native, French: Bas ic 3 LSE Soft Skill Ses sion 2010
ker, Tropical Fish K eep
ADDITIONAL SK
ILL
RESTS
ing, Weight Training
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BBER 24 Oxford Road, Bla ckheath, London, SE3 9JZ Date of Birth: 07.03. Home: 020 8856 123 88, Nationally: Bri 4 Mobile: 07794 tish 1 567 890 E-mail: georgewebber2010@ EDUCATION hotmail.com University Colleg e London BSc Accounting and 4 Finance, Expected result 2:1 Courses includes Sept 2007 Presen advanced Financial t Accounting, advanc oeconomics, Organi ed Managerial Acc sational Behaviour ounting, advanced and Theory Hogarth School, Corporate Finance, Muswell Hill, Lon Macrdon Advanced Levels: 6 Mathematics (A), GCSE: Chemistry (A), Bio Sept 1999 June logy (A) 10 A* - C grades, 2006 including: English (A), English Literatu WORK EXPIERE re (A) and Science NCE 7 (AA) 5 Administrator, He rron Financial Reg istrars, Kingston As a member of an eight person team , I organised votes dends and share pur June 2009 July for the National Gri chase. 2009 d AGM and the adm Structured and inistration for the tested the Standard diviLife letter templates Barclays Wealth for shareholders and Insight Day responsible for acc Accepted onto uracy and formatti the Barclays Private ng. Banking Insight Day Various presentati . Aug 2009 Aug 200 ons on the work of 2 9 Barclays Wealth and Group exercises a change to netwo where a team of 5 rk with the Private had to prepare a pre Volunteer, EHarm Bankers. sentation in 25 min ony International utes and present out , London Developed an ext solution to the cas e study. 11 Researched pot ensive marketing and fund raising campai July 2008 Aug 200 ential donors (charit gn for educational and environmenta able organisation and 8 Sold carbon aud l projects. trusts) to see if our its to businesses in organisation was elig London and raised Spring Intern, Leh public awareness of ible for funding. man Brothers, Lon the need to reduce don Worked in the Cap ones carbon footpri nt. ital Markets Divisio n with the Events Researched the Driven Trading des Apr 2008 Apr 200 public image of key k. 8 firms in the commu Prepared presen nications industry tations on specific and presented my industries and presen Cashier, Capita Ca findings to my team ted to senior memb sh Management, . ers of the team. London 9 Part of a twelve 8 person team trusted to handle up to 50 Corrected errors 0,000 and input dat Mar 2007 Mar in client calculation 2008 a into their in-hous s and subsequently Worked with ma e database. issued customers wit nagement to improv h the correct vouche e efficiency and pro cent. rs. ductivity within the department increa Summer Intern, Leh sing productivity by man Brothers, Lon 15 per don As a member of a six person team in Product Control these figure to trad , my role was to val July 2007 Aug 200 ers in the capital ma idate the daily trad 7 rkets. Compiled spread ing revenue data and sheets for legal exp reported enses for the month Worked under a -end reports. time constraint to create a standardise d spread sheet for the month-end rep EXTRA CURRIC orts. ULAR ACTIVITI ES 10 UCL Student Me ntor: For two years, I was responsible for the initial well-being and how to settle into Oct 2008 June 201 of six first-year stud university life. ents. Offering guidan 0 UCL Accounting ce on academic adv and Finance Class ice Representative: Acted as a represe ntative for my pee rs, voicing sugges within the departm tions and recomme Oct 2007 June 200 ent. ndations to senior 9 Sponsorship team members of staff and for the UCL Timeles lecturers s Cultural Show: My role was to secure funding, thro ugh sponsorship from from a single sponso Oct 2007 June 200 businesses and oth r which was beyond er organisations. We 8 our expectations. Member of the Ho managed to raise 80 garth Debating Soc 00 iety: Participated in numerous debating competitions, thro in the 2006 Nation ugh my contributio Sept 2005 June al Debating Matter ns we were succes 2006 s Competition. sful in reaching the Founding member semi-finals of the Fair Trade Organisation: After co-foundi ng the organisation, I took part in a var Organised awaren iety of charity work Sept 2004 June ess sessions for you 2006 and fund-raising for nger students, increa an international cha sing their participat rity. ion and appreciation of People and Planet .
GEORGE WE
Our thanks to:

Lyle Andrews Head of graduate recruitment, UBS The Graduate Team Cornell partnership graduate recruitment consultancy Claire Crichton CV consultant, ResumeRebrand.com
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testinG, testinG
The inside track on psychometric, numerical and verbal reasoning tests
The author is a junior banker who aced a barrage of psychometric tests and is currently working in a sales role at a leading US bank in London.
ear not! As someone whos been through the psychometric tests successfully on several occasions, I can tell you that they arent as bad as they seem. However, they are to be taken seriously: failure to perform well will mean you wont make it through to interview. After youve made your initial application (whether by filling in an application form, or sending in a CV), youre 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!
Numerical tests are designed to catch out people who do not read the question properly.
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 dont be disappointed if you dont encounter them online initially!
that the Y column was in fact cumulative. The hardest element of the online tests is time. Move quickly, but accurately. Dont spend five minutes on one question make an astute guess and carry on. Ensure youve got everything you need to hand. Have scrap paper, an open Excel spreadsheet, and a calculator. Take the exam when youre sharp and in a quiet place. And whatever you do, DONT 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 youre invited in for interview, youll probably also come across in-house numerical tests. Beware theyre 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. Youre 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 its actually saying. Dont 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!
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 dont 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
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assessment centres
More tests, interviews, role plays and then a job?
The assessor is a senior capital markets professional at a European bank in London.
n assessor and an assessment centre survivor share their perspectives on what tests and trials to expect from an assessment centre...
to analyse. Dont 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. Dont try to control the proceedings; dont 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. Dont drink all the free alcohol and demonstrate the drinking prowess youve developed during university life!
The assessor
All 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:
The group exercise is one of the most important parts of the assessment centre. The key here is to participate, not dominate.
Another interview. At least one interview is inevitable; three separate 30-45 minute interviews are not unheard of. A presentation. Youll 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, youll need
The candidate is a former student who successfully completed an assessment centre to land a job in M&A at a leading bank in London.
he 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 werent nearly as technical as Id 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!
14
GettinG in
INVESTMENT BANKING
FINANCIAL SERVICES
EMPLOYERS
real interview Questions

Tricky and trick questions candidates have faced
ellow students from around the globe have been sharing the questions theyve faced at interviews via our online Student Centre. Heres our pick of the best, arranged in alphabetical order of bank. We cant vouch for their authenticity, but hope theyll prove a useful resource for anyone aiming for an entry-level position in an investment bank.
Credit Suisse
Product 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?
Barclays Capital
Sales (internship) How well would you rate yourself at sales, from one to ten? Its Christmas and Im looking for presents. Sell me an Easter egg. How many petrol stations are there in the USA? What is the square root of 79?
Deutsche Bank
Private wealth management (graduate) Who would you say are our main competitors, specific to PWM? What skills make you suited to a position in PWM? How would you persuade a team that the decisions they are making are wrong?
Never go to an interview without some questions for your interviewer up your sleeve.
Sarah Butcher
Editor, efinancialcareers.com
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?
Goldman Sachs
IBD (graduate) Is there anything about your work or studies that you havent enjoyed? Tell me about a time when youve 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 didnt 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?
Citigroup
Global 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?
J.P. Morgan
Financial analyst (graduate) How do you keep informed about the financial markets? What do you know about the role of a financial analyst? Why are you interested in the financial analyst programme?
Independent Thinking on a Global Scale

Lazard is a premier financial services firm committed to excellence, independence, intellectual rigour, integrity and creativity for our clients on a global scale.
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 shelley.chappell@lazard.com or 020 7187 2215.
GettinG in
INVESTMENT BANKING
FINANCIAL SERVICES
EMPLOYERS
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? Whats 12 divided by five? Whats 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 Greeces budget deficit? Credit Risk (graduate) Would you rather be respected or respectful? Describe a risky situation youve been in. Tell us something you read about recently in the financial press that you found of interest.
Tell me about a time when you received unfair criticism. Why did you think it was unfair, and how did you react?
Equities (graduate) What have you done to prepare for this interview? Can you describe a situation in which you worked as a member of a team to achieve a goal? When have you shown initiative by doing something original to solve a problem? What is your greatest achievement and why? Do you have any questions?
Equitt research (Grad) Why do you think you will be able to research companies in Europe when you are from the US? What sort of credibility can you have if you dont know the culture? Why did you go to University A instead of University B? IBD (graduate) What makes you think youd 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?
RBS
Global restructuring group (graduate) Emerging Markets have different challenges and opportunities to firstworld 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 youve 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?
Morgan Stanley
Equity research (graduate) Tell us about yourself. Why so interested in equity research? Whats the biggest challenge that youve 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?
Nomura
Global markets (internship) Do you agree with the thinking that in a positive economic environment the yen would be likely to appreciate against the dollar? What is contango and backwardation? What do you know about Nomura? If you end up working long hours and your manager has no time for you, as he thinks youre 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.
visit our online student centre to post your banking interview questions and answers and to check out the latest questions asked by the banks.
UBS
DCM (internship) Can you draw me a typical yield curve for a bond? Who pays for the US deficit?
Want a fulfilling career that rewards energy and fresh thinking? Thats what we want too.
Looking for a career where your ideas could really make a difference? UBSs Graduate Programme and internships are a chance for you to experience for yourself what its 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.
www.ubs.com/graduates
UBS 2010. All rights reserved.
GETTING IN
investment bankinG
FINANCIAL SERVICES
EMPLOYERS
merGers & acQuisitions

