Chartered Accountancy Consultancy Insurance at the Heart of the City: Management Accountancy Pensions P.18 a Graduate Insight >> Tax

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Professions covered Actuaries Banking Chartered Accountancy Consultancy Insurance At the heart of the City: Management Accountancy Pensions p.18 A graduate insight >> Tax

Interview tips: How to get that job offer >> p.74

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Visit our website Introduction Introduction 3

Actuaries Go Sectors Actuaries 6 Banking 12 Banking, Securities & Go Investments Chartered Accountancy 22 Consultancy 28 Insurance 34 Chartered Accountancy Go Management Accountancy 40 Pensions 46 Tax 52 Management Consultancy Go Career advice Researching your future industry 62 Insurance Go Finding your way to the ideal job 64 Get taken seriously, get qualified 67 Writing the perfect CV 70 Management Accountancy Go Interview tips: How to get that job offer 74 How to tackle assessment centres 77

Pensions Go Employer A-Z Employer A-Z 79

Chartered Tax Advisers Go Get connected... www.insidecareers.co.uk Subscribe to our job and events emails 2 Introduction

Publication team

Editor Anna Kirkham

Editorial Assistant Laura McFarlane Barclays Capital Stoil Topalov 16 Design Ascend Creative Ltd Bandbox Design Cass Business School Sara Newman 64 Photography Simon Allen Phil Clarke-Hill Chris O’Donovan Centrica Riz Din 44

Print Cambrian Printers, Aberystwyth Financial Skills Partnership Sarah Thwaites 3 ISBN 978-1-86213-167-5 Financial Skills Partnership 35 Acknowledgments

Inside Careers would like to thank all the companies, authors and anyone who has contributed to the Hymans Robertson Chris Lilley 8 magazine in any way. Special thanks go to the following institutes: KPMG Alex de Silva 56 Chartered Institute of Management Accountants

Chartered Institute for Securities & Investment Lloyd’s of London Carys Lawton 38

Institute of Consulting Mattioli Woods Vikki Iddon 48 Management Consultancies Association

The Actuarial Profession Mercer Fiona Stewart 50

The Association of Taxation Technicians Nomura Toni Osibodu 18 The Chartered Institute of Taxation

The Chartered Insurance Institute Olympic Delivery Authority Jeremy Chapman 42

The Institute of Chartered Accountants in England & Wales Pure Taxation Rob Cottrell 53 The Pensions Management Institute PwC Haydn Rodgers 26 Copyright in individual articles © 2011 the authors, who have asserted their right to be identified as the author under s.7 of the Copyright, Designs and Patents Act 1988. The compilation © 2011 Cambridge Market Intelligence Ltd. All rights reserved. No part of this publication may be The Boston Consulting Group Yuri Romanenkov 32 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 The Write Stuff Peter Panayotou 70 person acting or refraining from action as a result of any material in this publication can be accepted by the publisher or authors. Towers Watson Alice Boreman 10

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contributors

Introduction

There is much more to financial services than just juggling numbers. The financial professions are modern, fast moving and ever- changing, so if you are looking for a career that requires quick thinking and brings with it plenty of challenge and reward, then this sector will provide you with just that. Sarah Thwaites Sarah is responsible for drawing together FSP’s So why should you pursue a career in this work such as employer engagement, policy, careers, education, research, and developing sector? First and foremost is the fact that industry solutions to meet employers’ needs in a the sector is continuously recruiting and changing environment. looking for talent! The number of confirmed job offers in financial services in March 2011 alone increased by 16%. Employers also tend to recruit graduates from a wide array of move ahead regardless of age. As a result, the disciplines because they take into account the sector is particularly attractive for ambitious skill set you bring as a person just as much as young people. your academic pedigree. It seems a lifetime ago that I came into the The sector also offers a breadth of opportunities Financial Services sector and to be honest, like through the diverse choice of roles available so so many at the time, I really fell into it rather you’re sure to find something to suit, excite and than planned my career. Unlike me, you have challenge you! Some of which you can explore the opportunity to find out about the breadth in this magazine. of opportunities that the sector can offer you. Many of the roles in financial services are not Secondly, a role within financial professions well known even though they can be both will arm you with invaluable transferable skills rewarding and stimulating. Read the profiles – such as teamwork, project management, included within these pages to gain an insight handling pressure, problem solving and into what these sectors have to offer and help written/verbal communication – which are you make that vital decision of which career highly valued by employers and will make path you should take. you more valuable and marketable whatever career you decide to pursue. You will also have Whatever your degree subject, there will opportunities to work with and be mentored always be opportunities available to you by internationally experienced and dynamic because employers look for a wider, non individuals who are experts in their fields. academic skill set and experience which include soft skills like team work, confidence Most would be quick to highlight earning and presentation skills. Our sector has potential as a benefit of working in the sometimes suffered from an image problem industry and rightly so. Graduates’ starting and has been accused of being boring and salaries are very attractive. The financial male dominated. This is not true! The city is services sector has some of the highest, most making great strides to make itself accessible alluring packages available. People who enjoy to a rich and diverse talent pool in order travelling and experiencing new cultures will to remain a competitive and leading global also be attracted by the international nature of player. Things are changing and you too could the industry which offers lots of opportunities be a part of this exciting new world.  to travel and work with international companies, organisations and clients all over In addition to the information Inside the world. Careers can provide you, the Financial Skills Partnership have created an online gateway Responsibility and promotion in this sector can dedicated to helping graduates into the also come very fast. The sector tends to place financial professions. more emphasis on performance than seniority of employees, therefore high performers can www.fiancialskillspartnerhsip.org.uk/directions

Actuaries 6 Banking 12 Chartered Accountancy 22 Consultancy 28 Insurance 34 Management Accountancy 40 Pensions 46 Tax 52 6 Actuaries

Actuaries

Snapshot

Actuaries apply financial and statistical theories to solve real business problems. These business problems typically involve analysing the past to determine future financial events, especially when the amount of a future payment, or the timing of when it is paid, is uncertain.

Actuaries are experts in the field of financial and statistical analysis, most widely associated with pension schemes and insurance, and renowned for their mathematical prowess.

Traditionally you will find actuaries working within consultancy, investment, insurance and pensions. They are also increasingly moving into other areas of the financial sector such as risk management, banking and capital project management.

Actuaries analyse past and present data to solve And the rewards? real business problems. A lot of actuaries’ work Being an expert in such a complex area brings Dealing with risk Actuaries is about risk management: assessing how likely great rewards. Actuaries’ pay and conditions an event may be and the costs associated with compare well with other leading professions. it. To make things more challenging, actuaries really need to understand how businesses The rewards of being an actuary are far more operate, they need to keep up to date with than financial. It is a stimulating job that legislative changes, long-term demographic challenges you to think at all times and offers trends and have general commercial and you the opportunity to make a positive impact economic awareness. on the organisations and their employees.

Career paths Expert domains An actuary’s early training has a split focus on The traditional areas in which actuaries operate passing the professional exams and building are: consultancy, investment, life and general practical experience. Once qualified many insurance and pensions. Actuaries are also actuaries go on to be practising specialists increasingly moving into other areas of the in one of the traditional fields, with many financial sector such as risk management, actuaries becoming senior managers in firms of banking and capital project management, where consultants or insurance companies. their analytical skills can be employed.

Consultancy

Actuarial consultancies offer a whole range >> “You will need to develop the of services to their clients on issues such as capacity to give expert advice. acquisitions, mergers, corporate recovery and financing capital projects. Many also Often this will involve dealing offer advice to employers and trustees who run occupational pension schemes. In fact, with non-actuaries and the such consultancies are probably the biggest general public, so the ability to employers of actuaries in the UK. communicate and articulate A successful consultant will work to develop difficult topics to non-specialists is a real partnership with their client, allowing them to gain an in-depth understanding of of paramount importance.” commercial operations and business objectives. Actuarial consultants also need to be able to communicate effectively, often explaining There are many different career paths: some complex technical issues and ideas to all kinds actuaries specialise in technical research, whilst of people, whether they are finance directors, others may focus more on commercial activities. CEOs, shareholders or trustees. The different roles require different mixes of skills, but whatever a particular actuary’s Investment strengths, there will be a niche for them. In the area of investment, actuaries are involved in a range of work such as: pricing financial How do you become a qualified actuary? derivatives, working in fund management, or Passing the professional exams is the first working in quantitative investment research. hurdle to becoming an actuary, and this must Often investment actuaries work in fields where be coupled with at least three years’ practical their understanding of insurance or pension experience to fully qualify. It takes a lot of liabilities helps them to manage the investment hard work, so ensure you work towards your of the corresponding assets. actuarial qualifications with a firm that really supports you, meets the costs associated with Insurance your exams and study, provides you with study The work carried out by actuaries in insurance leave and also gives you the practical experience includes designing new insurance policies, you need to make your mark. setting premium rates, calculating a company’s financial status (based on the policies already Beyond this you will need to develop the sold) and answering technical queries from capacity to give expert advice. Often this will policyholders. Insurance actuaries also involve dealing with non-actuaries and the undertake detailed investigations of different general public, so the ability to communicate experiences such as how assets and expenses and articulate difficult topics to non-specialists have performed and the extent of different is of paramount importance. types of claims for different types of insurance

policies (e.g. death claims for life insurance or car theft for motor insurance).

Pensions The work of actuaries is vital to the health of The Institute and Faculty of Actuaries is the chartered professional body, working pension schemes. Actuaries are heavily involved across the UK as The Actuarial Profession. It is one of the most challenging in designing and advising occupational pension profession’s in the world and one of the most rewarding. schemes. This could be a formal valuation for one person’s benefits or for a whole scheme with Why become an actuary? one million members. • Variety of work • An influential role • Intellectual satisfaction As actuaries gain experience, they spend less • A good salary • International opportunities. of their time working on the strictly technical aspects, instead applying their expertise to How to become an actuary? A Levels: A good grade in A Level maths. wider business challenges. These may include Degree: A minimum of 2.1 in a numerate subject. advice on financial strategy advising a client Graduate Trainee Position: on remuneration policy, consultancy around qualification; giving you time Employers off to study, will support they will you also through help youthe towhole meet the a corporate takeover and other large scale work based skills requirement. projects. This demands proactive and creative thinking, as well as technical prowess and great Types of membership interpersonal skills. • Fellow • Associate What next? • Affiliate. To find out more about actuaries, pick up a Find out more The Profession Information specialist guide from your career centre or visit To find out more, visit us at www.actuaries.org.uk, email [email protected] www.insidecareers.co.uk/act.  or go onto our Facebook page, www.be-an-actuary.co.uk

“I came to the decision that I wanted to train to become an actuary quite late on in my final year at university, and started looking at what opportunities were out there. I was looking for an employer that offered a friendly environment in which to work whilst putting a strong emphasis on the development of their employees, both professionally and personally, and found that Hymans Robertson fitted the bill perfectly. I participated in the graduate recruitment process and was delighted to accept their offer and I joined the Birmingham office last year.

“During a typical day, I get involved in a variety of work, ranging from technical Name: Chris Lilley calculations and data analysis, to client and scheme member communications. I work Title: Actuarial Trainee with colleagues at all levels within the firm, from fellow trainees through to partners Company: Hymans Robertson in the firm, all of whom are very encouraging and supportive and always have time to offer advice and help with any piece of work. I have also had many opportunities to have training in lots of different aspects of the job, from gaining technical knowledge to developing the ‘soft skills’ needed as a consultant.

“The most stressful part about the job is fitting study for the professional exams around your work, as it will require you to put in extra hours outside of the office. Hymans Robertson provides a support package which includes paying for study materials and tutorials, a bank of study days and a study mentor who is there to guide you through your first few exams.

“I have found the most enjoyable part of my job is that I am always being challenged. The varied nature of the work means I am regularly given projects that I have never met before and am allowed to have a go at it (after a little background training of course). I have also enjoyed the opportunity to take on specialist roles within the team which will help me develop myself further whilst providing an important function for the team.”

Take a truly personal step forward on your road to success. At Hymans Robertson, we know that the best way to help To find out more about becoming an actuarial consultant with graduates become the finest consultants in the financial the UK’s leading independent pensions and benefits consultancy, industry is to treat them as individuals. please call us or visit our website. That’s why we put you in control of your own training, Call Noreen on 020 7082 6296 provide one-to-one mentoring, and create the best opportunities for practical, hands-on learning, right or Carla on 0141 566 7894 from the start. Visit www.hymans.co.uk/careers

827 Ad Hymans Robertson Shabana.indd 1 27/07/2011 17:39 10 Actuaries

“One way firms are de-risking at the moment is by offering enhanced transfer values to try and reduce their deferred liabilities.” Alice Boreman, Towers Watson

Managing people’s pensions >> Coming from a maths and economics background, Alice Boreman was keen to apply her knowledge to a business environment and so she joined Towers Watson’s pensions department as a trainee actuary. Read on to find out more...

Having studied Maths and Economics at university, I had a keen interest Today I am attending a call with both the company and the trustee in applying my mathematical skills in a business environment. I work in as part of the valuation discussion. The two parties have different pensions consulting so as a team we advise companies and trustees on opinions on the security of the companies ability and willingness to pay

their pension schemes. Depending upon whether we are advising the into the scheme and hence the level of risk that should be built into the Graduate Profile: Alice Boreman Company: Towers Watson company or the trustee, the work can be quite different. assumptions used. The meeting is quite heated in parts and hearing the two different viewpoints is very interesting. After the meeting I write The company are interested in reducing the money they pay into the up the minutes and once these have been reviewed they are circulated scheme and reducing the risks they face. The trustees have a legal to the trustees as they are our client. These minutes are an important obligation to have a valuation every three years and we also provide them way of documenting the journey to finalise a valuation process. with updates on their funding position. The trustees are also responsible for the day to day administration of the scheme and we regularly provide Wednesday them with individual calculations for members. Unusual cases received by the administration team are often sent to the actuarial team to either complete or to review depending on the complexity I work in the Leeds office which is open plan and associates of all different of the case. Today I have to review a transfer value which has been sent to us levels of seniority sit with each other. This is great for development as I because it is over £250,000. This involves doing an independent calculation often pick up on things in conversations senior colleagues have and it also to see if their figure is in line with our expectations. gives you great access to your senior colleagues. We also support the administration team by providing them with methods and software to help with their calculations. Due to the government’s “The office I work in is open plan and people of recent change to the statutory pension increase indexed by RPI to CPI, the inflation assumption we use to value benefits for a transfer value will now different levels of seniority sit beside each other. be different and I need to alter the way our software is set up to reflect this. This is great for development as I often pick up on This particular client has different sections which each have different rules, so the task takes a little longer as I need to check the legal advice to check things in conversations senior colleagues have.” which increase can be changed.

Thursday I want to talk you through one of my weeks, to give you a snapshot of what One way firms are de-risking at the moment is by offering enhanced a trainee actuary may be involved with. It may also give some insights into transfer values (ETV) to try and reduce their deferred liabilities. One of some of the daily goings on at a large actuarial firm. my clients is currently preparing to implement an ETV exercise and I undertook some high level checks on the data to ensure it is adequate to Monday be used for individual member offers. I perform some high level checks to One of our corporate clients has been looking into ways to save money. Unlike ensure everything looks reasonable, for example that the pension accrued a lot of the schemes we advise, this scheme is still open to future accrual. I have looks reasonable given the service. Once I have looked over the data I need been asked to look into how changing the rate of accrual or the NRA could to work out how to format it in order to be able to run bulk calculations. I help reduce the contributions the company pay into the scheme. I have a brief also calculate some factors so I can perform rough checks on the outputs run through with the lead client consultant about what he wants to take to the from our software. client, before making a start on calculating the figures. Friday Tuesday Another de-risking exercise is a pension increase exchange where members As a junior member of the team I also get involved in scheme secretarial are given the option to give up indexed increases on part of their pension in work. This involves organising meetings, taking minutes, keeping the return for a higher pension. I have been setting up a spreadsheet to calculate trustees informed on the latest issues, recording any actions, conflicts what higher pension the member could receive if they took the option. of interest or decisions made outside of meetings. Although this is not actuarial work it is a great way of getting client contact in the early years At the end of each week my team has a workflow meeting to see what work of your career and a great way to develop your consulting skills. Plus you we have on the following week and to redistribute work if needed to make always learn new things from listening to advisers at meetings. sure everyone’s workload is manageable. 

Banking

Snapshot

Although career stereotypes do exist, a closer look at the City (shorthand for the institutions and firms that make up its financial services industry community) reveals a world that is a great deal more diverse than many would imagine. The range of graduate employment opportunities is enormous, with challenging career paths open to those with the ambition and flair to succeed – even in these difficult times.

