Efinancial 10 - 11

THE GRADUATE GUIDE TO FINDING
WORK IN THE FINANCIAL SECTOR
Careers in
Banking & Finance
2010/11
efinancialcareers.com/students
GETTING IN INVESTMENT BANKING FINANCIAL SERVICES EMPLOYERS
Careers in
Banking & Finance
2010/11
Getting in
The world at your feet ................................................................... 2
Graduate recruiter Q&A ................................................................ 6
Your CV . ..................................................................................... 10
Testing, testing ........................................................................... 12
Assessment centres . ................................................................. 14
Real interview questions ............................................................ 16
Careers in Banking & Finance
Investment banking interviews ................................................... 20
More global and more inside track. That’s
what’s different about Careers in Banking &
Finance 2010/11, our essential annual guide for Investment banking
students. Inside track? For this year’s ‘Getting
in’ section, we’ve gone straight to banking Mergers & acquisitions .............................................................. 22
insiders and brought their advice direct to you. Capital markets .......................................................................... 26
Global? It’s distributed more widely across Sales, trading & research . ......................................................... 30
Asia-Pacific as well as Europe, and offers more Electronic trading ....................................................................... 36
global information. Not sure if you want to work Compliance & risk management ............................................... 38
in the UK, Europe, the US or hot, hot, hot Asia- Operations ................................................................................. 42
Pac? This year’s guide addresses the global
context, the opportunities and the hot spots of
Financial services
banking and finance to help you decide.
We’ve also extended every sector article with Fund management & investment consulting.............................. 44
references, stats and examples from across Alternative investments .............................................................. 48
the globe. Interdealer broking ..................................................................... 50
Wealth management .................................................................. 52
The online Student Centre Corporate banking ..................................................................... 56
Careers in Banking & Finance 2010/11 is Global custody ........................................................................... 60
brought to you by eFinancialCareers.com, Data providers & rating agencies .............................................. 62
the leading global website for jobs and career IT in finance ................................................................................ 64
advice in the financial markets. Insurance ................................................................................... 66
In addition to the latest news and trends on Accounting ................................................................................. 68
graduate hiring and jobs, the online Student
Centre offers advice and information to help
Employers
students navigate their way into the highly
competitive world of financial services. Got Company profiles . ..................................................................... 72
a question about getting into the banks?
Visit Student Answers. Need to prepare for
Careers in Banking & Finance 2010/11
numeracy tests? Take our practice tests
is published by eFinancialCareers Ltd – www.efinancialcareers.com
online. Want to be sent the latest news and Project Manager: Janice Chalmers
opportunities for students? Register for the Designer: Valerio Italiano
Editor: Sarah Butcher
student newsletter.
Regional Editor: Paul Clarke
If you’re a student looking for your first Contributors: Nicole Degli Innocenti, Raymond Ma, Nic Paton
opportunity in finance or banking, this guide Sub-editors: Louis Pattison, Annabella Gabb
and the online Student Centre should be your

©2010 eFinancialCareers Ltd
first port of call. You’ll find our online Student No part of this publication may be reproduced without permission.
Centre at www.efinancialcareers.com/students
Careers in Banking and Finance 2010/11

1
The world at your feet

Six reasons why you should work in Europe,
Asia, or maybe even the US
I
nvestment banking is a truly global business. positions in equity, bond and commodities
There are not many other industries you can trading. It is also the biggest global centre
work in where you’ll regularly find yourself for the over-the-counter derivatives industry
talking to people in Asia in the morning, (40% of turnover), which drives broader
the Middle East at lunchtime, and the US in trading flows. Over 80% of the world’s hedge
the evening – assuming you’re working to funds are based in London. London has a
Greenwich Mean Time! well-developed infrastructure to support all
this activity, with an array of consultancy,
accounting, and legal firms. “Starting in a
Asia appears to be the regional major financial centre with the total breadth of
winner from the crisis. services on offer is a sensible career move,”
says Stuart Fraser, chairman of the City of
Huw van Steenis London Corporation.
Head of EMEA banks and financial
But where should your career begin? It will
research at Morgan Stanley
almost always be easier to apply for jobs in the 2. Time zone. Geographically, London and
continent you’ve been educated in. If you’ve Continental Europe are perfectly positioned
been educated in the UK, you should therefore between the US and Asia. They do business
be looking to Europe; if you’ve been educated with Hong Kong or Shanghai in the morning,
in Asia, look to Asia. That said, banks will and with New York or Boston in the afternoon.
usually accept applications from students in Bankers in Europe, therefore, have strong links
most geographic jurisdictions, and in financial with Europe and the US, but also with Asia and
services terms, it’s worth knowing what each the Middle East.
continent has going for it.
3. Capital markets growth. Historically,
companies in Continental Europe raised money
not by selling equity or debt, but by taking out
bank loans. This is changing. More Continental
European companies are seeking to raise
money through markets, leading to growth in
European capital markets revenues. “This is
a huge shift away from dependence on bank
borrowing,” says Fraser. “The crisis has shown
bank loans offer less certainty and flexibility than
the capital markets.”
4. Innovation. London in particular has