The international jet-set of investment banking
The most competitive division of investment banking Long hours, speadsheets and number-crunching at the junior level Senior bankers build relationships with clients
How hot Money Kudos Opportunities
How hot Money Kudos
ecause of its reputation as the more glamorous side of the investment banking Art08 Mergers &industry, mergers and acquisitions (M&A) is one of the most acquisitions sectors to break into. competitive 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 arent interested in smallfry M&A deals. They only start to get involved at the mid-market level, with transactions that are worth at least Art09 Capital US$100m. At the upper end, the deals can be worth billions.
Key players
On 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 paths

Theres 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 youll 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 youll 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 analysts 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. Its only later that you step away from the number crunching, she adds.
markets
The hours can be very long and the Opportunities workload is often intense, but despite these pressures it is integral that your work remains accurate.
Angela Hu
How hot
Executive director and junior resources Art10 Sales, Money manager, J.P Morgan Asia-Pacific . A career in M&A demands considerable
Kudos Opportunities
trading & commitment. M&A bankers advise their research

22
clients at what are often stressful and critically important periods in a companys lifetime. They must therefore make themselves available whenever the client needs them even if its the weekend, their summer holiday or Christmas Day. Junior bankers will work long hours and can expect to be busy assembling the Art11 Electronic information and legal required financial Trading documentation late into the night when the job demands. Global M&A all advisor rankings 2009 Within investment banking, M&A All Advisor Parent Deal value ($USbn) is often seen as the more demanding 1. Goldman Sachs 662 and complex discipline, says Angela 2. Morgan Stanley 622 Hu, executive director and junior 3. J.P Morgan . 583 resources manager at investment 4. Citi 445 bank J.P Morgan Asia-Pacific. . 5. BofA Merrill Lynch 381 The hours can be very long and 6. Credit Suisse 341 the workload is often Art12 Compliance intense, but 7. UBS 316 despite these pressures it is integral & Riskespecially at the analyst level, which 8. Barclays Capital 299 Manage9. Lazard 294 ment requires a lot of financial modelling 10. Deutsche Bank 292 that your work remains accurate.
No. deals 282 296 318 209 211 229 234 90 202 222
Source: Dealogic.
Leading in financial advice, worldwide

Leading international advisor Ownership and banker stability Relationship-driven perspective Robust, objective advice Creativity and rigour
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
GETTING IN
investment bankinG Skills sought
FINANCIAL SERVICES
EMPLOYERS
A key difference between an analyst and an associate is that the associate will take more ownership of the project. 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 bonuses

Government 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.
You need to have a reasonable degree of comfort with numbers, be prepared to work hard, Given that youll be working on complex financial have an appetite to learn, and be prepared to models for valuing companies and piecing work as part of a team. You will also need good together presentations to clients, numerical social skills and flexibility. Often in M&A you need and analytical skills are essential. Additional to be a jack of all trades, so we generally look for languages are valued for working with overseas people with diverse interests and skills. clients, as are stamina and attention to detail. In order to be successful long-term, a junior professional should also strive Average global investment bank pay 2009 ($USk) to understand the big picture of every Role Base Bonus Change* transaction they work on. This is crucial 80-90 40-60 25% 1st year analyst for M&A because of the strategic nature 2nd year analyst 90-100 60-80 30% of deals. It is also important to learn 3rd year analyst 100-110 60-80 30% about the legal and regulatory issues 110-120 80-120 25% 1st year associate pertinent to the jurisdiction that the 2nd year associate 120-130 150-180 30% professional works in, says Elizabeth 3rd year associate 130-140 180-225 30% Wang, COO of investment banking at 150-200 350-500 35% Vice-president Morgan Stanley Asia-Pacific. Director 200-250 500-700 30% Jan Skarbek, deputy head of UK Managing director 300-400 1,200-1,600 35% investment banking at Citigroup, adds:
*Change measured as a percentage increase on 2008 bonus figure. Source: Options Group Intelligence Unit. Figures are a global average.
Tim Colson
Graduate 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.
I get to meet clients pitching a new deal is the adrenalinfuelled thrill an investment banker lives for!
What are the main elements of your job? There is a great deal of background work that can range from mundane fact-checking to complex leveraged buy-out analysis. I 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 clients shoes.
25
GETTING IN
investment bankinG
FINANCIAL SERVICES
EMPLOYERS
capital markets
Where financial products are born

Art08 Mergers & acquisitions
DCM bankers help clients issue bonds (tradable debt) and related derivative products ECM bankers assist companies to raise money by issuing shares and related products Ideal for team players with excellent sales skills
How hot Money Kudos
efore financial products are traded, they must be created. And its the pinkcollared bankers in the capital markets Art09 Capitalinvestment banks who work on the divisions of markets 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 cant find enough people to buy the shares at the price Art10 Sales,that theyve agreed with the client, the bank is obliged to buy the shares itself.
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).

As 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, youre unlikely to become an origination specialist someone who spends a lot of time meeting clients to gain an insight into their financing needs until youve worked in capital markets for some time. As a junior capital markets professional, youre more likely to be involved in structuring the products so that they meet the client companys financing needs and are compelling for investors, or in the syndication process (preparing for the sale of finished products to investors). These days, its 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.
trading & research
Communication is critical to be Opportunities able to give potential issuers a clear view on market activity and investor sentiment.
How hot
Simon Ollerenshaw
Money Managing director, equity capital markets, Barclays Capital Kudos Opportunities
Debt capital markets Art11 Electronic (DCM), meanwhile, deal Trading with saleable units of debt in the form

26
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 highyield bonds (more likely to default, therefore paying a higher rate of return). DCM is also called the fixed-income market. This is because bonds Global ECM bookrunner volume rankings 2009 (US$m) Art12 Compliance amount of money typically pay a fixed Bookrunner Current Value No. % share in Manage& Risk interest until their redemption date 1. J.P Morgan . 97,661 393 10.9 (i.e. ment when the original issuer has to 2. Goldman Sachs 79,112 271 8.8 pay back the amount of money on the 3. Morgan Stanley 73,560 291 8.2 bond to the bond owner at that time). 4. BofA Merrill Lynch 71,228 304 7.9 For example, a bond worth 100 might 5. UBS 63,683 275 7.1 pay out 10 a year, making the interest rate 10%. Global DCM bookrunner volume rankings 2009 (US$bn) If the interest rate paid on a bond falls, Bookrunner Deal Value No. % share the amount that the bond is bought 1. J.P Morgan . 1,365 1,648 22.2 and sold for will therefore need to rise Art13 Operations date at the end 2. Barclays Capital 1,190 1,668 19.3 until the redemption 3. Deutsche Bank 1,056 1,297 17.2 of the bonds life, when the owner 4. Citi 1,037 1,385 16.9 will receive its face value in this 5. BofA Merrill Lynch 976 1,519 15.9 case, 100.
Source: Dealogic.
EXPECT TO GO PLACES YOU NEVER EXPECTED.
Graduate careers in investment banking

Here at Barclays Capital, well 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. Thats 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. Its time to raise your expectations. Visit our website to find out more. barcap.com/expectexcellence
Expect Excellence
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.
GETTING IN Pay and bonuses
investment bankinG
FINANCIAL SERVICES
EMPLOYERS
In 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 sought
If 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
isnt 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. Its something of a clich to say that good communication skills are desirable for any job, but without them, youd 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 youll 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 Leung
Investment 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 Morgans Equity Capital and Derivatives Markets (ECDM) team in . Hong Kong. What does your job involve? Im 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 groundbreaking, 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, its a really satisfying achievement.
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.
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 wont 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.
29
How hot Money Kudos
Art08 Mergers & acquisitions

investment bankinG FINANCIAL SERVICES EMPLOYERS
GETTING IN
Opportunities
sales, tradinG & research How hot

