THE ONLY GRADUATE CAREER GUIDE TO Investment Banking 15th Edition Contents The profession Finding the right job Internship profiles Graduate profiles Senior profiles Employer directory Job finder 100s Jobs Find your dream Banking role online today. GRADUATE JOBS | INTERNSHIPS & PLACEMENTS | ADVICE www.insidecareers.co.uk Visit www.insidecareers.co.uk/ban for: JOB EMPLOYER DEADLINES SEARCHJOB DIRECTORYEMPLOYER DEADLINESCALENDAR SEARCH DIRECTORY CALENDAR EVENTS EMAIL VIDEOS, CALENDAREVENTS ALERTSEMAIL BLOGS,VIDEOS, NEWS CALENDAR ALERTS BLOGS, NEWS CONTENTS THE PROFESSION Why Work in Banking? 08 Investment Banking: Opportunities and Challenges 10 Roles in Banking 12 Salaries & Benefits 16 The Age of Fintech 18 The Impact of Brexit on the Financial Services Industry 20 FINDING THE RIGHT JOB Education & Skills 22 The Banking Application Process 24 INTERNSHIP PROFILES Internships & Work Experience 26 Banking Graduate Schemes 30 People Experience Intern – Atom Bank 34 Investment Banking Summer Analyst – Royal Bank of Canada 36 Summer Analyst – Rothschild & Co 38 Analyst – MUFG 40 GRADUATE PROFILES Analyst – Nomura 42 Associate, Investment Banking – J.P. Morgan 44 SENIOR PROFILES Head of Rates Structuring, Global Coordinator – BNP Paribas 46 Financial Advisory Director – Lazard 48 Director – Credit Suisse 50 EMPLOYER DIRECTORY BNP Paribas 53 Commerzbank 54 Credit Suisse 55 J.P. Morgan 56 Lazard 57 Morgan Stanley 58 MUFG 59 Nomura 60 Rothschild & Co 61 JOB FINDER Job Finder 63 The Complete Finance Range GRADUATE JOBS | INTERNSHIPS & PLACEMENTS | ADVICE www.insidecareers.co.uk THE PROFESSION Why Work in Banking? 08 Investment Banking: Opportunities and Challenges 10 Roles in Banking 12 Salaries & Benefits 16 The Age of Fintech 18 The Impact of Brexit on the Financial Services Industry 20 FINDING THE RIGHT JOB Education & Skills 22 The Banking Application Process 24 Internships & Work Experience 26 Banking Graduate Schemes 30 WHY WORK IN BANKING? WHY WORK IN BANKING? Whether you want challenging projects, which involve working with people from across gives you a chance to identify whether you’re overtime and/or time off in lieu. the globe, or the opportunity for self-development – a career in banking can provide all following the right career path for you, as well Some management roles offer either a car this and more…as long as you’re willing to take the first step. as expressing your enthusiasm for the bank of allowance or company car, even if regular travel your choice early on – particularly useful in a doesn’t form a major part of your job. Private crowded and competitive jobs market. Check health insurance can sometimes be included in out the Inside Careers website to learn a little the overall remuneration package too. more about different banks and their ethos, available jobs and entry requirements. Sports fan? Larger banks often provide sports and social facilities for their staff and some even have their own sports ground. Working in banking offers a And finally… Still not convinced? Working in banking offers huge variety of opportunities a huge variety of opportunities as well as the as well as the possibility of possibility of early responsibility, rapid career progression and good pay and benefits. It’s early responsibility, rapid also a challenging profession that looks to career progression and good its talented new workforce to help boost the pay and benefits. economy and restore public faith in the industry. So that’s your challenge, should you be willing to accept it. Give it a try – a rewarding career Good salaries & great benefits awaits you. A career in banking offers both a competitive The BBA is the leading trade association for the UK banking salary and excellent benefits. As a new starter sector with 200 member banks headquartered in over 50 Diversity of opportunity via graduate schemes, apprenticeships or for you can expect around 23 days holiday a year countries with operations in 180 jurisdictions worldwide. Eighty As the financial hub of the world, the those looking to return to work. and this will rise to 30 days after you’ve been percent of global systemically important banks are members UK offers some of the most diverse and there a while. If you’re required to work outside of the BBA. As the representative of the world’s largest exciting jobs in banking. In addition to more Banking is also a major employer beyond London. normal office hours, you’ll also be entitled to international banking cluster the BBA is the voice of UK banking. conventional banking roles, there is an array The latest data from the Office for National of career opportunities available at any of the Statistics and the BBA Annual Census 2016 numerous banks headquartered here. Banks shows that the South West is the nation’s fastest look for economists, statisticians, marketing, growing region for banking and building society HR, media and government relations experts employment with the West Midlands a close and, aligned with the explosion in financial second – creating over 1,500 jobs since 2014. technology, IT professionals. A key contributor to the UK economy, the