Careers in Financial Markets

Careers in Financial Markets 2013
The graduate guide to nding work in the nancial sector
TA KE UP YO UR POSIT ION ON OUR T EAM

P E N U LT I M AT E Y E A R S T U D E N T S A N D M A S T E R S T U D E N T S If your vision of team spirit combines professionalism and performance, come to join our Group. Every year we recruit and train young graduates to make them evolve in the banking sector. Societe Generale provides hard-working a n d t a l e n t e d i n d i v i d u a l s w i t h t h e o p p o r t u n i t y t o f o r g e e x c e p t i o n a l c a re e r s .
J O B S , I N T E R N S H I P S , G R A D U A T E P R O G R A M M E S , V. I . E .
F I N D O U T M O R E A N D A P P LY O N C A R E E R S . S O C I E T E G E N E R A L E . C O M
Societe Generale is authorised and regulated by the French Autorit de Contrle Prudentiel and Autorit des Marchs Financiers. This material has been prepared solely for information purposes and does not constitute an offer to enter into a contract. Not all products and services offered by Societe Generale are available in all jurisdictions. Please contact your local ofce for any further information. 2012 Societe Generale Group and its afliates. Ronan Guillou - FRED & FARID
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 42 cities across 27 countries in North America, Europe, Asia, Australia, Central and South America. With origins dating back to 1848, the firm provides advice on mergers and acquisitions, strategic matters, restructuring and capital structure, capital raising and corporate finance, as well as asset management services to corporations, partnerships, institutions, governments and individuals. We are an independent firm, free of the conflicts that can arise at other financial institutions, and we maintain long-standing relationships with business leaders and decision makers around the world. Our intellectual capital is our strongest asset. The superior intellect, enterprise, and commitment to excellence of our team guide everything we do. We are recruiting summer interns and full-time analysts to start in 2013. You will possess a passion for business and a genuine interest in investment banking, along with well-developed interpersonal skills and a sense of individualism and identity. A strong academic track record is a must. Most importantly, we want individuals with the commitment and flair to succeed within our organisation. Please direct all enquiries to The Graduate Recruitment Manager by registering at www.lazard.com/apply and using our messaging system. Apply online today by going to www.lazard.com/apply
WELCOME
Careers in Financial Markets 2013

Welcome to the 2013 edition of Careers in Financial Markets from eFinancialCareers.com. By picking up this guide to securing a graduate job in the nancial sector, youve taken the rst step in gaining an edge over your peers. In an era of ever-increasing competition in the graduate job market, youll denitely need it.
The nancial sector has undoubtedly taken a reputational hit in recent years, but if you think this has made it any easier to gain a graduate position, youd be mistaken. For every available vacancy in investment banking and fund management last year, there were 142 applications, according to the Association of Graduate Recruiters. Competition for places is stiffer than ever. This is where we can help. Careers in Financial Markets is now into its 12th edition, and this global publication has the inside track on how to gain your rst job in nance. In the rst part of the book we cover the application process CVs, interviews and assessment centres featuring exclusive insights from banks graduate resourcing teams, recruitment experts, and insiders who have been through the process themselves. We then take a sector focus: rst, we examine all the possible career options in investment banking, then we give an insight into careers elsewhere within nancial services including hedge funds, asset management, accounting and IT. All of these articles feature advice from senior nancial services professionals, as well as info on pay levels from graduate to managing director. We use the US dollar as the default currency for pay and revenue gures. Dont use this guide in isolation visit the Students tab on eFinancialCareers.com for regular news and advice on the graduate recruitment market, and stay ahead of the competition.
Contents
GeTTING IN A Truly Global Industry Investment Banking Career Paths Steps to Take While at University Graduate Recruiter Q&A Real Banking Interview Questions Making Sure Your CV is Revered, not Reviled Testing, Testing Secrets to Internship Success INVesTmeNT BANKING Mergers & Acquisitions Capital Markets Sales, Trading & Research Electronic Trading Compliance & Risk Management Operations FINANCIAl SerVICes Fund Management Alternative Investments Global Custody Wealth Management Interdealer Broking Corporate Banking Data Providers & Rating Agencies IT In Finance Insurance Accounting EMPLOYERS Company Proles 55 32 36 37 38 40 42 44 46 48 52 16 20 24 26 28 30 2 4 6 8 10 12 14 15
PAUL CLARKE
Editor Careers in Financial Markets 2013
Careers in Financial Markets 2013 is published by eFinancialCareers Ltd www.enancialcareers.com Project Manager: Janice Chalmers Editor, Careers in Financial Markets: Paul Clarke Designer: Jake Johnstone Editor, eFinancialCareers.com: Sarah Butcher Contributors: AP Nina Jay, Shree Ann Mathavan, Simon Mortlock; EMEA Nicole Degli Innocenti; US Ryan Harrison Sub-editor: Annabella Gabb 2012 eFinancialCareers Ltd No part of this publication may be reproduced without permission.
enancialcareers.com/students | Careers in Financial Markets 2013
GETTING IN
A Truly Global Industry

An overview of the key strengths of nancial centres across the globe
The diversity of roles within the nancial sector is matched only by the wide range of expertise in countries across the globe. We examine the key strengths of each region. Canada, which has emerged from the nancial crisis with its reputation largely intact, has some of the strongest banks in the world, such as Bank of Montreal, RBC, and Toronto Dominion. North America has not been immune to the eurozone debt crisis. Once the world leader in DCM, deal value in the US trailed EMEA in 2011 with $2.1 trillion vs. $2.2 trillion, respectively. In M&A, however, the US holds the number one slot, with $1 trillion-worth of activity last year.
Europe, Middle East & Africa (EMEA)

Many are questioning Londons credentials for remaining the top global nancial centre lately, but the stats still support its status. Nearly 37% of the global average $4 trillion traded daily on the foreign exchange markets goes through the City. It accounts for 46% of turnover in the $1.2 trillion traded daily on the over-the-counter (OTC) derivatives market, and the London Metal Exchange covers 90% of all non-ferrous metals traded in the commodities sector. Germany has Europes largest debt capital markets (DCM) with $428.3bn worth of deals transacted in 2011. It also has a sizable fund management industry, with $1.9 trillion in assets under management (AUM). France is the Continents largest fund management centre, however, with some 600 fund managers overseeing $3.4 trillion in AUM. Zurich and Geneva are also among the top global nancial centres. There are $5.9 trillion in AUM within Switzerlands wealth management industry, and the country is number one for trading various physical commodities, as well as being a major centre for fund management and reinsurance. Ireland and Luxembourg are renowned for global custody, administering assets of $2.5 trillion and $2.8 trillion, respectively. The Middle East is attracting more international wealth managers and is home to three of the 10 largest sovereign wealth funds globally. Scotland has a disproportionately large fund management sector and is becoming a hub for investment banking operations. Both the Netherlands and the Nordic countries have big institutional fund management industries, as does Belgium, home to post-trade servicing rm Euroclear, which clears $760 trillion annually.
Asia-Pacic
The rapid rate of growth within Asias nancial centres has slowed recently, yet Hong Kong, Singapore, Tokyo and Shanghai all remain in the top 10. The wealth held by high-net-worth individuals in Asia-Pacic grew 12.1%
The worlds nancial hubs at a glance
Boston
Connecticut
New York
United States and Canada

New York City and Wall Street remain the nancial centre of North America and home to two of the worlds largest securities exchanges, NYSE-Euronex and Nasdaq. However, most of the largest banks have moved their headquarters to mid-town and their operations to other cities and states. For example, San Francisco is home to 122 private equity companies, ranking third globally behind New York and London. Its nancial district is known as the Wall Street of the West with representative ofces of all the major investment banks. Then theres Chicago, with its giant commodities and derivatives trading operation, accounting for 16% of the estimated global $600 trillion derivatives market. Boston is the mutual fund capital of the US, home to Fidelity, Putnam and Eaton Vance. The US has $13 trillion in AUM which is 55% of the worlds total. And two cities in Connecticut, Greenwich and Stamford, are among the top 10 cities in the world for hedge funds.
Toronto
Salt Lake City
Chicago
Raleigh-Cary
Rio de Janeiro
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GETTING IN
to $10.8 trillion between 2009 and 2010, which helped Singapore cement its strong position in private banking. The city state remains a leading trading hub for commodities, foreign exchange and over-the-counter derivatives. Singapore is also an operations and IT centre for several leading banks, although some operational and risk management functions are moving to lower-cost countries such as India and the Philippines. Hong Kongs high equity capital markets (ECM) deal ow, low tax rates, proximity to the growing Chinese market, and status as the main off-shore yuan-trading centre are all boosting its status globally. Another of Hong Kongs main strengths is the size of its stock market, which in 2011 had a market capitalisation of $2.3 trillion. Tokyo is the worlds fth largest nancial centre. It is Asias main foreign
exchange market, and has the largest fund management industry in the region. Australias nancial sector has a comparatively domestic focus and is dominated by its big four commercial banks: National Australia Bank, Commonwealth Bank, Westpac and ANZ. The country also has one of the largest pools of AUM in the world (about $1.2 trillion) thanks largely to a compulsory employee superannuation (retirement savings) programme.
Sources: Dealogic, Swiss Bankers Association, Geneva Trading and Shipping Association, City UK, Bunderverband Investment und Asset Management, Association Franaise de la Gestion Financire, Irish Funds Industry Association, Association of the Luxembourg Fund Industry, Sovereign Wealth Fund Institute, Capgemini RBC Wealth Management World Wealth Report 2012, Monetary Authority of Singapore.
Edinburgh
London
Paris
Frankfurt
Capital Markets Commodities
Zurich/Geneva
Derivatives Fund Management
Moscow
FX Hedge Funds M&A Operations
Seoul
Private Banking
Tokyo
Shanghai
Mumbai
Singapore
Sydney
Hong Kong
Financial Centres 1. London 2. New York 3. Hong Kong 4. Singapore 5. Tokyo 6. Zurich 7. Chicago 8. Shanghai 9. Seoul 10. Toronto
Source: Z/Yen Global Financial Centres Index 11 (March 2012)
GETTING IN
Investment Banking Career Paths

Careers in banking dont have to be linear
There are a myriad of career options available in nancial services and, as we explore from page 16, its more than possible to move straight up the ladder within your chosen sector. However, some roles lend themselves to a sideways move or a career switch, so you should plan ahead and know your options. Here, for a number of key sectors, are traditional exit routes... Buy-side research is more about creating trade ideas for fund managers to get ahead of the competition. In hedge funds, research analysts are often called idea generators. Nonetheless, moving between sell-side and buyside roles is common. As it involves a degree of report writing and marketing as well as communicating sometimes complex information to shareholders and investors, investor relations is another popular switch for research analysts.
Investment banking (M&A/Capital markets)

Few private equity rms recruit graduates directly, and instead tend to target investment banking analysts after a couple of years experience. Recently, this move has become a more popular route, but its still tough hundreds of analysts are recruited into M&A and capital markets every year, but only a handful make it into private equity. As you move up in seniority within an investment banking role, youre drafted in to advise companies on key strategic initiatives fundraising on the debt or equity markets, or merging with a peer or competitor are, after all, key decisions. These companies sometimes want this expertise in-house, so investment bankers can make a move into business development (advising on partnerships or stakes in companies) or corporate strategy (competitor analysis, big-picture planning) within a large corporation.
Big Four accountancy rms

Once youve gained your ACA accounting qualication from a Big Four rm, the world is your oyster (well, to an extent). You can either stay put, or look for a role in private equity or investment banking. Banks often recruit newly qualied ACAs into product control roles accounting and nancial reporting for trading desks and (although this is less common these days), into corporate nance, usually as a third-year analyst. Due to their quantitative skills and experience of nancial modelling, Big Four ACAs can also switch into equity research. A harder sell is private equity or venture capital; its more likely that a small or mid-tier rm will hire an ACA (provided theyve had some exposure to private equity) and this is more common in Europe where language skills increase your employment prospects than in the US or Asia.
Trading
Regulation, such as the Dodd-Frank Act in the US, has forced investment banks to curtail their proprietary trading activities (see p24). Moving from trading in a bank into a hedge fund (where the pay is more substantial) has long been a popular route, but because of regulation, theres a proliferation of experienced prop traders starting up their own fund. Another switch is into an interdealer broker (see p40), which acts as a market intermediary across a range of asset classes including xed income, foreign exchange and commodities. Of greater risk, but increasingly prevalent in the current era of headcount reduction in trading, is to trade using your own money. Good risk management should be a prerequisite for any trader after all, a few bad trades could wipe out prots if proper risk management isnt deployed. Recently, however, its been a trend for traders in investment banks to start moving into risk management jobs in the middle ofce where job security is greater.
Career Path Options
Hedge fund Private equity
Trading own money Interdealer broking
Business development or strategy role
Risk or middle-office role
Investment Banking
Trading
Equity research
Working as a research analyst for an investment bank (sell-side) involves a combination of producing market intelligence and marketing. Analysts analyse companies and sectors, producing research reports based around models of company results and conversations with customers, competitors or industry experts. But theyre also client-focused and the clients in this case are institutional fund managers, or the buy-side.
M&A (corporate finance)
Big Four accountancy firms
Equity research
Buy-side research
Product control
Private equity (mid-tier)
Investor relations
IT ALL BEGINS WITH A HANDSHAKE

Natixis Challenges that fuel your expectations
With 22,000 experts worldwide, Natixis offers career opportunities in three major business lines: Corporate and Investment Banking, Investment Solutions (Asset Management, Private Banking, Insurance) and Specialized Financial Services.
www.natixis.com
CORPORATE & INVESTMENT BANKING / INVESTMENT SOLUTIONS / SPECIALIZED FINANCIAL SERVICES
07/2010 visuel JMF / WoolooMooloo
GETTING IN
Steps to Take While at University

Last-minute is not the way to land your banking job
Once upon a time, the rst year of university used to be a transitional phase between school and work, a chance to drift a little as well as study. Today, with more graduates chasing fewer job opportunities, its important to start considering your career from the get go. Heres a guide to the steps you should be taking to get ahead.
Research and networking

Students should start as early as possible to do their research reading, talking to people who have been through the process, attending company presentations and nding out more about the industry, says Alana Milton, head of recruitment at Rothschild. A quick glance at the banks websites will tell you more about individual organisations and the skills and attributes they look for in their graduate recruits. What are you doing during your time at university to show that you have what it takes? Demonstrating that you are interested in banking early on is really important, says Polly Metcalfe, careers adviser at the University of Oxford. Banks are good at making clear the skills and competencies they are looking for, so build up experiences to demonstrate you have them. Follow what is going on in the sector and get a more detailed understanding.
Students should start early... talking to people who have been through the process, attending company presentations and nding out more.
AlANA MIlToN Head of recruitment Rothschild
Spring insight weeks

Most investment banks take on a handful of rst-year students into their Spring Insight weeks. These are portrayed as a chance to see whether the sector is right for you, but in reality its the rst step in your quest for a full-time offer. The week is spent in different divisions getting hands-on experience so it will allow you to understand what the job entails and how good you are at it. In addition, if you make a good impression, you could jump the queue and be offered a place on a summer internship. During the interview process, banks want to see some evidence that youve researched the industry, but they dont expect experts. In order to qualify, do some research before you start; read nancial papers and magazines, become acquainted with the issues and the jargon and familiar with the bank to which you are applying. When you make it into the insight week, its important not to show off, as youll eventually be pulled up on it. However, asking basic questions is frustrating to your investment banking colleagues and therefore equally as wrong. Be aware of the timelines you face; deadlines are strict and often one stage leads to another fairly quickly, so prepare for psychometric tests, interviews and assessments, says Metcalfe.
Banks come to us for Spring Insight, says Conrad Grifn, president of Cambridge University Finance and Investment Club (Cuc). They need to sort out thousands of applicants, and they want people who are committed from the start. The advice is to do extra-curricular activities of value, whether its being captain of a sports team or running a charity project, editing the university paper, helping with a community project or doing fund-raising. They all show that you have communication and management skills and crucially that you can juggle the demands of work and study and make all your time at university productive. Remember, banks look at future potential as well as past academic achievements.
You can always make up time

Not everyone knows what they want to do in year one, says Milton. But we look for some form of paid employment or charity work and a good work ethic. We try to nd the whole package: academic excellence is a prerequisite, but we also want a well-rounded individual. Contrary to what many believe, you do not need to be studying a specialist subject: banks are interested in hiring individuals with a broad range of interests and experiences, provided they show an interest in nancial markets, and have accumulated some knowledge and experience. Take Grifn as an example: he chose to read history to be well informed, but joined Cuc and was then elected president. His Spring Insight week was great fun and a great experience, he says, and it led to an offer of an internship. Before he had even graduated, he had a job offer at Barclays Capital (now simply known as Barclays Investment Bank). Theres no guaranteed route into investment banking, but following these steps will point you in the right direction.
Extra-curricular activities
Another denite plus is membership of the nance society at your university: if you join and take an active role, organising events and activities, this will not only show your interest in nancial markets but demonstrate softer skills such as initiative, commitment, leadership and team-building.
Working to improve the future. Join the EIB
The EIB, as the Bank of the European Union, is dedicated to improving the future of peoples lives in Europe and around the world. It achieves its goals thanks to a diverse and highly qualified workforce, motivated to support the financing of sound investment projects that deliver tangible results. Join the European Investment Bank
www.eib.org/jobs
GETTING IN
Graduate Recruiter Q&A