Kudos Opportunities
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
Art09 Capital A high-stakes game of risks Money markets and reward
How hot
very day, millions of financial products are traded in the secondary markets, where traders buy and sell financial Art10 Sales,after their initial issue. products trading &secondary markets, salespeople advise In the clients research 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).
You need to understand what the Art11 Electronic Money clients objectives are, what they are Trading Kudos looking for and how best the bank can solve these issues for them. Opportunities
David Hansson
Managing director for sales and trading, and head of Asia ex-Japan equity derivatives marketing, J.P Morgan . How hot
Money Kudos Opportunities
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 Art12 Compliance Bank for International Settlements. & Risk ManageTheres also a whole range of exotic ment derivative products within all of these sectors, the value of which is dependent on the underlying security.
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 banks clients. Proprietary (or prop) traders: A select group of elite traders who are given licence to trade the banks 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.
Fixed income, currencies and commodities revenues
Skills sought
Traders need a keen sense of risk and reward, an understanding of the dynamics of the markets and an analytical mind. If youre trading complex derivatives, youll also need the mathematical ability to understand the products themselves. If youre trading non-complex, or vanilla products, youll need a good understanding of what drives the market. You have to be good at mathematics. You dont 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 dont 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.
Sales, trading and research are each Company Market share How hot very distinct careers. Salespeople 1. Goldman Sachs 15.9% advise their clients who might be 2.Money Citi 11.5% Art13 Operations rich individuals, pension funds or other 3. J.P Morgan . 10.8% institutional investors when to buy 4.Kudos America Merrill Lynch Bank of 10.7% and when to sell financial securities. 5. Deutsche Bank 7.7% Salespeople usually focus on Opportunities Company data, Morgan Stanley Research (as at 2H 2009). particular products (e.g. government Source: Note: given different reporting styles for losses (bad bank, IAS 39, provisions or negative revenues) this is not a clean comparison. bonds) and particular clients. But we have a range of functions within sales, says Phillip Scott, COO Sales, Equity revenues Europe, at Barclays Capital. We Company Market share How hot have some people who purely do 1. Goldman Sachs 18.1% structuring, who will only go to see Art14 9% the clients with other salespeople. So Fund 2.Money Credit Suisse 3. Socite Gnrale 7.7% Management thats an area you go into if maybe 4.Kudos Bank Deutsche 7.3% you dont want to work with the same 5. J.P Morgan . 7.1% clients every day. Opportunities
Source: Company data, Morgan Stanley Research (as at 2H 2009).
30
Leading lights,Turkey
Hitting new heights, Malaysia
New energy sources, Brazil
Capitalise on the moment

The new centre of the world.
Todays China is generating enough economic activity to drive neighbouring emerging markets and to sustain developed economies during the current slowdown. HSBC is acting as the bridge to the rest of the world for this emerging giant.
Driving investments, India
Charting a new course, UAE
Building strong foundations, Peru
Analyst Programmes 2011

More opportunities. More than an investment bank.
Our position as a pioneer in emerging markets combined with our truly global presence means there has never been a better time for graduates to join HSBC: Global Banking and Markets Global Asset Management Global Private Banking Global Transaction Banking So capitalise on this moment and visit our website to find out more.
www.hsbcnet.com/campusrecruitment
This advert is for recruitment purposes only
Everything but, all work no play
Game for a career in Brokerage? It begins at Kempen & Co - as a Trader, Analyst or Sales Account Manager. We are one of the leading Brokerage firms in Europe. Weve been generating winners since 1903. With challenging positions in fixed income, equities & derivatives for driven people who are on their way to becoming the best in their field. At Kempen & Co, we foster and reward thinkers and doers. So when one single event somewhere in the world throws the market a fastball, a dynamic Securities team can swing back with even stronger, swifter impact. The exact same service our clients have been enjoying since the beginning. Are you our new star player? Call our Recruitment department at +31 (0)20-348 95 05 to learn about our starter positions, or go to our website. Everything you can expect from a Merchant Bank. www.kempen.nl.
GETTING IN
investment bankinG
FINANCIAL SERVICES
EMPLOYERS
Highly developed analytical skills are also integral for research roles, but thats not all. One minute you could be discussing or presenting the latest market or company trends with the banks 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, youll need to be numerate and technical by nature, but youll 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 clients 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.
Equity sales pay 2009 (US$) Title Associate VP Director MD Base 75-100 105-145 150-200 250-350 Bonus 70-110 400-500 600-750 1,100-1,600 Change* 35% 35% 40% 40%
*Change measured as a percentage increase on 2008 bonus figure. Source: Options Group Intelligence Unit, figures are a global average.
Equity trading pay 2009 (US$) Title Associate VP Director MD Base 75-100 105-145 150-200 250-350 Bonus 80-120 500-600 650-800 1,500-2,000 Change* 40% 40% 40% 45%
*Change measured as a percentage increase on 2008 bonus figure. Source: Options Group Intelligence Unit, figures are a global average.
Kaya Endo
Associate, 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 banks graduate scheme in August 2007. Why equity derivatives? Its 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, its 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, Ill 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, Im involved in educating our interns and graduates. What have you been working on today? Ive been writing up a note on a trade idea to send out to a client. Ive 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.
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.
33
THE RWE GRADUATE SCHEME IN SUPPLY & TRADING: Hands-on experience in the energy business.
RWE Supply & Trading is a leading European energy trader. We act as the hub for all RWEs tradable commodities such as power, gas, coal and oil in their physical and derivative forms. Why RWE Supply & Trading is a great place to kick start your career We trade across a wide range of commodities Were Europe-wide so youll gain international experience straight away. Join our Graduate Programme Were looking for graduates with a sharp commercial focus who want to learn the mechanics of the energy trading business by working across a range of functions.
RWE Supply & Trading Graduate Development Programme Key Details Duration: 8 months Rotations: 3 rotations Business area: Analysis, Risk Control, Structuring & Valuation, IT, Finance, Back Office and Trading Support Start date: March or September Where: Rotations are possible in Essen, London, Swindon and Geneva offices.
What were looking for Youll 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 If youre looking for fast career progression, youll find our focus on personal development refreshing. bonus. Fluency in English is mandatory; proficiency We provide on-the-job training, professional career in German is a definite plus. coaching, networking opportunities and access to some of the top experts in the industry. Apply online at
www.rwe.com/rwest-careers
There are two application periods: Nov/Dec and April/May. Final assessments will take place in Jan/Feb and July respectively.
How hot Money Kudos
Art09 Capital markets

GETTING IN
Opportunities
electronic tradinG
Higher speeds, greater volumes, just not so many humansSales, required Art10
trading & research
E-trading has reduced execution speeds and increased trade volumes A relatively nascent industry with opportunities for rapid advancement Quants require a PhD in a highly mathematical subject
he rise of electronic trading over the last decade has had a profound effect on the structure of equity markets. Art11 Electronic emergence of automation In a nutshell, the transformed the market from one where a great Trading deal of human intermediation was required into one where computers largely do the work in executing and processing trades. 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 Art12 Compliance with the cost of transactions, while increasing & Risk Manage- the markets. The use of transparency in algorithms computer systems that decide on ment 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.
of the banks e-trading products and facilitating a customers decision on which is the best one to suit their needs. Its 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 sought
Most quants come armed with PhDs in a highly mathematical subject and will also possess a good knowledge of financial instruments and technical computing software, 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. Its 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.
How a Its hot rapidly expanding area, compared to traditional areas of investment Money Art13 Operations banking, and the opportunities for Kudos advancement are great. Opportunities Brian Schwieger
Head of EMEA algorithmic execution, Bank of America Merrill Lynch

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 Art14 Fund and career paths Quantitative Management analysts: Quants are maths

36
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 Prop, electronic and quant pay 2009 (US$k) statistical reports such as transaction Role Base Bonus Change* cost analysis and trade reports to Analyst (1-2 years) 80-90 70-90 20% ensure clients are using trading tools Associate (quant) 100 90-120 20% Art15 Alternative way. in the most effective VP 125-150 225-325 15% Sales trader: Its the sales traders Investments Director 200 650-750 15% role to facilitate the execution of trades Managing director 250-300 900-1,300 20% for clients, while also offering a menu
*Change measured as percentage increase on 2008 figure. Source: Options Group Intelligence Unit. Figures are a global average.
Our energy has no borders

E.ON Energy Trading is one of Europes leading energy trading businesses and the commercial heart of E.ON, one of the largest investor-owned power and gas companies in the world. With over 800 employees from more than 45 countries, were an international business specifically designed to meet the challenges of the worlds dynamic energy markets.
Your energy shapes
the future
Are you ambitious, creative and ready for the challenge of working in one of Europes most exciting industries? Were looking for people with potential who are able to develop during our 18-month trainee program. You can enter the program twice a year, May/June and November/December. Apply for the Trading Qualification Program today at www.eon-energy-trading.com
How hot Money Kudos
GETTING IN
Art10 Sales, trading & research investment bankinG
FINANCIAL SERVICES
EMPLOYERS
Opportunities
compliance and risk manaGement How hot

A question Money
Kudos Opportunities
Tougher regulation means greater demand for compliance staff Risk managers have been thrust into the spotlight Internal and external liaison means communication skills are important
of controlArt11 Electronic
Trading
How hot Money
ts up to risk management teams in investment banks to make sure the bank doesnt take huge risks and therefore make Art12 Compliance huge losses in its pursuit of gigantic profits. As just about every & Risk Manage- investment bank has had to off billions over the past two ment writethe focus onof dollarsprudent investment years, a more strategy has never been greater. While risk managers try to stop a banks 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 theyre operating.

