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Careers
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i
Careers in Financial
Markets 2014
Careers in Financial Markets
2014 is published by
eFinancialCareers Ltd
www.efinancialcareers.com
Publishing &
Project Manager
Janice Chalmers
Editor
Paul Clarke
BergHind Joseph
Artwork
Jake Johnstone
Contributors
Nicol Degli Innocenti
Ryan Harrison
Frances Perraudin
Sub-editor
Getting In
Welcome to the 2014 edition of Careers in
Financial Markets from eFinancialCareers.
If you’re looking for a job in the financial sector,
this guide is designed to give you an overview
of the options available and an edge over your
peers in this fiercely competitive industry.
Design
Annabella Gabb
If you believed the headlines, you’d think that the investment banking
industry was struggling to attract good students, but the reality is
that it’s tougher than ever to get in. Goldman Sachs says it receives
17,000 applications for the 300 places on its summer internship
programme, while the Association of Graduate Recruiters reckons
there are 135 students fighting for every place available in the investment
banking sector.
© eFinancialCareers Ltd
No part of this publication
may be reproduced without
permission.
In the first part of this book, we guide you through the application process
– everything from sprucing up your resume to making it through the
dreaded assessment centres. Banks’ recruitment teams, careers coaches
and those who have made it through the process themselves all offer
tips on how to excel. We then take a sector focus: first we examine the
career options in investment banking, and then we give an insight into
careers elsewhere in the financial sector, including private equity, fund
management and accounting.
Investment banking
We can give you a helping hand. Careers in Financial Markets brings you the
inside track from those working in all the different sectors across the
industry on what it takes to get in – and then succeed in your career.
All our articles feature insights from senior financial services
professionals, as well as information on pay and bonuses from junior
levels through to the senior ranks. We use the US dollar as the default
currency for pay and revenue figures.
Paul Clarke
Editor
18
38
56
Getting In
Investment Banking
Financial Services
Employers
2 A Truly Global Industry
4 Show Me the Money
6 What It Really Takes to
Get In
8 Positioning Yourself on
Paper
10 Graduate Recruiter Q&A
12 The Final Hurdle
14 The Rise and Rise of
Internships
18
22
26
28
30
32
38
42
43
44
46
48
50
56 Company Profiles
Mergers & Acquisitions
Equity Capital Markets
Debt Capital Markets
Sales & Trading
Research
Compliance & Risk
Management
34 Operations
36 Information Technology
Fund Management
Alternative Investments
Global Custody
Interdealer Broking
Wealth Management
Corporate Banking
Data Providers & Rating
Agencies
51 Insurance
54 Accounting
Employers
2
Financial services
Finally, don’t use this guide in isolation – visit the Students tab on
www.efinancialcareers.com to receive regularly updated news and advice
on the graduate recruitment market to stay ahead of the competition.
2
A Truly Global Industry
A snapshot of the key strengths of the world’s
financial centres
The financial services sector offers a
wealth of opportunities across the globe,
and each financial centre has its strengths
and specialisms.
Europe, Middle East & Africa
London may have been rocked by a
combination of job cuts and scandals
hitting the banking sector, but it remains
the world’s top financial centre.
It has the largest slice of some of the
biggest markets in the world – 37% of
the $4 trillion traded daily on the foreign
exchange markets go through London,
while 46% of turnover in the $1.2 trillion
OTC derivatives market is traded in the
City. Investment banks have suffered
in their bread-and-butter M&A market
though – deal volumes are less than half
of pre-crisis levels, at $145.7bn in 2012.
On the Continent, France is the largest
fund management centre, with $3.7
trillion in assets under management
(AUM) and 83,000 people employed by
the sector. Germany rules the roost in
debt capital markets (DCM), with $461.5bn
worth of deals completed in 2012.
$4
trillion
London’s hold on the top spot for
financial services has much to do
with its 37% share of the
$4 trillion traded every day on the
foreign exchange markets.
It also has a sizeable fund management
industry, with $2.6 trillion in AUM,
and employs over 300,000 people
in insurance.
Switzerland remains a magnet for wealth
management, with over $5.4 trillion in
AUM, 51% from foreign investors. The
country is also number one in Europe for
trading various physical commodities,
and is a centre for fund management
and reinsurance. Both Ireland and
Luxembourg are renowned for global
custody, administering assets of $2.9
trillion and $3.3 trillion respectively.
The Middle East is home to huge
sovereign wealth funds, which together
have over $1.9 trillion in investable assets
and are large employers of international
financial services talent. They have
helped attract international financial
services firms to the region, but the
$4.8 trillion in investable personal
wealth has also meant international
private banks are vying for business
in the Middle East.
United States & Canada
With several economies in disrepair in
Europe and Asia, North America may be
your best bet when it comes to finding
work in financial services, particularly
for higher paying roles. US investment
banking revenues are expected to rise by
as much as 15% year-over-year in 2013,
while European and Asian banks are
getting cut at the knees. It’s the same
story in private equity. Twice as much
money was spent on buyouts in the US
in the first half of 2013 compared with a
year ago.
While New York City remains the capital
of the financial services world in North
America, the shrinking of Wall Street has
changed the hiring landscape in the Big
Apple to some degree. New York hosts
the greatest number of financial services
jobs, but employment in the sector has
fallen by 7.4% since 2007. Still, if you
want to work for one of the big boys,
New York City is where you should
be looking.
When it comes to trading, particularly
in the derivatives and futures markets,
Chicago calls itself king. The Chicago
Mercantile Exchange (CME) and the
Chicago Board of Trade are two of the
biggest alternative trading floors in
the world.
Boston, meanwhile, is best known for its
fund management business, with several
firms controlling much of the wealth in
the Massachusetts area. Then there’s San
Francisco. Known for its unparallelled
venture capital industry, the City by the
Bay is the most viable financial capital
west of the Mississippi. Successful
brokerage firms are also scattered
across San Fran.
The majority of financial services jobs in
Canada are in Toronto, but you can find
work throughout the country’s biggest
cities. Business units like risk, lending
and various back-office positions are
particularly healthy up north.
Asia-Pacific
Asia has been synonymous with growth
in recent years, but it has some longestablished financial hubs in the top ten –
Singapore, Hong Kong, Tokyo and Seoul.
While expansion may have stalled in the
past two years, one thing remains on an
upward trajectory – wealth. There are
now 3.37 million people with over $1m to
invest in the region, and $10 trillion in
assets. Not surprisingly, both Singapore
and Hong Kong are magnets for private
banks, and talent remains at a premium.
Singapore has also traditionally been
a low-cost destination for banks’
operations and IT functions but more
recently cheaper options in mainland
China, the Philippines, India and Eastern
Europe have been explored.
Hong Kong has high equity capital markets
deal volumes, with over $24.5bn completed
last year, and it’s also close to mainland
China’s larger equity markets, which
completed nearly $80bn in deals last year.
Nonetheless, while investment banking
job cuts have historically been light
in Asia, headcount reductions among
revenue generators reached 18% of the
global total last year – a significant rise.
Tokyo is the region’s largest FX market, with
a daily turnover of $2.8 trillion in 2012. It
also houses Asia’s largest fund management
industry, with $3.4 trillion in AUM.
Australia remains domestically focused,
with the Big Four banks – National
Australia Bank, Commonwealth Bank,
Westpac and ANZ – still dominating
the market. Its compulsory employment
superannuation (retirement)
programme has ensured a formidable
asset management industry, with $1.5
trillion in AUM.
top ten financial centres
1. London
6. Tokyo
2. New York
7. Geneva
3. Hong Kong
8. Boston
4. Singapore
9. Seoul
5. Zurich
10. Frankfurt
Source: Z/Yen Global Financial Centres Index 13
(March 2013)
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www.efinancialcareers.com/students | Careers in Financial Markets 2014
the world’s financial hubs at a glance
Toronto
Chicago
Boston
New York
San Francisco
Edinburgh
US & Canada
Moscow
Frankfurt
Zurich/Geneva
Getting In
London
Paris
Dubai
Europe, Middle East
& Africa (EMEA)
Seoul
Shanghai
Tokyo
Hong Kong
Asia-Pacific
Singapore
5
5
Chicago
5
4
3
Boston
4
San Francisco
4
Toronto
3
3
London
5
4
Edinburgh
3
3
Paris
4
4
Frankfurt
4
4
Zurich/Geneva
5
4
Moscow
3
Dubai
3
3
Singapore
4
3
4
Tokyo
4
4
4
Seoul
2
3
EMEA
4
Asia-Pacific
Key to symbols
Capital Markets
Hedge Funds
Commodities
Financial Markets
Derivatives
M&A
Fund Management
Operations
Shanghai
3
3
FX
Private Banking
Hong Kong
4
3
4
Employers
5
Financial services
New York
Investment banking
US & Canada
4
Show Me the Money
Bonuses, Bollinger and the
baying public – the truth about
investment banking pay
Put aside images of investment bankers quaffing Bollinger
and high-fiving each other after another bumper bonus
round. Hubris around banking pay is no longer the order of
the day. With regulators cracking down and public anger
over bonuses, banks have instead been keen to point to
how responsible they’re being about remuneration.
However, at graduate level,
the fact remains that you
will earn more in your
first three years working
in a front-office role than
in any other industry.
Median starting salaries
in investment banking
come in at £38.2k ($57.7k),
according to figures
from the Association of
Graduate Recruiters in the
UK. However, this figure
includes support functions.
Those in the sales & trading
and investment banking
divisions receive a base
salary of approximately
£45k ($68k), according
to recruiters Dartmouth
Partners. Add in bonuses
and you earn £65k ($98k)
in your first year. In the
US, first-year analysts
earned an average of $110k,
according to research from
headhunters Glocap, which
breaks down as $70k in base
salary and a $40k bonus.
“Investment banks still
want to attract the very
best graduates, and part
of this is being able to
Jon Terry
Partner,
Reward practice,
PwC
pay accordingly,” says Jon
Terry, partner in the reward
practice at PwC. “There’s a
perception that investment
banking is the place to earn
more money, more quickly
than in any other industry.
Banks are trying to change
that image – but not at
graduate level.”
Among the largest
investment banks, the
biggest payer for analysts in
their first year in 2012 was
Credit Suisse, which offered
average remuneration of
£74k ($111k), according
to Dartmouth, closely
followed by Barclays at
£73k ($110k).
Pay rises are fairly
regimented in the following
three years as you move up
from analyst one to analyst
two and three positions.
Base salaries increase
moderately to £50k ($75k)
in year two, suggest
Dartmouth’s figures, but
bonuses range from £3040k ($45-60k) and, by year
three, total compensation
rises above £100k ($150k)
There’s a perception that
investment banking is
the place to earn more
money, more quickly than
in any other industry.
Banks are trying to
change that image –
but not at graduate level.
– largely driven by bigger
bonuses that are around
90% of salary.
“Any 21-year-old will have
their head turned by the
potential to earn £65k in
their first year,” says Logan
Naidu, chief executive
of Dartmouth Partners.
“What’s changed is that
as job opportunities for
graduates have shrunk in
investment banking, firms
want to see students who
genuinely love the work
and have demonstrated this
throughout university.”
Investment banks also
have to ensure that they
remain competitive with
other areas of the financial
sector. It’s common –
particularly in the last 12
months – for analysts in
mergers & acquisitions,
leveraged finance and
financial sponsors divisions
to move into private equity
positions after only a year
or two working for an
investment bank. Analysts
in private equity earn $117k,
according to Glocap figures.
If you want to earn the sort
of money where you can
retire on a yacht by the
time you hit 30, though,
investment banking
isn’t the right industry.
There’s pressure from
financial regulators across
the world to ensure that
remuneration is more
closely tied to risk – this
means smaller bonuses, an
increasing proportion of
which needs to be deferred
over a number of years and
tied up in the bank’s stock.
Still, managing directors
in M&A can expect to bring
in up to $1.7m, according to
figures from headhunters
Options Group.
In Europe, regulators are
pushing through proposals
that would limit bonus
payments to 100% of salary,
or 200% if shareholders agree.
$98k
The average total remuneration
offered to first-year analysts in
investment banking. Pay experts
expect total compensation to fall
by 30% over the next five years,
but not in the junior ranks.
“If your base salary is close
to a million dollars, and you
have a bonus to match –
which can happen at senior
levels – then relative to the
vast majority of equivalent
job roles in other industries,
people are still very well
paid,” says PwC’s Terry.
Most banks raised base
salaries three years ago
in response to increasing
pressure on bonuses, and
are doing so again.
Generally, though, most
experts agree that pay in
the investment banking
sector is on a downward
keel, albeit from a very
high starting point.
Working to improve the future.
Join the EIB
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future of people’s lives in Europe and around the world. It achieves its goals
thanks to a diverse and highly qualified workforce, motivated to support
the financing of sound investment projects that deliver tangible results.
Join the European Investment Bank
www.eib.org/jobs
6
What It Really Takes to Get In
Real-world tips for getting a
foothold in investment banking
Honest advice about going into investment banking after
university is hard to find. Graduate recruiters want to encourage
as many applications as possible, so qualities like ‘passion’,
‘hunger’ and ‘dedication’ are all cited as what they want to see in
new hires, rather than anything more quantitative. The reality of
getting into the super-competitive world of investment banking
is rather different, however.
First things first: do the right degree
The best place to start is, of course, with a
finance or economics degree. “Economics isn’t
actually a degree that helps once you get into
the job,” admits one young investment banker,
“but people associate it with the profession, so
it was very useful having it.” But what if it’s too
late and you’re already deep into a bankinginappropriate undergraduate degree? HR teams
will tell you it doesn’t necessarily matter.
“Your degree subject will always matter from
a knowledge and learning perspective, but we
provide really robust training programmes for
our interns and graduates that enables those
who don’t have finance or economics degrees
to contribute in a similar way to those who
do,” says Faye Woodhead, graduate resourcing
manager at Deutsche Bank.
Although investment bankers come from a
relatively diverse range of academic disciplines,
you’ll have to work twice as hard to get in if
your degree subject deviates from the banking
norm. “My English degree still raises eyebrows,”
says one banker, who got a job at a mid-cap
investment bank through a graduate trainee
scheme two years ago. “There are certain places
that I just wouldn’t have got a job,” he says,
referring to bigger investment banks. If you’re
doing a classics or history degree, you’d better
start interning, joining societies and striving for
the very best marks. In the case of our banker
with an English degree, he did most of the above,
but still says he wouldn’t have got his job if he
hadn’t had good maths grades at school.
Start early
Ideally, you should start building up your CV
from the minute you get to university, if not
before. “The later you leave it, the harder it is
to get a foot in the door,” says one 24-yearold, working at a global investment bank. He
advises those who haven’t left it too late to look
into doing work experience programmes, with a
view to being taken onto a summer internship.
Spring weeks, as they’re called, provide you
with an introduction to the workings of the
bank, its various divisions and functions.
People who have done such programmes
are much more likely to be shortlisted
for interview, he says. “The schemes are
competitive to get on to, but not as competitive
as the summer internships.” Different banks
also run these in different weeks, so really
switched-on students could do numerous
insight weeks consecutively.
Show an interest in the markets
Whether you are at a top university doing a
finance degree or not, you won’t stand much of a
chance with the more prestigious banks if your
CV doesn’t scream ‘I love markets!’ Another
investment banker we spoke to, who is charged
with assessing work experience in CVs, says that
fakers will be spotted. “It can’t just be something
you’ve put on your CV at the last minute, you need
to show a track record of being interested.”
FAYE WOODHEAD
Graduate
resourcing
manager,
Deutsche Bank
Your degree
subject will always
matter from a
knowledge and
learning perspective.
Investment banks love to see extra-curricular
activity, but it doesn’t all have to be banking and
finance-related, says another investment banker:
“If there’s nothing at all on there, it does make
you look very narrow,” he adds. He was a member
of his university’s finance society, but the thing
that he says was commented on most frequently
at interview was his involvement in the armed
forces as an officer cadet.
Embrace nepotism
But, unsurprisingly, all the extra-curricular
activity in the world may not prove as useful as
7
www.efinancialcareers.com/students | Careers in Financial Markets 2014
Stick to these rules
to succeed
1. Make sure you’re
well-rounded
2. Keep the degree
finance-related
Banks will teach
you what you need
to know about
the industry, but
economics or
finance degrees tend
to be the most likely
to get you through
the door.
3. Get an internship
4. Make friends and
influence people
Network like crazy,
get to know who’s
who and leverage
any contacts you
have - nepotism is
still alive and well.
Boost your chances with internships
And if networking can get you a summer
internship, but not a job, that’s not something
to be sniffed at. “The vast majority of my year
group did an internship before getting their grad
job,” says another banker, who himself did an
internship at the bank where he now works. “I’d
say 80% had done an internship at some point.”
(For more information on internships, see The
Rise and Rise of Internships on p14).
75%
The typical conversion rate for
summer interns in investment
banking. It remains the number
one route to a full-time position
Learning to sell yourself will continue to benefit
you throughout your career. “I work with
somebody who was a trader at three different
banks,” says one investment banker. “He lost
money at each one, but he still kept on getting
rehired because he’s such a smooth talker.”
Apparently, it is possible to fake being the right
person for the bank you’re applying for: “There’s
a lot of duplicity in the application process –
people get jobs at top investment banks knowing
that they want to leave after five years.” But, he
says, 95% of people who get jobs are genuine. In
the end, it’s always easier to get into investment
banking if you actually do have ‘passion’,
‘hunger’ and ‘dedication’.
Financial services
Internship
conversions vary
from 65-75%,
depending on the
bank. It’s the easiest
route in, which
is why places are
fiercely fought for.
Although your contacts can make that crucial
difference, gone are the days when they could
get you straight into a job. “On the whole,
your connections can help get your application
noticed and maybe get you to the interview
stage, but after that it’s up to you,” says the
investment banker. And with well-funded
graduate recruiters at investment banks
scouting universities for the top talent, getting
connections is no longer something that only
the super-privileged can do. “Go to every single
banking presentation there is and introduce
yourself to people. Join societies like the finance
society or entrepreneurial society as they’re also
good for connections.” Just because you don’t
have friends in high places now, doesn’t mean
you can’t make some.
smooth talk his interviewers: “I said that I might
not know everything about financial instruments
now, but I’d certainly work as hard as I could to
find out, if I got the opportunity – which wasn’t
true at all.”
Investment banking
Banks don’t want
autobots. You need
to show commitment
to finance, but have
other interests to
show your softer
qualities.
a sly phone call to an investment banker friend
or family member. “The more competitive
the industry, the more important it is to call
on every contact you have,” says one 25-yearold banker. “If you’re up against thousands of
applicants, you’d be stupid not to leverage every
connection.” Young investment bankers we
spoke to were full of nepotism horror stories.
“Of all the people I know from university who
went into banking, a considerable percentage
were helped along the way by somebody they
knew,” says one. “I know somebody who didn’t
get a place on a summer internship programme
at a big investment bank, but a phone call was
made by Daddy and he was given a place.”
Getting In
the checklist
Work out what your bank wants
Learn to sell yourself
And once you’ve worked out what they want,
you need to persuade them that you’ve got it.
The importance of talking the talk is not to be
underestimated. One banker says he was able to
Employers
According to the young investment bankers we
spoke to, the HR line about looking for people
who fit with their company’s culture isn’t total
rubbish. “It really is true that you might not
be the right match for a bank – you might be
perfect for Lloyds, but not for HSBC. They want
to find the right fit,” says one. “Having an
entrepreneurial spirit endeared me to the bank
I work for, but I don’t think it would have meant
a lot to other banks.” You can work out what a
bank is looking for by dissecting the company’s
website and analysing what the media says about
them. Most companies will be reasonably open
about what they value – whether it’s sporting
excellence, charity work or top grades.
8
i
Positioning Yourself on Paper
Your first impression is that all-important
CV / resume…
* The names and
locations etc. have
been changed to
protect the identity
of the real student
behind the CV.
Our thanks to:
Carolyn Mcoscar,
Graduate Recruiter,
Royal Bank of
Scotland
Victoria McLean,
MD, City CV, career
and executive coaching
Tim Webster, Principal,
Dartmouth Partners
graduate recruitment
consultancy
Three banking insiders – a banking
graduate recruiter, a graduate recruitment
consultant, and a CV coach – review a
real* CV selected from those submitted
by students to eFinancialCareers.
Tim Webster
Principal,
Dartmouth
Partners graduate
recruitment
consultancy
What recruiters look for
1
Your academics – degree and even
A-levels/Highers at the right
grades to convey a track record
of achievement.
2
Your achievements – “I go straight
for relevant work experience, then
immediately to education. And
across the board we're looking
for ‘outputs’,” says Tim Webster,
principal, Dartmouth Partners
graduate recruitment consultancy.
3
Your attention to detail – check out
the different dash lengths in the
dates and the inconsistent use of
full stops. Why does this matter? As
an entry-level analyst, colleagues
and clients might think if your
presentation is sloppy, could your
thinking be sloppy too?
8
9
10
11
Format & language
4
5
6
7
Layout – easy to scan; bulletpoints
help to keep focus, but the stray,
second-level bulletpoint under
Fidelity is overdoing it.
Length – a one-pager is generally
fine for graduate jobs; but the info in
places is vague, so Tom could have gone
to two pages to convey more detail.
No personal statement – the
reviewers were split, but all agreed
it’s not needed if it’s clear what type
of role you’re going for and why.
Fonts – some inconsistent fonts and
spacing throughout, with the bottom
section just squeezed onto the page,
giving an impression of lack of care.
13
14
Leadership
Language – Tom trips up at the end
with the overly casual ‘undergrad’
studies rather than ‘undergraduate’
studies – yes, Tom, one of the
reviewers actually pointed that out
- that’s how much detail matters!