How to impress graduate recruiters in EMEA, Asia-Pac and the US
right level of condence. A second tip would be to do a lot of research on the industry as a whole but also on the rm you want to work for.
Sarah Harper
Global head of graduate recruiting Goldman Sachs
Q A
Q A
What are the three main qualities or traits that you look for in a candidate? First, we look for drive and motivation: we want people who really strive to be the best they can be, and who have an inquisitive approach. A second aspect is teamwork: communication skills, the ability to work with others and share knowledge as well as the willingness to share credit with others. A third trait is a genuine interest in the world of nance: we do not expect candidates to be experts, but they do need to be keen.
When it comes to the interview stage, what are the denite turn-offs in terms of a candidates approach or behaviour? There is a ne line between self-condence and arrogance, so my advice would be not to try too hard to sell yourself. Another frequent reason for turning candidates down is not being able to show why you are interested in the job. When the interviewer asks if you have any questions, make sure you have some ready: not having a question may demonstrate a lack of interest and intellectual curiosity. Also remember to give a rm handshake and look the interviewer in the eye. At the CV screening stage, what are the key elements that create a favourable impression of the candidate? It is a good idea to be concise: one page usually sufces. Avoid using long sentences: opt instead for bulletpoints under specic headings, which are easier on the eye. Get a few people who know you to have a look at it and make comments. Think hard about what makes you different from other people and try to get that across. Some people focus only on the CV and underestimate the importance of the covering letter. This is a good way of presenting yourself and explaining why you are interested and why you are good. Dont just cut and paste that same letter and use it for several organisations. Make it personal it shows.
Q A
Draw from as many real-life experiences as you can to highlight your various skills. The best candidates have developed their sense of self-awareness.
SArAh HArper Global head of graduate recruiting Goldman Sachs
Tara Udut
Head of campus recruitment Americas Barclays
Q A Q A
In your experience what is the number one reason why graduate applicants are rejected? Lack of preparation. This can vary from mistakes on an application or resume, to not having appropriately researched the company or role, to not conrming interview details or having additional copies of a resume. The job search process is just that, a process, so you need to put the time in to get the results. What are the most common mistakes students make with their applications? Many times students will wait until the deadline date to submit their application. This doesnt leave enough time to think through answers, to ensure attention to detail, or to deal with any technical issues they may encounter. The application is an important part of the selection process that many candidates take for granted.
Q A
What are your tips for a candidate on how to do well in an interview? The rst tip is to practise as much as possible for the interview and prepare to answer questions, which at Goldman Sachs are always example-based: draw from as many real-life experiences as you can to highlight your various skills. The best candidates have developed their sense of self-awareness, so they are articulate and come across with the
GETTING IN
Q A Q A Q A
What are the top qualities you are looking for in your graduate recruits? The ability to pick up concepts quickly, exibility and adaptability, leadership, and a passion for the industry and the role.
Besides their academics, what other elements do you look on favourably in applications? We look for students to be well rounded, which can come in a variety of forms. Some students are active in campus activities such as clubs, fraternities and sororities, some focus on philanthropy, some have part-time jobs or work study programmes, and some are involved in sport. Can you offer any tips on how to prepare for the interview process? In my view, there are three primary steps in preparing for an interview. The rst step is research. Ensure you have researched both the company you are interviewing with, as well as the position you are interviewing for this will help you to position your experience and interest against the criteria. Make sure you review the company website, any online resources, and do a quick search for any recent news. The second step is to review your CV and begin to think about how your qualications relate to the role you are applying for. Think about how you would answer some basic questions like Why are you a good t for this role? and which aspects of your resume you would highlight for qualities such as leadership. Finally, the third step is to practise.
We try to hire almost all of our full-time hires from our summer intern class, so an internship is the best possible way to secure a permanent role.
NATAshA PeACoCK Director, APAC head of campus recruiting Credit Suisse
Q A
Natasha Peacock
Director, APAC head of campus recruiting Credit Suisse
How would you advise graduates to best prepare for the interview process? Candidates should research and learn as much as they can about the rm that they are applying to. They should also read about what is going on in the global markets, and keep abreast of changes in the industry and the sector they want to work in. They should be prepared to answer questions about their skills and experiences, and provide examples about their work history and academic background that demonstrate their skills and competencies. They should come prepared to ask questions good questions that reveal an interest in the company and the position they are applying for. This also shows enthusiasm and an inquisitive mind, both attributes that we look for. In what ways do candidates fall down during the interview process? By being unprepared and complacent, or by showing a lack of interest in the industry or position. This instantly creates a poor impression.
Q A Q A
When assessing applications, what are the key elements that you look for in your potential graduate recruits? Were looking at long-term potential, and we seek enthusiastic people who will add fresh perspectives to our business throughout their careers with us. While our employees have a wide range of experiences, successful candidates also share some common attributes. These include being a critical thinker with excellent problem-solving skills, a proactive self-starter and a supportive and adaptable team member. What is a typical benchmark for the educational qualications of those looking for a career in investment banking? A high GPA is preferable but is not the only thing that we look for. We screen application forms holistically, looking at academic record, experience (work experience, voluntary work and extra-curricular activities), interests and hobbies.
Q A Q A
Do you accept many interns? And if so, do you think it is an important part of the process in securing a full-time position in the future? Yes, we place a strong importance on hiring very good quality interns, and we hire into all business areas, both across the region and globally. Our internship programme is our primary pool of talent for future full-time employees. It is designed to give candidates real work experience that is both challenging and rewarding. We try to hire almost all of our full-time hires from our summer intern class, so an internship is the best possible way to secure a permanent role.
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GETTING IN
Real Banking Interview Questions

What to expect, and how best to answer
Investment banks will test your motivations for working in the industry, your nancial sector know-how and your mental agility. The best defence is to be prepared. To help you prep, weve picked four examples of the core types of interview questions that students tell us they have encountered this year at various banks, plus the answers they gave. We then asked two independent experts to tell us what they should have said. Students answer: Because its a multinational organisation that operates in more than 50 countries and it has a very multicultural environment. That ts with my values. Expert view: This is too vague and incomplete as an answer. It is only part of a good answer and it could apply to too many organisations, says Guy Ballantine, RSM Tenon consultant and former investment banking graduate recruiter. Banks want you to identify which division you want to work for, so its good to be specic, say M&A or capital markets. Mention a deal they have done recently, pick out a strength the bank has, like a number one ranking in the league tables. Denitely do not go for stock answers, demonstrate your knowledge and massage their egos it is never a bad thing.
I often rejected candidates because... they were not talking from the heart and it made me distrust them.
peTer hArrIsoN Founder and CEO Harrison Careers
Morgan Stanley, Investment Banking

Question: Why should we not give you the job? Question type: Fit question you have little experience of nance, what else you can offer? Students answer: I dont come from a business administration or nance background. However, I can learn quantitative skills. I believe that I have the aptitude. Expert view: This answer is lightweight and not good enough, says Harrison. I would require an acknowledgement that the candidate understands this is a genuine weakness, along with specic steps they are taking to x the problem. In my seven years at Goldman Sachs I interviewed around 1,300 candidates and I asked this question in 30% of interviews. I was looking for an honest character evaluation. I often rejected candidates because I either did not believe their answers or they were not talking from the heart, and it made me distrust them.
Barclays,Trading and Structuring

Question: Theres a revolver with two bullets in two chambers next to each other, and the remaining four chambers are empty. The policeman spins the revolver, points it at you and pulls the trigger, but nothing happens. Suppose that you dont want to die, would you prefer the policeman to spin the revolver again before the next shooting or shoot again directly? Question type: Brainteaser hows your maths? Students answer: Spin again: the probability of getting a bullet is 2/6=1/3. Do not spin, just shoot: the probability of getting a bullet is 1/4. Hence do not spin. Expert view: This is a correct and succinct answer; the candidate should say just this and nothing more, says Peter Harrison, a former Goldman Sachs investment banker and now founder and CEO of Harrison Careers. I would give the candidate more brainteasers to test them further, to satisfy myself they are smart enough. Maybe they had prepared the question or just got lucky. Or I might see if the candidate understood the conditional probability nature of the question: would they want a re-spin if offered before any shot had been red?
BNP Paribas, Technology

Question: What do you think of bonuses? Question type: Technical: What do you really know about the industry? Students answer: The media and therefore the public seem to take a very aggressive dislike to bonuses for bankers only. For example, no one seems to care about the excessive bonuses that some top lawyers, hedge fund managers, footballers, high-prole television presenters and others receive. Saying that, however, there do seem to be cases where the bonus is unjust and not really based on performance, which I think is wrong. In an ideal world, everyone should get rewarded, but they should only get a bonus if they performed exceptionally well during that period. Expert view: This is a good answer, because it links performance and reward, says Ballantine. It can be expanded by making it more personal, by mentioning how good the bank is at incentivising people. I always like it when people say what motivates them: I would like a bonus but I also want to be treated fairly and work in a good environment; often a big bonus is an excuse for not treating people very well. It also depends what division you are being interviewed for: if for a trading role, then it is good to say you are motivated by money, but in other divisions it may be less acceptable.
Credit Suisse, Investment Banking

Question: Why our bank? Question type: Motivational have you bothered to research the bank or the division youre applying to?
Deutsche Bank db.com/careers
Some banks dont look beyond their own circles

Agile minds recognize talent when they see it
Global Graduate Programs
If you have the talent, intellect and energy needed to deliver for our clients, there could be an amazing future for you here at Deutsche Bank. We believe that success comes from many perspectives and that a diverse workforce goes hand in hand with great performance. Its just one of the reasons why youll find the working culture here so vibrant and refreshing. Discover something different at db.com/careers
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Making Sure Your CV is Revered, Not Reviled

The art of pitching yourself properly on paper
Three banking insiders a banking graduate recruiter, a graduate recruitment consultancy, and a CV and career coach review a real* CV (see opposite) selected from those submitted by students to enancialcareers.com. Weve pulled out the top 20 tips to help you ensure you dont make the same mistakes. * The names, dates, personal details and locations have been changed to protect the identity of the real student behind the CV.
What we look for

1. A decent amount of experience working in nancial institutions and evidence that they have been proactive in gaining work experience and internships throughout university. 2. Some sort of position of responsibility or extra-curricular activities, whether thats societies, or other interests. 3. Are your interests really interesting? What does this tell us about your passions beyond nance?
Think of it from the CV screeners point of view if theyve got 200 to go through, and they all only mention nance, theyll get easily bored.
LOGAN NAIDU CEO DARTMOUTH PARTNERS
Format
4. The format is good: clear, well presented and easy to read. 5. For a one-pager it contains a lot of key information; graduate CVs really shouldnt go over one page. 6. Theres an extra line space between the Commerzbank and CapitalCorp entries this lack of attention to detail will kill your chances in M&A; this is exactly what M&A recruiters in particular look for.
Skills and interests

15. The student doesnt seem at all interesting one-dimensional interests dont give an impression of who you really are. 16. Theres a broader cultural shift currently shaping the industry employers dont want to work with robots any more. Think of it from the CV screeners point of view if theyve got 200 to go through, and they all only mention nance, theyll get easily bored; youve got to make it easy for people to think I could talk to this person about other things.
Work experience
7. The work experience summaries are good and succinct, but need a bit of avour on what core skills have been gained. 8. For each internship, mention the department of the bank in which you worked. 9. Clarify the duration of the internships (number of weeks/months rather than simply summer). 10. Put in actual dates of employment in this section. 11. Focus on accomplishments and results achieved, rather than a simple description of tasks. 12. Employers do like to see that candidates have worked and paid their own way through university, even if the job is outside of nance.
Language
17. Good use of verbs rather than nouns; use action verbs rather than descriptive ones. 18. Keep titles simple e.g. Education (rather than Education and Qualications). 19. English should be uent and not procient if student has been educated in British school in Singapore. 20. If English isnt your rst language, you have to be pitch perfect including tenses this should read established.
Overall
CV is coherent we get the impression that this person is really homing in on what they want to do. Theres no real personality coming through, however. But I still feel I should meet this person theyve done what they should do to meet the criteria for at least the rst screening interview.
Education
13. Can be above or below Work Experience. 14. A-level grades should be included at this stage; GCSEs are not as important.
GETTING IN
13
13 18
14
9 1 7 8 17
11
6 10
12
20
3 15 16 19
Our thanks to: Laila Crosby of the graduate recruitment team, Royal Bank of Scotland Terri Loska, Kirsteen Deane and Logan Naidu of Dartmouth Partners graduate consultancy Nathalie Nahum, of CNM Consultants, career and executive coaching
14
GETTING IN
Testing,Testing
Tips to make it through the panoply of psychometric tests
Banks will test your numeracy, logical and verbal reasoning skills from the initial application stage through to the nal hurdle at their assessment centres, especially in EMEA and Asia-Pacic. In addition to the online practice tests enancialcareers.com offers (go to http://news.enancialcareers.com/uk-en/students/), heres how to prepare. Different banks use various tactics when setting psychometric tests. Some will expect everyone to sit a numerical test as part of the online application process. These are not as difcult as those encountered later in the recruitment process, are usually taken online, and last about 20 to 25 minutes. Other rms will only require you to sit an online numerical test if your CV or application form makes it through their initial lters. Finally, some banks will only roll out psychometric tests at their assessment centres, so if you make it this far, you will denitely encounter them there.
In-house numerical tests

If you make it to interview or to a banks assessment centre, youll be required to sit an in-house numerical test. These are harder than the online ones, touching on things such as bond maths, differentiation and interest calculations. Ask the banks human resources team whether the in-house test questions are likely to get harder as they progress. Often they do, so youll need to make sure you get the easy ones right you dont want to lose vital easy marks from sloppy work.
Verbal reasoning tests

Verbal reasoning tests are all about attention to detail. Banks want to see that, within a limited timeframe and in a pressurised environment, you can digest and quickly disseminate information. You are usually provided with a passage of information and required to evaluate a set of statements by indicating whether each statement is: A True (Does it follow logically from the information or opinions contained in the passage?) B False (Is it logically untrue based on information or opinions contained in the passage?) C Cannot Say (Based on the passage, are you unable to determine if the statement is true or false without further information?)
Online numerical tests

For anyone with a reasonable amount of maths education, the online numerical tests should be relatively simple. They centre around addition and subtraction, percentages, compound interest, graph reading, analysing tables and problem solving. However, they are also designed to catch people out if they dont read the question properly. For example, you may see a simple XY graph where X is year one, year two etc. and Y is a numerical statistic. The question will ask you what was the Y gure in year three and candidates will jump to the graph and quickly tick their answer and move on, while missing that the Y column was actually cumulative.
Theres no right or wrong answer in situational judgement tests: often all of them could be ineffective or all could be viable.
SArAh BUTCHER EDITOR eFINANCIALCAREERS.com
The good news is that everything you need to know to answer the questions is included in the passage of text. These tests are really about attention to detail, and the key is whether you read the text carefully enough to pick up the logic, and how you interpret it.
Situational judgement tests

As you read through this guide, youll encounter senior nanciers and recruiters talking about the need for effective communication and analytical skills, resilience, teamwork and an ability to plan and prioritise. Situational judgement tests (SJTs) are your chance to demonstrate this. Financial services rms test your practical intelligence by presenting a series of work-based problem situations and a selection of potential solutions. Youll be asked to judge what the most and least effective responses available are. The questions test life experience and general knowledge, so while practice will help, ultimately success depends on the individual. Read through the questions carefully and make sure you understand all the potential responses. Theres no right or wrong answer; often all of them could be ineffective or all of them could be viable. Its your task to decide on the relative rank, Sarah Butcher, editor of enancialcareers.com, advises.
The trick is to ensure you have enough time to answer everything. You have about 20-25 minutes to cover 30-40 questions, so it is not advisable to spend ve minutes on one question. Even though youll probably be doing these on your laptop at home, prepare as you would for any other exam. Have ready a scrap of paper, an open Excel spreadsheet and a calculator. Take the exam when youre sharp and in a quiet place.
GETTING IN
15
Secrets to Internship Success

An internship is your easiest route into a full-time job: make it count
Even gaining a place on an investment banks summer internship programme is incredibly competitive, but its also the easiest route to securing a full-time position. Depending on the bank and division youre applying to, on average 60-75% of interns receive an offer, with some rms even lling all their front-ofce positions with intern conversions. Clearly, its important to grab the opportunity with both hands. Here are some top tips to make sure your summer goes swimmingly. Always complete projects on time and manage expectations about when youre able to nish them. Above all, make sure theyre perfect no incorrect dates, clumsy careless mistakes or spelling errors.
Show the right attitude, even for demeaning tasks

You know how to fetch coffees, right? Or to take down a large lunch order for the desk? It might seem demeaning, but the reality is that its a (minor) test get the little stuff right and youll be trusted with bigger tasks. One of the things interns always struggle with is managing their time effectively, says one senior investment banker. Between training, lectures, social and networking events, projects and rotations, interns can often get a little overwhelmed. I dont want to see it. I look for that guy who jumps at any opportunity we give him, who does whatever it takes to get it done.
Make the rst week count

The rst week of your internship can be overwhelming: because students dont always come armed with nancial sector knowledge, theyre required to undertake a week of intensive classroom-based training. Its generally a high-level overview of various asset classes and product types, so shouldnt be overly taxing for any student who has made an effort to research the industry. This means you should focus on another key element of the internship networking. Youll meet other interns, bankers and HR people (i.e. the recruiters) during this time. Make friends and make an impression it will pay dividends later.
Remember, everyone is assessing you

Investment banks want to see bright-eyed students who use the internship to learn about the industry. If someone has taken two hours out of their day to explain something to you, ensure that you understand it, and dont ask stupid questions. Its vital that you pick things up quickly and then execute on what you learned. Every person you encounter during your internship will be asked to submit feedback on you. This will cover things like: Were you on time for your meeting? Did you come prepared? During the meeting, were you focused? Did you ask good questions? Youneed to build a reputation or general consensus around yourself. You want everyone to mention your name when the conversations on good interns arise. Even if you dont get hired by the desk youve been working on, you need to ensure youve left such a good impression that they will recommend you to another desk in their division. This is key to getting hired.
Projects: tedious, but VERY important

Some internships are rotational, meaning you spend time at multiple desks and therefore have more opportunities to impress the right people. The other kind are desk-based, which means staying with one division during your entire internship and, very often, competing with a small pool of students for a limited number of roles. However, in both youll be given a number of different (often boring) projects to complete. As an intern, youll be given work no one else on the desk has time to do. If youre clever, you can use it as a tool to interact with members of the desk and expand your network in the organisation.
Mia Hulla is a rst-year analyst in FX German corporate sales at Morgan Stanley. She completed a BSc in Philosophy and Economics in 2011 at the London School of Economics. If I could offer three tips to internship success they would be: work (very) hard, never shun a chance to learn more whenever the opportunity presents itself, and be open-minded. You may go into the bank with an idea of where you want to work, but exposure to different business areas could change your mind. Also when you go to sit with someone for your next rotation or in a training session, a talk or social event, go out of your way to nd out about them, their role, why they work there. Its not just the MDs you have to impress. There are three desk rotations throughout the sales & trading internship, and each one feels like a set of threeweek long interviews. Coupled with this, youre also attending classroom-based training, lectures and networking events its quite intensive! Towards the end of the programme youre asked to present business ideas to senior management and answer any questions they have. This is intimidating enough, but its also
broadcast across the entire trading oor via our news screens its a little scary. Ultimately, I think I secured a job offer because I was very interested to learn, so I asked a lot of questions and didnt try to bluff things. Im also personable and articulate, which made me a good candidate for sales.
Case Study
How I turned my internship into a full-time offer
16
INVESTMENT BANKING
Mergers & Acquisitions