Though the majority of financial activity is centred in London, there are many opportunities for those elsewhere in the UK. Scotland, Cardiff, Leeds, the West Midlands, the North West and the Republic of Ireland are all financial strongholds, with many businesses choosing to base their operations in these areas.

The UK’s banking industry, includes investment need to feel comfortable with maintaining a high banks, commercial banks and building societies, level of personal accountability. Financing the future Banking broking firms, independent financial advisers, insurance and reinsurance companies. Hit hard by There are many opportunities for graduates in this the economic downturn, cuts in pay and a decrease sector. The roles of client adviser and portfolio in the number of jobs has been seen across these manager can involve financial planning and dealing, organisations. Optimism has returned but this especially when acting for clients who like to take is tempered by caution about long-term global more of a risk than simply leaving all their money economic recovery prospects. in the bank on deposit. The most independent role is the relationship manager who fronts the firm’s Taking a closer look at some of the divisions within relationship with the client and who is expected to the banking, securities and investments industry may bring in new clients. The relationship manager will help you to decide where to focus your job search. have a team which researches possible opportunities and potential investments. Retail, Private and Institutional Banking Retail Banking Retail banks provide banking services, loan facilities “The main banking groups offer and financial advice to businesses and members of services that cover the full spectrum, the public through large branch networks. More >> commonly known as high street banks, they tend so there is plenty of scope for a long to serve individuals and smaller businesses; this and varied career virtually anywhere often includes promoting products such as car loans, insurance products, savings products, credit cards in the country.” and credit facilities.

Most banks offer business banking, with dedicated Investment and Wholesale Banking staff specialising in assessing and supporting Investment banking involves the provision of the various financial needs of small to medium specialised financial services and advice to industrial, businesses in different industries and in varying commercial, government, charitable and other stages of growth. Private banks manage the wealth of major institutions. Sometimes this is also known as high net worth clients with large sums (£500,000 or wholesale banking because there is no direct contact more) to invest. This involves recommending where with individual consumers and all transactions are individuals should place their savings, identifying conducted on a ‘business to business’ basis. suitable investment products and drawing attention to their need for pensions and financial protection. Investment banking spans a wide remit including: The main banking groups offer services that cover the full spectrum, so there is plenty of scope for a long • Banking for governments, institutions and and varied career virtually anywhere in the country. companies. • Corporate finance (raising capital for Private Banking and Wealth Management companies by issuing shares or bonds). Private banking involves the provision of a range of • Mergers and acquisitions (including corporate specialised services tailored to the needs of wealthy restructuring and refinancing). individuals, for example portfolio management and • Capital markets (trading in shares, bonds estate planning. and derivatives to make money) and offering broking and distribution facilities. Private banks can be independent but are more • Treasury services: dealing in currencies for usually divisions of larger investment banks or high corporate clients with financial engineering street banks. The private banker can be perceived services to protect them from interest and as associated with ‘old money’, i.e. families who exchange rate fluctuations. have been dealing with the bank for generations; however the number and variety of clients has Some of these activities are described as ‘sell-side’ greatly increased in recent years as higher levels of because they involve raising money directly for entrepreneurial activity and corporate transactions companies and institutions by selling securities (debt have generated substantial wealth. and equity) into the financial markets, where the securities are then bought by investors or intermediaries Many clients are very wealthy individuals, who will and afterwards traded in the open market. demand from their banker not only discretion and integrity but high levels of professional skill and Responsible for raising and transacting huge sums competence in a range of investment-related areas. of money around the world, investment banking can Clients of this nature need to have confidence and generate substantial ramifications and has been seen trust in the abilities of their advisers, who in turn as both the most glamorous and the most maligned

area within the financial services industry. manager must have a great deal of skill, self- However, wealth managers often have the Participants play a key role in the business confidence and credibility so that the client satisfaction of sustaining longer and closer world and the financial rewards for those who has faith in their decision. This is especially professional relationships with their clients. are successful can be large, but the competition vital when the market indices are falling and There have been increasing opportunities in and pressures of the job can also be enormous the portfolio may not be performing as well as hedge fund management, an area that has seen and the hours are often very long. expected. Fund managers can work on behalf of massive growth during the past two decades institutions, such as pension funds, unit trusts with London becoming Europe’s hedge fund Job satisfaction and security can be affected by or insurance companies, or for private clients. capital. Hedge funds are investment portfolios the state of the market with cycles of boom and which seek to improve returns from a given bust. It is imperative that those who work in this level of risk or, more likely, reduce risk for a sector remain aware of economic trends, market given level of returns by mixing traditional conditions and risk management. Those who “Job satisfaction and security investment methods with newer, shorter- succeed are innovative, cool under pressure, and term derivative techniques to neutralise good at relationships and networking. can be affected by the state of the effects of market conditions. Originally the market with cycles of boom regarded as alternative investment, hedge fund Asset Management / Fund Management management may now be regarded as a less Fund managers invest the money held by and bust.” exotic occupation. pension funds, insurance funds, collective schemes such as investment trusts and unit Hedge fund operations may be run as trusts and monies available for investment subdivisions of banks or independent companies belonging to large organisations and wealthy Private client fund managers deal with wealthy or boutiques. They may employ five or 500 individuals. Fund management can operate individuals and the amount of responsibility people, making it difficult to standardise career within independent companies or divisions for the portfolio that they have will vary from requirements as you may be required to lend a of banks (including investment banks). Fund total decision-making powers to simply being hand to all aspects of running the company or managers buy and sell shares, bonds and other responsible for tailoring the funds to suit you may have a particular position in a large firm assets in order to increase the value of their the client. Contact with the client will vary which may not be replicated in another company. clients’ portfolios. depending on the amount of active management Human resources (HR) departments in hedge that the portfolio requires, but typically an fund operations are rarer than in other parts Money is invested in a range of assets blended investment review will be conducted at least of the City and a structured career is unlikely. together with the intention of maximising value every six months. Obviously, institutional fund Companies prefer to hire people with experience while adhering to the client’s tolerance for risk managers usually handle far larger sums of and a proven track record. Strong analytical skills, and their investment preferences. This means money than fund managers investing on behalf flexibility and self-motivation are key attributes in that there are many investment approaches, of private clients and this is, therefore, seen as this area with experience in investment banking, from very broad to highly specialised. The the more prestigious area of fund management. private equity or accountancy an advantage.

Investment Analysis for anyone else to use. Unsurprisingly, many Analysts are vital to the fund management fund managers begin their career as an analyst process, as well as in the broking houses, and eventually continue their expertise into the supplying information to help investors investing process itself. become familiar with companies that have securities available to trade in. Sell-side Graduates entering investment analysis may analysts work for brokers or firms that make not need a numerical degree, but it is vital to be recommendations to their investing clients, and interested in business, economies and markets these analysts issue broad, widely disseminated and willing to become skilled in applying recommendations of ‘strong buy’, ‘outperform’, analytical tools and research methods. Indeed, ‘neutral’ or ‘sell’. The recommendations the most successful individuals in wholesale help clients make decisions to trade certain and retail financial services cultivate their securities and the firm earns commission on analytical skills. these transactions. Insurance A buy-side analyst usually works for a large Insurance companies take on the risk of pension fund or fund management firm. These financial loss to individuals and organisations, analysts are employed to explore regions, issuing an insurance policy in return for the economies, industries or individual companies payment of regular premiums. Most specialise and recommend whether specific investments in either life and health policies, which tend to are suitable for specific investment strategies be personal, or property and casualty, which and portfolios. They use published data, such tend to be corporate in some respect. as surveys, company reports and accounts, as well as attending presentations and will Insurance brokers do not make decisions sometimes visit companies. Many analysts about accepting or rejecting an insurance specialise in specific regions or industries. application, but act as intermediaries ensuring Those who construct the portfolios will rely on that clients gain the best protection for their this information and, depending on the risks lives, health, property and assets. They either the client wishes to take, will invest money work exclusively for one insurance company, based on the forecast and recommendation or act independently as brokers, representing provided. A buy-side analyst’s success or several companies. Agents and brokers identify talent is gauged by the number of profitable potential clients, sell policies, prepare reports recommendations he or she makes to the fund, and records, help clients to submit their claims and the recommendations are not made public

The Chartered Institute for Securities & Investment (CISI) is the major professional and examining body for the securities and investments industry with over 40,000 members, including 20,000 student members. It provides a range of industry qualifications, helping to ensure professional competency.

Student membership is open to anyone at under/postgraduate level aspiring to work in financial services and candidates preparing for CISI qualifications.

Progress to higher levels of membership is earned through a mixture of professional qualifications and a commitment to high standards of ongoing competency and integrity. These include: Student, Affliate, Associate (ACSI), Member (MCSI) and Chartered MCSI, Fellow (FCSI) and Chartered FCSI.

The CISI assists members in keeping up to date with industry developments and prove to both employers and regulators that they are maintaining their competence by providing CPD. CPD opportunities include conferences,

seminars, professional interest forums and electronic media. Institute Information

www.cisi.org

after a loss, and offer related financial services issues and internal business strategy. Risk where qualified to do so. management, in particular, has become increasingly important in all aspects of finance Underwriters are the main link between the as the volume, complexity and value of business insurance company and the sales agent. They all continue to increase. are responsible for calculating the level of risk and, therefore, the size of the premium Operational and administrative roles are very payments, before writing the policies. Based varied and yet can be quite specialised. These in the insurance company’s main or regional roles are widely available and can include office, the underwriter assesses known risks by ensuring that trades and contracts are processed Name: Stoil Topalov analysing data held on software applications, correctly or working in a call centre and Title: Operations Analyst studying consultants’ reports, requesting and supervising the administration and performance Company: Barclays Capital analysing medical reports and assessing reports measurement of portfolios. HR roles ensure from actuaries. that the people contributing so much of their efforts to the industry are recruited, developed “I have a good background in Actuaries measure the probability and risk and rewarded to their full potential while in the mathematics and business studies, so of future events. While important to many service of firms and clients. a career in financial services was a industries, the actuarial role is vital to insurance natural direction for me. I had heard because all business is underwritten on the basis Accounting and finance roles are vital for the of probable risk. Actuaries usually have a maths- success of businesses in the financial sector good things about Barclays Capital based degree and professional qualifications. and can range from budgeting and planning from friends who had completed internal finances, to ensuring that staff and placements here, and everyone Specialist, Operational and Administrative Roles suppliers are paid correctly. talked about the people and the There are many other careers in services and friendly atmosphere. areas that underpin the main business activities Technological roles are critical to an industry in banking, investment and insurance. Running which has grown through heavy investment a successful business in this highly competitive in computing and communications; for this “I balanced my degree between IT and and regulated sector depends on intelligent reason the financial sector is a major employer business studies, to avoid becoming management of resources, and an army of well- of top quality technical staff at all levels. too specialised in any field, so the trained staff who can work effectively within a position of Operations Analyst that I team while also having opportunities to develop In conclusion, there is a lot of career choice and flourish as individuals. within this large and varied industry. While applied for gave me the breadth I was some roles require strong skills in specific looking for. Legal, compliance and risk management roles subjects and the stamina to work long, help to ensure that businesses and their staff pressured hours, there is ample scope to work “As you might expect, one of the remain compliant with a substantial amount of in other areas that are just as rewarding in  key functions of regulatory control is rules and regulations, as well as any contractual other ways. ensuring that we monitor and report on all transactions to our regulators. Regulations change more often than you might think, so we’re constantly evolving the way we do things. I’ve also learnt that it isn’t just about the systems, but about the way people Read more specialist info with behave as well.

“One of the projects I’ve been managing is looking at how we get our We can offer you careers advice transaction reports to the regulator; on a range of finance professions. it’s a critical process for us and one that we take very seriously. The work Pick up a guide from your uni career covers all areas of the business, so the centre or local career fair or go sheer volume of information has been online to see our digital magazines. huge but the exposure it’s given me has been fantastic.” Follow us f www.insidecareers.co.uk

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Management Accountancy 17

“The combination of theoretical and practical knowledge students gain throughout their programme is what makes Imperial College Business School so unique.” Ivana Jelic, MSc Finance 2011

Highly practical and professionally recognised, our Finance programmes prepare recent graduates and young professionals for a wide range of careers, including investment banking, private equity, capital markets, trading and portfolio and risk management.

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Join us at our next information session. Find out more and register online.

“Be yourself, be confident and be prepared. Recruiters are looking for a few key things; drive, smarts and personality. We all want to work with well-rounded interesting people!” Toni Osibodu, Nomura

At the heart of the City >>

Toni Osibodu from Nomura discusses what it’s like to work for an investment bank and offers some useful advice for those looking to work in the finance industry.

What do investment bankers do? Double and triple check your application before sending it off and Primarily we advise and facilitate two different, but often interlinked certainly get a trusted friend or careers adviser to read through it, if transaction types; mergers and acquisitions (M&A) and capital raisings. you know anyone who has been in the industry, involve them too. Graduate Profile: Toni Osibodu Company: Nomura Most people are immediately aware of what M&A entails, however When you do your research try to understand the different roles capital raising sometimes needs a little more explanation. Companies within an investment bank, this will save you valuable time in the can raise capital through equity markets, by listing on a stock exchange application process so that you can focus your efforts. It can be very or issuing more shares, or through the debt markets, by selling bonds. difficult to decide early on which path to choose as work styles and skill sets vary dramatically across financial services. At a junior level the role is to support senior bankers who go out, pitch for business and then drive the advisory process. We prepare the materials needed, including financial modelling, creating presentations and the “Entry into the industry has become increasingly background research. More responsibility and client exposure is awarded for consistent performance and displaying eagerness to take on more. competitive and the selection process more rigorous, so my advice is to start early.” How did you get your job at Nomura? My exposure to the industry was at an insight week at a major investment bank at the end of summer before my second year of university. This gave me the perspective I needed to understand the workings of a full service investment bank and assess where my skill What is a typical day for you? set might best fit in the organisation. A typical day for me starts at 07.00 when my alarm goes off.

I secured an internship at Lehman Brothers the following summer in the At least twice a week I have to attend early morning meetings with Investment Banking Division. At the completion of the placement I was either the rest of the division or smaller team meetings. On such days I offered the opportunity to return full time after graduation. Those ten arrive at the office by 08.15, other days I’m in by 09.00. weeks helped me decide that it was the career for me and I gladly accepted. The division-wide meetings involve updates from different teams; an Following the administration of Lehman Brothers and subsequent update on corporate activity; in house views on economic and political acquisition of their European and Asian operations by Nomura, the analysis as well as presenting a platform for deal teams to be rewarded offer was transferred. And so I began the graduate programme at for high profile deals. Team meetings update members of the projects Nomura in August 2009. and deal pipelines in the team.

Do you have any advice for anyone wanting to get into the industry? I’m usually back at my desk by 09.00. Typically, I have a number of Entry into the industry has become increasingly competitive and the internal meetings scheduled in the diary regarding multiple projects. selection process more rigorous, so my advice is to start early. Most At the start of the day, I must decide which deadlines require priority people are looking for a ‘foot in the door’; to achieve this, show your and organise myself such that I can make efficient use of my time. interest by attending networking events and bank presentations that occur on campus. Up until lunchtime, more requests are usually being fed through by colleagues. Typical tasks include building financial models to complete Getting involved with societies aligned with banking is also a good necessary analysis and researching companies and industries in order way to show your interest and a fantastic avenue to find out about to better understand ongoing projects. More often than not, this is opportunities and meet people in the industry. When it comes to all in aid of forthcoming client meetings. The results of analysis and applying for work experience, internships or graduate positions, widen research culminate in the formation of presentations, or ‘pitch books’. your scope of applications by researching smaller firms and think Often it is the responsibility of an analyst to pull these books together outside the box. and take control of their development to strict deadlines.

Lunchtime is flexible, there are times when I dash for a sandwich late in the afternoon and eat at my desk, and then there are days where I can afford a good 45 minutes with colleagues in the canteen or around the City at midday.

By the end of an afternoon, around 18.00-19.00 I usually have a backlog of work so working into the evening occurs, but not before I grab some dinner with some team members and have a break. Many colleagues take this time to go to the gym. It helps as a good way to focus and relax after a stressful and busy day.

The last tasks of the day include implementing final changes for presentations the next morning, printing out draft copies of books and checking carefully for any typos. Another team member will then usually look through and then give the all clear for printing. Sending the book to print is always a relief. If I’m attending the meeting, this is always a good time to do some background reading on the client and ensure I’m prepared with relevant materials.