15
Is it really necessary? Depends on
which role Tom is going for, but
not all graduate roles in banking
specifically target leadership skills.
Work experience
16
Is it really leadership? Not really. It’s
administration. And the one piece of
real leadership Tom has – as captain
of a football team – has been left out
of this section altogether.
Off-cycle internship – possibly
dangerous to include something you
haven’t yet started, as you never
know what might happen between
now and then.
Alliance Trust – too vague, which
undermines Tom’s credibility.
One reviewer thought it was pure
work shadowing, in which case
he should say so, as being unclear
raises doubt.
Fidelity – much more specific about
what he did; he clearly had ‘outputs’
although even here it would be good
to see more specifics e.g. about which
particular phamaceutical companies.
Education
12
I go straight for
relevant work
experience, then
immediately to
education. And across
the board we're looking
for ‘outputs’.
Balance? Tom gives Education more
space than Work Experience, and
too much weight to the Columbia
course, which was a short course
compared with his degree or MSc.
Focus? Tom’s football achievements
should be under ‘additional
information’ or ‘interests’ sections.
Level? St Andrews, for one reviewer,
is not the best place to do financial
economics, but as a university it
is strongly placed in the rankings.
Also, did he do Highers or A-levels?
Skills & interests
17
General – it’s important that there
is an Interests section, as it conveys
a broader view of who you are.
18
Technical – shouldn’t start with
these, and should try to specify
level of proficiency.
19
Entrepreneurial – better to use
space to show achievements recruiters know how to spot the
skills your achievements convey.
20
Financial – recruiters do like some
signs of genuine interest in the field
for which you’re applying.
Overall
Main strength? The layout.
Main negative? The vagueness.
In or out? Despite the lack of
detail, all three reviewers would
have filtered Tom’s CV to the next
recruitment stage.
Overall assessment – solid but
not outstanding.
9
www.efinancialcareers.com/students | Careers in Financial Markets 2014
Tom Bryant
7 Glenabbey Gardens, Warwickshire WS4
EDUCATION 12
3
1
14
Getting In
Coventry, England
Fife, Scotland
September 2008 - June 2012
Awarded First Class Honours degree: Rank
ed #2 in year.
Relevant Courses: Financial Economic Analy
3
sis, Macroeconomics Analysis and Econ
ometrics.
Investment Banking Institute &Columb
ia Business School
Intensive 4-week financial modeling and
valuation training program
• Developed
•
6
September 2012 - June 2013
Relevant Courses: Advanced Corporate
Finance: M&A Focus, Asset Pricing, Finan
cial Reporting & Statement Analysis
Awarded Deans Scholarship to the value
of £10,000: awarded to exceptional candi
dates during application process
University of St Andrews
BA in Financial Economics
•
•
5
7DU [m] 07897654321 [e]tombry2013@h
otmail.co.uk
Warwick Business School 1
MSc in Finance, Ranked #1 in the UK.
•
•
4
7
New York, USA
July 2011 - August 2011
fully integrated financial model, LBO mode
l, accretion/dilution merger model.
Performed company valuations utilizing
(i) comparable public company analysis,
(ii) precedent transactions analysis and
(iii) discounted cash flow (DCF) analysis
3
•
•
Ayr, Scotland
Investment banking
Burns Royal Academy
Pre-University Education
August 2002 - June 2008
Grades achieved: Mathematics- A, Engli
sh-A, Business- B, Geography- B and Physi
cal Education- B
Captained the school football team to the
1 14
quarter final of the Schools Scottish cup.
2 13
WORK EXPERIENCE
Barclays 9
Investment Banking Analyst, M&A
•
3 month off-cycle Internship
Fidelity 11
Analyst, Pan-European Equities
•
•
4
•
Dundee, Scotland
February 2010 – March 2010
Worked closely with senior management
across a wide variety of departments, while
still at university to ensure I gained
relevant experience towards career ambit
ions
Shadowed Team Manager and gained inval
uable insight into the world of finance and
highlights my willingness to learn
LEADERSHIP EXPERIENCE 15
Residential Property Landlord
Currently Manage Two Properties 16
•
•
September 2009 – Present
Founded Property Rental Business: Mana
ge accounts and tenants as well as prope
rty maintenance
Highlights my entrepreneurial nature and
my ability to manage my time effectively
: 19
St Andrews University Football Team
Club Secretary
•
•
Ayr, Scotland
3
Financial services
•
London, UK
May 2011– July 2011
Performed equity analysis on Blue Chip
European companies
Developed and presented investment opini
2
ons at weekly team meetings. For Exam
ple:
o Analyzed the Pharmaceutical comp
anies in their portfolio and presented to
the rest of the team
Interviewed company officers and indus
try professionals
Alliance Trust 10
Analyst, Operations
•
London, England
September 2013 - December 2013
Fife, Scotland
18 SKILLS, ACTIVITIES
& INTERESTS 17
Technical Skills:Prof
20 Activities:WBS Finanicient in Excel, Word, PowerPoint as well asBloomberg, Datastream and Matlab.
ce Society, WBS Economics Summitand
St Andrews University Football: Men’s
Interests:Sports: Football, Golf.Volunteer
First XI.
7 Languages:Currently learning: Arabic ing: Raised £3000 for UNICEF Haiti appeal during undergrad studies. 8
Employers
September 2010 – May 2011
Organized logistics meetings, scheduled
University and Local league matches and
compiled match reports.
Delegated to individual team captains and
treasurer their specific responsibilities
10
Toronto
Chicago
San Francisco
Boston
New York
Edinburgh
Graduate Recruiter Q&A
London
Paris
How to impress
graduate recruiters
in EMEA, the US
and Asia-Pacific
Dubai
Seoul
Shanghai
Tokyo
Hong Kong
Singapore
Three investment banking graduate recruiters
answer students’ questions on what they look for,
and what (not) to do to land a job with them...
We hire from all academic backgrounds
and place a high value on the diversity
of thought. We want to see candidates
who are well-rounded but focused.For
example, holding a meaningful role in
one or two organisations is preferable to
doing a little bit of everything. An ability
to maintain high academic standards
while showing impactful involvement in
extra-curricular activities will make a
candidate stand out.
Q: What non-work-related activities
do you look on favourably? Athletics, volunteering, student
government or other extra-curricular
activities that demonstrate an ability
to work in teams or lead, or show a real
dedication to a philanthropic interest.
Q: What would make you pick one
graduate CV over thousands of others?
Strong academic achievements, relevant
work experience and meaningful extracurricular involvement. In addition, if
candidates have leveraged their network
and engaged with professionals at the
firm, this should also be highlighted in
the cover letter to help them stand out.
Q: How can candidates succeed at
interviews?
Know your resume and be able to
articulate clearly what you are looking
for and why you are interviewing for this
particular role. It’s important to show
not only that you can do the job, but that
you want to do the job. Stay up to date on
markets and current events. Have a few
key examples ready in advance of the
interview that highlight your strengths as
well as any challenges.
The US
Q: Do you look for any particular
academic qualifications, and how can a
candidate make their CV stand out? Coming across as confident is imperative,
so practise, practise, practise! The more
times you ‘tell your story’ the easier
it becomes. And most importantly, be
yourself. Never forget to ask questions at
the end of the interview. We often hear
‘describe the culture’ or ‘when will I hear
back?’, but smart candidates will ask
relevant industry-related questions.
Q: Where do people slip up?
Candidates who come across as arrogant
or insincere will not succeed. A relevant
background is important. Candidates
need to convey a demonstrated interest
in the industry. Finally, being able to
articulate why they want to work at
Macquarie versus another firm is key.
Valerie Fred
Regional
recruitment lead,
Americas,
Macquarie
Moscow
Frankfurt
Zurich/Geneva
It’s important to show not only that
you can do the job, but that you want
to do the job. Stay up to date on
markets and current events.
11
www.efinancialcareers.com/students | Careers in Financial Markets 2014
Asia-Pacific
Tim Cohn
Q: What should students know going into an
interview?
The important thing to remember is that
you do not have to be studying finance to
be qualified. We have graduates from all
backgrounds working within UBS, including
those studying the humanities and sciences,
as well as economics and finance. We are more
interested in the broad intellectual skills you
have developed at university than the subject
you specialise in. We’re looking for people who
have the integrity, drive and teamwork skills to
help us deliver our promises to our clients.
Preparation is the most important. For us, we
particularly look for candidates who can show
they understand the financial market and UBS
businesses. My tips are:
Q: With so many applications, you must see
some frustrating mistakes often. What are
they?
Know the people: Make sure you attend one of
our campus presentations or events and meet
with representatives from UBS. Get a sense of
who we are, how we operate as an organisation
and what our current and future priorities are.
Listen and think: Listen carefully to the
question, and think about what the interviewer
is really asking. Take your time: repeating the
question or asking for clarification can be a good
way of composing your thoughts and preparing
your answer.
Don’t pretend you know: If you don’t know
about something, admit it. Honesty will get you
further than bluffing.
EMEA
you want that particular
job and why you want to
work for the firm.
A significant number of
the people we interview
have done an internship,
either at Goldman Sachs
or with another firm. It is
helpful if the candidates
can give examples of how
they have demonstrated
certain skills and I would
highly recommend that
you have some work
experience before the
interview. Obviously, an
internship at Goldman
Sachs provides the
ideal opportunity to
build a relationship with
our team.
Q: What is the main
reason for rejecting
a candidate in your
experience?
Practising your interview
technique is key. It is
amazing how different
the experience can feel
from what you have
imagined, so practise as
much as possible with
friends, family or your
careers service. Another
tip is to do your research:
you should be able to talk
eloquently about why
Q: What are the most
common mistakes
candidates make?
I would say coming across
as either over or underconfident in interview.
Candidates should
seek to find a balance:
they must be confident
Q: How important is it
to ask as well as answer
questions?
It is important, as a
conversation is always
preferable to a oneway dialogue. It is
great if a candidate is
able to ask intelligent
questions during the
interview rather than
administrative or
logistical questions. This
enables them to show
they have done their
research and are engaged
in the conversation and
selection process.
Candidates must be
confident enough to
communicate their
enthusiasm and
motivation without
sounding arrogant.
Helen Ouseley
Graduate
recruitment
manager, EMEA,
Goldman Sachs
Employers
Q: What tips would you
give on how to prepare
for an interview?
It depends on the
requirements of the role
the candidate is applying
for, but you should
focus on perfecting
your application,
because spelling or
grammar mistakes are
a distraction from the
content and will probably
mean you will not
succeed. It is important
to demonstrate you have
a well-rounded profile,
solid academics but also
commercial awareness,
leadership skills, extracurricular experience
and initiative.
enough to communicate
their enthusiasm and
motivation for the
job, without sounding
arrogant. Another
common mistake is when
candidates answer the
question they hope to be
asked, rather than the
one that is posed
to them.
Financial services
Q: How important is it to
have done an internship
at Goldman Sachs?
Investment banking
The most commonly made mistakes are the
result of simple oversight of important details.
We frequently see applicants who cut and
paste cover letters without customisation,
sometimes leaving the wrong company name
on the letter or application. Some applicants
send us CVs without including their contact
details, therefore we are not able to contact the
candidate. It is very important to put accurate
and precise information on the CV and avoid
any grammar and spelling mistakes. And
finally, you should only attach a professional
photo of yourself, rather than a photo of you on
vacation or at a social event.
Know your area: You do not need to be an
expert, but you need to demonstrate your
knowledge and focus on the business area for
which you have applied. You should research
general information about the firm, gain an
understanding of the markets in which we
operate and have a more detailed knowledge of
your chosen business area.
Getting In
Head of graduate
training
programme, APAC,
UBS
Q: Do you only hire finance graduates? If not,
what else do you look for? 12
The Final Hurdle
The gruelling days that
will seal your fate
If you’ve made it through investment banks’
initial screening processes – the online
applications and psychometric tests, telephone
interviews and, in some cases, a face-to-face
grilling – then you’ll be invited to the final
hurdle, the assessment centre.
1. More numerical tests
How to excel: Just make sure you’ve
continued to practise. Numerical
tests are relatively simple – addition,
subtraction, percentages, graph –
reading.
2. Individual presentation
Some banks are kind and send you the
topic a week before, others present you
with documents on the day and expect
you to digest the information and come
up with a cohesive argument. It’s usually
a problem relevant to your field – your
opinion on a potential M&A deal in the
news, the future of the bank you’re
working at, how to value a company. This
will be assessed by senior people in your
business line, so it’s really your chance to
shine…or sink.
3. Group exercise
You’ll be separated into groups of four
or five, given an information pack about
a particular topic and asked to work
together to come up with a discussion
on its contents, usually followed by a
presentation that will be assessed by a
group of managing directors. It’s not just
about the presentation though, graduate
recruiters will usually stroll through
the discussions, trying to assess your
behaviour in a group environment and
how you interact in a team.
How to excel: Most people assume the
best way to impress is to dominate the
proceedings, making their leadership
qualities clear. Banks generally frown
on this. Instead you want to focus on
actively participating without either
taking over or being sidelined. Taking
time to consider, communication,
analysing and interpreting the
information, team working and
influencing others are also key.
the STAR approach
Task
T
A
S
Action
The online numerical tests were
easy – the ones you’ll face during the
assessment centre will step up a gear.
However, to ensure that you didn’t
Google your way through it, or pay a
maths whizz to take the exam for you,
many banks will ask you to re-sit the
tests again first thing in the morning.
Some banks will set harder numerical
tests throughout the day.
How to excel: Construct a cohesive
argument with a set number of
points and a conclusion. Don’t simply
regurgitate the information back
without giving a concrete opinion,
and be prepared to have it questioned
– managing directors will attempt to
rip it to shreds. Keep it concise and
clear – don’t tie yourself up in knots by
creating an overly complex argument
you can’t present in time.
Situation
Not all banks have them – Goldman
Sachs doesn’t, for instance. Nonetheless,
it’s the preferred way of deciding which
students to hire in EMEA and Asia.
Here’s what you should expect.
R
Result
4. Interviews
Depending on the bank, you could have
anything from three to seven interviews
on the day. Usually, they are with senior
bankers on the team you’re applying to,
but other firms also include HR. Some
will be competency-based – assessing
your behaviour in a given scenario –
others will be technical, testing your
banking know-how.
How to excel: Remember the STAR
(Situation, Task, Action, Result)
approach to interviewing, helping
maintain structure to your answers.
Know your CV, because you will be
questioned on everything. And above
all stay calm – brainteasing questions
designed to make you think on your
feet will be used extensively.
5. E-tray/In-tray
Peter Harrison
CEO,
Harrison Careers
Expect experienced interviewers
to test what you don’t know and to
find the limits of your knowledge,
whether about current affairs,
markets, technical knowledge,
brainteasers or whatever.
Because it emulates a real working
environment, this is often considered
the most difficult element of the
assessment day. You’ll be presented
with documents related to a particular
scenario you are ‘working on’ – financial
information on a company, the structure
of the firm, the bank’s stance on it.
13
www.efinancialcareers.com/students | Careers in Financial Markets 2014
Succeeding at the super-day
In the US, instead of assessment centres, banks tend to
invite students in for a day of interviews starting on a
Saturday morning, known as a super-day.
interviews
You could be expected to sit
through a maximum of 10
interviews at a super-day.
Anticipate anything from
competency-based questions
to pressure interviews.
How to excel: This may sound
complicated, but the reasoning
method is similar to other tests
throughout the assessment centre
and recruitment process. Use the
information you have, digest it
and give the logical answer.
6. Written exercise
You will be asked to come up with a
compelling case for, say, acquiring
a particular company, again based
on information provided to you by
the bank.
“Expect to get beyond
the usual competency
questions that do not
really differentiate
candidates‚” says Peter
Harrison, a former
executive director at
Goldman Sachs who now
runs Harrison Careers.
“Expect experienced
interviewers to test what
you don’t know and to
find the limits of your
knowledge, whether
about current affairs,
markets, technical
knowledge, brainteasers
or whatever. Expect
that any lies will be
detected - do not try
to bluff experienced
“One interviewer was
incredibly genial for
about 15 minutes, until
I made a mistake,
and then he suddenly
switched to a highpressure interviewer,
questioning every
answer, interrupting and
generally making my life
difficult‚” says George
Trower, a longstanding
investment banking
professional and careers
coach. “The point is you
should never let your
guard down – everything
is a test.
Here are four golden
rules to follow at banks’
super-days
1. Be…interesting!
You may have spent
the last six months
travelling around
Asia. If so, what did
you do and learn? If
you spent time fund
raising, how was your
approach innovative?
Say something to make
you stand out.
2. Don’t over-practise
You may want to cram
on your technical
know-how, but don’t
give scripted answers
to questions about you
and your motivations.
3. P repare for stress
Interviewers will
test how you handle
pressure – think
questions with no real
answers, tasks which
cannot be completed in
time for the deadline.
It’s more about how
you behave than
getting it right.
4. K now yourself
Expect ‘walk me
through your resume’
or ‘tell me about
yourself’ questions.
Don’t fluff your lines,
lie or drone on. This
will be the first, and
most crucial, part of
any interview.
Employers
How to excel: Think of it like an
essay – introduce your argument,
give up to four reasons why you
think this is the case, and cement
your point with a conclusion.
Don’t skirt around the point –
make a decision and take a view.
Oh, and make sure your grammar
is impeccable.
Some firms take a
‘reality TV’ approach –
eliminating candidates
throughout the day,
but others will make a
decision at the end of
the super-day based on
scores submitted by the
different people who
have interviewed you.
It’s not all about your
know-how – the people
interviewing you are
those you’ll eventually
be working with, so they
want to know if you will
fit into the team. This
means you have to be
likeable, and genuinely
understand what it is
you’re getting into – and
whether you want to be a
part of it.
the checklist
Financial services
Depending on the bank, you could
be asked to write a multi-page
report, a simple email or a onepager, but the object of the exercise
is simple – testing your written
communication skills.
In theory, super-days
are simple – you’ll be
required to undertake a
series of interviews with
various members of the
business. There will be
at least one interview
with someone at every
level – analyst, associate,
VP, director (or executive
director) and managing
director – but there
could be as many as ten
30-minute interviews
from 8am-6pm.
Technical questions
will be asked, so know
weaknesses in your
knowledge and focus on
them before the day so
that you’re as prepared
as you can be. And, if you
don’t know the answer,
try not to panic: “When
they ask what the yield
on the 10-year JGB Yen
government bond is,
you can explain you do
not know that, but you
DO know the yield on
1, 10 and 30-year US
Treasuries, the 10-year
UK Gilt and the 10-year
Government Euro bond‚”
says Harrison.
Investment banking
Then ‘emails’ will start flowing into
your inbox, and you’ll be asked to
choose from three set responses,
based on your calculations or facts
within the documents on your
laptop. You may also be asked to
advise on a particular strategy
related to that firm.
This is informal, and
gives you a chance to
meet other candidates,
but should still be viewed
as the first test – some
banks, admittedly not
often, have been known
to make hiring decisions
there and then.
interviewers. You will ace
interviews by being ready
for any question.”
Getting In
1 day –
10
These are only open to
the students banks are
genuinely interested
in, and who would have
passed the first stages of
the application process.
Generally, a bank will
fly in candidates and put
them up in a hotel near
head office – usually New
York – and invite them to
a networking event the
night before.
14
The Rise and Rise of Internships
Ten ways to turn your summer
job into a full-time offer
Let’s make one thing quite clear – if you don’t
complete a summer internship at an investment
bank, your chances of securing a full-time role
are severely diminished.
Goldman Sachs, for
instance, offers full-time
roles to around 60-70%
of its interns; at Morgan
Stanley this figure rises
to 65-75%. According to a
survey by High Fliers,
78% of those hired into
investment banking
have previous industry
experience: this
means internships.
The summer internship
is not simply a chance to
sample the industry; it’s
the primary route into
investment banking. Banks
pay their interns around
$15k for 10 weeks and they
expect them to work for
that money. The hours for
interns in front-office roles
have increased dramatically
in recent years.
1
Sell yourself
Don’t walk around the
office with the swagger of a
big-swinging deal-maker,
but don’t be a wallflower.
This is one of the biggest
mistakes interns make,
says Stephanie Ahrens,
head of firmwide
graduate recruitment and
programme management,
EMEA at Morgan Stanley.
“Under-selling themselves
is a mistake a lot of interns
make,” she says. “You’re
not just there to do a job –
you need to build a network
and create a bond with the
team you’re assigned to.”
classes and product types,
modelling techniques and
Excel shortcuts may seem
daunting, but this will
give you the skills to
make it through the rest
of your internship.
3
Remember,
everything is a test
Some of the projects
you’re assigned could be
repetitious, menial or
downright boring, but all of
them will mean something.
Similarly, coffee runs and
lunch orders may seem
demeaning, but make
sure you get it right – it’s
a minor test to see if you
can be trusted with bigger
tasks. “Check your work
two or three times. You
shouldn’t be making
grammatical mistakes in
emails. Formatting is not
hard. Do it correctly,” says
one investment banking VP.
4
Look for bonds
Whether you went to the
same school as the VP on
your desk, support the
same football team or
share a similar hobby,
look for a way to ingratiate
yourself with the people
you’re working with.
Ultimately, some could
prove effective mentors,
but everyone will provide
feedback on whether you
fit into the team.
2 Make the first
week count
The first week can be
overwhelming – much
of it will be spent with
other interns in intensive
classroom-based training.
Getting to grips with
financial products, asset
Stephanie Ahrens
Head of firmwide
graduate recruitment,
Morgan Stanley
5
Be a team player
It’s a cliché, but everyone
will tell you that
investment banking is a
team-oriented industry.