historically been an important centre for
developing new financial products, from
interest-rate derivatives to carbon permit trading
and Islamic finance.
Six reasons to start your 5. Money. Despite well-founded worries about

banking career in Europe harsh taxation and curbs on bankers’ bonuses,
bankers are still likely to earn more in London
1. London. London (still) ranks in joint first than elsewhere, as a study by recruitment
place with New York as the world’s leading specialist Selby Jennings shows. “Despite
financial centre, according to the Global the UK’s increasingly punitive tax regime, the
Financial Centres Index. London’s trading highest-paid bankers will still be significantly
floors account for the biggest share of foreign better off working in London,” says managing
exchange trading (34%), as well as leading director Adam Buck.

2
You don’t have to study finance
to make an impact.
Think everyone at Goldman Sachs has a financial degree? Think again. Whether you
study English or Engineering, you can make an impact here. What you do need are
the qualities that we look for in our people: leadership, motivation and a thirst for
knowledge. If this sounds like you, and you have an interest in the financial markets,
we have an interest in hearing from you. Learn how at gs.com/careers
Application Deadlines:
Fulltime: 24 October 2010
Summer Programme: 5 December 2010
Work Placement: 9 January 2011
Spring Programme: 9 January 2011
Please visit gs.com/careers to complete an online application.
Goldman Sachs is an equal opportunity employer. © The Goldman Sachs Group, Inc., 2010 All rights reserved.
6. Zurich, Geneva and elsewhere. firm Heidrick & Struggles. “Business has picked Brazil, India and South Africa, and using their
If you don’t want to work in London, you could up across the board and our clients need the expertise to drive financial innovation in the
always try some of Europe’s other financial capacity to execute their business. The bounce ‘new economies’. Asian, especially Chinese,
centres. Zurich and Geneva are specialised back has been tremendous.” companies will soon be among the world’s
in commodities trading and private banking – largest multinationals with a strong presence
and, increasingly, hedge funds. Luxembourg 5. Economic dynamism. At the time in all emerging markets, and this will create new
specialises in global custody. Edinburgh of writing, the US economy is growing faster financing needs at home and abroad.
specialises in fund management. Paris, than the European economy. Big infrastructure
Frankfurt and Milan are also important financial growth is expected, which will generate 4. State support. China’s State Council has
centres in their respective countries. business for investment banks. decreed that Shanghai must become a global
“There is an increasingly pressing need to financial centre by the year 2020. Hong Kong is
replace ageing energy infrastructure in the currently consolidating its position as
US,” says Huw van Steenis, head of EMEA a fast-growing regional centre and narrowing
banks and financial research at Morgan Stanley. the gap with London and New York. The
“Financing this new infrastructure and the Singapore government is actively building
underlying commodities flows will be highly on its status as a more open and cosmopolitan
attractive for banks.” financial centre.
6. A great foundation. Experience on 5. Deregulation. As the US and Europe

Wall Street is an invaluable addition to any CV, tighten regulations and threaten curbs on
and success in the competitive top league of remuneration and bonuses in the wake of
investment banking is a pretty good foundation the financial crisis, Asia is set to loosen
for a stellar career. the reins. China knows that a truly global
financial centre needs liberalisation of capital
flows and convertibility of the renminbi. When
that happens, capital inflows will massively
increase.
Six reasons to start your 6. Opportunities. The Asian financial

