THE ONLY GRADUATE CAREER GUIDE TO 15th Edition Contents The profession Finding the right job Internship profiles Graduate profiles Senior profiles Employer directory Job finder 100s Jobs

Find your dream Banking role online today.

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THE PROFESSION

Why Work in Banking? 08 Investment Banking: Opportunities and Challenges 10 Roles in Banking 12 Salaries & Benefits 16 The Age of Fintech 18 The Impact of Brexit on the Industry 20

FINDING THE RIGHT JOB

Education & Skills 22 The Banking Application Process 24 INTERNSHIP PROFILES Internships & Work Experience 26 Banking Graduate Schemes 30 People Experience Intern – Atom 34 Investment Banking Summer Analyst – 36 Summer Analyst – Rothschild & Co 38 Analyst – MUFG 40

GRADUATE PROFILES

Analyst – Nomura 42 Associate, Investment Banking – J.P. Morgan 44

SENIOR PROFILES

Head of Rates Structuring, Global Coordinator – BNP 46 Financial Advisory Director – 48 Director – 50 EMPLOYER DIRECTORY

BNP Paribas 53 54 Credit Suisse 55 J.P. Morgan 56 Lazard 57 58 MUFG 59 Nomura 60 Rothschild & Co 61

JOB FINDER

Job Finder 63 The Complete Finance Range

GRADUATE JOBS | INTERNSHIPS & PLACEMENTS | ADVICE www.insidecareers.co.uk THE PROFESSION

Why Work in Banking? 08 Investment Banking: Opportunities and Challenges 10 Roles in Banking 12 Salaries & Benefits 16 The Age of Fintech 18 The Impact of Brexit on the Financial Services Industry 20

FINDING THE RIGHT JOB

Education & Skills 22 The Banking Application Process 24 Internships & Work Experience 26 Banking Graduate Schemes 30 WHY WORK IN BANKING? WHY WORK IN BANKING?

Whether you want challenging projects, which involve working with people from across gives you a chance to identify whether you’re overtime and/or time off in lieu. the globe, or the opportunity for self-development – a career in banking can provide all following the right career path for you, as well Some management roles offer either a car this and more…as long as you’re willing to take the first step. as expressing your enthusiasm for the bank of allowance or company car, even if regular travel your choice early on – particularly useful in a doesn’t form a major part of your job. Private crowded and competitive jobs market. Check health insurance can sometimes be included in out the Inside Careers website to learn a little the overall remuneration package too. more about different and their ethos, available jobs and entry requirements. Sports fan? Larger banks often provide sports and social facilities for their staff and some even have their own sports ground.

Working in banking offers a And finally… Still not convinced? Working in banking offers huge variety of opportunities a huge variety of opportunities as well as the as well as the possibility of possibility of early responsibility, rapid career progression and good pay and benefits. It’s early responsibility, rapid also a challenging profession that looks to career progression and good its talented new workforce to help boost the pay and benefits. economy and restore public faith in the industry. So that’s your challenge, should you be willing to accept it. Give it a try – a rewarding career Good salaries & great benefits awaits you.  A career in banking offers both a competitive The BBA is the leading trade association for the UK banking salary and excellent benefits. As a new starter sector with 200 member banks headquartered in over 50 Diversity of opportunity via graduate schemes, apprenticeships or for you can expect around 23 days holiday a year countries with operations in 180 jurisdictions worldwide. Eighty As the financial hub of the world, the those looking to return to work. and this will rise to 30 days after you’ve been percent of global systemically important banks are members UK offers some of the most diverse and there a while. If you’re required to work outside of the BBA. As the representative of the world’s largest exciting jobs in banking. In addition to more Banking is also a major employer beyond . normal office hours, you’ll also be entitled to international banking cluster the BBA is the voice of UK banking. conventional banking roles, there is an array The latest data from the Office for National of career opportunities available at any of the Statistics and the BBA Annual Census 2016 numerous banks headquartered here. Banks shows that the South West is the nation’s fastest look for economists, statisticians, marketing, growing region for banking and building society HR, media and government relations experts employment with the West Midlands a close and, aligned with the explosion in financial second – creating over 1,500 jobs since 2014. technology, IT professionals. A key contributor to the UK economy, the banking industry generates over £41.7 billion in tax and A key contributor to the UK creates over 400,000 jobs across the country. economy, the banking industry A global career Banking is international in nature and some generates over £41.7 billion in roles can offer excellent opportunities for tax and creates over 400,000 travelling and working in other countries.

jobs across the country. Starting out in banking But don’t let the intense graduate competition put you off! Banks offer some of the best What’s often less well known is the internship programmes around, which are paid contribution the industry makes to the UK’s and give you an opportunity to hone your regions and the career opportunities available skills before graduating. An internship also

8 Banking | www.insidecareers.co.uk/ban Banking | www.insidecareers.co.uk/ban 9 INVESTMENT BANKING: OPPORTUNITIES AND CHALLENGES INVESTMENT BANKING: OPPORTUNITIES AND CHALLENGES shares in order to enable trading – being in a Lynch, , BNP Paribas, , position to both bid for and sell shares. and UBS. Responsible for raising An investment bank is a type of financial institution that primarily works in ‘higher and transacting huge sums of money around finance’, helping large organisations access capital markets to raise large sums of FRONT OFFICE the world, investment banking can generate capital. Here, we will look at how an industry that is integral to the UK economy Many investment banks’ activities are also substantial risk-related upsides and downsides, generates income, some of the risks involved and the various areas of graduate work. organised into three categories – front office, and has therefore been perceived as both the middle office, and back office services. Front most attractive and the most destructive sector office investment bank services typically involve within the financial services industry. What do investment banks do? MERGERS & ACQUISITIONS direct engagement with clients and market A typical investment bank will engage in at least M&A refers to the consolidation of multiple participants. Activities include M&A, corporate one (and often all) of the following activities: companies. A merger is a combination of two finance, investment management and strategy • Raising equity capital through new share companies to form a new one. An acquisition is formulation for institutional and high net worth issues and placements. when one company buys another, but no new For more on the banking industry: investors, and the business/financial/economic www.insidecareers.co.uk/ban • Raising debt capital, by issuing company is created. analysis of companies, industry sectors, markets government and/or corporate bonds. and countries/regions. • Structuring new financial instruments and products, such as credit default swaps. This refers to when a bank trades on its MIDDLE OFFICE Investment banking performs an important • Providing expert advice own account to generate in-house profit. Middle Office investment bank services political and economic function which is on the amount and type of finance to This may involve taking analytical positions include specialist activities like treasury, constantly under scrutiny. Those who tend to raise, syndication and underwriting, and within limits which are carefully calculated compliance with industry regulations and client succeed in investment banking are risk-aware, the optimal timing, terms and method of and controlled in order to prevent exposing mandates, and risk management. Capital flow cool under pressure, resourceful, innovative distribution, to ensure maximum take-up the bank to dangerous levels of risk. The monitoring ensures that that the firm doesn’t and level headed. London is ’s largest of a new issue to suit the needs of both growth of this activity in recent years has get into financial difficulty; this essential cash international banking centre, and it vies for the issuer and investors. Syndication required considerable focus on advanced risk management process feeds back into front global primacy with New York; its reputation involves the collaboration of several management measures, as the potential losses office activities by defining the scope and level attracts talent from all over the world. investment banks so that the risks can be significant and impactful. of permitted trading and investment risk. associated with a very large new issue are Participants play a key role in the business shared and underwritten between them. Governments, supranational agencies and BACK OFFICE world and the financial rewards for those who corporates all need access to substantial amounts There are multiple complex, time-critical are successful can be considerable, as it is one Two main areas of interest in investment of capital to finance social, scientific, technological operational activities that enable investment of the best paid areas in finance. However, the banking for graduates are typically Mergers & and environmental projects in infrastructure, banks to operate efficiently. Investment in competition and pressures of work combined Acquisitions (M&A) and Proprietary Trading. welfare and aid, energy, commodities, state of the art technology and a highly skilled, with long and often unsocial hours can be communication, medical and service sector IT-literate operational workforce is essential strenuous. Job satisfaction and security can be expansion and development. Securities are within a business that can potentially involve affected by the state of the market with cycles marketed widely and, if necessary, across several high-volume, high value trading in thousands of boom and bust, and by the increasing need markets in different countries to raise large of financial instruments on hundreds of markets to engage with sophisticated technology. It amounts of capital while minimising the risks and every day. Crucially, the significance of IT extends is essential that those who work in this sector costs to both issuers and investors. beyond the systems, platforms and processes remain aware of economic trends, market required for efficient trading, investment conditions and risk management. Investment bank structure management and record keeping. Newer areas ‘BUY SIDE’ AND ‘SELL SIDE’ include big data analysis and the creation of The future direction and expansion of the Investment banks are often divided into the highly advanced trading algorithms, complex investment banking industry will bring with ‘buy side’ and the ‘sell side’. The ‘buy side’ financial instruments and investment strategies. it a wealth of exciting opportunities and works with institutional investors needing to possibilities for the right graduate.  invest capital – such as pension funds, insurance The future for graduates companies, mutual funds and corporates – Investment banks tend to be major Sian Lloyd MBA FCSI is a Senior Adviser for the Chartered to maximise their returns when trading or Institute for Securities and Investment (CISI) with over 25 years multinationals such as Bank of America of experience in the investment management industry. investing in financial securities. The ‘sell side’ typically refers to selling new share issues, placing new bond issues, engaging in market making services, or helping clients facilitate transactions. Market making consists of holding

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There are so many roles to choose from in the banking sector, all with their own benefits and challenges, that it’s worth doing plenty of research before committing to a particular area. If you get on to a graduate scheme, you may get the opportunity to rotate across a few functions and get a taste for which one suits you best. Read on to find out exactly what kind of role might be right for you.

Trader shares, bonds and other assets in order to Trading is a very technical role requiring increase the value of their clients’ portfolios. analytical ability as well as keen instincts and Fund managers can work for independent knowledge of the markets. Traders price and companies, divisions of banks (including execute trades, undertaking transactions in investment banks), institutional clients (such bonds, currencies, equities options or futures as pension funds, funds and insurers) with traders at commercial and investment or for private individuals. When compared to banks or large institutional investors, creating other areas of banking and finance, wealth complex structured products. Trades are made management is an area that has been resilient for short and long-term gain, either buying to economic downturns. investments for a return over a long period as ‘alternative investment’, hedge fund financial products. Lifestyles tend to be less or trying to ‘beat’ the market. Traders try management has now become a mainstream hectic in research than in sales and trading, to balance their portfolio and offset risk by investment method in its own right. and working hours are usually less intense. dealing in different investment types. Fund managers need a lot of In addition to a great deal of expertise and Jobs in research are very meritocratic, which Strong diagnostic ability is essential for this self-confidence and credibililty knowledge of the markets, fund managers means that very quick promotion is possible. role, as well as passion, energy and dedication so that clients have faith in need a lot of self-confidence and credibility Graduate jobs in investment analysis generally to an occupation that will involve long so that clients have faith in their decisions. start in the larger investment banks, but working hours and high levels of responsibility their decisions. This is especially vital when the market indices working for specific asset management from an early stage. Having the ability to are falling and the portfolio may not be companies is another possibility. Career think on your feet and learn on-the-job in an performing as well as expected. progression can involve moving into areas like extremely fast-paced environment is also key. INSTITUTIONAL VS. PRIVATE hedge fund management. Institutional fund managers usually handle far Sales Fund Manager larger sums of money than fund managers Sales people are the middlemen between Also known as investment or asset managers, investing on behalf of private clients and traders and clients, taking orders and fund managers make investment decisions this is therefore generally seen as the more negotiating rates with clients on behalf of the The environment of the trading on behalf of their clients. They buy and sell prestigious area of fund management. Private traders. Hours are long, and those working client fund managers deal with wealthy in sales will spend a lot of time on the phone floor is high-octane, dynamic individuals. The amount of responsibility for the to clients, with whom they will often develop and very efficient. portfolio will vary from total decision-making strong relationships. Work in sales doesn’t powers to simply being responsible for tailoring involve long-term projects: it begins when the funds to suit the client. markets open and ends when they close, with new projects every day. The environment of the HEDGE FUND MANAGEMENT trading floor is high-octane, dynamic and very Client Adviser This is an area that has seen massive growth efficient. It can be stressful, but many working Also known as relationship managers, client during the last two decades, with London in the industry find it practically addictive and advisers provide specialised services for wealthy becoming Europe’s hedge fund capital. Hedge thoroughly enjoy what they do. individuals, such as portfolio management and funds are investment portfolios which seek estate planning. The most important aspects of to improve returns from a given level of risk Investment Analyst the job are building and maintaining long-term or, more likely, reduce risk for a given level Investment analysts develop particular areas of relationships with clients, as well as keeping of returns. This is done by mixing traditional expertise. They research and analyse specific up to date on developments in the financial investment methods with newer shorter-term sectors in order to advise their colleagues in markets in order to understand and anticipate techniques to neutralise the effects sales and trading departments about different trends. Client advisers are involved in financial of market conditions. Originally regarded markets, as well as sometimes creating new planning and dealing, especially when acting