Excel at your individual
tasks, but don’t lose sight
of the bigger picture or
how you can help out
others on the desk. Don’t
be an over-enthusiastic
puppy, but be willing to
do what’s required.
“Be proactive, take on
your own projects with
enthusiasm but contribute
in different ways and help
others wherever you can,”
says Ahrens.
6
Ask questions
If you don’t understand
something, don’t sit at your
desk trying to figure it out
- ask someone. Similarly,
when a senior banker
explains something to you,
don’t just nod, ask followup questions. There are no
dumb questions, everyone
assumes you know less
than them anyway.
7 Be a culture
vulture
Investment banks will be
keen to show how their
culture differentiates them
from their competitors.
Get to know the corporate
culture, and also how the
teams really work – do
multiple internships if
possible to find out about
the different firms and
which one is for you.
8
Get social
You’ll be given various
opportunities to socialise
with your intern peers, and
network with more senior
bankers. Grab these with
both hands, but in the
latter remember to remain
professional, dress smartly
and ask the right questions.
9
Be open
Even if you’re on a
rotational internship, you
may go in with an idea of
which desk you want to end
up working on. Forget this
– there are no guarantees,
and you may find that
you’re better suited to a
division you knew little
about before going into the
internship. Also, every desk
you work on will feed back
to HR, which will affect the
eventual decision anyway.
10
Dress correctly
Dress smartly, but don’t
come in wearing a Hermès
tie and a pair of Ferragamo
loafers. Bankers, especially
analysts, who you’ll be
spending most of your time
with, don’t want to see an
intern who’s better dressed
than them.
Under-selling themselves is a mistake
a lot of interns make. You’re not just
there to do a job – you need to build
a network and create a bond with the
team you’re assigned to.
In finance, it’s
good to specialise.
And that’s exactly
what we do…
As the world’s leading financial
careers website, we’re the place
to go for the best jobs and people.
No other careers site can give
you that vital competitive edge
and invaluable industry insights.
So whether you’re looking
for top talent, or you are
that talent – visit our site.
www.efinancialcareers.com
Begin a journey
defined by you.
Graduate & Internship Opportunities
As we set out to shape the future of Barclays, we’re looking to
our graduates to be a driving force. Your readiness to explore new
ways to make things better will help us move forward. And our
support will make sure that you progress too.
Whichever part of Barclays you join, you’ll be in control of your
future. The journey you take will broaden your horizons, and
you’ll learn like never before. And it all starts today.
barclays.com/joinus
Barclays Bank PLC is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.
Barclays Bank PLC is registered in England. Registered number 1026167. Registered Office: 1 Churchill Place, London E14 5HP.
18
Investment Banking
Mergers & Acquisitions
Big deals, sharp suits and intense competition
“A successful M&A banker should be a hopeless
optimist because the reality is that the majority
of prospective deals don’t happen for one reason
or another,” says Jim Frawley, US head of M&A
at Macquarie Capital. “You inevitably spend a
lot of time and effort on things that never come
to fruition – but to be successful, you cannot let
that discourage you from working just as hard on
the next potential deal.”
key players
Global M&A ranking 2012 by deal value ($bn)
Bank
Deal
value
Market
share
1. Goldman Sachs
632.6
23.3%
2. J.P.Morgan
500.4
18.5%
3. Morgan Stanley
497.2
18.3%
4. Citi
448.1
16.5%
5. Barclays
426.4
15.7%
Roles and career paths
There is a relatively straight route up the career
ladder in M&A. You start out at analyst level
for three years, move up to associate for three
years, then vice president, director (or executive
director, depending on the bank) and managing
director. Within those roles you have a chance to
focus on sectors such as consumer, financials, oil
and gas, or media and telecommunications.
The more senior you get in M&A banking, the
more you’ll deal face-to-face with clients. At the
junior level you may attend client meetings with
more senior bankers but mainly you’ll be focused
on complex financial modelling and research to
compile the ‘pitch book’ – the document the firm
uses to outline its ideas on which companies a
client should buy or sell to.
orking with
W
clients comes
further up
the career ladder
Opportunities
M&A revenues have been harder to come by in
recent years, with the overall deal value in 2012
falling by 47% since the boom of 2007, according
to Ernst & Young. US players still dominate
the market.
J uniors roles are
all about number
crunching…and
working long hours
Kudos
A career in M&A demands considerable
commitment. M&A bankers advise their clients
at stressful and critically important periods
in a company’s lifetime. Every deal is unique,
and competition between banks is intense,
so deadlines are tight and the hours can be
punishing. Junior bankers can expect to be busy
assembling the required financial information
and legal documentation late into the night, if
the deal demands it.
Key players
evenues have been
R
tougher to come by
in M&A
Money
As the name suggests, M&A teams in investment
banks advise client companies on mergers
(where two companies join together as equals)
and acquisitions (where one firm takes over part
or all of another). Big investment banks only get
involved with transactions worth at least $100m,
and at the top end, the deals can be worth billions.
the overview
How hot?
When people think of investment banking, it’s invariably the
sharp-suited individuals working on big deals in the mergers &
acquisitions (M&A) team. Because of its glamorous reputation,
it is one of the most competitive sectors to break into.
7/10 8/10 9/10 6/10
As an analyst, your key tasks will also include
working on these client service presentations. A
lot of this will involve building a financial model,
valuing a company or benchmarking it against
its peers.
It is only later that you step away from the
number crunching. The key difference between
an analyst and an associate is that an associate
takes a little more responsibility for the
transactions and projects.
Source: Dealogic
Jim Frawley
US Head of M&A,
Macquarie Capital
You inevitably spend a lot of time and effort
on things that never come to fruition – but to
be successful, you cannot let that discourage
you from working just as hard on the next
potential deal.
you have talents. we have options.
a p p ly
now
for
summer
internships across all
divisions in our london office.
NAVIGATOR
LEADER
RECORD
BREAKER
For more details visit our website
www.morganstanley.com/careers
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21
www.efinancialcareers.com/students | Careers in Financial Markets 2014
career insight
James
Thomlinson
Vice president,
UK M&A,
J.P.Morgan
Students need to go into
the job with their eyes
open - there are a lot
of late nights, and as a
deal comes to fruition,
work can eat into your
weekends.
At VP level, my role
involves speaking to
lawyers, accountants and
other financial advisers,
and bringing all the
Pay and bonuses
Skills sought
Given that much of an analyst’s time is spent
producing complex financial models used for
company valuations, investment banks will
expect you to come armed with mathematical
skills and a keen aptitude for spreadsheets.
This afternoon I will be
drafting an offer letter
for a deal with a company
that the team has been
working on for the last
three months. We’ve
The analyst role is a launch pad for your
M&A career, so banks will also expect to see
evidence of the skills required further down the
line. Frawley says that senior bankers spend
their time “developing and nurturing client
relationships, originating new business and
managing the execution of projects”. Suffice to
say, wallflowers need not apply, but any good
investment banker also needs business acumen
and an ability to think longer-term beyond the
current deal.
M&A deals are also all about team work, so you
should feel comfortable working with a range
of colleagues across various departments and
geographies: “You need to be able to learn
quickly, have an innovative mindset, be a true
team player and have the ability to interact
with colleagues and clients across the globe,”
says Mark Barbour-Smith, COO for M&A, EMEA
at Credit Suisse.
pay and bonuses
Numerical skills are important, but they’re
by no means the only things an M&A banker
must possess. Banks expect you to be
autonomous, a quick learner and, considering the
long hours, able to maintain focus and accuracy
under pressure.
Average global M&A pay 2012 ($k)
“You should be willing to take responsibility
and demonstrate the strong communication and
interpersonal skills that are needed in order to
work successfully with clients and in teams,”
says Brian O’Keeffe, vice president, investment
banking division, EMEA at Goldman Sachs.
Vice president
200
400-650
Director
300
600-1,300
300-500
1,100-1,700
Role
Base salary
Total compensation
1st/2nd year associate
100-125
250-350
3rd year associate
125-140
300-400
Managing director
Source: Options Group Intelligence Unit
Employers
“You spend a substantial amount of time
preparing, gathering information and
synthesising it in such a way that helps clients
make decisions that meet their objectives,” says
Frawley. “Therefore, an effective M&A banker has
to be strong on the quantitative aspects of the job,
and effective at understanding deal dynamics, at
identifying critical issues and at being creative
and thoughtful in how to address them.”
What often gets
overlooked about
working in M&A is that
it’s predominantly a
people business. For all
the analysis, churning
through Excel and
Powerpoint, the key is
being able to convey this
message to the client,
whether that’s a FTSE
100 CEO or a partner in
a private equity firm.
Financial services
First-year analysts in M&A earn an average of
£45k ($68k) base salary and a bonus of between
£16-28k ($25-42k), according to figures from UK
recruiters Dartmouth Partners. On Wall Street
total compensation for first-year analysts is
$110k, according to headhunters Glocap.
We typically start work
at 8.30am, and I tend
to leave the office
around 9pm. Even
then, I’m still available
checking emails,
reviewing documents
and often participating
in conference calls,
particularly if a client is
on the West Coast of the
US. Students need to go
into the job with their
eyes open - there are a
lot of late nights, and
as a deal comes to
fruition, work can eat
into your weekends.
Investment banking
Because the competition
for places in M&A is so
intense, the technical
skills expected of
graduates - numeracy
and excellent
communication skills are a given. Desire and
motivation is what will
get you ahead, and this
is hard to fake on an
ongoing basis. People
need to be in it for the
buzz of the job.
been working together
to build a valuation
model and talking to
industry consultants,
clients and accountants
to give us the input to
decide on a price. This
two to three-page letter
is a culmination of that
effort, assimilating
the information and
presenting it to the client.
Getting In
James graduated with
a degree in economics
from Edinburgh
University and joined
J.P.Morgan in 2008.
information they provide
together to offer the best
advice to clients. This
can be structuring and
valuation advice for a
large, high-profile M&A
deal, or linking a number
of interested parties
together to make a bid for
a particular asset.
22
Investment Banking
Equity Capital Markets
Guiding companies into the public sphere
Stock markets may be the public face of the financial
sector, but before a company’s shares can be traded
they must be created, and it’s the equity capital
markets (ECM) bankers who help companies do this.
key players
Global ECM bookrunner ranking 2012 ($bn)
Bank
Net
revenue
Market
share
58.6
8.9%
1. Goldman Sachs
the overview
Equity capital
markets bankers
help companies
raise funds on the
stock market
I t’s all about trust,
relationships…and
charm
Opportunities
Kudos
Money
How hot?
areers can be
C
sales-driven or
highly quantitative
7/10 8/10 7/10 7/10
When a company chooses to raise capital by
issuing stock for the first time, possibly to fund
an expansion, it’s known as going public, and an
initial public offering (IPO) is simply the method
by which shares are sold on a stock exchange.
Investment banks act as ‘underwriters’ in the
process, meaning that, in exchange for a fee,
they guarantee that they will sell the shares a
company is issuing for a certain price. If they
can’t find enough people to buy the shares at the
price they’ve agreed for the company, the bank
is obliged to buy the shares. IPOs are the bestknown form of share issuance, but ECM bankers
are also involved in a number of other types of
(often more complex) deals. These include:
Follow-on offering – after a company has
been public for more than a year, it may
choose to issue additional stock. Because the
firm is already publicly traded, the markets
determine the follow-on issuance share price,
so investment banks focus their efforts on
marketing, rather than valuation.
Secondary offering – a chance for companies
to increase the amount of tradeable stock and
spread market capitalisation (its value) over a
greater number of shares. Usually, it’s down to
major shareholders, typically company founders
or initial shareholders, looking to offload some of
their stock.
Rights issue – allowing publicly listed, cashstrapped companies to issue additional stock,
usually at a discount rate, in order to meet their
financing obligations.
Block trade – a privately negotiated stock sale
organised through investment banks that allows
two parties to buy and sell large quantities of
a company’s stock without affecting its supply
and demand. Big trades can cause dramatic
fluctuations in share price.
Registered direct offering – a pre-determined
amount of stock sold to a select band of
registered institutional and accredited investors,
rather than the ‘man on the street’.
Rupert Mitchell
Managing director,
Head of AsiaPacific equity
syndicate,
Citigroup
We can teach you all the
corporate finance skills you
will ever need but I have
never hired anyone who did
not have a strong interest in
financial news and markets.
Be informed, have a view.
2. Citi
54.6
8.3%
3. Morgan Stanley
52.4
7.9%
4. J.P.Morgan
51.6
7.8%
5. Bank of America
Merrill Lynch
46.1
7.0%
Source: Dealogic
Roles and career paths
Like other front-office roles in investment
banking, job titles and career progression are
relatively straightforward. You start out as an
analyst, either structuring products by being at
the heart of the valuation process, or being part
of syndication (preparing the sale of finished
products to investors). Associates stay with
the number crunching, but are also likely to be
more involved with clients. As you move up to
vice president, expect the role to become more
process-driven – namely, stepping away from
the data and liaising with third parties like
lawyers, accountants and other financial
advisers in order to gather and synthesise
information for clients.
It’s only later, at director and managing director
level, where the pressure mounts and you
become an ‘originator’, nurturing relationships
with existing clients, pitching for new business
and ‘hand holding’ clients, particularly those
going to market for the first time.
Within the ECM team you can either choose
to become an industry specialist – consumer,
financials, telecoms etc – or move into a
particular group. For example, working in a
team originating deals is different from the
syndication division, which more closely liaises
with investors and the bank’s equity sales team.
Or, you could specialise in convertible bonds – a
low-yielding corporate debt issuance that has the
option to convert into equity. These roles sit in
the ECM team, but are much more quantitative.
Skills sought
If you harbour ambitions to become a senior
ECM banker who originates deals, banks will
expect you to come armed with a natural charm.
“As we are working with very senior company
executives, we look for charisma and confidence
(but not over-confidence) so that a team member
can engage well with clients,” says Ben Canning,
managing director, UK ECM at BNP Paribas. “We
try to envisage what a person will be like in five
to 10 years’ time, to see if they can manage client
relationships.”
It all adds up to an
exceptional career decision
Now is the time to join RBC Capital Markets.
You’ll grow with us in a collegiate culture that
provides exciting opportunities for your future.
See where you fit into the equation at
campus.rbccm.com
Strength
Expertise
You
The right formula
Success
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IIROC and CIPF) and RBC Europe Limited (authorized and regulated by Financial Services
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www.efinancialcareers.com/students | Careers in Financial Markets 2014
Trust between a bank and a client is very
important. Going public is an integral and
nerve-wracking time for companies and every
case is unique, so banks need to ensure their
advice on pricing and timing is absolutely spot
on. Not surprisingly, considering the constant
movements of the stock markets (and the
resulting effect on appetite for equity issuance),
banks expect their graduates to be news junkies.
Average global capital markets pay 2012 ($k)
Role
Base salary
Total compensation
1st/2nd year associate
100-125
200-300
3rd year associate
125-140
250-350
200
350-500
Director
300-500
500-750
Managing director
400-500
650-1,100
Vice president
Source: Options Group Intelligence Unit
Hannah Malter
Senior originator,
Equity capital
markets syndicate
Asia,
UBS
Hannah has degrees in
commerce (finance and
accounting) and arts (French
and economics) from
the University of Queensland,
Brisbane, Australia. She joined
UBS in 2007.
It is important to ensure
that the capital raising
needs of our corporate
clients are satisfied, but
not simply at the expense
of buy-side institutions,
retail or other investors.
In light of the scale and
breadth of UBS’s equities
platform it is particularly
important for us to
oversee an equitable
outcome. If we fail, our
clients can be expected
to take their business
elsewhere.
Employers
I am responsible for the
execution of ECM trades
across the Asia region.
This means not only
execution and pricing of
deals but also a high level
of risk management.
Transactions span both
primary and secondary
markets and include
initial public offerings,
accelerated placements
(offering shares in a
short period, with little
or no marketing), block
trades (large purchases
of securities), and
rights issues.
Anyone wanting to work
in ECM should ensure that
their research is thorough,
seeking to gain experience
of as many areas of
investment banking as
possible. Typically, the
hours are long and the
work can be demanding
so it is important to
ensure that you are
properly prepared for the
challenges. Perhaps the
most important qualities
are flexibility and a
thorough knowledge of
client needs.
Financial services
Anyone wanting to work
in ECM should ensure that
their research is thorough,
seeking to gain experience
of as many areas of
investment banking
as possible.
Working in equity capital
markets (ECM) can be
more about people skills
than anything else. The
ECM environment is
extremely dynamic and
often one is called upon
to resolve problems or
find solutions for clients
at extremely short
notice. In essence, the
syndicate desk is charged
with balancing the best
interests of the firm’s
corporate clients with
those of institutions and
other investors which are
also UBS clients. It’s a
delicate balancing act. Numeracy and a thorough
understanding of equity
capital markets are
obviously important for
the role, but it is also
necessary to work to tight
deadlines and on multiple
projects simultaneously
across several business
divisions.
Investment banking
career insight
On the syndication side of ECM, you’re ensuring
that a deal that has been given the go-ahead
in principle doesn’t end up falling through
because one party is dissatisfied or gets cold feet.
“Syndication is more about project management
and being able to solve all sorts of issues that
may come up throughout the deal execution
process, and being able to work effectively with
different professional parties both internally
and externally,” says Melody Ngan, director in
the Asian equity capital markets team at Bank of
America Merrill Lynch.
Getting In
“We can teach you all the corporate finance skills
you will ever need but I have never hired anyone
who did not have a strong interest in financial
news and markets. Be informed, have a view,”
says Rupert Mitchell, managing director, head of
Asia-Pacific equity syndicate, Citigroup.
pay and bonuses
26
Investment Banking
Debt Capital Markets
The fast-paced world of government and corporate bonds
If a company wants to expand but doesn’t want
to sacrifice private ownership, it’s more likely
to turn to debt capital markets (DCM) rather
than issue equity in order to finance it.
DCM teams deal with saleable units of debt in the
form of bonds. DCM is also called the fixed-income
market. This is because bonds typically pay a fixed
amount in interest until their redemption date (i.e.
when the original issuer has to pay back the money
on the bond to whoever owns it at that time).
For example, a bond worth $100 might pay out
$10 a year, making the interest rate, or yield,
10%. The yield on the bond is inversely related to
the price the bond is bought or sold for, meaning
if the price of the bond falls, then its yield
rises. Even though its price on the market may
fluctuate, its face value remains the same and at
the end of the fixed period it can be redeemed for
the price it was issued at, in this case $100.
Patrick Quinn
Managing director,
Debt capital markets,
Americas, Nomura
DCM bankers cultivate and
develop relationships with clients
by providing them with relevant
market information at regular
intervals.
Bonds come in all shapes and sizes, including
treasury bonds issued by governments,
investment grade bonds issued by companies,
and so-called ‘high-yield bonds’ (which are more
likely to default so pay a higher rate of return).
Some are ‘plain vanilla’, offering a fixed rate
of interest and single principal repayment at
maturity. Others may be exceptionally complex
structured products.
the overview
Banks may advise if, say, a company needs
money to expand, or is reissuing (or refinancing)
debt after the initial bond has reached maturity.
Bond markets dwarf equity issuance – there
were $6.5 trillion-worth of debt deals globally
in 2012, according to Dealogic, versus $662bn in
equity markets.
ebt capital markets dwarf equity
D
deal issuance
How hot?
6/10
J unior bankers must be numerate,
articulate and able to juggle a variety
of tasks
Money
8/10
Kudos
7/10
Opportunities
7/10
CM bankers need an obsession with
D
the movements of capital markets
key players
Global DCM bookrunner ranking 2012 ($bn)
Bank
Deal
value
Market
share
1. J.P.Morgan
466.6
7.1%
2. Deutsche Bank
401.3
6.1%
3. Barclays
399.1
6.1%
4. Citi
378.4
5.8%
5. Bank of America
Merrill Lynch
333.4
5.1%
Source: Dealogic
Roles and career paths
As we mentioned, DCM markets are a lot bigger
than ECM markets and as a result those working
on this side of the business can be busier. DCM
is a high-volume, but low-margin, business for
the banks, meaning that teams need to work on
more deals in order to generate the same level of
profits. The good news is that a lot of companies
issue debt frequently, so there’s less of a need to
pitch to investors than during equity issuance.
Some debt teams are separated into government
and corporate debt issuance, while others will
divide their teams between public companies and
private placements. Within this, like ECM, debt
bankers will focus on a particular sector, such
as aerospace or mining. Financial institutions
account for around 50% of all debt issuance, so
banks tend to have a separate team focusing on
different elements of the financial sector.
Junior DCM bankers will spend much of their
time creating financial models and drafting
pitch books, much like their counterparts in
ECM and M&A. However, you’ll also be required
to obsessively keep track of market trends – new
issues, demand drivers and rumours – and may
occasionally be asked to attend deal roadshows
with more senior bankers.
As banks are essentially offering similar services,
they have to convince clients that their firm is the
one to use. So before debt-related products can be
created, deal ‘originators’ are deployed to bring in
new business. These are senior bankers, usually
director and managing director level, who spend a
lot of time travelling to clients to gain an insight
into their financing needs.
27
www.efinancialcareers.com/students | Careers in Financial Markets 2014
You may also work in syndication – coming in
at the end of the process and ensuring the deal
goes to market. This involves giving pricing and a
guide to live market trends to investors and, once
the deal goes live, marketing it.
Skills sought
“DCM bankers cultivate and develop
relationships with clients by providing them
with relevant market information at regular
intervals,” says Patrick Quinn, managing
director, debt capital markets, Americas at
Nomura. “DCM bankers are also involved in
every aspect of structuring and executing
transactions - working with clients to determine
the right structure for a transaction, working
with legal counsel to properly document a
transaction, and working with the syndicate
team, sales force, and trading desks to price and
distribute a transaction.”