If all goes well, books are printed by 23.00, but sometimes later...I check through each one to make sure they are printed correctly. Book car and go home. Hitting the pillow (hopefully) by midnight. and effort in is well worth it. Senior managers will run projects What soft skills have you found useful? in a way that manages junior staffs’ workloads to help support a I’ve found effective communication to be a useful soft skill. It’s work/life balance. important to communicate problems in an assertive manner. Don’t be afraid to speak up – it is positively received when one takes What are the most stressful parts of your job? responsibility for their career. However, learning to display good Inefficiency and unpredictability; inefficiencies can be caused by judgement by selecting the most appropriate settings for airing bureaucracy and human error. I try to minimise this by relaying concerns has also proved useful. status updates to those I am working with to manage expectations.

The unpredictable nature of the job requires friends and family who understand that this isn’t a 9-5 job. “In my opinion, what will carry you through the case study are the following things: What was the interview process like and any advice? The interview process here consisted of a first round interview showing you have followed a smart, with an analyst or associate followed by a second round interview thoughtful process, attempting all questions, with more senior bankers. There is also a case study element which has a mixture of questions. Some test business acumen, others confidence, a ‘can do’ attitude and displaying include straight forward financial analysis. an understanding of the bigger picture.” I was surprised by how down to earth and friendly the bankers were; it really put me at ease. At the same time, the rigour of the processes instilled confidence in me that the calibre of my The most important soft skill, by a mile, is attitude. Colleagues colleagues would create an environment where I could develop. respond well to enthusiasm and a ‘can-do’ attitude and it helps build rapport and relationships. By having a willingness and In my opinion, what will carry you through the case study are the keenness to learn you can become better at your job and improve following things: showing you have followed a smart, thoughtful your skills. In the climate following the credit crisis, banks are process, attempting all questions, confidence, a ‘can do’ attitude under great scrutiny and the personal integrity of employees is and displaying an understanding of the bigger picture. paramount, people need to feel like they can trust you. Finally, be yourself, be confident and be prepared. Recruiters are Is there a work/life balance? looking for a few key things: drive, smarts and personality. We all The hours can be very long, but the reward for putting the time want to work with well-rounded interesting people! 

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A5503-11_Inside_Careers_200x270.indd 1 29/07/2011 11:29 22 Chartered Accountancy

Chartered Accountancy

Snapshot

Chartered accountancy involves giving professional advice to organisations on a wide range of business and finance issues. Chartered accountants assume the role of business advisers, making high-level strategic decisions that aim to improve profitability and increase market share for their clients’ or their employer’s businesses.

The typical areas of work chartered accountants become involved in are audit and assurance, forensic accounting, business recovery/ insolvency, corporate finance, financial accounting and taxation. Professional roles include corporate finance/advisers, reporting accountants, lawyers, private equity advisers, debt providers/bankers and brokers.

How to become a chartered accountant A significant part of the checking process involves

To become an Institute of Charted Accountants in reviewing the organisation’s systems to assess Make your mark Chartered Accountancy England & Wales (ICAEW) chartered accountant whether there are sufficient controls in place to you need to complete the ACA qualification and be ensure that the accounting process operates correctly. accepted as a member of ICAEW. What is involved? The ACA is recognised worldwide as one of the • Reviewing an organisation’s business and leading financial and business qualifications and financial systems. represents being an Associate of ICAEW. Typically • Performing tests to check financial it will take a graduate three years to complete an information. ACA training agreement, which includes passing • Advising clients on areas for business the exam and technical experience requirements. improvement.

It’s a challenging qualification and we’re certainly not Key skills needed to be an Auditor saying it will be easy. However, once qualified, your • Written and oral communication skills. ACA will be recognised worldwide as a sign of quality. • Numerical and analytical skills. ICAEW members achieve partner or financial director • Team working and interpersonal skills. status early in their careers, paving the way for greater rewards and influence as their career progresses.

Why choose the ACA? “Auditors independently check an • Many ACA trainees can double their salary during their training agreement. Salaries for organisation’s financial statements newly qualified ACAs compare favorably to ensure they are a ‘true and fair’ with careers in law general management and banking. reflection of the financial situation of • Being ‘chartered’ means you are recognised that organisation.” as being at the top of your profession. It shows you have industry specific skills and experience, not just academic and theoretical knowledge. Forensic accounting • Recent independent surveys show that ACAs Forensic accountants investigate commercial fraud, can command higher salaries throughout their divorce and personal injury cases. Civil cases careers when compared with those holding often require the testimony of expert witnesses in other accountancy qualifications. accountancy. Large firms often have specialised • Achieve partner or financial director status departments in litigation support composed of early in their careers. qualified accountants. Forensic accounting is about the integration of accounting, information A significant benefit of the ACA is the structured technology and investigation skills. training provided through a training agreement. Training occurs in your day to day job and in The work of a forensic accountant is to enable preparation for exams through professional tuition lawyers, insurance companies and other clients to providers, typically paid for by your employer. resolve disputes. Equally important is the ability Training and development is so comprehensive to communicate financial information clearly and that any degree subject and A level subjects are concisely in the courtroom. accepted by employers. Employers value graduates and school/college leavers with potential to learn Activities carried out by forensic accountants and a track record which demonstrates excellent • Investigating and analysing financial evidence. employability skills. • Developing computer applications to assist in the analysis and presentation of financial Audit and assurance evidence. >> Auditors independently check an organisation’s • Communicating findings in the form of financial statements to ensure they are a ‘true and reports, exhibits and collection of documents. fair’ reflection of the financial situation of that • Assisting in legal proceedings, including organisation. An audit is normally conducted at a testifying in court as an expert witness and client’s premises, so travel is a key feature of a job in preparing aids to support trial evidence. audit and assurance. Typical activities that auditors will carry out include risk analysis; getting to know Key skills needed to be a forensic accountant the client’s business; building relationships with • Problem solving abilities. the client and checking the items that appear in the • Interpersonal and communication skills. financial statements. • A logical and analytical approach.

Business recovery and insolvency It is often associated with some degree of What is involved? Business recovery experts help guide businesses change of ownership in a business, connected • Preparing financial projections and through difficulties and towards a successful to a corporate transaction that leads to strategic business plans. future, whereas insolvency experts guide the creation of a new equity structure or • Coordinating teams of professionals, businesses through the insolvency, selling off shareholder base, and the related issue, such as solicitors and lawyers. the business’ assets and paying creditors. underwriting, purchase or exchange of equity • Advising on how to raise finance for new (and related warrants) or debt. products, projects and business growth. What is involved? • Advising on the effective management Types of transactions Key skills needed in corporate finance of cash and working capital, including • Raising seed, start-up, development or • Negotiation skills. re-negotiation of existing finances. expansion capital. • Confidence with numbers. • Providing advice on areas for business • Mergers, demergers, acquisitions or the • Written and oral communication skills. improvement. sale of private and public companies. • Ability to work well in a team. • Guiding the business through the • Equity issues by companies, including the insolvency or winding-up process. flotation of companies on a recognised Financial accounting stock exchange in order to raise capital Chartered accountants provide the day to day Key skills needed in business recovery/ for development and/or to restructure accountancy services that make businesses insolvency ownership. run smoothly. They support the development • Commercial understanding. • Raising capital via the issue of other and implementation of corporate strategy, • Interpersonal and communication skills. forms of equity, debt and related as well as prepare financial statements and • Ability to work well in a team. securities for the refinancing and reports for investors, owners and other key restructuring of businesses. stakeholders of a business. Corporate finance • Financing joint ventures, project finance, Chartered accountants working in this field are infrastructure finance, public-private What is involved? involved in company mergers, acquisitions and partnerships and privatisations. • Maintaining financial records and changes in ownership. A job in corporate finance • Secondary equity issues, whether by preparing and interpreting statements. requires dealing with finance providers, lawyers, means of private placing or further issues • Developing profit projections and cash researchers and other key professionals. on a stock market, especially where linked flow forecasts. to one of the transactions listed above. • Formulation of accounting and In the UK, the terms ‘corporate finance’ and • Raising debt and restructuring debt, reporting policies. ‘corporate financier’ tend to be associated with especially when linked to the types of transactions in which capital is raised in order transactions listed above. Key skills needed to be a financial accountant to create, develop, grow or acquire businesses. • Numerical and analytical skills. However, the term ‘corporate finance’ does • Written and oral communication skills. vary in other parts of the world. • Working well in a team.

Taxation Tax professionals work in a variety of areas covering business tax issues and personal tax issues for individuals. Some give advice on tax policy, regulations, pensions and corporate governance. Others will act for businesses of ICAEW is a professional body; more than 136,000 members in over 160 all types who have to pay taxes. It’s detailed countries hold the ACA. work that requires an overall perspective.

The ACA is integrated into graduate training of professional services firms and What is involved? businesses, so you learn whilst earning an excellent salary. Training and support • Completing and submitting tax returns is provided by your employer, such as professional tuition, paid study-leave and mentoring to guide you through exams. 77% of ACA students qualify within for both individuals and companies. three years and some double their salary during training. • Advising individuals and companies on the tax implications of legal decisions or Being an ICAEW Chartered Accountant involves giving professional advice to contracts. clients on a range of business and finance issues. Chartered accountants assume • Making recommendations that minimise the role of business advisers, making high-level strategic decisions. tax payments within the framework of legislation. If you decide to enter chartered accountancy you will be entering a rewarding profession that has a global impact in all areas of business and a well-deserved Key skills needed for a career in tax reputation of high standards, variety and integrity.

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We can help you build a career with excellent long-term prospects and genuinely want you to succeed. We seek 2.1 calibre graduates to apply. Applications will be accepted online from October 2011, for further information please visit: www.rsmtenon.com/careers

M21530811 sign up.... www.insidecareers.co.uk/signup Back to contents page >> 26 Chartered Accountancy

“It may only take a few months before you’re coaching less experienced colleagues and within two years you can be given significant responsibilities in complex areas as well as managing teams.” Haydn Rodgers, PwC

From biology to accountancy >> After extensive research Haydn Rodgers decided accountancy was a career worth exploring. He joined the generic stream of PwC’s graduate training scheme two years ago and is now working towards becoming fully qualified.

All careers look attractive in the brochure so choosing the right one can under pressure is an important professional skill. This is particularly be a difficult process. I studied Immunology at university - this meant important when working to tight deadlines and studying for I knew very little about finance and accountancy. I spent a long time professional exams.

researching potential careers and employers, finally deciding on training Graduate Profile: Haydn Rodgers Company: PwC to become a chartered accountant with PwC. There is plenty of support available to help you get through the particularly challenging periods. During the exam periods you have I joined the Assurance (audit) department in the Edinburgh office in your tutors, a professional qualifications manager from PwC and September 2009 and started studying for the Chartered Accountant (CA) your fellow trainees to support you. While at work there will always qualification from the Institute of Chartered Accountants of Scotland be people around you working to the same deadlines, this may (ICAS). Since joining I’ve had the opportunity to work on the audits of include other trainees, managers and even partners. a number of high profile and interesting companies including; banks, building societies, manufacturing and asset management companies. I’ve You are also assigned a buddy when you join who can help with all the also sat and passed a number of accountancy exams. small things when settling in to the firm and a people manager to help guide your career in the direction you want to go in. What do PwC do? PwC are one of the world’s leading professional services firms, advising some of the most successful organisations, entrepreneurs and private “The application process can seem daunting businesses. Graduate opportunities fall within five main areas: at first as it can feel like lots of different • Assurance requirements and stages. It’s important to take • Tax • Consulting your time with your initial application as it will • Financial Advisory follow you through the whole process.” • Actuarial.

I work within the Assurance practice and joined via the generalist route. What would you like to achieve in the future? I felt this would give me a good breadth of experience and help me make I am currently two years into my training contract. My main goal at more informed career decisions once qualified. the moment is to ensure I pass my one remaining exam, the test of professional expertise exam, which I will sit in a few months time. What do you enjoy most about your job? Once qualified, I would be interested in going on an overseas Working here is very much a people orientated experience. You’ll secondment. People from the Edinburgh office have recently secured naturally become friends with people who joined in the same year as secondments to places as varied as Boston, New York, The Cayman you and go through the highs and lows of being a trainee. You’ll also be Islands, Melbourne and Sydney. given the opportunity to get to know colleagues at different levels of the firm and in different business areas. There are a variety of sports teams, Any advice for the interview process? including football, touch rugby and netball as well as lots of different The application process can seem daunting at first as it can feel like lots social events to get involved in. of different requirements and stages. It’s important to take your time with your initial application as it will follow you through the whole Aside from the people, the other element of my job that I have found process. Make sure you’re clearly addressing the requirements of each very rewarding is the speed at which you can be given responsibility. question and don’t be tempted to use generic answers. It may only take a few months before you’re coaching less experienced colleagues and within two years you can be given significant For competency based interviews, I’d recommend reviewing the firm’s responsibilities in complex areas as well as managing teams. website and finding a list of competencies that they look for in their graduates. For each competency, think of one or two examples of how What are the most stressful parts of the job? you have demonstrated them. This will stop you getting caught off guard Work can frequently be quite stressful but being able to work effectively in an interview and repeating the same examples. 

Consultancy

Snapshot Management consultancy has been defined as ‘the provision of objective advice and assistance relating to the strategy, structure, management and operations of an organisation in pursuit of its long- term purposes and objectives.’

Within such a broad definition, management consultants can be invited into an organisation for a huge variety of reasons: from the requirement for urgent strategic advice to turn around an ailing retail chain to dealing with large-scale change management within a government department; from the marketing and design of a credit card for a major institution to the installation of an enterprise-wide IT system for a bank.

Consultancy practices can be broadly divided into the following types: generalist, strategy consultants, human resource consultants, information technology consultants, financial consultants and niche firms.

To understand the consulting industry in the UK, deficits. Consulting will continue here – and in some you have to imagine a pair of weighing scales. On one other countries – but it may take a very different Leading by example Consultancy side is demand in the financial services sector; on the form: consultants may be no longer needed as other, is the public sector consulting market; between advisers but turned to as ‘delivery partners’, capable of them sits the rest of the private sector. providing services the government doesn’t want, or can’t afford, to do itself. The beauty of this system is that financial services and public sector consulting tend to be In that middle part of the weight scales, demand countercyclical, so during ‘good’ crises, demand for is likely to be strong in 2011: important consulting consulting has tended to shift from banks to central markets such as telecoms, utilities, energy and retail government and back again. 2009 wasn’t a good mostly had a lacklustre year in 2010 and everyone crisis: the financial services consulting market shrank expects them to jump on the growth bandwagon now quickly, while the public sector consulting did little that the probability of a double-dip recession seems more than hold its own. to have finally receded.