banking career in the US marketplace is hungry for skilled professionals.
“We have an open talent policy to attract the
1. Home to the big banks. Most leading best and brightest here,” says Florence Mok
investment banks (Goldman Sachs, Morgan Wai Cheng of the Financial Centre Development
Stanley, J.P. Morgan, Citigroup, BofA Merrill Department of the Monetary Authority of
Lynch) are American. All but BofA Merrill Lynch Singapore. “We have a broad and diverse
are headquartered in New York City. financial services industry and present myriad
opportunities for finance professionals who want
2. Increasingly home to foreign banks. to enter the Asian market.”
The dynamic US market is persuading foreign
banks, from Nomura to SocGen, to have big
growth plans in the US. Career opportunities Six reasons to start
are therefore flourishing, not just with local US your banking career in Asia
banks, but with European and Asian banks too.
1. Growth. Right now, Asia is where it’s at. Sign up for our
3. The buzz. The American market is the This is why HSBC chief executive Michael Student Newsletter
biggest and most developed market in the Geoghegan has left London and relocated to
world, and this isn’t going to change soon. Hong Kong, and why J.P. Morgan and others
for the latest
In the first quarter of 2010, the US generated are investing heavily. Maintaining Asia’s high banking & finance
53% of global IB revenue, up 11% on the growth rates will require constant investment in jobs and news.
same period of 2009, according to information infrastructure and productive capacity.
provider Dealogic. Sympathetic Mayor Michael
Bloomberg is determined to get New York 2. Intra-regional capital flows.
over the shock of the financial crisis and to Economic growth is also leading to the further
encourage the growth of a new generation of integration of Asian economies and increased
financial services companies. intra-regional capital flows. “Asia appears to
be the regional winner from the crisis,” says
4. Big opportunities. Starting your career van Steenis of Morgan Stanley. “Local-to-local
in New York means you’ll be closer to the power business has increased, and capital markets,
base. US banks are also hiring again. both debt and equity, have deepened.”
“The last few months have been the busiest
times I have known in my 15-year career,” 3. Emerging markets axis. Asia’s
says Alex Alcott, New York-based head of the financial centres are fostering close links
investment banking practice at executive search with fast-growing emerging markets like

5
Graduate Recruiter Q&A

Top banking recruiters answer your questions direct
O
n eFinancialCareers.com, we make their field; and flexibility – people who can adapt
it possible for students to put their to a fast-moving and dynamic environment, who
questions directly to banks’ graduate respond positively to change and uncertainty,
recruiters. Below, senior managers in graduate and thrive under pressure.
recruitment at Goldman Sachs, Morgan Stanley,
Credit Suisse and Nomura answer some of the
questions you have put so far. Q Can candidates who require
work permits apply for graduate
roles at Morgan Stanley? For
example, can a non-EU candidate
Your questions to: studying in France apply for a
Stephanie Ahrens position with Morgan Stanley
London?
EMEA head of firm-wide
graduate recruitment,
Morgan Stanley
A Absolutely. Subject to being able to fulfil
the UK work permit requirements, we
remain open to applications from anyone who
can demonstrate the required skill set to work in
investment banking, regardless of nationality.
Q What’s the number one reason

why student applicants are
rejected from Morgan Stanley?
Your questions to:
A The most basic error is lack of attention

to detail. Spelling mistakes or getting the
employer’s name wrong guarantees rejection,
Jane Eccles
Head of campus
marketing and events,
as do messy and unstructured applications.
Credit Suisse
Another major failing is that many applications
just fail to make an impact. Competition to get
onto our graduate programme is intense, so
it is important that applications stand out from
the crowd. Graduates can do this by clearly
articulating why they want to work at Morgan
Stanley and demonstrating that they have
Q If a candidate has a low mark
in a first degree, will it improve
their chances of receiving an offer if
researched us thoroughly and know what we they study an MSc?
are looking for, actively matching their skill sets
to our requirements and core values.
A Studying for a Masters is a personal
choice that you will need to make based
The most basic error [in applications] on your academic interest. Please bear in mind
that most of our programmes require a 2.1 or
is lack of attention to detail. above (or equivalent outside the UK).
Stephanie Ahrens
EMEA head of firm-wide graduate
recruitment, Morgan Stanley Q What are the three main
characteristics defining your
ideal graduate hire?
Q So if a candidate has a low
mark in a first degree is it
possible to start a career with an
investment bank? Are there any
A Integrity – we look for people who will

“do the right thing” and who will speak
up; entrepreneurship – people who will look for
appropriate positions available for
degree students with a lower grade?
Or should candidates be applying
and grasp new opportunities, take measured for additional courses if they wish to
and controlled risks and want to be leaders in start their career in IBD?

6
Sharp enough?
Get in touch
Cash Equities
Equity Derivatives
Asset Management
www.exane.com
PA R I S - L O N D O N - G E N E VA - F R A N K F U R T - M I L A N - Z U R I C H - B R U S S E L S - M A D R I D - N E W Y O R K - S I N G A P O R E
Morgan Stanley is an equal opportunity/affirmative action employer committed to workforce diversity. (M/F/D/V) © 2010 Morgan Stanley
Day 1: Introductions
Day 2: The World
The faster your career grows, the smaller the globe will seem.
At Morgan Stanley, solving complex challenges and fueling economic growth
across continents is what we do. On any given day, you might be facilitating
and underwriting transactions, or providing liquidity and capital for a growing
global economy. We offer you a structured path to success, which means you’ll
quickly gain unprecedented exposure to every aspect of the financial world.
Moreover, we’ll give you the opportunity to become involved in making a real
difference. And we’ll provide you with the training, mobility, and responsibility
to do it. If you have the perspective to face today’s global challenges, we’d
like to talk to you.
To find out more about career opportunities at Morgan Stanley and to hear from
recent hires visit: www.morganstanley.com/careers
A Areas of our Finance, Investment Banking