“Analysis of business trends also becomes
increasingly important as you progress in your
Role
Base salary
Total compensation
1st/2nd year associate
100-125
200-300
3rd year associate
125-140
250-400
Vice president
200
400-600
Director
300
600-850
400-500
750-1,200
Managing director
Source: Options Group Intelligence Unit
career, as sophisticated clients will expect you
to present new ideas and solutions to them on
a regular basis as you advise them on large
and strategic transactions,” says Marco
Buganza, director in the DCM team at Credit
Suisse in London. “You will also need a
strong determination to succeed, and good
people skills.”
Analysts in investment banks’ DCM teams
are expected to be more “well-rounded” than
ever, says Sarah Schell, executive director,
DCM, J.P.Morgan in Hong Kong. “Command of
the traditional core analyst skill set is only a
baseline. In addition, an analyst is required to
be conversant with the daily fundamentals,
technicals, market issuance and execution
processes across three segments: the high-grade
and high-yield bond markets as well as the
traditional loan market.
Investment banking
The fast pace of the DCM desks means that not
only must you have a knowledge of corporate
finance, but you also need to develop an
obsession with the movements of capital markets
and keep up with both legal and regulatory
developments related to the financial sector.
Average debt capital markets pay 2012 ($k)
Getting In
Like most front-office investment banking
roles, firms expect their analysts to be highly
numerate and to have an understanding of the
technicalities of company financing. However,
while most investment bankers are very focused
on individual deals, DCM bankers need to be able
to develop relationships with clients over time.
pay and bonuses
career insight
Elias
Spangenberg
Elias graduated with a
BSc in Accounting & Finance
from University of Warwick
in 2009 and joined Morgan
Stanley that year.
My job focuses on Nordic
and UK corporate debt
issuers, and this means
working on everything
from relatively simple
capital raisings to
more complex risk
management and
Most areas of investment
banking will tell you
this, but it’s a very teamoriented environment.
It’s therefore really
important to demonstrate
before joining that you
can work as part of a
team, whether that’s
through groups at
university, sports or
other engagements.
Try to read around as
much as possible to get
an understanding of how
the capital markets work
and why companies need
to raise capital. With
social networking, it’s
also a lot easier to find
professionals in your
target area in case you
have any questions.
As with any investment
banking job, the hours
you work can fluctuate
depending on what
you’re working on – this
can make me late for
social engagements!
Employers
The debt capital markets
team, at least at Morgan
Stanley, is a joint venture
between the investment
banking division and the
sales & trading division.
This means there’s a lot
of interaction between
us, M&A bankers and
traders in the sales &
trading division.
DCM is more
transactional than
other parts of investment
banking, and I really
like that. It means that
there are finite projects
and clearly defined
goals. Winning a
competitive mandate
or executing a transaction
always feels great.
DCM is also good if
you want to combine
technical skills with
client-facing activity.
The job requires a lot
of attention to detail,
and good organisational
ability since you’ll be
working on multiple
projects at one time.
You’ll also need an
interest in financial
markets, because the
job is technical and
a genuine interest in
finance and the markets
helps. In addition
to that you must be
willing to take on client
responsibility.
Financial services
DCM is more
transactional than
other parts of investment
banking, and I really like
that. It means that there
are finite projects and
clearly defined goals.
Winning a competitive
mandate or executing
a transaction always
feels great.
Associate,
Debt capital
markets,
Morgan Stanley
derivatives transactions.
It’s the latter that
I’ve currently been
working on today, but
even then I’m working
on other projects and
issuing regular updates
to the clients I cover for
existing deals.
28
Investment Banking
Sales & Trading
The wheeler dealers working the secondary markets
Every day, millions of financial products are bought
and sold in the secondary markets where traders and
salespeople in investment banks work together to
trade for clients after a security’s initial issue.
In the secondary markets, salespeople advise
clients on investment opportunities, while
traders buy and sell securities on their behalf.
The secondary markets are divided into equities
(stocks and shares) and fixed income, currencies
and commodities (corporate credit, government
debt, currencies, commodities and interest rate
products). Within the fixed income division is
foreign exchange (FX) - the largest market in
the world, with an average daily turnover of
$4 trillion.
High-volume markets like FX and equities have
become increasingly traded electronically. The
benefit is greater trade volume, which improves
market liquidity as well as increasing the speed
and reducing the cost of transactions. The
downside is that less manpower is required
so trader headcount has fallen dramatically
in recent years, while employee numbers in
the technology divisions (see Information
Technology on p36) have risen.
key players
FICC market share
1. J.P.Morgan
10.5%
2. Citigroup
9.5%
3. Deutsche Bank
9.0%
4. Barclays
8.9%
5. Bank of America
Merrill Lynch
7.5%
Source: Deutsche Bank and J.P.Morgan analyst estimates
Equities market share
1. Goldman Sachs
13.1%
2. Morgan Stanley
10.3%
3. Credit Suisse
8.5%
There is also a range of ‘exotic’ derivative
products within all these sectors, whose value
depends on the underlying security.
4. UBS
6.7%
5. Barclays
6.4%
Roles and career paths
Source: J.P.Morgan analyst estimates
Salespeople advise their clients when to buy and
sell securities. They usually focus on particular
products (e.g. government bonds) and clients,
whether that’s high-net-worth individuals,
pension funds or corporate finance managers.
Salespeople take orders from clients, from the
moment markets open until they close, and
communicate them to the trading desks.
trader hierarchy, but many banks have reduced
their prop trading activities following regulatory
crackdowns like the Dodd-Frank Act in the US.
Traders track the markets and buy and sell
products at the touch of a button. Your career will
be defined both by what you trade (e.g. equities,
foreign exchange, or commodities) and by the
kind of trader you are. There are several types.
There are also sales-traders, who act as
intermediaries between sales and execution
traders, and develop new business for the bank.
They quote prices, take client orders, advise on
the timing of the trade and execution method.
They are seen as key revenue generators, and
good client relationships are key to the job.
the overview
‘Flow’ traders buy and sell financial products
for a bank’s clients, while proprietary (or
‘prop’) traders trade the bank’s own money.
Historically, prop traders were at the top of the
‘Execution’ traders place trades for analysts and
fund managers – the key is to be both quick and
accurate with the software, and able to deal with
any problems should they occur.
Within the electronic trading teams, you’ll also
find quantitative analysts, who design, develop
and implement execution algorithms using a
ales is all about people skills,
S
resilience and persistence
How hot?
7/10
rading is increasingly electronic, and
T
traders need to adapt
Money
8/10
Kudos
9/10
Opportunities
8/10
raders need to assimilate a lot
T
of information in a fast-paced,
pressurised environment
You must
be true to
yourself,
find the
communication
style that you
are comfortable
with and use it
to gain clients’
trust and build
your network.
Joe Squires
Co-head,
Rates sales
Europe,
BNP Paribas
29
www.efinancialcareers.com/students | Careers in Financial Markets 2014
career insight
Howard Man
We value raw talent, but
the people who are most
successful combine their
talent with a sense of
urgency and tenacious
effort.
My team is responsible for
providing risk pricing to
facilitate the buying and
selling of stocks by our
clients across the Asian
markets. My traders are
experienced risk managers
who also possess a
strong fundamental
understanding of the
stocks that we trade
in Asia.
Our trading positions
are often the result
of making prices for
clients who want to
execute in the market but
have trouble accessing
sufficient liquidity at a
price or size that satisfies
them. We fill that
liquidity gap, and are
constantly trading in the
major stocks across Asia.
My day begins with the
morning call, during
If I were to offer a single
piece of advice, it would
mathematical approach to identify investment
opportunities and strategies.
Skills sought
If you’re trading complex derivatives you’ll
need the mathematical ability to understand
the products. If you’re trading non-complex,
‘vanilla’ products, you’ll need to understand
what drives the market. FX and equity traders in
particular are news junkies, able both to connect
the dots across a broad range of data
and understand the implications of world
events on markets.
Understandably, if you have a desire to work in
sales, it’s safe to say you shouldn’t be a shrinking
violet. You must also have a thick skin – only a
small percentage of approaches to clients result
in a successful sale, so you must be able to persist
in the face of rejection.
“To be successful in sales, individuals
need to possess superb verbal and written
communication skills with a proven ability to
develop and build relationships both internally
and externally,” adds Sindzingre.
pay and bonuses
Equity cash sales average global pay 2012 ($k)
Role
Base salary
Total compensation
Associate
100-120
150-200
Vice president
150-200
250-350
Director
250-300
350-450
Managing director
400-500
450-600
Source: Options Group Intelligence Unit
Equity cash trading average global pay 2012 ($k)
Role
Associate
Base salary
Total compensation
100-120
150-200
Vice president
150-200
150-300
Director
250-300
300-450
Managing director
400-500
450-600
Source: Options Group Intelligence Unit
Employers
“The ability to multi-task, to work under
pressure in a fast-moving environment, to
assimilate information quickly in order to react
fast to market changes, sharp attention to detail,
and strong risk management skills are a must
for a successful career in trading,” says Danielle
Sindzingre, global head of fixed income, credit
and currencies, SG CIB.
“You must be true to yourself, find the
communication style that you are comfortable
with and use it to gain clients’ trust and build
your network,” says Joe Squires, co-head, rates
sales Europe at BNP Paribas.
Financial services
Within the sales and trading division, graduates
are also recruited into structuring and marketing
roles. It’s the structurer’s job to create financial
products and provide a pricing service to
clients. It’s the marketer’s role to search for new
opportunities to sell these products, and prepare
marketing materials and pitches.
My career in financial
services has spanned the
SARS crisis in 2003 and
the global financial crisis
of 2007-08. During these
periods of uncertainty,
my entire peer group was
faced with career risk
and significant concerns
about the viability of the
industry as a whole.
We all learn from these
periods of time; I believe
that the key is to invest in
your own skill set,
develop relationships
that will persist through
the cycle, and work hard
until things improve.
In my experience, they
always do.
Investment banking
Howard has an SB and
MBA from the Massachusetts
Institute of Technology in
the US. He started his career
at McKinsey & Company in
2000 and has worked for
ABN Amro and SAC Capital in
Hong Kong. He joined Bank of
America Merrill Lynch in 2011.
During the day, we work
with our colleagues to
make prices in different
stocks, often speaking
with decision-makers at
client organisations to
understand how we can
serve their execution
needs. I also spend time
with my peers in equity
capital markets (ECM)
to understand what
the potential deal
pipeline looks like in
the countries in which
we trade.
be to exhibit persistence
in your desire to work
in this business. We
value raw talent, but
the people who are most
successful combine
their talent with a sense
of urgency and tenacious
effort. If you display
that type of character,
you stand a good chance
of finding your way into
this industry.
Getting In
Head of cash
equities trading,
Asia ex-Japan,
Bank of America
Merrill Lynch
which we study the major
views being expressed
by Bank of America
Merrill Lynch’s research
department.
30
Investment Banking
Research
Robust ideas that fuel stock market trades
Equity researchers, or analysts, are often the
talking heads of the investment banks. When a
bank offers an opinion on a particular company or
stock in the press, it’s usually the specialist analyst
covering that sector who gives a view.
key players
Top global research firms 2012
1. Bank of America Merrill Lynch
2. J.P.Morgan
the overview
esearch teams are
R
comparatively small
in investment banks
nalysts need to see
A
the complete picture,
and come up with
original views
Opportunities
Kudos
Money
How hot?
he public face of
T
research is only a
tiny proportion of
the job
5/10 6/10 5/10 5/10
Researchers spend their time focusing on
large-cap companies, generating investment
ideas for clients on the ‘buy-side’ (see Fund
Management on p38). While they spend time
producing reports, poring through company
financials and giving occasional views to the
media, much of their job is spent doing more
fundamental research that will set them apart
from their competitors.
They’ll speak to company CEOs, CFOs and
investors to get an idea of both sector sentiment
and the specific prospects of a company, as well
as creating complex financial models to predict
the earning potential of particular firms.
The idea is to encourage big investors to then
trade particular stocks through the sales &
trading teams of the bank the analyst works
for. Most cover large companies, which create
the greatest investor appetite, but smaller
investment banks also cover attractive mid-sized
firms. There can be up to 25 analysts covering
the same stock, so focusing on more niche
companies can give smaller banks an edge.
Roles and career paths
Equity research is much less hierarchical than
other areas of investment banking; teams are
small and it’s more about the ideas you generate
(and their performance) than your job title.
Researchers focus on industry sectors, such as
technology or financials, and then a specialism
within that – say, hardware or banks – and each
sector team will cover around 15 companies.
Initially, you will be given the role of associate, of
which there are two to three on any team. They
cover a few stocks within the sector team, and
do a lot of financial modelling, but it’s the senior
analysts – namely those with their names on the
report – who get the credit.
Then, it’s a case of gaining the respect of the
industry and your peers by making both correct
and original calls. Top-ranked equity research
teams can bring in a lot of business to banks’
trading desks, and the best analysts are more
likely to be headhunted by another investment
bank, or a hedge fund or fund manager.
The ability to ‘get into
the weeds’ is highly
valued by clients.
Lisa Thomas
Managing director co-head of
Americas equity research,
Nomura
3. Deutsche Bank
4. Morgan Stanley
5. Citi
6. UBS
7. Credit Suisse
8. Barclays
9. Nomura
10. Goldman Sachs
Source: Options Group Intelligence Unit
pay and bonuses
Average global research pay 2012 ($k)
Role
Base
salary
Total
compensation
Associate
100-120
125-200
Vice president
150-200
200-350
Director
250-300
400-650
Managing director
400-500
600-800
Source: Institutional Investor
Skills sought
Banks expect research candidates to come
armed with the same mathematical prowess as
those entering other front-office roles, but you
need more. “A good research analyst combines
strong quantitative and analytical acumen with
an ability to see and tell the ‘story’ reflected
in a company’s numbers,” says Lisa Thomas,
managing director co-head of Americas equity
research, Nomura. “Their ability to ‘get into the
weeds’ is highly valued by clients, whether it
is applied to a company’s financial statements,
industry data and trends or is focused on some
other element of company performance or
industry drivers.”
Not only must you be able to assimilate complex
data points and translate them into clear
themes for investors, you need to have great
communication skills to liaise with various
parties (investor relations professionals and
portfolio managers, for instance) in order to
develop “a broad mosaic view of the company’s
prospects for future performance”, says Thomas.
Analysts need “independent, commercial and
actionable ideas to be combined with robust
analysis, conviction and integrity”, says
Xavier Gunner, head of developed Europe
equity research, HSBC.
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32
Investment Banking
Compliance & Risk Management
The internal police keeping the front office in check
It is up to risk management teams in investment
banks to make sure the bank doesn’t exceed its
risk appetite and potentially make huge losses
in its pursuit of gigantic profits.
As just about every investment bank has had
to write off billions of dollars during the global
financial crisis, the focus on a more prudent
investment strategy has never been greater.
While risk managers try to stop a bank’s
employees indulging in behaviour that might
lead to big losses, compliance teams are there
to ensure banks are working in line with the
regulations imposed in the countries in which
they operate.
Since the financial crisis, regulators across
the world have increasingly been baring their
teeth. With regulators in different countries so
far adopting different approaches, there have
been increasing calls for more international
coordination on how best to reform financial
services regulation.
One of the most sweeping forms of regulation in
Europe is Basel III, which places more stringent
demands on the amount of capital banks are
required to hold. The Dodd-Frank Act in the US,
introduced by the Obama administration to rein
in ‘too big to fail’ banks, has also placed a greater
compliance burden on institutions.
This has created more work for risk teams and
increased hiring – Morgan Stanley, for instance,
has doubled its risk headcount since the financial
crisis. Compliance staff are also riding on the
wave of increased demand for their services.
In the UK, the Bank of England, along with
the new Financial Conduct Authority and the
Prudential Regulation Authority, has this year
taken over from the Financial Services Authority
to run the regulatory regime.
In the US, the Securities and Exchange
Commission 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.
the overview
As well as individual country watchdogs,
European firms are also regulated by the
European Securities and Markets Authority, the
anks are facing a barrage of
B
regulation, placing greater demands
on risk and compliance teams
European Banking Authority, and the European
Insurance and Occupational Pensions Authority.
Roles and career paths
Risk management jobs in investment banks are
divided into different areas of risk.
Market risk – the risk of a group of traded
financial products (e.g. stocks, bonds or
commodities) falling in value simultaneously
because of outside events, such as rising oil
prices. Also known as ‘systematic risk’.
Credit risk – the risk of a particular company or
an individual defaulting on their obligation to
repay their debts.
Operational risk – the risk of a bank incurring
damage or losses due to internal factors, such as
systems breakdown or financial wrongdoing.
If you join an investment bank as a graduate
trainee, you are likely to be ‘rotated’ around
different areas of the risk function.
Compliance roles in investment banks can also
be divided into various categories.
Sales & trading compliance – working
with a bank’s salespeople and traders to ensure
their activities comply with the requirements
of the local regulator. Sales & trading compliance
pros are often product specialists – for example,
they might specialise in bonds, equities or
derivatives.
Control room compliance – centralised tasks
such as maintaining the bank’s restricted list
(which restricts confidential information to
key individuals) and checking for abnormal or
alarming dealing activity. Should certain staff be
placed on ‘stop and watch’ lists, it is the control
room compliance team that ensures they are
stopped and watched.
Monitoring and surveillance – scrutinising
specific behaviour and transactions that might
indicate fraudulent activity, such as insider
dealing or manipulation of markets across
the exchanges.
How hot?
9/10
Money
6/10
isk managers need to stand up to
R
others in the business
Kudos
6/10
alaries are still below the front
S
office, but have been growing
Opportunities
7/10
Compliance
in recent years
has become a
key function
for the
investment
banking
industry.
It demands
high standards
and a high
level of
accountability.
Charles Eve
Head of
compliance,
EMEA,
Goldman Sachs
33
www.efinancialcareers.com/students | Careers in Financial Markets 2014
career insight
Balbir Bakhshi
MD, Chief risk officer
for UK entities,
Credit Suisse
Risk presents you with
a diverse range of
challenges, which is one
of the best things about
working in this area.
I’m responsible for
ensuring that appropriate
risk controls and
governance are in place
to avoid losses in excess
of the bank’s tolerance,
and to meet regulatory
Pay and bonuses
Salaries have been slowly rising within
compliance and risk management in line with
investment banks’ increasing headcount in this
area. A global head of compliance can expect
$250-525k, according to figures from Robert
Walters, but salaries for analysts and associates
usually come in at $60-80k, rising to $120-195k
for vice presidents.
Skills sought
“Graduates need intellectual curiosity, the ability
to interpret information quickly, attention to
detail and good communication skills,” says
Charles Eve, head of compliance, EMEA at
Goldman Sachs.
Risk managers often need to make difficult
decisions and may ruffle a few feathers,
particularly with traders who feel they should
be able to increase their risk tolerance. In
practice, this means having a keen eye for detail,
and questioning perceived wisdom within the
organisation – and speaking out when you know
that something is wrong.
“Compliance in recent years has become a key
function for the investment banking industry.
It demands high standards and a high level of
accountability,” says Eve. “We look for analytical
individuals with excellent project management
skills and a keen interest in financial markets,
products, and securities laws and regulations.”
Risk management is a technical discipline,
so graduates often have to come armed with
applied mathematics skills, an understanding of
differential equations and financial modelling.
They have to apply this to a real-life situation
though, so banks also look for keen problemsolving skills.
pay and bonuses
Market risk salaries ($k)
Country
1-3 yrs’ exp.
5-7 yrs’ exp.
7-10 yrs’ exp.
45-84
76-115
100-130
UK
US
60-100
175-250
250-500
France
Unavailable
78-105
111-160
Germany
Unavailable
52-100
100-170
Singapore
40-70
70-110
110-240+
Hong Kong
58-93
90-142
142-195
Source: Robert Walters (figures converted to US$)
Employers
Perhaps slightly surprisingly, among the key
attributes banks look for in their compliance
and risk recruits are good communication skills
and an ability to build relationships. Employees
in this area are becomingly increasingly central
figures within the organisation, and an ability
to effectively explain complex issues to people
elsewhere in the business is key.
Risk management is a
technical discipline,
and it helps to come
from a mathematical
background. However,
there are also
opportunities for those
who have studied a
diverse range of subject
areas, depending on
the function, and
it’s important for any
graduate to understand the
different roles and where
your skills might fit.
Financial services
Anti-money laundering – stopping money
laundering (where the financial proceeds of
illegal activities are given the appearance of
being legitimate).
As well as sitting on
leadership committees
within the bank such
as the Risk Division
Management Committee,
where I would raise
awareness of the key
risk issues for Credit
Suisse in the UK with
the risk management
leadership team, and the
UK Investment Banking
Executive Committee,
where we discuss risk
issues that I feel need the
attention of management
in the UK, I am also
heavily involved in dayto-day risk management.
For example, today,
I reviewed an equity
Risk presents you
with a diverse range of
challenges. As well as
looking at the bank’s
overall risk appetite
and strategy, I deal with
governance issues, risk
processes and the IT
supporting it. I also
feel like I’m making a
real impact.
Investment banking
The importance of
risk management in
investment banking
has increased, and that
is partly due to lessons
learned from past crises,
but also because of
the natural evolution
of governance and
oversight within the
sector. Risk is now at
the centre of how banks
determine their strategy
and capital allocation,
and my role brings that
all together for Credit
Suisse in the UK.
capital markets
transaction that our
banking team was
evaluating. Specifically,
I was assessing the
transaction in relation
to the risk of loss and
impact on the bank’s
capital base.
Getting In
Balbir has an MSc in Finance
from Brunel University gained
in 1993. He joined Credit
Suisse in 1995.
requirements related
to risk management.