Risk 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, youre 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 banks 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 banks restricted list and checking for abnormal dealing activity. Should certain staff be placed on stop and watch lists, its 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).
Art13 Operations
Kudos Even if you know one skill set or product, if you cannot develop a rapport Opportunities with the people you are speaking to, that is going to be a huge challenge.
Seung Earm
How hot Executive director, compliance, Goldman Sachs Money Kudos Opportunities

38
In the wake of the financial crisis, regulators across the world have increasingly been baring their teeth time of writing, Art14 Fund and, at thecoordination on were best seeking international how Management 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 Art15 Alternative also regulated by the Committee for European Securities Regulation Investments Committee of European Banking (CESR), the 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 Risk manager pay figures (US$k) Stanleys legal and compliance Country 5-7 yrs division in Asia. We need to be France 61-110 flexible and keep Art16 Interdealerup with the everSingapore 29-43 changing regulatory environment, as Broking Switzerland 97-132 well as with the evolving products and UK 81-103 services the firm provides.
7-12 yrs 98-122 57-86 105-158 103-125
12+ yrs 98-184 107-200 158-344 133-162
Source: Robert Walters.
AMBITIOUS
When you think of ambition do you think of using your talents to rise to new heights in the fast-moving global markets? We do.
BNP Paribas Corporate & Investment Banking is an innovative provider of sophisticated financial and strategic solutions to large companies and financial institutions around the world. Creativity, entrepreneurialism and a relentless focus on our clients goals have allowed us to grow into a leading European bank with a strong global presence. Our strong risk management and financial stability have enabled us to continue growing and to help our clients grow even in the most challenging of times. Now we are in a position to pursue bold strategies for expansion around the world. We have a tradition of doing things differently here, pursuing our own ideas and working collaboratively to achieve exceptional results for our clients. If youre interested in joining an international team and launching an exciting career in the fast-moving financial markets, then find out where you could fit in at BNP Paribas.
www.graduates.bnpparibas.com
Careers in Corporate & Investment Banking
Where we make the connections, we make the deals.

Our intelligent connections deliver innovative financial solutions that benefit emerging markets. So we used our global experience to develop groundbreaking financial structures for the Gautrain project in South Africa. Join us and youll soon be making rewarding connections of your own. http://graduate.standardbank.com/efinancial
Moving Forward
investment bankinG
FINANCIAL SERVICES
EMPLOYERS
The heightened focus on risk and compliance means many teams are expanding, but this hasnt 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 sought
Perhaps 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.
Get the latest graduate and internship programme news.
Ong Bi Hui
Market risk controller, DBS Bank

Ong Bi Hui graduated from the National University of Singapore in 2007 with a bachelors degree in applied mathematics, and left Columbia University with a masters degree in 2008. She joined DBS Bank the same year. What does your job involve? As market risk controllers, we ensure that the banks 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 banks 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.
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.
Whats 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.
41
How hot Money Kudos
Art11 Electronic Trading

GETTING IN
Opportunities
operations
The busy world of the back office

Art12 Compliance & Risk Management
You are a key point of contact for various platforms and divisions The pay is lower, but the hours are shorter Youll need to be a good communicator and a team player
How hot Money Kudos
f you delve into the murky world of investment banking, pretty soon youll undoubtedly hear the terms front office, middle office, and back office. Art13 Operations When people talk about the front office, theyre talking about the sexy areas of investment banking mergers and acquisitions, or sales and trading. When people talk about the middle office, theyre 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, theyre talking about operations. Unlike the people in the front office, people Art14 Fund operations dont liaise with working in customers to Management generate revenues and profits for the bank.
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.

As 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 isnt 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.
Opportunities Working in operations requires a diverse range of skills from project, business and people management through to technological capability How hot and client service.
David Bromley
Money
Director and chief operating officer, Kudos global business services, Deutsche Bank, Asia-Pacific Opportunities
Art15 Alternative Operations professionals support people in Investments to make sure everything works the front office
Instead, the division is a support function.

42
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. Art16 Interdealer Settlements professionals ensure that stocks Broking or shares bought and sold by the banks 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. Settlements manager base salary (US$k) The investment banking operations Country 5-7 yrs 7-12 yrs (IBO) support function provides France 43-74 62-123 transactional support, ensuring Singapore 29-57 79-97 documentation Art17 Wealth and settlement of Switzerland 62-97 80-133 transactions in a controlled and Management UK 74-89 89-104 regulatory-compliant manner. The US 120-185 world of global financial markets is
12+ yrs 86-148 104-194 115-204 111+ 185-300
GETTING IN
investment bankinG
FINANCIAL SERVICES
EMPLOYERS
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 its 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 youre not likely to spend most of your life camped at your desk like someone in M&A.
Skills sought
When 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.
Find out which sectors are still hiring.
Ginny Clayton
Analyst, 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. Ill 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. Ill 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. Ill normally be settling trades throughout the day but, for example, this morning Ive 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 wouldnt 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.
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.
43
Graduate Investment Management Opportunities
smartest
Our investment is you
Henderson carries our heritage, our values and our corporate strength Global is our reach, outlook and our future Investors are our focus and investing is our specialisation
One of Europes 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, xed income and alternatives 60.3 billion of assets under management2 Approximately 930 employees in Europe, the US and Asia-Pacic Listed on the London Stock Exchange and the Australia Securities Exchange with a market capitalisation of US$1.7bn3 Hendersons strength lies in its diversity the assets we manage and the clients we invest for across the globe. We select people with exceptional talent and entrepreneurial minds. At Henderson, you will be recognised for your achievements. We will support you to obtain the qualications you need to progress your career. Come to Henderson and discover a breadth and quality of experience thats hard to nd elsewhere. If you are passionate about investment and aspire to work for one of Europes largest investment managers, nd out more today at www.henderson.com/graduates
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 Global Investors. Market capitalisation at 31 December 2009. Henderson Global Investors is the name under which Henderson Global Investors Limited (reg. no. 906355), Henderson Fund Management plc (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 ofce at 201 Bishopsgate, London EC2M 3AE and authorised and regulated by the Financial Services Authority) provide investment products and services. Telephone calls may be recorded and monitored. HGI42240/0710
BALDERDASH,
gobbledygook.
Were not one of those investment management firms that will bombard you with financial jargon. Quite the opposite in fact, well keep it simple because we want to attract the best graduates from any degree background. What wed really like to talk about is development. We were one of the first investment management firms awarded the national 'Investors in People' standard. This speaks volumes about the quality of our graduate training programme. Do you understand what were saying?
To nd out more and to apply please visit bailliegifford.com
INVESTMENT BANKING
Financial services
EMPLOYERS
Much 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 worlds 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 sought
To be a fund manager, youll need to be passionate about investing and an expert at filtering large quantities of data. Its 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 somebodys money as a fiduciary. Its 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 youll 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 Harasim
Analyst, 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 companys 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 Ive been able contribute to my teams investment process from a very early stage of my career. I also believe my passion for the markets, especially fixed income, means Im 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.
47
How hot Money Kudos
Art13 Operations
INVESTMENT BANKING Financial services EMPLOYERS
GETTING IN
Opportunities
alternative investments How hot

High Money
Kudos
Alternatives can be anything from wine to hedge funds Top hedge fund managers earn megabucks Private equity requires prior experience
earning roles, Art14 Fund reserved for the eliteManagement
Opportunities
normal investment is fairly straightforward usually in stocks, bonds or cash. Its made with a view to earning interest or dividends, or because the Art15 Alternative value of the investment is expected to rise over Investments time. Alternative investments cover a broader range from wine to art and real estate. For the purposes of this article, however, were 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 Art16 Interdealer exchange. These can vary from Broking seeding smaller firms to buyout funds, which invest larger sums in more established companies.
Pay and bonuses

Hedge 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 funds investments are sold.
Skills sought
Traditionally, 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, its even tougher to get in at a junior level. In todays 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. Youll 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.
You will be stretched both intellectually and in terms of your propensity to work.
How hot Timothy Mahapatra
Key players
Globally, the largest player in the hedge fund world is J.P Morgan, according to Alpha . Art17 Wealth magazine. Bridgewater Associates, Paulson & Co, Brevan Management 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.
Head of corporate finance, Money Deloitte