Operations and Information Technology
departments may accept a 2.2 grade, or
Academic achievement and work
experience are two key areas, of course,
equivalent, if you can demonstrate knowledge but we are also keen to see what else
of and a genuine interest in the department that students have been involved in.
you are applying for and an excellent record of
personal accomplishment. Sarah Harper
Head of recruiting, EMEA and India, Goldman Sachs
Q Do you have a preference

for Oxbridge and Ivy League
graduates? I know you may say all
deal of valuation and financial modelling work.
As the pace of opportunities is unpredictable,
you suggest some ways in which I
can enhance my CV, aside from the
degrees are equal, but are some a transaction can take seven days to seven obvious ‘doing an internship’ option?
more equal than others? months, which is part of the excitement of
A There is no preference shown to

graduates from specific universities. Last
the job. There are managers who ensure that
everyone’s workloads are balanced and diverse
during the course of the year, but there can be
A We look at all aspects of the application
when we are selecting candidates for
interview. Academic achievement and work
year we made hires from over 50 schools where some long weeks. However, with everything you experience are two key areas, of course, but we
we had no marketing presence. While some are learning and all the great experiences, you are also keen to see what else students have
areas of Information Technology, Fixed Income won’t even notice! been involved in. Being part of finance-related
and Equities require a specific degree, we societies at university helps demonstrate your
accept applications from all degree types.
Q I’m thinking of going into
investment banking, or into
management consulting. I’m a bit
interest in the industry, and any positions of
responsibility will give you great experiences
to highlight your potential. We are keen to hire
Your questions to: worried about investment banking self-starters, those who show they are hungry
Malcolm Horton as I suspect it will be under a lot of to learn and achieve new things. Being able
regulatory pressure in future. Is it to articulate in your cover letter why you are
Global head of
still a good industry to go into? applying to Goldman Sachs and the particular
recruiting and
divisions you are applying to as well as why you
programmes,
Nomura
A Banking, by design, has been one of the
most regulated industries in the world for
think we should hire you is also really important.
hundreds of years. The pace of growth, change

and innovation means that this will continue. Q Is it imperative to have
impeccable academics if I want
Q I’m studying history. Does

this mean I’m not eligible to
Banks and regulators are required to work
together in the interest of the public, which is
to apply to Goldman Sachs?
apply for a job in sales and trading?

Will I struggle with the maths that’s
required?
both a necessary and positive thing. The need
for efficient and effective financial services
will continue, which means the opportunity
A No. We look for well-rounded individuals
who have many different strings to their
bow. We do expect candidates to have strong
to come into this business, learn about every academics, but it is also very important that
A The degree itself is by no means the

sole predictor of your future success in
a markets role. The access to information and
aspect of financial services and value creation
will continue for many generations to come.
Investment banking is still unique in terms of
students experience other aspects of school
or student life. For example, joining a club or
society, being part of a sports team, or playing
technology that students have should allow how much you can see and do in such a short a musical instrument to a high standard can
you to get comfortable with the language and period of time. For people who are ambitious all demonstrate commitment, pro-activity,
basic concepts of sales and trading. Being to acquire more knowledge, take on high levels enthusiasm and a desire to improve, and
comfortable with numbers, figures and using of responsibility and make an impact on the broadens one’s thinking and skill set.
information to make decisions is key. The ability world around them, there is no other career that
to build relationships is also critical – so, having
a history degree will give you lots of interesting
things to talk about.
guarantees this and more.
Q What distinguishes a Goldman
Sachs graduate trainee from a
graduate trainee at other investment
Your questions to: banks?
Q I’m thinking of applying for

a position in M&A, but am
uncertain about the hours that I’ve
Sarah Harper
Head of recruiting, A In terms of Goldman Sachs analyst
classes, we hire people who are
heard are involved. Can you give me EMEA and India, bright, engaging, driven, entrepreneurial and
an idea what a working week for an
Goldman Sachs inquisitive. We look to hire people from a
M&A banker is like? wide variety of backgrounds who can bring
something different to the table. Recruiting the
A No week is the same. There will

be a combination of research on
products, industries or companies followed Q As a recent history graduate and
current economics postgraduate
best people we possibly can into the firm is a
top priority for us, and the most senior leaders
at Goldman Sachs are actively involved. I would
by contributing to marketing presentations on student, I am looking to get into the not be able to elaborate on other investment
business ideas and ultimately getting involved banking industry, and am particularly banks, given that I only have limited knowledge
with transactions. This stage can require a great interested in a research role. Can of their recruiting efforts.