Long hours, intense competition and high prestige
How Hot? Money Kudos Opportunities
H At a glance...
Investment banking is the toughest area to break into The junior level is all about spreadsheets, financial modelling and long hours Client relationships are integral to moving up the career ladder
Because of its reputation as the glamorous side of investment banking, mergers & acquisitions (M&A) is one of the most competitive sectors to break into. As the name suggests, M&A teams in investment banks advise client companies on mergers (where two companies join up as equals) and acquisitions (where one rm takes over part or all of another). Big investment banks only get involved with transactions worth at least $100m. At the top end, the deals can be worth billions. A career in M&A demands considerable commitment. M&A bankers advise their clients at stressful and critically important periods in a companys lifecycle, so must make themselves available whenever the client needs them, even during their summer holiday or on Christmas Day. Junior bankers work long hours and can expect to be busy assembling the required nancial information and legal documentation late into the night, if the deal demands it. Its somewhat of an art to reach an agreement on price and terms, says Keith Magnus, chairman and head of UBS investment banking, Singapore & Malaysia. The ability to understand very quickly the motivations of the different stakeholders and the softer issues involved in transactions is a critical skill which any M&A banker must possess.
Its somewhat of an art to reach an agreement on price and terms. The ability to understand very quickly the motivations of the different stakeholders and the softer issues involved in transactions is a critical skill.
KeITh MAGNus Chairman and head of investment banking, Singapore & Malaysia UBS
Key players
The top ve places in the M&A revenue rankings are dominated by the large US investment banks, with only Credit Suisse challenging their dominance in 2011. However, European players like Deutsche Bank, UBS and Barclays also make the top 10. GLObAL M&A REVEnUE RAnKIng 2011 ($m)
Bank Net Revenue 1,728 1,528 1,424 1,177 Market Share 8.7% 7.7% 7.2% 5.9% 5.6%
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 and managing director, although the job titles may vary depending on the bank. Within those roles you have a chance to focus on sectors such as consumer, nancials, oil and gas, or media and telecommunications. The more senior you get in M&A banking, the more youll deal face-to-face with clients. At the junior level you may attend client meetings with more senior bankers but mainly youll be focused on complex nancial modelling and research to compile the pitch book the document the rm uses to outline its ideas on which companies a client should buy or sell to. As an analyst, your key tasks will also include working on these client service presentations, largely for M&A deals, but occasionally for initial public offerings. A lot of this will involve building a nancial model, valuing a company or benchmarking it against its peers. It is only later that you step away from the number crunching. The key
1. Goldman Sachs 2. J.P.Morgan 3. Morgan Stanley 4. Credit Suisse
5. Bank of America Merrill Lynch 1,109

Source: Dealogic
INVESTMENT BANKING
19
Analyst, Investment banking, Goldman Sachs

Christian graduated from the University of St Gallen in Switzerland with a degree in Business Administration before taking a Masters in Accounting & Finance at the London School of Economics. He joined Goldman Sachs in summer 2010.
As an analyst you are the person on the team who is closest to the numbers. This means a lot of data mining, but you also need to be able to think strategically and look at the options a client company has, such as acquisitions or disposals. If youre on a live transaction, youll also need to do some project organisation coordinating the different work streams, making sure the process timetable works and everything is running smoothly. The job is also different every day, which keeps it continuously interesting. Recently Ive been spending a lot of time meeting with a companys management and owners to discuss the process for a sell-side transaction were working on. Im also preparing an extensive valuation presentation for another client, which involves a lot of modelling and analysis of the companys nancials.
Whats my background? I studied business administration. While I was a student, I developed a strong interest in the corporate nance topics of the course and tried to get a avour of the different jobs available through internships with a few different investment banks. Long term, one of the great advantages of starting a career in M&A is that you acquire a very broad skill set that allows you to pursue a wide range of career paths. The environment is very fast-paced and you can take responsibility early on, which allows you to learn a great amount in the rst few years of your career. At Goldman Sachs, there are plenty of exciting opportunities to move into other product groups, divisions and geographies after youve been in your team for some time.
As an analyst you are the person on the team who is closest to the numbers. This means a lot of data mining, but you also need to be able to think strategically and look at the options a client company has, such as acquisitions or disposals.
difference between an analyst and an associate is that you take on more responsibility for the transactions and projects.
Pay and bonuses

First-year analysts in M&A earn an average of 45k ($70k) base and a bonus of 25k-30k ($40k-47k), meaning rst-year total comp should come in at approximately 70k-75k ($110k-117k), according to gures from UK recruiters The Cornell Partnership.
AVERAgE gLObAL M&A pAY 2011 ($k)

Role Base Salary Total Compensation 250-400
1st/2nd year associate 100-125
3rd year associate 8125-140 300-450 Vice president 200-400 Director 450-700
300 700-1,500
Managing director 300-500 1,300-2,000

Source: Options Group Intelligence Unit
Skills sought
Given that youll be working on complex nancial models for valuing companies, and piecing together presentations to clients, numerical and analytical skills are essential. Second languages are valued for working with overseas clients, as are stamina and attention to detail.
Analytical skills and numerical aptitude are essential requirements. However, nding someone who is a good t with our culture is just as important, says Ravi Gupta,managing director, Rothschilds Global Financial Advisory division. We seek people who are team players, who use sound judgement and initiative, and who have a real commitment to achieving excellent results. Many of an analysts duties are focused around nancial modelling but, as you get more senior, these technical skills need to be combined with softer qualities. In particular, senior bankers will be dealing with people, each with their own aims and priorities, at very critical points in their companys development. M&A deals, and in particular mergers of equals, often come to a pivotal point around social issues, assuming valuation considerations are agreed, says UBSs Magnus. Who controls the company from a shareholding perspective, who the chairman is, who the CEO is, who the CFO is and the senior management team and board composition; very often a deal fails to get done when these positions cant be agreed upon. Jana Hecker, vice president, Investment Banking Division at Goldman Sachs, agrees that client relationships are key: We look for individuals who share our commitment to client service, who will excel in a dynamic environment and who can demonstrate a real enthusiasm for nance. Patrick Ramsey, co-head of Americas M&A at Bank of America Merrill Lynch, advises you to look at all the options available. Invest your time in nding the specic area that best ts your capabilities and interests, then explore it and focus all your efforts there, he says. Talk to recent graduates in these positions to get a good sense of what youre getting into and to conrm its the right move. Find the rm with the right cultural t. Your key skills should be smarts, hard work and a passion for what youre doing.
Case Study
Christian Horn
20
INVESTMENT BANKING
Capital Markets
The birthplace of nancial products
H At a glance...
Capital markets divisions are tasked with bringing financial products to market Junior bankers must be numerate, articulate and able to juggle a variety of tasks Equity and debt capital markets teams are becoming more closely linked
Before nancial products are traded, they must be created. Its the pink-collared bankers in the capital markets divisions of investment banks who work on the production line to create them. Equity capital markets (ECM) bankers help companies raise money by issuing shares and related derivative products, which are sold to investors. They act as underwriters in the process. This means that, in exchange for a fee, they guarantee they will sell the shares the company is issuing for a certain price. If they cant nd enough people to buy the shares at the price theyve agreed with the company, the bank is obliged to buy the shares. Debt capital markets (DCM), meanwhile, deal with saleable units of debt in the form of bonds. Bonds come in all shapes and sizes, including treasury bonds issued by governments (until recently, the least likely to default), investment grade bonds issued by companies (not too likely to default) and so-called highyield bonds (which are more likely to default and therefore pay a higher rate of return). DCM is also called the xed-income market. This is because bonds typically pay a xed 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 10%. If the rate paid on a bond falls, the amount the bond is bought and sold for will therefore need to rise until the redemption date at the end of the bonds life, when the owner will receive its face value, in this case $100. Financial products that have been created by capital markets bankers in the so-called primary markets go on to be bought and sold by banks salespeople and traders in the secondary markets (see Sales, trading and research, p24).
Key players
As in M&A, the large US investment banks rule the roost in terms of capital markets revenues. Deutsche Banks dominance in Europe ensures its place in the top ve, while Credit Suisse, Citi, Barclays, UBS and HSBC made up the remainder of the 10 key players in 2011.
GLObAL ECM And DCM REVEnUE RAnKIng 2011 ($m)

Bank Net Revenue Market Share 2,339 7.2% 6.4% 6.0% 5.5% 5.3%
Not only do you need to be smart 2. Bank of America Merrill Lynch 2,092 3. Morgan Stanley 1,943 and have top quantitative and written 4. Deutsche Bank 1,783 skills, you must be a hard worker. 5. Goldman Sachs 1,716 To be thoroughly diligent and relentless are the most important traits for any banker. Roles and career paths
Source: Dealogic
1. J.P.Morgan
STeVe Mehos Head of DCM Macquarie
As banks are essentially offering similar services, they have to convince clients that their rm is the best one to use. So before new equity or debtrelated products can be created, deal originators are deployed to bring in new business.
It all adds up to an exceptional career decision

Now is the time to join RBC Capital Markets. Youll grow with us in a collegiate culture that provides exciting opportunities for your future. See where you t into the equation at campus.rbccm.com
Strength
Expertise
You
Success
The right formula
This ad is for informational purposes only. RBC Capital Markets is a registered trademark of Royal Bank of Canada. RBC Capital Markets is the global brand name for the capital markets business of Royal Bank of Canada and its afliates, including RBC Capital Markets, LLC (member FINRA, NYSE and SIPC); RBC Dominion Securities Inc. (member IIROC and CIPF) and RBC Europe Limited (authorized and regulated by Financial Services Authority). Registered trademark of Royal Bank of Canada. Used under license. RBC Capital Markets, LLC 2012. All rights reserved.
See yourself moving onward and upward. Expect opportunities.
At Barclays, your unleashed potential is our most powerful asset. Your ideas, ambition and talent have the power to drive the future of our business. We reward your commitment by offering you unparalleled training, support and global opportunities because we see cultivating top talent as a critical business priority, not just a nice-to-have. So expect to be stretched. Expect to go further, faster and higher. And expect to have your potential fullled. Exceed your expectations at barclays.com/seeyourself
Investment Bank
Barclays offers premier investment banking products and services to its clients through Barclays Bank PLC. Barclays Bank PLC is authorised and regulated by the UK Financial Services Authority and is a member of the London Stock Exchange. Barclays Bank PLC is registered in England No. 1026167. Registered Ofce: 1 Churchill Place, London E14 5HP.
INVESTMENT BANKING
23
Managing director and head of US equity syndicate, Jefferies

Ashley graduated from the University of Virginia with a BA in Economics in 1996. She has been working in investment banking for 15 years, and within equity capital markets for 13 of those. She joined Jefferies in April 2010.
I joined an investment bank straight out of university and 15 years later Im still in the industry. Along the way, Ive had numerous mentors, and opportunities have presented themselves, but I also worked very hard, created some of those chances myself and took some leaps of faith not the least of which was moving across the country for what I thought was a better role. The equity capital markets team provides support in the origination of primary market transactions managing the structuring, marketing, syndication and distribution of new equity issues. My team focuses on the syndication process for US public equity offerings. Theres one thing I have to do every day in my job: spend a lot of time talking to clients. On one side are the institutional clients (namely, those buying the new securities) what they think about a deal we have on the market, valuation, which parts of the investment story are interesting to them. Then, theres the corporate
clients (i.e. those issuing the equity), and I speak to them about broader market conditions (both primary and secondary markets) and investor sentiment on their deal. An essential skill in ECM is instilling condence in your clients. Corporate clients trust you to help them through the process of raising money in the equity markets, which can be a daunting process (particularly for rst-time issuers). You have to make them feel comfortable with the process. On the other side, institutional investors rely on you to manage the whole process and nd the right investors at the best price. Having both parties walk away feeling good about the outcome is much more of an art than a science. There are no dumb questions for people starting out in the industry. Remember, everyone came into banking knowing far less than they do now (or sometimes nothing at all). Most importantly, have fun every day it can be about a cool aspect of a deal you are working on, learning something new or just enjoying the colleagues that you are working with.
An essential skill in ECM is instilling condence in your clients. Corporate clients trust you to help them through the process of raising money in the equity markets, which can be a daunting process.
Origination specialists spend a lot of time travelling to clients to gain an insight into their nancing needs. However, you are unlikely to become one until youve worked in capital markets for some time. As a junior capital markets professional, you are more likely to be involved in structuring the products so that they meet the client companys nancing needs and are compelling for investors, or in the syndication process (preparing for the sale of nished products to investors). These days, it is often not sufcient simply to be an equity or a bond specialist. Banks such as Morgan Stanley, J.P. Morgan, Citigroup and UBS have combined their equity and debt origination businesses, so it helps to understand both sides of the coin.
Skills sought
If you want to work in capital markets, it will help to have an understanding of, and interest in, the technicalities of company nancing, but this isnt the limit of the job. First-year analysts are part of a team of senior, mid-level and junior bankers. Typical responsibilities include nancial modelling, drafting client pitches and other marketing materials, and deal execution such as comparative company analysis, says Steve Mehos, head of DCM at Macquarie. Not only do you need to be smart and have top quantitative and written skills, you must be a hard worker. To be thoroughly diligent and relentless are the two most important traits for any prospective banker. Individuals need a deep knowledge of their clients businesses and strategic nancial goals, adds Demetrio Salorio, global head of debt capital markets at Socit Gnrale CIB. This must be combined with a thorough understanding of how xed-income primary markets work and which opportunities can be brought to each client at any time. If you want to progress, it is important to look at the bigger picture and take an interest in industries and sectors outside your current area of specialisation. You also need to be a multi-tasker: Constant project management is central to the job, says Mehos. Five to six meetings a day with the banking team or clients is the norm, sprinkled with analytical work done at the desk. Although you will be given a high level of individual responsibility, capital markets careers are not like trading careers, where individual excellence can reap the highest rewards, and therefore youll need to be a team player. ECM professionals need to have a deep understanding of constantly changing market movements, be fully aware of local and international investors preferences, have client management and communication skills, and the ability to innovate to achieve client objectives, says Vineet Mishra, executive director, equity capital markets at J.P. Morgan in Singapore.
Pay and bonuses

Pay for analysts working in capital markets tends to mirror that of other front-ofce roles including M&A (see p16). This year, rst-year analysts received base pay of $70k, according to gures from search rm Glocap, with a maximum bonus of $50k-60k. Average total compensation was $115k.
AVERAgE gLObAL cApItAL mARKEts pAY 2011 ($k)

Role Base Salary Total Compensation 100-125 125-140 200 200-325 275-400 400-600 600-900 800-1,300
1st/2nd year associate 3rd year associate Vice president
Director 300 Managing director 300-500

Case Study
Ashley Delp
24
INVESTMENT BANKING
Sales, Trading & Research

A choice of three distinct careers
H At a glance...
Traders need to stay cool under pressure, connect the dots and make a considered decision An analytical mind and strong mathematics will give you the edge Persistence, emotional intelligence and a thick skin are a must for sales
Every day, millions of nancial products are bought and sold in the secondary markets where traders, salespeople and researchers in investment banks work together to trade for clients after a securitys initial issue. In the secondary markets, salespeople advise clients on investment opportunities, while traders buy and sell securities. The secondary markets are divided into equities (stocks and shares) and xed income currencies and commodities (corporate credit, government debt, currencies, commodities and interest rate products). Within the xed income division is the foreign exchange (FX) team. The FX market is the largest in the world, with an average daily turnover of $4 trillion, according to the latest gures from the Bank for International Settlements. There is also a range of exotic derivative products within all these sectors, whose value depends on the underlying security.
Analysts must have an internal drive to always be asking Why? and Is that the complete picture? is there another approach to be considered?
Rob Rouse Deputy head of US equity research Barclays
Key players
FIXEd IncOmE mARKEt shARE
1. J.P.Morgan 2. Goldman Sachs 3. Deutsche Bank 4. Citi 5. Bank of America Merrill Lynch
Source: J.P.Morgan analyst estimates

12.4% 9.7% 9.6% 9.2% 8.4%
EQUItIEs mARKEt shARE

1. Goldman Sachs 2. Morgan Stanley 3. J.P.Morgan 4. Credit Suisse 5. UBS
Source: J.P.Morgan analyst estimates
11.6% 9.4% 7.3% 7.2% 6.3%
Sales, trading and research are distinct careers. Salespeople advise their clients, who might be rich individuals, pension funds or other institutional investors, when to buy and sell securities. They usually focus on particular products (e.g. government bonds) and clients. Most of the time, were selling convenience or utility, not just a product. Its important to understand what is driving the purchase and add value accordingly, says Lutfey Siddiqi, head of FICC corporate coverage and FX distribution Asia-Pacic at UBS Investment Bank. Traders track the markets and buy and sell products at the touch of a button. Your career will be dened both by what you trade (e.g. equities, foreign exchange, or commodities) and by the kind of trader you are. There are several types. Flow traders buy and sell nancial products for a banks clients, while proprietary (or prop) traders trade the banks own money. Execution traders place trades for analysts and fund managers, and sales traders recommend products to clients and execute trades. There are also sales-support traders who act as intermediaries between sales
INVESTMENT BANKING
25
Analyst, Asia-ex Japan cash equity sales, J.P.Morgan, Hong Kong

Michelle graduated from Columbia University, New York in 2011 with a BA in Economics. She interned at J.P. Morgan in Hong Kong for three months before moving into her current role in August 2011.
Sales is a personality-driven job: you need to be outgoing, energetic and quick-thinking. During my summer internship in the sales and trading division, it became clear that sales was most suited to my skills. My working day starts at 6.45am, and I have a little time to read the news and research before the trading meeting at 7am, where we discuss trading ideas for the region. This is followed by the research meeting where analysts provide an update on different companies or sectors as well as discussing any questions clients may ask. We then share our trade ideas with clients and assist them in making the best judgement. In sales, you must know how to look at stocks, analyse companies, and assess the markets. Clients are constantly asking you questions, so you need to stay on top of the news and be able to absorb and digest information quickly.
The market is very dynamic, which keeps the job interesting; even on a slow day something is always happening. You denitely need to be a people person to be successful in sales. Its also important to be proactive: clients have about 10-20 other sales people feeding them ideas and offering them meetings with their research analysts. The biggest challenge in this job is time management. Aside from multiple client meetings, you will also need to prepare for any unexpected tasks due to intra-day market changes. If you are keen on breaking into the industry, be sure you really like the nancial markets and love talking about them the whole day. You denitely dont want to be waking up at 5.30am if you dont enjoy it. The hours are intensive, and youll receive responsibility right from the start, so youll have to be open-minded and exible.
You denitely need to be a people person to be successful in sales. Its also important to be proactive: clients have about 10-20 other sales people feeding them ideas.
and execution traders, and develop new business for the bank. They quote prices, take client orders, advise on the timing of the trade and the execution method. Historically, prop traders were at the top of the trader hierarchy but many banks have reduced their prop trading activities following large losses and regulatory crackdowns. Research roles focus on particular product types (e.g. equities or company debt) and particular industry sectors (e.g. pharmaceuticals, nancial stocks, or leisure companies). Known as analysts, researchers produce reports on the advisability of investing in various asset classes or companies.
Skills sought
Traders need a keen sense of risk and reward, an understanding of the dynamics of the markets and an analytical mind. If youre trading complex derivatives youll need the mathematical ability to understand the products. If youre trading non-complex, vanilla products, youll need to understand what drives the market. Traders should have a passion for the markets and an ability to connect the dots across a broad range of data, plus be able to effectively communicate what they see to both clients and colleagues, says April Galda, managing director, securities at Goldman Sachs. The job requires measured yet extremely time-sensitive decision making for our clients,where success hinges on idea generation, clientfocus,and risk management across the oor, adds Samantha Huggins, director, panEuro sales trading at Citi. Highly-developed analytical skills are essential for research roles, as is an inquisitive nature and an ability to synthesise large quantities of information and turn it into a linear argument. Rob Rouse, deputy head of US equity research at Barclays, says that analysts must have: An internal drive to always be asking Why? and Is that the complete picture? Is there another approach to be considered? And in the pursuit of this information, always be open to new perspectives and consideration of data that might conict with your existing views on an issue. Understandably, if you have a desire to work in sales, its safe to say you shouldnt be a shrinking violet. It helps to be thick-skinned and able to keep at it in the face of rejection. Only a minority of approaches result in successful sales, says UBSs Siddiqi. Whats more, you need to know how to interpret people: Its easy to be intellectually correct but emotionally incorrect. Successful salespeople are able to tune in to the customers wavelength, sense the unsaid and contextualise the purchase beyond the logical level, he says.
Pay and bonuses