In 2010, the position was reversed, with the latter But there are two underlying trends which may shrinking more rapidly and dramatically than even lessen volatility. The first is fragmentation. All the the most pessimistic consultant had anticipated. signs are that the extent to which an organisation Fortunately, a combination of regulatory change and is willing to use consultants is driven, not – as we the pent-up need for new investment pushed up the thought – by overall economic confidence, but by use of consultants in banks. Rather than finding a the performance of their organisation. Thus, two degree of equilibrium, the consulting industry appears high street banks may exhibit very different buying to be lurching from feast to famine and back again. behaviour: the one which has seen its profits soar is prepared to use consultants, while the one that is still The key questions for the future of consulting, then, labouring under losses isn’t. are whether this will continue and what its impact will be. Two other factors make a difference, both of which are equally specific to a given organisation: the extent >> A more volatile market? to which people were made redundant during the The good news is that the worst of the roller-coaster recession and the attitude of senior management ride is over, although there are still some steep turns to consultants. Financial services institutions and on the track. manufacturing companies, which were in the forefront of layoffs in 2008-2009, are now using consultants as stop-gap resources, filling line management roles for “These three factors – performance, a which there hasn’t been time to recruit. shortage of internal resources and the The decision to bring consultants in is often attitude of senior management towards determined by the attitude of senior managers, even consultants – mean that organisations when (perhaps especially when) the latter aren’t are taking different decisions about directly involved in the decision. Even before the recession, the advent of a new chief executive who whether or not to use consultants.” disliked consultants would trigger a substantial drop in their use across an entire business; similarly, a new CEO who brings with him his ‘own’ consultants can Demand in the banking sector is unlikely to continue make it acceptable to use them elsewhere. growing at its current rate as the industry settles down to a period of ‘business as usual’. It is also likely These three factors – performance, a shortage to change its shape. A survey sourceforconsulting. of internal resources and the attitude of senior com carried out of senior executives in the sector in management towards consultants – mean that Autumn 2010 suggested that, once the restructuring organisations are taking different decisions about triggered by regulation is out of the way, the main whether or not to use consultants. As a result, it’s areas of focus will be operational improvement and becoming increasingly difficult to talk of sector-wide especially technology. Much of this work will be trends: two companies in the same market may be rolled up into post-merger integration projects: in behaving differently. Germany, for example, recent mergers between some of its biggest banks are likely to result in consulting The second reason why there may be less volatility projects lasting two or three years, such is the scale of in the future is globalisation. While consulting firms the integration challenge. have long-trumpeted their ability to deploy teams anywhere in the world, the reality – as many clients Public sector demand will be depressed as will testify – is less convincing. Just as much as their governments across the world battle to reduce their clients, consulting firms have struggled to understand

what globalism really means: much consulting their substantial margins could cope with a work has continued to be sold and delivered few mistakes. But margins have been falling in local markets. There are, however, signs that for some time and came under further and this is beginning to change: an entire ‘class’ of inevitable pressure during the recession, consulting is becoming clearer which means meaning that there is much less money to go consultants with a global mindset (often more round and what there is needs to be spent important than an office in every country) are wisely. This new generation of consulting firms working with clients on cross-border projects. won’t just be more cost-conscious, they’ll also Demand for such projects has been the chief be choosier: a mid-sized firm won’t be able to source of growth for the consulting industry compete with the account management of a outside the financial services sector and has bigger rival but will need to focus its efforts on accounted for at least some of the growth just a small number of clients. Such choices within it, reflecting a fundamental shift in will also be more important: fragmentation business as a whole. Among manufacturing means that it will be all too easy to focus your companies, for instance, the first to recover resources on a client who has in reality no from recession have been with large markets in money to spend. emerging economies. They’ve grown with those economies and consulting has grown with The second challenge is to understand what it them. This creates, in effect, a new super-sized means to be global. It’s quite clear, for example, set of weighing scales in which slow growth in that projects for global companies that involve consulting across the developed economies of regulation and/or technology will depend on a the West is offset by rapid growth in the East. firm being able to have people on the ground in multiple locations. But what about the Spanish The implications of fragmented and shifting retailer that wants to enter the South American demand market? Or the Swiss pharmaceutical company Low growth may feel like a good result to a that wants to move its research and development consulting industry buffeted by recessionary function to India? These firms need people with storms, but what looks to be calm water could a good knowledge of both markets but who are turn out to be the doldrums. To counteract this, also experts in a specific sector. Could a niche the consulting industry faces two challenges. consulting firm provide these skills and services just as well as a bigger one? The first is adapting to a more fragmented market at home. Historically, consultants have At the moment, the consulting industry is been able to make decisions and prioritise following its clients, but it will need to leap-frog their resources safe in the knowledge that them if it is to grow in the future. 

The Institute of Consulting is the professional body for consultants. Belonging to it not only gives you elevated professional status, but also access to a range of exclusive benefits that help you outperform on a daily basis.

Whether you are embarking on your consulting career, an experienced practitioner, or employee of a consulting practice, we support you in all aspects of your working life and career development.

Membership benefits include: • Access to qualifications to help you develop your skills throughout your career. • Online CPD support - helping you record your CPD activities and download reports. • Networking opportunities both online and in your local region. • Access to ConsultingDirect - the online resource with practical information for you to download. • Free publications enewsletters as well as the influential Management Today Institute Information and Professional Manager . For more information or to join visit www.iconsulting.org.uk

‘Once you’ve managed a year 10 class on a Friday afternoon, you can manage anything, anywhere’

Yen Nguyen, taught Maths, now Analyst at Accenture

CHANGE THEIR LIVES AND CHANGE YOURS

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TF2174 Career Choice 200x270.indd 1 29/07/2011 13:45 32 Consultancy

“I have been exposed to leaders in various fields, including debating an economic model with one of the world’s leading economists or discussing the best ways of growing a business with a CEO of a £billion company.” Yuri Romanenkov, Boston Consulting Group

Managing future business >>

Working in management consultancy can be demanding but also very rewarding. Yuri Romanenkov talks about working at BCG, some of the skills required and advice on the application process.

What do you enjoy most about your job? depending on things like the nature of the client case, its phase The things I enjoy most about my job are the people I work with or travel requirements. There will always be more intense periods and the intellectually stimulating environment they create. We are when we prepare for important client meetings, but equally there Graduate Profile: Yuri Romanenkov Company: Boston Consulting Group presented with challenging and complex client problems, where there are quiet periods, especially in between cases, when you are not is no standard solution, so we rely on the energy and creativity of our even expected in the office. people to work together with our clients to come up with a solution or methodology. The firm has put a lot of effort into bringing Another way of making it work for people is an initiative that BCG together bright people with diverse backgrounds and perspectives to developed recently together with Harvard Business School, which make this possible. is aimed at making one’s workload as predictable as possible, to make sure personal commitments are met without difficulty. I also enjoy the unprecedented access to senior members of staff, clients and projects you receive. Throughout my time here, I have What challenges have you come across and how did you overcome these? been exposed to leaders in various fields, including debating an Working with clients in difficult and often pressured situations economic model with one of the world’s leading economists or requires an ability to understand people, their ideas, views and discussing the best ways of growing a business with a CEO of a concerns profoundly and quickly. It is not something you can learn in £billion company. a classroom, it is through constant practice. I continue learning this through coaching from my managers and reflecting on and sharing my experiences with my peers (mostly very informally). “The interview process is designed to be a two- way street, enabling the firm to learn about the What soft skills have you found useful? Listening to people and hearing what they say is perhaps one of the candidate and the candidate to learn about the most important skills, this often gets overlooked when thinking firm. This is why I think it is very important to about your professional career. Whether it’s your client, manager or teammate, making an effort to understand what they mean makes behave as naturally as possible.” your life a lot easier.

Any advice for the interview process? The interview process is designed to be a two-way street, enabling the What are the most stressful parts of the job? firm to learn about the candidate and the candidate to learn about the At the beginning of any role, there will be many occasions where you firm. This is why I think it is very important to behave as naturally have to learn new and complex things very quickly. This can be quite as possible, as opposed to trying to act based on various perceptions stressful. Therefore, it is very important to discover the wide support on what a candidate should be saying and doing during an interview network early on. It is never as stressful when you know where or with a consultancy firm. This would help you understand the who to turn to for advice and coaching. interviewer better, form a much more accurate impression of the firm and understand whether it is the right opportunity for you. This support network takes many forms, ranging from colleagues who may have relevant experience, the company’s Knowledge That said it is still worth preparing for your interview. Attending Team or materials on the firm’s intranet. The amount of knowledge events on campus is probably the best way of learning about a available is vast, and using it effectively is a very important skill firm, the work they do, the work environment, as well as how the to ensure your stress levels are kept within healthy limits and you interviews work. I would also certainly recommend taking every succeed professionally. opportunity to chat to employees outside your interview (there are always plenty of people around to talk to) – they can give you a Is there a work/life balance? candid perspective of a recent graduate on what life as an associate or There is certainly a work/life balance, although it will inevitably vary consultant is like. 

Insurance

Snapshot

Insurance is one of the ways that businesses and individuals reduce the financial impact of a risk occurring.

Without insurance there would be no risk taking. And without any risk taking, there would be no businesses and no innovation. Insurance is what enables the modern world to get on with life.

It’s also big business. In fact, it’s one of the biggest. In terms of careers, the industry offers a truly remarkable range and diversity of opportunities. You can enter specialist career streams or join the industry through a host of highly rated general management schemes with some of the most prestigious names in finance.

If you like working with people and want to be the syndicates operating in Lloyd’s of London part of a fast moving and diverse industry, then together with the London offices of a number Stake your claim Insurance insurance could be for you. For graduates, a of UK and international insurance companies. vast range of career opportunities await them in The risks that these companies and syndicates the sector, where they can apply the skills and share are generally very large and sometimes knowledge that they have gained from their degree. unusual and are placed in the market by specialist brokers. Insurance and pension funds account for approximately 1.2% of GDP (this excludes brokers • The retail market is what most people and other auxiliary professions). The UK insurance understand by insurance and comprises the business employs around 300,000 people in companies that we see advertising on the high insurance companies, Lloyd’s, insurance brokers and street and the internet. It deals with the types auxiliary activities (The City UK, Insurance 2010). of insurance that the general population need for their car, house, travel or pets, and also Insurance is increasingly necessary. The insurance arranges pensions and life cover. market covers a huge variety of risks, from cars and houses to ships, planes and satellites. Those working Types of insurance in the world’s trouble spots need kidnap and ransom There are generally three categories of insurance, cover, oil pipelines need terrorism cover and music which can span across both or just one of the promoters insure against the non-appearance of the insurance markets. leading act. General Insurance >> General insurance is dealt across both the retail and “For graduates, a vast range of wholesale markets and provides protection against career opportunities await them in damage that may occur to our possessions – for example cars, houses, jewellery and personal injury. the sector, where they can apply the skills and knowledge that they have Life Assurance Companies also need insurance against unforeseen gained from their degree.” events that could impact upon their business, like a fire in a warehouse or a plane crash, or even a hurricane in America. Life assurance refers to Events ranging from the school sports day to the financial cover provided for individuals in the event Olympic Games could not take place without of their death or illness, therefore providing financial insurance. It has a global reach and not only security for their family. Life and critical illness cover underpins our own individual security but also provides security for those who have mortgages. enables big businesses to operate more freely. Life insurance occurs mostly in the retail market. People also need to be financially secure when they Events such as floods, theft and fire can affect have retired and pensions are a huge market. Some individuals too. Anyone with valued items, such companies insure their senior staff too. as jewellery, a laptop or the general contents of their house may require insurance. Individuals Reinsurance may also want to insure their health so that if they Reinsurance is when an insurance company become ill or die, there is a financial safety net for arranges insurance for itself against a risk that they themselves or their family, along with retirement have already insured their clients for. The insurance planning for when they get to an age when they company becomes the ‘insured’, and the reinsurance will no longer be working. company is the ‘insurer’. This is a fairly specialist type of insurance and much of this work takes place The insurance markets in the wholesale market. Reinsurance is normally Insurance can be broken down into two types of applied when a company is insuring against very markets. Although there are differences, the theme large perils, so that if paying out against the policy is the same: both are concerned with offering is necessary, the risk is shared between a number of financial protection against unforeseen events. companies rather than just falling on one. You will find similar career opportunities in each market, although the job title, working environment Within an insurance firm you will find a diverse and salary may differ. The key distinctions between team of specialists working together. These teams the markets are often the type of customer and the could include professionals from underwriting, sum of money involved. broking, customer services, sales, risk management, compliance, training, actuarial, marketing and • The wholesale market focuses mainly on the administrative roles. Each professional supports London Insurance Market, which comprises the other, ensuring that the risk is well managed

The CII is the world’s largest professional body for insurance, risk and financial services. They have 98,000 members in over 150 countries and will celebrate the centenary of our Royal Charter in 2012. They design professional qualifications, support their members through CPD activity and bring the sector together through their network of local institutes.

They have several membership grades, ranging from low-cost ‘Discover’ membership for students at UK universities through to chartered status.

‘Discover’ membership gives you access to comprehensive market data through their Knowledge Services website, links you to practitioners at local events, lets you network online through an exclusive LinkedIn group and access to soft copies of the insurance magazines.

Institute Information To find out more about careers in insurance and risk go to www.discoverrisk.co.uk. To find out more about the CII go to www.cii.co.uk

and that the customers – whether it be an the vital elements of risk. There are so many individual, a business or the government – feel different classes of business and so many financially secure. different types of jobs that graduates can be It’s not just arranging and negotiating the sure to find an area of interest. There are very insurance that is important though. Risk few specific insurance degrees, so anything managers help organisations understand and with a business or mathematical focus would address all the risks facing their business, fit perfectly. including those that can be insured and those that can’t. Loss adjusting and claims Possessing a good understanding of the sector management specialists have to manage the is an advantage. There will be some jobs that situation if the unforeseen event does indeed require an applicant to have an understanding happen and a loss occurs. They have to use of the technical knowledge needed to do their knowledge and expertise not only to the job, but don’t worry if you feel this is assess the validity of the insurance policy but not something that you can offer – most also to liaise with a wide range of other people employers are willing to support an entrant – fire brigade, police, lawyers and doctors to through training and gaining professional gather evidence and support the customer qualifications. Professional qualifications are through the process. very important in the insurance sector and most employers will require you to work What are employers looking for from towards achieving these. graduates? Employers in the insurance markets are Insurance employers are always seeking to looking for graduates that are committed and identify and attract the best talent. Don’t miss extremely professional in their practice. Skills out, be part of the industry and start planning are exceptionally important and employers your career in insurance.  will look for new entrants that have good communication, negotiation, problem solving and lateral thinking skills. Customer service With thanks to the Financial Skills and client relationship skills are equally Partnership. For further information important, as are good numerate abilities. on the FSP and how they can help your career, go to: The insurance sector is always looking for www.financialskillspartnership.org.uk/ bright graduates, with a logical methodical directions approach and with the potential to understand

“Upon joining this conpany I was put straight on to a project, opening a subsidiary compnay in China, which is possibly one of the most complex projects I will ever work on in my career!” Carys Lawton, Lloyd’s of London

A chance worth taking >>

Carys Lawton from Lloyd’s of London found that insurance can let you create your own challenges and opportunities from the very beginning of your career.

Why insurance? various teams within Lloyd’s as well as a range of external players, I ended up in insurance by chance. I was looking for a job opportunity such as managing agents, brokers and international regulators. that applied my academic training in economics to a real corporate This can be challenging and requires a lot of time and energy

environment and a position came along that did exactly that. communicating with stakeholders. Graduate Profile: Carys Lawton Company: Lloyd’s of London

So, tell us what you do… Any projects or challenges that stand out thus far? I work in the Operations Team of the International Markets department Upon joining this company I was put straight on to a project, opening which provides support to our overseas offices. Lloyd’s has offices in 32 a subsidiary company in China, which is possibly one of the most territories across the world. complex projects I will ever work on in my career! We received our invitation to set up in China from President Hu Jintao himself, in front of My role is to manage projects aimed at improving the way we do business Tony Blair, and the Chairman was heavily involved in the project; so that internationally. I work primarily with our offices in Asia, coordinating was very high-profile. projects across different teams within Lloyd’s. What are the ‘must-haves’ to succeed within insurance? Are you glad you found a way into insurance? In order to succeed in insurance you need to be innovative, customer- Most certainly. Like me, most graduates do not consider a career in focused and flexible. One of the biggest challenges working in an insurance. This is a pity because the industry has a lot to offer with many organisation such as this is that there is no set career path. This means that diverse and stimulating career opportunities. if you are going to succeed you need to take responsibility for your own career development.

“Part of my job is to manage the expectations At the end of the day, would you say you go home happy? Every day feels like a new challenge. I haven’t stopped learning since and conflicting interests of various teams joining Lloyd’s and it is that opportunity to constantly better myself and within Lloyd’s as well as a range of external explore a new area that I value the most.  players, such as managing agents, brokers and www.insidecareers.co.uk/signup international regulators.”

Is insurance boring? When I tell people that I work in insurance they usually think I go online door-to-door selling life insurance policies or handle motor insurance claims. Most people have no knowledge of the range of careers that are available in insurance. • New graduate jobs, internships & placements Insurance is linked to every area of human activity and almost any • Deadline reminders significant event in the world has an implication for the insurance sector. • Employer presentations at your uni

Surely this means you have the chance to travel the world? • Further study options Yes, over the last year I have spent extended periods of time in our offices • Industry news in Singapore, Tokyo and Shanghai. Spending time in these international offices has given me a different perspective on how we work as well as presenting opportunities that I would not have had in London. Follow us What gets you buzzing about your role? f www.insidecareers.co.uk Part of my job is to manage the expectations and conflicting interests of

Management Accountancy

Snapshot

Management accountancy is used for the planning, control and decision-making activities of an organisation. It is mainly concerned with providing information to internal managers who are charged with directing, planning, and controlling operations and making a variety of management decisions.

Management accountancy can be contrasted with financial accounting, which is concerned with providing information via financial statements, to stockholders, creditors, and others outside the organisation. It is solely an internal function and places more emphasis on the future, rather than analysing past facts and figures.