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risk assessment within the insurance sector, Security and fraud teams offer intelligence The outsourcing of operations is becoming planning for business continuity in the event of gathering, investigation and incident progressively more common, as firms a disaster, and managing technological risks. management services and are often closely demand more operational support. The linked to operations and technology services. increase in trade volumes, the complexity of Strong risk management is more important They work across the specialist functions to the trades and the rigid regulations imposed now than ever before, with heightened support the whole business. They look at fraud on firms mean that exciting opportunities concerns around international terrorist and management, business continuity, cyber risk, can be found here. geopolitical activities. insider risk and physical and people security. The work tends to attract problem-solvers, with Compliance Officer inquisitive and analytical minds. A large part of The financial services industry is highly the role is relating technical issues to managers To find your perfect role go to: regulated, with local and international laws across the business, so communication skills www.insidecareers.co.uk/ban and regulations invariably shaping business are key, as well as discretion when dealing with activities within the UK and abroad. Legal, sensitive issues. People in this area tend to be compliance and risk management roles specialists with deep industry knowledge, so help to ensure that businesses and their entry-level roles are not all that common. Business Technology Specialist staff remain compliant with the substantial The use of IT is integral to the smooth amount of rules and regulations, as well as running of the banking sector. Transferring any contractual issues and internal business Operations is increasingly assets from seller to buyer and payment strategy. Compliance and legal specialists can from buyer to seller used to take several operate in-house or on an outsourced basis. recognised as fundamental to weeks, but now takes three days or less. The compliance department makes sure that a firm’s profitability and central Speed and technology have become vital all company employees know the rules and because of the huge increase in the number regulations and abide by them. They have heavy to its risk management. of trades taking place on a daily basis. liaison with HR departments to ensure that all However, much of the technology can only necessary training is carried out and that staff be used on the simplest of trades. Many are documentation is kept up to date. Compliance Operations Analyst now extremely complex, often taking place staff must investigate any suspected breaches Traditionally a back office role, operations deal across international borders. for clients who like to take more of a risk. of the regulations and provide any information with the administration required after a trade has In investment banks hours are long and to the regulator that is demanded. The role been made. If this area is not working effectively, Technology roles can be some of the most job security is initially low, although this requires a particular type of sensitivity. there is potential to lose any capital generated by diverse, as the impact of tech is felt across increases with time. The atmosphere can be the trade. Operations is increasingly recognised all functions of a business. You could work highly competitive and networking skills are as fundamental to a firm’s profitability and for a large organisation or a Fintech start-up important for career progression. Rewards for central to its risk management. – the options are really varied.  client advisers can include some of the most Risk management is more generous pay in the finance industry. important now than ever before,

Risk Manager with heightened concerns Risk management within banking is about around international terrorist the identification, assessment, prioritisation and management of risks that can arise in an and geopolitical activities. industry that is in a constant state of flux.

There are many different types of risk within Security & Fraud Specialist financial services and so this role can be Business security and the prevention of fraud extremely varied. Some are employed within are of ever-increasing importance in a world trading and investment banking areas, of cyber-attacks, identity theft and global where expertise in statistics and financial terrorism. Recent fraudulent activities, such modelling helps to set trading limits and as the Libor scandal, have intensified the constraints. Other areas of focus can include pressure on banks to operate transparently and risk management of large or new projects, according to best practice.

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Roles in banking involve a steep learning curve, but substantial rewards are available SALARIES GUIDE for the very best people. Work hard, show initiative, get results and you’ll be on track to receive the best packages in the world of finance. Job title Salary range Average bonus range

Mid market/Boutiques What are employers looking for? modelling, M&A, valuations or restructuring, During the last year, at the part-qualified however brief, has become almost a prerequisite Experienced Analyst/Executive £40,000 – £60,000 50–75% level, banks have been looking for candidates for a recently-qualified accountant looking with at least one year’s experience in a similar to move out of practice. Auditors and tax Associate/Manager £60,000 – £80,000 60–100% background – whether within the banking professionals looking to make the move have space or financial services. Banks tend to use often struggled given their lack of deal exposure. VP/Associate Director £80,000 – £125,000 60%+ bespoke systems that are industry specific; therefore, having previous experience of these Director £120,000+ 80%+ systems would help to increase your chances of landing a new role. Base salaries and overall Larger investment banks

In order to gain experience, candidates should compensation remains well Analyst £55,000 – £80,000 50–80% look to complete internships within a bank above market rate, with in a similar role. Alternatively, graduates Associate £90,000 – £120,000 60%+ could look to gain experience within financial a number of bigger firms services allowing them the chance to work with and boutique consultancies VP/Associate Director £130,000 – £150,000 70%+ bespoke systems specific to that sector – such as insurance or investment management. embarking on prolonged Director/Executive Director £160,000 – £200,000 80%+ recruitment campaigns. Is it possible to move into banking from another finance sector? inundated with work and struggled to keep Extras like gym membership, pension and Over the last 12 months it has become on top of headcount. Base salaries and overall healthcare schemes, travel season ticket loans increasingly hard for newly-qualified ACAs Salaries & rewards compensation remains well above market rate, and social events are commonplace. to move directly into corporate finance roles. Despite a reasonably flat year for M&A with a number of bigger firms and boutique Experience within transaction services, business markets, most professional services firms were consultancies embarking on prolonged What’s the outlook? recruitment campaigns throughout the year in The next year will be difficult to predict with an effort to fill critical talent shortages. any degree of accuracy. Most banks point to the likelihood that the M&A market will begin In terms of compensation, most of the to improve, perhaps driven in part by the market has now adjusted their analyst and relatively weak position of the pound. associate packages in line with what the larger investment banks tend to pay in an effort to We’re expecting to see a shortage of keep hold of key employees. A highly-rated experienced talent at the third-year associate with five or six years’ experience analyst/ junior associate level as well as those could now earn well in excess of £120k. with more difficult and hard to find sector experience such as pharma, insurance and Lack of any work/life balance continues to be a real estate.  key factor in the Analyst and Associate space, with many banks still merely paying lip service Glen Roberts is Director of the financial services division to any implementation or improvement plans. of Marks Sattin. The team recruits permanent accounting roles across the financial services and property sectors, from However, most firms offer additional benefits part–qualified through to chief financial officers and finance to make their overall package very enticing. directors. Contact at [email protected]

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This means the work that people spend this by resolving it or making decisions

Software is still eating the world. Finance is no exception. You’ve probably heard a lot their time doing tends to be complex, based on incomplete data you’re about fintech, but it isn’t a separate, new industry. It’s a natural extension of finance, and intellectually stimulating and have an well-equipped to work in the industry. it’s how we’ll all manage more of our personal financial lives over time – in the same way impact on the business. we use technology to manage many other aspects of our lives. • Connection between effort and reward You don’t necessarily need a degree, or a – in a fintech company, you’ll generally background in finance. At Monzo, many of be one of a few people doing a role – so our team have never worked in a financial your hard work will clearly be attributable institution before. Many have no prior Airbnb isn’t a hotel company; it’s a tech mobile developers. If the company solves a to you. Most fintech companies also experience working in technology, either. company that solves a problem around problem for businesses, there’s likely a sales offer stock options, so if the company’s Coming from a non-traditional background accommodation. Deliveroo isn’t a catering or business development team and some successful then there’s a genuine financial is something we value deeply at Monzo company; it’s a tech company that solves a account managers. payoff for your contribution to its growth! – we actively seek people who bring a problem around dinner. Spotify isn’t a music new perspective. Our best work comes company; it’s a tech company that solves a You won’t find an ‘innovation’, ‘strategy’ or from combining deep industry knowledge problem around listening to songs. ‘digital’ team. The new generation of banks, of how things are done with a creative finance, insurance companies – the ones Our best work comes from approach unencumbered by legacy thinking. Fintech is where technology companies solve that will succeed, anyway – have a culture of Succeeding is about the skills you have – of problems that exist around your money – like innovation embedded. ‘Innovation’ is part of combining deep industry collaborating, reasoning, executing, making Monzo, Transferwise, GoCardless, Stripe, the job requirements – it is business as usual. knowledge of how things are sensible decisions, digesting and summarising Nutmeg, Xero and many more. Doing is innovating. It’s your responsibility to information – combined with a few core improve and develop processes, not just to done with a creative approach attributes like those listed above.  Technology is a tool that we use to do things follow what everyone else in the industry does. unencumbered by legacy thinking. better – more efficiently, more personalised, And why no digital team? Imagine a traditional Maria Campbell is Head of People at Monzo. She has 5+ faster. To offer better services and products. company having a paper team that handles years developing people strategy at successful fintech startups, The companies of the future will become tech everything that relates to paper! It’s not a and has grown high–performing teams from 20 people to 80. companies by default, and those financial useful way to organise a digital business. That What skills and qualifications do I need? Maria has degrees in Philosophy and American Literature. institutions that don’t leverage technology will said, you’ll often find software engineers either Each job will have its own required skills or fall behind. in a technology function or embedded in every experience, but there are some attributes cross-functional team in the business. that will equip you well in the fintech world regardless of the specific role you’re applying for: Why work in fintech? • An interest in technology – not Fintech companies offer Fintech companies offer innovation through necessarily coding skills, but an interest innovation through their products their products and this is reflected in the in the way that people interact with the work environment. services and products that they need, and and this is reflected in the work an understanding of the ways in which environment. Fintech companies tend to be smaller and less we can use technology to deliver a better rigid than the incumbent financial services experience to the people using this product. companies, which has some drawbacks (e.g. • Empathy – both for your team, and the the company is likely to be less stable and have people who use the product or service What can I do in fintech? a higher risk of failing). However, there are also your company provides. If you understand In fintech companies all the usual functions a lot of advantages! and empathise with the people that you exist: marketing, HR, customer support, • Autonomy – you will often join a fintech work with, and the people that you’re finance, design, legal... You’ll also generally company in a role that is relatively loosely working for, you will contribute to find the functions that you’d expect in a defined. You’ll quickly become the expert creating something better. traditional finance company: risk, compliance, in a particular area of the business, • Intellectual flexibility – software is underwriting and so on. and you’re much more likely to have eating the world because it’s faster. Being autonomy over how you spend your time able to think quickly and adjust your You’ll also find a product team: in fintech and the decisions that are made. approach when the situation changes companies these are generally made up of • Complexity – in a tech-enabled is crucially important in a fast-moving software engineers, data scientists, business company, the straightforward culture. There’s often ambiguity, so if you analysts, product managers and web or repeatable tasks get automated quickly. have the intellectual flexibility to handle