This involves having a
strong understanding
of the businesses that
operate out of the
bank’s UK entities. It
also means developing
and maintaining risk
models and frameworks
to measure and help
manage those risks, and
working with the bank’s
board of directors to
work out our level of
risk tolerance. 34
Investment Banking
Operations
The unsung heroes in a bank’s back office
Once you delve into the world of investment
banking, you will soon hear the terms ‘front
office’, ‘middle office’ and ‘back office’.
When people talk about the front office, they’re
talking about the ‘sexy’ areas of investment
banking – M&A, capital markets or sales and
trading (covered earlier in this guide).
the overview
ou will need to
Y
be diligent,
detail oriented,
but forceful
onuses are smaller,
B
but the hours are
shorter
Unlike the people in the front office, people
working in operations do not liaise with clients to
generate revenues and profits for the bank.
Instead, the division is a support function –
operations professionals support people in the
front office to make sure everything works
smoothly and the bank gets paid.
Opportunities
Kudos
Money
How hot?
perations is at
O
the forefront of
how banks are
changing
When people talk about the middle office, they
are referring to functions such as IT, accounting
(finance) and risk management (which we also
deal with in other pages of this book). When they
talk about the back office, they mean operations.
5/10 4/10 5/10 7/10
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.
Regulators are demanding more and more detail
in the way banks document and report their
trading activity, so operations divisions have
grown in importance over the past few years.
‘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 bought and sold.
Settlements professionals ensure that stocks or
shares bought and sold by the bank’s traders are
exchanged for the correct amount of money.
Roles and career paths
As a junior working in clearing and settlements,
your job will mainly 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
Shoko Mizuhaya
Director, Group
operations manager,
Derivatives,
Bank of America
Merrill Lynch
You will need to stick to
the policies and principles
but, where necessary,
be flexible enough to
make changes.
with these exceptions, trying to work out what
went wrong.
If you work as an exception manager on a
settlement desk, you might talk to traders who
claim to have sold shares for $3 each when the
buyer says the price was only $2, for example.
However, there are some areas of the market
where clearing is not 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 $600 trillion over-thecounter (OTC) derivatives market still relies
heavily on a lot of manual processing, which
is creating problems. Moves are being made
to automate and centralise the clearing and
settlements process in the OTC derivatives
market but until this happens, people are needed
to fill in the documentation.
Closer to the trading floor is the role of the
trade support officer, which can cover a range
of different asset classes, from equities and
bonds to commodities or derivatives. Here, you
are in the firing line for any queries a trader
might have – everything from reconciliation
issues to discrepancies between the various
counterparties involved in the trades.
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
Operations professionals don’t earn the big bucks
seen in the front office, but pay can still be good
– particularly for those with specialist expertise.
The general rule is the more specialist, or exotic,
the product, the higher the pay.
Starting salaries are generally around $5060k, but bonuses are small compared to the
front office at 5-15% of base pay. More recently,
however, bonuses have generally been
eliminated in favour of slightly higher salaries.
In the UK, a mid-ranking settlements
professional working on equities or fixed income
products can expect £45-55k ($68-85k), rising
slightly to £45-60k ($68-92k) for those working
on derivative products, according to figures from
recruiters Robert Walters.
In the US, an associate to VP-level employee in
cross-product settlements can expect $60150k, according to Robert Walters. In Singapore,
a manager working on equities/fixed income
settlements can expect S$70-130k ($55-100k),
rising to S$110-150k ($87-118k) for those with
derivatives knowledge.
35
www.efinancialcareers.com/students | Careers in Financial Markets 2014
Skills sought
While operations positions are very processdriven, which requires obsessive attention to
detail, accuracy and consistency, it’s also an area
that is surprisingly fast-paced, especially as
banks are always grappling with new regulations
and looking for ways to make their back office
more efficient.
Good communication skills are therefore
important, because people in operations deal
with many other divisions and functions
within the bank. Would you be comfortable,
for example, dealing with the demands of an
impatient trader?
Even though operations professionals will not
be managing money, they still need a keen sense
of risk and reward, believes Kristi Tange, head
of liquidity and collateral operations, EMEA,
Goldman Sachs.
“Risk management is integral to everything we
do - we look for individuals who are motivated to
collaborate in the design of solutions for business
processes, and display strong leadership and
integrity,” she says.
Valentino Wotton
Managing director,
Head of credit,
loans, emerging
markets business
transactional
services (BTS) and
fixed income and
FX transactional
client services (TCS)
operations,
Barclays
Valentino graduated with an
honours degree in law with
French from Nottingham
Trent University in 1999 and
joined Barclays in 2008.
Operations, while being
process-focused, is also
a lot about team work –
collaboration, adaptability
and the ability to bring a
fresh pair of eyes are all
integral to success.
I manage teams globally,
across the US, Latin
America, Europe and
Asia, and also have global
oversight for operations
supporting the Credit,
Loans and Emerging
Markets businesses. No
day is ever the same, but
it’s generally packed with
meetings – both from
It’s this diversity within
the role and ability
to lead and create
teams that perform
to a high standard
that really drives me.
Operations, while being
process-focused, is
also a lot about team
work – collaboration,
adaptability and the
ability to bring a fresh
pair of eyes are all
integral to success.
Ultimately, anyone
wanting to succeed in
this field needs a keen
attention to detail and
has to be willing to
question the way things
are done. From the
moment you’re brought
into the organisation,
you will be expected to
take an active role in a
range of projects, so you
need to be comfortable
multi-tasking. The
ability to analyse
problems and come up
with new solutions is
key to getting ahead in
this sector.
Employers
Operations teams are
now playing a key role
in shaping the future
of the industry, which
is evolving from both
technological and
regulatory points of view
– it’s going from being
a support function
to an enabler of
business change, and
there are a diverse range
of career opportunities
available.
Today, for example, I’ve
met with the team to
discuss emerging market
trading operational
performance, liaised
with the technology
department to discuss
the progress of an
ongoing IT change
project, checked in with
one of my direct reports
to discuss any personal
developments, and
spent some time with an
assistant vice president
I’m mentoring.
Financial services
Operations is sometimes
perceived to be one of
the less glamorous areas
of investment banking,
but from my perspective
there’s never been a
more interesting time
to work in the sector.
a strategy perspective,
as well as checking in
with my team to ensure
everything is running
smoothly.
Investment banking
“It is equally necessary to have strong
communication skills as the role requires
reaching out to a number of stakeholders
whose interests may not be the same as yours,”
says Mizuhaya.
career insight
While operations professionals have few clientfacing responsibilities, they are essentially
ensuring the smooth running of the organisation
and therefore any problems they solve help
enhance the ‘client experience’.
Getting In
“You may face new issues and regulations, and
may be assigned fast-changing priorities. You
will need to stick to the policies and principles
but, where necessary, be flexible enough to make
changes,” says Shoko Mizuhaya, director, group
operations manager, derivatives at Bank of
America Merrill Lynch.
Kristi Tange
Head of liquidity and
collateral operations,
EMEA,
Goldman Sachs
Risk management is integral
to everything we do - we
look for individuals who are
motivated to collaborate
with the design of solutions
for business processes, and
display strong leadership.
36
Investment Banking
Information Technology
The rapidly evolving IT at the heart of financial services
Technology is intertwined with financial
markets, with some of the bigger investment
banks employing as many people in IT as the
large tech companies.
“Financial markets are crucially dependent upon
technology - my favourite quote is from a CEO
I worked with who said investment banking is
technology surrounded by people and capital,”
says Alastair Brown, chief information officer,
international banking, Royal Bank of Scotland.
Roles and career paths
IT roles in investment banks fall into five
camps: development, business analysis,
project management, infrastructure and
technical support.
The developer is at the coalface of the IT
department. Much of the technology is developed
in-house, but when banks purchase software
from third-party vendors, developers need to
tailor it to banks’ individual needs. Banks also
employ solutions architects, who act as the link
between development, design and management
and oversee the technical elements of projects.
Within products traded in large volumes,
such as equities or foreign exchange, developers
aim for ‘low latency’ or reducing the time it
takes to execute and process a trade. The speed
with which a trade is placed can be crucial to
its profitability. More products, notably
corporate bonds in the past 12 months, are
being traded electronically.
Business analysts liaise between the IT
department and the suits within the banks.
Project managers will take on the new venture
once it has been given the go-ahead. They have
to manage a team of developers, liaise with
third-party vendors, and be answerable should
plans go awry.
If you want to work for a vendor, try sending your
CV to major players such as Sungard or Oracle,
or apply to specialist financial services software
vendors such as Fidessa, Sophis, SimCorp,
OpenLink or Charles River.
Pay and bonuses
Pay for IT roles in investment banking doesn’t
reach the dizzy heights to be found in other
parts of the business, but it’s certainly very
competitive and outstrips other industries.
Generally, if you possess knowledge of
more complex financial products, or have
a comparatively rare skill set, your earning
potential will be greater.
inancial services
F
firms gain a
competitive edge
through IT, and
save money
I T is high-pressured
and fast-paced
8/10 6/10 5/10 8/10
In northeast US, home of New York where most
investment banking technologists are based,
average salaries for financial IT professionals
were $110k, according to the Information Week
2013 Banking IT salary survey, rising to $140k for
management positions.
A business analyst working in an investment
bank in London earns £60-75k ($92-115k) at
the more junior end, according to figures from
recruiters The JM Group, reaching £85-115k
($130k-175k) in the senior ranks.
Junior project managers are paid £60-75k
($92-115k), says The JM Group, which increases to
£85-110k ($130-170k) at the senior end, depending
on product knowledge. Project managers with
three to five years’ experience in Singapore
Alastair Brown
Chief information
officer,
International
banking,
Royal Bank of
Scotland
Opportunities
There is also the option of working for thirdparty vendors, which specialise in providing
software to financial services companies.
Banks employ
thousands in
technology, and
spend billions
Kudos
The big user of technology, though, is the trading
floor and everything related to it. Whether
it is buying and selling financial products
electronically, processing them through smartorder routing systems, or communicating to
ensure trades go through smoothly, multimillion dollar technology projects are at the
centre of any bank’s strategy.
Infrastructure jobs deal with the IT nuts and bolts
– from servers to operating systems to databases.
the overview
Money
The right technology is often the differentiating
factor in giving an investment bank the edge
over its competitors. It also helps banks save
money, and comply with increasingly onerous
compliance requirements demanded by
financial regulators.
Technical support solves problems when they
arise on the trading floor: glitches could cost
banks millions of dollars within minutes, and
it’s often a rogue technology system that is the
cause of the so-called ‘fat finger’ glitches that
have hit the headlines more frequently in recent
years. Traders are not shy in berating you for IT
gremlins, so a thick skin is a must.
How hot?
J.P.Morgan for instance has around 30,000
technology staff globally, 25% of all Goldman
Sachs employees work in IT and Credit Suisse
has 3,000 techies in Asia alone. Investment
banks, retail banks, fund managers, brokers and
insurance firms all spend billions on technology.
By the end of 2013, the banking sector alone is
likely to spend $179.2bn globally on IT, according
to research from consultancy Celent.
Financial markets are
crucially dependent upon
technology - investment
banking is technology
surrounded by people
and capital.
37
www.efinancialcareers.com/students | Careers in Financial Markets 2014
can expect S$60-110k ($48-87k), according to
recruiters Robert Walters, rising to S$90-140k
($71-110k) at the more senior end.
Skills sought
In IT, the majority of successful applicants will
have a computer science degree, and those
who don’t tend to come from a maths, physics
or engineering background. However, for less
technical roles, such as business analysis or
project management, banks will consider other
degree disciplines.
Stereotypical IT nerds also need not apply. Banks
want their technologists to be both technically
proficient and to understand how their work
is going to affect the bottom line. Technology
is getting closer to the business of investment
banking, so business acumen will help accelerate
your career.
Soft skills are valuable for business analyst or
project management roles. Business analysts, for
example, have to be able to explain the benefits
and pitfalls behind a potential technology
investment, without leaving non-IT people
swimming in a sea of jargon.
Project managers have to be able to act as a
central coordinator for disparate groups with
differing interests in a particular endeavour.
Head of global
market operations
technology,
Asia-Pacific,
Bank of America
Merrill Lynch
Eric has a degree in
computer science from
Columbia University.
He joined BAML in 2006.
My current role involves
oversight of the support
and development of the
technology used by the
global markets operations
group – which provides
operational support
for our global markets,
treasury and investments
divisions – in the Asia
region. This means I
need to understand the
technology architectures
used to support
data processing for
operations and software
While technical skills
are important, any role
in IT also requires softer
qualities such as good
communication. I also
believe that my listening
ability has served me
well in my career – my
nature is to take different
bits of feedback and form
a picture of a situation
versus making an upfront
judgement. Although
I do have an instinct
and opinion, I do like to
supplement my view with
the thoughts of others.
It’s also important not
just to be interested
in technology, but also
to have a passion for
financial markets –
whether this is through
personal investing or
following world
events, and an interest
in the financial sector
in order to understand
the context of your work.
There is a tendency
for those working in
investment banking to
be attracted to trading
or sales, but the industry
offers many areas
that are critical to the
workings of a bank
and technology is one
of those.
Developing a broad
picture is a great stepping
stone for people looking
to advance their careers.
Employers
If you work for a large
organisation, the ability
to navigate the many
groups involved in
getting the work done is
integral to succeeding
in your career. I’ve
been able to work in
several locations in the
world, and across many
business areas, which
has allowed me to think
about the trading process
holistically. It has also
given me exposure to
different ways of working
in both the head office
and a regional one.
development as well as
managing the financial
elements of both people
and the technology
infrastructure used by the
group.
Financial services
It’s also important not
just to be interested in
technology, but also to
have a passion for financial
markets – whether this is
through personal investing
or following world events.
Eric Lee
Investment banking
If you want to move into a development role,
experience with programming languages such as
Java, C++ or C# is important. However, you don’t
need to be a whizz kid at entry level.
career insight
“A successful technology professional will
be self-motivated, organised and thorough,
possessing strong analytical and logic skills,”
says Gavin Jackson, head of rates tactical quant
development at BNP Paribas. “They will want to
learn quickly and be able to apply experiences to
their work. They will be innovative but costaware, autonomous but collaborative: somebody
that we can easily work alongside.”
“In this ‘digital age’ there is no escaping the
sheer rate of change and progress, and constantly
challenging how these new developments can
improve your industry,” adds RBS’s Brown.
Getting In
If you work in development, being in a front-office
role means more money. Java developers earn
£60-80k ($92-123k) with financial product
knowledge after a few years, which increases
to £80-105k ($123-160k) at the upper end, while
C++/Unix developers bring in £50-75k ($77-115k),
but can earn £80-110k ($123-70k) with more
experience. If you work in trading floor
support, expect £50-70k ($77-108k) at analyst/
associate level, rising to £70-80k ($108-123k)
with more experience.
More than anything, though, technologists
need to be adaptable and not just survive, but
thrive in, a changing environment. “The great
thing about a career in technology, especially
one in a fast-paced, dynamic industry like
investment banking, is that if I answer a
question, it’ll change in six months’ time,”
says William Mitchell, head of domain-trade
lifecycle, Deutsche Bank Global Technology,
Cary Technology Center in the US. “Adaptability,
listening and an ability to climb a learning curve
are key skills for success.”
38
Financial Services
Fund Management
Pension pots, portfolios and the art of long-term investment
Fund managers invest money on behalf of their clients
– including pension funds, institutional investors, retail
investors, insurance companies and others – with a view
to making it grow over the long term.
By comparison, ‘passive’ management, or
index tracking, involves selecting a portfolio of
assets whose change in value will match that in
a financial index – such as the UK’s FTSE 100,
Eurostoxx 50 in the eurozone, the Dow Jones
Industrial Average in the US and the Hang Seng
Index in Hong Kong. Simply creating returns that
match the market is known as ‘generating beta’.
However, within these two categories, the
array of fund management styles is huge. For
example, two contrasting styles are ‘bottom
up’ investing – where a fund manager focuses
on analysing individual stocks or securities
– and ‘top down’ investing, which relies on
analysis of ‘big picture’ trends in the economy,
financial sector or individual industries. Some
fund managers also focus on investing in fixed
income products, while others prefer equities,
Top fund managers by assets under
management ($bn)
Country of
origin
AUM
1. Blackrock
US
3,808.7
2. Vanguard Asset
Management
US
2,151.2
3. State Street Global
Advisors
US
2,104
4. Fidelity
Investments
US
1,698.6
5. PIMCO
US
1,635
6. J.P.Morgan Asset
Management
US
1,415.8
7. BNY Mellon Asset
Management
US
1,395.8
8. Pramerica
Investment
Management
US
1,065.1
France
965.9
Germany
806.3
9. Amundi
10. Deutsche Bank
Asset and Wealth
Management
Distribution roles – these jobs cover sales,
marketing, product development and client
servicing, and are about selling a fund
manager’s services to the clients who invest
their money with it.
As in investment banking, there’s a range
of middle-office jobs in fund management
in areas such as compliance, technology,
operations, performance measurement and risk
management. The higher-paying roles are in
investment and distribution, however.
key players
Company
Investment roles – investing the money
managed by the asset management firm.
Graduates start out in investment roles usually as
analysts, who scrutinise the best companies and
products in which to invest, looking at financial
and legal information to assess their growth
prospects. The money is actually invested by
portfolio managers (otherwise known as fund
managers), who are responsible for managing
money, often across a range of funds, in their
area of expertise, be it equities, fixed income or
alternatives. Portfolio managers can also have a
sector specialism – say, oil and gas or property –
and can focus on particular countries, or groups
of locations, such as emerging markets.
Source: IPE International Publishers (figures as at 31.12.12)
und managers must
F
combine passion
with an ability to
absorb a lot of data
I nvestment and
distribution roles
pay the most
J unior fund
managers are given
responsibility
quickly
8/10 7/10 7/10 6/10
Pay and bonuses
The US is the world’s biggest fund management
market, and also pays the most. Average pay
for fixed income portfolio managers was $530k
in 2012, according to a survey by Greenwich
Associates and Johnson Associates, and $730k
for those working in equities.
In the UK, meanwhile, average compensation
for senior investment staff was £220k ($334k),
according to PRPi Consulting/PwC.
Barry Smith
COO, Institutional
client group,
State Street Global
Advisors
Opportunities
Roles and career paths
Kudos
‘Active’ fund managers use their skill to build
portfolios that can beat the market average and
often take bigger risks for better rewards.
the overview
Money
and portfolio managers often have a particular
country expertise, whether that’s the UK, US or
emerging markets.
How hot?
Fund managers (also known as asset managers)
broadly fall into two camps: ‘active’ fund
managers and ‘passive’ fund managers.
Decision-making in fund
management isn’t often about
choosing between the right or
wrong path - it’s usually about
trying to choose between two
equally challenging options.
WE TRadE ON yOUR EXpERTISE
aNd yOU ShaRE OUR SUccESS
GRadUaTE OppORTUNITIES
At the heart of everything we do is making intelligent investment
decisions on behalf of our clients. We apply investment intelligence to
our stock choices, carefully researching everything about a potential
investment to find out whether it’s the right place to invest our clients’
money. This is called bottom-up stock picking. And joining us as a
graduate or intern will show you exactly what that means. But it’s not
all about managing investments. We need great people outside of our
fund managing teams too. Which is why we don’t expect you to come
straight in and know everything about what we do. You’ll start your
programme with a solid induction, during which you’ll be introduced
to Fidelity and how we fit into the City. After that, there are many ways
to develop, depending on which of our programmes you join us on
– from research to marketing to HR. To find out where you could go,
visit www.fidelityrecruitment.com
BE OUR NEXT INVESTMENT
WE WANT TO BE SUCCESSFUL, ABSOLUTELY.
FOR YOU AND OUR CLIENTS.
Different perspectives. Shared interests. That’s what defines our culture here at BNP Paribas. Because
we’re a very different kind of investment bank. We focus on our clients and their requirements, and
we expect our people to do the same. We’re global, but with a distinctly European outlook. We’re
never afraid to do things our own way. We have a friendly, vibrant and down-to-earth environment.
Our interns have the chance to see where their skills and their passions lie before they take their
career further with us. Our graduates are people who know what they’re about and where they want
to be in life – which is why you’ll be applying for a specific role rather than a rotational programme.
To find out more about the roles available, visit www.graduates.bnpparibas.com
41
www.efinancialcareers.com/students | Careers in Financial Markets 2014
career insight
Kathy Collins
Companies are often
more comfortable
talking to us on their
own turf and you get
an insight into ways
of doing business in
these countries that
would sometimes
be inconceivable in
developed markets.
Kathy graduated with a
BSc in Economics from The
University of St Andrews, and
joined Aberdeen in 2009.
I work on the emerging
market corporate
debt team, covering
In Singapore, meanwhile, a junior portfolio
manager can expect S$72-120k ($56-95k), rising
to S$180-350k+ ($142-275k) at the senior end.
Skills sought
If investment banks advise clients on trading or
funding decisions, fund management is more
about making decisions on their behalf once they
have entrusted you with their money.
“I spend a lot of time in various types of strategy
and problem solving, so I think the ability to boil
things down to the critical facts is important to
begin to find the right path forward,” says Barry
Smith, chief operating officer of State Street
Global Advisors’ Institutional Client Group and
global head of cash. “Decision-making in fund
management isn’t often about choosing between
the right or wrong path – it’s usually about trying to
choose between two equally challenging options.”
While being quantitative is undoubtedly
important for working in fund management,
qualitative analysis skills are also important.
If, say, a negative news story caused a sudden
The company reports
we analyse contain a lot
of financial and legal
information, so it’s
important to be able to
assimilate and digest
information quickly.