EQUItY tRAdIng AVERAgE gLObAL pAY 2011 ($k)
Role Base Salary Total Compensation
Associate 100-120 150-250 Vice president 125-200 200-400
Director 250-275 400-600 Managing director

300-400
500-750
EQUItY REsEARch AVERAgE gLObAL pAY 2011 ($k)

Role Associate Vice president Base Salary Total Compensation
100-120 150-250 125-200 250-400 600-800 750-1,000
Director 250-275 Managing director

300-400
Case Study
Michelle Yuan
26
INVESTMENT BANKING
Electronic Trading
High speed, greater volumes and the race for low latency
H At a glance...
E-trading increased trade volumes, while reducing the number of human traders More and more asset classes are being traded electronically Quants are key, and require a PhD in a highly mathematical subject
The rise of electronic trading (e-trading) over the past decade has had a profound effect on the structure of equity markets. Automation transformed the market from one where a great deal of human intermediation was required into one where computers largely do the work in executing and processing trades. There are many benets to this. Firstly, it allows greater volumes of trades, which improves market liquidity: the US average daily reported trading volume increased from 2.5 billion shares in 2003, to nearly 6.5 billion in 2011. Secondly, the speed of executions and cost of transactions have fallen sharply while transparency has increased. The use of algorithms computer systems that decide on price, timing and quantity of an order has also cut the size of the average trade. Slicing large blocks into smaller pieces reduces the market impact of trades and limits adverse costs of trading large positions. A downside is that greater automation means less manpower. One bulgebracket bank tells us it employs 30% fewer traders than in 2005, dealing with three times the ow. Electronic trading is also well established in the high-volume foreign exchange market and increasingly important in xed income. Goldman Sachs and Morgan Stanley, for example, have recently launched e-trading platforms for corporate bonds.
Pay and bonuses

AVERAgE gLObAL ELEctROnIc tRAdIng pAY ($k)
Role Associate Vice president Base Salary Total Compensation 125-175 200-425 200-250 500-750 1,000-1,400 1,750-2,500
Director 300 Managing director

400-600
Skills sought
Most quants have PhDs in a highly mathematical subject and must also possess a good knowledge of nancial instruments and technical computing software such as MATLAB. For other roles within e-trading, softer skills are valued. Sales, for example, is all about managing relationships, according to Holden Sibley, head of BARX sales, Americas at Barclays. This may seem counter-intuitive given our product isaimed at getting people to trade via a machine, but to be successful we have to be able to develop a relationship with clients, understand their needs, establish their trust, and identify how ourtechnology solutions can provide for those needs, he says. Because of its reliance on technology, electronic trading is constantly evolving, which on one hand presents an opportunity for those working in the sector to be at the forefront of innovation. On the other, it also means that you have to be versatile enough to adapt. As one managing director in electronic trading tells us: You need not only to accept change, you also need to embrace, welcome and thrive amid change. We look for the right blend of technical knowledge, trading experience, understanding of market micro structure and client servicing skills, says Stephane Loiseau, head of execution, Socit Gnrale Corporate and Investment Banking, London. Adaptability is key as well, in order to provide the best level of service in a fast-changing environment where electronic usage continues to evolve and has now become one of the tools used by all traders.

Quantitative analysts Are the maths elite, key to gaining an edge in e-trading. They design, develop and implement execution algorithms using a mathematical approach to identify investment opportunities and strategies. Consultants Keep clients happy. They run statistical reports, including transaction cost analysis and trade reports, to ensure clients are using trading tools effectively. Sales traders Facilitate the execution of trades for clients, offer a menu of the banks e-trading products and aid a customers decision. This role combines marketing and client relationship management. Banks also hire for pure sales roles. Market structurers Analyse regulatory changes and macro trends and their potential effect on trading. There are also a whole host of technology positions in the development of ever-more sophisticated e-trading platforms, so banks can maintain an edge over their competitors (see IT in Finance, p46).
Are you ready for a company that offers more than you would expect?
Apply now for the Corporates & Markets Graduate Programme.
Are you looking for an exciting job in the finance industry with challenging career prospects in a dynamic environment? At Commerzbank you can get a head start to your career in an international investment bank, which is part of the second largest bank in Germany with over 58,000 employees worldwide. Our Corporates & Markets Graduate Programme offers you the opportunity to join our investment banking team. Right from the start you will be part of the action, where good ideas get recognised and you can make a real difference. Ready to be the future of banking? Take the next step, visit www.commerzbank.com/career
Achieving more together
28
INVESTMENT BANKING
Compliance and Risk Management

The eyes and ears of risk and regulations
H At a glance...
The regulatory shake-up has seen a surge in demand for compliance staff Salaries have been increasing steadily Risk managers must be forthright, confident and ethical
It is up to risk management teams in investment banks to make sure the bank doesnt take huge risks and therefore make huge losses in its pursuit of gigantic prots. As just about every investment bank has had to write off billions of dollars during the global nancial crisis, the focus on a more prudent investment strategy has never been greater. While risk managers try to stop a banks 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 country in which they operate. Since the nancial crisis, regulators across the world have increasingly been baring their teeth and banks have been weighed down with regulatory obligations, forcing them to increase the size of their compliance teams. However, with regulators in different countries so far adopting different approaches, there have been increasing calls for more international coordination on how best to reform the nancial services. One of the most sweeping forms of regulation is Basel III, which places more stringent demands on the amount of capital banks are required to hold. This has created more work for risk teams and increased hiring Morgan Stanley, for instance, has doubled its risk headcount since the beginning of the 2008 nancial crisis. In the UK, the regulatory regime is in a period of ux, with the Bank of England in line to take on more responsibility and the Financial Services Authority soon to be succeeded by the Financial Conduct Authority and the Prudential Regulatory Authority. In the US, the Securities and Exchange Commission is the nancial watchdog. In Asia, the Securities and Futures Commission regulates Hong Kong, while Singapore is under the watchful eye of the Monetary Authority of Singapore. As well as individual country watchdogs, European rms are also regulated by the Committee for European Securities Regulation, the Committee of European Banking Supervisors and the Committee of European Insurance and Occupational Pension Supervisors. Overall, it is a very challenging environment. We need to be exible and keep up with the ever-changing regulatory environment, as well as with the evolving products and services the rm provides, says one chief operating ofcer at a US investment bank in Asia.
[You need] the courage to challenge accepted wisdom and speak out when needed, telling the good and the bad news. You need the ability look ahead, to spot the next emerging risk.
SImoN KIdd Senior Risk Manager HSBC

Risk management teams in investment banks are divided according to the different types of risk involved. Market risk The risk that a group of traded nancial products (e.g. stocks, bonds or commodities) will fall in value simultaneously because of outside events, such as rising oil prices or terrorist attacks. Also known as systemic risk. Credit risk The risk that a particular company or an individual will default on their obligation to repay their debts. Operational risk The risk that a bank will incur damage or losses due to internal factors, such as systems breakdown, nancial wrongdoing or rogue employee. 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 are also divided into various categories.
INVESTMENT BANKING
29
Chief central compliance ofcer, Credit Suisse

Eoin holds a Bachelor of Law (BCL) degree from University College Cork in Ireland, and a Barrister-at-Law (BL) degree from The Honorable Society of Kings Inns in Dublin. He joined Credit Suisse in 1990.
The role of chief central compliance ofcer is a careful balance of highly technical skills and creativity. Im a trained lawyer and have been involved in a high number of regulatory matters that require extensive legal analysis, but I also oversee more than 400 people in our central compliance team. Fine-tuned people management skills are critical for my daily work, and it keeps my job interesting. I joined Credit Suisse in 1990 as an in-house counsel for a new specialised derivatives subsidiary the bank was starting in the UK. This was really not the sort of opportunity you get offered every day, so I signed up quickly. Subsequently, I became chief operating ofcer for the Asia-Pacic region and it was in this role that I was offered my current position. My job today draws heavily on my legal, regulatory and transaction handling experience,
but I also work with people, which is something I love. I manage a diverse group of people across many different geographies, time zones and cultures, and our aim is to provide high quality client service together with robust controls. To work and progress in the compliance eld, you need to be collaborative, action-oriented, and have a structured thought process. I focus on solutions, but never compromise on issues of integrity or ethics, which I believe is paramount. Its also important to be honest about what you dont know and ask questions whenever you need to. Hard work and a positive attitude go a long way in your career, but its also critical to grasp opportunities when they present themselves. Be prepared to work overseas for the right position it increases your prospects and broadens your thinking.
Coupled with that, you need to be able to manage change having a vision of what you hope to achieve with a change or transition is critical, but remember to be willing to listen to others and adapt to new situations.
You need to be collaborative, actionoriented, and have a structured thought process. I focus on solutions, but never compromise on issues of integrity or ethics.
Sales and trading compliance Working with a banks salespeople and traders to ensure their activities comply with the requirements of the local regulator. Sales and trading compliance pros are often product specialists for example, they might specialise in bonds, equities or derivatives. Control room compliance Centralised tasks such as maintaining the banks restricted list (which restricts condential 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 that they are indeed stopped and watched. Monitoring and surveillance Scrutinising specic behaviour and transactions that might indicate fraudulent activity, such as insider dealing or manipulation of markets across the exchanges. Anti-money laundering Stopping money laundering (where the nancial proceeds of illegal activities are given the appearance of being legitimate).
Pay and bonuses

Salaries have been slowly increasing within compliance and risk management in line with investment banks tendency to increase headcount in this area. A head of compliance with responsibility for a particular country can expect to earn $195k-400k, according to gures from recruitment agency Robert Walters, but starting salaries usually come in at around $50k, rising to $72k-135k after two to four years experience.
Skills sought
Perhaps slightly surprisingly, among the key attributes banks look for in their compliance and risk recruits are good communication skills and an ability to build relationships, largely because of interaction with various divisions within the business. Our job is to look at situations with the blinkers off, says Simon Kidd, senior risk manager at HSBC in the UK. Personal integrity, an enquiring mind and an eye for detail are therefore all essential qualities for working in risk management. In practice, it means having the courage to challenge accepted wisdom and speak out when needed, telling the good and the bad news. It also means looking ahead to spot the next emerging risk and being able to analyse which risks are most material. Jane Howard, CAO risk management at Royal Bank of Scotland in the US, says: Risk departments set risk appetite with supporting policies, frameworks and procedure so that risk is managed within the parameters acceptable to the group board. Collaborating with people across risk functions and the business is essential to making this work effectively. Michael Weiss, vice-president, compliance at Goldman Sachs, says: We are looking for people with a strong interest in the nancial markets and attention to detail, who can identify risk, inuence change and work closely with others.
MARKEt RIsK sALARIEs ($k)

Role UK US 13 yrs exp 48-72 60-100 57 yrs exp 96-113 175-250 710 yrs exp 113-137 250-500
France Unavailable 71-122 110-154 Germany Unavailable 64-109 90-167 Singapore Hong Kong 40-72 72-111 111-240+ 59-90 90-155 155-193+
Source: Robert Walters 2012 Salary Survey
Case Study
Eoin OShea
30
INVESTMENT BANKING
Operations
Clearing and settling trades in the busy world of the back ofce
How Hot? Money Kudos Opportunities You are a key point of contact for various platforms and divisions Bonuses are smaller, but the hours are shorter Banks want proactive, diligent multi-taskers
H At a glance...
If you delve into the murky world of investment banking, you will soon hear the terms front ofce, middle ofce and back ofce. When people talk about the front ofce, theyre talking about the sexy areas of investment banking mergers and acquisitions or sales and trading. When people talk about the middle ofce, they are referring to functions such as IT, accounting (nance) and risk management (which we deal with in other pages of this book). When they talk about the back ofce, theyre talking about operations. Unlike the people in the front ofce, people working in operations do not liaise with clients to generate revenues and prots for the bank. Instead, the division is a support function operations professionals support people in the front ofce to make sure everything works smoothly and the bank gets paid. The main business of operations is clearing and settling trades. Clearing trades involves making sure that the records one bank has kept of the sale of a nancial security match those of the bank or organisation it sold the security to. In most cases, simple trades are cleared automatically through huge electronic systems such as Brussels-based Euroclear. 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 banks traders are exchanged for the correct amount of money. In recent years, a number of operations functions have moved away from major nancial centres. In Europe, Scotland, Belfast and Poland (as well as nearshore centres in English cities like Birmingham and Bournemouth) are popular destinations. In Asia, Singapore has been a popular hub for operations for some time, but cost controls have prompted some banks to move these functions out to Malaysia. Meanwhile, in the US operations functions are rarely based on Wall Street, or even New York state. Instead, nearshoring is the new trend, and these functions are increasingly shipped out to Salt Lake City, North Carolina and Jacksonville, Florida where workers and ofce space are decidedly cheaper.
Communication skills are critical. Hone your communication skills by taking advantage of classes that help you feel comfortable speaking in front of individuals and groups.
MoNTy ForresT Managing director, Prime Services Operations Barclays

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 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-the-counter (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. The rationale behind this regulatory-driven move is that it will increase transparency in the market and reduce risk. This is creating big challenges for banks operations teams, from both an IT and a human resources standpoint.
INVESTMENT BANKING
31
Middle-ofce operations analyst, Citi

Matt graduated with a degree in Politics & Economics from the University of Bath and joined Citis analyst programme in July 2010.
There are a lot of misconceptions about working in operations, with many assuming its not as exciting as the front ofce. However, working in this area appeals to me for a number of reasons. I work for the cash equity middle ofce, in a control and process reengineering role. This means that I focus on trying to automate trade ow, drive process change and improve the service we provide for clients. Because were responsible for establishing strong controls across the organisation, as well as delivering more effective transaction processing for clients on a global level, I think operations gives you a unique overview of the entire business. Im quite a hands-on person, and my job gives me the opportunity to really make a difference; its great to see the results. Were always trying to change the face of the business and reduce
costs for the bank. Whats more, in the current regulatory landscape, operations is arguably more important than ever and is certainly receiving a lot of attention. Theres also a lot of opportunity for innovation and, if youre able to come up with the right idea, the team here can make it become reality. For example, I identied a solution at the beginning of this year, which has saved the company $1m annually. Being able to see that sort of tangible benet is rewarding. No day is ever the same: I have my routine duties, which include looking into breaks in straightthrough-processing or how we can provide a solution for a client. However, there is also direct interaction with senior managers who provide ad hoc tasks analysis of gures or producing in-depth reports, for example. I also had the opportunity to travel out to Japan last year.
The job also requiresa lot of networking: we regard the people we interact with elsewhere in the bank as internal clients, but we also deal with clients externally, which keeps life interesting.
In the current regulatory landscape, operations is arguably more important than ever and is certainly receiving a lot of attention.
Closer to the trading oor is the role of the trade support ofcer, which can cover a range of different asset classes, from equities and bonds to commodities or derivatives. Here, you are in the ring line for any queries a trader might have everything from reconciliation issues to any 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.
Client servicing is both internal and external and it is the bread and butter of your job.
Pay and bonuses

In operations, the general rule is that the more exotic or specialised the product youre working on, the higher the pay. In the UK, for instance, a manager working on equity or xed-income settlements receives 55k-70k ($88k-113k), according to recruiters Robert Walters, a gure that rises to 65k-85k ($105k-137k) for the same role focusing on equity or credit derivatives. Starting salaries are generally around $50k-60k, but bonuses are small compared to the front ofce, at 5-15% of base pay. In Singapore, a manager working on equity or xed income settlements earns $50k-95k, rising to $80k-120k for derivative products. US-based settlements professionals can expect $65k-150k at associate to VP levels. AldIs SuNG Analyst, operations J.P. Morgan Hong Kong
Skills sought
When banks are lling operations roles, they look for a combination of problem-solving, interpersonal and time-management skills. In a role where accuracy and consistency are absolutely key, attention to detail is also a must. Be prepared to demonstrate an extraordinary level of focus and attention to detail while working under pressure, says Aldis Sung, analyst in the operations division at J.P. Morgan in Hong Kong. Take a holistic approach to your daily responsibilities and understand how your actions impact other
systems and processes downstream, and the organisation as a whole. While operations professionals have few client-facing responsibilities, they are essentially ensuring the smooth running of the organisation and therefore any problems they solve help enhance the client experience. Good communications 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 an impatient trader? Communication skills are critical. Hone your communication skills by taking advantage of classes that help you feel comfortable speaking in front of individuals and groups. This will assist you in clearly articulating your thoughts and actively participating in conversations, says Monty Forrest, managing director, prime services operations at Barclays. Be vigilant to potential problems and be proactive in identifying solutions to resolve them. Client servicing is both internal and external, and it is the bread and butter of your job, says Sung. Be patient in understanding what your clients need and be creative in solving their problems.
Case Study
Matt Sugden-Jones
32
FINANCIAL SERVICES
Fund Management
Pension pots, portfolios and the art of long-term investment H At a glance...
Fund managers must combine passion with an ability to absorb a lot of data Investment and distribution roles pay the most Junior fund managers are given responsibility quickly How Hot? Money Kudos Opportunities
Fund management is about investing other peoples money and earning a fee for the privilege be it from the man on the street or from large investors such as pension funds. Fund managers (also known as asset managers) broadly fall into two camps: active and passive. Active fund managers use their skill to build portfolios that can beat the market average and often take bigger risks for better rewards. By comparison, passive management, or index tracking, involves selecting a portfolio of assets whose change in value will match that of the changes in a nancial index such as the UKs 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, nancial sector or individual industries.
who scrutinise the best companies and products in which to invest, or portfolio managers (otherwise known as fund managers), who are responsible for investment decisions on a range of funds in their area of expertise, be it equities, xed income or alternatives.
As a fund manager, you manage a portfolio as an investor. We dont have to persuade people to do things; we do things ourselves. We are investors rather than advisors.
MArK BurGess Chief investment officer Threadneedle
Key players
TOp fIVE fUnd mAnAgERs bY AssEts UndER mAnAgEmEnt ($bn)
Rank Company 1. BlackRock 2. Allianz Global Investors 3. State Street Global Advisors 4. Vanguard Asset Management 5. Fidelity Investments
Source: IPE International Publishers. Figures as at 31.12.11
Country AUM US/UK Germany US/UK US/UK 3,515.5 2,113.4 1,862.5 1,844.5
US 1,619.9

Investment roles These are about actually investing money managed by the asset management rm. People in investment roles are usually analysts,
Distribution roles These cover sales, marketing, product development and client servicing, and are about selling a fund managers services to the clients who invest their money with it, and maintaining good relationships. Graduates starting out in a fund management rm begin as research analysts, working closely with the portfolio managers, visiting companies to assess their investment potential, and sifting through buy and sell information and company reports. After a training period, usually around three years, during which youre likely to undertake the Chartered Financial Analyst (CFA) qualication, analysts on fund managers investment programmes typically take one of two routes. You could become a senior analyst, focusing on a particular industry or region and broadening your knowledge to suggest investment ideas or strategies. Or you could move on to become a junior fund manager, where you learn how to take the investment decisions directly and shape portfolios and investment strategies.
We saw the plain truth.
Graduate & Internship Opportunities.