9
Your CV
The subtle art of pitching yourself on paper
T
hree industry insiders – a top banking Work experience
graduate recruiter, a graduate recruitment 7 Good variety of experience – internships,
consultancy and a CV expert – review summer jobs and volunteering. But the
a real* CV selected from those submitted by chronology and relevance of these is not
students to efinancialcareers.com. clear. Irrelevant, less recent and short work
experience should be covered in less detail.
* Name, dates, locations etc. have been These can be elaborated on in an interview,
changed to protect the identity of the real should the interviewer ask for additional
student behind the CV. information.
8 George needs to follow the maxim “Sell,
Language(s) don’t Tell” – none of the entries here focus

1 Right word, wrong usage. Candidates enough on his achievements, but are mainly
should double check spelling corrections “task-driven”, making him sound like more
to ensure that the right message is being of a doer than an achiever. George also talks
communicated – e.g. ‘George’ has spelt in various places about what his team did,
‘Nationally’ correctly, but the word used but an employer is more interested at this
should be ‘Nationality’. stage in what the candidate did and how the
2 Typos. Errors like “a change to network” candidate can contribute to their organisation
instead of “a chance to network” give a very – again, this contributes to the impression
bad impression at the outset, and need to that George is not an achiever.
be fixed immediately. 9 The description of Capita work experience
3 In the Languages section, George lists his is well-written – it talks about actual actions
French skills as “Basic” – employers don’t and responsibilities. It would be even better
care about languages in which a candidate if the candidate linked these to some results
is not fluent, at least to business-level, so or outcomes. Same with volunteer work – the
this should be deleted. candidate talks about the action, but not the
result. The only time he mentions a result is
for some of the extra-curricular activity, which
actually helps those descriptions a lot.
[For extracurricular activities] we
look for examples of leadership or Extracurricular activities
achievement. Being a member is not 10 The student lists a lot of extracurricular
activities, but not all of them show leadership
enough – there needs to be more to it. roles or dedication. It’s better to list a few
things where something special has been
Lyle Andrews
achieved rather than a laundry list. We look
Head of graduate recruitment, UBS
for examples of leadership or achievement.
Being a member is not enough – there needs
Education to be more to it.
4 The student hasn’t listed his/her expected
graduation date. Format
5 Good data on A-levels – both subjects and 11 Clear bullet points that aren’t too long. Use of
grades received. Many students do not bullet points is good – this keeps sentences
include both, which is usually a hint that the short, and communicates information in a
grades weren’t good, or that the subjects concise way.
weren’t particularly relevant. 12 A CV should either appear on one or two
6 George has completed a gap year, but pages, not the current one-and-a-bit page
there is nothing on his CV to suggest he did format. It is likely the second page won’t
anything with that gap year. Ideally, there be read at all, given that it has just five
shouldn’t be any gaps on a graduate CV. lines on it.

10
Overall
There is no indication of what sort of business
ADDITIONAL SK
area this person is interested in, and no hints S ILL
Languages: English
: Native, French: Bas
LSE Soft Skill Ses ic 3
of motivation or drive to be in finance. sion 2010
Depending on what this candidate is looking HOBBIES AND IN