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Despite some challenges, the financial services industry continues to be an exciting place Facing tough choices move. Earlier this year, during the FT Brexit and for graduates to kick-start their careers. However, maximising one’s opportunities may Retaining the ability to passport products across Beyond Summit, KPMG’s Brexit Banking & Capital require a zest for international mobility now that Brexit has made the City of London’s the EU is an obvious priority for the industry. Markets Lead Joe Cassidy cautioned that although However, should that no longer be more competitively priced countries could benefit long-term future a little less certain. available, ‘equivalence’ and bespoke agreements from a larger slice of back-office work, overall may be suitable alternatives. The appeal of fragmentation of the industry would only increase FS 2020 – trends & opportunities Faced with these trends, most CEOs surveyed ‘equivalence’ rests in the fact that the UK and costs and inefficiencies. Several major trends are likely to disrupt the for KPMG’s 2016 Global CEO Outlook reported the EU work from the same starting point, financial services industry over the coming how they already recognise a skills gap having virtually identical legal and supervisory My world, my oyster years, bringing both challenges and interesting emerging. ‘For financial institutions to adapt rules already. However, it is also largely a The financial services industry has much to job opportunities. and prosper in this ‘brave new world’, they will political decision that requires consent from the offer over the coming years by way of exciting need to foster a culture of entrepreneurialism Commission, and could take many years to agree. and challenging career opportunities as it • Regulatory pressure – the industry, and technological innovation and open their Short of ‘passporting’ or ‘equivalence’, there may works to reshape its future. Faced with volatility which is already suffering from historically doors to a generation of young and tech-savvy be bespoke agreements. However, banks need to and major transformations, a resourcefulness low interest rates and record fines for professionals,’ says Noeleen Cowley, Banking prepare in case there is no agreement. and a penchant for international mobility will misconduct, will have to endure continued Partner at KPMG. come in handy.  regulatory pressures as global and The decision banks in the UK face is not * regional regulators remain on track to an enviable one. Without a long-term Open Europe (2016) “How the UK’s financial services sector further enhance transparency, improve can continue thriving after Brexit”, The decision banks in the UK agreement in place now, they can either create http://openeurope.org.uk/intelligence/britain-and-the-eu/ governance and reduce risk across the subsidiaries to retain existing business at a how-the-uks-financial-services-sector-can–continue-thriving- board. It remains to be seen to what extent face is not an enviable one. lower rate of return on equity or decide to miss after-brexit/ and in which way Brexit and recent US out on those revenue streams. ** Bank of England (2017) http://www.bankofengland.co.uk/pra/ politics alter the direction of travel. Documents/about/letter070417.pdf • Consumer behaviour – consumer inertia The impact of Brexit on London as a Should I stay or should I go Dr Gabriele Birnberg is a Senior Manager in KPMG’s has traditionally left banks focusing on financial services hub The success of the City of London is not Banking Practice. processing financial services products With the stroke of a pen, earlier this year the dependent on complete access to the EU rather than building lasting relationships UK government initiated Brexit – the UK’s single market. Findings from KPMG’s Annual with their customers. As millennials exit from the European Union. The divorce Survey of Tax Competitiveness 2016 suggest increasingly enter the market for financial proceedings will be finalised by April 2019. that although the UK seems to be losing services, firms may be forced to re-think The impact on the financial services industry ground over Brexit, it still remains an attractive their customer engagement model to generally – and London in particular – is likely place to do business. Still, the loss of the cater for this growing market segment. to be significant. financial passport could be damaging to some Those looking to invest in an enhanced sectors if the government does not negotiate customer experience are likely to set Losing passporting rights effective alternative arrangements with the EU. themselves apart from the competition. Many commentators predict that as a • Emerging technology – technology is result of Brexit, the UK will be cut off from Despite some vocal commitment to maintain a fundamentally changing how the industry the European single market. For financial presence in the UK post-Brexit, banks are already operates and engages with its customers. institutions this would mean handing in considering their options, especially in the face As digital becomes mainstream, the Cloud their ‘financial passports’, thereby losing of continued uncertainty. Moreover, the Bank of will turn into the dominant infrastructure the ability to provide services across the England has asked financial firms to explain their model, and robotic process automation EU from a base in London. This would be a Brexit contingency plans by this summer and has (RPA) will replace many back-office major blow, particularly to the banking sector urged them to prepare for all eventualities.** functions and repetitive activities. Customer which would forgo an estimated 20% of * intelligence will become the most annual revenue that is linked to the passport. Although London is likely to remain a dominant important predictor of revenue growth and Other sectors may be less affected by it. hub, cities such as Frankfurt, or Dublin stand profitability. With greater technology, and For example, asset management funds and to gain as a result of Brexit, especially if firms are the on-going accumulation of customer insurers who operate across Europe tend to appropriately incentivised by the EU to make the and transaction data, also comes the need do so via subsidiaries already, relying less on for enhanced cyber security. the passporting rights.

20 Banking | www.insidecareers.co.uk/ban Banking | www.insidecareers.co.uk/ban 21 EDUCATION & SKILLS EDUCATION & SKILLS

Securing an internship or graduate job in the banking sector is as tough as it’s ever Try to think of separate examples of how you roles, banks can actually struggle to fill very been. Recruitment volumes remain high, but with the number of applications rising, have demonstrated these abilities as part of niche positions, so if you happen to have competition is considerable. So, what do you need in order to get your foot on the first your degree, extracurricular activities and work the language skills and interests a particular experience, as you are likely to be asked to role demands, it can put you in a very strong rung of the career ladder? write about this during the application process. position as a candidate.

Experience Work experience can be crucial to getting that A second language is also first job: not just as a way of learning more very desirable, particularly as about the industry and gaining new skills, but also to demonstrate your commitment investment banks recruit on a to a career in banking. Many graduates are global scale. offered jobs or internships as a direct result of a summer internship or a spring insight week they’ve carried out with a firm. While you are still at university, undertaking voluntary work or getting involved with a society To maximise your chances of securing a job in can be a good way to show you have a wide this competitive environment, previous work range of skills from project management through experience/work shadowing is important. In to financial planning and can be a fantastic fact, candidates will often have completed avenue to find out about opportunities and multiple internships before leaving university. meet people in the industry. It can sometimes be If this is an area that you are serious about challenging to take on extra commitments, but try entering, you need to be thinking of lining up to draw out things from your life that demonstrate some work experience as soon as you can. responsibility, individuality and flexibility. What degree do you need? Most employers are looking for potential Lastly, a genuine hunger for joining the Most companies are interested in graduates rather than pure academic achievement. You Languages industry, as well as demonstrating the from all degree backgrounds – you don’t need need to demonstrate you’re a well-rounded Although by no means a necessity, a second motivation, enthusiasm, confidence and to have a finance, economics or candidate and not just have great exam results. language is also very desirable, particularly imagination which is needed in order to as investment banks recruit on a global succeed in investment banking will ensure mathematics-related degree in order to be  considered. In fact, many employers are now Essential skills scale. Despite strong competition for most that you stand out from the crowd. increasingly looking for different degree One of the most important things all recruiters disciplines as this provides more diversity of will be looking for is a keen interest in financial thinking within their workplaces. Employers markets. Being well informed about the will invest considerably in your training and industry in general, as well as the specific development, and will expect your degree to organisation you are applying to, and having demonstrate your intelligence, analytical ability the ability to form your own opinions about and drive more than career-specific training. current issues affecting the industry is crucial.

In order to set yourself apart, you will also need to show you have: Most employers are looking • Commercial awareness • Leadership qualities and interpersonal skills for potential rather than pure • Initiative and enterprise academic achievement. You • Analytical ability and a talent for problem solving need to demonstrate you’re a • Influencing skills and the ability to negotiate well-rounded candidate and not • The ability to be inquisitive and research topics thoroughly just have great exam results. • Resilience • Strong communication skills.

22 Banking | www.insidecareers.co.uk/ban Banking | www.insidecareers.co.uk/ban 23 THE BANKING APPLICATION PROCESS THE BANKING APPLICATION PROCESS

With financial organisations increasingly searching for individuality and difference in order TELEPHONE AND VIDEO INTERVIEWS to remain innovative and stand out from other firms, the banking application process is Increasingly, large finance companies are using unsurprisingly rigorous. Find out what to expect and how to prepare. video interview technology as an additional stage for candidates to pass through. Take it seriously. Dress appropriately for the video Banking and finance in the City of London has Remain open-minded. There is no doubt recording. If in doubt, wear something that you changed enormously over recent years. With that the large international investment banks feel would be appropriate for a face to face more focus than ever before on developing have excellent, well-established graduate interview or a day in the office. Your personal a diverse workforce, financial institutions are programmes. However, try to avoid the appearance will speak volumes about how no longer purely a place to head to with an mentality that you have to secure a role at seriously you are taking the application. economics or finance degree. As well as a one of these huge institutions. These are not drive to develop their gender diversity ratios, the only organisations that have interesting Check there is nothing blocking the camera increasingly these organisations are looking for programmes, and it might actually suit your view and that your background is clear of students from a wide range of degree disciplines. personality better to be part of a smaller firm. personal clutter. Sometimes the questions can The thinking is that in order to remain innovative come quickly so be prepared for this and try and at the forefront of what they do, they must Think openly about the type of role you not to be flustered. You will be given some recruit and nurture a more varied workforce. are applying for within the organisation. practice questions so make good use of these Financial institutions are becoming more open- While the front office/business-facing roles and get to grips with the style and speed of be what you think the interviewer wants you to minded and are thinking more broadly about are often the ones with the big draw, there the video interview technology before the be. Ultimately, they want to find out who you what their graduates can bring to the table. are lots of other roles that are incredibly real thing. Most importantly – practice! You are and what makes you tick. They want to find challenging and interesting. can ask a friend to film you talking on camera out whether they can work with someone like So, as long as you have achieved or are prior to doing the video interview. you, so try to be yourself. on track to achieve a 2:1 or equivalent in Start early! whatever discipline you are studying, and The very best way that you can secure yourself THE ASSESSMENT CENTRE More and more assessment centres now feature have an interest in finance or a passion for the a full-time graduate role is to have completed An assessment centre is usually made up business simulations. On paper your academic markets, now is the time to consider a career an internship or a spring week at that of some or all of the following: written achievements can’t demonstrate how you’ll within the financial sector. organisation. Not only will you have completed assessment, numerical testing, group exercise, apply this knowledge in a workplace situation; what is effectively a ‘working interview’ to interviews and presentations. recruiters want to witness your decision-making Deciding where to apply find out whether it’s the right organisation processes in real-life scenarios. Get out and meet as many companies as for you, you will also have started to build Be clear on your motivations. You may well be possible. Attending finance careers fairs is a your networks early which will be invaluable lucky enough to be interviewing at a number A popular method is a trading game, where your great way to meet people and get a feel for for your later career development. Be sure of organisations but you will need to ensure compliance to rules and guidelines is tested their organisations. to get your application in early as well. Many that you come across as fully committed to by real-life style trading simulations. These organisations recruit on a rolling basis, which that particular one if you are going to secure games give assessors objective insight into means that almost as soon as their applications yourself a job offer. Before you attend try to your investment style and attitude to risk. The have opened, recruiters begin screening and find three solid reasons why you specifically results could also influence opportunities further The motivation of an individual telephone interviewing. want to work for that company. For example: down the line; if an applicant’s investment style, is very clear to a recruiter, even what deals have they been involved in that for example, is similar to a portfolio manager, The recruitment process have inspired you? Which key senior figures they could be flagged as well-matched for a at application stage. THE APPLICATION work there whom you are impressed with and mentorship programme. Before you sit down and start your online what is it in particular about their business Attending networking events can also aid your application, it needs to be clear in your mind why structure or business projections that make it a Finally, have a positive attitude – remember decision, as you get a feel for the culture and you want to work for that particular organisation. good opportunity? that those assessing you will potentially be underlying personality of the company which The motivation of an individual is very clear to a your future peers or managers. Focus on cannot be felt through a website. It will also recruiter, even at application stage. Show your personality. This really is key at being positive and don’t think about trying to give you a point of reference for when you an assessment centre. Try to remember that compete with others. Trying to ensure that you attend interviews. If you can impress in person Be yourself. Think about what you enjoy organisations do not want a graduate class full come across better or have more impact than at a campus event your subsequent application doing and what your hobbies are. Try to think of people that are the same. They want to see the person next to you really won’t get you may well catch the eye of a recruiter who of ways that these things have helped you lots of different types of personalities, talents anywhere. Just focus on yourself and all the great already knows your mind. develop skills over time. and abilities. Do not be held back by trying to things that you can bring to the organisation. 