One of the more
frustrating elements of
the job is that you only
become a good investor
over time. You come out
of university believing
that you know a lot, but
you need to have the
experience of investing
through market cycles to
become a good portfolio
manager.
drop in a stock in your portfolio, you’d have to try
to get to the bottom of how big an issue there
really was.
“You must think critically and apply higher-level
thinking when creating investment strategies
and constructing portfolios. It is also important to
understand market psychology,” says Christopher
Alwine, head of municipal bond funds at Vanguard
in the US. “You need the ability accurately to
assess fundamental value to identify investment
value and the associated risk/reward ratio of the
trade. You also need drive because investment
management is highly competitive. We are
competing against the market every day and
outperformance is not easy.”
While the large investment banks hire hundreds
of graduates each year, the big players in the
fund management world recruit tens annually.
As competition has intensified in recent years,
the reality is that fund managers are now
expecting their graduate recruits to be more
prepared for the job market than ever.
“We look for self-starters who are passionately
curious about financial markets, are able to
influence others effectively, and can demonstrate
sound judgement,” says Arvind Sabharwal,
director of equities investments, M&G
Investments in London. “We value graduates
who have the confidence and ability to make and
stand by a decision.”
This is reflected in the high level of responsibility
given to junior fund managers – all firms will
run their own in-house training schemes, but
an understanding of financial markets before
starting in the role is a distinct advantage.
Employers
Don’t expect an easy ride as a fund manager
– you’ll need to be an expert at filtering large
quantities of data, and to be passionate about
investing. You’ll also be heavily judged on your
performance: one fund manager tells us it’s like
“being a student taking a test every single day
and getting a grade, and that grade is published
every single day in the newspaper.”
You don’t need to
have studied finance
or economics to work
in fund management.
For example, a geology
degree could make you a
good oil and gas analyst,
or engineering students
would be effective
infrastructure specialists
– it’s ultimately about
understanding your
subject area.
Financial services
In Germany, a major European centre for fund
management, an experienced portfolio manager
can expect $110-170k as a base salary, according
to recruiters Robert Walters.
Companies are often
more comfortable
talking to us on their
own turf and you get
an insight into ways
of doing business in
these countries that
would sometimes
be inconceivable in
developed markets.
You’re often getting to
the bottom of an obscure
industry in an emerging
market, like a glass firm
in Turkey or a Chinese
retailer, so there’s a lot
of learning to do on the
job and it means that I’m
never bored.
Investment banking
As an analyst in fund
management, you can
spend much of your
time trawling through
company reports
that stretch into 500
pages, looking through
financial statements,
ultimately working out
how companies make
money and then writing
detailed credit notes for
our portfolio managers.
As the name suggests,
there’s a lot of analysis
involved, but there’s
more to the job.
You also need to have
a sceptical outlook
– sometimes there’s
negative news about the
companies we cover, but
we have to really get to
the bottom of the story
and you can’t always take
company statements at
face value.
Getting In
Analyst,
Emerging market
debt,
Aberdeen Asset
Management
companies in Russia,
Ukraine, Kazakhstan, the
Middle East and Africa.
We get to meet the CEOs
and executive teams of a
lot of companies across
all sectors coming to
investor roadshows in
London, but there’s also
a lot of travel.
42
Financial Services
Alternative Investments
High-earning roles, reserved for a select group of graduates
A typical investment is usually in stocks,
bonds and cash. Alternative investments,
however, cover a broader range - including
wine, real estate and art.
In this article we will look at hedge funds and
private equity.
the overview
nly a small number
O
of elite graduates are
recruited
op hedge fund
T
managers earn
mega-bucks, but pay
generally is high
Opportunities
Kudos
Money
How hot?
ost graduates move
M
into private equity
after some financial
sector experience
6/10 9/10 8/10 5/10
Hedge fund managers invest in traditional
as well as alternative asset classes, aiming
for absolute returns regardless of market
movements by employing a range of
investment strategies.
Private equity funds invest in companies that
are not listed on the stock exchange, from
‘seeding’ smaller firms (through venture capital)
to buyout funds, which invest larger sums in
established companies and usually use debt to
finance the transaction.
Key players
The top five hedge funds ranked by assets under
management (AUM) are Bridgewater Associates,
Brevan Howard Asset Management, Och-Ziff
Capital Management, BlueCrest Capital and Man
Investments, according to the Preqin Hedge
Fund Analyst.
Within private equity, the biggest funds by assets
under management are Goldman Sachs Principal
Investments, Blackstone Capital Partners, TPG
Capital, The Carlyle Group and Kohlberg Kravis
Roberts (KKR), according to Towers Watson.
Roles and career paths
There are three key areas in the front office of a
hedge fund: analysis, sales and marketing, and
trading. Analysts look at the companies, markets
and financial products the hedge fund invests
in; sales and marketing liaise with investors and
persuade them to put money into the fund; and
traders act on the analysts’ recommendations
and place trades.
In a private equity fund you’ll start out as an
analyst looking for possible investment targets.
After working as an associate, you then move
into the role of principal, appraising whether
a deal is worth pursuing and sorting out legal
issues. At the top are originators, usually
partners in the firm, who sniff out deals.
Johannes Huth
Head,
KKR Europe
Our investment professionals
must be able to identify
and assess attractive
investment opportunities
and build relationships
with management teams,
external advisers and
industry experts.
pay and bonuses
Hedge fund pay 2012 (funds with >$4bn AUM, $k)
Role
Base
Bonus
Total pay
Researcher/
modeller
118
220
338
Idea generator
250
733
983
Portfolio
manager
100
125
225
Source: Glocap 2013 Hedge Fund Compensation Report (average
amounts for investment professionals at mid-performing funds)
Average total pay in private equity 2012 ($k)
Role
Total pay
Analyst
93.2
Associate
159.6
Senior associate
279.3
Director/principal
473.5
Managing director/partner
1,043
Senior managing director/adviser
1,236
Managing director/partner
1,987
Source: Prequin
Most graduates move across to private equity
after a couple of years in investment banking.
The hours are better – you usually leave the office
by 7-9pm – and earning potential can be greater.
Skills sought
Hedge funds are not big recruiters of graduates,
but an increasing number do have programmes
to recruit juniors. Man Group president, Luke
Ellis, says the firm looks to hire “driven,
committed and energised” individuals who
are “smart, creative and excited by financial
markets”.
In order to work in the hedge fund industry you
also need to be confident in your own abilities:
“We expect everyone to share ideas at whatever
level,” he says.
If you want to work in private equity, firms will
expect you to come armed with “outstanding
business and investment judgement, great
analytical skills and strong relationship skills”,
according to Johannes Huth, head of KKR Europe.
“Our investment professionals must be able
to identify and assess attractive investment
opportunities and build relationships with
management teams, external advisers and
industry experts,” he says.
43
www.efinancialcareers.com/students | Careers in Financial Markets 2014
Financial Services
Global Custody
Safe-keeping experts handling ever-more complex tasks
Fund managers now invest in equities, bonds,
cash, derivatives, hedge funds, real estate and
private equity. Global custodians have to support
these different asset allocation strategies, as well
as develop cutting-edge technology to stay ahead
of their competitors.
Roles and career paths
Client-facing – you will schmooze with clients,
ensure they’re happy with existing services and,
hopefully, sell them others. Firms rarely offer
client-facing roles at graduate level.
Delivery – includes ‘core functions’ like fund
accounting, settlements and corporate actions.
Graduates usually get a grounding in all these
areas before specialising.
Pay and bonuses
Client-facing roles in global custody are the most
lucrative, with base salaries for relationship
managers in the UK coming in at £50-70k ($80113k) after three years’ experience and £80-90k
($130-145k) at the senior end, according to figures
from Robert Walters.
the overview
Company
Assets
1. BNY Mellon
26,300
2. J.P.Morgan
17,868
3. State Street
16,387
4. C
iti
12,470
5. BNP Paribas Securities Services
Source: Institutional Investor
Skills sought
Most roles in global custody, away from the clientfacing positions, tend to be fairly quantitative and
therefore graduates with mathematical degrees
gravitate towards them. Nonetheless, graduates
will also need to demonstrate softer attributes.
“Asset servicing professionals also need
organisational management and communication
skills to effectively articulate complex needs
into strategies that people can relate to and
understand quickly,” says Paul d’Ouville, global
head of product management for corporate &
institutional services at Northern Trust.
Although only some roles in global custody are
directly ‘client-facing’, all roles require some
degree of customer service, and graduates need
to demonstrate that they have these skills.
“Increasingly, our institutional clients also rely
on us to provide data and reporting solutions to
help them make informed decisions; analytical
support to monitor investment performance
and understand portfolio risks; and technology
solutions that automate complex, manual
processes and pull together different streams
of information in accessible formats,” adds
d’Ouville.
lient-facing roles pay more than
C
core custody functions
How hot?
6/10
ustodians are big spenders on
C
technology
Money
6/10
Kudos
5/10
Opportunities
6/10
ustomers are demanding more
C
complex data, and sophisticated
technology
6,366
You need
organisational
management
and
communication
skills to
effectively
articulate
complex needs
into strategies
that people can
relate to and
understand
quickly.
Paul d’Ouville
Global head of
product management
for corporate &
institutional services,
Northern Trust
Employers
Fund administration starting salaries for roles
in settlements are £25-35k ($40-56k) in the UK,
€27-35k ($35-45k) in Dublin, a key centre for
global custody, and S$40-60k ($50-77k)
in Singapore.
Top five global custodians by assets under
custody ($bn)
Financial services
Technology – custodians spend hundreds
of millions of dollars on technology, which
is central to profitability, so they look for the
right IT staff from a graduate level. Firms hire
programmers, data architects, business analysts
and systems integrators.
key players
Investment banking
Core functions in global custody include fund
administration and fund accounting (calculating
how much income funds are making and
spending), settlements (delivering securities
to the buyer and the money to the seller), and
corporate actions (keeping track of dividend
payments for equities and coupon payments
for bonds).
Getting In
Global custody used to be simply about the safe-keeping and administration of
securities for pension funds and fund managers. But, as markets have become more
electronic and investors more sophisticated, the role has evolved significantly. The
range of products and services they offer clients has snowballed in recent years.
44
Financial Services
Interdealer Broking
Intermediaries working behind the scenes
Interdealer brokers (IDBs) have traditionally been
publicity-shy but, as investment banking has hit the
headlines during the financial crisis, this ‘middle-man’
sector has inevitably been thrust into the limelight.
An IDB acts as an intermediary between dealers
at investment banks, enabling banks’ traders to
do large deals with one another anonymously.
This allows high-profile investors to execute
trades without the scrutiny of the market.
For example, assume a trader wants to buy two
million shares in company A at 50 cents each.
They check prices and availability with an IDB. If
the trader is happy with what the IDB has to offer,
the IDB will execute the deal. In return, it takes
a small percentage as commission, which can be
very lucrative, particularly in volatile markets.
IDBs also have large trading floors, staffed by
their broking employees, which can be noisy
places. Despite an increasing number of electronic
trades, voice broking – or taking orders over the
phone – still plays a large part in the sector.
Key players
Five big firms dominate the market. ICAP is the
biggest, followed by Tullett Prebon and then BGC
Group, Tradition and GFI Group, a firm which
specialises in more complex products.
Roles and career paths
Interdealer brokers recruit graduates for voice
and electronic broking. Voice brokers speak
to 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 about speed, trading cash or equity
products in large volumes at the right price,
before the client’s competitors.
Brokers usually specialise in a product, which can
range from options or futures to fixed-income
products. The career path is junior broker,
broker, desk manager, director, head of division.
Pay and bonuses
the overview
Starting salaries at interdealer brokers average
out globally at around $40-50k, according to
specialist headhunters Search Partners.
The more complex the product, the higher the
pay, and some smaller brokers offer a higher
percentage of the profits to individuals in
return for smaller salaries. However, the spread
between base salaries for senior brokers is large
at $120-220k.
The big money is earned through taking a cut
of the money brokers bring in for the company,
which is anything from 35% to 50%.
Skills sought
Interdealer broking is about relationships, so if
you’re not a people person, don’t apply. In fact,
such is the bond between broker and client that,
if a successful broker leaves for a competitor,
they’ll often take their business with them. Team
moves are common among competing IDBs.
“We look for an outgoing personality and the
ability to build and maintain relationships and
to be a team player,” says Karen Aflalo, human
resources director, Americas, GFI Group. “We
look mainly for finance or economics degrees.
We find it helpful when the candidate has
played team sports in college as this is a team
environment.” Mark Beeston, CEO, portfolio risk
services at ICAP, adds that “all our businesses are
relationship-based.”
Inevitably, there’s a lot of client entertainment.
Recruiters in this area suggest that a junior
broker can spend three or four nights a week
entertaining and you’re still expected to be
at your desk at 7am the following morning.
Stamina, and the ability to work through an
occasional hangover, are therefore important.
However, getting in requires more than just
social skills. “To be a good broker you must
understand the market you operate in, must be
open to working with technology and have tech
knowledge. You must also build and nurture
good relationships with your clients and your
colleagues,” says Aflalo.
uccessful brokers can build deep
S
client relationships
How hot?
5/10
raduates need to be outgoing, and
G
willing to socialise
Money
7/10
Kudos
5/10
Opportunities
6/10
raditional voice broking and
T
tech-driven electronic broking are
both career options for graduates
We look
mainly for
finance or
economics
degrees.
We find it
helpful when
the candidate
has played
team sports
in college as
this is a team
environment.
Karen Aflalo
Human resources
director,
Americas,
GFI Group
HERE’S THE
DEAL.
ICAP is the world’s leading markets
operator and provider of post trade
risk mitigation and information
services. You are an incredibly bright
individual with a personality to match.
We’re fast-moving, global, innovative
and meritocratic. A place where talent
and ambition thrive and where each
day brings another opportunity,
another challenge, another chance
to prove your potential.
We have a range of full-time and
internship opportunities.
Careers in global financial markets
www.icap.com/careers
Martin Minvielle
Broker, London
©ICAP plc 2013. 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.
46
Financial Services
Wealth Management
Sophisticated diplomats managing money for the world’s rich
Private wealth managers help very rich and,
occasionally, famous people manage their money,
ensuring that it grows and that they’re able to pass it
on to the next generation.
The fastest growing type of client is the ultrahigh-net-worth (UHNW) individual or family
– those with at least $10m in investable assets
key players
Top global private banks by assets under
management ($bn)
Firm
AUM
1. UBS
1,705.0
2. Bank of America
1,673.5
3. Wells Fargo
1,400.0
4. M
organ Stanley
1,308.0
5. Credit Suisse
854.6
6. Royal Bank of Canada
628.5
7. HSBC
398.0
8. D
eutsche Bank
387.3
9. B
NP Paribas
346.9
10. P
ictet
322.2
People working in investing either invest their
clients’ money or offer them detailed advice
to help them invest their own money. They
are typically product specialists: experts in a
particular asset class, such as fixed income,
equities, structured products, or investments in
the private equity and hedge fund sectors.
Those on the relationship side are effectively
salespeople who cultivate links with clients and
sell the bank’s services. This can involve a lot
of travelling and close contact with demanding
people – relationship managers have been
known to compare themselves to general
‘family advisers’ akin to the family doctor.
After a relationship private banker has
established a client’s needs, specialists produce
a detailed solution.
igh-net-worth
H
clients are demanding
and short of time
anks need
B
relationship
managers as well as
technical specialists
Opportunities
The clients of private wealth managers range
from company chief executives to property
tycoons, sports stars or members of privately run
family businesses.
If you work as a private banker, you can expect
to perform one of three broad categories of job:
investing money for existing clients, building
relationships, or managing back-office functions
such as human resources or accounting.
rivate banks
P
want emotional
intelligence and a
natural curiosity
Kudos
Private client brokers – help clients buy and sell
financial products, particularly equities or stocks
(hence the term ‘stockbroker’). They also advise
on products to invest in.
Roles and career paths
the overview
Money
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 develop a
strategy for charitable giving, and advise on
bequeathing wealth.
(although some banks only deal with clients
worth $30m or more). However, there’s also the
high-net-worth market – those with at least $1m
to invest – and the ‘mass affluent’ clients who
have at least $100k.
How hot?
They fall into two categories:
7/10 7/10 8/10 5/10
There are two types of private client brokers.
The first works on discretionary mandates,
in which wealthy clients communicate their
investment strategy and the broker buys
and sells the financial products they think
appropriate. The second works 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 generally only the larger firms
offer graduate training courses.
Source: Scorpio Partnership Private Banking Benchmark 2013
Joanna Thornell
Managing director
and head of
banking services,
Coutts
Personality is a key factor behind the success
of a private banker or wealth manager, given
the importance of chemistry in building and
sustaining trusted relationships.
47
www.efinancialcareers.com/students | Careers in Financial Markets 2014
career insight
Cindy
Loudenslager
It’s a lot to juggle, but
you need to do so in a
way that makes each
client feel that they are
priority.
Cindy graduated from
Otterbein University
with a degree in business
administration, and has an
MBA from Columbia Business
School. She joined Deutsche
Bank in 1986.
My job is primarily about
overseeing a very diverse
base of clients. On the
one hand, you need to be
proactive – this means
presenting new product
ideas to clients, keeping
in regular contact, and
Much of my day is spent
meeting with clients to
discuss their immediate
and long-term financial
goals, and liaising with
our product specialists
on the new investment
opportunities available to
my clients.
This may sound simple,
but it’s incredibly varied.
For instance, today I had
a conference call with
a client and a portfolio
manager in our team
regarding their asset
allocation and potential
changes to recommend.
Success in wealth
management requires
hard work, dedication
and the willingness
to accept the next big
challenge.
In order to advise my key
clients successfully, it
also requires excellent
communication skills
and a deep understanding
of the current market
trends in financial services.
You also need to be an
effective navigator in
order to find the right
solutions within the bank
or elsewhere and bring
them to your client. To
remain competitive you
should be up to date on
world events and the
financial markets.
Investment banking
Relationships are critical
in wealth management.
In order to succeed you
need both a passion for
the financial markets and
the ability to continually
build your network.
However, you also need
to be responsive to the
demands of clients,
which involves providing
solutions, answering
questions and solving
problems. It’s a lot to
juggle, but you need to
do so in a way that makes
each client feel that
they are priority. You
represent both the client
and the bank, and both
are equally as important.
I also coordinated with
our markets coverage
group on a new brokerage
account opening and
had an investment
conversation with a
client who had just wired
additional funds to their
Deutsche Bank account.
Getting In
Managing director,
Asset & wealth
management,
Deutsche Bank in
New York
putting together a virtual
team of specialists to
interact with each client.
Pay and bonuses
In the US, the mean wage for a financial adviser
is $91.2k, according to figures from the Bureau of
Labor Statistics.
Skills sought
In an industry built on relationships, it’s not
surprising that one of the key attributes wealth
managers look for is ‘emotional intelligence’,
according to Joanna Thornell, managing director
and head of banking services at Coutts in the UK.
“Personality is a key factor behind the success
of a private banker or wealth manager, given
the importance of chemistry in building and
sustaining trusted relationships with wealthy
individuals, their families and their advisers,”
she says.
“We are looking for people with a strong curiosity
and active interest not just in investments and
the financial markets, but across every aspect of
an individual’s wealth planning,” says Kam Shing
Kwang, managing director and head of Hong
Kong at J.P.Morgan Private Bank.
In the fiercely competitive market of wealth
management, private bankers need technical
expertise to get ahead of the herd. Most firms
will teach their juniors what they need to know,
but a natural “inbuilt curiosity and ability to
connect with people” is what will set a good
private banker apart, says Thornell.
“Candidates must also be confident and
demonstrate a willingness to learn and ability
to adapt, as markets or the environment in
which they work continually change,” she says.
“Communication skills are also important
given that the clients they will be dealing with
are typically highly intelligent, successful and
demanding individuals who are often very short
on time.”
“Private banking is a long-term career, so the
ability to build solid and real relationships over
time, as well as to gain the trust of the most
successful people in the world, is another trait of
a client adviser,” adds Kwang.
Employers
Switzerland remains a hub for wealth
management, and relationship managers earn
CHF100-160k ($108-170k) after five to seven
years, according to Robert Walters, rising to
CHF160-260k ($172-280k) in the senior ranks. In
the UK, a senior private client investment adviser
should expect at least £90k ($138k), while junior
positions typically pay £40-60k ($61-92k).
Knowledge of financial products within your
specialism is important, which means good
numeracy skills and a keen interest in financial
markets, but a good private banker must always
present their advice to clients in a way they can
easily understand.
Financial services
Singapore has been labelled the ‘new
Switzerland’ because of the rapid growth
of the wealth management industry there.
Relationship managers start on S$80-120k ($6395k), according to recruiters Robert Walters,
rising to S$220-320k+ ($173-250k+) at the senior
end. In Hong Kong, junior relationship managers
earn HK$300-540k ($39-70k), rising to HK$600720k ($77-93k) for those with more than eight
years’ experience.
48
Financial Services
Corporate Banking
Managing the banking business of the kings of capitalism
Corporate banking, usually called commercial
banking in the US, is the broad term applied to the
various banking services offered to large and small
to medium-sized (SME) companies. This may sound
simple, but it’s definitely not.
the overview
Relationship
managers need
to be diplomatic,
engaging and
commercially-minded
orporate banks offer
C
a range of simple and
complex services to
large companies
Opportunities
Kudos
Money
How hot?
xpect a lot of travel
E
and interaction
with customers’
businesses
7/10 6/10 6/10 7/10
Head of SME,
Santander Corporate
& Commercial
World’s biggest banks by assets 2012 ($bn)
Company
1. Deutsche Bank
2. HSBC
Country
Total assets
Germany
2,799
UK
2,555
France
2,542
For example, a single bank can arrange a loan for
a company, which is relatively straightforward.