Kudos Opportunities

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There are three key areas in the front office of a hedge fund: analysis, sales and marketing, Art18 Corporate look at the companies, and trading. Analysts markets Banking 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 Hedge fund pay (fund with US$500m-$3bn in AUM) (US$k) recommendations and place trades. In a private equity fund youll probably Grade Base Salary Total comp. start as an analyst, looking for possible Associate (2-4 yrs exp) 135 300 investment targets. You can then move into the role of principal, appraising Private equity pay (fund with US$750m-$2bn assets) (US$k) whether a deal is worth Grade Base Salary Total comp. Art19 Globallegal issues.pursuing and sorting out At the top are Associate 100 208 Custody originators, usually firm partners, who Senior associate 160 317 oversee and source deals.
Source: Glocap Search.
Changing the nature of investment

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How hot Money Kudos
GETTING IN
INVESTMENT BANKING
Art14 Fund Management
Financial services
EMPLOYERS
Opportunities
interdealer brokinG How hot

Middle Money
Kudos
Building relationships key to interdealer broker success The more complex the product, the higher the pay Brokers judged on swift execution of deals
men making sure Art15 Alternative the price is right Investments
Opportunities
nterdealer brokers (IDBs) have traditionally been rather publicity-shy, but a strong performance during the financial crisis has thrust this fairly mysterious sector into Art16 Interdealer the limelight. Broking acts as an intermediary between An IDB 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 Art17 takes a small percentage as commission, Wealth which can be very lucrative, particularly in Management 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.
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 sought
Interdealer broking is all about relationships, so if youre not a people person, dont bother applying. In fact, such is the bond between broker and client that, if a successful broker leaves for a competitor, theyll 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 youre 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.
How hot
The ability to develop strong client Money relationships is a keyArt18 Corporate job, part of the Kudos Banking particularly at the early stages of your career. Opportunities
Mark Scally
Head of HR, Tullett Prebon
Key players
Five big firms dominate 70% of the market, according to analysis by Celent. These firms are ICAP Tullett Prebon, GFI, BGC , and Tradition.
Art19 Global Roles and career paths Interdealer brokers recruit graduates for two Custody

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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 Art20 Dataprice, before the clients competitors. the right Providers & Brokers usually specialise in a particular product, which can Rating Agencies range from anything from
Heres the deal.

ICAP is the worlds premier interdealer broker, executing more than USD $1.4 trillion worth of transactions every single day. Youre an incredibly bright individual with a personality to match. We connect buyers and sellers in the worlds financial markets. You approach challenges determined to succeed. Were fast-moving, global, entrepreneurial and meritocratic. Youre quick-thinking, outgoing, confident and ambitious. We offer prospects. And we both know that with the right training, exposure and recognition, youre going to go places that even weve 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 markets www.icap.com/careers
Tom Sheridan Voice Broker, New York
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.
How hot Money Kudos
GETTING IN
INVESTMENT BANKING
Art15 Alternative Investments
Financial services
EMPLOYERS
Opportunities
wealth manaGement How hot

Combining Money
Kudos Opportunities
Managing money for the worlds wealthy Dont expect just to give investment advice high-networth clients expect more A relationship manager is judged by the amount of money under their stewardship
diplomacy, deep Art16 Interdealer relationships and technical expertise Broking
How hot Money Kudos
s 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 Art17 Wealth and paparazzi. They fall into Management two categories: Private bankers: Help clients invest their money wisely and avoid any risks that might reduce the value of their assets. They also 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 Art18 Corporate term stockbroker). They also stocks (hence the Bankingadvice on the best products to invest in. offer 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 Art19 Global US$30m.
Custody
Opportunities You need to be able to build long-term relationships. You have to be interested in clients, their background and their family you have to understand what How hot makes them tick.
Kate Turner
Opportunities
Money
Head of private banking, Coutts Kudos
If Data Art20 you work as a private banker, you can expect Providers & to perform one of three broad categories of job: investing Rating Agencies clients; building money for existing
income, equities, structured products of any kind, or investments in the private equity and hedge fund sectors. Those on the relationship side are effectively salespeople who spend their time cultivating links with clients and selling the banks services. This can involve a lot of travelling and close contact with interesting, unusual and demanding people. When a relationship manager has established a clients needs, investment specialists are brought in to put a more detailed solution together. Sometimes you might have five relationship managers all vying to manage the money of one single high-net-worth individual, so relationship building is pivotal, says Katie Lin, chief wealth management officer at Axa Hong Kong. Meanwhile, private client brokers come in two kinds: those working on discretionary mandates, in which wealthy clients communicate their general investment strategy and the broker buys and sells the financial products they think appropriate; and those working on advisory mandates, where the broker advises the client what to invest in, but needs their permission before making a move. Junior brokers are most likely to work on advisory mandates. However, making the first move can be challenging, as few brokerage firms offer graduate training courses. US banks such as Citi, Goldman Sachs and Morgan Stanley hire graduates onto their wealth management or broker training programmes.
Key players by global assets under management (US$bn) Company 1. Bank of America Merrill Lynch 2. UBS 3. Morgan Stanley-Smith Barney 4. Credit Suisse 5. HSBC Private Bank 6. Citigroup 7. BNP Paribas/Fortis 8. J.P Morgan . 9. Deutsche Bank 10. Barclays Wealth AUM 1,824 1,526 1,420 656 345 335 265 258 240 222
Source: Private Banker International, figures as at H1 2009.

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relationships; or managing backoffice 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 Art21 IT own money. They are typically their in product Finance specialists who are expert in a particular asset class, such as fixed
STRUCTURED TRAINING, A PROFESSIONAL QUALIFICATION AND UNRIVALLED JOB SATISFACTION

WORK. WHATS IT TO YOU?
Meeting the complex wealth management needs of high net worth, affluent and corporate clients is what we do at Barclays Wealth. As a graduate there are plenty of great reasons to choose a career with us. Our three-year structured training programme for one. The chance to obtain the CFA and, of course, the international experience you can gain through our overseas placements. But the truth is how much you get out of that career depends on what youre prepared to put in. You see, as an organisation, we have big plans for the future, and securing our position as one of the worlds leading wealth 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 level of ambition. We have operations spanning Europe, the Middle East, Africa, Asia and the Americas, and were currently recruiting in the UK, Switzerland, Monaco, Mumbai, Spain, Portugal, Italy, UAE, India, Singapore, Hong Kong and Johannesburg. To find out more and apply online, go to barclayswealthgraduates.com/CIBF
Barclays Wealth is the wealth management division of Barclays and operates through Barclays Bank PLC and its subsidiaries. Barclays Bank PLC is registered in England and authorised and regulated by the Financial Services Authority. Registered No: 1026167. Registered office: 1 Churchill Place, London E14 5HP.
Well judge you on your ability and nothing else.
GETTING IN
INVESTMENT BANKING
Financial services
EMPLOYERS
And Barclays Wealth, Coutts, Credit Suisse, HSBC Private Bank, Kleinwort Benson, RBC Wealth Management and UBS also run graduate schemes for private bankers.
At the senior end, base pay comes in at US$155k+.
Skills sought
Private 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.
Pay and bonuses

In 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.
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 masters degree in business systems. She also has a bachelors 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 masters, 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? Theres a lot of frontline contact with high-net-worth clients, and its about managing their relationship with the bank. We need to understand our clients 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.
Youre 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.
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 youre 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.
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How hot Money Kudos
GETTING IN
INVESTMENT BANKING
Art16 Interdealer Broking
Financial services
EMPLOYERS
Opportunities
corporate bankinG
Banking for high-value companies

Art17 Wealth Management
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
n 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, Art18 Corporate but its not. At its Banking 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 Art19 Global case for funding a new power the business Custody or mine. plant
It helps to be a bit of a jack-of-all-trades, so you have to have good general expertise. Buthot you also need to know and this is How crucial where your expertise runs out and Money you need to get someone else involved.
Kudos Richard Miles
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 clients dayto-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 youre 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).
Head of corporate and transaction Opportunities banking, BNP Paribas, London
Art20 Data Providers & Rating Agencies
Pay and bonuses

Graduates 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.