24 Banking | www.insidecareers.co.uk/ban Banking | www.insidecareers.co.uk/ban 25 INTERNSHIPS & WORK EXPERIENCE INTERNSHIPS & WORK EXPERIENCE

Find out why work experience in the banking industry can make a huge difference, what In recent years, the banking industry has programme, academic background, career kinds of work experience are available to you, and what to do if you’ve left it too late. started to offer insight weeks or structured motivations and extra-curricular activities. spring programmes. These are usually, but not You won’t get paid for attending an insight exclusively, for first-year students and often act event, but could get your travel expenses and as a feeder to summer internship opportunities. accommodation reimbursed. Many firms in the banking sector will fill a Testing each other out in this way has proved significant portion of their full-time places with so effective that it is now seen as one of the Some firms offer shorter versions of the interns from previous years. In fact, internships, most reliable routes to a graduate role within week–long programme (1–2 days) which are run spring insight weeks or work experience are the banking sector. You should therefore on a more frequent basis throughout the year. Search the latest placements at: often considered a prerequisite to finding a expect a rigorous application process, which These allow you to build networks and meet www.insidecareers.co.uk/ban graduate role within the sector. is likely to include business simulation tasks, a people doing the jobs that might potentially telephone/video interview and an assessment interest you, without taking up too much of Internships & placements centre. You are expected to be focused and to your time, maybe in order to choose a shortlist From your perspective, the only true way to have prepared as thoroughly for the interview of companies to apply to for internships. None of the above validate your career choice is by trying it out process as you would for a permanent role. So, if you have left it too late, did not realise for yourself. The best way is in the form of a The good news is that internship schemes are Employers normally ask students to submit that you could do an internship or have spring week, placement or summer internship. often paid very competitively. a CV and covering letter and due to the only just done enough research into finance These are normally aimed at first year and large volumes of applications received to decide it’s the career for you, how is penultimate-year students, but some firms also for a limited number of positions you it best to proceed? People with previous accommodate graduates on their schemes. are likely to be asked to participate in a experience will have an advantage – they 9–10 week internships allow you telephone or a video interview. This will help can often demonstrate more clearly their Spring insights offer you the opportunity to employers understand your suitability for the motivation and knowledge of the industry. gain a broad understanding of an organisation to prove yourself in a chosen and where you might fit in, whereas 9–10 area of a bank, in the hope of week internships allow you to prove yourself in a chosen area of a bank, in the hope of you you returning the following year returning the following year as a full-time as a full-time graduate. graduate. Securing a spring insight or internship is an ideal way of getting a real flavour of what the work is actually like and, importantly, whether the culture of the Insight courses organisation is really for you. For students typically within their first year, or for those who missed out on an internship, Summer internships or off-cycle internships there are still options. Though not as in-depth, (September–November, January–March) offer you can gain a broad understanding of certain participation on a structured programme for roles, firms and their people through insight penultimate-year students. Internships can be up days/weeks and workshops. These provide you to ten weeks in length but off-cycle internships with an overview of the kind of work you will can be up to nine months, providing a real potentially do as a graduate. in-depth understanding of an organisation. They could involve a range of activities There will usually be a mixture of financial markets including trading games, case studies, training, on-the-job experience, project-based presentations, work shadowing and activities and networking opportunities for you to panel discussions. All are aimed at giving learn more about the people you may work with. you a realistic insight into some of the Typically, most organisations provide some sort opportunities available and are great for of appraisal during this time to ascertain whether clarifying the main differences between you would be a good fit for a graduate role. various departments. Although you’re Similarly, by participating in such a programme, unlikely to be working on ‘live’ projects, the you can decide whether this is the career or exercises are designed to be as authentic and organisation for you. interactive as possible.

26 Banking | www.insidecareers.co.uk/ban Banking | www.insidecareers.co.uk/ban 27 INTERNSHIPS & WORK EXPERIENCE 100s Jobs

This is especially true for those applying for Any work experience more technical roles. However, if you have In order to show you have the transferable skills done all your research, been to the company employers are looking for, you should aim to presentations, followed the financial press show work experience of some kind. This may regularly for the past few months, come have been a part-time job in a hectic call centre, up with your own opinions and ideas on challenging voluntary work you undertook at the markets and are really committed to a home or abroad, a treasury role in a university particular career, you can still succeed. society or discipline displayed in sport. If you feel you are equipped to be in trading, for Look to differentiate yourself with your example, it is up to you to demonstrate this to enthusiasm and passion for your chosen your assessors by showing you can apply what career path and remain open to other you have learned elsewhere to the role they are opportunities in similar fields. Demonstrate looking to fill. Work experience of many kinds that you have an active interest in the can help you develop these skills. It conveys area through research or an interest in motivation, an ability to deal with practical a particular financial topic or company. scenarios and potentially commercial acumen. Some organisations offer online games on Preparation is vital for any assessment event, their websites which can help build your especially if you are competing with people commercial awareness or other important who do have relevant experience.  skills and can help demonstrate your interest and abilities. Know the ins and outs of major Barclays is a transatlantic consumer, corporate and investment financial news, but also be curious and think bank, operating in over 40 countries and employing around subjects to develop your own ideas. approximately 120,000 people worldwide.

Find your dream Banking role online today.

GRADUATE JOBS | INTERNSHIPS & PLACEMENTS | ADVICE 28 Banking | www.insidecareers.co.uk/ban www.insidecareers.co.uk BANKING GRADUATE SCHEMES BANKING GRADUATE SCHEMES

Completing an insight and/or internship before What makes banking graduate schemes so different from other finance recruitment THE TIMES TOP INVESTMENT programmes? Application deadlines can often be earlier and selection criteria are a graduate scheme can significantly increase extensive and demanding. Salaries and benefits are the best around, so you will face your chance of landing a job. Some banks BANKING & FUND MANAGEMENT offer successful interns a graduate job straight fierce competition from impressive peers. Are you ready for the challenge? after their internship. In fact, over a third of EMPLOYERS 2016/17 recruiters recently warned that graduates with no evidence of previous work experience have RANK EMPLOYER Although more attention has been placed (–3.2% change from last year), cutting just 67 ‘little or no chance’ of receiving a job offer for a on school leavers in recent years, graduate vacancies. The target in the wider banking and firm’s graduate programme*. 1 J. P. MORGAN schemes are still a huge focus for banks finance industry is 1,436 recruits. and generally their main source of annual Soft skills are also highly sought after. recruitment. HR teams are dedicated to finding Get ready! Showcasing your organisation skills, 2 GOLDMAN SACHS the very best graduates out there. Applications for graduate schemes tend to teamwork, adaptability and problem-solving open in September so being prepared before abilities will work in your favour. Working on 3 BARCLAYS Banking organisations have a number of you graduate is vital. Many graduates now a society’s committee board or doing some different kinds of graduate scheme, from apply to schemes as soon as they begin their appropriate volunteering can be effective 4 MORGAN STANLEY analyst to technology roles, or from trader to final year of university. Deadlines for schemes ways of displaying these skills. sales roles. Each scheme is designed to get can close as early as October, but some can graduates on their desired career ladder within stay open until December and January. You can Application process 5 CITI the competitive banking industry. Graduate also find schemes with rolling deadlines but The banking application process is extensive. schemes offer a dual focus of developing talent beware:w this doesn’t mean you can leave your There are a number of stages involved after your 6 DEUTSCHE BANK and initiating recruits into the corporate culture. applications until the last minute. The schemes initial application has been accepted. Successful They allow an in-depth understanding of the close as soon as a suitable candidate is found. applicants may be required to complete BANK OF AMERICA banking profession with structured training in phone or video interviews and are then usually 7 place to help support candidates throughout Requirements invited to an assessment centre comprised MERRILL LYNCH the scheme. Some schemes will also have It’s clear that candidates applying to graduate of numerical, verbal and group assessments. a rotational programme in place, allowing schemes must hold a degree, but many banks Make sure you are 100% prepared for such 8 BLACKROCK graduates to experience different areas within a also require a minimum UCAS score of 280 points assessments by completing practice tests and mock interviews with friends and family. bank before selecting their preferred area. (with an increasing number wanting a minimum 9 UBS of 300–320 points). In regards to what degree Having an idea of what type of banking subject you have studied, the requirements Benefits graduate scheme you are interested in is have changed significantly in the past few years. Graduate schemes offer many benefits to 10 CREDIT SUISSE essential before applying for a position. Although most graduates entering finance roles those who are talented and passionate enough Graduate schemes, particularly in banking, will have degrees in mathematics, economics, to secure a place. The salary for investment Source: The Times Top 100 Graduate Employers 2016–2017 are rigorous and require passion and business and the sciences, many banking banking can range from £38,000–£50,000* determination. Coming straight out of organisations are now looking for graduates and is the highest average graduate starting university, you’ll have to successfully balance specialised in areas other than salary available in the UK, compared to other Graduates may also have the opportunity working full-time with your own personal numerical-based subjects. Subjects such as industries. You can expect a starting salary to travel. As part of Royal Bank of Canada’s commitments, and sometimes working extra history and languages are ideal for banks range of £25,000–£38,000 for other banking and graduate scheme, for example, initial training hours. Additionally, schemes often last 1–3 who want to recruit candidates with good finance organisations. The majority of banks can take place in New York or Toronto. years, so you will have to be 100% committed. communication skills. As long as you have at least also have their own tailored benefits package to Rotational schemes can also take you to a 2:1, most banks will accept your application. attract graduates. From free gym membership different locations. If travel is important to you, Where to find a graduate scheme to performance-related bonuses, there is a huge focus on firms that have a global presence with The majority of large investment banks offer Competition for graduate schemes is tough range of amazing benefits out there. large international hubs. a range of graduate schemes. High Fliers’ The and the banking industry as a whole is Graduate Market in 2017 report has found that extremely competitive. It may be your Banking graduate schemes are highly If you’re looking for early responsibility, fast graduate vacancies within the industry are set non-academic qualities and experience that respected and offer the highest quality career progression and travel opportunities, to decrease slightly in 2017, but that on the makes you stand out from other candidates. of training. At the end of certain schemes financial graduate schemes could be the whole these firms are still some of the biggest candidates can walk away with a sponsored perfect option for you.  recruiters of graduates. For 2017, investment Work experience can help you decide what Chartered Financial Analyst qualification, which banks are aiming to recruit 2,005 graduates kind of role you want to apply for in the future. other non-graduate jobs cannot offer. *Source: The Graduate Market in 2017 by High Fliers

30 Banking | www.insidecareers.co.uk/ban Banking | www.insidecareers.co.uk/ban 31 INTERNSHIP PROFILES

People Experience Intern – Atom Bank 34 Investment Banking Summer Analyst – Royal Bank of Canada 36

Summer Analyst – Rothschild & Co 38

Analyst – MUFG 40 GRADUATE PROFILES

Analyst – Nomura 42 Associate, Investment Banking – J.P. Morgan 44

SENIOR PROFILES

Head of Rates Structuring, Global Coordinator – BNP Paribas 46 Financial Advisory Director – Lazard 48 Director – Credit Suisse 50 INTERNSHIP PROFILES PEOPLE EXPERIENCE INTERN ATOM BANK