TE RESTS
• Aerobiking, Gym
for, he has an average to good CV – he , Po ker, Tropical Fish K
eep ing, Weight Training
would definitely be considered for a Middle
Office role, given his previous experience.
Front Office would be out of his reach due
to lack of previous experience, unless he
proved to be exceptional in interview.
Evidence of a story or narrative in a CV is
good – links into a goal, or themes around
activities help to give a fuller picture of an 12
applicant. This helps the recruiter to get a
better understanding of the student.
GEORGE WE BBER
24 Oxford Road, Bla
ckheath, London,
Date of Birth: 07.03. SE3 9JZ
Home: 020 8856 123 88, Nationally: Bri
4 • Mobile: 07794 tish 1
567 890 • E-mail:
EDUCATION geo rgewebber2010@hot
mail.com
University Colleg
e London
BSc Accounting and 4
Finance, Expected
• Courses includes result 2:1
advanced Financial Sept 2007 – Presen
oeconomics, Organi Accounting, advanc t
sational Behaviour ed Managerial Acc
Hogarth School, and Theory ounting, advanced
Muswell Hill, Lon Corporate Finance,
don Macr-
Advanced Levels: 6
GCSE: Mathematics (A),
Chemistry (A), Bio Sept 1999 – June
10 A* - C grades, logy (A) 2006
including: English
WORK EXPIERE (A), English Literatu
NCE 7 re (A) and Science
Administrator, He (AA) 5
rron Financial Reg
• As a member of istrars, Kingston
an eight person team
dends and share pur , I organised votes
chase. for the National Gri June 2009 – July
• Structured and d AGM and the adm 2009
tested the Standard inistration for the
Lif e lett er templates for shareh divi-
Barclays Wealth
Insight Day olders and respons
• Accepted onto ible for accuracy and
the Barclays Private formatting.
• Various presentati Banking Insight Day
ons on the work of . 2 Aug 2009 – Aug 200
• Group exercises Barclays Wealth and 9
where a team of 5 a change to netwo
Volunteer, EHarm had to prepare a pre rk with the Private
ony International sentation in 25 min Bankers.
, London ute s and pre sent out solution to
• Developed an ext the case study.
11 • Researched pot ensive marketing and fund raising campai
ential donors (charit gn for educational July 2008 – Aug 200
• Sold carbon aud able organisation and and environmenta
l projects. 8
its to businesses in trusts) to see if our
Spring Intern, Leh London and raised organisation was elig
man Brothers, Lon public awareness of ible for funding.
• Worked in the Cap don the need to reduce
one’s carbon footpri
ital Markets Divisio nt.
• Researched the n with the Events
public image of key Driven Trading des Apr 2008 – Apr 200
• Prepared presen firms in the commu k. 8
tations on specific nications industry
Cashier, Capita Ca industries and presen and presented my
ted to senior memb findings to my team
sh Management, ers of the team .
• Part of a twelve London 9 . 8
person team trusted
• Corrected errors to handle up to £50
in client calculation 0,000 and input dat Mar 2007 – Mar
• Worked with ma s and subsequently a into their in-hous 2008
nagement to improv issued customers wit e database.
cent. e efficiency and pro h the correct vouche
ductivity within the rs.
Summer Intern, Leh department increa
sing productivity by
man Brothers, Lon 15 per
• As a member of don
a six person team
these figure to trad in Product Control
ers in the capital ma , my role was to validate the Jul y 2007 – Aug 200
• Compiled spread rkets. daily trading revenu 7
sheets for legal exp e data and reported
• Worked under a enses for the month
time constraint to -end reports.
create a standardise
d spread sheet for
EXTRA CURRIC the month-end rep
ULAR ACTIVITI orts.
UCL Student Me
ntor:
ES 10
• For two years, I
was responsible for
and how to settle into the initial well-being
university life. of six first-year stud Oct 2008 – June 201
UCL Accounting ents. Offering guidan 0
and Finance Class ce on academic adv
• Acted as a represe Rep resentative: ice
ntative for my pee
within the departm rs, voicing sugges
ent. tions and recomme Oct 2007 – June 200
Sponsorship team ndations to senior 9
members of staff and
• My role was to
for the UCL Timeles
s Cultural Show:
lecturers Our thanks to:
secure funding, thro
from a single sponso ugh sponsorship from Lyle Andrews
r which was beyond businesses and oth Oct 2007 – June 200
Member of the Ho our expectations. er organisations. We 8
garth Debating Soc managed to raise £80
• Participated in iety: 00 Head of graduate recruitment, UBS
numerous debating
in the 2006 Nation competitions, thro The Graduate Team
al Debating Matter ugh my contributio Sept 2005 – June
s Competition. ns we were succes 2006
Founding member sful in reaching the
of the Fair Trade semi-finals Cornell partnership graduate recruitment
• After co-foundi Or ganisation:
ng the organisation,
• Organised awaren I took part in a var consultancy
ess sessions for you iety of charity work Sept 2004 – June
nger students, increa and fund-raising for 2006
sing their participat an international cha
ion and appreciation rity. Claire Crichton
of People and Planet
.
CV consultant, ResumeRebrand.com