banking industry generates over £41.7 billion in tax and A key contributor to the UK creates over 400,000 jobs across the country. economy, the banking industry A global career Banking is international in nature and some generates over £41.7 billion in roles can offer excellent opportunities for tax and creates over 400,000 travelling and working in other countries. jobs across the country. Starting out in banking But don’t let the intense graduate competition put you off! Banks offer some of the best What’s often less well known is the internship programmes around, which are paid contribution the industry makes to the UK’s and give you an opportunity to hone your regions and the career opportunities available skills before graduating. An internship also 8 Banking | www.insidecareers.co.uk/ban Banking | www.insidecareers.co.uk/ban 9 INVESTMENT BANKING: OPPORTUNITIES AND CHALLENGES INVESTMENT BANKING: OPPORTUNITIES AND CHALLENGES shares in order to enable trading – being in a Lynch, Barclays, BNP Paribas, Deutsche Bank, position to both bid for and sell shares. Goldman Sachs and UBS. Responsible for raising An investment bank is a type of financial institution that primarily works in ‘higher and transacting huge sums of money around finance’, helping large organisations access capital markets to raise large sums of FRONT OFFICE the world, investment banking can generate capital. Here, we will look at how an industry that is integral to the UK economy Many investment banks’ activities are also substantial risk-related upsides and downsides, generates income, some of the risks involved and the various areas of graduate work. organised into three categories – front office, and has therefore been perceived as both the middle office, and back office services. Front most attractive and the most destructive sector office investment bank services typically involve within the financial services industry. What do investment banks do? MERGERS & ACQUISITIONS direct engagement with clients and market A typical investment bank will engage in at least M&A refers to the consolidation of multiple participants. Activities include M&A, corporate one (and often all) of the following activities: companies. A merger is a combination of two finance, investment management and strategy • Raising equity capital through new share companies to form a new one. An acquisition is formulation for institutional and high net worth issues and placements. when one company buys another, but no new For more on the banking industry: investors, and the business/financial/economic www.insidecareers.co.uk/ban • Raising debt capital, by issuing company is created. analysis of companies, industry sectors, markets government and/or corporate bonds. and countries/regions. • Structuring new financial instruments and PROPRIETARY TRADING products, such as credit default swaps. This refers to when a bank trades on its MIDDLE OFFICE Investment banking performs an important • Providing expert corporate finance advice own account to generate in-house profit. Middle Office investment bank services political and economic function which is on the amount and type of finance to This may involve taking analytical positions include specialist activities like treasury, constantly under scrutiny. Those who tend to raise, syndication and underwriting, and within limits which are carefully calculated compliance with industry regulations and client succeed in investment banking are risk-aware, the optimal timing, terms and method of and controlled in order to prevent exposing mandates, and risk management. Capital flow cool under pressure, resourceful, innovative distribution, to ensure maximum take-up the bank to dangerous levels of risk. The monitoring ensures that that the firm doesn’t and level headed. London is Europe’s largest of a new issue to suit the needs of both growth of this activity in recent years has get into financial difficulty; this essential cash international banking centre, and it vies for the issuer and investors. Syndication required considerable focus on advanced risk management process feeds back into front global primacy with New York; its reputation involves the collaboration of several management measures, as the potential losses office activities by defining the scope and level attracts talent from all over the world. investment banks so that the risks can be significant and impactful. of permitted trading and investment risk. associated with a very large new issue are Participants play a key role in the business shared and underwritten between them. Governments, supranational agencies and BACK OFFICE world and the financial rewards for those who corporates all need access to substantial amounts There are multiple complex, time-critical are successful can be considerable, as it is one Two main areas of interest in investment of capital to finance social, scientific, technological operational activities that enable investment of the best paid areas in finance. However, the banking for graduates are typically Mergers & and environmental projects in infrastructure, banks to operate efficiently.