What were your main duties? People Experience team. I found out about One of my main duties throughout the internship which areas of the business the team were GABI SABA has been to manage the onboarding process for involved in and what the internship would “An internship seemed new joiners. This includes sending out welcome include. I had done a bit about HR in one of my SUNDERLAND UNIVERSITY packs, adding them to our HR system and benefit modules at university and thought it would be BUSINESS AND like the perfect schemes, ensuring IT equipment and email good to learn more about it. opportunity to put addresses are set up for their first day, confirming MARKETING MANAGEMENT start dates and inductions and answering any My placement can be for someone who ATOM BANK into practice what I questions they have before they join. is already studying HR, Organisation had been learning Development, Learning and Development 12 MONTH INTERNSHIP and/or Resourcing and Recruitment. Something during my degree. that’s just as important is being interested People trust you and believe in and enthusiastic about the internship area – ” studying a degree specific to the internship you your ability (even if you don’t!) apply for isn’t an exclusive requirement. and nobody wants you to fail. Why did you choose to do an internship? working at Atom. It was quite relaxed and If you do need help, ask! I had spent my last year at university included three group tasks and two ‘speed concentrating on my assignments and hadn’t dating’ interviews, including one with a coach Find internship opportunities at: given much thought to what I would do after (Atom call managers ‘coaches’) from the area www.insidecareers.co.uk/ban I graduated. An internship seemed like the I had applied for. We also had the chance to What were the most important things you perfect opportunity to put into practice what I hear about the internships from the current learned from your internship? had been learning during my degree. interns, hearing about what life at Atom was • The whole world of People Experience really like as well as having the opportunity to – I had limited knowledge in this area and What skills did you acquire or improve How did it tie in with your overall career plans? ask questions. didn’t really know what it included. during your internship? I first applied for the internship in marketing • Project management and teamwork Working in quite a small team, there was because that seemed like it would be the next Now I’m helping with the recruitment of the – the internship includes a variety of only five of us when I joined, which gave step from a marketing degree. I didn’t really next group of interns so I get to see the whole intern group projects which we were me the opportunity to really get involved have a career plan and wasn’t even sure that process, from them applying to the offers responsible for managing day to day. in everything that our team covered. This marketing was what I wanted to do. I had going out, from the other side. I’ve even been • It’s good to get involved in as many included HR, Learning and Development, heard a lot about Atom from somebody I knew involved in assessing bootcamps and doing things as you can but I’ve also realised Resourcing/Recruitment and Organisational that was on the intern programme. It sounded interviews with the potential new interns. that you can’t do everything. Prioritisation Development. Being able to see a project like a great place to work and that there is important! through from beginning to end with a would be the opportunity to get involved in a My advice to anyone considering an internship • People trust you and believe in your lot of the responsibility has really helped range of projects in different areas across the at Atom would be: ability (even if you don’t!) and nobody me continue to develop a lot of the skills business. I knew that I wanted to get some • Research the organisation – make sure wants you to fail. If you do need help, ask! I had learned through my degree. The experience working in a business like Atom. you’ve really done this! Atom is incredibly main skills I have been able to develop are I hoped that it would help me decide what I different to any other bank. The internship Do you have any advice for someone decision making and prioritisation, and my wanted to do in the future so the internship is structured differently and the culture seeking an internship? confidence has grown. seemed like the best place to start. and working environment are not like any My advice would be to take any opportunity other. It’s important you understand what you get offered, even if it isn’t in the business I’ve also learned a lot about my own What was the application process like – you’ll get out of the internship and what area you originally applied for. It might turn working style and how to build working any advice? you’re letting yourself in for! It’s important out to be the best decision you ever made! relationships. People are different, so The application process included a telephone that you know the company and the job understanding the needs and motivations of interview and a bootcamp (Atom’s own style you’re applying for. During the bootcamp, one of my ‘speed other people has helped me develop really  of assessment centre). The telephone interview • Be yourself! dating’ interviews was with a member of the productive relationships. lasted about half an hour and included general • If you’re told there’s no dress code and interview questions. The bootcamp was where you don’t have to wear a suit, it really I really got an idea of what it would be like means that!

34 Banking | www.insidecareers.co.uk/ban Banking | www.insidecareers.co.uk/ban 35 INTERNSHIP PROFILES INVESTMENT BANKING SUMMER ANALYST ROYAL BANK OF CANADA

of the internship, I had a very good idea what the industry was about and was confident JEAN VIANNEY CORDEIRO As long as you are a fast about my choice to return to it. learner, quick on your feet and LSE “You will find good with numbers you should Would you recommend an internship? MSc FINANCE AND PRIVATE EQUITY In my opinion you can’t go wrong with doing yourself working be fine. an internship in IB. At worst, you decide the SUMMER INTERNSHIP in a challenging, field is not a good fit and go on to pursue PROGRAMME I think RBC has a particularly good Summer other interests. At best, you will find yourself interesting and working in a challenging, interesting and LONDON Internship programme because you get  rewarding industry. exposure to the business of investment rewarding industry. ” banking, as well as other aspects that the bank has to offer. Summer intern activities at RBC included networking drinks, lunch & learn For the latest industry news: sessions, a treasure hunt, a charity day at the www.insidecareers.co.uk/news Thames and a full week of training. At the end Why did you choose to complete an internship? and nearly always includes some commercial A career in investment banking is both awareness questions – so make sure you are up incredibly demanding and rewarding. An to date on current affairs! internship is the best way to figure out if this competitive industry is a fit for you. If you get through, you’ll generally go to the final assessment centre where 10–12 candidates I had studied Accounting and Finance in my come in. Usually there are 2–3 interviews with undergraduate degree and Finance and Private Managing Directors, a group activity and Equity in my Masters. Investment banking sometimes a presentation. You will generally was certainly a fit with my education and hear back within a week if the firm would like to future career plans. This is not to say that all extend an offer. bankers have an accounting/finance/economics background. The field is quite diverse. As long as you are a fast learner, quick on your feet and good with numbers you should be fine. An internship is the best way to figure out if this competitive I had previously completed an internship in audit and was looking for a similar field where industry is a fit for you. I could continue to use all the knowledge that I had gained over my studies. During your internship, activities are quite How did you get your place on the broad. You will likely work on live processes, internship programme? pitches and internal activities. Some examples The application process for getting an of activities include how to do company internship in investment banking in London is profiles, how to create meaningful slides and pretty standard across the board. how to coordinate in large working groups.

First you apply online and complete some In general, people are willing to help you learn numerical/psychometric exams. If you get and it’s understandable that you won’t know through, you are invited to a first round how to do much at first! As long as you have a interview with either HR or associate level good attitude and ask a lot of questions, you bankers. This is generally a fit/competency will do great. The hours can sometimes be quite interview but can sometimes be technical taxing but it is generally very rewarding.

36 Banking | www.insidecareers.co.uk/ban Banking | www.insidecareers.co.uk/ban 37 INTERNSHIP PROFILES SUMMER ANALYST ROTHSCHILD & CO

Market research Spring Insight Programme during my first year One aspect of market research entailed dialling of university, from which I was fast-tracked to MICHAEL WILSON RUILOBA into earnings calls for a range of companies the Summer Analyst assessment centre. This “Show a genuine that we tracked and sending out reports consisted of a numerical test, followed by two WARWICK UNIVERSITY interest in the outlining any new developments to members half an hour interviews with two Managing PHILOSOPHY, POLITICS & of the team. The reports included financial Directors at each interview. business area to which projections for the company, relevant strategic ECONOMICS you have applied and considerations and any questions that may SUMMER INTERNSHIP keep up to date with have been raised to the management team. LONDON For more banking insight: financial news and I also contributed to pitch books by creating www.insidecareers.co.uk/ban and updating company profiles for potential current events. acquisition targets and making sure that all ” relevant financial information was up to date. This was usually supported through comparable The first interview was competency based company analysis in which we would and focused on motivational questions and a Working with talented and multicultural these two particular deals, I would regularly benchmark businesses within the same industry general understanding of the role, followed individuals on industry-shaping deals was contribute to other transactions. This would to extrapolate appropriate valuation multiples. by a discussion on the macroeconomic something that attracted me to Rothschild involve supporting Analysts in the creation issues at the time. I was then asked to give & Co. Having a background in competitive of valuation models, peer benchmarking and Over the course of the 10-week period I a pre-prepared five minute presentation sport and a keen interest in economic trends, specific company research. I also undertook was also tasked with researching the future on a recent M&A deal which I had found I believed the Summer Analyst Programme a longer-term research project on the future of Smart Mobility and its impact on large interesting, from which a series of questions would present the ideal opportunity to be of automotive technology, specifically automotive corporates. As such, I had to followed, testing deal rationale and basic challenged and develop my understanding of Smart Mobility. This latter project required undertake in-depth research of technical financial concepts. the investment banking industry. the completion of sector analysis and the innovations within the industry and competitor consideration of disruptive technologies and behaviour. This included the analysis of A key element in preparing for successful potential future deals for large corporates. strategic acquisitions by sector participants and assessments centres is to be fully versed in the covered not only financial considerations but firm’s values and have an awareness of recent A steep learning curve and the A live deal also current and future market trends. deals which they have been involved in. It is Being staffed on a live deal involved creating also important to show a genuine interest in ability to develop a a Virtual Data Room for all deal-related Why did you choose to do an internship? the business area to which you have applied wide-ranging skill set are documentation and dialling into conference The 10-week internship allowed me to and to keep up to date with financial news and calls. As part of the due diligence process, I had immerse myself in the Rothschild & Co current events. appealing elements of the role. to ensure that the issues discussed during calls culture and gave me the opportunity to fully were filtered adequately and any irregularities understand and experience the firm’s values What attracted you to your role? were escalated to the appropriate person. This first hand. This was an important aspect in my Being interested in economic and financial Projects gave me exposure to parties on the buy side of decision to accept the full-time offer. It also affairs, investment banking seemed like an After the initial training programme, I was the transaction and significantly enhanced my allowed me to develop my understanding ideal platform from which I could combine assigned to the Industrials and Business Services commercial understanding and financial acumen. of the role and make an informed decision my interest in the world of finance with a M&A team. As a Summer Analyst I was able to as to whether I would want to pursue this professional career. The role also allows one work on both live and potential deals, which Bidding process career path upon graduating. The internship to gain exposure to C-level management, entailed preparatory company analysis and My exposure to the bidding process required a also presented a good opportunity for me to an opportunity unlikely to be found in more general market research, whilst being exposed more technical understanding of the transaction. acquire a wide range of skills, both technical conventional career paths. to varying levels of management within the firm. An example of this is when I assisted in the and professional, and to gain a deeper development of a Sum of the Parts (SOTP) understanding of the world of finance. A steep learning curve and the ability to During the 10-week programme I was given valuation to evaluate the disposal of a business develop a wide-ranging skill set are also the opportunity to assist the Analysts and unit for a large multinational. This involved What was the application process like? appealing elements of the role, as they Associates in the bidding of a deal in the in-depth balance sheet analysis in order to Any advice? provide the solid grounding required for any  automotive industry and the closing of another calculate Enterprise Value and reconciling data I initially applied and was accepted onto the professional development. transaction in the industrials sector. Besides to complete a satisfactory valuation proposal. 38 Banking | www.insidecareers.co.uk/ban Banking | www.insidecareers.co.uk/ban 39 INTERNSHIP PROFILES ANALYST MUFG

of the traders within the repo desk to display an insight into the different businesses and their new deal profit or loss, and a macro which products through speaking to the product ALICE GIPPS pulled market data from numerous sources and controller for each desk. I learned about the “When I returned to collated into one easy-to-read format, are both different products that the business trades and UCL university and was still being used today. gained an understanding of what caused the BSc STATISTICS, ECONOMICS learning about bonds, different products to produce a gain or loss. & FINANCE futures and option When I returned to university for my third year 10-WEEK SUMMER INTERNSHIP There are also many ad hoc of study and was learning in lectures about pricing, I found I could bonds, futures and option pricing, I found that LONDON projects to get involved in, which relate my learning I could relate my learning to the industry. This are all unique, enabling you to helped my understanding and I could help to the industry. my peers to understand the topics taught. ” see a wide variety of activities. Furthermore, work shadowing gave me a clear insight into what a full-time job entails; this helped me with my decision to take a full-time I am a first year Analyst working within the gave me an opportunity to learn new skills and MARKET COMMENTARY role within product control. product control team at MUFG. I completed technical knowledge. Below are some of the Every two weeks the product control team a 10-week summer internship at MUFG’s things I worked on. has an international team meeting where What skills did you acquire or improve securities business in my penultimate year of the profit and loss for each department is during your internship? study and I was lucky enough to receive an offer BUILDING A MACRO discussed. At the beginning of these meetings I developed my analytical skills throughout the to join the analyst programme, which I accepted. My first project was to build a macro which market commentary is given, which helps to different projects that I partook in. In addition, would enable a colleague to send an email by give colour on the profit and losses seen. I was I developed my general technology skills, Why did you choose to do an internship pressing a button in Excel. I had never previously tasked with producing the market commentary including Excel functions and shortcuts. Lastly, at MUFG? used VBA [Excel programming language] so for each of the bi-weekly meetings. This helped both networking with senior managers and I decided to do this particular internship initially I felt overwhelmed. I asked my buddy to develop my knowledge and ensured that delivering a presentation to my whole team because the firm’s culture stood out to me – the for help in getting started and he gave me some I kept up to date with market moves. For helped to build my confidence and develop my hierarchy is relatively flat – and because of their useful sources. I started from the basics and built instance, when the FED decided to keep rates networking skills. highly-respected reputation. up my knowledge so that I would understand on hold I produced commentary surrounding how to code the macro myself. A few days later the announcement and the impact that this What were the most important things you What attracted you to your role? my macro was finally built! My colleague was had on the markets. learned from the internship? I was attracted to the rotational aspect of the incredibly thankful and I found it truly rewarding I learned how important it is to network and to internship. During the first week, we received that she continued to use the macro daily. In addition, I tracked the movement of key keep in touch with your networks. Following a full week of intensive product and financial indices, such as the FTSE 100 and S&P 500 for up after meetings or popping by someone’s markets training. This ensured that we fully equities and the iTraxx Europe and CDX for desk for a quick chat are easy ways to keep in understood the basics of the products that credit. However, what was more important than contact with your colleagues. MUFG trade, how they are priced and how the I worked on a diverse range of tracking the movements was to understand financial sector works as a whole. The internship projects which built upon the why the markets had moved in that way. Do you have any advice for someone then comprised of seven weeks in a primary After key announcements I spoke to traders seeking an internship? rotation and two weeks in a secondary rotation. foundations that I had learned to understand why the moves had occurred, I would advise someone seeking an internship Product Control appealed to me due to its at university and gave me an which helped me to provide more depth to the to thoroughly do their research regarding quantitative nature, including the daily analysis market commentary that I produced. companies and the sectors that they are of profit and loss. There are also many ad hoc opportunity to learn new skills interested in. Many universities have banking projects to get involved in which are all unique, and technical knowledge. WORK SHADOWING and finance fairs or career fairs where you can go enabling you to see a wide variety of activities. An important objective of my internship and speak to representatives from the firms. This was to work shadow every member of the is a great opportunity to ask questions and find  What were your main duties? Over the following weeks, I continued to build product control team. This enabled me to gain out further information about the company. During my internship, I worked on a diverse upon my VBA knowledge and built further range of projects which built upon the macros, some of which are still in use today. For foundations that I had learned at university and instance, a macro to produce Excel files for each 40 Banking | www.insidecareers.co.uk/ban Banking | www.insidecareers.co.uk/ban 41 GRADUATE PROFILES ANALYST NOMURA