11
Testing, Testing
The inside track on… psychometric, numerical
and verbal reasoning tests
F
The author is a junior ear not! As someone who’s been through that the Y column was in fact cumulative.
banker who aced a the psychometric tests successfully on The hardest element of the online tests is time.
barrage of psychometric tests several occasions, I can tell you that they Move quickly, but accurately. Don’t spend
and is currently working in a aren’t as bad as they seem. However, they are five minutes on one question – make an
sales role at a leading US bank to be taken seriously: failure to perform well will astute guess and carry on. Ensure you’ve got
in London. mean you won’t make it through to interview. everything you need to hand. Have scrap paper,
After you’ve made your initial application an open Excel spreadsheet, and a calculator.
(whether by filling in an application form, or Take the exam when you’re sharp and in a quiet
sending in a CV), you’re likely to encounter place. And whatever you do, DON’T miss the
psychometric tests in the following contexts... deadline. You will often receive an email with
a link directing you to a test site, asking you to
a. Tests for the best candidates. complete it in five business days.
Based on information in the application, some If you’re invited in for interview, you’ll probably
banks will ask the best candidates to sit an also come across in-house numerical tests.
online numerical test. Candidates who pass Beware – they’re harder than the online tests,
this test are then asked to take an online verbal often touching on bond maths, differentiation,
reasoning test. Candidates who pass this too and interest calculations. Ask HR if the in-house
will be invited to an interview where they may be tests get harder as they progress – if they do,
asked to sit yet more – you guessed it – tests! make sure you get the easy ones right.
For our online practice tests, go to
efinancialcareers.com/numericaltests
Numerical tests are designed to
catch out people who do not read Verbal reasoning test tips
the question properly. Verbal reasoning tests are all about attention to
detail. Banks want to see that, within a limited
b. Tests for all candidates. Some banks time frame and in a pressurised environment,
will expect all candidates to sit a numerical test you can read, digest and disseminate accurate
as part of the application process. Candidates information. You’re usually provided with a
who perform well will be invited to sit a verbal passage of information and required to evaluate
reasoning test, and those who perform well in a set of statements by stating if each is:
this will be invited to interview.
a. True (Does it follow logically from the
c. Tests for candidates who make information or opinions contained in the
it to interview. Some banks only subject passage?)
candidates to tests at interview stage, so don’t
be disappointed if you don’t encounter them b. False (Is it logically false based on
online initially! information or opinions contained in the
passage?)
Numerical test tips
Online numerical tests usually centre around c. Cannot say (Based on the passage, are
simple addition and subtraction, percentages, you unable to determine whether the statement
compound interest, graph reading, analysing is true or false without further information?)
tables and problem-solving.
They are often designed to catch out people Practice helps, but the key is to make sure you
who don’t read the question properly. For read the statement carefully, and understand
example, you may see a simple XY graph where what it’s actually saying. Don’t allow these tests
X is Year 1, Year 2, etc and Y is a numerical to become an issue. Our business thrives on
statistic. The question asks what the Y figure in attention to detail and being able to maintain a
Year 3 was. Unsuspecting candidates may jump high standard under pressure. This is what the
to the graph and quickly tick an answer, missing tests are testing!

12
Working to improve the future.
Join the EIB
The EIB, as the Bank of the European Union, is dedicated to improving the
future of people’s lives in Europe and around the world. It achieves its goals
thanks to a diverse and highly qualified workforce, motivated to support
the financing of sound investment projects that deliver tangible results.
Join the European Investment Bank
www.eib.org/jobs
Assessment Centres
More tests, interviews, role plays
and then – a job?
A
The assessor is a n assessor and an assessment centre to analyse. Don’t just regurgitate figures and
senior capital markets ‘survivor’ share their perspectives on statistics; show that you can think.
professional at a European what tests and trials to expect from an
bank in London. assessment centre... A group exercise. This will usually be in
the form of either a business case study or a
The assessor ‘treasure hunt’ scenario. This is one of the most
All graduate assessment centres, irrespective important parts of the assessment centre. The
of the specific role you have applied for, or key here is to participate, not dominate. Don’t
institution type (investment bank, hedge fund, try to control the proceedings; don’t stay in the
trading house or even a commercial bank), are background. Find the middle ground and drive
run along broadly similar lines. Be prepared for: the group forwards – insist that decisions are
intelligently made and move on.
The group exercise is one of
the most important parts of the A test. This might be a numerical or verbal
reasoning test. If you have applied for a trading
assessment centre. The key here is role you may well be tested on some form of
to participate, not dominate. trading simulator, too.
Another interview. At least one interview A drinks and networking event. At the
is inevitable; three separate 30-45 minute end of the day, most banks will provide some
interviews are not unheard of. snacks and drinks. If you are applying for a
sales or broking role, this could be the most
A presentation. You’ll be given some facts important part of the day – banks will want to
or figures and asked to make a presentation see that you are sociable and able to form
around them. This will be followed by a general relationships. Don’t drink all the free alcohol
grilling from a number of interviewers. If you and demonstrate the drinking prowess you’ve
want to do well in the presentation, you’ll need developed during university life!
The candidate is a and asked to build a society. The key working in groups of two for 10 minutes in
former student who to success in this exercise was to make order to analyse each different company, and
successfully completed an several assumptions at the start that would then made a presentation back to the group
assessment centre to land a clarify the situation. For example, were we on the relative strengths and weaknesses of
job in M&A at a leading bank building a society on a desert island or in each company under consideration. Attention
in London. a city? We had 20 minutes to discuss, and to detail was crucial – for example, one of the
made a presentation to the assessors at the companies had a best-selling bike, but it had
end. Since we were put into relatively large failed to pass a safety test.
T
he assessment centre I attended at an groups of eight, it was necessary to speak I managed to survive the elimination of half
investment bank in London ran from up and voice your opinion clearly. Successful the candidates at lunchtime, and in the
9am to 4pm. Twenty-four candidates candidates try to make a logical attempt to afternoon there was a round of interviews.
started the day, but only 12 finished: after a tackle the problem. They weren’t nearly as technical as I’d
morning session comprising a numerical test The second exercise took place after a expected them to be, and were based
and two group exercises, half the attendees 10-minute tea break and was much more largely around fit and competency. What
were eliminated! business focused. The group of eight was they seemed most interested in was why I
The first group exercise was very interesting. asked to analyse four different firms and wanted to work in M&A, and why at that bank
We were given a selection of different suggest one of them as a potential merger or in particular. They were really friendly and
occupations (teacher, investment banker, acquisition target for the fictitious company genuinely seemed to want to find out what I
cosmetic surgeon, farmer, lawyer, etc) the candidates worked for. We started out by was like!