Equity Research, Fixed Income, Sales & Marketing, Operations, Business Management and HR. UK, Europe, Asia.
Whats the dierence between a good investment and a poor one? Often, its the nest, near imperceptible details. For example, one Analyst, in a meeting with a potential investment, noticed the usual chocolate biscuits were replaced with plain ones. We followed it up and found the company had nancial diculties, which helped us to decide not to invest in them. Fidelity Worldwide Investment has become a leading global investment management company precisely because of this approach, and weve deservedly gained a reputation for delving deeper to unearth the best investment opportunities for our clients. It takes a range of skills to support our Investment teams approach. Our HR teams make sure we have the talented people we need. Sales and Marketing develop strong client relationships and create innovative new products. And our Business Management teams ensure we have the tools in place to provide our clients with excellent customer service and enable our business to work eectively. In fact, they all play a key role in our investment intelligence. Find out how you can too, at www.delityrecruitment.com/enancial
Explore your potential

Not all careers in Capital Markets are the same, and a career with MUSI offers you a unique opportunity to get ahead in the investment banking world and make an impact in a fast-moving organisation. We are a focused, specialist rm that benets from the strength and support of being part of a larger group. Due to our size we look for a relatively small number of talented graduates and interns each year. You therefore wont get lost in a large trainee intake; youll feel involved and be an integral part of our team from your very rst day.
Insight with integrity.

www.musi.com/graduates
FINANCIAL SERVICES
35
Manager, Fidelity Germany Fund

Christian completed an international business degree programme, encompassing the International School of Management in Dortmund, European Business School in London and Columbia University in New York. He joined Fidelity in 2005.
To be a successful fund manager you must obviously understand nancial markets, but in order to really progress your career its important to have an analytical mindset, the passion to really nd out about business models, and a lot of perseverance. Any student thinking about a career in fund management really should secure an internship during my studies I spent time at Deutsche Bank, Sal. Oppenheim and Hornblower Fischer. Not only does this enhance your knowledge of the nancial industry, but it enables you to start networking early on. My rst job, back in 2002, was at WestLB Asset Management where I was responsible for our European equity funds investments into the banking sector. After taking the CFA qualication, I joined Fidelity in 2005, taking the classic route of being an analyst for a few years, then assistant portfolio manager before eventually taking over the management of the German equity funds.
The main element of my job is making investment decisions for around 800m of assets under management (June 2012), but this involves a variety of things. I meet often with the senior management of German companies as well as their peers, competitors and clients. I also liaise internally with our analysts who are experts in their respective sectors and companies. We perform fundamental analysis namely, looking into a companys nancial statements, its management and competitive advantages and this feeds into detailed nancial models for assessing earnings potential and valuation. Based on this, we take a decision on which rms are promising or attractive and should be included in our funds. However, another important element of my job is meetings and presentations to clients to discuss the fund performance and investment decisions. I really enjoy my job, so its difcult for me to point to any downsides. Theres a lot of travel involved,
as well as long hours, and this can occasionally take its toll on your energy levels. However, as long as you like what youre doing, these are minor things.
Theres a lot of travel involved, as well as long hours, and this can occasionally take its toll on your energy levels. However, as long as you like what youre doing, these are minor things.
As in investment banking, theres a range of middle-ofce 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.
Pay and bonuses

Compensation in the asset management sector doesnt reach the dizzy heights of investment banking, but its still a very well-paid industry. In the UK, on average, total comp in the sector was 156k ($250k) in 2011, according to specialist asset management remuneration consultancy PRPi. A junior portfolio manager (a position attained after around three years) in London should expect a salary of 60k-80k ($96k-129k), according to recruiters Robert Walters. In Germany, fund managers earn 70k-100k ($86k-124k) after three to seven years, which rises to 90k-130k ($110k-160k) after seven years experience. In the US, the largest asset management hub in the world, pay is higher. According to a report by Johnson Associates and Greenwich Associates, average compensation for equity portfolio managers is $850k, while the range in the xed income sector is $340k-525k. In Singapore, a junior portfolio manager salary is S$72k-120k ($57k-95k), according to Robert Walters, rising to S$190k-350k ($150k-280k) at the senior end.
Skills sought
Dont expect an easy ride as a fund manager youll need to be an expert at ltering large quantities of data, and to be passionate about investing. Youll also be heavily judged on your performance: one fund manager told us its like being a student taking a test every single day and getting a grade, and that grade is then published in the newspaper. Fund managers generally take on a smaller number of graduates than the banking sector, and the skills needed differ wildly, suggests Mark Burgess,
chief investment ofcer at Threadneedle. In investment banking, youre generally advising clients and trying to persuade them to do things. But you cant make and implement decisions yourself, he says. However, as a fund manager, you manage a portfolio as an investor. We dont have to persuade people to do things, we do things ourselves. We are investors rather than advisors. As competition has intensied 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. For a career in asset management, do major coursework in nance, economics, accounting or mathematics, advises James Keenan, managing director of BlackRocks leveraged nance group and senior portfolio manager for its high yield fund in the US. Since competition for employment may be higher than ever, set yourself apart by joining investing clubs or working with your college or universitys endowment. A lot of schools now have programmes or classes for top students who can work for or even manage part of the endowment. This is reected in the level of responsibility given to junior fund managers all rms will run their own in-house training schemes, but an understanding of nancial markets before starting the role is a distinct advantage. Being a good fund manager isnt just about an ability to analyse company reports, track the machinations of the markets and make the right decisions. Fund managers should be naturally inquisitive people, keeping up with current events, whether thats a technological breakthrough or a political change within a particular country, and understanding the implications for future investment ideas. From the beginning theyre given responsibility for coming up with investment ideas in their area for the fund managers to implement, says Burgess. We teach them how to analyse companies, market patterns, and particular kinds of product. Over time, they become more experienced, get more responsibility and, after ve to seven years, will become fund managers themselves.
Case Study
Christian von Engelbrechten
36
FINANCIAL SERVICES
Alternative Investments
High-earning roles, reserved for a select group of graduates
H At a glance...
Only a small number of elite graduates are recruited Top hedge fund managers earn mega-bucks, but pay is generally high Most graduates move into private equity after some financial sector experience
A normal investment is usually in stocks, bonds and cash, made with a view to earning interest or dividends, or because the value of the investment is expected to rise over time. Alternative investments cover a broader range from wine to art and real estate. Here, however, we will look at hedge funds and private equity. Hedge fund managers also invest in stocks or bonds but while traditional fund managers do so in the hope that prices rise, hedge funds use strategies to make money even if they fall. Private equity funds invest in companies that are not listed on the stock exchange, from seeding smaller rms (through venture capital) to buyout funds, which invest larger sums in established companies and usually use debt to nance the transaction.
Pay and bonuses

HEdgE fUnd pAY 2011 (fUnds WIth >$4bn AUM, $k)
Job Role Researcher/Modeller Idea generator Portfolio manager Base 130 275 300 Total Comp Y-o-Y Change 418 1,196 4,395 +11% -4% -9%
Source: Glocap Search. These amounts are average for investment professionals at top-performing funds (Average rate of return = 3.37% vs. 14.98% in 2010)
AVERAgE tOtAL cOmpEnsAtIOn In pRIVAtE EQUItY 2011 ($k)

Role Total Compensation 106 207 411 646 1,759 2,459 2,728
Key players
In 2011, the top ve ranked hedge funds by assets under management were Bridgewater Associates, Man Group, J.P.Morgan Asset Management, Brevan Howard and Och-Ziff Capital Management Group, according to Bloomberg Markets Magazine. Within private equity, the largest rm by funds raised over the past ve years is TPG ($49.8bn), according to gures from Private Equity International. Other US fund houses The Blackstone Group, Kohlberg Kravis Roberts (KKR), Goldman Sachs Principal Investment and The Carlyle Group make up the top ve.
Analyst Associate Senior associate Director/principal Managing director/partner Senior managing director Managing general partner
Source: Prequin

There are three key areas in the front ofce of a hedge fund: analysis, sales and marketing, and trading. Analysts look at the companies, markets and nancial products the hedge fund invests in (often they are called idea generators); sales and marketing liaise with investors and persuade them to put money into the fund; traders act on the analysts recommendations and place trades. In a private equity fund youll probably start out as an analyst looking for possible investment targets. You can then move into the role of principal, appraising whether a deal is worth pursuing and sorting out legal issues. At the top are originators, usually partners in the rm, who sniff out deals and oversee everything. Graduate recruits are rare, however, and either experience in investment banking or a top MBA is usually required.
Skills sought
Hedge funds are not big recruiters of graduates, but an increasing number have programmes to recruit juniors. Man Groups talent and recruitment management business partner, Helen Ogilvie, says that they recruit a relatively small number of ambitious individuals. Specically, in order to work in the hedge fund industry, she says: Graduates must be numerically strong with an active interest in the nancial markets. If you want to work in private equity, its important to both have both expertise in various industries, highly developed numerical skills and an ability to build relationships with management teams, senior advisors, external advisors and industry experts, according to Sandra Ozola, head of HR at KKR Europe. Our investment professionals need to identify attractive investment themes and opportunities, gather and synthesise industry and market data, and conduct extensive analysis on potential investments, including in-depth nancial modelling, she says.
FINANCIAL SERVICES
37
Global Custody
The ever more complex task of administrating investments
H At a glance...
Global custody is becoming increasingly complex Custodians are big spenders on technology Maths are a must, but graduates also need client service and communication skills
As fund managers become more sophisticated with their investment strategies, the role of global custodians has changed signicantly. The range of products and services they offer to clients has snowballed in recent years. 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. 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).
Selling yourself well in interviews and demonstrating some experience in client service is vital.
CATHERINE Duffy General manager Northern Trust, Limerick

Client-facing You will schmooze with fund manager clients, ensure theyre happy with existing services and, hopefully, sell them others. Delivery Includes fund accounting, settlements and corporate actions. Graduates usually get a grounding in all these areas before specialising. Technology Custodians spend hundreds of millions of dollars on technology, so they look for the right IT staff from a graduate level. Fund administration starting salaries are 25k-35k ($40k-56k) in the UK and 27k-35k ($35k-45k) in Dublin, a key centre for global custody. Salaries are S$40k-60k ($50k-77k) in Singapore after a couple of years experience.
Skills sought
There are no favoured degrees for global custodians but certain roles, such as fund accounting or IT, require a pre-existing skills base. Graduates with mathematical degrees gravitate towards the core custody functions. Calculating corporate actions can be complex, and a rm grasp of maths certainly helps. Graduates will also need to demonstrate softer attributes. Strong communication skills are essential to succeed, says Gunthar Schultz, co-head of global asset servicing at Credit Suisse. A key component of effective communication is the ability to correctly tailor a message for the intended audience, whether thats senior management or the technology division. Its about knowing where the audience is coming from and what their goals are, and being a thoughtful listener. Although only some roles in global custody are directly client facing, all roles require some degree of customer service and graduates need to demonstrate this. Selling yourself well in interviews and demonstrating some experience in client service is vital having a summer job working in a shop, for example, shows a commitment to supporting customer needs and dealing with multiple demands, says Catherine Duffy, general manager, Northern Trust in Limerick, Ireland.
Key players
TOp fIVE gLObAL cUstOdIAns bY AssEts UndER cUstOdY ($bn) Company Assets BNY Mellon J.P.Morgan Worldwide Securities Services State Street Citi BNP Paribas 26,600 17,900 16,900 12,600 5,854
Source: globalcustody.net. Figures as at 31.03.12 for BNY Mellon, J.P. Morgan and State Street and 31.12.11 for Citi and BNP Paribas
Pay and bonuses

Client-facing roles in global custody are the most lucrative, with base salaries of 50k-70k ($80k-113k) after three years experience and 80k-90k ($130k-145k) at the senior end in the UK, according to Robert Walters. Fund
38
FINANCIAL SERVICES
Wealth Management
Technical expertise combined with polished social skills
How Hot? Money Advising the worlds wealthy on how best to invest their money Kudos Opportunities High-net-worth clients expect a full service, not just investment advice The more money you manage, the greater your earning power
H At a glance...
As the name suggests, private wealth managers help very rich people manage their money, far away from the prying eyes of the gossip columnists and paparazzi. They fall into two categories. Private bankers Help clients invest their money wisely and avoid any risks that might reduce the value of their assets. They also offer tax and pensions advice, help develop a strategy for charitable giving, and advise clients on bequeathing their wealth to the next generation. Private client brokers Help clients buy and sell nancial products, particularly equities or stocks (hence the term stockbroker). They also advise on products to invest in. The clients of private wealth managers range from company chief executives to property tycoons, investment bankers, sports stars, celebrities or members of privately run family businesses. Private banks typically look for clients with at least $1m to invest but many deal only with clients whose nancial assets (not their houses or yachts) alone are worth more than $30m.
Integrity, striving to put clients rst and the ability to tailor and deliver advice in a way that is free of jargon are crucial.
MArK KAry Head of UK wealth management Rothschild

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-ofce functions such as human resources or accounting. 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 xed 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 banks services. This can involve a lot of travelling and close contact with demanding people. After a relationship private banker has established a clients needs, specialists produce a detailed solution. There are two types of private client brokers. The rst works on discretionary mandates, in which wealthy clients communicate their investment strategy and the broker buys and sells the nancial 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.
Key players
LARgEst pRIVAtE bAnKs bY AssEts UndER mAnAgEmEnt ($bn)
Company AUM 1. Bank of America 2. Morgan Stanley 3. UBS 4. Wells Fargo 5. Credit Suisse 6. Royal Bank of Canada 7. HSBC 8. Deutsche Bank 9. BNP Paribas 10. J.P.Morgan
Source: Scorpio Partnership
1,945 1,628 1,560 1,398 865 435 390 368 340 284
FINANCIAL SERVICES
39
Executive director and team leader, Coutts Hong Kong

Pang graduated with a degree in Commercial Economics in the Netherlands, followed by an MSc in Financial Management from the University of London. She has worked at Coutts for seven years.
After returning to Hong Kong in 1997, I rst worked for ABN Amro Bank it was a natural choice as I knew my Dutch-Chinese background would be advantageous at a Dutch bank in Hong Kong. When I joined Coutts, I had to get used to a new culture. As always, with changes came new challenges, and although the initial going may have been tough, I came out the other side a stronger person and, I believe, a more accomplished banker. I currently lead a team of private bankers and assistants and manage a large book of clients with a minimum of US$3m assets under management per relationship. I enjoy the interpersonal relationships involved in managing my clients books and leading my team. I also enjoy being exposed to different areas of the bank and the variety of work.
My clients are people I have known over a long period of time. In many cases, I know the entire family. Some see me as their family advisor, akin to a family doctor. I enjoy sharing with my team members and supporting them in developing their careers. I also enjoy being part of the strategic planning team for the bank. Always think for your clients and be there for them. As trusted advisors, one of our responsibilities is to assess the investment, nancial and political environment, consider the risks and opportunities, and advise and propose solutions for clients. The industry has learnt the lesson of the recent nancial turmoil and clients are similarly more aware of risk management, so it is important to provide advice on investments with measurable risks aligned to the clients investment appetite. The industry today is very different from when I started. Asia is home to eight of the worlds 10
fastest growing high-net-worth populations, but only a small part of that wealth is managed by professional wealth managers. This clearly means there are opportunities to capture a greater slice of the action.
My clients are people I have known over a long period of time. In many cases, I know the entire family. Some see me as their family advisor, akin to a family doctor.
Junior brokers are most likely to work on advisory mandates. However, making the rst move can be challenging, as generally only the larger rms offer graduate training courses.
Pay and bonuses

Switzerland is a hub for wealth management, and relationship managers earn CHF100k-160k ($106k-170k) after ve to seven years, according to Robert Walters, rising to CHF170k-280k ($180k-298k) in the senior ranks. In Hong Kong, a junior relationship manager earns HK$360k-460k ($46k-60k), rising to HK$540k-680k+ ($70k-90k) after eight years experience. In the UK, a senior private client investment advisor should expect 100k ($160k), while junior positions typically pay 40k-60k ($65k-96k). In the US, the mean wage for a nancial advisor is $91k, according to gures from the Bureau of Labor Statistics.
Under-promise and over-deliver, pay attention to the small things, bring them back into conversations and follow up to build lasting relationships.
JANINe CrAANe Managing director of investments Merrill Lynch Wealth Management
Skills sought
It is no good going into private banking if you have a taste for gossip. Discretion and an ability to manage, retain and build relationships with incredibly wealthy individuals are absolutely vital attributes. The biggest skill in any type of advice eld is your ability to build relationships and credibility, says Janine Craane, managing director of investments and global institutional consultant, Merrill Lynch Wealth Management in the US. That means listening to understand, under-promising and over-delivering, paying attention to the small things and bringing them back into the conversations and following up to build lasting relationships where someone understands just how much you care and look out for them. Knowledge of nancial products within your specialism is important, but a good private banker must always present advice to clients in a way they can easily understand.
Integrity, striving to put clients rst and the ability to tailor and deliver advice in a way that is free of jargon are crucial, says Mark Kary, head of UK wealth management at Rothschild. But it is not just about being personable. In the ercely competitive market of wealth management, private bankers need technical expertise to get ahead of the herd. In an ideal world, a private banker needs to be well rounded demonstrating excellent knowledge of the nancial sector with softer skills, according to Tan Su Shan, managing director and group head of wealth management at DBS. They should have a strong understanding of global capital markets, a keen grasp of risk management and volatility, and the ability to advise on the structure and asset allocation that are most relevant to the clients needs, she says. In terms of soft skills, he or she should have good communication skills and the ability to listen to, relate to, and empathise with the client, and should always be relevant and respond in a timely manner.
Case Study
Jackie Pang
40
FINANCIAL SERVICES
Interdealer Broking
Middle men making sure the price is right
How Hot? Money Successful brokers can build deep client relationships Kudos Opportunities High trading volumes mean bigger profits Graduates are recruited for both voice and electronic broking
H At a glance...
Interdealer brokers (IDBs) have traditionally been publicity-shy, but a strong performance during the nancial crisis has thrust this fairly low-key sector into the limelight. An IDB acts as an intermediary between dealers at investment banks, enabling banks traders to do large deals with one another anonymously. This allows high-prole 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. Because IDBs get paid whenever people trade, they make money whether the market is rising or falling. High levels of price volatility in the stock markets are benecial to them.
But IDBs make most of their cash from a percentage of the money they bring in for the company, anything from 35% to 50%, with more condent brokers pushing for a bigger cut and smaller base.
Interdealer broking is as much about people as it is the markets. You will need to be quick-thinking, condent and ambitious to thrive.
GAry SmITh Deputy CEO, London and EMEA ICAP
Key players
Four big rms ICAP, Tullett Prebon, GFI and BGC dominate 70% of the market globally. Tradition is another key player and Collins Stewart offers interdealer broking as part of a wider range of services.