Management accountancy is an integral part information. The information management of management and a management accountant accountants provide may involve analysis of Protect and increase value Management Accountancy is required to identify and use relevant previous financial or operational performance information to: but the main focus is to appraise or predict likely future performance or evaluate the • Provide data and insight for the strategic consequences of adopting different strategies. decision-making process and formulate business strategy. Unlike financial accountants, who generally • Plan long, medium and short-run follow the methodology laid down by operations. accounting standards or Generally Accepted • Determine capital structure and fund that Accounting Practices (GAAP), management structure. accountants choose the solutions to their • Design reward strategies for executives and problems from a range of academic or shareholders. commercial approaches. • Inform operational decisions. • Control operations and ensure the efficient This makes management accountancy an use of resources. attractive career for problem-solvers who • Measure and report financial and non- combine a certain amount of imagination with financial performance to management and strong analytical skills. other stakeholders. • Safeguard tangible and intangible assets. Their role is geared towards assessing business • Implement corporate governance procedures, possibilities, grasping opportunities and risk management and internal controls. shaping the future of organisations. They will have the strategic insight to assess risk and One of the core activities of a management make vital business decisions based on a robust accountant is providing information to support understanding of the business environment. strategic decision-making. Management Examples of the types of activities include: accountants therefore need to possess strong communication skills as they need to interpret • Working across the business interpreting management requirements and present relevant financial data for non-financial managers. information to non-financial managers. • Advising managers on the financial implications of project management They also need to be comfortable dealing explaining the financial consequences of with uncertain, qualitative or future-oriented management decisions and suggesting

The Chartered Institute of Management Accountants (CIMA) is the world’s largest professional body of management accountants, with 183,000 members and students in 168 countries, working at the heart of business. CIMA is committed to upholding the highest ethical and professional standards in management accounting around the world.

CIMA’s training is designed to be fit-for-purpose throughout industry, commerce, not-for-profit and public sector organisations, it produces people who not only have financial expertise but who understand the intricacies of management.

Once you pass the exams and complete three years’ relevant practical experience you can apply to become an ACMA - Chartered Management Accountant.

A key advantage of studying with CIMA is the variety of study methods

available. Full-time, part-time or evening tuition classes are available as well as >>

distance learning and self-study programmes. Institute Information

For more information, visit www.cimaglobal.com, or ring 020 8849 2251.

possible courses of action. Management accountants must often deal with as well as organisations throughout the • Making strategic decisions and sensitive information that can affect the future public and not-for-profit sector and are suggesting possible courses of action. of employees and the business as a whole. well represented in the manufacturing • Managing risk and business Maintaining high ethical standards is an sector (most, if not all, of the well- assurance. essential part of the profession and these can known blue chip companies covering • Evaluating existing financial be broken down into four areas – competence, automotive, aerospace, electronics and information systems and suggesting confidentiality, integrity and objectivity. pharmaceuticals) and in the health, improvements. retailing, tourism and hospitality, travel, • Explaining the impact of the Management accountants work in small, transport and consultancy sectors.  competitive landscape. medium and multinational companies

Name: Jeremy Chapman Title: Commercial Manager Company: Olympic Delivery Authority

Why did you choose management accountancy? “Making money is at the centre of most companies and effective management of it is critical to achieving success. Management accountancy gives you a great position, working with both finance and senior management.

“I didn’t want to be a pure number cruncher – I wanted to be involved at different levels, from strategy to detailed analysis and most importantly take and shape decisions.”

What does your job involve? “I am responsible for managing the Olympic transport budget. This involves everything from strategic budget planning, to setting and monitoring budgets, reporting progress and paying our suppliers on time.”

sign up.... www.insidecareers.co.uk/signup Back to contents page >> Management Accountancy 43 Graduate Development Programme £29,000 + £2,500 joining bonus + benefits London and Edinburgh

The FSA is changing. From 2013, our work will be carried out by two new regulatory bodies. The Prudential Regulation Authority, a subsidiary of the Bank of England, will ensure the prudent operation and stability of the financial system. The Financial Conduct Authority will ensure protection, enhancement and confidence in financial services and markets, including specific protection for consumers. Join the FSA and you’ll gain a unique insight into the world of finance and regulation during this exciting period of transition.

Over the course of our three-year graduate schemes, you’ll benefit from extensive training and a number of rotations across different regulatory functions. As well as our general Graduate Development Programme, you can choose a broad range of specialist schemes such as risk and IT.

In addition, we offer a ten-week Internship Programme. Based in London or Edinburgh, they are designed to give you a flavour of our work and offer the opportunity to shadow various areas of our business. One-year placements for sandwich course students are also available.

Wherever you join us, you’ll need to have gained – or be expecting – a 2.1 or above in any subject.

If you have questions or you would like to find out more and apply, please visit www.fsagraduates.com/ICF

New perspectives on finance

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“As a Finance graduate, quite a bit of your time will be spent studying. It’s a tough slog, whichever qualification you pick, but it’s worth it.” Riz Din, Centrica

Get connected >>

Riz Din previously worked in the banking sector but found that he wanted to work with more tangible products and so joined Centrica, the integrated energy company.

I studied Economics at Brunel University and worked in the banking sector few months. Over time, however, you do get increasingly comfortable before joining Centrica’s Graduate Finance Programme in 2009. On my first with the jargon and how the business operates. one-year placement, I worked as a member of the Controls Team in British Gas. For my next role, I moved to Centrica Energy to work as a Midstream Deliverable deadlines are another potential stress point, with other

Business Finance Analyst. parts of the business (e.g. Treasury, Accounting & Reporting) relying Graduate Profile: Riz Din Company: Centrica on delivery of quality work often to tight time scales. The trick here is Centrica finance graduates can take their pick from ACCA, CIMA and learning to see the wood for the trees and prioritising effectively. ACA, which is quite rare in industry. I opted for ACCA because it includes a technical element and offers some module choice in the final year. Also, What would you like to achieve in the future? because Centrica is a Platinum ACCA member, there is the added bonus of I am keen on developing the skills and gaining the breadth of not having to keep a regular experience log. experience to develop my career in the future. Completing the ACCA qualification will be a key leg in achieving the former, while the rotational What is Centrica Midstream and where does Business Finance fit in? nature of the graduate scheme (comprises of three one-year placements) The Midstream function in Centrica Energy can be viewed as a bridge should provide the experience. Already, my roles in Controls and Business between the part of the business that sources and generates energy Finance have been worlds apart, giving me access to two very different (Upstream) and the part of the business that supplies gas and electricity parts of the company. to end users such as British Gas. The role of Midstream is to maximise the value generated through trading and asset optimisation activities. With the company and industry in a constant state of change, I am taking a broad approach to my career outlook and have a relatively simple ultimate The Business Finance Team is focused on monitoring performance and goal of finishing the graduate scheme in a position where I can apply for creating value by working in partnership with the business and with the interesting finance based roles with confidence. accounts teams. The work is a mixture of reviews of past performance and forward looking analysis e.g. profit and cash flow forecasting.

What type of work do you do? “I also produce daily key performance indicators for Work varies through the month and is analytical in nature. Month-end is a group of our traders, and am involved in mid- the busiest period for Business Finance; I am involved in various exercises, including profit forecasting, transportation cost modelling, and producing month cash flow forecasting and analysis exercises. slides which form part of a monthly management presentation pack. I also All in all, it’s a busy placement with lots to do and produce daily key performance indicators for a group of our traders, and am involved in mid-month cash flow forecasting and analysis exercises. All in plenty to keep you interested.” all, it’s a busy placement with lots to do and plenty to keep you interested.

What do you enjoy most about your job? Is there a work/life balance? Placements in Centrica are real jobs that provide a sense of making a Simply put, yes. The culture is output and results orientated as opposed valued contribution from the start. The variety of work combined with the to clocking-in and clocking-out, which means that you are responsible interesting nature of Midstream also makes for a finance role that is a world for managing your time effectively. It may be all hands to the pump for apart from the stereotypical bean-counter. certain deliverables, but these times are generally offset by other less busy periods. Also, Centrica promotes flexible working, which can be Also, having previously worked in the banking sector where the end product very helpful to employees. was intangible, there is a level of satisfaction that comes from being part of an energy company that is sourcing and delivering an essential product to As a Finance graduate, quite a bit of your time will be spent studying. companies and households across the country. It’s a tough slog, whichever qualification you pick, but it’s worth it. Centrica provides study leave sufficient to cover the taught period of What are the most stressful parts of the job? your course, including exam days. Also, in my experience, managers are The complex nature of the Midstream business means that there is a lot to very understanding of the demands on graduates’ time during the study get your head around and it can be quite technically challenging in the first period phase. 

Pensions

Snapshot Workingxxx in pensions essentially means helping to look after money, which has been paid by companies and individuals to provide for benefits in retirement.

Many companies, and virtually all major employers in both the public and private sectors, provide pension schemes for their employees which form a significant part of their remuneration package.

People working in pensions play a vital role in the economy and their success has significant impact on the lives of many citizens in the UK and abroad.

Think of pensions and you may just conjure administrator, require managerial and those common misconceptions of it being specialist technical knowledge to ensure that Secure your future Pensions dull and unimaginative. Even now images the schemes run effectively. of elderly people huddled beside a fireplace watching television or knitting are possibly swirling around your head. “The pensions industry is, in fact, The pensions industry is, in fact, a highly topical a highly topical industry, both industry, both economically and socially. economically and socially.” A whole new world “For those graduates who are seeking stimulation and are ambitious, pensions Benefits and actuarial consulting firms is definitely the way forward”, says Holly As the operation of pensions becomes Sheridan, Head of Commercial Development ever more complex, there is an increasing at the Pensions Management Institute. “There demand for specialist advice to those is a wide range of career opportunities businesses running pension schemes, creating available in the pensions industry, from opportunities within firms of actuarial and clerical to managerial level, with equally benefit consultants. wide-ranging responsibilities.” >> Specialist services Whatever route is chosen, expect a steep and There are other specialist advisers who interesting learning curve, not only covering provide services such as outsourced pensions themselves but also the relevant administration and investment management legal, tax, investment and finance frameworks and advice. surrounding pensions. Insurance companies Where can a graduate work within pensions? Insurance companies offering pension products Company pensions departments also have large pension departments, where The pensions departments of large private specialist staff is required. and public sector companies operating their own pension schemes, whether undertaking Accountants and lawyers the administration work in house or Other advisers such as accountants and lawyers outsourcing it to a third-party specialist offer specialist advice to pension schemes

The Pensions Management Institute (PMI) is the professional body which supports and develops the experts who run UK pension schemes. It has the broadest skills base of pensions professionals and trustees in the UK, with some 5,000 members dedicated to establishing, maintaining and advancing the highest levels of pensions knowledge.

PMI members are responsible for managing and advising some of the largest institutions in the world and taking key decisions on substantial financial matters. With some £1 trillion invested in UK pensions, PMI members have a vital role to play in shaping the nation’s financial future.

With 30 years of successful operation behind it, PMI is an organisation at the cutting edge of pensions. For full details of PMI’s qualifications, membership grades and ongoing support services please visit Institute Information www.pensions-pmi.org.uk

and again this provides significant A skilled profession opportunities for those who are qualified There is clearly a demand for a very professionals in these disciplines and are wide range of skills in many differing specialising in pensions. areas and those contemplating such a career will be assured of significant Government agencies and regulatory bodies opportunities to suit their particular Government agencies and regulatory talents and ambitions. bodies are increasingly seeking experienced pensions professionals as Whatever route is chosen, in order to are trade unions that recognise the need be successful not only will you need for their own expertise in advising their the appropriate skills, you will also members on pensions. need to achieve pensions qualifications appropriate to the role such as those Opportunities overseas offered by the Pensions Management As in other areas, there is an increasing Institute (PMI). Employers are international dimension to pensions. The increasingly demanding that their staff EU Directive on the operation of pension are competent to deal with the work arrangements is just one example of entrusted to them, and attainment of this expansion internationally and this PMI qualifications is a satisfactory is creating even more job opportunities demonstration of this competence. for those prepared to expand their knowledge and experience of pensions in It is vital that standards continue to the wider international market. rise, as pensions needs a constant flow of suitably qualified candidates to fill Whatever capacity you choose to work the many roles available. Given the in, dealing with the design, financing, significant changes that the pensions operation and management of pension industry has gone through, and will schemes is a demanding and complex continue to go through in the coming business. The security and operation of years, the industry is complex and highly such arrangements is vitally important competitive, giving rise to increased and therefore requires bright individuals career opportunities and a strong demand to carry out the roles effectively. for good pensions staff. 

Name: Vikki Iddon Title: Trainee Account Manager Company: Mattioli Woods

“I started within the training team in a group of four under the guidance of a training manager. This gives you a support system as everyone is finding their feet and settling into the company.

“My training at Mattioli Woods covers all aspects of the day to day running of our bespoke Small Self Administered Scheme (SSAS) and Self Invested Personal Pension Plan (SIPP) products, as well as technical legislation and various areas of investment, including commercial property transactions. One day you may be processing a £500,000 investment and the next liaising with solicitors in order to purchase a £1 million property.

“Training is varied from small group sessions to whole departments and covers all aspects of retirement wealth management, including the following which are central to the role: • Pension accounting and administration • Regulation • Legislation • Strategic consultancy and investment planning.”

“An investment in knowledge pays ”the best interest. Benjamin Franklin

Use your smartphone’s barcode scanner Think harder to keep up-to-date with our on-campus events Consulting. Outsourcing. Investments. 50 Pensions

“ I had spoken to friends who had chosen it as a career, all of whom recommended it highly.” Fiona Stewart, Mercer

The science of pensions >> Fiona Stewart moved to London to pursue a career within pensions; undertaking a graduate programme with Mercer was the first step towards this goal.

Throughout school I had always favoured mathematics over other subjects, about 08.00 in order to get started early when it’s quiet and try to leave so it seemed the obvious subject to pursue at university. I did not realise at sometime between 17.00 and 18.00. this point, however, that I would go on to study it for the next seven and a half years, firstly completing my honours degree in Mathematics before I work on a range of small to large client teams. Typical pieces of work

continuing on to study for a PhD specialising in the mathematics of liquid range from calculating/checking pension benefits, generating factors Graduate Profile: xxxx Fiona Stewart Company: xxxx Mercer crystal displays. for external administrators in order that they are able to perform simple calculations for the client, taking part in valuations of different pension I had always expressed an interest in actuarial science, as I was keen schemes and working in the billing process for clients. Other work to pursue a highly driven career which also combined the constant may involve checking and updating changes to work that has already learning aspect of studying for exams in order to achieve qualification. been done and emailing/telephoning administrators with queries of work/ I had also spoken to friends who had chosen it as a career, all of whom calculations that have been received. The work is time-pressured and recommended it highly. challenging, and often involves interacting with different colleagues in all levels of the business. Every piece of work I complete is reviewed thoroughly I moved to London at the beginning of September 2008 and started before anything is communicated to the client to ensure it’s correct. working at Mercer, as an actuarial trainee in Retirement, Risk and Finance. The move from Scotland alone was a daunting prospect without the added As I’ve progressed in my career I’ve been able to take on a more senior role stress of embarking on a new career! within the team. This involves delegating pieces of work to more recent graduates and interns. This has enabled me to learn and develop even Everyone at Mercer made me feel so welcome and at ease though which more, as I have found that you only really understand something when really helped. My first week was spent in the office, familiarising myself you have to be able to explain it to someone else. with the sort of work we do. My induction was then held in the second week and saw all the graduates from all over the UK coming together. Once a month I attend junior consulting forums, where colleagues (at my level and a few years above) meet to discuss current issues and learn about The induction was a four-day residential development course giving new ongoing development within the business and how this affects us. We have graduates at Mercer the chance to network with each other, learn about the guest speakers from other areas of the business and are given the chance to company and meet the market leaders. This was just the first part of four do presentations to our colleagues relating to current issues, another great graduate development courses throughout the first 18 months of my career experience to develop our presenting skills in a more relaxed environment at Mercer. It proved to be an excellent learning and development experience, in order to gain feedback whilst learning. which enabled friendships to be made and maintained in addition to learning the core abilities required to be a consultant in the future. “I had always expressed an interest in actuarial I am currently studying towards the actuarial qualification. It’s challenging to get the balance between study and having a full-time job. Not an easy science, as I was keen to pursue a highly driven career experience, but a rewarding one when you achieve good results. As part which also combined the constant learning aspect of of the study support package, Mercer allows one day a week to be spent as studying for exams in order to achieve qualifications.” a study day. On this day I either attend a course tutorial for the subject(s) which I am studying, or I may have the day at home to study. Although this sounds like a day off every week it definitely is not! My work at Mercer is rewarding and constantly challenging. The balance I’ve found that there’s no such thing as a typical day or week in the life of of work and study means that I have to be self motivated and driven to an actuarial trainee. As client’s needs are constantly changing, you need succeed in both my career and the actuarial exams. It’s a challenging to be able to adapt and prioritise your work. It’s the diversity of each day experience and there is always plenty of work to be done, which is that makes the work interesting. Most days I aim to arrive at the office at something I love! 