56
While most graduates joining a corporate bank will be expected to undertake a formal qualification like the UKs Professional Certificate in Banking you can also expect a lot of on-the-job training. Junior corporate bankers often start out as credit Art21 IT in analysts, assessing company balance and Finance to sheetsloans.deciding whether Worlds largest banks by market capitalisation (US$bn) or not issue You may also Bank Market capitalisation get to accompany senior sales and ICBC 268.9 relationship staff as they attempt to China Construction Bank 201.4 sell products to corporate customers. HSBC 200.7 One banker describes this as bagJPMorgan Chase 171 carrying youll be picking up tips Bank of China 153.9 from senior directors without having Bank of America 149.6 much influence on the deal. Wells Fargo 137.9 Senior roles in corporate banking Santander 136 Art22 Insurance are more client-focused. There are BNP Paribas 94.8 business development managers, who Citigroup 93.5 attempt to bring in new customers, or
Source: ICBC, figures as of 2009.
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RBS has a long history, global strength and is looking to the future with confidence. We are committed to our clients, growing strong relationships and delivering industry leading products and services. Graduates and interns who join us now will have an influence on the strategic decisions we make going forward. To achieve the extraordinary, and to seize the opportunities at the heart of an organisation that is poised for transformation. With over 30 graduate and intern programmes, from Global Banking & Markets, Finance and Retail Business Leadership to Technology, Marketing and Sourcing & Vendor Management theres something for everyone, whatever their degree discipline or career aspiration. The place is here. The time is now. Find out more at www.makeitrbs.com
GETTING IN Skills sought
INVESTMENT BANKING
Financial services
EMPLOYERS
While you have to be an affable people person to win the business and maintain relationships in corporate banking, you also have to be a ruthless number cruncher. After all, theres no point in lending money to a firm if theyre 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 youll 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, its 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 Cloake
Corporate 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 HSBCs 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, whats 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 Id 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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How hot Money Kudos
GETTING IN
Art17 Wealth Management INVESTMENT BANKING
Financial services
EMPLOYERS
Opportunities
Global custody
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
The ever-more complex task of administrating investments

Art18 Corporate Banking
s asset managers become more sophisticated with their investment strategies, the role of global custodians is changing dramatically. Global custody Art19 Global has evolved enormously over the last decade or so with a steady rise in automation Custody and an explosion of exotic investment vehicles and instruments, 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 Art20 Data fund accounting (calculating how much income funds & Providersare making and spending), settlements (delivering securities Rating Agencies to the buyer and the money to the seller), and corporate actions (keeping track of dividend payments for equities and coupon payments for bonds).
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 sought
The 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 theyre 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.
You will need to have the skills to How hot administer new and exciting investment Money products as they enter the market.
Ross Whitehill
Kudos
Head of offshore management, Opportunities BNY Mellon Asset Servicing
Art21 IT in Finance Roles and career paths

60
Client: Here, youll schmooze with fund manager clients, ensuring theyre 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 Art22 Insurance 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 Top five global custodians (US$bn) integrators and business process reCompany Assets under custody engineering experts.
1. BNY Mellon 3. State Street 4. Citigroup Global Transaction Services 5. BNP Paribas Securities Services
22,400 14,900 14,058 11,800 5,793
Client-facing roles Art23 Accountingare the most lucrative within global custody. A senior relationship manager in the
Pay and bonuses
2. J.P Morgan Worldwide Securities Services .
Source: Company reports. Figures as at 31 March 2010, with the exception of BNP Paribas Securities Services which is as at 31 December 2009.
Working for Europe
We at the European Central Bank are committed to performing all central bank tasks entrusted to us effectively and efficiently. In so doing, we strive for the highest level of competence, transparency, accountability and integrity. We aim to recruit high-quality staff with a strong team spirit.
Please visit our website www.ecb.europa.eu or register for job alerts via our e-recruitment tool Working for Europe.
How hot Money Kudos
GETTING IN
Art18 Corporate Banking INVESTMENT BANKING
Financial services
EMPLOYERS
Opportunities
data providers & ratinG aGencies How hot

Supplying Money
Kudos Opportunities
Organisations seek the AAA gold stamp from rating agencies Bloomberg and Thomson Reuters rule the data providers world Postgraduate qualifications in a financial subject a prerequisite
the info that underpins investment decisionsArt19 Global

Custody
he main purpose of credit rating agencies is to assess the likelihood that an organisation issuing debt will fail to pay back its creditors fully and on time called going into Art20 Data default. Organisations Providers & to are rated from AAA (virtuallyC guaranteed pay up on time) through to Rating Agencies risk of default). Risks are (indicating a high 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 Art21 IT in portfolios. They Finance also provide financial and business news services via a number of media channels.

Rating 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 Moodys and Standard & Poors recruit according to need. Data providers offer a variety of graduate roles, including data analysis, technology, journalism and business development.
Pay and bonuses

Graduate 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.
We look for graduates with a strong academic background that includes finance, How hot accounting or economics, plus the ability to convey a complex message clearly. Money
Andy Jackson Kudos
Art22 Insurance
Key players
The credit rating agency business has long been dominated by a handful of US-based key players. Moodys Investor Services and Standard & Poors 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 Art23 Accounting that the information on which sector by requiring 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.
Head of human resources for EMEA, Fitch Ratings Opportunities
Skills sought
The current volatility within the worlds 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.
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MOVE THE MARKETS. Innovate from the front.

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.
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Bloomberg is a proud Equal Opportunity Employer. 2009 Bloomberg L.P. All rights reserved. 34842161 0609
GETTING IN
INVESTMENT BANKING
Financial services
EMPLOYERS
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 Hudsons 2010 salary survey. A C++ developer with over six years under their belt can earn US$90-155k.
Skills sought
The vast majority of successful applicants will have a computer science degree, and those who dont will come from a maths or physics background. If youre seeking a development role, experience with programming languages like Java, C++, C# or Microsofts .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. Dont 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 youll 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 Akthar
Business analyst, equity derivatives IT, Credit Suisse

Hazera completed a degree in computer science at Kings College, London before joining Credit Suisses graduate programme in 2007. Since January 2009 she has been working as a risk management business analyst within the banks 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. Whats 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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How hot Money Kudos
GETTING IN
Opportunities
Art20 Data INVESTMENT BANKING Providers & Rating Agencies
Financial services
EMPLOYERS
insurance
Insurance employs huge numbers across the globe Pay is comparatively modest, but actuaries can earn six figures Global premiums exceeded $4 trillion in 2008
The complex business of being covered for a worst-case scenario

Art21 IT in Finance
lobal insurance premiums totalled over US$4.3 trillion in 2008. In the UK (the worlds second largest insurance centre), it employs more than 313,000, according to figures from the Association of Art22 Insurance a third of all financial services British Insurers jobs in the country. In the US the insurance industry provides 2.3m jobs. Clearly, its 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 Art23 Accounting particularly important in the corporate market. Lloyds market: Around 80 corporations, individuals, underwriters and financial backers or syndicates who come together to spread risk. Its also home to 176 broking firms.
industry for all our schemes, says Paul Roberts, UK graduate resourcing manager at AXA.
Pay and bonuses

Insurance 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 sought
It takes five to seven years to qualify as an associate actuary, with training usually provided by the employer. Youll need a maths-based degree to get your foot in the door, but that isnt all, says Abby Cox, HR graduate recruitment manager at Allianz. Its 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 thats not going to confound them. Underwriters require good numeracy and communication skills. Youll 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? Well usually test graduates logic on these issues.
Actuaries need to communicate the results of their investigations to the underwriters and other people in the business in a way thats not going to confound them.
Abby Cox Roles and career paths
Graduate recruitment manager, HR, Allianz
Underwriting: 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 Key players of people work within claims divisions. Company Graduates are likely to start in fraud 1. Allianz detection or claims investigation. 2. AXA Group Wed expect graduates to have 3. Zurich Financial Services the motivation to show they have 4. Generali Group researched us as a firm and have a 5. Munich Re basic understanding of the insurance
Country Germany France Switzerland Italy Germany
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Measured by a composite of sales, profits, assets and market value. Source: Forbes Global 2000, 2010 rankings.
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How hot Money Kudos
GETTING IN
INVESTMENT BANKING Finance
Art21 IT in
Financial services
EMPLOYERS
Opportunities
accountinG
Formal qualifications add to long-term employability Numeracy is just a baseline teamwork and dedication are paramount The number of accountancy roles is wide and varied
The number crunchers at the heart of every organisation

Art22 Insurance
ccountants 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 youd like to be. Art23 Accounting 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.
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
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 companys 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 firms 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. Youll 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 bonuses

Accountants earn more in financial services than in any other sector. Basic salaries are higher, and theres 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$75-105k.
If you choose to work in an investment bank as an accountant, several options are open to you. Product control: Here, accountants keep a close eye on the profits and losses made on products bought and sold on the trading floor. Financial control: Accountants in financial control analyse the banks overall performance. They produce month-end, quarterly, half-yearly Skills sought and annual reports. Good attention to detail and superior numeracy Internal audit: Accountants in internal skills are pretty much a baseline when it comes audit teams are responsible for checking to accountancy and accountancy-related that financial systems and controls within roles, says Lyle Andrews, head of graduate the organisation are complied with. Regulatory accountants: Financial controller salaries (large organisation) (US$k) Ensure that the way the bank reports Country Salary its financial activity complies with France 99-155 the legal rules and regulations of the Singapore 115-144 countries it trades in. Hong Kong 122-155 Treasury: Structure the banks Switzerland 125-189 financial affairs (often working with UK 200+ colleagues in tax) so that sufficient US 190-400 cash is available to meet its liabilities.
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Calculating the future value of an investment is easier when you know how to approach it. At eFinancialCareers.com, we help you approach the challenge of securing a rst internship or graduate role, and continue helping you right through your career in nance. Our Student Centre focuses on graduate recruitment at major banks and nancial rms, giving you the tools and insight you need to stand out. Invest in your future today by visiting:
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THE BUSINESS SCHOOL FOR FINANCIAL MARKETS
GETTING IN
INVESTMENT BANKING
Financial services
EMPLOYERS
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. Dont worry if you havent studied accounting or economics accounting firms rarely demand a finance-related degree, and dont 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 (Diplme de Comptabilit et Gestion), equivalent to a threeyear degree, and the DSCG (Diplme Suprieur de Comptabilit et Gestion), equivalent to
a masters 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 theres 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 Yim
Assistant 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? Its 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? Were 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? Its 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 its 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 wouldnt 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 didnt 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 its quite meaningful.
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GETTING IN
INVESTMENT BANKING
FINANCIAL SERVICES
employers
BAILLIE GIFFORD
BARCLAyS CAPITAL
BARCLAyS WEALTH
Company snapshot
Baillie Gifford is one of the leading privately owned investment management firms in the UK with over 60bn under management. 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.
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 were still relatively young and extremely ambitious. Founded just 13 years ago, were still growing year on year and continually pursuing excellence in everything we do.
Company snapshot
Barclays Wealth, part of Barclays Bank, is a leading global and the UKs 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, its in a strong position to become a dominant player in the field.
Graduate programme info