On the other hand, banks could be involved in a
more complicated syndicated loan, where several
banks combine to provide the funds for a loan.
3. BNP Paribas
4. Industrial and
Commercial Bank
of China
China
2,456
Corporate banking services also include cash
management – collecting and managing a
company’s cash to ensure its financial stability,
managing changes in foreign exchange rates, or
offering treasury solutions. They also provide
similar services to those offered to members of
the public – the issuance of cheques and bank
drafts, or overdrafts, for example.
5. Mitsubishi UFJ
Financial Group
Japan
2,447
France
2,431
Corporate bankers target different industries,
such as healthcare, public sector or retail,
and therefore often carve out niche areas of
expertise. Those servicing energy, mining or
utilities companies, for instance, might be
project finance experts, working out the business
case for funding a new power plant or mine.
Roles and career paths
Junior corporate bankers often start out as credit
analysts, assessing company balance sheets and
deciding whether or not to issue loans. You may
also accompany senior sales and relationship
staff as they try to sell products to corporate
customers. One banker describes this as “bagcarrying” – picking up tips without having much
influence on the deal.
6. Crédit Agricole
7. Barclays
UK
2,417
8. Royal Bank of
Scotland
UK
2,329
9. J.P.Morgan Chase
US
2,265
10. Bank of America
US
2,129
Source: Global Finance
managers, who attempt to bring in new
customers, or relationship managers, who look
after existing clients. Both involve wining and
dining chief executives and finance officers but
are also quite technical.
There are also varying standards of relationship
managers – those who simply respond to the
‘Request for Proposal’ (a company bidding
to numerous banks for its funding needs);
those who are first to receive client calls about
potential opportunities; and ‘trusted advisers’ –
bankers with deep client relationships.
Before you specialise, the training process can be
a long one: “In corporate banking our graduates
typically sit with our coverage teams and gain
exposure to a number of different businesses
and dynamic environments across a series of
different placements over two years,” says
Christopher Jackson, head of emerging talent at
Lloyds Banking Group.
Relationship managers have a support team, so
when the company needs to raise finance, the
relationship management team also provides
transaction and structuring advice. If you’re not
up for a client-facing role but still want to work
in corporate banking, you have the option of
working in risk/credit assessments or product,
operations or treasury management.
In some institutions, such as Deutsche Bank,
HSBC and J.P.Morgan, the corporate banking
divisions have become more aligned with the
investment bank. This allows the bankers to
cross-sell their products to large clients.
Skills sought
Senior roles in corporate banking are more
client-focused. There are business development
Marcelino Castrillo
key players
Bankers must be able to make
a realistic assessment of a
business’s needs so that they
are not raising expectations
and, more importantly, not
shutting doors which should
be opened.
You have to be personable to win business and
maintain relationships in corporate banking, but
you also have to be a ruthless number cruncher.
After all, there’s no point in lending money to a
client if they’re likely to fail to pay it back.
49
www.efinancialcareers.com/students | Careers in Financial Markets 2014
“A good assessment of risk – knowing what kind
of support a business needs and what kind of
support can be offered – is highly important,”
says Marcelino Castrillo, head of SME at
Santander Corporate & Commercial. “Bankers
must be able to make a realistic assessment of
a business’s needs so that they are not raising
expectations and, more importantly, not shutting
doors which should be opened.”
Corporate banking pay 2013 ($k)
Role
Base salary range
Bonus range
Graduate/analyst
55-85
20-50%
70-100
20-50%
85-115
30-70%
VP/Associate director
100-140
30-100%
Director
140-230
80-150%
Managing director
215-380
100-250%
Senior analyst/executive
Associate/manager
Source: Michael Page Financial Services Salary Survey 2013 (original figures in GBP)
Goh Soon Hong
MD,
Institutional
banking group,
DBS Bank
Goh has a degree in business
(banking) from Nanyang
Technological University. He
started his career at Overseas
Union Bank in 1995 and
joined DBS in 1997.
My job is largely about
business development
within the SME division,
which means that
there’s a lot of customer
interaction and a need to
constantly engage with
my clients to help them
grow their businesses.
One of the key
challenges I have
faced over the course
of my career is
how to turn down a
customer’s request
while maintaining the
relationship. It comes
down to mutual trust
and respect, as well as
open and transparent
communication – if
the customer respects
our judgement and
is aware that we
respect his as well, the
process of reaching a
solution when there
are impasses is made
much easier.
In order to be successful
in corporate banking,
one needs to be
business-minded and
have an eye for detail so
you can be quick on the
uptake when meeting
customers, and be able
to deliver timely and
effective solutions to
them. Learning how to
present information in a
cogent way and how
to spot key growth
opportunities is also a
mark of a good banker.
Employers
My key duties are
to understand my
clients’ businesses
and to advise them
on a range of issues,
from microfinance
and working capital
solutions, to funding
their capital expenditure
and overseas expansion.
I look after the portfolios
of approximately 1,000
To make it as a
relationship manager
in corporate banking,
you need deep financial
knowledge, a keen
understanding of the
market, an ability to assess
risk, and interpersonal
skills to build relationships
and network with
clients. You also need to
synthesise large amounts
of information and come
up with solutions to help
your customers.
Financial services
One of the key challenges
I have faced over the course
of my career is how to
turn down a customer’s
request while maintaining
the relationship. It comes
down to mutual trust and
respect, as well as open and
transparent communication.
60% of my job
involves meeting with
customers. These
meetings help me
better understand their
needs and enhance
my relationship with
them. This can involve
travel around the
region to places like
Indonesia, Vietnam and
China, where my clients
have businesses. 20%
is spent meeting with
people in the business to
discuss the strategy for
the SME division, and the
remainder of my time is
spent with my team,
which consists of around
100 people.
customers whose
businesses tend to have
a yearly turnover of less
than $200m.
Investment banking
Corporate bankers will be given a lot of
responsibility relatively quickly, so employers
want to see evidence of maturity and client
focus, even at graduate level. “Really work on
how to simplify complex information in a way
that’s easy to understand - communication is
a key differentiator, as is the ability to manage
complex issues and think commercially,” adds
Lloyds’ Jackson.
career insight
“In my area of private equity financing and
advisory, technical skills and deal experience are
needed to gain credibility, but the ability to build
trusting relationships with the right individuals
is the most important requirement,” says Nick
Heptinstall, senior banker, financial sponsor
coverage, SG CIB. “Across most of the disciplines,
successful candidates tend to have curious minds
and are not afraid of speaking up when a key
point is being missed.”
Getting In
Not only will you be required to keep up with
developments in various industries and the
implications of these for your clients’ risk
appetite, but you’ll also need to be aware of the
regulatory hurdles and the cultural sensitivities
of doing business in several countries, as many
roles cover a number of geographical locations.
pay and bonuses
50
Financial Services
Data Providers & Rating Agencies
Providing the information that fuels investor sentiment
Credit rating agencies assess the likelihood
that an organisation or country issuing debt
will fail to pay back its creditors fully and on
time – called ‘going into default’.
Debtors are rated from AAA (virtually guaranteed
to pay up on time) through to C (indicating a high
risk of default). Risks are classified as ‘investment
grade’ if they come in at BBB or above, with
anything less known as ‘speculative grade’.
Data providers supply financial markets and
media with critical real-time information such as
company share prices, exchange rates, research
and analytics, and tools and software for
tracking portfolios. They also offer financial and
business news services.
Key players
The ‘big three’ credit rating agencies, Standard &
Poor’s (S&P), Moody’s and Fitch Ratings, control
around 95% of the market. S&P and Moody’s
have around 40% each and Fitch has 15%. In the
market data and analysis industry, Bloomberg
and Thomson Reuters remain locked in a battle
for the top spot – the former had a market share
of 30.82% and the latter 29.48% in 2012, according
to Burton-Taylor International Consulting.
Other key players include Dow Jones/Factiva,
Interactive Data, FactSet, SIX-Telekurs and IRESS.
Roles and career paths
Rating agencies usually recruit graduates into
data analysis jobs. Trainees typically start in
research teams focusing on industry sectors
and/or financial products. Fitch has a structured
graduate programme. Moody’s and Standard
& Poor’s recruit according to need. Because
the graduate programmes give a grounding in
fundamental research and a broad understanding
of particular industries, many who start out
in rating agencies gravitate towards research
roles in other parts of financial services.
Data providers offer a variety of graduate
roles, including data analysis, finance, IT and
sales. They also hire into editorial positions Bloomberg, for instance, employs around 2,000
journalists globally.
Pay and bonuses
the overview
Graduate trainees within data providers can
expect to start on $40-45k, depending on
experience and academic background, according
to recruiters. Rating agencies typically pay $45k at
junior level, with the possibility of a small bonus.
Further up the ladder, credit analysis roles pay
well. After five to seven years, salaries are $90120k, according to the Robert Walters
salary survey, rising to $120-150k after seven
to 10 years.
Skills sought
Data providers value IT skills, such as Microsoft
Excel and Visual Basic, even if the role isn’t
related to technology, and desirable degree
disciplines include mathematics, finance or
economics, according to Fahid Naeem, head of
EMEA recruitment at Bloomberg.
“We look for applicants who are proactive,
motivated, and eager to take ownership as we
expand our regional and sector coverage,” he
says. “New talent and technologies drive the
team to innovate and we place a strong emphasis
on continuous training and development: an
appetite for learning is essential to this process.”
Meanwhile, rating agencies require their
analysts to be subject matter experts not only in
their particular field, but also in the “possible
influences on it from macroeconomics, politics,
local and global trends, and technology”,
says Alex Griffiths, senior director in Fitch’s
corporates rating team.
“Our people need to be able to form strong
opinions based on detailed analysis, to defend
these internally to help form a consensus
view (because ratings are assigned by a
committee rather than an individual) and
to communicate this view effectively to the
outside world,” he says.
“There are a limited number of places on
graduate schemes and competition is high.
We typically favour candidates who can
demonstrate a genuine interest in finance.
The graduates we hire have often already sat
one or more CFA papers and had relevant work
experience,” he adds.
AA rating is the gold standard
A
to which most companies aspire
How hot?
6/10
loomberg is the biggest data
B
provider, followed by Thomson
Reuters
Money
6/10
Kudos
5/10
Opportunities
5/10
ating agencies want subject matter
R
experts able to form strong views
The graduates
we hire have
often already
sat one or
more CFA
papers and had
relevant work
experience.
Alex Griffiths
Senior director,
Corporates rating
team,
Fitch Ratings
51
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Financial Services
Insurance
Storms, statistics and the complex business of being
prepared for the worst
Getting In
Insurance is about making sure you’re
covered when the worst happens, whether
that’s a natural disaster, a car crash or your
exports being lost at sea.
Insurance brokers – intermediaries who sell
insurance products – particularly important in
the corporate market.
Lloyd’s market – about 140 corporations,
individuals, underwriters and financial
backers, or syndicates, who come together
to spread risk.
Roles and career paths
Underwriting – involves extensive risk analysis,
sifting stats on industries, demographics and
clients to prepare a quote.
Broking – the salespeople of insurance, who try
to find the right product for a client.
Claims – where most insurance people work.
Graduates are likely to land in fraud detection or
claims investigation.
Pay and bonuses
“We are looking for candidates with good
analytical skills, attention to detail and a
strong results orientation,” says Sabine Goesch,
chief human resources officer at Allianz Asia
Pacific. “We place high importance on the ability
to work in teams – ideally across markets in an
international environment.”
Insurance firms are also dealing with a more
complex regulatory environment – Solvency
II is placing great demands on insurance
firms in Europe, for example. Keeping up with
developments in this area would be valuable.
I nsurers want
subject matter
experts from many
backgrounds
8/10 5/10 5/10 6/10
Because insurance spans so many areas, subject
matter experts are also hired into graduate
schemes: “Experts from all disciplines are
needed – mathematicians, economists, lawyers
and engineers, but also geologists, pilots, climate
researchers, physicians and graduates from
many other fields,” says Verena König, talent
management consultant at Munich Re.
In the US, the median annual wage of qualified
actuaries is $87.6k, but the top 10% earn
over $160k, according to the Bureau of Labor
Statistics. In the UK, the starting salary for
qualified actuaries is £46.5k ($70k), increasing to
£221k ($337k) for a chief actuary, according to The
Actuarial Profession.
Top five insurers ranked by non-banking assets
Country
1. Japan Post Insurance Co.
2. Axa
3. Allianz
Country
Japan
France
Germany
4. MetLife
US
5. A merican International
Group
US
Source: A.M.Best
Verena König
Talent management
consultant,
Munich Re
Experts from all disciplines
are needed – mathematicians,
economists, lawyers and
engineers, but also geologists,
pilots, climate researchers
and physicians and graduates
from many other fields.
Employers
key players
Financial services
Actuarial – the domain of the maths whizz.
Actuaries produce financial models based on
the statistical analysis of risk, which are used by
underwriters in their analysis.
For underwriting roles, a good level of numeracy
is required, plus communication skills.
ctuaries are
A
maths whizzes
who can earn
six figures
Opportunities
Re-insurers – insure insurers against risk of
significant losses.
Kudos
It takes five to seven years just to qualify as
an associate actuary, but training is usually
provided by the employer. You will need a mathsbased degree to get your foot in the door, but this
is the case for most graduate roles in insurance.
Skills sought
I nsurance employs
millions around
the globe
Money
Insurers – assess risk and develop products for
sale to individuals and corporations.
the overview
How hot?
Specialist Lloyd’s underwriters should expect
a starting salary of £25-35k ($38-55k), but it’s
possible to earn £70-150k ($107-230k) in a
senior position.
Investment banking
It’s also a huge industry: global insurance
premiums totalled more than $4.6 trillion in
2012, and in the US (the largest insurance centre,
followed by Japan and the UK) it provides about
2.3 million jobs. The industry has four main areas:
The experience
stays with you
Jer on client site with a broadcaster
Assurance
Actuarial
Consulting
Deals
Tax
Technology
All degree subjects
Voted employer of
choice by students
in The Times Top 100
Graduate Employers
survey for ten
years running.
Consulting Graduate Development Programme
Offices across the UK » Join spring, summer or autumn
Our clients come from every area of industry, so graduates in our
Consulting practice enjoy the greatest breadth of exposure, highly
stimulating work and varied opportunities. Join us in one of our four
specialist areas and you’ll get to work alongside, and learn from, an
incredible range of people and develop a deeper understanding of the
big business issues. On a recent project to restructure the finance
department of a big-name broadcaster, Jer had to announce the changes
to the business, making sure the right people were kept informed every
step of the way. And in doing so, she found herself right at the heart of the
transformation process. Join PwC – we’re focused on helping you reach
your full potential.
Take the opportunity of a lifetime
www.pwc.com/uk/careers
www.facebook.com/PwCCareersUK
© 2013 PricewaterhouseCoopers LLP. All rights reserved.
Diverse people make us stronger
PwC More London office
Your career is just that; yours. You choose it. You live it. You make
it happen. To get the best from it, you need the best opportunities.
That’s why opportunities are at the heart of a career with
us. Opportunities to grow as an individual, to build lasting
relationships and make an impact in a place where people,
quality and value mean everything. And we’re proud, based on
the opportunity we offer, that students have voted us the number
one Graduate Employer in The Times Top 100 Graduate Employers
survey for the last ten years.
There are a number of routes available for you to
choose from:
Start your career by building your core skills
in Management consulting. You’ll experience
several different areas of our consulting practice
during your first 21 months, after which you’ll
specialise in either: operations, finance, strategy,
people and change, risk, technology, or project
and programme management or sustainability
and climate change. Or if you want to specialise
straight away, you can join one of our specialist
consulting areas:
Strategy consulting focuses on the key strategic
issues businesses face. The advice offered
covers everything from competitive landscape
and market trends analysis, to holistic business
strategy creation.
Economic consulting advises clients in the public
and private sectors on complex business and policy
issues including investigations and commercial
disputes, market reform, and strategies for growth.
Sustainability & climate change consulting
helps governments and businesses embed
sustainability into their strategies and throughout
their organisations, while making the most of the
opportunities created for innovation and growth,
as the world transitions to a greener economy.
Risk consulting focuses on establishing risk
management as an integral part of clients
management processes and decision-making
framework. We assist clients in meeting the
expectations of their stakeholders and regulators
so that they maintain capital surpluses to meet
their liabilities, even if a number of extreme risks
materialise.
54
Financial Services
Accounting
Much more than just bean-counters
People have a stereotypical view of what
accountants do. In reality, there are many career
options. If you want to become one, ask yourself
what kind of accountant you’d like to be.
Product control – keep an eye on the profits and
losses made on products bought and sold on the
trading floor.
Financial control – analyse the bank’s overall
performance and produce regular reports.
Internal audit – responsible for checking
that financial systems and controls within the
organisation are being complied with.
Regulatory – ensure the bank reports its
financial activity according to the legal rules of
the countries it trades in.
Treasury – structure the bank’s financial affairs
so that sufficient liquidity is available to meet its
obligations and liabilities.
By comparison, if you start as a graduate trainee
in a Big Four accountancy firm, your career will
be more limited: about half of the thousands of
graduates recruited every year end up in audit
and assurance departments, where they handle
the accounts of publicly traded companies
and independently validate that a company’s
accounts are correct.
Big Four firms also conduct advisory work,
which can include corporate finance (see
Mergers & Acquisitions on p18), reorganisation
services (offering advice on everything from
restructuring or insolvency to simply improving
a firm’s performance), or forensic accounting
(investigating improper practices). They also run
Jonathan Chesebrough
Managing director and
head of risk advisory,
Royal Bank of Scotland
Accountants earn more in financial services than
in any other sector. Basic salaries are higher and
there’s the potential to earn lucrative bonuses.
An internal auditor with more than five years’
experience working in banking and financial
services in the US can expect $80-135k, according
to Robert Walters, or $105-125k in the UK.
By comparison, an internal auditor in a large firm
in industry or commerce earns $80-115k.
Skills sought
There are few occupations so reliant on
qualifications as accounting, and yet the type
of qualification varies from country to country.
Most large accountancy firms will demand a
finance-related degree, but the first few years in
the job are spent earning your stripes.
oles in financial
R
services pay
more than other
industries
ccountants have a
A
vast array of career
options
Opportunities
There are several options open to you in an
investment bank.
Pay and bonuses
here are many
T
formal qualifications
depending on the
country
Kudos
Roles and career paths
There are other accountancy opportunities in
industry and commerce for financial accountants
as well as management accountants, namely
those providing forward-looking statements for
executives to base their business decisions on.
the overview
Money
Alternatively, you could work for an accountancy
firm providing independent audit services to
other companies. The best known are the Big
Four – Deloitte, Ernst & Young (EY), KPMG and
PricewaterhouseCoopers (PwC).
consulting arms offering advice on the business
case for everything from technology
to economics.
How hot?
Within financial services, investment banks hire
accountants, as 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.
7/10 7/10 6/10 9/10
In the US, for instance, if you want to work in
assurance or public accounting it’s de rigueur to
undertake the Certified Public Accounting (CPA)
qualification, which requires a combination
of study and work experience. There are also
the options of Certified Internal Auditor (CIA),
Certified Management Accountant (CMA)
and Accredited Business Accountant (ABA)
qualifications.
The qualification favoured by Big Four
accountancy firms in London is that provided
by the Institute of Chartered Accountants in
England and Wales (ACA), something that
is recognised internationally and that most
investment banks in the City expect of their
product controllers. Another option is the
Association of Chartered Certified Accountants
(ACCA) qualification, which is internationally
What makes someone a great accountant is
communication and strategic thinking, being
able to convey complex topics in a simple and
lucid manner, and ensuring others appreciate
the strategic relevance.
55
www.efinancialcareers.com/students | Careers in Financial Markets 2014
career insight
Shawn Goff
Salt Lake City
managing partner,
Ernst & Young
The most challenging
part of the job for me is
getting to an answer I
know is right, but may
be difficult for my client
to accept.
Typically, I spend
my days out at client
locations, working with
our engagement team
and the company CFOs
Most of what I do every
day involves building
relationships both
internally and externally.
In client service, you
never know when a
difficult issue is going to
arise and I want to make
sure my relationship
bank is full of credits
before I need them.
Despite being a large
global firm, most new
business is built through
word of mouth and
reputation and therefore
we need to provide
excellent client service.
Problem-solving and
We have a very serious
responsibility to the
investors we serve. I
somewhat jokingly refer
to us as the ‘protectors of
the capital markets’. The
most challenging part of
the job for me is getting
to an answer I know is
right, but may be difficult
for my client to accept.
Managing through these
challenges and finding a
solution can be difficult,
but it’s also when I learn
the most.
The advice I give students
is to treat the first years
of public accounting as
an extension of your
education. Come in with
the idea that you will
constantly be learning,
asking questions and
challenging what was
done in the past. In
public accounting,
we also emphasise
developing leadership
skills, as two years
into an audit career,
people advance into a
leadership position.
communication skills and are well-rounded
individuals. This means that extra-curricular
activities, as well as academic achievements, are
assessed during the recruitment process.
On the European continent, meanwhile, there
is a host of local qualifications. In France,
for instance, there is the DCG (Diplôme de
Comptabilité et Gestion), equivalent to a threeyear degree, and the DSCG (Diplôme Supérieur de
Comptabilité et Gestion), equivalent to a master’s
degree. In Germany, accountants work towards
becoming a ‘Wirtschaftspruefer’, but must first
take their chartered adviser exams to qualify as
a ‘Steuerberater’, and most firms also provide
vocational training.
“As I liaise with a large variety of internal and
external stakeholders - clients, regulators, staff
and other professionals - it is important to have
strong interpersonal and communication skills,”
says Ivy Cheung, audit partner, KPMG China.