Tax

Snapshot Tax is undoubtedly an intellectually challenging career. It suits academic people who enjoy the challenge of sophisticated problem solving.

The tax environment is constantly changing, the business needs of clients are fluid, and the role of a tax adviser is to match the needs of both and find the best solution for the client. Anyone who excels at this challenge can expect early responsibility and a high salary.

The key to a successful career in tax is obvious – be a good operator. This means knowing your subject, being able to work well with clients and colleagues, and able to balance business development with technical ability and eventually staff motivation. In this way, even though general market demand will wax and wane, you will always be in demand.

Forget the stereotype: graduates considering will usually sponsor and support you through ACA a career in tax can look forward to varied and and/or CTA. An evolving profession Tax challenging work, not to mention early management opportunities and lucrative prospects. With Even though the ‘Big Four’ are the leading tax numerous points of entry for you as a graduate, it is practices, there are other accountancy firms that important to look beyond qualifying to effectively offer excellent structure, training and progression. plan your way to the top. Firms such as Grant Thornton and BDO, often referred to as ‘Mid-Tier’, are a definite option for Why Tax you as a graduate moving into tax. As with the ‘Big The common stereotype of tax professionals often Four’, these firms will support and often sponsor you belies the fact that a background in accountancy through your tax qualifications. >> is increasingly the commercial driver of the board room, with qualified accountants now at the helm of What if I don’t want to work for an accountancy firm? one fifth of the UK’s FTSE100 companies. There is no denying the majority of new graduates will start out with the ‘Big Four’ or top tier In reality, tax is a dynamic and fast paced industry accountancy firms, but opportunities do exist with which requires not only analytical ability, but excellent in house tax departments. It should be remembered, problem solving and commercial skills. Modern tax that in order to get your ACA you must satisfy professionals have to be equipped to communicate certain requirements, such as three years exposure effectively, deliver out of the box strategic thinking within professional accountancy. By contrast, the and big-picture perspective, in order to compete in an CTA, ATT and ACCA and some other qualifications exceptionally competitive market. can be completed by anyone with or without a set amount of experience in tax / accountancy. Tax also provides a stable career path and 2010 saw a string of announcements for positive growth within leading accountancy firms, many increasing their “Tax also provides a stable career graduate intake by almost 10% on last year’s figures. path and 2010 saw a string of

Finally, it pays to be qualified in tax; often very well. announcements for positive growth And if you prove yourself, you can realistically aim within leading accountancy firms, for management within two to three years. many increasing their graduate intake Where do I start? by almost 10% on last year’s figures.” Potential employers will typically look for at least a 2.1 degree (or equivalent) from a top 20 university, but you may be pleased to hear that it can be in Outside accountancy firms and in house tax any discipline. Last year, almost half of successful departments there are opportunities to start your applicants joining the largest employers came from career from a legal perspective. This will mean a variety of degree backgrounds, including subjects specialising in tax and qualifying as a solicitor not traditionally associated with accountancy such first (except for at some of the larger firms where as humanities, languages, law and science. You will CTA training may be possible). Following your however need good Maths and English GCSE grades qualifications, the opportunity to move up towards and skills in another language are always beneficial. partner and/or move in house to work in the tax field is definitely possible. In fact, across Europe As a graduate, tax has numerous points of entry. The and outside the UK, the vast majority of tax vast majority of high level university graduates will professionals start out as qualified solicitors as join one of the ‘Big Four’ accountancy firms. These opposed to qualified accountants. include Ernst & Young, PwC, KPMG and Deloitte. What will I do? The ‘Big Four’ firms all have structured training The work you will do within tax will vary depending programmes with a definitive progression route to on your chosen route: director or partner and one of the attractive aspects of this route is sponsorship whilst you obtain your ‘Big Four’ qualifications. Consequently, starting out with the As mentioned earlier, the ‘Big Four’ offer a very one of the major public accountancy firms is an structured and supportive road to graduates. Starting obvious choice for the majority of graduates. There out you will usually be asked to state a preference are four main qualifications for tax professionals as to what area of tax you are interested in working – Association of Chartered Accountants (ACA), in (Financial Services, Large Corporate, Indirect Association of Chartered Certified Accountants Tax, Employment Tax, and Private Client amongst (ACCA), Chartered Tax Adviser (CTA) and others) and you will then progress within these areas Association of Tax Technicians (ATT). The ‘Big Four’ to further your knowledge. The ‘Big Four’ do offer

a rotation system, which gives you exposure to different areas within tax (for example you could work for six months in Indirect Tax and then rotate to another department).

Mid-tier Mid-Tier firms will offer a very similar path as The CIOT is the senior professional body in the UK concerned solely with all the ‘Big Four’, although as they are not as large aspects of taxation. With a membership based broadly across the professions or specialised in structure. Once again you and across occupations in industry, commerce, the public sector and the will be asked to elect a preferred area of tax, taxation authorities. www.tax.org.uk working in this area throughout the three years needed to gain your qualification. The ATT has become the leading professional body for those providing tax compliance services and related activities in the UK. Our members are qualified by examination and practical experience to assist individuals and businesses in “Working in house will be far complying with their tax obligations. www.att.org.uk

less structured than at one of The Advanced Diploma in International Taxation (ADIT) qualification was the accountancy firms. Quite introduced in 2003, in recognition of the demand for a specialist Diploma to meet the needs of international tax practitioners in the corporate area. often the work you will be doing www.adit.org.uk

will be more autonomous, with Institute Information less guidance.” Membership for both Institutions is by examination and professional experience. We support our members throughout their tax careers.

In house Working in house will be far less structured than at one of the accountancy firms. Quite often the work you will be doing will be more Indirect Tax autonomous, with less guidance. Rather than • Provides an opportunity to grow • An area very much in demand due to being given work to complete, the onus will often commercially and can eventually lead to the increasing volume of cross-border be on you to build your profile and the profile of participation in significant business decisions. trade and escalating sophistication of tax tax within the business. Arguably, the benefits • Opportunities to gain greater exposure regimes of many countries. are that you will be more commercially aware to wider tax issues and an increased in- • Due to the nature of VAT and other and you will see tax projects from start to finish, depth knowledge of the role that you are Indirect taxes, opportunities to rather than just small parts of a larger project. involved in. develop and further your career on an international scale are prevalent. It is important to remember that if you start 2. Financial Services your career in an accountancy firm, systems and • Opportunities in financial services People Services procedures are in place to allow you to study are plentiful for newly qualified tax • Opportunities in expatriate tax, and complete your exams with the minimum professionals as Heads of Tax seek international assignments and global amount of disruption; often with in house tax support for increased transactional mobility have increased due to the departments the expectation to study, take your activity and to manage reputational risk. number of individuals choosing to work, exams and ensure your day to day work is not • Working within a financial services live or retire abroad. affected will fall to you directly. That said, larger institution offers invaluable opportunity to • People Services tax offers a varied career companies such as FTSE20 organisations are understand the organisation from within. whilst still specialising in one element of becoming more equipped to provide the same the tax environment. support available within the accountancy firms. Private Client Services • Opens up careers in diverse sectors Ultimately, tax has many opportunities to Where should I specialise? within tax, such as non-domiciles, private offer graduates, with clear progression in a Regardless of whether you start your tax career equity and entrepreneurial services. stable industry. High calibre graduates will with an accountancy firm, legal practice or in • Opportunities exist within smaller always be in demand and it pays to do your house, the need to specialise will eventually boutique firms, where more autonomy research- by making informed decisions at be a decision you will have to make. Each area and responsibility for a specific area of tax the start of your career you will be able to offers different benefits and opportunities for falls to fewer people. enjoy the rewards of a sound and secure role your career: Transfer Pricing with the benefits of financial freedom for many years to come.  Corporate Tax • Transfer pricing has become a topical area Corporate Tax differs depending on whether within tax due to the proliferation of legislation you choose a path in Commerce & Industry or in an ever increasing number of countries. • Being a cross border transferable skill, With thanks to Rob Cottrell from Pure Taxation Financial Services: recruitment agency for providing this article. 1. Commerce & Industry Transfer Pricing offers a good route in to an international tax career.

Assurance Graduate Development Programme Actuarial Consulting UK-wide » Join Spring, Summer or Autumn Financial Advisory Tax Thanks to the best training, support and mentoring, you’ll never stop Technology developing within our global organisation. Or run out of opportunities. Any degree discipline Smart, courageous people able to forge strong relationships make us the 300+ UCAS tariff best at what we do: measuring, protecting and enhancing what matters (or equivalent) most to our clients. You’ll soon see why we’ve been voted number one in Diverse people make us stronger The Times Top 100 Graduate Employers survey for the last eight years. Be part of something special and find out how far your drive and initiative could take you.

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© 2011 PricewaterhouseCoopers LLP. All rights reserved. “PricewaterhouseCoopers” refers to PricewaterhouseCoopers LLP (a limited liability partnership in the United Kingdom) or, as the context requires, the PricewaterhouseCoopers global network or other member firms of the network, each of which is a separate legal entity.

032301-270x200-WhichCareerC&F.indd 1 20/07/2011 15:41 56 Tax

“The security of knowing that no matter what happened to me later in my career, I would always have that professional qualification safety net to catch me if the worst happened was just too good an opportunity to turn down.” Alex de Silva, KPMG

Keeping up with change >>

Alex de Silva decided that he needed a career that was varied and constantly evolving, something he felt dentistry didn’t provide. So, he embarked on a the graduate scheme in tax with one of the ‘Big Four’, KPMG.

Scratch beneath the surface and move beyond the stereotypes and you safety net to catch me if the worst happened was just too good an will find one of the most dynamic careers out there. With legislation opportunity to turn down. constantly evolving the tax world never stands still, and this feeds through to the work we do. Ask any Managing or Finance Director. Tax has a huge Why tax? Graduate Profile: Alex de Silva Company: KPMG influence on the structures that companies adopt and even where they I took the plunge and applied to the tax internship programme at choose to do business. KPMG, which entailed a six week programme in a department of your choice between personal, corporate or indirect tax. During this stint, a Before you start thinking you need a business type degree/background to number of things convinced me that a career in tax was for me but the successfully apply for a tax position, I work with people who have degrees biggest pulls include: in law, psychology, and chemistry to name just a few. What’s important is • People – nothing makes or breaks a career as much as who you work an interest in business. with and there are some top people in professional services. • Changing nature of the job – as mentioned above, tax doesn’t stand still, so neither does your job. • Work/life balance – compared to the other careers (banking and law “I took the plunge and applied to the tax internship in particular), tax is amongst the best in terms of time in, and away, programme at KPMG, which entailed a six week from work. • Job security – the accounting/tax qualification you earn really does programme in a department of your choice set you up for life. between personal, corporate or indirect tax.” I therefore applied for and accepted a position as a graduate tax trainee with KPMG.

My chequered past So what keeps me busy during a typical week? Before ending up in tax, my academic life post A level was quite chaotic. Here are just a few of the things that were in my calendar last week: I studied Dentistry for a year, but after that first year the prospect of monotonous fillings and root canal treatments did nothing for me. I • A conference call with colleagues from our Moscow office to discuss wanted something more, I specifically didn’t want to know where I their tax calculations with the client. would be and what I would be doing in ten years time (and if I stayed in • An internal meeting over the direction of my department and the dentistry: more fillings and root canal treatments!). latest developments we should be talking to our clients about. • Client lunch followed by a meeting at the client’s offices to plan the So having studied something in which I had no interest, I got myself a annual compliance cycle and discuss the impact of recent legislation job (as it turned out, as a tax assistant at a law firm) and looked to apply on their tax position. The work afterwards involved writing up the for another degree in something more closely aligned to my interests. meeting note and ensuring that agreed actions were followed up. Accounting and finance seem to fit the bill. • A review of draft tax computations prepared by my colleagues to get them ready for the manager’s review. In my second year at Warwick I started looking for an internship – the • Training on managing our client risk and best practice in this area. economy was on the brink of recession and an internship seemed to be a • Lunch with other people on my intake (honestly, one of the best great ‘in’ to any industry. Talk of redundancies and cut-backs was rife, so parts about joining such a big firm is the number of great people job security shot to the top of my agenda. Then I remembered tax. your own age you join with). • Time off to study for a tax exam. Having had a good experience of tax before going back to university, I looked into tax as a profession and liked what I saw. You have the chance That’s it for further study and, after three years, a professional qualification under Well I hope the above has at least convinced you not to dismiss tax your belt. The security of knowing that no matter what happened to me outright! And it has hopefully given you a flavour of what the (corporate) later in my career, I would always have that professional qualification tax function inside one of the ‘Big Four’ does. 

Working with institutes, professional bodies and top graduate employers to provide you with the latest job opportunities, career advice and much more...

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Customisable emails • New graduate jobs, internships & placements • Deadline reminders Career advice • Employer presentations at your • Information on the profession university • Profiles from recent graduates and • Further study options senior staff • Industry news. • Tips on how to get into your preferred industry • Learn more about professional institutes and the benefits of being a member.

Employers Career & Jobs advice

www.insidecareers.co.uk six steps to... success 61

Researching your future industry 62 Finding your way to the ideal job 64 Get taken seriously, get qualified 67 Writing the perfect CV 70 Interview tips: How to get that job offer 74 How to tackle assessment centres 77 62 Career Advice

As the old saying goes...if you fail to prepare, you Researching prepare to fail. 1 Never is this truer than for a job your future application. Arming yourself with the right information is industry vital and could make all the difference.

here are three main areas that you should get an insight into – the How? Trole, the company and the industry. Having knowledge about these The company’s website is always the best place to start. Most will areas will show any employer that you are committed and enthusiastic. feature an ‘about us’ section, which will have lots of information – perhaps a mission statement or a breakdown of the company structure. The role An annual report may even be available, which will give an insight into This is probably the easiest part, as a brief job remit should have been the company’s background, future plans and financial status. included in the job advertisement. Companies will usually give some sort of idea of the skills and level of experience they’re looking for. Check out the events calendar at your careers centre or at www. However, there are some other things you can find out about. What insidecareers.co.uk to find out which companies will be visiting your will the interview process be like – how many people will interview university to hold workshops and seminars. Also go along to as many you and what positions do they hold in the company? There may be careers fairs and information days as possible – talk to the staff on the some sort of test involved or you could be interviewed in a group. stall and find out as much as you can about the companies you like. The more you know about what to expect, the more you can practice Ask them how they got their job and why they like working there. and the less nervous you’ll be on the day. Public records will be another great source of information. Get along to the public or university library and see what you can find out. You can often find trade journals, research papers and press cuttings “Companies will usually give some sort of idea about your chosen company. of the skills and level of experience they’re looking for. However, there are some other Checklist things you can find out about.”

q Researched the company, who their competitors are, market information and how The company you fit in. What? Try to think about their products and services (especially new areas q Looked at industry press to understand current they’re looking to break into), the markets/industries they’re in and affairs. who their competitors are. Find out how long the company has been q Found out what the application process and around and how is it structured. What are the key objectives for the entails and prepared for these. firm and what can you offer to help achieve them? Has the company won any awards recently, joined with a key business partner or q Formed an opinion. done some charity fundraising? All these pieces of information will familiarise you with the company.

Finally, when you have an interview set up, ask your contact if they “You need to demonstrate that you have taken the time to research can send you any of their in house publications. This is a great way of the industry, key bodies, qualifications available and major industry learning about projects they’re working on. players,” advises Sarah Bergin McCarthy, Director at Sammons Pensions Recruitment Consultancy. When you’ve established a good understanding of the company, make a list of the things that interest you – a ‘top five’ reasons why you “Like with any other interview you need to show that you have want to work there. researched your prospective employer thoroughly,” continues Sarah. “Statistics indicate worryingly that entry level candidates frequently “Always research the company you are applying to - there is nothing do not bother with this key stage of their job search, yet you need worse for a recruiter to either read an application form or conduct to know that your employer will be able to support you in your an interview where the candidate doesn’t understand what the ambitious career path.”  company does or worse mixed it up with a company of a similar name. Our common one is people thinking we are Lloyds TSB - it is very frustrating,” says Victoria Payne, Graduate Recruitment and www.insidecareers.co.uk/signup Development Executive at Lloyd’s of London.