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 clients competitors. Brokers usually specialise in a product, which can range from options or futures to xed-income products. The career path is junior broker, broker, desk manager, director, head of division.
Skills sought
Interdealer broking is about relationships, so if youre not a people person, dont apply. In fact, such is the bond between broker and client that if a successful broker leaves for a competitor, theyll often take their business with them. Interdealer broking is as much about people as it is the markets, says Gary Smith, deputy CEO, London and EMEA at ICAP. You will need to be quickthinking, condent and ambitious to thrive in this exciting and fast-paced business. The job involves a lot of client entertainment. Recruiters in this area suggest that a junior broker can spend three or four nights a week entertaining and youre still expected to be at your desk at 7am the following morning. However, getting in requires more than just social skills. We look for determined, intelligent, driven individuals with core competencies that tend to be in mathematics, economics or science, says Angus Wink, CEO, EMEA at Tullett Prebon. We need highly developed networkers who are mature communicators with excellent analytical minds. The world is fast moving and dynamic, making an innovative and entrepreneurial spirit a must.
Pay and bonuses

Globally, starting salaries range between $40k and $50k, according to IDB headhunter Search Partners. The spread between base salaries for senior brokers is large $120k-220k. The general rule is the more complex the product, the higher the salary.
Heres tHe DEAL.

ICAP is the worlds leading interdealer broker and provider of post trade risk and information services, connecting buyers and sellers in the global financial markets. You are an incredibly bright individual with a personality to match. Were 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 Voice Broker, London
ICAP plc 2012. 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.
42
FINANCIAL SERVICES
Corporate Banking
Managing the nance needs of the kings of capitalism
H At a glance...
Its a competitive market, so tenacity is important Corporate banks provide often-complex services to large institutions Relationship managers need to be sociable, knowledgeable and deal-oriented
Corporate banking is the umbrella term applied to the various banking services offered to large companies those worth $25m and above. This may sound simple, but it most denitely is not. A single bank can, for example, arrange a loan for a company, which is relatively straightforward. On the other hand, they could also be involved in a more complicated syndicated loan, where several banks combine to provide the funds for a loan. Corporate banking services also include cash management collecting and managing a companys cash to ensure its nancial stability managing changes in foreign exchange rates, or offering treasury solutions. 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 nance experts, working out the business case for funding a new power plant or mine.
You must have the drive and energy to succeed in an environment that is relentlessly competitive.
PhIlIppe TouATI Head of institutional ANZ Singapore

While most graduates joining a corporate bank will be expected to undertake a qualication, such as the Professional Certicate in Banking in the UK, they will also receive a lot of on-the-job training. Junior corporate bankers often start out as credit analysts, assessing company balance sheets and deciding whether or not to issue loans. You may also accompany senior sales and relationship staff as they try to sell products to corporate customers. One senior corporate banker describes this as bag-carrying picking up tips without having much inuence on the deal. Senior roles in corporate banking are more client-focused. There are business development managers, who attempt to bring in new customers, or relationship managers, who look after existing clients. Both involve wining and dining chief executives and nance ofcers but are also quite technical. Philippe Touati, head of institutional at ANZ Singapore, says there are varying standards of relationship managers those who simply respond to Requests for Proposal (a company bidding to numerous banks for its funding needs); those who are rst to receive client calls about potential opportunities; and trusted advisors bankers with deep client relationships. The good ones are in the second and third category. The best ones are trusted advisors, he says.
Key players
WORLds bIggEst bAnKs bY AssEts 2011 ($bn) Bank BNP Paribas Deutsche Bank HSBC Barclays The Royal Bank of Scotland Bank of America Crdit Agricole J.P.Morgan Chase ICBC Citigroup
Source: Global Finance
Country France Germany
Total Assets 2,669 2,546
UK 2,455 UK 2,332 UK US France US 2,275 2,268 2,129 2,118
China 2,032 US 1,914
FINANCIAL SERVICES
43
Senior vice president, commercial banking, RBS Citizens

Jennifer graduated from BryantUniversity with a BS in Business Administration, concentrationin Finance. She joined RBS Citizens in October 2001.
As the name suggests, relationship managers in corporate banking need good people skills. In practice, this means persistence, drive and the ability to understand your clients needs, and how your banks capabilities can best serve them. Relationship managers have overall responsibility for the client relationship, generating new business, understanding a customers strategy and goals, but also staying involved during the approval and closing process of a particular transaction. Credit analyst is a more common position for recent entrants to corporate banking. They assess a companys ability to repay a loan this means looking at nancial statements, industry prospects, potential competitors and the collateral a rm has. I started my career as a credit analyst, but its been a far from linear path. Ive made a point over the last 20 years of trying to work in as many lending functions as possible Ive focused on real estate, middle market, small businesses, asset-based and cash-ow lending. For a time, I even worked for a private bank. I think the most successful credit analysts are detail-oriented, numerical and analytical, but they
also need curiosity and the communication skills to ask the right questions to better understand the information in front of them. When I joined RBS Citizens it was as a senior portfolio manager focusing on the middle market companies with annual revenue of $25m-500m. This role involves managing the day-to-day relationships with clients, with assistance from the relationship manager, and reviewing the risks and opportunities from the client. Four years ago, I took a role as a relationship manager, but have recently moved away from this to run the banks training and development programme for commercial banking, which is a great challenge. The most important thing anyone looking to enter the industry can be is persistent. Doyour homework and take the initiative to meet with people at the bank where you want to work, and try to make some industry contacts. Building your network is very important, whether its through your school, alumni association, professional organisations or former co-workers.Its a highly competitive marketplace right now and anyone interested in working in the corporate banking sector needs to nd a way to set themselves apart from the rest.
The most important thing anyone looking to enter the industry can be is persistent. Doyour homework and take the initiative to meet with people at the bank where you want to work, and try to make some industry contacts.
Relationship managers have a support team. But when the company needs to raise nance, the relationship management team also provides transaction and structuring advice. If youre 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.
Pay and bonuses

Graduates usually start on about $35k, according to the banks we spoke to, and a senior relationship manager can earn up to $210k, according to recruitment sources. In Hong Kong, a relationship manager can earn $30k-70k in their rst four years on the job, according to recruiters Robert Walters, rising to $115k-192k at the senior end. The range for the same level of experience in Europe is $120k-142k.
Skills sought
You have to be affable to win business and maintain relationships, but you also have to be a ruthless number cruncher. After all, theres no point in lending money to a client if theyre likely to fail to pay it back. Our business involves risk. We underwrite signicant amounts of debt
against tight time deadlines in a highly competitive environment, says Matthew Gibbons, managing director and co-head of leveraged nance at BNP Paribas. A sharp intellect and enquiring mind coupled with a willingness to work hard over sustained periods are essential pre-requisites to ensure that deals get done. Not only will you be required to keep up with developments in various industries and the implications of these on your clients risk appetite, but youll 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. Fundamentally, however, successful corporate bankers need to be the right combination of tenacious and sociable. You must have the drive and energy to succeed in an environment that is relentlessly competitive, says Touati. Corporate bankers are natural goal-setters with a passion for business and tend to have a keen ability to leverage networks in order to offer solutions for the client. Corporate bankers will be given a lot of responsibility relatively quickly, so employers want to see evidence of maturity and client focus, even at a graduate level. We are a people business and our team members need to be able to manage relationships with demanding clients in such a way that they are happy to transact with us time and again, says Gibbons. Softer people skills and an ability to negotiate are key elements for success.
Case Study
Jennifer Mannila Drumm
44
FINANCIAL SERVICES
Data Providers & Rating Agencies

Keeping the nancial sector informed and on its toes
H At a glance...
An AAA rating is a gold stamp for an organisation or country Bloomberg and Thomson Reuters lead the data provider world Analytical and mathematical skills are integral, but firms also want communicators
Credit rating agencies assess the likelihood that an organisation issuing debt will fail to pay back its creditors fully and on time called going into default. Organisations are rated from AAA (virtually guaranteed to pay up on time) through to C (indicating a high risk of default). Risks are classied as investment grade if they come in at BBB or above, with anything less known as speculative grade. Data providers supply nancial 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 nancial and business news services.
No one person is solely responsible for a rating, so while developing your analytic expertise is important for your career, never underestimate the importance of softer skills.
JAmes RIZZo Senior director, corporate finance Fitch Ratings
Key players
In the credit rating agency business, Standard & Poors and Moodys each control around 40% of the market. Fitch Ratings and Egan Jones are also signicant players. In the market data and analysis industry, Bloomberg and Thomson Reuters remain locked in a battle for top spot the former had a market share of 30.44% and the latter 30.05% in 2011, according to Burton-Taylor International Consulting. Other key players include Dow Jones/Factiva, Interactive Data, FactSet, SIX-Telekurs and IRESS.
Skills sought
Data providers value IT skills, such as Microsoft Excel and Visual Basic, even if the role isnt related to technology, suggests Helen Chiles, head of EMEA recruitment at Bloomberg. Desirable degree disciplines include mathematics, nance or economics, she adds. We look for candidates with an analytical mind who can think strategically about the context in which they are working, articulate complex processes clearly and thrive in a fast-paced environment, says Chiles. Good communication skills are critical to building and maintaining client relationships, and languages are an asset as we operate internationally. Meanwhile, James Rizzo, senior director, corporate nance, Fitch in the US, says that a heads-down work ethic is valued in rating agencies in order to skill up on your particular sector, but this needs to be combined with an ability to get your point across. A ratings analysts job is unique in that no one person is solely responsible for a rating, so while developing your analytic expertise is important for your career, never underestimate the importance of those softer skills such as presenting your ideas clearly to colleagues or writing a concise report, he says.

Rating agencies usually recruit graduates into data analysis jobs. Trainees typically start in research teams focusing on industry sectors and/or nancial products. Fitch has a structured graduate programme. Moodys and Standard & Poors recruit according to need. Data providers offer a variety of graduate roles, including data analysis, nance, IT and sales.
Pay and bonuses

Graduate trainees within data providers can expect to start on $35k-40k, depending on experience and academic background, according to recruiters. Rating agencies typically pay less at junior level, with the possibility of a small bonus. Further up the ladder, credit analysis roles pay well. After ve to seven years, salaries are $90k-120k, according to the Robert Walters salary survey, rising to $120k-150k after seven to 10 years.
Deutsche Bank db.com/careers
We could talk about how prestigious we are
Agile minds prefer to deliver performance

Global Graduate Programs
Youll find plenty of heritage at Deutsche Bank. Were one of the most esteemed names in global finance with a history stretching back to 1870. However, what really excites us is where were going. Not only are we delivering a solid and stable performance in these difficult times, we have a clear and compelling strategy for the years ahead. As long as you have the talent and enthusiasm, there could be a future every bit as impressive for you here. Discover something different at db.com/careers
46
FINANCIAL SERVICES
IT in Finance
Software and hard skills: technology is at the heart of any nancial rm
H At a glance...
Banks spend hundreds of billions on technology Business acumen is a key requirement for any technology role IT can be a fast-paced environment, where solutions must be delivered under pressure
The right technology is often the differentiating factor in giving a nancial services company the edge over its competitors. It can also help organisations save money, so nancial rms are among the biggest spenders on IT of any industry. Investment banks, retail banks, fund managers, brokers and insurance rms all spend billions on technology. In 2012, the banking sector alone is likely to spend $173.3bn globally on IT, according to research from consultancy Celent. The big user of technology is the trading oor and everything related to it. Whether it is buying and selling nancial products electronically, processing them through smart-order routing systems, or communicating to ensure trades go through smoothly, multi-million dollar IT projects are crucial. The fact that one in four people at the rm are in the technology division demonstrates the importance of this continued investment, says Stephen Nundy, managing director, technology, Goldman Sachs. When hiring into our team we look for innovative, analytical thinkers who are passionate about technology.
A successful IT professional will be self-motivated, organised and thorough, possessing strong analytical and logical skills.
IAN SCoTT IT manager, Fixed income division BNP Paribas

IT roles fall into ve 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 nancial services rms purchase software from third-party vendors, developers need to tailor it to their individual needs. 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 protability. As the name suggests, business analysts liaise between the IT department and the company to assess the business case for a particular technology initiative. Project managers will take on the new venture once it has been given the go-ahead. Youll have to manage a team of developers, liaise with third-party vendors, and be answerable should plans go awry. Technical support solves problems when they arise on the trading oor: glitches could cost banks millions of dollars within minutes. Traders are not
shy in berating you for IT gremlins, so a thick skin is a must. Infrastructure jobs deal with the IT nuts and bolts from servers to operating systems to databases. There is also the option of working for third-party vendors, which specialise in providing software to nancial services rms. If you want to work for a vendor, try sending your CV to major players such as Sungard or Oracle, or apply to specialist nancial services software vendors such as Fidessa, Sophis, SimCorp, OpenLink or Charles River.
Pay and bonuses

IT in nance pay doesnt reach the dizzy heights to be found in other parts of the nancial sector, but its certainly very competitive. Generally, if you possess knowledge of more complex nancial products, or have a comparatively rare skill set, your earning potential will be greater. A business analyst working in an investment bank in London starts out on 35k-45k ($55k-70k), according to gures from recruiters Hudson, rising to 80k-100k ($125k-157k) at the senior end. In more specialist areas, like xed income, this upper end rises to 95k-110k ($150k-172k). Junior project managers are paid 50k-75k ($78k-118k), which increases to 75k-120k ($118k-188k) at the senior end, depending on product knowledge.
FINANCIAL SERVICES
47
Head of special projects in Corporate Center IT, UBS

Simone holds a Master in Business Administration and Economics from the University of Zurich (Major: Finance, Banking) and extended her banking knowledge at the Swiss Finance Institute with the Swiss Banking School Executive Programme. She joined UBS in 2004.
Technology for the nancial industry is a fascinating area as both banking and IT are industries that currently see rapid change, which creates interesting opportunities. Financial institutions pursue a wide range of activities in nearly every eld of technology, and IT is seen as a key factor for business success. As head of special projects within Corporate Center IT, I lead strategic projects across different parts of our business and regions. UBS is at the planning stage of an initiative to reduce the complexity of its IT systems, and Im working on programmes that support this. Together with internal and external partners we dene the requirements and schedule of those programmes and prepare for their implementation. Over the years, Ive held a number of project management and leadership roles in IT; the skills Ive acquired are integral to my current position as I work with a diverse team across different time zones to create and share the vision for our IT programmes. As one aspect of my role focuses on moving IT functions to external partners, Ive had to learn
how to manage and communicate with people during times of change and uncertainty. Im a good observer of people, which I think is a crucial skill for any IT leadership role. It adds positive energy to social interactions and helps me identify and actively address change-related issues before they turn into larger problems. Technology in nancial services is a very hands-on discipline and most graduates come with degrees in computer science, physics or nance. In addition to strong analytical and project management skills, we look for people with communication and interpersonal abilities since most roles involve interaction across different business areas, regions and cultures. Anyone with aspirations to work in an IT role in nancial services has to combine technical skills with an interest in and understanding of the banking sector. Whats more, they need to keep abreast of the ever-changing regulatory landscape, as this often shapes banks IT priorities. If you couple this with an open attitude, curiosity and passion, there are many different career paths you could explore.
Ive had to learn how to manage and communicate with people during times of change and uncertainty. Im a good observer of people, which I think is a crucial skill for any IT leadership role.
Project managers with three to ve years experience in Singapore can expect S$60k-110k ($48k-87k), according to recruiters Robert Walters, rising to S$90k-140k ($71k-110k) at the more senior end. If you work in development, being in the front ofce of an investment bank means more money. Junior C# GUI developers earn 35k-45k ($55k-70k), which increases to 65k-85k ($102k-133k) at the upper end, while C++/ Unix developers start at the same level but can earn 75k-90k ($118k-141k) with more experience. Java developers in the front ofce start on 35k-45k ($55k-70k), which increases to 65k-90k ($102k-141k) at the senior end. In fund managment, Java developers earn 60k-120k ($95k-188k), depending on experience, according to recruiters Astbury Marsden, while those with C++/Unix skills earn 55k-110k ($86k-173k).
Skills sought
In IT, the majority of successful applicants will have a computer science degree, and those who dont tend to come from a maths or physics background. However, for less technical roles, such as business analysis or project management, banks and nancial services rms will also consider other degree disciplines. A successful IT professional will be self-motivated, organised and thorough, possessing strong analytical and logical skills, says Ian Scott, IT manager within the xed income division at BNP Paribas. They will want to learn and be able to apply experiences to their work. They will be innovative but cost-aware,
autonomous but collaborative: somebody we can easily work alongside. If you want to move into a development role, experience with programming languages such as Java, C++ or C# is important. However, you dont need to be a whizz kid at entry level. Soft skills are valuable for business analyst or project management roles. Business analysts, for example, have to be able to explain the benets 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 technology endeavour. Any IT role, though, requires a certain degree of business awareness and ability to communicate and work well with other areas of the company. The image of the introverted nerd working in a tech position is irrelevant to todays roles. First and foremost, it is key to become a business-oriented manager with technology acumen rather than just being a technology specialist, says Krishnan Narayanan, head of IT, UBS Singapore. You have to be comfortable challenging the business to make commercial investments and enable a balanced portfolio of both enterprise agility and cost improvement initiatives. Cory Woods, managing director of human resources, global consumer technology at Citi in the US, says: My advice is to understand and engage the business, demonstrate your technical depth, look for ways to reduce complexity and manage risk appropriately.
Case Study
Simone Ulrich
48
FINANCIAL SERVICES
Insurance
The complex business of being covered for a worst-case scenario
How Hot? Money Insurance employs huge numbers across the globe Kudos Opportunities Pay is comparatively modest, but actuaries can earn six figures Global premiums exceeded $4 trillion in 2010
H At a glance...
Theres more to the insurance industry than making sure youre covered if your car gets stolen or your widescreen TV decides to blow up. Its a huge global industry and insurance premiums totalled more than $4.3 trillion in 2010. In the US (the largest insurance centre, followed by Japan and the UK), the industry provides about 2.3 million jobs. In the UK, this gure is more than 275,000, according to the Association of British Insurers. The industry has four main areas: Insurers Assess risk and develop products for sale to individuals and corporations. Re-insurers Insure insurers against risk of signicant losses. Insurance brokers Intermediaries who sell insurance products particularly important in the corporate market. Lloyds market About 80 corporations, individuals, underwriters and nancial backers, or syndicates, who come together to spread risk.
Claims Where most insurance people work. Graduates are more likely to land in fraud detection or claims investigation.
Pay and bonuses