currently, how does Brexit affect the £:$ rate, needed. Having said this, even during my first etc. You should have opinions on these topics. year many of my colleagues and I, who joined TIMOTHY JAMES MILLS at the same time, have developed quickly in Secondly, try to know your theory to the best order to keep up. Such a steep learning curve ST CATHARINE’S of your ability. Obviously this depends a vast has been highly rewarding and I am looking “If we want to serve amount on your degree background. If you forward to more of the same next year. COLLEGE, CAMBRIDGE our clients quickly and are from a non-financial background try to ECONOMICS know the different valuation methodologies effectively then hard – the strengths and weaknesses of each one, LONDON work is needed. how they differ, what parameters drive these For the latest finance news: methods, etc. This makes it easier to hit the www.insidecareers.co.uk/news ” ground running and will make the case study section of the interview a breeze.

What skills are useful in this sector? A few skills really stand out. A positive The key to standing out is attitude is vitally important. It is easy to get Why did you choose a job in this profession? I completed two, one of which was at Nomura. showing you are an interesting, discouraged when you first start with the I was aware of financial markets and how The program was well-structured, providing rewards coming later. To push through the they interacted through my degree studies a series of talks from employees all over the affable and pleasant person. hard bits it is important to stay positive, in Economics at university. The changes bank – Investment Banking to Global Markets proactive and upbeat. happening within financial markets that I was to Operational roles – and there was time for learning about in the lecture hall interested me significant Q&As at the end. It is important Finally, network effectively – attend You should also try to keep chatting to people and so I decided to apply for a spring week during these Q&As to ask honest, even if on-campus bank events, and other such around the office and make sure people start early on, under the advice of students in the upfront, questions. It is always best to find meet ups. Talk to the bankers and staff and to get to know you. This results in you getting years above me. out as much about the careers in the different prepare a few well thought out, interesting, put on interesting projects and also widens areas of the bank as early as possible. non-standard questions in advance to ensure your network. you stand out. Always follow these events up After the spring week I was fast-tracked to with a ‘thank you’ email after leaving your Finally, whenever there is something you don’t There is a level of intensity that final round internship interviews, which were contact details. Taking this initiative usually understand, write it down and look into it later. makes investment banking successful. A senior banker offered me the grows new opportunities. This extra self-tuition increases your value to internship over the phone and I readily accepted. the firm and is satisfying in itself. attractive if you are keen to What are your main duties? learn swiftly and progress. What was the application process like? As a first year analyst your tasks are to support What would you like to achieve in the future? Any advice? the team in any way possible while you learn the At the moment it is still quite early in my Three bits: have a good awareness of what is job. This could range from updating targeting career. Immediate goals are just to keep going on in the financial markets, know your lists and weekly updates, to more complicated pushing on and learning as much as possible Investment banking seemed like an intense financial theory to the best of your ability and tasks such as putting together slides for and try and develop myself. and motivated industry where I could learn network effectively. pitches. As you get more senior you take on quickly and reach my full potential – the fact I more responsibility – attending meetings and Do you have any advice for anyone wanting was interested in the work too meant I thought If you come from a non-financial background, organising the production of pitch books. to get into the industry? it could be a good sector for me to work in. the acid test for levels of interest from Plenty of interviewees will ‘know the stuff’ – the bankers interviewing you will be your Is it a 9–5 job? the technical and a good financial awareness. How did you get your job at Nomura? awareness of market activity. If you are Absolutely not – there is a level of intensity that The key to standing out is showing you are an My peers in the years above me at university genuinely interested in the job then you makes investment banking attractive if you are interesting, affable and pleasant person. People had always recommended that I apply for should demonstrate your knowledge and keen to learn swiftly and progress. The nature will ask themselves: could I have a drink and spring weeks. These happen in first year for understanding of what is going on in the of the profession means if we want to serve our enjoyable conversation with this applicant? If three year course students or second year for markets – which corporates have done the clients quickly and effectively then hard work is they say yes, you are ahead of the pack!  four year course students. The idea is to provide biggest/most significant deals recently, what’s a wide introduction to banking and the bank. the effect of monetary easing by Central Banks

42 Banking | www.insidecareers.co.uk/ban Banking | www.insidecareers.co.uk/ban 43 GRADUATE PROFILES ASSOCIATE, INVESTMENT BANKING J.P. MORGAN

It is not a secret that this profession requires every day and having a positive and open CAROLINE ROMANSKI commitment, but it is a highly rewarding job approach. Being able to learn quickly and adapt and balance is not impossible to find, especially to different situations is another essential skill. thanks to the many firm-wide initiatives aimed REIMS MANAGEMENT “It is not a secret at improving work/life balance. What would you like to achieve in the future? SCHOOL (FRANCE) that this profession As I progress as an Associate I would like to ensure that I grow my career based on my MASTERS IN MANAGEMENT requires commitment, Being able to learn quickly and strengths and interests. It is also very important LONDON but it is a highly for me to become a mentor for new joiners, so adapt to different situations is that I can help them achieve their career goals rewarding job. another essential skill. and make informed choices. ” Any advice for someone wanting to get What skills are useful in your role? into the industry? I would say that the most important quality Investment banking is a competitive and required for being successful in this job, aside high-profile industry, however, it is important from ensuring you enjoy it, is having strong for anyone interested in entering the industry drive. People also often underestimate the to remain humble and inquisitive. There is a Why did you choose a career in of interviews for the summer internship and importance of good communication skills. fine line between being a motivated, ambitious investment banking? was offered a full-time job as an Analyst in Investment banking roles are of course very candidate and being complacent. Successful I was looking for a fast-paced job that required Investment Banking. analytical and require a strong technical and people I have come across in this industry, analytical skills and offered a steep learning financial skillset, but the job is also about across all levels of seniority, have these curve: investment banking sounded like the What was the application process like? interacting with team members and clients qualities in common.  right pick for me! This was confirmed to me The application process requires good upon meeting a number of professionals from technical and analytical skills, which you need J.P. Morgan on-campus at different events that to be able to demonstrate under time pressure. I attended. They were professionals I felt I could My only advice would be to come prepared aspire towards in terms of their achievements and think through different scenarios you and accounts of career progression. may be asked, as many similar exercises are available to anyone online or in textbooks. It is also very important to be detail-oriented I was looking for a fast-paced throughout the whole process.

job that required analytical What are your main duties/roles? skills and offered a steep I am currently an Associate, which means that I have completed the Analyst Graduate learning curve. Programme. My graduate analyst role was focused on financial analysis and valuation work as well as on developing and preparing How did you get your job at J.P. Morgan? marketing presentations for clients. Today, in I first attended the Schools Programme (today my new role in our Natural Resources Group, called the School Insight Day Programme) and I am in charge of overseeing the work of our also their Winning Women dinner in Paris. team’s analyst. I also coordinate and manage These two events gave me a great insight the team’s different workstream projects in a into the culture of the firm and the different timely and efficient manner. types of careers that J.P. Morgan has to offer, as well as helping me decide which division Is it a 9–5 job? would be the best fit for me. I then decided The hours in investment banking can be to apply to the Spring Week Programme for unpredictable as they depend on the project Investment Banking, was invited for a round you are working on.

44 Banking | www.insidecareers.co.uk/ban Banking | www.insidecareers.co.uk/ban 45 SENIOR PROFILES HEAD OF RATES STRUCTURING, GLOBAL COORDINATOR BNP PARIBAS the ability, you can progress rapidly. That’s hasn’t been borne out by my experience. For Fatos has always had a love of maths. Her two first degrees were numerate, and why I was able to head up a team after only example, in the beginning of 2016 I took time she initially thought she was destined for a career in academia. A spell working at four years. I don’t think there are many other out to start a family. Most people would think an executive search firm, however, sparked an interest in investment banking. She industries where that would happen. It is even that would limit my career, but that hasn’t been joined BNP Paribas in 2008, where she currently heads up their Rates Structuring rare within banking. the case at all. Only six months after returning, I EMEA team and is now the Global Coordinator. was promoted to my global role. What is a typical day like for you? FATOS AKBAY I’m from Turkey and studied my first degree there. I loved maths In truth, there’s no such thing as a typical day  but didn’t want to rule out a more business-orientated career, in structuring. It’s a very dynamic environment so I did a double major in Maths and Business Administration. because we sit between trading, sales and Find more on working in banking: the client. This means I might have a day www.insidecareers.co.uk/ban I then moved to London to study at the London School of out meeting clients, being a salesperson, Economics. I was doing an MSc in Operational Research, which is understanding their problems and designing essentially applied maths. At this point I thought I was destined solutions but then another day, I might be for a PhD and a career in academia. I really hadn’t considered a immersed in spreadsheets. Do you have any advice for anyone wanting career in investment banking at all. to get into the industry? Likewise, one day I might be helping traders Be open and flexible. Don’t get too stressed It was a chance sighting of a job advert for a headhunting firm work out the right hedge to put in place. The about choosing your first job – it is ‘only’ your 2017 that set me on this path. This firm specialised in placing senior next, I might find myself analysing regulations first job. You might realise it is not your dream hires at hedge funds and was looking for a Business Analyst to and accountancy rules because these can often job, but that’s OK. So long as you find a job help them research the marketplace. The role appealed to me have an impact on our solutions. that offers opportunities to learn and grow, Promoted to Global Coordinator you have made the right choice. Do what you for Rates Structuring because it was very dynamic and involved meeting very senior and successful people at different financial institutions, allowing are supposed to do really well, and take your me to learn about the market and the whole financial ecosystem. A lot of people have this chances when they appear. Don’t be afraid of 2014 taking risks! Otherwise you will never grow or It was there that I first became seriously interested in finance. It perception that it’s a cut-throat, achieve your true potential. was 2007; the market was still booming and lots of hedge funds male-dominated industry. Appointed Head of Rates & were starting up. It was an exciting time. As part of my job, I At BNP Paribas you get that flexibility and Inflation Structuring, EMEA got to meet lots of clients and gained exposure to their world. I training. For example, graduates who join my became more interested in the jobs themselves than the people desk end up doing lots of different things from What challenges does the industry face? day one. Initially, we’ll get them involved with 2012 we could place into them. Challenges are part and parcel of the industry. pricing on established products. That way, You have to be able to anticipate them and they get to know the market, the clients and Promoted to Head of Inflation So that’s when I took the plunge. During a meeting with the adapt. For example, when I first joined the the products. However, we’ll soon get them Structuring – after only four years Head of Structuring at BNP Paribas, I revealed that I’d like to at the bank move client side. I basically took a risk and said ‘I want a job with inflation desk, the market went from being working on other things. For example, if we you’! They must have been impressed, as I was then invited for high inflation to low and in some cases even come up with a new product, we’ll get them to deflation. That meant we needed to change our carry out the analysis and help us put together 2008 an interview. focus from institutional clients (who typically the marketing materials. What was your first experience of banking like? are active traders of inflation products in high Took on first role at BNP inflation scenarios) towards corporate clients Graduates here have real responsibilities. Paribas, joining the Inflation Moving from a headhunting firm to an investment bank Derivatives team in London was not the norm. However, with the support of some great who react better to different products. You’re expected to deliver very quickly. But by colleagues, I was able to make it work. I spent four years the same token, we’ll take your development What are the myths about investment banking? seriously. As a manager, it’s in my interest to 2006 on the Inflation Derivatives desk, learning how things work, before I got my first big promotion. Since then, I’ve risen up A lot of people have this perception that it’s a train and look after my graduates. I get judged  the ranks quite swiftly. cut-throat, male-dominated industry. But that by their progress. Completed MSc at LSE and started career as a business analyst at an executive search company BNP Paribas has a very meritocratic culture. Here, it’s not about the years you put in; it’s about how good you are. If you have