The industry During an interview it’s essential that you show an awareness of industry news and developments. This will highlight an added level online of commitment to the profession that your competitors may not have. Keep up to date with the national media as well as trade press. Go to our website at www.insidecareers.co.uk for more information. • New graduate jobs, internships & placements Ensure you know what is going on within the financial markets. • Deadline reminders Reading The Economist and becoming aware of deals or mergers that • Employer presentations at your uni are occurring in the business environment is essential. • Further study options Find out which professional body represents the industry you’re • Industry news interested in – most will have business news on their websites and you may even be able to sign up to their mailing lists.

Most importantly, find out where your prospective employer fits into Follow us the industry and how your potential job relates to it. f www.insidecareers.co.uk

2Finding your way to the ideal job There are a huge variety of ways to enter the financial services professions. Here, Sara Newman from Cass Business School discusses some of your options.

Entering the jobs market and securing your ideal job is tougher than Gaining industry contacts was one of the key reasons Michael Voice ever. While recent Association of Graduate Recruiters figures predict an opted to undertake a postgraduate MSc course in Shipping, Supply increase in graduate vacancies and starting salaries for first time in two Chain and Energy at Cass Business School. Voice admits he had to years, graduates face record level of competition for jobs and need a well rethink his strategy of using the usual online methods of job seeking in planned career strategy to reach their goals. order to find his ideal job. He contacted his Careers Service even before beginning his programme to see what he could do to boost his prospects Getting your ideal job is heavily dependant on how clear you are about upon graduating. what you want to do and how realistic you are about your abilities and aspirations. Becoming an Investment Banker at a top tier bank may be “I was advised to join the Shipping Society, which helps with industry your ideal job, but do you have the skill set, experience and thoroughly knowledge and networking and also to look at doing an internship researched career strategy you need to succeed? for practical experience. I just spent two weeks with a Greek Shipping company and I really learnt a lot about the industry and how to take my If your ideal job is within accountancy or professional services, the good career to the next stage.” news is these firms are intending to hire almost 10% more graduates than in 2010, an increase of more than 350 trainees year-on-year. There will also be substantial increases to the graduate intake at the City’s top investment banks and the high street banks. (High Flyers)

With every vacancy attracting up to around 80 applications though, it’s worth noting the importance of presenting a high-quality CV. Investment banks or fund managers, for example, received the largest number of applications per vacancy in 2010-11 with an average of 230 applications.

With so many applicants competing for the same positions, employers are increasingly using a variety of methods to seek out the best candidates and discerning graduates are rising to the challenge to secure their ideal job. The majority of employers don’t limit their search to online applications and local advertising, but also actively market their graduate vacancies at university careers fairs and campus recruitment presentations.

Alexander Dubost met his current employer ICAP at the Cass Business School Careers Fair during his MSc in Finance programme this year. He was invited to interview after making a good impression on company representatives at this invaluable networking opportunity.

Postgraduate study Postgraduate study is one option to improve your chances but be prepared to maximise any opportunities as it’s a big investment in your time and resources and there is no guarantee of a job when you graduate. Reasons people site for choosing postgraduate study include increasing knowledge, professional experience and skills, to increase chance of employment in a chosen field and to progress their career.

There are many UK postgraduate courses to choose from for professions within City & Finance, Engineering & Technology and Business & Management so it is important to do your research to select the right course for you.

For instance, Cass Business School offers specialist MSc programmes in areas including; Actuarial, Finance, Insurance & Risk Management, Shipping, Supply Chain & Management. Ranked 2nd in the UK by the Financial Times, the Cass MSc in Management is popular for many students for the broad range of career options it can open up – from consulting to entrepreneurial opportunities.

Postgraduate study can help students focus on specific paths they may be interested in - but students have to be prepared to meet recruitment deadlines which now fall from as early as August.

“Postgraduate study can help students focus on specific paths they may be interested in - but students have to be prepared to meet recruitment deadlines which now fall from as early as August.”

Funding How to fund your postgraduate study is a huge consideration for most people, but there are various ways to pay your way including awards from government-funded agencies, institutional scholarship and If you haven’t undertaken an industrial placement as an undergraduate award schemes, plus learning funds, graduate teaching and research (typically for 6-12 months) or missed out on securing one of around 10,000 assistantships, charities, foundations and trusts - and if you can balance work experience programme places offered by the UK’s leading graduate it, part-time work. employers, work experience gained indirectly in your desired sector is still a valuable way to develop the relevant skills required by a prospective When choosing a programme, it’s well worth researching programmes that employer. It gives you specific examples to talk about in interview about real offer practical career development, industry contacts and opportunities life situations which you have responded to in a constructive and positive to network. You may fit the role on paper, but recruiters continue to look way to demonstrate you can add value to the company. for candidates with outstanding soft skills and excellent business etiquette that is in line with their company values and services. Graduates need to Joining clubs and societies, volunteering and part-time work, or a short- research what the company is looking for, what skills they can offer – and term placement, perhaps over the summer or one day a week, can help swiftly close the gap to show they are the best fit for the job. you hone tangible skills and open doors to future vacancies and more networking opportunities. Transferrable skills such as communication, Work experience problem solving and team work, and knowledge of the UK business Having some work experience is now seen as a real benefit, if not a etiquette are vital to any role, but do try and target specific projects requirement, by employers. Particularly now that the trend is for most that align with your future aspirations and be sure to discuss with the employers to offer work experience. Career advisers tell students that if employer what you want to achieve during your time with them. they have no previous work experience they are unlikely to be successful during the selection process and their chances of receiving a job offer for Career Coach Jenny Portalska at Cass Business School advises taking graduate programmes substantially decrease. the time to focus on what you want to achieve in your career. “To ensure success you need to spend time reflecting on what really is your ‘ideal Although the numbers of vacancies are set to increase, at least half the job’; think about what your interests, values and skills are; what are entry-level vacancies advertised this year by City investment banks and you really looking for? Having a well thought out career plan that has a the leading law firms are likely to be filled by graduates who have already clear goal in mind is very important to ensure that you make the right completed work experience with the employer. (High Flyer) decisions along the way.” 

sign up.... www.insidecareers.co.uk/signup Back to contents page >> AD_109844_Risk_200_270:pt_98222_grad Philosophy 2/7/10 08:40 Page 1

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3Get taken seriously, get qualified

How can you make yourself a more attractive candidate in the world of finance? We look into why studying for professional qualifications can brighten your career prospects and help you stand out from the crowd.

Industry benefits Whichever industry you choose to get into, it’s unlikely you’ll be able to put your feet up and expect your degree to carry you through to retirement. Getting ahead in your career will require continued personal development to keep your knowledge and skills up to date and ahead of all the other keen graduates following you in a few years.

Professional qualifications are a good way to secure your professional standing and make your CV look great in an increasingly competitive market. Your commitment to lifelong training and education will be self-evident to any potential employer and will demonstrate to them that you have achieved excellence in your chosen field. In fact, many recruiters insist upon industry-approved qualifications as standard for their employees. The benefit here is that companies will often pay the costs involved with taking the exams and may allow time for study leave etc.

Qualifications are usually a mixture of study and on-the-job training; putting theory into practice and allowing you to naturally excel in your day job. The intellectual challenge involved is also a great motivator.

Valuable support You can study for qualifications by joining the relevant professional bodies in your chosen industry. These institutes are the authority on standards of professional practice and are often the only institutions that can award Chartered (or equivalent) status. They can also guide you as to which qualifications are most suitable for you.

“Professional qualifications in the financial services industry can look The Actuarial Profession Find out more about like a minefield to those starting out. It is important that you select the Staple Inn Hall Actuaries on right one for the job you want to do. There are specific qualifications High Holborn for each area of work and individuals undertaking certain activities are London WC1V 7QJ required by the Financial Services Authority (FSA), the regulator for pg 6 www.actuaries.org.uk the UK financial services industry, to gain a qualification from their list of appropriate exams” says Yvonne Dineen, Assistant Director of Qualifications at CISI. Find out more about Chartered Institute for Securities & Investment Banking on 8 Eastcheap Institutes work alongside universities to ensure the smooth transition London EC3M 1AE between your degree and further study. For example, a degree course pg 12 www.cisi.org accredited by an official institute may offer exemptions from stages of the professional examinations. Look on the individual institute websites to find out which courses they work in conjunction with.

Institute of Chartered Accountants in England & Wales Institutes are also commonly at the forefront of research and Find out more about Metropolitan House development, so becoming a member is a great way to stay up to date Accountancy on 321 Avebury Boulevard with developments in the industry. Advice and support on your career Milton Keynes MK9 2FZ are readily available and conferences, meetings and seminars are a pg 22 www.icaew.com great way to meet other people in the industry. Professional bodies will usually have groups dedicated to graduates too, which offer great networking opportunities. Institute of Consulting Find out more about 4th Floor, 2 Savoy Court Salaries Consulting on Strand One of the most advantageous things about achieving qualifications is London WC2R 0EZ the potential salary increase they can afford you. Employers will often pg 28 www.iconsulting.org.uk be prepared to offer more attractive benefits packages to those who have Chartered status.

The Institute of Chartered Accountants in England and Wales Find out more about (ICAEW) tell us that, “once qualified, salaries are extremely Chartered Insurance Institute Insurance on competitive. Many ACA trainees can expect to double their salary For more information and to join today visit during their training contract.” pg 34 www.cii.co.uk The Chartered Institute of Management Accountants (CIMA) confirm this, “a professional qualification such as CIMA does indeed bring an increase in salary. A qualified management accountant Find out more with three years’ experience can command salaries in the region about Management Chartered Institute of Management Accountants of £40,000, with earnings up to £55,000 in the capital for newly Accountancy on T: 0208 849 2251 qualified CIMA members.” www.cimaglobal.com pg 40 Travel Professional qualifications can also act as a seal of approval when it comes to finding work overseas. Business is increasingly conducted on a global scale, so securing a qualification that is recognised across Find out more about Pensions Management Institute Europe, or worldwide, can be incredibly useful. It reassures an Pensions on PMI House, 4-10 Artillery Lane employer that you are familiar with the same practices as local business London E1 7LS people and adhere to the same rules and regulations. So, if you see pg 46 www.pensions-pmi.org.uk yourself working anywhere from Düsseldorf to Dubai, professional qualifications could be the key. 

Find out more about Chartered Institute of Taxation/ Tax on Association of Taxation Technicans 1st Floor, Artillery House, 11-19 Artillery Row London SW1P 1RT pg 52 www.tax.org.uk/www.att.org.uk

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3758 Advert Resize(200x270).indd 1 08/07/2011 12:31 70 Career Advice

4 Writing the perfect CV

A CV is your first impression, getting it right can be the difference between being asked for an interview and hearing nothing. Peter Panayotou of The Write Stuff offers some tips to get to that vital next stage.

oning your CV to perfection is the most important (if a little before deciding to call you for an interview, so it is essential that your Htedious and time consuming) element to the job process. CV stands out. It can do this by being clear, concise, well presented and Employers will receive hundreds of CVs for every position and you error free. You can make an instant impression by: must take the chance to make this document 100% perfect. To be a distinctive CV, it must be both well written and appealing to the eye. • Keeping your CV short – no more than two pages, any longer could be detrimental. The importance of a professional CV cannot be overemphasised. This • Using good quality paper – for example a light pastel coloured is a sales pitch and needs to be a well-crafted, individually tailored and paper could make your CV stand out from the crowd. (Although stunning looking document that portrays you in the best possible light. as applications becomes more an online process, this becomes less relevant.) For a prospective employer, a nicely formatted, neat and professional • Lay out information using clear section headings to make it looking document, which demonstrates that it has been prepared with easier to navigate. care and attention, is paramount to ensure that it passes the initial ‘30 • Use bullet points to describe things like duties, responsibilities second test’. This is the amount of time it may take for an employer to and achievements. decide whether to read through the CV in detail. Essential CV tips After that, there are a number of criteria to avoid. They are, in order Clear as daylight of importance: Generally, the format of a CV is up to the individual, as long as it is easily understood. However, content is relatively standard from one 1. Incorrect spelling/grammar CV to the next: personal details, profile/summary, educational details, 2. Irrelevant content work history, leisure interests, additional information, references. The 3. Poor or vague descriptions amount of space you allocate to these areas in your CV suggests the 4. Unattractive layout importance you want employers to attach to them. 5. Length (too long/short). Up close and personal Instant brownie points Your personal profile is the section that normally appears first on a A CV is remarkably important. It is usually all an employer will see CV. This paragraph is very important and it allows you to provide

Positive action words

• Achieved, Acquired, Analysed, Assigned, Assisted. • Broadened, Budgeted. • Collaborated, Communicated, Conducted, Consulted, Controlled, Coordinated. • Demonstrated, Designed, Developed, Devised, Directed. • Enabled, Established, Evaluated, Executed, Expedited. • Facilitated, Formulated. • Generated. • Harmonised. • Identified, Implemented, Improved, Increased, Initiated, Installed, Instigated. • Launched. • Maintained, Managed, Marketed, Monitored. • Negotiated. • Organised, Oversaw. • Participated, Performed, Pioneered, Presented, Promoted, Proposed, Provided. • Reorganised, Researched, Resolved, Restructured, Reviewed. • Scheduled, Secured, Selected, Set up, Shaped. • Tested, Trained. • Upgraded, Utilised. • Visualised. • Won, Wrote.

employers with details about yourself that do not appear in any other part of the document. This is your opportunity to sell yourself and Answers to your queries describe what you have to offer the employer in terms of personal skills and attributes. When writing hobbies and interests on my CV, how much is too much? Short and sweet Too much would be where this section is longer or more Detailing your work history is quite difficult. Concentrate on providing detailed than any other section of the CV. You should write no just enough information to give an accurate portrayal of your role. more than a brief paragraph between two and six lines. Many people have a tendency to go into complicated detail about their previous responsibilities, but this should be avoided – simple and Is it worth making changes to ensure each cover letter is straightforward explanations will suffice. unique? It is worth taking the trouble to tailor each one to the individual role. Look at the criteria in the specification and use that as a Paint a picture guide to adjust the letter accordingly. If you keep your cover Always try to be specific about what you have done (managed two staff, letter relatively short, there should not be too much to amend. responsible for a budget, completed a project, used Excel, PowerPoint and Photoshop, etc). Vague generalities do little to sell your skills to Should I make my CV look more attractive by using employers. Where possible, use positive action words to describe your different colours and fonts? work duties. This should definitely be avoided. Use of colours will look like a gimmick and detract from the content. They may be seen as a Out of hours novelty and will probably not be taken seriously. Although leisure interests are not as important as the main body of your CV, they do provide an insight into what you are like out of work. How much detail should I include about qualifications? Should I include GCSEs and all the courses I have taken? Yes, if the space on the CV allows and your education was not Last word too long ago, then put everything in. On the other hand, if an References always appear last on the CV and can be dealt with by ‘available employer is more likely to be focusing on your degree or recent on request’ rather than listing individual contact details. You will find that experience, then you could safely leave out the GCSEs. if you adhere to these basic rules when compiling your CV, you should be well on your way to gaining that all important interview. Good luck!

Different CV layouts General rules Chronological CV This is the most commonly used format, which lists all employment and education. Usually this will be in reverse chronological order, starting with the most recent and working backwards.

On first sight, does it pass the ‘30 second test’? Order of information: • What is your first impression of the document, 1. Personal details good or bad? • Does it make you want to read the whole thing? 2. Qualifications • Does it look attractive? 3. Training • Is it neat and well laid out? 4. Employment • Is it user friendly and look easy to read? 5. Interests 6. References. Things that can be off-putting are: • Too much text on the page (looks busy) Functional CV • Too much information crammed in (no empty This format of CV abandons the traditional chronological format and space) instead emphasises the skills and achievements. This is useful if there • Lines too close together (bad planning) • Small typeface (too hard to read) are no formal qualifications, if there have been numerous jobs with no • Large typeface (childish) clearly defined career path, or if there have been a lot of gaps. • Text too close to the edge of the page (non-existent margins) Order of information: • Pages stapled/clipped together (a hindrance) 1. Personal details • Bad print quality (ink smudged/faded) 2. Summary of qualifications • Poor quality paper (too thin/crinkled/torn/folded). 3. Skills, knowledge, attributes, abilities 4. Summary of employment What is the overall length of the document? 5. Interests • Too many pages with too much information? • Too many pages with information too spaced out? 6. References. • Too few pages with information crammed in? Hybrid CV Order of information This type of CV layout is becoming more popular. It combines the • If a school/college/university leaver, is that given Chronological CV and the Functional CV by retaining the fixed order of prominence and listed first? the Chronological CV, but also emphasising skills and achievements. • If work experience is the most recent/main selling point, is it listed before education? Order of information: 1. Personal details 2. Summary of qualifications 3. Skills, knowledge, attributes, abilities 4. Employment history 5. Professional development 6. Interests 7. References. 