Approx. 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

Approx. 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

Approx. 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 fulltime 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 info
Approx. 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
Approx. 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
Approx. 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
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GETTING IN
INVESTMENT BANKING
FINANCIAL SERVICES
employers
BLOOMBERG
BNP PARIBAS
CITI
Company snapshot
Bloomberg is a leading global provider of data, news and analytics. The Bloomberg Professional Service and Bloombergs media services provide real-time and archived financial and market data, pricing, trading, news and communications tools in a single, integrated package. Bloombergs 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.
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 & Poors, 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.
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.

Approx. 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

Approx. 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

Approx. 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
Approx. 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
Approx. 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
Approx. 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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GETTING IN
INVESTMENT BANKING
FINANCIAL SERVICES
employers
COMMERZBANK
CRDIT AGRICOLE CIB
CRDIT AGRICOLE GROUP
Company snapshot
Commerzbank 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 clients partner of choice when it comes to the development and execution of smart solutions for all their financing and capital market needs.
Company snapshot
Crdit Agricole CIB is the Corporate and Investment Banking arm of the Crdit Agricole Group, the worlds ninth largest, Europes third largest and Frances 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. Crdit 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.
Company snapshot
Over the years, Crdit 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 Crdit Agricole Group and play an active part in the development of Frances largest bank.

Approx. 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/a Typical duration of grad programme: n/a. Application deadline: Apply throughout the year. Apply via: www.mycreditagricole.jobs

Approx. 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

Approx. 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/a Typical duration of grad programme: n/a. Application deadline: Apply throughout the year. Apply via: www.ca-cib.com
Approx. intern hires in 2010/11: n/a. Divisions offering vacancies: n/a. Application criteria: n/a. Typical duration of internship programme: n/a. Application deadline: n/a. Apply via: n/a.
Approx. 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: Crdit 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
Approx. 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
GETTING IN
INVESTMENT BANKING
FINANCIAL SERVICES
employers
CREDIT SUISSE
DEUTSCHE BANK
EUROPEAN CENTRAL BANK
Company snapshot
Credit Suisse is one of the world leaders in global financial services, 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 highnet-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.
Company snapshot
A passion to perform. Its 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 everchanging global business landscape. As youll discover, our culture supports this. Diverse, international and shaped by a variety of different perspectives, were driven by a shared sense of purpose. At every level, agile thinking is nurtured.
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.

Approx. 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.

Approx. 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

Approx. 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
Approx. 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.
Approx. 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
Approx. 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
75
GETTING IN
INVESTMENT BANKING
FINANCIAL SERVICES
employers
EUROPEAN INVESTMENT BANK
ExANE
FIDELITy
Company snapshot
The 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 peoples 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.
Company snapshot
Established 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, Exanes 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.
Company snapshot
Fidelity is an investment management company. At Fidelity, its 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. Its an approach that has made us the worlds 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.

The EIB has put into place a Graduate Recruitment and Development programme aimed at recent graduates without any or with limited (up to two years) work experience, 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/a Apply via: www.eib.org/about/jobs

Approx. 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/a Apply via: www.exane.com/corporate/careers.do

Approx. 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
The EIB offers a limited number of internships for university graduates with less than one year of professional experience who wish to acquire an understanding of the Banks work. Most are based at the EIBs 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
Approx. 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
Approx. 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
GETTING IN
INVESTMENT BANKING
FINANCIAL SERVICES
employers
GOLDMAN SACHS INTERNATIONAL
HENDERSON GLOBAL INVESTORS
HSBC
Company snapshot
The 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.
Company snapshot
Henderson 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 Europes largest independent investment managers with 60.3bn (as at 31 March 2010) managed on behalf of clients who include individuals, private banks, thirdparty 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 AsiaPacific region, of whom 234 are investment professionals.
Company snapshot
The 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, HSBCs unique combination of local knowledge and international expertise reflects its position as the worlds 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 clients financial requirements.

Approx. 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

Approx. 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, twoyear 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

Approx. 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
Approx. 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
Approx. 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
Henderson 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.
77
GETTING IN
INVESTMENT BANKING
FINANCIAL SERVICES
employers
ICAP
J.P. MORGAN
KEMPEN & CO
Company snapshot
ICAP is the worlds 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. Were 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.
Company snapshot
From the start, J.P Morgans goal has been to . become the worlds most respected, successful and influential investment bank. Two hundred years on, this hasnt 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.
Company snapshot
Kempen & 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.

Approx. 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/a Apply via: www.kempen.nl

Approx. 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

Approx. 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
Approx. 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: Youll 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. Oneweek 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
Approx. 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
Approx. 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
GETTING IN
INVESTMENT BANKING
FINANCIAL SERVICES
employers
LAZARD
MAN GROUP PLC
MITSUBISHI UFJ SECURITIES
Company snapshot
Lazard, one of the worlds 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.
Company snapshot
Man 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.
Company snapshot
MUSI 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 wont get lost in a large trainee intake. Youll feel involved and be an integral part of our team from the start.

Approx. 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

Approx. 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 2010 Apply via: Apply online only at www.lazard. com/apply

Approx. 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
Approx. 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 2010 Apply via: Apply online only at www.lazard. com/apply
Approx. 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
Approx. 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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GETTING IN
INVESTMENT BANKING
FINANCIAL SERVICES
employers
MORGAN STANLEy
MUNICH RE
NOMURA
Company snapshot
A leading global financial services firm providing a range of investment banking, securities, investment management and wealth management services. Morgan Stanley has over 60,000 employees in more than 1,300 offices in 42 countries, serving clients including corporations, governments, institutions and individuals. Services include: investment banking advice on mergers and acquisitions, privatisations and financial restructuring; debt and equity underwriting; sales and trading in all the worlds major markets and market-leading research, with strengths in global asset and wealth management. Morgan Stanley manages more than US$500bn for institutional and highnet-worth investors across a broad range of asset classes, from traditional equity and fixed income to hedge funds, private equity, real estate and infrastructure.
Company snapshot
As one of the worlds leading reinsurers, we ask questions today that will concern all of society tomorrow. For example what will happen if sea levels rise by a metre? How will offshore wind farms affect shipping risks? What are the implications for life and health insurance if average life expectancy eventually reaches 90 years? In order to identify such trends and manage the risks they bring, we need people who have the ability to think beyond the here and now.
Company snapshot
Nomura is ambitious. We are aiming to become this centurys 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.

Approx. grad hires in 2010/11: n/a. Divisions offering vacancies: 2011 Full Time Graduate Opportunities: Investment Banking, Global Markets and Corporate Infrastructure (incl. Information Technology, Operations, Finance). Application criteria: In order to apply for an analyst position, you should have or expect a minimum 2.1 degree or equivalent. Fluency in a second language as well as English would be beneficial. Typical duration of grad programme: We tailor our graduate programmes to each division and region. Please see our website for further information. Application deadline: We review applications on a rolling basis and we therefore recommend that you apply as soon as possible. Apply via: www.nomura.com/careers

Approx. grad hires in 2010/11: 20 hires in our Graduate Trainee Programme. 20 hires as direct entries. Divisions offering vacancies: Underwriting, risk management, claims, actuarial affairs, accounting, controlling and others. Application criteria: University degree, international background, excellent command of English, internship experience, analytical skills. Other languages are a plus. Typical duration of grad programme: 18 months. Application deadline: We accept applications throughout the year. Apply via: www.munichre.com/career