46 Banking | www.insidecareers.co.uk/ban Banking | www.insidecareers.co.uk/ban 47 SENIOR PROFILES FINANCIAL ADVISORY DIRECTOR LAZARD

‘I am excited about the prospects for anyone looking to enter the industry today – friendships and connections, helped to practice, that means that the advice Lazard complexity, creativity, diversity are driving forces of change’. Tom specialises in debt develop a team around me and enjoyed the provides in any given situation is considered opportunity to mentor some exceptionally from all angles. Intellectually, I have found financing and capital structure advice. He talks us through his career and offers talented colleagues. that to be a stimulating work environment some guidance for those considering the profession. and one in which all colleagues’ opinions Rewarding role and unique experiences are encouraged, considered and, after that Today, in my role as a debt financing advisor, collaboration, ultimately crafted into advice. I am responsible for helping clients navigate TOM HOWARD Finding the right career path As a Classics student emerging from university, I felt destined the ever-changing debt financing landscape The future is bright and offers for law school, and a job in the City naturally meant a and assisting them in securing flexible and attractive opportunities traineeship at a City law firm. Whilst I was open-minded to attractive debt financing in support of their At the time of writing, we find ourselves in career alternatives, I found it hard to imagine that a career in strategic objectives. It is a fascinating and a curious environment with ‘Brexit’ looming finance might be for me. rewarding job that places me right at the and a challenging geopolitical backdrop. centre of the international capital markets. These are new challenges and my expectation When I decided to explore the investment banking graduate is that, whilst experience and expertise will recruitment rounds, however, I was pleasantly surprised to Financing and its availability and sustainability remain fundamental, the next 10–20 years learn that the focus was on core values: curiosity, energy, is a firm fixture in the Boardroom for both will require fresh-thinking and the adoption personality, intellect and drive. The cloud of financial jargon public and private companies alike. I am of new approaches. Therefore, I am excited that initially shrouded the industry lifted and swiftly revealed regularly called upon to engage with clients about the prospects for anyone looking to 2016 attractive opportunities, hands-on experience and significant in this forum – this offers a unique insight enter the industry today – complexity, creativity responsibility from the outset. into a company’s strategic objectives from and diversity are driving forces of change Elected to Lazard’s Graduate an early stage. Advising on this journey, whilst technology also continues to alter the Recruitment Committee, London from the inception of an idea, to providing way in which we all work on a daily basis. As creative solutions to achieve it, to the practical a member of Lazard’s graduate recruitment The range of my clients, from FTSE 100 execution of securing capital that enables it, committee, I am excited to be involved in that 2012 is highly rewarding. The range of my clients, change to our workforce. to high growth family-owned companies, from FTSE 100 to high growth family-owned and the differing challenges faced by each, companies, and the differing challenges faced Any words of advice? Promoted to Director, London by each, offers considerable variety to my role. My advice to anyone looking to get into the offers considerable variety to my role. industry would be simple: • Make sure you can demonstrate, with 2009 meaningful examples, that you have Challenge any pre-conceptions Thirteen years or so on, I consider myself extremely fortunate the requisite values: curiosity, energy, Seconded to Lazard’s Hong to have had the conviction to pursue a career in finance with you may have about your career personality, intellect and drive. Kong office and promoted to Lazard. In that time, I have experienced many industry-defining • Challenge any pre-conceptions you may Vice President, London path and the finance industry. transactions, I have travelled extensively, including spending have about your career path and the time living and working in our Hong Kong office, and have finance industry. 2006 ultimately watched an industry change through (and re-assert • Be sure to focus as much on the itself after) the financial crisis. There are few jobs that rub up so close to the people you meet in the process as the divide between the capital-driven investment opportunities on offer – after all, the Promoted to Associate, London The variety of work and the swift evolution of my role has banking model and Lazard’s own independent industry requires hard work, and your equally been rewarding and engaging. At the outset, this advisory model – from my vantage point, a colleagues and working environment are involved building an expert understanding of corporate finance, client’s trust that they will receive unconflicted an important part of the satisfaction you  2004 then swiftly moving to running as point person on the execution and independent advice is paramount. In will take from your career. of high-profile transactions, to then driving the origination of Graduated from University of business and engaging in Boardroom-level dialogue. Along Edinburgh with a 2:1 MA in Classics. Joined Lazard’s Analyst the way, I have accumulated a lot of knowledge, worked with programme, London the smartest people, enjoyed and sustained many personal

48 Banking | www.insidecareers.co.uk/ban Banking | www.insidecareers.co.uk/ban 49 SENIOR PROFILES DIRECTOR, INVESTMENT BANKING CAPITAL MARKETS, UK CORPORATE BROKING AND ADVISORY, CREDIT SUISSE Camilla graduated from Lincoln College, Oxford in PPE and spent 12 years building a the industry, but the reality is that if you are successful City career. She moved into technology to focus on consultancy, had four That’s the thing about the City: driven by success, if you like to perform, to be children, took a mothering break and is now back at Credit Suisse, where she originally challenged and to challenge, there’s no better place to be. started, advising UK and Irish corporate clients at the highest level. Recently being awarded we all thrive on performance. a European Businesswoman Award in 2017 is another milestone in Camilla’s career. We work in a world of smart, How do I spend my days? I spend them capable individuals. learning and creating solutions. Learning CAMILLA HUGHES An equity specialist from the start, having begun in Global about my clients, learning about their Markets, I learned the business selling European and Deploying my knowledge of the markets and problems and their ability to deal with them, Emerging Market equities, always on the phone or on adding the experiences of consulting work and learning about the factors, endogenous and a plane, before moving into Equity Capital Markets and the clear benefit of maturity and freshness, I exogenous, that affect their performance, then using my frontline knowledge of the way investment have spent the last three years playing myself learning how to put my thoughts into words decisions are made to help me to advise corporate clients back into the Investment platform, where the of advice that they will accept and implement, to raise capital to build businesses. Today, my role involves outlook is more exciting – and therefore more and numbers to substantiate the solutions. delivering a fully integrated strategic advisory and capital challenging – than ever before. The willingness Most of all, I spend my days learning about markets service, interspersed with regulatory and investor of my colleagues to accept me back into a myself and my ability to perform and how relations advice, tailored to meet individual client needs. to do it better in a fast moving world. What mainstream role, and the eagerness of my  clients to listen to the advice I am able to offer, could be more satisfying? From the beginning, I was immediately absorbed by the 2017 has astonished and delighted me. But I guess thrill of the trading floor. Being surrounded by smart, that’s the thing about the City: we all thrive Awarded Best Financial Services capable people, and dealing with smart, capable clients, on performance. We work in a world of smart, Global Coordinator Ireland & I quickly realised that this was more thrilling than any capable individuals and that means that we For graduate schemes go to: Global Alternative Investment environment I had come across. I knew that I wanted to can all recognise ability and application. The www.insidecareers.co.uk/ban Firm of the year make a career in investment banking from that point. The media may have shaped your perception of daily challenge from the flow of information, volatility of 2014 the markets, the intellectual ability of clients and colleagues Returned to Credit Suisse as and the determination of the whole organisation to work a senior UK corporate together to generate success was, and is, an exciting mix. broker and adviser There was plenty of support in the way of training courses and direct mentoring from my seniors, but there was 2004 also plenty of improvisation and learning on-the-job. I remember one minute having to take a client through the Joined Market Pipe, a complexities of a balance sheet compiled using Russian New Issue data and network technology provider accounting and the next minute having to help her buy a Big Mac in Russia’s first McDonald’s branch. We never stop learning and even today, 25 years on, Credit Suisse offers 1998 training and personal development to the most seasoned bankers, especially in the face of changing markets. Promoted to Director of Equity Capital Markets & Syndication at SBC Warburg (now UBS) I have spent a long time picking up the phone or writing another email trying to get the attention of a portfolio manager who could take their pick from 20 or 30 other 1992 sales people all trying to persuade them that their dollars were best spent with them, not with me or my firm. But it Joined Credit Suisse in Global has to be said that the buzz of making a sale, of convincing Markets; European & Emerging the client that your and your firm’s opinion is the one that Europe Equity Sales matters, is worth every ounce of effort.

50 Banking | www.insidecareers.co.uk/ban Banking | www.insidecareers.co.uk/ban 51 EMPLOYER DIRECTORY EMPLOYER DIRECTORY

BNP Paribas 53 Commerzbank 54

Credit Suisse 55 BNP Paribas Corporate & Institutional Banking (CIB) No. of employees is a leading European investment bank. CIB is part 28,000 J.P. Morgan 56 of the BNP Paribas Group, a financial institution with international scale and a strong tradition of serving Opportunities available 4 both individuals and companies. With close to 200 GRADUATE JOBS Lazard 57 4 years of experience, the Group can trace its origins INTERNSHIPS 4 INSIGHTS back to 1848. Today’s BNP Paribas is built on the Morgan Stanley 58 merger between Banque Nationale de Paris (BNP) No. of graduate jobs and Paribas (formerly Banque de Paris et des See website MUFG 59 Pays-Bas) in 2000. No. of undergraduate opportunities Nomura 60 Spanning across 57 countries with over 25,000 See website employees, BNP Paribas CIB is a globally recognised Rothschild & Co 61 leader across capital markets, advisory and Disciplines recruited from financing. The Group’s ‘Top Employers Europe All degrees considered 2016’ certification reflects the fact that 83% of our employees are proud to work for us. We strive to Offices recruited into take on-board different viewpoints, value individual expression and give our employees freedom, JOB FINDER responsibility and room to grow.

For current opportunities please visit Job Finder 63 www.earlycareers.bnpparibas.com. 

For application deadlines, the latest jobs and events visit: www.insidecareers.co.uk

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Commerzbank is a leading international commercial No. of employees Credit Suisse is a leading global wealth manager with No. of employees bank with branches and offices in almost 50 countries. 49,900 strong investment banking and asset management 45,000+ With the two business segments Private and capabilities. Founded in 1856, Credit Suisse has Small-Business Customers, as well as Corporate Clients, Opportunities available expanded to be a global force employing over Opportunities available 4 4 the Bank offers a comprehensive portfolio of financial GRADUATE JOBS 45,000 people in 50 countries. With new leadership, a GRADUATE JOBS 4 4 INTERNSHIPS services to its clients. INTERNSHIPS new strategy and a streamlined global organization, 4 SCHOOL LEAVER SCHEMES 4 PLACEMENTS we are set for growth. We partner across businesses, 4 INSIGHTS Commerzbank finances approximately 30 per cent of divisions and regions to create innovative solutions 4 SCHOOL LEAVER SCHEMES No. of graduate jobs to meet the needs of our clients – and to help Germany’s foreign trade and is leading in financing for Up to 25 corporate clients in Germany as well as in providing our employees grow. It is a high priority for us to No. of graduate jobs continually invest in our employees by providing products. With its subsidiaries Comdirect No. of undergraduate opportunities Various in Germany and Poland’s mBank it owns two of the c. 50 per year ongoing opportunities for training, networking and world’s most innovative online banks. mobility. Join us and let’s shape the future of Credit No. of undergraduate opportunities Disciplines recruited from Suisse together. For further information about Credit Various  With approximately 1,000 branches Commerzbank Finance, Business Studies, Engineering Suisse, please visit www.credit-suisse.com. has one of the densest branch networks among or Maths preferred Disciplines recruited from German private banks. In total, Commerzbank serves All degrees considered more than 17.5 million private and small business Offices recruited into customers, as well as more than 60,000 corporate Offices recruited into clients, multinationals, financial service providers and institutional clients. In 2016, it generated gross revenues of 9.4 billion Euros with approximately 49,900 employees. 