Ensure that the name is at the top of ALL pages. First name and surname is enough.

PAUL WILKINSON

Personal Details Address: ... Telephone: ... Use bullet points Mobile: ... Ensure the profile states current Email: ... for any large situation and future aspirations Professional Profile (i.e. career objectives). sections of text. This An accomplished undergraduate, currently completing a BA degree in Marketing Management. breaks up the text A highly motivated and responsible individual who enjoys a challenge, seeking a dynamic trainee or graduate position with a forward thinking company in the marketing field, offering into manageable room to grow and good opportunities for development and career progression. sentences. It is easier Key Skills to read and more • Excellent organisation and time management developed from working three Ensure that skills are qualified by real examples part-time jobs whilst at college and keeping up to date with college work. listing accomplishments and achievements, not attractive. • Leadership skills acquired from managing a team of 30 people at a road show in Birmingham, covering a sports event over two days. just random or generic statements. • Ability to work well on own initiative developed through saving enough money for tuition fees from working three part-time jobs whilst at college. • A committed team player and leader, as proven through researching topics at university and fitting into different roles within a group. • An accomplished communicator with excellent presentation skills as shown in fulfilling a role as course representative, conducting presentations to over 100 students. • Empathy, tact and diplomacy developed through various customer service Separate sections with roles, with extensive experience in dealing with a demanding clientele. headings, and use lines to Give priority to the job List degree subjects Education and Qualifications emphasise the headings, title – employers want Manchester Metropolitan University September 2008 – Present to give prominence making it easier for the reader to know WHAT you to the degree (if BA in Marketing Management (Sandwich) to navigate down the page. were doing, more than indeed it is a big Subjects: Principles of Marketing, Fundamentals of Business Accounting, Marketing Practice, anything else. Consumer Behaviour, Business Environment, Introduction to Quantitative Methods of selling point). Business Analysis, Advertising Theory, Brand Management, Business to Business Marketing, Consumers and Society, Marketing Research and Analysis, Personal Aspects of Management

Park Lane College September 2006 – July 2008 PAUL WILKINSON Leeds Employment History A Levels: Media (B), Business (A) and ICT (B) Bar Supervisor October 2007 – Present Describe actual AS Levels: Film Studies (B) ESSENTIAL NIGHTCLUBS LTD • Providing table service during the day and assisting in the kitchen when required tasks, duties and Crofton High School September 2001 – July 2006 • Dealing with deliveries and orders, providing change for tills and assisting in safe responsibilities, so Leeds checks • Carrying out end of day reconciliation and cashing up tills at the end of the night the reader can have 10 GCSEs grade A-B, including: Business, Maths and English • Supervising and directing staff, staff rostering and task allocation Don’t forget to • Overseeing the smooth daily running of the bar and ensuring all tasks are completed a picture of what the Professional Memberships to the correct standard list professional Member of The Chartered Institute of Marketing (CIM) Student Chapter • Providing feedback on staff performance and contributing to meetings job entailed. memberships (if any). Additional Skills Sales Administrator December 2005 – September 2008 Familiar with the use of Windows applications and software, and use of the internet and email. COMET • Working behind the cash desk, serving customers when they approach Page 1 • Processing suspended sales from sales people • Dealing with customer queries and resolving and problems or complaints such as refunds, exchanges and processing credit refunds • Conducting all the drawer balances, counting previous day’s money and preparing it for collection • Filing paperwork and alerting managers to incorrectly processed sales or refunds • Also checking sundry transactions and processing weekly payroll

Bar Staff, Waiter, Box Office Assistant April 2007 – September 2007 Include month and WAKEFIELD THEATRE Make sure your bullets are aligned and • Working behind the bar and café during performances and in the theatre café during year for all dates. that you consistently use the same the day • Serving customers, taking orders for food and beverages format throughout the document and • Also working in box office, using databox to sell and reserve tickets for shows in person and over the phone down the page. • Preparing advance tickets for despatch and creating displays for future shows

Bar Staff, Front of House September 2006 – August 2007 QUEST • Working on front of house as a box office assistant, taking money from customers on arrival • Remaining aware of applicable discounts and different entrance fees for different flyers/guests • Dealing with up to 1,200 people within a 5 hour shift and cashing up tills in the venue • Also working in the cloakroom and behind the bar, serving customers • Assisting in ticketing to promote the club

A few words about spare time Interests and Activities interests. Not too much! In my spare time I enjoy snowboarding. I am keen on cinema and the movies. References

Available upon request. Make sure Page 2 all pages are numbered.

Not necessary to list actual contact details. The CV is only to get you to the interview stage.

Interview tips: 5How to get that job offer

Before the day So, your polished CV has got 1. Do your homework. Always research the company beforehand. Find out what they do and how they do it, who their competitors you within sight of your dream are and what their company philosophy is. Most of this information should be available on the company’s website. Also try job and the only thing left to to take a look at any of their in house publications. face is the interview. Make sure 2. Do you fit? We all have strengths and weaknesses. Make a list of what they’ve mentioned they’re looking for in the job advert and you don’t fall at the final hurdle. how your experience and skills reflects this. 3. Nothing but the truth. Don’t be tempted to tell white lies on your CV or application form to make it sound more impressive. Only 6. Get the when and where right. It may sound simple, but make write things that you can back up in person or you may end up sure you know exactly where you’re going, the name of the person looking very silly indeed! you’re meeting and what time you have to be there. Always make a 4. Practice with a friend. Think of some potential questions like ‘why note of the phone number of the company, so you can call ahead if do you think you are suitable for this role?’ or ‘why do you want to you’re going to be late. work for us?’ and practice your answers. It may help to get rid of 7. Perfect timing. Plan your journey beforehand and set off a little your nerves. earlier than you need to – it will look really bad to a potential 5. Refresh your memory. Read through your CV or application form employer if you arrive late. Also, try not to arrive more than 15 beforehand. Interviewers will nearly always ask you to elaborate on it minutes early – if you do, take the time to get a coffee nearby and and will ask how your experience will benefit you in the new role. read over your CV.

On the day 1. Carry a spare CV. Take along a few extra copies of your CV or application form in case the interviewer asks for one. 2. Dress to impress. First impressions are all important, so make sure you look neat and professional. This is no time for making fashion statements, so keep your hair, jewellery and make-up discreet. Be approachable. Introduce yourself with a firm handshake and keep good eye contact throughout the meeting. Try not to fidget when you talk and remember to smile! 3. Be polite to everyone you meet. From the receptionist to the MD, you never know who may have influence over who gets hired. You could also soon be working with these people. 4. Don’t rush. Take time to consider how you’re going to answer a question. Think about your past experience and use it to back up any skills you claim to have. 5. Grab the chance to shine. Feel free to move the conversation into favourable areas. If you know you’re great at leading a team and have an eye for detail, talk about a project you’ve worked on where those strengths have played an important role.

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6. Jabber, jabber. When you answer questions in your interview be opportunities are available for training. You might even want to ask friendly and open, but also concise. Try to avoid long, rambling the interviewer how they got started in the industry or what is the answers that don’t have a point. Stay focused on what you’ve just best thing about the profession. been asked. 13. Phone interviews. More and more companies are conducting 7. Don’t evade the question. It’s no good talking about your interviews over the phone and these should be treated just as impressive IT skills if someone has just asked you about whether seriously as a face-to-face meeting. Pick a quiet place and if you can work to tight deadlines. If you’re not sure how to answer possible use a landline instead of a mobile – the last thing you want something, don’t be afraid to ask for time to think about the is for your battery or signal to fail halfway through. Have your CV question. Simply say ‘That’s an interesting question, may I take a and cover letter in front of you and write a list of points you want moment to think about that please?’ then answer as promptly and to cover. You may even want to dress smartly for the occasion, as concisely as possible. this will help you get in the right frame of mind. 8. Weaknesses. Don’t claim to be perfect at everything – no one is. 14. Be yourself! This is probably the most important thing you can do. Admitting to a few minor flaws will show that you are honest and Try to relax and be friendly. They will be looking for someone they open to development. For example, if you’ve always struggled with really want to work with and who will fit into their team. giving presentations, suggest that this is something you’d like to practice and improve upon. 9. Positivity. Don’t be negative about past employers or colleagues – After the day this will only show you in a bad light. Even if you hate your current 1. Be accessible. Make yourself available for a call back – some job, just focus on things you have learnt or skills you’ve picked up. companies will hold second and even third interviews, as well as 10. Sell yourself. This is not a time to be modest about your abilities. assessment centres or psychometric tests. Some companies may ask Make sure the interviewer knows just how you can add value to you to put together a presentation, so be prepared for this. the company. 2. Email. Follow up your interview with a short email, thanking them 11. Money talks. Try to avoid bringing up the issue of salary, for their time and expressing your continued interest in the role. particularly in your first interview. Your first thought should be 3. Face facts. If you are unsuccessful, make sure you collect feedback about the role and not about how much you’re going to earn. The from the interviewer. They may highlight weaknesses that you can interviewer will usually bring up the subject when they feel it’s work on in the future. You could also ask if they have any other appropriate. positions available that you may be more suitable for. 12. Q&As. Have a few questions prepared for the end of the interview, 4. Always remember that an interview should be a two-way exchange. as this will show you are really interested in the role. Perhaps This is your best opportunity to find out about the company and ask what the team are working on at the moment, or what whether you really want the job. 

How to tackle 6assessment centres Here we talk about how to prepare for this stage of the application process and perform to the best of your ability.

What is an assessment centre? in measuring your ability to handle situations, your emotions, Many companies run a series of extended selection procedures, often motivations and gauge your overall outlook to work. called assessment centres. These centres allow organisations to assess the candidate’s ability and whether they possess the skills to join Presentations their organisation. Also referred to as selection centres, they present You may be expected to prepare a small presentation on the day. candidates with a mixture of online tests, group/individual exercises, Introduce yourself at the start of the presentation (even if you have case studies and presentation exercises. already been introduced to your audience) and use notes as a prompt, not a script. Brushing up on PowerPoint skills prior to the assessment This type of process usually lasts a day or two. They take place day is a must. following the first round of interviews and before the final selection. They are commonly held either on employers’ premises or in a hotel In-tray exercises and for many companies they prove a successful way of selecting the With this kind of exercise a candidate will be asked to handle a typical right graduates to join their schemes. pile of papers that simulate what you might encounter in the role. These papers may include letters, internal memos or emails, reports, ‘junk mail’ and so on, and it is up to the candidate to deal with and “Many companies run a series of extended prioritise them accordingly. selection procedures, often called assessment Group assessments These are the part within an assessment day that most candidates worry centres. These centres allow organisations to and ask questions about. assess the candidate’s ability and whether they possess the skills to join their organisation.” What are they? They are usually conducted with three to six people in a team, though sometimes firms will have larger groups. There are often assessors in the room who tend to makes notes on what people say within the Psychometric tests group, rather than assessing them there and then. Employers today are using psychometric tests more than ever in the graduate selection process. They can involve the following: In these situations, it is not advisable for participants to ask for advice from the assessors. They should greet them, but not interact any Online aptitude tests further than this. Aptitude tests are a perfect way for an employer to assess your overall intelligence through numerical, verbal and reasoning exercises. Some firms opt to have the assessors absent from the room. Instead You will be required to answer a number of questions under exam the candidate is filmed and assessed in a separate room. This form conditions, usually within a 30-minute period. The tests normally of assessment is well received by attendees as they tend to be more occur before the first interview as a way of measuring whether you can relaxed when they are not face-to-face with the assessors - although continue the application process. there are also stories of people becoming too relaxed so forgetting they are being assessed. Candidates are always told about the cameras – Personality tests there are no secrets! It’s all very open and geared towards helping the These assess your personal qualities through your responses to prospective employees perform to the best of their abilities. a number of questions or statements. They can aid the employer With regards to the content of group assessments, they can range from directly

relevant to not at all. Relevant examples may be candidates being asked to read communication skills. It is important to also add creative and through a pile of information/research and prepare a pitch to present in their constructive ideas to this. Other desired qualities are negotiation interview. The idea here is to simulate a real working environment where they skills and proof that you can work in a team by combining to would have lots of information available and limited time to prepare. complete the task successfully.

Another example is a team being asked to solve a business solution. The following are good things to do/say which may show these Roles are assigned, such as the finance director, marketing director, HR competencies: director, etc, and as a ‘leadership board’ graduates must decide their corporate strategy. Examples often relate to hot topics in the market Teamwork – so a sun cream company would need to account for factors such as • ‘Does anyone have any experience of this market at all that skin cancer, and a beer company would need to discuss whether to sell they can bring to the team?’ strong, varied or non-alcoholic beverages. Subjects such as these are • Clarify any time constraints and team goals. given to encourage teamwork, discussion and debate. • Suggest how to structure the team to complete the task in time. • Acknowledge the contributions of others and build on them. “The idea here is to simulate a real working Communication environment where they would have lots of • Try to get quieter members involved. Using their names is information available and limited time to excellent as it personalises the questions and makes them more likely to contribute. prepare.” • Clarify any points or decisions made. • State points clearly and concisely, using facts/evidence to validate thoughts. The less obviously relevant examples could be something as simple as using • Defend your ideas but be flexible and willing to accept when paper, scissors and tape to make a paper chain. This may appear trivial others put good arguments forward. as it seemingly has no relevance to the job, but these tasks are set to see • Don’t dominate the conversation. how people organise themselves, communicate, hit the deadline and work • Be tactful and respectful when challenging suggestions. together - whilst needing no technical knowledge to complete the task. • Talk and engage – if you don’t contribute very much or cannot be heard you cannot score well. What are recruiters looking for? Mainly for teamworking and communication skills. However, some Problem-solving firms may look for business acumen, problem-solving and drive as well. • Identify the problem/factors, and try to think of wider implications. It is key to strike a balance in showing these skills in the session. • Take reasonable logical steps to resolve the issue. Companies do not always necessarily look to employ the • Use facts/evidence to validate arguments and solutions. leader, instead anyone who shows drive, problem-solving and • Ensure the chosen solution is practical. 

Employer A-Z

Chartered Management Company Accountancy Banking Actuaries Insurance Accountancy Consultancy Pensions Tax Aon l l l A.T. Kearney Ltd l Austin Professional Resourcing l Axa l Baillie Gifford l Research Bain & Company l the sectors Baker Tilly l Bank of America Merrill Lynch l Barclays Capital l www.insidecareers.co.uk Barnes Roffe LLP l 1 Barnett Waddingham l BDO l l Beever & Struthers l Blick Rothenberg l BNP Paribas l The Boston Consulting Group l Brebners l Canada Life l Understand Capita Life & Pensions Services l the CHP Consulting l Clement Keys l employers Commerzbank l Credit Suisse l www.insidecareers.co.uk2 Deloitte l l l Dixon Wilson l Ernst & Young l l FSA l l Friends Life l FTI Consulting l Goldman Sachs l Goodman Jones LLP l APPLY Grant Thornton l l via Inside Hazlewoods l Careers Hillier Hopkins LLP l HSBC l www.insidecareers.co.uk Hymans Robertson l l 3 J.P. Morgan l KPMG l l l l

Chartered Management Accountancy Company Accountancy Banking Actuaries Consultancy Insurance Pensions Tax LCP l Larking Gowen l Legal & General l L.E.K. Consulting l Lubbock Fine l Macquarie l Mazars l l McKinsey & Company l Mercer l l l l Mercer & Hole l l Research Milliman l the sectors Mitsubishi UFJ Securities International plc l Monitor l Moore Stephens LLP l www.insidecareers.co.uk Nomura l 1 OC&C Strategy Consultants l Oliver Wyman l Price Bailey l PwC l l l l l Punter Southall l PA Consulting Group l Rawlinson & Hunter l RBC Capital Markets l Understand Rees Pollock l the Reeves & Co. l employers Roland Berger Strategy Consultants l Royal Bank of Scotland l Royal London Group l www.insidecareers.co.uk2 RSM Tenon l Schroders l Smith & Williamson l l Standard Life l SunGard l SWAT UK l Teach First l APPLY Towers Watson l l UBS l via Inside UHY Hacker Young l Careers Value Partners l Wise & Co. l www.insidecareers.co.uk Xafinity Consulting l 3 Zurich l l l

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