Actuaries are among the highest paid professionals in the industry. In the US, the median annual wage of qualied actuaries is $88k, but the top 10% earn over $160k, according to the Bureau of Labor Statistics. In the UK, the starting salary for qualied actuaries is 44k ($72k), increasing to 184k ($300k) for a chief actuary, according to The Actuarial Profession. More recently, actuaries have been recruited on a contract basis to work on projects related to Solvency II an EU regulation that requires insurance rms to hold more capital to reduce the risk of insolvency. Its been known for actuaries to command up to 2,000 ($3,140) a day for these roles. A junior commercial underwriter in the UK starts on 20k-25k ($31k-40k), according to gures from recruiters Morgan McKinley, which rises to 35k-60k ($55k-95k) at the senior end. Specialist Lloyds underwriters should expect a starting salary of 25k-35k ($40k-55k), but its possible to earn 70k-150k ($110k-235k) in a senior position.
Key players
TOp fIVE InsURERs RAnKEd bY nOn-bAnKIng AssEts Company 1. Japan Post Insurance Co. 2. Axa 3. Allianz 4. MetLife 5. American International Group
Source: A. M. Best
Country Japan France Germany US US
Skills sought
It takes ve to seven years just to qualify as an associate actuary, but training is usually provided by the employer. You will need a maths-based degree to get your foot in the door, but this is the case for most graduate roles in insurance. Applicants will have demonstrated analytical and social skills in internships, ideally showing off an aptitude for insurance and nancial issues, says Verena Konig, talent management consultant at Munich Re. Personal commitment, good communication skills and openness round off the ideal prole. For underwriting roles, a good level of numeracy is required, plus communication skills, as you will have to liaise with other business areas and clients. Insurance rms are also dealing with a more complex regulatory environment Solvency II is placing great demands on insurance rms in Europe from an operational and technology standpoint, for example. Keeping up with developments in this area would be valuable and helps ensure you can carry out the job function effectively and efciently, according to Jonas Ang, vice president and head of human resources at AIA Singapore.

Underwriting Involves extensive risk analysis, sifting stats on industries, demographics and clients to prepare a quote. Actuarial The domain of the maths whizz. Actuaries produce nancial models based on the statistical analysis of risk, which are used by underwriters in their analysis. Broking The salespeople of insurance, who try to nd the right product for a client. Formal graduate training schemes are now increasingly prevalent, as are professional qualications.
How could you successfully launch your career?

By tackling the biggest challenges in today's world By helping to send satellites into space Through brainstorming with engineers, mathematicians and risk managers By nding new ways to stop the deterioration of the ozone layer All of the above
Our strength lies in the combined knowledge of our multi-skilled teams. Our extraordinary breadth of expertise allows us to work on the most complex challenges of the present day from economic and social concerns and global warming through to the worlds most ambitious engineering projects and space travel. We develop custom-made solutions for the risks that face people today and those they will encounter tomorrow. Are you the kind of person that would thrive on realizing global projects alongside 11,000 colleagues? If so, we are looking forward to your application. To nd out what is expected of our graduates on the trainee program and what opportunities we offer, visit munichre.com/career
The experience stays with you
Jer at a broadcaster
Assurance Actuarial Consulting Financial Advisory Tax Technology All degree disciplines, 2:1 or above. 340+ UCAS tariff or equivalent. Voted employer of choice by students in The Times Top 100 Graduate Employers Survey for nine 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, the most stimulating work and the most varied opportunities imaginable. Join us in one of our four specialist areas and youll 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 were focused on helping you reach your full potential.
Its the opportunity of a lifetime. www.pwc.com/uk/careers www.facebook.com/PwCCareersUK

2012 PricewaterhouseCoopers LLP. All rights reserved.
Diverse people make us stronger
Consulting opportunities with PwC
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. Thats 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. There are a number of routes available for you to choose from: In our Consulting practice, you can choose to start your career by building your core skills in Management Consulting. Youll rotate across seven competencies during your first 21 months, after which youll specialise in either: Operations, Finance, Strategy, People and Change, Risk, Technology, or Project and Programme Management. 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. Economics 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. Were 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 nine years. Whichever route you choose, by joining our Consulting practice, were sure youll have a rewarding and stimulating career with us.
52
FINANCIAL SERVICES
Accounting
The number crunchers at the heart of every company
How Hot? Money Formal qualifications add to long-term employability Kudos Opportunities Client focus, teamwork and communication skills are important The career options for accountants are vast
H At a glance...
Accountants come in various shapes and sizes. If you want to become one, ask yourself where you want to work and what kind of accountant youd like to be. Within nancial services, investment banks hire accountants, as do retail banks, hedge funds, private equity rms, insurance companies and fund managers. Companies in all other sectors also need accountants to help them tot up prots and losses. Alternatively, you could work for an accountancy rm providing independent audit services to other companies. The best known are the Big Four Deloitte, Ernst & Young, KPMG and PricewaterhouseCoopers (PwC).
Pay and bonuses

Accountants earn more in nancial services than in any other sector. Basic salaries are higher and theres the potential to earn lucrative bonuses. An internal auditor with more than ve years experience working in banking and nancial services in the UK can expect 85k-110k, while in the US a senior vice president typically earns $140k-225k, according to Robert Walters. By comparison, an internal auditor in a large rm in industry or commerce in the UK earns 50k-65k. PROdUct cOntROL sALARIEs mId-LEVEL ROLE ($k)
Country US UK Japan Singapore
Source: Robert Walters 2012 Salary Survey

There are several options open to you in an investment bank. Product control Keep an eye on the prots and losses made on products bought and sold on the trading oor. Financial control Analyse the banks overall performance and produce regular reports. Internal audit Responsible for checking that nancial systems and controls within the organisation are being complied with. Regulatory Ensure the bank reports its nancial activity according to the legal rules of the countries it trades in. Treasury Structure the banks nancial affairs so that sufcient cash is available to meet its liabilities. By comparison, if you start as a graduate trainee in a Big Four accountancy rm, your career will be more limited: about half end up in audit and assurance departments, where they handle the accounts of publicly traded companies and independently validate that a companys accounts are correct. Big Four rms also conduct advisory work, which can include corporate nance (see Mergers & Acquisitions, p16), reorganisation services (offering advice on everything from restructuring or insolvency to simply improving a rms performance), or forensic accounting (investigating improper practices). They also run consulting arms offering advice on the business case for everything from technology to economics. There are other accountancy opportunities in industry and commerce for nancial and management accountants.
Salary 125-200 134-180 190-253 70-126
Skills sought
Most large accountancy rms will demand a nance-related degree but the rst few years in the job are spent undertaking an accountancy qualication. Increasingly, though, the Big Four rms are open to applications from non-nance related disciplines, and some even have schemes set up for school leavers. If you train as an accountant in London, most rms will expect you to take the exams run by the Association of Chartered Certied Accountants (ACCA) or the Chartered Institute of Management Accountants (CIMA), while banks and Big Four accountancy rms tend to favour qualied associates of the Institute of Chartered Accountants in England and Wales (ACA). This qualication is internationally recognised, but different countries also offer their own options. In France, there is the DCG (Diplme de Comptabilit et Gestion), equivalent to a three-year degree, and the DSCG (Diplme Suprieur de Comptabilit et Gestion), equivalent to a Masters degree. In Germany, accountants qualify through vocational training with an
FINANCIAL SERVICES
53
Staff 1, Assurance, Ernst & Young

Irene graduated from the University of Missouri with a Masters in Accountancy and joined Ernst & Young in July 2011.
Theres a lot of variety in the life of a junior audit professional, which some from outside the industry may nd surprising. We often travel for client engagements and our duties depend on the complexity of the assignment. Generally, our seniors and managers delegate different tasks and audit areas to us. Some examples include working with our team and client contacts to audit nancial statement accounts and performing inventory observations namely, a companys physical assets. As we move up the career ladder, our responsibilities increase along with the complexity of the areas we work in. The other factor that adds to the variety of the job is the time of year our busy season is typically January to March, since most companies yearends are 31 December in the US. Also, there are different tasks depending on what phase of the audit were in whether thats planning, interim or year-end procedures.
Some skills that come in handy include teamwork, time management, organisation and multi-tasking. Id recommend attaining an accounting degree before applying its also important to be able to build relationships with your teams and clients. My advice to students is to get involved in extracurricular activities at school, network and stay current on nancial news and whats going on in the market. That can give you a leg up among your peers. Get as much experience as you can in the accounting eld through internships and professional organisations. Also, if you decide to go into public accounting, consider all of the service line options you dont necessarily have to go into audit or tax. One key challenge of the job for some is the signicant amount of travel, depending on your client assignments. This was hard to adjust to at rst, but there are many perks such as hotel points and frequent yer miles.
Id recommend attaining an accounting degree before applying its also important to be able to build relationships with your teams and clients.
employer for two or three years or through university studies, which usually take six years. In the US, the Certied Public Accountant (CPA) qualication is key but there are also the options of Certied Internal Auditor (CIA), Certied Management Accountant (CMA), and Accredited Business Accountant (ABA) qualications. The national industry body in Australia is the Institute of Chartered Accountants in Australia, and to become a member it is necessary to complete the Chartered Accountants Programme. Singapore is currently making moves to establish its own professional accounting qualication and the Hong Kong Institute of Public Accountants runs its own CPA programme. Accountancy rms dont always expect you to have all the technical skills, however. They look for raw talent.
We are not looking for cookie cutter candidates but appreciate and value varied experiences.
SCoTT MCQuIllAN National campus recruiting leader, US Deloitte & Touche
We look for students who have the ability to build relationships, are good at teamwork, have integrity and strong analytical skills, says Melinda Woodlock, national graduate recruitment manager for Australia at Ernst & Young. We need people who are inquisitive about businesses and how things work. These skills, along with enthusiasm and personal drive, will help students achieve success in this eld. Everything in a Big Four rm, from audit to consulting, involves working with clients even at a junior level so employers always look for evidence that graduate recruits have excellent communication skills and a commercial focus. Candidates who are able to demonstrate that they are well rounded in their experiences are most impressive, says Scott McQuillan,national campus recruiting leader for Deloitte & Touche in the US.This includes skills they have acquired or gained from their experiences such as leadership, technical skills, and the ability to multi-task. We are not looking for cookie cutter candidates but appreciate and value varied experiences that would benet our organisation both personally and professionally. Most banks would expect you to come armed with some academic training in accountancy, but its not a prerequisite. Accounting skills represent one of the core building blocks for a successful nancing practice but we dont insist on an accounting background, says Andrew Blincoe, managing director secured debt markets at Royal Bank of Scotland. We are hugely supportive of recruiting talent from a diverse pool of skill sets and backgrounds, including accounting. The accounting profession requires skills that include critical thinking, teamwork, exibility and problem-solving in a fast-paced, client service setting. Anyone working in a client service profession needs to understand, manage and deliver on client expectations, adds McQuillan.
Case Study
Irene Yu
Calculating your Future Value is easier than you think
Calculating the future value of an investment is easier when you know how to approach it. At eFinancialCareers.com, we help you approach the challenge of securing a rst internship or graduate role, and continue helping you right through your career in nance. Our Student Centre focuses on graduate recruitment at major banks and nancial rms, giving you the tools and insight you need to stand out. Invest in your future today by visiting:
www.enancialcareers.com/students
EMPLOYERS
55
Barclays Investment Bank
Commerzbank
Crdit Agricole Group
COmpAnY snApshOt
Barclays Investment Bank is the investment banking division of Barclays Bank PLC. We have graduate and internship opportunities across the business, including Compliance, Corporate Communications, Finance, Human Resources, Global Financial Risk Management, Investment Banking, Event & Roadshow Marketing, Operations, Prime Services, Quantitative Analytics, Research, Sales, Structuring, Technology and Trading. The Graduate Programme is our key future talent stream. It will offer you early exposure to business critical projects as you work alongside senior managers as a valued member of the team. More graduates are recruited through internships than any other route.
COmpAnY snApshOt
Commerzbank is a leading bank for private and corporate customers in Germany. With the segments Private Clients, Mittelstandsbank, Corporates & Markets, Central & Eastern Europe as well as Asset-based Finance, the Bank offers its customers an attractive product portfolio, and is a strong partner for the export-oriented SME sector in Germany and worldwide. With a future total of some 1,200 branches, Commerzbank has one of the densest branch networks among German private banks. It has over 60 sites in more than 50 countries and serves almost 15 million private clients as well as 1 million business and corporate clients worldwide. In 2011, it posted gross revenues of almost 10bn with 58,160 employees.
COmpAnY snApshOt
The Crdit Agricole Group is market leader in universal customer-focused banking in France and one of Europes largest banks. Crdit 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. It remains true to its cooperative and mutual origins by making continual progress on behalf of 33.5 million clients and 160,000 employees, in over 50 countries.
GRAdUAtE pROgRAmmE InfO

Approx. grad hires in 2012/13: 3,500 on openended contracts in France, 2,100 of whom are young graduates. 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 Internship 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: Throughout the year. Apply via / Application website address: www.mycreditagricole.jobs * VIE is a French government sponsored programme offering young graduates an opportunity to benet from a rewarding experience abroad.

Approx. grad hires in 2012/13: 250. Divisions offering vacancies: Compliance, Corporate Communications, Finance, Human Resources, Global Financial Risk Management, Investment Banking, Event & Roadshow Marketing, Operations, Prime Services, Quantitative Analytics, Research, Sales, Structuring, Technology and Trading. Application criteria: N/A. Typical duration of grad programme: N/A. Application deadline: 15 November 2012. Apply via / Application website address: barclays.com/seeyourself

Approx. grad hires in 2012/13: 35. Divisions offering vacancies: Various divisions including Corporate Finance, Equity Markets & Commodities, Fixed Income & Currencies Trading & Sales, Corporate Banking, Market Risk and many more. Application criteria: Minimum 320 UCAS points and at least a 2.1 degree or equivalent; ideally, acquired practical knowledge in investment banking; strong analytical and excellent people skills; uent in English and preferably German or a further foreign language. Typical duration of grad programme: Usually 12 months but may vary across divisions. Application deadline: 30 November 2012. Apply via / Application website address: www.commerzbank.com/career
IntERnshIp/StAgE InfO
Approx. intern hires 2012/13: 200. Divisions offering vacancies: Compliance, Corporate Communications, Finance, Global Financial Risk Management, Human Resources, Investment Banking, Event and Roadshow Marketing, Operations, Prime Services, Quantitative Analytics, Research, Sales, Structuring, Technology and Trading. Application criteria: 300 UCAS points and a 2.1 degree. Typical duration of internship programme: 10-12 weeks over the summer. Off-cycle and shorter insight programmes also available. Application deadline: N/A. Apply via / Application website address: www.barclays.com/seeyourself
Approx. intern hires 2012/13: 6,000 new hires in 2012 in France. Divisions offering vacancies: A large range of internships within all business lines. Application criteria: N/A. Typical duration of internship programme: Maximum period of 6 months and may result in a permanent position being offered. Application deadline: Throughout the year. Apply via / Application website address: www.mycreditagricole.jobs
Approx. intern hires 2012/13: Various. Divisions offering vacancies: Various. Application criteria: Varies per division. Typical duration of internship programme: 2-12 months. Application deadline: Open. Apply via / Application website address: www.commerzbank.com/career
56
EMPLOYERS
Credit Suisse
Deutsche Bank
European Investment Bank
COmpAnY snApshOt
Credit Suisse is a forward-thinking nancial services rm serving clients around the globe. As a stable company with a long banking tradition, we are one of the most respected banks in the world. Indeed, we are a leading player in many key markets, recognised by industry publications for our continued excellence. Our three primary businesses Private Banking, Investment Banking and Asset Management partner with our Information Technology, Operations and Finance (including Risk Management) teams. Together, they work around the world, around the clock, providing seamless solutions to our global clients and employees. To learn more, visit our website at www.credit-suisse.com/careers
COmpAnY snApshOt
Deutsche Bank has a truly global reach. For the second time in three years, we have been named Best Global Investment Bank by Euromoney magazine at its annual Awards for Excellence 2012. We compete to be the leading global provider of nancial solutions, creating lasting value for our clients, shareholders, people and the communities in which we operate. Deutsche Bank is nothing without its people, which is why we offer a wide range of opportunities for students and graduates.
COmpAnY snApshOt
The European Investment Bank (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 co-operation and innovation, and we are proud to contribute to the delivery of viable projects in Europe and around the world.