For application deadlines, the For application deadlines, the latest jobs and events visit: latest jobs and events visit: www.insidecareers.co.uk www.insidecareers.co.uk

54 Banking | www.insidecareers.co.uk/ban Banking | www.insidecareers.co.uk/ban 55 EMPLOYER DIRECTORY EMPLOYER DIRECTORY

Your Career. Your Way. No. of employees Lazard is the world’s leading independent financial No. of employees 243,355 advisory and asset management firm. We serve clients 2,500 At J.P. Morgan, we are committed to helping with thoughtful advice and effective solutions to businesses and markets grow and develop in more Opportunities available strategic and financial matters. Founded in 1848, we Opportunities available 4 4 than 100 countries. Over the last 200 years, we have GRADUATE JOBS operate in 42 cities across 27 countries around the world. GRADUATE JOBS 4 4 INTERNSHIPS evolved to meet the complex financial needs of some INTERNSHIPS Working at Lazard provides all the opportunity and 4 4 PLACEMENTS PLACEMENTS excitement of working for a global institution, but with of the world’s largest companies as well as many 4 INSIGHTS 4 INSIGHTS of the smaller businesses driving industry change 4 SCHOOL LEAVER SCHEMES the intimacy of a relatively small firm. We are looking for exceptional students and graduates to join us for the globally and locally. No. of graduate jobs No. of graduate jobs following opportunities in our financial advisory division. c. 20 Our people work hard to do the right thing for our 400+ clients, shareholders and the firm every day. Joining Analysts No. of undergraduate opportunities us means you’ll learn from our experts in a supportive No. of undergraduate opportunities Analysts are a key contributor in all aspects of our c. 75 and collaborative team environment where you will be 400+ advisory work, with direct exposure to our senior supported to make an immediate impact from the start. bankers and trusted advisors. You will be supporting Disciplines recruited from Disciplines recruited from our transaction teams by conducting financial All degree disciplines We want to see your creativity, communications skills A variety of disciplines analysis and modeling, company and industry sector and drive. While your academic achievements are research, creating and preparing client presentations, Offices recruited into important, we’re also looking for your individuality International opportunities interacting with clients, and experiencing and Global and passion as demonstrated by extra curricular contributing to real projects. activities. We want to help you fulfil your potential as UK offices recruited into you build your career here. Analysts are assigned to different sector or product teams according to the business need at the time of Pre-internship, internship and graduate opportunities joining. As part of the Analyst programme, typically are available across the firm, so we encourage you to three years in length, you will have the opportunity learn as much as possible about the industry, business to rotate through various teams to ensure you gain areas and roles available: experience across a number of different disciplines and sectors, as well as gain exposure with a range of • Asset Management senior bankers. Global secondment opportunities are • Finance available depending on business needs. • Global Treasury Management • Human Resources Summer Internship (penultimate year students) • Investment Banking Our ten-week Summer Internship programme is an • Investor Services excellent way of gaining a better understanding of • Markets the nature of our business and the culture of our • Operations firm in an Analyst role. Our aim for your internship • Quantitative Research with us is for you to receive firsthand, in-depth • Risk Management knowledge of the business, gain practical Analyst • Technology experience, understand Lazard’s culture and working  style, and for us to provide an excellent networking • Wealth Management. For application deadlines, the For application deadlines, the opportunity with bankers of all levels of experience. latest jobs and events visit: latest jobs and events visit: Our programme commences in late June and is open www.insidecareers.co.uk to undergraduate or postgraduate students in their www.insidecareers.co.uk penultimate year of study. 

56 Banking | www.insidecareers.co.uk/ban Banking | www.insidecareers.co.uk/ban 57 EMPLOYER DIRECTORY EMPLOYER DIRECTORY

Our business No. of employees We are MUFG. With over 350 years of heritage and No. of employees Morgan Stanley is more than a leading financial 55,000+ more than 140,000 employees in 50 countries, we’ve 140,000 services firm. With offices spanning 42 countries and grown to become one of the top five banks in the world. talented, passionate people bringing excellence and Opportunities available Opportunities available 4 4 integrity to everything we do, the firm is truly global. GRADUATE JOBS Combining our global network and financial strength GRADUATE JOBS 4 INTERNSHIPS 4 INTERNSHIPS Throughout the firm’s history, diverse and talented 4 with a dedication to becoming the world’s most 4 PLACEMENTS trusted financial group, we pride ourselves on INSIGHTS individuals have worked together to develop our new 4 INSIGHTS 4 SCHOOL LEAVER SCHEMES ideas and groundbreaking financial products. 4 SCHOOL LEAVER SCHEMES exceeding client expectations and building long-term relationships. We support our clients and protect their No. of graduate jobs Our people No. of graduate jobs interests with the highest levels of professionalism 30 There is no typical person at Morgan Stanley. Our 200+ and expertise, while also serving society and fostering people come from a wide variety of backgrounds a sustainable vision for growth. No. of undergraduate opportunities and interests but they are all high achievers who No. of undergraduate opportunities 30 share integrity, intellectual curiosity and the desire c. 195 We’re looking for ambitious, driven individuals to join our team, and help us to become the world’s to work in a collegial environment. Individuality is Disciplines recruited from prized and people are encouraged to be themselves. Disciplines recruited from most trusted financial group. With graduate schemes All degrees considered What you are interested in and how you approach All degrees considered and internships available around the world, you will the world will determine your individual career path have the opportunity to learn from some of the best International opportunities at Morgan Stanley. International opportunities experts in the industry. New York & Hong Kong Several EMEA locations Our Business Areas Our interns UK offices recruited into UK offices recruited into Our securities business offers a comprehensive We all know and recognise the value add of product suite to clients around the world through work experience and we, therefore, offer internships five key business lines in the primary and secondary that give promising penultimate-year students the markets: capital markets, credit, rates, equities and chance to experience one of our nine key business structured products. areas in an enjoyable and intellectually challenging way. In addition to our ten-week summer Our commercial banking arm is a leading corporate programmes, we also run industrial placements and lending bank offering an intensive range of services off-cycle internships, plus give you the opportunity from & Syndicated Loans through to to join us for a look behind the scenes at one of our Transaction Banking & Asset Finance. insight events. While allowing you to experience Morgan Stanley and our culture first hand, By joining MUFG, you’ll have the opportunity to internships and industrial placements also serve as enhance your financial expertise and become part of a the #1 pipeline for our full time programmes. truly international organisation.

Our graduates Whatever programme you choose, you’ll receive Like our Internships, the Morgan Stanley Graduate tailored training and be involved with a range of Programme is open to students who demonstrate challenging projects. From the moment you arrive, the entrepreneurial drive, team working and we’ll be dedicated to supporting your growth, and For application deadlines, the For application deadlines, the communication skills needed to take our business actively help you shape the foundations of a long and latest jobs and events visit: latest jobs and events visit: forward. The structured programme is designed to rewarding career with us. hone your negotiation and networking abilities as www.insidecareers.co.uk www.insidecareers.co.uk well as equip you with specialist knowledge of your Global possibilities with an approachable and inclusive chosen area.  culture: it truly is a better balance in banking. 

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Nomura is an -headquartered financial services No. of employees Rothschild & Co is one of the world’s largest No. of employees group with an integrated global network spanning 27,000 independent financial advisory groups, employing 3,300 over 30 countries. By ‘Connecting Markets East & approximately 3,300 people in 40 countries around West’, Nomura services the needs of individuals, Opportunities available the world. We are family-controlled and independent Opportunities available 4 4 GRADUATE JOBS institutions, corporates and governments through its GRADUATE JOBS and have been at the centre of the world’s financial 4 INTERNSHIPS 4 INTERNSHIPS three business divisions: Retail, Asset Management, 4 PLACEMENTS markets for over 200 years. 4 INSIGHTS and Wholesale (Global Markets and Investment 4 INSIGHTS 4 Banking). Founded in 1925, the firm is built on a SCHOOL LEAVER SCHEMES There are four main arms to our Group – Global No. of graduate jobs tradition of disciplined entrepreneurship, serving Advisory, Private Wealth, Merchant Banking and Various clients with creative solutions and considered No. of graduate jobs Institutional Asset Management – as well as specialist thought leadership. Various financial businesses. No. of undergraduate opportunities Various At Nomura, internships are the perfect preparation No. of undergraduate opportunities As a trusted adviser to many companies, governments, for a subsequent full-time role. We offer a range of Various families and individuals around the globe, we invest Disciplines recruited from graduate and internship programmes across three significant resources in attracting and developing All degrees considered key areas: investment banking, global markets and Disciplines recruited from a world-class team. We strive to create an inclusive All degrees considered corporate infrastructure. Internship opportunities can culture that encourages the highest standards of International opportunities include a ten-week spring or summer internship in quality, professionalism and ethics. We hire the China, Brazil, India, Russia, USA, London or a three to six month internship in one of International opportunities most talented individuals, from a diverse range of Middle East and Asia Pacific our regional offices.  EMEA, Asia and America backgrounds, cultures and experiences. This diversity enables us to consider all angles, and deliver the UK offices recruited into UK offices recruited into best possible solution for our clients whatever their financial goal, and wherever they are situated.

Graduate Programme The graduate programmes we offer are for students in their final year of university education or for those that have already graduated. We offer graduate positions in Global Advisory and Private Wealth.

Internship Programme We offer two main types of internship programmes: the Summer Internship Programme and the Long Term Internship Programme. The summer internship is aimed at students in their penultimate year of university education and the long term internship is aimed at penultimate year students and recent graduates. We offer internship positions in Global Advisory, Merchant Banking, Private Wealth and Human Resources. For application deadlines, the For application deadlines, the latest jobs and events visit: Spring Programme latest jobs and events visit: The Spring Insight Programme is aimed at first www.insidecareers.co.uk year students on a three-year degree course, or www.insidecareers.co.uk second year students on a four-year course who are considering a career in Financial Advisory. 

60 Banking | www.insidecareers.co.uk/ban Banking | www.insidecareers.co.uk/ban 61 100s Jobs JOB FINDER

TYPE OF OPPORTUNITIES Company No. of employees Offices recruited into Graduate jobs Internships Placements Insights School leaver schemes No. of graduate jobs No. of undergraduate roles Further info (page)

See See 28,000 London 4 4 8 4 8 53 website website

Up to c. 50 49,900 London 4 4 8 8 4 54 25 per year

45,000+ London 4 4 4 4 4 Various Various 55

243,355 Global 4 4 4 4 4 400+ 400+ 56

2,500 London 4 4 4 4 8 c. 20 c. 75 57 Find your dream Banking Several 55,000+ EMEA 4 4 4 4 4 200+ c. 195 58 role online today. locations

London, New 140,000 York & Hong 4 4 8 4 4 30 30 59 Kong

EMEA, Asia 27,000 4 4 4 4 4 Various Various 60 & America

3,300 Global 4 4 8 4 8 Various Various 61

GRADUATE JOBS | INTERNSHIPS & PLACEMENTS | ADVICE

62 Banking | www.insidecareers.co.uk/banwww.insidecareers.co.uk Banking | www.insidecareers.co.uk/ban 63 NOTES

Publisher: Cambridge Market Intelligence Ltd, Thornton House, Thornton Road, Wimbledon, SW19 4NG. T: 0208 405 6412 | www.insidecareers.co.uk Editorial: Sarah Olley

ISBN 978-1-911394-03-7 Printed and bound in the UK by Cambrian Printers, Aberystwyth

Copyright in individual articles © 2017 the authors, who have asserted their right to be identified as the author under s.7 of the Copyright, Designs and Patents Act 1988.

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All rights reserved. No part of this publication may be reproduced, stored in a retrieval system or transmitted, in any form or by any means electronic, mechanical, photocopying, recording or otherwise without the prior permission of the copyright owner.

While every effort has been made to ensure its accuracy, no responsibility for loss occasioned to any person acting or refraining from action as a result of any material in this publication can be accepted by the publisher or authors. Discover a Better Balance in Banking

We are MUFG, one of the world’s leading ongoing training and support, gain financial groups, with over 140,000 exposure to international finance and employees in 40 countries. We offer have the opportunity to build networks stability in an ever-changing market and across the globe – everything you need provide services to high-profile clients on to fulfil your potential. a global scale. Discover where a career with us We offer a wide range of summer could take you. internships and graduate programs, Visit mufgcampus.com so whether you join the banking arm or and apply now. securities business, you’ll benefit from

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