Jonathan Chesebrough, managing director and
head of risk advisory at Royal Bank of Scotland,
says: “What makes someone a great accountant
is communication and strategic thinking, being
able to convey complex topics in a simple and
lucid manner, and ensuring others appreciate
the strategic relevance.”
Everything in a Big Four firm, from audit to
consulting, involves working with clients –
even at a junior level – so employers look for
evidence that graduate recruits have excellent
“The accounting profession faces many
challenges as a result of significant changes
to the global business environment. We need
to ensure we meet regulatory and compliance
requirements, continuously enhance our
technical knowledge as well as diversify our
skill sets,” she adds.
pay and bonuses
Product control salaries – mid-level role ($k)
Country
Salary
US
130-210
UK
125-175
Japan
131-182
Singapore
75-120
Source: Robert Walters
Employers
The national industry body in Australia is the
Institute of Chartered Accountants in Australia,
and to become a member it’s necessary to
complete the Chartered Accountants Programme.
Singapore has just launched the Qualification
Programme (QP), which is mandatory for any
chartered accountants in the country, and the
Hong Kong Institute of Public Accountants runs
its own CPA programme.
Even once you attain your accounting
qualification, the on-the-job training
continues, not least because the accounting
profession is always being required to evolve,
Cheung explains.
Financial services
recognised with over 320,000 members
worldwide, while most management accountants
tend to study the Chartered Institute of
Management Accountants (CIMA) exams.
Investment banking
Audit, perhaps
unexpectedly to some
outside the sector,
requires leadership,
relationship building
and communication
skills to be successful
in the long term. In my
job, it’s important for
me to provide exceptional
service to my clients,
manage accounting
and audit issues
companies face and
continue to develop
new business in the
Salt Lake City market.
team work are central
to this.
Getting In
Shawn has a master’s degree
in accountancy from Brigham
Young University (BYU). He
joined Ernst & Young in 1997.
and controllers to resolve
any accounting issues.
Even at the senior level,
the job is still very hands
on. Today, for example,
I spent the morning
on calls discussing the
accounting treatment
for several equity
transactions for one of
my emerging growth
audit clients, then the
afternoon was taken
up performing a review
of a public company’s
second-quarter results.
56
Employers
Barclays
BNP Paribas
Crédit Agricole
Group
Company snapshot
Company snapshot
Company snapshot
140,000 people. Over 50 countries.
A long tradition of innovation that
remains at the heart of the business
today. These are just a few of the
things that make us a major global
financial services provider. But it’s
our future ambitions and the actions
we’re taking to achieve them that
truly set us apart.
We are a leading global investment bank.
We work as trusted advisers to clients
including governments, corporations,
financial institutions and investors. We
have one of the most comprehensive
international networks in corporate and
investment banking, and are renowned
for being a world leader in derivatives,
structured products, capital markets and
specialised finance.
The Crédit Agricole Group is market
leader in Universal Customer-Focused
Banking in France and one of the
largest banks in Europe. Over the years,
Crédit Agricole Group has built up its
businesses around the regional bank
network to serve the real economy
by supporting its clients’ projects in
all areas of retail banking, associated
specialised business lines and corporate
and investment banking. The Group
remains true to its cooperative and
mutual origins by making continual
progress on behalf of its 51 million
clients and its 150,000 employees in
over 50 countries.
We’re setting out to shape the future
of our business. Driven by strong
values and a clear direction, we’re
focusing on one core purpose: helping
people achieve their ambitions – in the
right way. This includes our graduates
and interns.
Graduate programme info
Our success is down to our people
and we focus strongly on our global
graduate and internship intake. Our
graduates today will be the leaders of
our businesses tomorrow – which is why
we make sure they can gain invaluable
experience, develop new skills and build
rewarding, international careers.
Approx. grad hires in 2013/14: 250+.
Graduate programme info
Divisions offering vacancies: Corporate
Banking, Investment Bank, Retail
and Business Banking, Wealth and
Investment Management.
Application criteria: Strong academic
background.
Approx. grad hires in 2013/14: 60+.
Divisions offering vacancies: Corporate
Banking, Capital Markets & Advisory
and Functions/Technology.
Application criteria: Minimum 2.1 degree;
Typical duration of grad programme:
we also accept those with a master’s
degree.
Application deadline(s):
Typical duration of grad programme:
Apply via:
Application deadline(s): End of
2 years.
15 November 2013.
www.barclays.com/joinus
Full-time, permanent role.
November 2013.
Apply via:
Internship/Stage info
www.graduates.bnpparibas.com
Approx. intern hires 2013/14: 250.
Internship/Stage info
Divisions offering vacancies: Corporate
Banking, Investment Bank, Retail
and Business Banking, Wealth and
Investment Management.
Application criteria: Strong academic
background.
Typical duration of internship programme:
8-10 weeks.
Application deadline(s):
31 December 2013.
Apply via:
www.barclays.com/joinus
Approx. intern hires 2013/14:
Summer internship – 50.
Long-term internship – 100.
Divisions offering vacancies: Corporate
Banking, Capital Markets & Advisory
and Functions/Technology.
Application criteria: Summer internship
- designed for penultimate-year students.
Long-term internship – candidates
must be in full-time higher education,
or have graduated within the last year.
Typical duration of internship programme:
Summer internship – 10-12 weeks.
Long-term internship - 6-11 months.
Application deadline(s): Summer
internship - end of November 2013.
Long-term internship - all year round;
candidates should apply 3-4 months
before their preferred start date.
Apply via:
www.graduates.bnpparibas.com
Graduate programme info
Approx. grad hires in 2013/14: 4,000 new
employees on open-ended contracts in
France in 2013.
Divisions offering vacancies: Positions are
especially available in retail banking,
inspection and IT. In addition we offer
more than 150 opportunities on the
French International Programme, VIE*,
in our expanded international network
(Europe, North and South America, Asia).
These 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(s): Apply
throughout the year.
Apply via: www.mycreditagricole.jobs
* VIE is a French government-sponsored
programme offering young graduates an
opportunity to benefit from a rewarding
experience abroad.
Internship/Stage info
Approx. intern hires 2013/14: 6,000 new
hires in 2013 in France.
Divisions offering vacancies: N/A.
Application criteria: N/A.
Typical duration of internship programme:
Crédit Agricole Group offers a large
range of internships within all its
business lines for a maximum period
of 6 months, which may result in a
permanent position being offered.
Application deadline(s): You can apply
for all our internships and placement
opportunities throughout the year.
Apply via: www.mycreditagricole.jobs
57
www.efinancialcareers.com/students | Careers in Financial Markets 2014
European
Investment Bank
Company snapshot
Company snapshot
Company snapshot
Crédit Agricole CIB is the Corporate
and Investment Bank of Crédit Agricole
Group, the world’s sixth largest bank
by total assets (The Banker, July 2012).
CACIB offers its clients a comprehensive
range of products and services in
Capital Markets, Investment Banking,
Structured Finance and Corporate
Banking. The company is structured
around four major divisions: Client
Coverage & International Network
and Global Investment Banking,
Structured Finance, Global Markets,
and Debt Optimisation & Distribution.
The bank provides support to clients
in large international markets through
its network, with a presence in major
countries in Europe, America, Asia and
the Middle East.
Credit Suisse is a global financial
services company providing a broad
range of advisory services, solutions
and products in Private Banking &
Wealth Management and Investment
Banking, to companies, institutions and
private clients. Credit Suisse is active
in more than 50 countries and employs
over 46,000 people. As a stable company
with a long banking tradition, we are
one of the most respected banks in
the world.
The EIB, the bank of the European
Union, is the largest multilateral
lending institution in the world, and
invests in sound, sustainable projects
that help to address important
challenges in society. Raising our own
funds on the capital markets, we then
lend on favourable terms to projects
that further European objectives, inside
and outside the EU. With a diverse
staff of about 1,900, recruited from
all EU member states, we work in a
multicultural environment that fosters
cooperation and innovation, and we are
proud to contribute to the delivery of
viable projects in Europe and around
the world.
Graduate programme info
We look for people with a wide range
of experiences, interests and degrees
who will add fresh perspectives to our
business. A career with us means that
you can help shape our future.
Graduate programme info
Approx. grad hires in 2013/14: 200.
Approx. grad hires in 2013/14: 330
worldwide (including graduates,
apprenticeships, and 120 VIE
opportunities).
Divisions offering vacancies: Investment
Banking, Fixed Income, Equities,
Information Technology, Operations,
Finance & Asset Management.
Divisions offering vacancies: Positions are
Application criteria: 2.1.
Application criteria: N/A.
Typical duration of grad programme: N/A.
Typical duration of grad programme: N/A.
Application deadline(s): All full-time
positions – 17 November 2013.
Apply via: www.credit-suisse.com
Internship/Stage info
Application deadline(s): Apply
Approx. intern hires 2013/14:
throughout the year.
200 Summer / 150 Spring / 10 IPs.
Apply via:
Divisions offering vacancies:
www.mycreditagricole.jobs
www.ca-cib.com
Internship/Stage info
Approx. intern hires 2013/14:
Divisions offering vacancies: All business
lines and support functions.
Application criteria: N/A.
Typical duration of internship programme:
Maximum period of 6 months for
end-of-year internships.
12 months for gap-year internships.
12-36 months for apprenticeships.
Application deadline(s): Apply
throughout the year.
Apply via:
www.mycreditagricole.jobs
www.ca-cib.com
Divisions offering vacancies: Vacancies
may arise in all directorates of the EIB.
Application criteria: Less than two
years of professional experience since
most recent graduation (excluding
internships), and must be a national of
an EU member or official candidate state.
Typical duration of grad programme:
Minimum 1-year, maximum 2-year
fixed-term contract.
Application deadline(s): Throughout the
year. See website.
Apply via:
www.eib.org/about/jobs/index.htm
Investment Banking, Fixed Income,
Equities, Information Technology,
Operations, Finance & Asset
Management (summer internships only).
Internship/Stage info
Application criteria: 2.1.
Divisions offering vacancies: Vacancies
Typical duration of internship programme:
Summer Internship Programme – 10 weeks.
Information Technology Industrial
Placement (IP) Programme – 6-12 months.
Spring Insight Programme – 1 week.
Application deadline(s): Summer
Internship Programme – 11 December 2013.
Information Technology Industrial
Placement Programme - 11 December 2013.
Spring Insight Programme – 5 January 2014.
Apply via: www.credit-suisse.com
Approx. intern hires 2013/14: About 125
internships each year.
may arise in all directorates of the EIB.
Application criteria: Less than 12
months of professional experience
since most recent graduation (excluding
internships). A limited number of
nationals of non-EU countries may
be accepted.
Typical duration of internship programme:
Minimum 1-month, maximum 5-month
fixed-term contract.
Application deadline(s): Throughout the
year. See website.
Apply via:
www.eib.org/about/jobs/index.htm
Employers
800 trainees worldwide and 150
apprentices in France hired in 2013.
Approx. grad hires in 2013/14: Expected
intake 10-15.
Financial services
especially available in different fields
of banking activities such as Structured
Finance, Investment Banking, Capital
Markets, Risk Operations, Internal
Audit and Finance.
Graduate programme info
Investment banking
Credit Suisse
Getting In
Crédit Agricole
Corporate &
Investment Bank
58
Fidelity Worldwide
Investment
ICAP
Lazard
Company snapshot
Company snapshot
Company snapshot
Investment management. Fund
management. Asset management.
What we do goes by a number of names.
But it boils down to making intelligent
investment decisions on behalf of our
clients. As a graduate or intern, we don’t
expect you to come straight in and know
everything about what we do. Instead,
we’ll give you a solid introduction to our
business and our field. And after that
there are many more ways to develop.
All we ask in return is that you show
your motivation to work for Fidelity
specifically, your ability to think for
yourself, and lots of intellectual curiosity.
ICAP is the world’s leading markets
operator and provider of post trade risk
mitigation and information services.
We have approximately 5,000 employees
in 32 countries, working together to
facilitate deals worth in excess of US$1.3
trillion every single day. Our many clients
include all the major investment and
commercial banks. We’re fast-moving,
innovative 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. To find out more about ICAP, our
global range of opportunities, the kind of
people we’re looking for, and to apply, visit
www.icap.com/careers
Lazard, one of the world’s pre-eminent
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. The core of Lazard’s success
is its simple business model of financial
advisory and asset management, with a
focus on excellence, intellectual rigour,
integrity and creativity.
Graduate programme info
Graduate programme info
Approx. grad hires in 2013/14: N/A.
Approx. grad hires in 2013/14: Up to 20.
Divisions offering vacancies: We have a
Divisions offering vacancies: M&A.
Graduate programme info
Approx. grad hires in 2013/14: 33.
Divisions offering vacancies: Several
Investment programmes as well as Sales
& Marketing, Business Management,
Operations, Technology and HR.
Application criteria: 2.1 or above
(or equivalent).
Typical duration of grad programme:
2-2.5 years, depending on programme.
Application deadline(s): Investment
programmes – 4 November 2013.
Non-investment programmes –
31 December 2013.
Apply via: www.fidelityrecruitment.com
Internship/Stage info
Approx. intern hires 2013/14: 20.
Divisions offering vacancies: Equity
Research, Fixed Income, Investment
Solutions Group, Sales & Marketing,
Business Management, Technology.
range of full-time opportunities in Global
Broking, Electronic Markets, E-Commerce,
Post Trade Risk Mitigation and Information
Services, Ship Broking and Research.
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(s): 24 November 2013.
Apply via: www.fidelityrecruitment.com
Application deadline(s): 31 October 2013.
Apply via: www.lazard.com/careers
Approx. intern hires 2013/14: Up to 18.
Approx. intern hires 2013/14: N/A.
Application criteria: You’ll need to be
internships – 31 December 2013.
Non-investment internships –
31 January 2014.
Our graduates spend 3 years as analysts
before progressing to associate level.
Internship/Stage info
8-10 weeks; 36 weeks for Technology.
Typical duration of internship programme:
Typical duration of grad programme:
Internship/Stage info
Application deadline(s): Investment
above (or equivalent).
AAB in your top three A-levels
(excluding general studies) and a
minimum predicted or obtained 2.1
university degree classification.
Apply via: www.icap.com/careers
Divisions offering vacancies: We have
summer internship opportunities
available in our front office as well as
one-year placements in our Global
Broking and Accounting divisions.
Application criteria: On track for a 2.1 or
Application criteria: You must have
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. 1-year
placements for specific business areas.
1-week industry insight programme for
first-year students.
Application deadline(s): Internships and
placements: 26 January 2014.
Industry Insight: 23 February 2014.
Apply via / Application website address:
www.icap.com/careers
Divisions offering vacancies: M&A.
Application criteria: Predicted minimum
2.1 university degree and should be
in their penultimate year of study i.e.
graduating in 2015.
Typical duration of internship programme:
10 weeks.
Application deadline(s):
18 November 2013.
Apply via: www.lazard.com/careers
59
www.efinancialcareers.com/students | Careers in Financial Markets 2014
PwC
Company snapshot
Company snapshot
Company snapshot
Morgan Stanley is more than a leading
financial services firm. With 1,200
offices spanning 43 countries and
talented, passionate people bringing
excellence and integrity to everything
we do, the firm is truly global.
Throughout the firm’s history, diverse
and talented individuals have worked
together to develop our new ideas and
groundbreaking financial products.
Natixis is the corporate, investment and
financial services arm of Groupe BPCE,
the second-largest banking group in
France, with 21% of total bank deposits
and 36 million clients spread over two
networks, Banque Populaire and Caisse
d’Epargne.
Your career is just that: yours. You
choose it. You live it. You make it
happen. To get the best from it, you
need the best opportunities. That’s why
opportunities are at the heart of a career
with us. Opportunities to grow as an
individual, to build lasting relationships
and make an impact in a place where
people, quality and value mean
everything. And we’re proud, based on
the opportunity we offer, that students
have voted us the number one Graduate
Employer in The Times Top 100 Graduate
Employers survey for the last 10 years.
Our success is built on a history of
providing the very best advice and
solutions tailored to our clients’ needs. It’s
something that sets us apart, and we want
to work with and develop students and
graduates who share that commitment to
providing first-class service.
Graduate programme info
Approx. grad hires in 2013/14: No fixed
quota.
A global player, Natixis has its own
client base of companies, financial
institutions and institutional investors,
as well as the client base of individuals,
professionals and small and mediumsized businesses of Groupe BPCE’s two
retail banking networks.
Graduate programme info
Approx. grad hires in 2013/14: N/A.
Divisions offering vacancies:
equivalent.
Opportunities in various business areas.
Also, more than 110 positions through
the French International Internship
Programme, VIE, in banking activity such
as investment banking, structured finance,
risk, audit, asset management and IT.
Typical duration of grad programme: N/A.
Application criteria: Looking for a
Application criteria: 2.1 or international
Application deadline(s): The closing date
will vary by division and programme.
Please check our website.
Apply via:
www.morganstanley.com/careers
Internship/Stage info
Approx. intern hires 2013/14: 350–400
master’s degree in finance, economics,
mathematics or law.
Typical duration of grad programme: N/A.
Application deadline(s): Apply
throughout the year.
Apply via:
www.natixis.com or vie@natixis.fr
Internship/Stage info
Divisions offering vacancies: Equity
Approx. intern hires 2013/14: Over 1,100
Research, Finance, Global Capital
Markets, Human Resources, Investment
Banking, IT & Technology, Operations,
Prime Brokerage, Real Estate Investing,
Risk Management, Sales & Trading,
Strats & Modelling.
Application criteria: 2.1 or international
internship positions offered throughout
the year.
Divisions offering vacancies: We offer
internships across all business areas. A
strong academic track record is a must
to succeed within our organisation.
equivalent.
Application criteria: N/A.
Typical duration of internship programme:
Typical duration of internship programme:
10 weeks to 12 months.
6 months.
Application deadline(s): The closing date
will vary by internship programme.
Please check our website.
Application deadline(s): You can apply
throughout the year 2-3 months before
your preferred start date.
Apply via:
Apply via:
www.morganstanley.com/careers
www.natixis.com or stages@natixis.fr
Approx. grad hires in 2013/14: 230.
Divisions offering vacancies:
Management Consulting, Strategy
Consulting, Economic Consulting,
Sustainability & Climate Change.
Application criteria: We take any degree
subject. Variations do apply for some
areas so please visit our website. You’ll
need a UCAS tariff of at least 340 or
equivalent.
Typical duration of grad programme:
Full-time opportunities.
Application deadline(s): Application
deadlines do apply. Please visit our
website to avoid disappointment.
Apply via: www.pwc.com/uk/careers
Internship/Stage info
Approx. intern hires 2013/14: 90.
Divisions offering vacancies:
Management Consulting, Strategy
Consulting, Economic Consulting,
Sustainability & Climate Change.
Application criteria: We take any degree
subject. Variations do apply for some
areas so please visit our website. You’ll
need a UCAS tariff of at least 340 or
equivalent.
Typical duration of internship programme:
6-8 weeks.
Application deadline(s): Application
deadlines do apply. Please visit our
website to avoid disappointment.
Apply via: www.pwc.com/uk/careers
Employers
across our European locations.
Graduate programme info
Financial services
Divisions offering vacancies: Equity
Research, Finance, Global Capital
Markets, Human Resources, Investment
Banking, IT & Technology, Operations,
Prime Brokerage, Real Estate Investing,
Risk Management, Sales & Trading,
Strats & Modelling.
With around 22,000 employees, Natixis
has a number of areas of expertise
which are organised in three main
business lines: Wholesale Banking,
Investment Solutions and Specialised
Financial Services.
Investment banking
Natixis
Getting In
Morgan Stanley
60
RBC Capital Markets
(Royal Bank
of Canada)
Company snapshot
RBC Capital Markets is a premier
investment bank that provides a
focused set of products and services to
institutions, corporations, governments
and high-net-worth clients in over
100 countries. We are the investment
banking arm of Royal Bank of Canada.
We understand that the first steps in
any career in finance are critical. With
that in mind, we have the right formula
to provide you with the opportunities
and professional development you
need to turn those first steps into a
rewarding career.
In short, we provide the essential
components to get your career off to
a great start.
Graduate programme info
Approx. grad hires in 2013/14: 30.
Divisions offering vacancies: Global
Investment Banking, Global Markets,
Risk Management, Finance, IT, Operations.
Application criteria: We are not
prescriptive on the subject of your
degree; however, we will be looking for
a minimum 2.1 classification (expected).
Typical duration of grad programme: 1 year.
Application deadline(s):
10 November 2013.
Apply via: www.campus.rbccm.com
Internship/Stage info
Approx. intern hires 2013/14: 40-50.
Divisions offering vacancies: Global
Investment Banking, Global Markets,
Risk Management, Finance, IT, Operations.
Application criteria: We are not
prescriptive on the subject of your
degree; however, we will be looking for
a minimum 2.1 classification (expected).
Typical duration of internship programme:
8 weeks.
Application deadline(s): 5 January 2014.
Apply via: www.campus.rbccm.com
We are the world’s leading financial careers
website – the place to go for financial careers
and talent.
At www.efinancialcareers.com, we’ll help
you advance your career by giving you that
vital edge - so you can realise your full potential.
We’ll keep you up to date on all the best job
opportunities, give you the latest information
to develop your career and share invaluable
industry insights.
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.
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 2014. 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
We are an independent firm, free of the conflicts must. Most importantly, we want individuals with
that can arise at other financial institutions, and the commitment and flair to succeed within our
we maintain long-standing relationships with organisation.
Apply online today by going to www.lazard.com/careers
In finance, it’s
good to specialise.
And that’s exactly
what we do…
www.efinancialcareers.com