Approx. grad hires in 2012/13: N/A. Divisions offering vacancies: Multiple divisions including Markets and Corporate Finance, Technology, Risk Management and HR. Application criteria: We welcome applications from all disciplines. You should be on track to attain a very good degree (e.g. 2.1 or 3.0 GPA). Typical duration of grad programme: Global Analyst Training and Associate Programme durations differ per country. Please check website for more information. Application deadline: In general, applications open on 1 September 2012 for all Global Graduate Analyst Training and Associate Programmes, including internships. Closing dates differ per country. Please check website for details. Applications are reviewed on a rolling basis so we would recommend applying early. Apply via / Application website address: www.db.com/careers

Approx. grad hires in 2012/13: Expected intake 10-15. 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 ofcial candidate state. Typical duration of grad programme: Minimum 1-year, maximum 2-year xed-term contract. Application deadline: See website below. Apply via / Application website address: www.eib.org/about/jobs/index.htm

Approx. grad hires in 2012/13: No xed quota. Divisions offering vacancies: Investment Banking, Equities, Fixed Income, Information Technology, Operations and Finance (including Risk Management). Application criteria: N/A. Typical duration of grad programme: N/A. Application deadline: 18 November 2012. Apply via / Application website address: www.credit-suisse.com/careers
Approx. intern hires 2012/13: No xed quota. Divisions offering vacancies: Investment Banking, Equities, Fixed Income, Information Technology, Operations and Finance (including Risk Management) for summer and spring; Asset Management for summer only. Application criteria: N/A. Typical duration of internship programme: 10 weeks for summer internships, 1 week for spring programmes. Application deadline: 16 December 2012 for summer internships; 2 January 2013 for spring programmes. Apply via / Application website address: www.credit-suisse.com/careers
Approx. intern hires 2012/13: N/A. Divisions offering vacancies: Corporate Banking & Securities, Finance, Global Transaction Banking, Asset Management & Private Wealth Management, Risk, Group Technology & Operations, In-house Consulting and Human Resources. Application criteria: Applicants must be in their penultimate year of study and on track to obtain a good to very good degree. We welcome applications from all disciplines. Typical duration of internship programme: 8 -10 weeks over the summer holidays. Application deadline: Global Analyst Internship Programme closing dates differ per country. Please see website for details. Apply via / Application website address: www.db.com/careers
Approx. intern hires 2012/13: About 125 internships each year. Divisions offering vacancies: Vacancies 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 xedterm contract. Application deadline: See website below. Apply via / Application website address: www.eib.org/about/jobs/index.htm
EMPLOYERS
57
Fidelity Wordwide Investment
ICAP
Lazard
COmpAnY snApshOt
Fidelity Worldwide Investment is a leading global investment management company, managing assets and resources worth over US$217.4bn (at 30 June 2012) on behalf of clients including corporations, governments, charities, advisors, nancial institutions and individuals across the globe. We have a reputation as one of the worlds most successful long-term investment managers. Our thorough research of potential investments and our attention to detail set us apart, as we look at companies balance sheets and plans, talk to the management and assess their competitors, market-place and customers.
COmpAnY snApshOt
ICAP is the worlds leading interdealer broker, connecting buyers and sellers in global nancial markets. We have approximately 5,100 employees in 32 countries, working together to facilitate deals worth in excess of US$1.4 trillion every single day. Our many clients include all the major investment and commercial banks. We also offer a range of post-trade risk and information services, providing data and helping organisations reduce operational and systemic risk in their markets.
COmpAnY snApshOt
Lazard, one of the worlds pre-eminent nancial advisory and asset management rms, operates from 42 cities across 27 countries in North America, Europe, Asia, Australia, Central and South America. With origins dating back to 1848, the rm provides advice on mergers and acquisitions, strategic matters, restructuring and capital structure, capital raising and corporate nance, as well as asset management services to corporations, partnerships, institutions, governments and individuals. The core of Lazards success is its simple business model of nancial advisory and asset management, with a focus on excellence, intellectual rigour, integrity and creativity.

Approx. grad hires in 2012/13: 60 globally. Divisions offering vacancies: Broking and other business divisions. Please see website for details. Application criteria: Youll need a min. 2.1 degree or equivalent. You should also be a selfstarter with a keen interest in working in global nancial markets. Typical duration of grad programme: 12 months. Application deadline: 25 November 2012. Apply via / Application website address: www.icap.com/careers

Approx. grad hires in 2012/13: 20. Divisions offering vacancies: Equity Research, Fixed Income, Investment Solutions Group, Sales & Marketing, Operations, Business Management and HR. Application criteria: We look for ambitious graduates with a strong academic record, min. 300 UCAS points and a 2.1 honours degree (or above/equivalent). Applications from all subjects welcome. Typical duration of grad programme: Varies by scheme. Please see website for info. Application deadline: All graduate programmes: 30 November 2012. Apply via / Application website address: www.delityrecruitment.com

Approx. grad hires in 2012/13: 20 M&A graduate Analysts. Divisions offering vacancies: Financial Advisory (M&A). Application criteria: A strong academic track record is a must. Most importantly, we want individuals with the commitment and air to succeed within our organisation. Typical duration of grad programme: Our graduates spend 3 years as Analysts before progressing to Associate. Application deadline: 24 October 2012. Apply via / Application website address: www.lazard.com/apply
Approx. intern hires 2012/13: 90 globally. Divisions offering vacancies: Broking and other business divisions. Please see website for details. Application criteria: Youll need to be on track for a 2.1 degree or equivalent, and a self-starter with a keen interest in working in global nancial markets. Typical duration of internship programme: 8-week summer internships. 1-year placements for specic business areas. 1-week industry insight programme for rst-year students. Application deadline: Internships & placements: 27 January 2013. Industry insight: 24 February 2013. Apply via / Application website address: www.icap.com/careers
Approx. intern hires 2012/13: 10. Divisions offering vacancies: Equity Research, Sales & Marketing, Operations. Application criteria: We look for ambitious graduates with a strong academic record, min. 300 UCAS points and a 2.1 honours degree (or above/equivalent). Applications from all subjects welcome. Typical duration of internship programme: 9 weeks over summer; but can also be longerterm placements. Application deadline: All internship programmes: 31 December 2012. Apply via / Application website address: www.delityrecruitment.com
Approx. intern hires 2012/13: 20 M&A summer interns. Divisions offering vacancies: Financial Advisory (M&A). Application criteria: A strong academic track record is a must. Most importantly, we want individuals with the commitment and air to succeed within our organisation. Typical duration of internship programme: 12 weeks. Application deadline: 14 November 2012. Apply via / Application website address: www.lazard.com/apply
58
EMPLOYERS
Mitsubishi UFJ Securities International plc
Morgan Stanley
Munich Re
COmpAnY snApshOt
Mitsubishi UFJ Securities International plc (MUSI) is the European capital markets hub of one of the largest nancial institutions in the world, Mitsubishi UFJ Financial Group. MUSI is headquartered in London but is part of an international network with ofces in New York, Hong Kong and Singapore. We are dedicated to giving our graduates and internsall of the support thattheyrequire to excel intheir chosen career.
COmpAnY snApshOt
Morgan Stanley is more than a leading nancial services rm. With 1,200 ofces in 43 countries and talented, passionate people bringing excellence and integrity to everything we do, the rm is truly global. Our success is built on a history of providing the very best advice and solutions tailored to our clients needs. Its something that sets us apart, and we want to work with and develop students and graduates who share that commitment to providing rst-class service.
COmpAnY snApshOt
Munich Re is one of the worlds leading reinsurance companies, with more than 11,000 employees at over 50 locations around the globe. We are working on topics today that will concern the whole of society tomorrow, whether that be climate change, major construction projects, gene technology or space travel. We nd solutions to these challenges through a network of highly qualied professionals who anticipate risks, work on tailor-made solutions and expertly advise our clients.

Approx. grad hires in 2012/13: 10-15. Divisions offering vacancies: Investment Banking, Equities, Fixed Income, Information Technology, Operations and Finance (including Risk Management). Application criteria: Youll be inyour nal year of study or will have graduated within the last 12 months. Youwill have obtained a minimum 2.1, or bein line for a minimum 2.1 at undergraduate level. In addition, youmust have the right to work in the UK post study. Typical duration of grad programme: The initial training will run for approximately four to six weeks and the graduate programme itself will last for 12 months. Application deadline: Graduate applications: 5 November 2012; Technology applications will run into 2013. Apply via / Application website address: www.musi.com/graduates

Approx. grad hires in 2012/13: 250-300 graduates across EMEA. Divisions offering vacancies: Equity Research, Finance, Global Capital Markets, Investment Banking, Investment Management, Technology, Operations, Private Wealth Management, Risk Management, Prime Brokerage, Real Estate Investing, Sales & Trading, Strats & Modelling. Application criteria: Min. UCAS points: 320 or intl equivalent. Min. degree classication required is a 2.1 or intl equivalent in any subject. Typical duration of grad programme: N/A. Application deadline: Investment Banking 04/11/2012. All other divisions 07/11/2012. Apply via / Application website address www.morganstanley.com/careers

Approx. grad hires in 2012/13: 1030 per year. Divisions offering vacancies: Risk Underwriting, Claims Management and other functions in the core business or alternatively in Accounting, Controlling or Investments. Application criteria: An above-average university degree; practical work experience, ideally in the insurance/nancial industry, or in the elds of accounting, controlling or investments; and international experience. Typical duration of grad programme: 18 months. Application deadline: Munich Re Munich: graduate applications accepted all year round. Munich Re London: 30 June each year for graduate positions. Apply via / Application website address: www.munichre.com/karriere or www.munichre.com/career
Approx. intern hires 2012/13: 350-400 interns across EMEA. Divisions offering vacancies: Equity Research, Finance, Global Capital Markets, Human Resources, Investment Banking, Investment Management, IT/Technology, Operations, Private Wealth Management, Prime Brokerage, Real Estate Investing, Risk Management Sales & Trading, Strats & Modelling. Application criteria: Min. UCAS points: 320 or intl equivalent. Min. degree classication: expected 2.1 or intl equivalent in any subject. Typical duration of internship programme: 10 weeks to 12 months. Application deadline: Summer Analyst Programme Investment Banking Division 04/12/2012. All other divisions 12/12/2012. Industrial Placement programme 19/12/2012. Apply via / Application website address: www.morganstanley.com/careers
Approx. intern hires in 2012/13: 10-12. Divisions offering vacancies: We have opportunities across most of our divisions. Application criteria: Youll be in your penultimate year of study and will be in line for a min. 2:1 degree. You must also have the right to work in the UK post-study. Typical duration of internship programme: 11-week summer programme. Application deadline: 4 January 2013. Apply via / Application website address: www.musi.com/graduates
Approx. intern hires 2012/13: 160 per year. Divisions offering vacancies: Positions are available in nearly all business areas. Please check our online job market for all student job openings. Application criteria: Experience from at least two semesters at university, above-average grades and excellent English language skills. Typical duration of internship programme: 6-26 weeks. Application deadline: Internship positions for the summer semester break and the second half year are posted in March; for the winter semester break and the rst half of the following year they are posted in September. Apply via / Application website address: www.munichre.com/karriere or www.munichre.com/career
EMPLOYERS
59
Natixis
PwC
RBC Capital Markets
COmpAnY snApshOt
Natixis is the corporate, investment and nancial services arm of Groupe BPCE, the secondlargest banking group in France, with 21% of total bank deposits and 36 million clients spread over two networks, Banque Populaire and Caisse dEpargne. With around 22,000 employees, Natixis has a number of areas of expertise organised in three main business lines: Corporate and Investment Banking, Investment Solutions and Specialised Financial Services. A global player, Natixis has its own client base of companies, nancial institutions and institutional investors as well as the client base of Groupe BPCEs two retail banking networks. Listed on the Paris stock exchange, it has a solid nancial base with total Core Tier 1 capital of 12.7bn, a Core Tier 1 ratio of 10.6% and quality long-term ratings (Standard & Poors: A / Moodys: Aa3 / Fitch Ratings: A+).
COmpAnY snApshOt
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. Thats 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. Were 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 nine years. Whichever route you choose, by joining our consulting practice, were sure youll have a stimulating career with us.
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 rst steps in any career in nance 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 rst steps into a rewarding career. In short, we provide the essential components to get your career off to a great start.

Approx. grad hires in 2012/13: 150. Divisions offering vacancies: Management Consulting, Strategy Consulting, Economic Consulting, Sustainability & Climate Change. Application criteria: We welcome a 2.1 or above in any degree discipline. Variations do apply for some areas so please visit our website. Youll need a UCAS tariff of at least 340 or equivalent. Typical duration of grad programme: Full-time opportunities. Application deadline: Application deadlines do apply. Please visit our website to avoid disappointment. Apply via / Application website address: www.pwc.com/uk/careers

Approx. grad hires in 2012/13: 30-40. 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 degree (expected). Typical duration of grad programme: 1 year. Application deadline: See website. Apply via / Application website address: www.campus.rbccm.com

Approx. grad hires in 2012/13: N/A. Divisions offering vacancies: Opportunities in various business areas. Also, more than 135 positions through the French International Internship Programme (VIE) in banking activity such as Investment Banking, Structured Finance, Risk, Audit, Asset Management and IT. Application criteria: N/A. Typical duration of grad programme: N/A. Application deadline: Apply throughout the year. Apply via / Application website address: www.natixis.com
Approx. intern hires 2012/13: 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 degree (expected). Typical duration of internship programme: 8 weeks. Application deadline: See website. Apply via / Application website address: www.campus.rbccm.com
Approx. intern hires 2012/13: More than 1,100 internship positions offered throughout the year. Divisions offering vacancies: Many areas, including Investment Banking, Structured Finance, Risk, Brokerage, Audit, Asset Management, Business Administration, Law. Application criteria: N/A. Typical duration of internship programme: 6 months to 1 year. Application deadline: You can apply throughout the year two or three months before your preferred start date. Apply via / Application website address: www.natixis.com
Approx. intern hires 2012/13: 50. Divisions offering vacancies: Management Consulting, Strategy Consulting, Economic Consulting, Sustainability & Climate Change. Application criteria: Expected 2.1 or above in any degree discipline. Variations do apply for some areas so please visit our website. Youll need a UCAS tariff of at least 340 or equivalent. Typical duration of internship programme: 6-8 weeks. Application deadline: Application deadlines do apply. Please visit our website to avoid disappointment. Apply via / Application website address: www.pwc.com/uk/careers
60
EMPLOYERS
Socit Gnrale
COmpAnY snApshOt
An international group, Socit Gnrale is a leading nancial services provider in the euro zone. We are organised around three dynamic core businesses French Retail Banking, International Retail Banking and Corporate & Investment Banking supported by two complementary businesses Specialised Financing & Insurance and Private Banking, Global Investment Management & Services. Professionalism, team spirit and innovation are our corporate values, reected in the diversity of our 160,000 employees.

Approx. grad hires in 2012/13: 1,000+ across all our programmes. Divisions offering vacancies: We recruit across all business areas. Application criteria: Criteria vary by business area and opportunity. Typical duration of grad programme: The Global Corporate & Investment Banking Graduate Programme is a two-year programme including an internal training period. The General Inspection Programme is a six-year programme including an initial training period and frequent international assignments. The VIE contracts can last from 12 to 24 months. Application deadline: Deadlines vary by location and business area. Please consult our website for further details. Apply via / Application website address: www.careers.societegenerale.com
Approx. intern hires 2012/13: 5,000 across all our divisions worldwide. Divisions offering vacancies: We offer internships across all business areas. Application criteria: Criteria vary by business area and opportunity. Typical duration of internship programme: We offer both summer and long-term internships, suitable for students and graduates at different points in their academic career. Application deadline: Deadlines vary by location and business area. Please consult our website for further details. Apply via / Application website address: www.careers.societegenerale.com
Within our Group, around the globe, you can add your personal touch even at the outset of your career.
Join the Crdit Agricole Group

RETAIL BANKING I CORPORATE AND INVESTMENT BANKING I ASSET MANAGEMENT AND SECURITIES I INSURANCE I CONSUMER FINANCE I PRIVATE BANKING I LEASING & FACTORING
Our employees are central to our project. Which is why we want men and women from varied backgrounds who can offer different insights and help us move forward together, along with our customers, in all our business lines and countries. Our 2012 hiring targets: 3,500 permanent work contracts, 3,000 work-study contracts, 6,000 trainees, and more than 150 International Corporate Volunteers. Our commitment: to expand our skill-set and further your career within an international group. Handicapped persons are eligible for all our job openings.
160,000 employees in over 50 countries Every business line of universal customer-focused banking
CRDIT AGRICOLE GROUP

www.mycreditagricole.jobs
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Careers in Financial Markets

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Careers in Financial Markets 2013

The graduate guide to nding work in the nancial sector

TA KE UP YO UR POSIT ION ON OUR T EAM

Independent Thinking on a Global Scale

Careers in Financial Markets 2013

enancialcareers.com/students | Careers in Financial Markets 2013

A Truly Global Industry

Europe, Middle East & Africa (EMEA)

The worlds nancial hubs at a glance

United States and Canada

Salt Lake City

Careers in Financial Markets 2013 | enancialcareers.com/students

Capital Markets Commodities

Derivatives Fund Management

FX Hedge Funds M&A Operations

enancialcareers.com/students | Careers in Financial Markets 2013

Investment Banking Career Paths

Investment banking (M&A/Capital markets)

Big Four accountancy rms

Career Path Options

Hedge fund Private equity

Trading own money Interdealer broking

Business development or strategy role

Risk or middle-office role

Big Four accountancy firms

Private equity (mid-tier)

Careers in Financial Markets 2013 | enancialcareers.com/students

IT ALL BEGINS WITH A HANDSHAKE

07/2010 visuel JMF / WoolooMooloo

Steps to Take While at University

Research and networking

Spring insight weeks

You can always make up time

Careers in Financial Markets 2013 | enancialcareers.com/students

Working to improve the future. Join the EIB

Graduate Recruiter Q&A

Careers in Financial Markets 2013 | enancialcareers.com/students

enancialcareers.com/students | Careers in Financial Markets 2013

Real Banking Interview Questions

Morgan Stanley, Investment Banking

Barclays,Trading and Structuring

BNP Paribas, Technology

Credit Suisse, Investment Banking

Careers in Financial Markets 2013 | enancialcareers.com/students

Deutsche Bank db.com/careers

Some banks dont look beyond their own circles

Making Sure Your CV is Revered, Not Reviled

What we look for

Skills and interests

Careers in Financial Markets 2013 | enancialcareers.com/students

enancialcareers.com/students | Careers in Financial Markets 2013

In-house numerical tests

Verbal reasoning tests

Online numerical tests

Situational judgement tests

Careers in Financial Markets 2013 | enancialcareers.com/students

Secrets to Internship Success

Show the right attitude, even for demeaning tasks

Make the rst week count

Remember, everyone is assessing you

Projects: tedious, but VERY important

enancialcareers.com/students | Careers in Financial Markets 2013

How I turned my internship into a full-time offer

Mergers & Acquisitions