Approx. grad hires in 2010/11: c.250. Divisions offering vacancies: Investment Banking, Global Capital Markets, Sales & Trading, Equity Research, Real Estate Investing, Credit Risk Management, Private Wealth Management, Technology, Finance & Operations. Application criteria: We accept applications from all degree disciplines. You must look to graduate in 2011 with a 2.1 or equivalent. Typical duration of grad programme: Variable. Please check our website for details. Application deadline: Variable. Please check our website for more details. Apply via: www.morganstanley.com/careers
Approx. intern hires in 2010/11: 140. Divisions offering vacancies: Underwriting, risk management, claims, actuarial affairs, accounting, controlling, marketing, geo research. Application criteria: Second year of studies, basic command of German, language skills, relevant computer skills. Typical duration of internship programme: 8-26 weeks. Application deadline: We accept applications throughout the year. Please apply for specific internship vacancies on our job market. Apply via: www.munichre.com/career
Approx. intern hires in 2010/11: n/a. Divisions offering vacancies: We are currently recruiting for 2011 internship programmes in Investment Banking, Global Markets and Corporate Infrastructure (including Information Technology, Operations, Finance). Application criteria: In order to apply for an internship position, you should expect to achieve a minimum 2.1 degree or equivalent. Fluency in a second language as well as English would also be beneficial. You should also have a strong interest in banking and finance. Typical duration of internship programme: We offer a wide range of graduate and internship opportunities including 12-week winter, spring and 10-week summer programmes. Application deadline: We review applications on a rolling basis and we therefore recommend that you apply as soon as possible. Apply via: www.nomura.com/careers
Approx. intern hires 2010/11: c.300. Divisions offering vacancies: Investment Banking, Global Capital Markets, Sales & Trading, Equity Research, Real Estate Investing, Private Wealth Management, Technology, Finance & Operations. Application criteria: We welcome applications from all degree disciplines. Please check our website for more details. Typical duration of internship programme: 10 weeks up to 12 months. Application deadline: Variable. Please check our website for more details. Apply via: www.morganstanley.com/careers
GETTING IN
INVESTMENT BANKING
FINANCIAL SERVICES
employers
THE ROyAL BANK OF SCOTLAND GROUP
ROTHSCHILD
RWE
Company snapshot
This is an exciting time to join RBS. Graduates and interns who do will find themselves at the centre of our regeneration, redefining RBS and delivering solutions that will shape not only our business, but the future of banking. With a commitment to giving career-building responsibility from day one, youll influence the strategic decisions we make going forward to achieve the extraordinary, and to seize the opportunities at the heart of an organisation that is poised for transformation. The place is here. The time is now. For more information on our graduate and intern programmes and to apply online please visit www.makeitrbs.com
Company snapshot
Rothschild is a top tier international investment bank with offices in cities globally. It has approximately 3,000 employees worldwide and more advisory bankers than any of its competitors. Rothschilds principal activities are divided into Global Financial Advisory (corporate finance advice covering M&A, debt advisory, restructuring and equity advisory), Private Banking, Merchant Banking and Corporate Banking. In all these areas Rothschild is the trusted advisor to its clients.
Company snapshot
RWE Supply & Trading is one of the leading companies in European energy trading, taking the responsibility of a gas procurement volume of nearly 50 billion cubic metres per year. The company is responsible for all of RWEs 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.

Approx. grad hires in 2010/11: c.90 globally. Divisions offering vacancies: Global Financial Advisory. Application criteria: Please fill in the online application form at www.rothschild.com/careers Typical duration of grad programme: Global graduates undergo a comprehensive six-week training programme, based in London. Application deadline: The deadline for the London Graduate Programme is midday on 4 November 2010. For all other countries please see our website. Apply via: www.rothschild.com/careers

Approx. grad hires in 2010/11: Vacancies for over 600 graduates in 2011. Divisions offering vacancies: Global Banking & Markets, Operations, Technology, Corporate Banking, Retail Banking, Finance, Risk, Marketing. Application criteria: 2.1 or 2.2, depending on programme. Typical duration of grad programme: Varies by programme please check the website. Application deadline: Varies by programme please check the website. Apply via: www.makeitrbs.com

Approx. grad hires in 2010/11: Assessments are typically held in January/February and June/ July. Approx. 6-8 new graduates are hired each year. Divisions offering vacancies: Rotational programme of 18 months, with three rotations in different business areas and locations. Application criteria: Quantitative degree (e.g. maths, economics, finance, physics, business administration, etc) and proficient IT skills. Experience in the trading business would be beneficial. Typical duration of grad programme: 18 months. Application deadline: Assessment January/ February: November/December. Assessment June/July: April/May. Start is spring or autumn, no matter which assessment date. Apply via: www.rwe.com/rwest-careers Job ad is only online during times we accept applications, but programme info is always available.
Approx. intern hires in 2010/11: c.90 globally. Divisions offering vacancies: Global Financial Advisory. Application criteria: Please fill in the online application form at www.rothschild.com/careers Typical duration of internship programme: The Summer Internship Programme is a 10week internship programme. The Long-Term Internship Programme is typically 3-6 months in duration. Application deadline: The deadline for the London Summer Internship Programme is midday on 2 January 2010. Applications for the Long-Term Internship Programme are received on a rolling basis. Apply via: www.rothschild.com/careers
Approx. intern hires in 2010/11: Vacancies for over 600 interns in 2011. Divisions offering vacancies: Global Banking & Markets, Operations, Technology, Corporate Banking, Finance, Risk, GRG, GTS. Application criteria: Varies by programme please check the website. Typical duration of internship programme: 10 weeks summer, one week Easter Insight, 6 months off-cycle in Continental Europe. Application deadline: Varies by programme please check the website. Apply via: www.makeitrbs.com
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GETTING IN
INVESTMENT BANKING
FINANCIAL SERVICES
employers
SOCIT GNRALE
STANDARD BANK
UBS
Company snapshot
An international group, Socit Gnrale is a leading financial services provider in the eurozone. We are organised around three dynamic core businesses French Networks, International Retail Banking and Corporate & Investment Banking. These are supported by two complementary businesses Specialised Financing & Insurance and Private Banking, and Global Investment Management & Services which enable us to provide a comprehensive range of services to our clients. Professionalism, team spirit and innovation are our corporate values, reflected in all of our actions and in the diversity of our 157,000 employees.
Company snapshot
As a successful global investment bank, we have a presence in 33 countries. Our focus on emerging markets in Africa, South-East Asia, Eastern Europe and Latin America means were involved in transactions that many other banks often dont consider. Its 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, youll gain wide exposure to different parts of our business, working in cross-border teams to deliver innovative client solutions. In short, youll enjoy the kind of experiences and challenges you simply wont find anywhere else.
Company snapshot
UBS draws on its 150-year heritage to serve private, institutional and corporate clients worldwide, as well as retail clients in Switzerland. We combine our wealth management, investment banking and asset management businesses with our Swiss operations to deliver superior financial solutions and manage CHF 2.2 trillion in invested assets. UBS is present in all major financial centres worldwide. It has offices in over 50 countries and employs about 64,000 people around the world. Its shares are listed on the SIX Swiss Exchange and the New York Stock Exchange (NYSE).

Approx. grad hires in 2010/11: 1,000+ across all our divisions worldwide. Divisions offering vacancies: We recruit across all business areas. Application criteria: Criteria vary by business area and opportunity. We are eager to recruit graduates who wish to both contribute in a concrete way to the transformation of the banking industry and have access to a rewarding and challenging career path. Typical duration of grad programme: Durations vary by business area and opportunity. However, graduates are quickly integrated into the relevant teams and rapidly assume responsibilities. Application deadline: Deadlines vary by location and business area. Please consult our website for further details. Apply via: careers.societegenerale.com

Approx. grad hires in 2010/11: About 300. Divisions offering vacancies: IBD, Equities, FICC, Operations, Finance, Technology, Risk, COO, HR, Compliance, Global Wealth Management. Application criteria: Applications from all degree disciplines are considered. Additionally, we are always looking for students with strong technical skills and language skills. Typical duration of grad programme: Training lasts 18 to 24 months. Application deadline: 7 November 2010. Apply via: www.ubs.com/graduates

Approx. grad hires in 2010/11: 25. Divisions offering vacancies: IT, Risk, Operations, Global Markets, Investment Banking and Private Banking. Application criteria: Details on website. Typical duration of grad programme: 12-24 months. Application deadline: 7 November 2010. Apply via: http://graduate.standardbank.com/ efinancial
Approx. intern hires in 2010/11: About 300. Divisions offering vacancies: IBD, Equities, FICC, Operations, Finance, Technology, Risk, COO, HR. Application criteria: Applications from all degree disciplines are considered. Additionally, we are always looking for students with strong technical skills and language skills. Typical duration of internship programme: 10 weeks. Application deadline: 29 December 2010. Apply via: www.ubs.com/graduates
Approx. intern hires in 2010/11: 5,000 across all our divisions worldwide. Divisions offering vacancies: We offer internships across all business areas. Application criteria: Criteria varies by business area and opportunity. Typical duration of internship programme: We offer both summer and long-term internships, suitable for students and graduates at different points in their academic career. Application deadline: Deadlines vary by location and business area. Please consult our website for further details. Apply via: careers.societegenerale.com
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