14
Real Interview Questions

Tricky – and trick – questions candidates
have faced
F
ellow students from around the globe Credit Suisse
have been sharing the questions they’ve Product control (internship)
faced at interviews via our online Student • What do you know about product control?
Centre. Here’s our pick of the best, arranged in • Explain how to perform the following Excel
alphabetical order of bank. We can’t vouch for functions – Lookup, If, Sumif, Pivot Tables, etc).
their authenticity, but hope they’ll prove a useful • What is a ‘swap’?
resource for anyone aiming for an entry-level • Where does product controller fit (in the
position in an investment bank. process drawn by the interviewer) and what
does this function entail? At which points
Barclays Capital could possible errors arise?
Sales (internship)
• How well would you rate yourself at sales, Deutsche Bank
from one to ten? Private wealth management
• It’s Christmas and I’m looking for presents. (graduate)
Sell me an Easter egg. • Who would you say are our main competitors,
• How many petrol stations are there in the specific to PWM?
USA? • What skills make you suited to a position in
• What is the square root of 79? PWM?
• How would you persuade a team that the
decisions they are making are wrong?
Never go to an interview without Goldman Sachs

some questions for your interviewer IBD (graduate)
up your sleeve. • Is there anything about your work or studies
that you haven’t enjoyed?
Sarah Butcher • Tell me about a time when you’ve disagreed
Editor, efinancialcareers.com Debt capital markets (graduate) with team members.
• Tell me about a time when you had to take • Tell me about a time when you worked with
a risk. someone to achieve a common goal. What
• Why do you want to become a ‘greedy’ was the result?
banker?
Operations (graduate)
Citigroup • Why GS?
Global markets, sales and trading • Why a career in investment banking?
(internship) • Tell us about a time when you had to work to
• There is a chessboard with 1 grain of rice on a tight deadline but didn’t make it…
the first square, 2 on the 2nd, then 4, 8, 16,
32… up until the last square. If I add up all IBD (internship)
the grains of rice on the chessboard, what • Give me an example of a time when you have
is the last digit of this sum? So for example personally failed.
if the sum was 127, then the answer would • How many people in the US own tennis balls?
be 7.
• Give me an example of when you had to think J.P. Morgan
outside the box to solve a problem. Financial analyst (graduate)
• How do you keep informed about the
Investment Banking (IBD) (internship) financial markets?
• what is 100 divided by 12.5 (no paper)? • What do you know about the role of a
If a company has cash flows of –50, 0, +50 financial analyst?
billion, what is its rough value? • Why are you interested in the financial analyst
• Why IBD and not, say, consulting? programme?

16
Independent Thinking on a Global Scale
Lazard is a premier financial services firm committed to excellence, independence, intellectual rigour,
integrity and creativity for our clients on a global scale.
Lazard, one of the world's preeminent financial advisory and relationships with business leaders and decision makers
asset management firms, operates from 40 cities across 26 around the world. Our intellectual capital is our strongest asset.
countries in North America, Europe, Asia, Australia, Central and The superior intellect, enterprise, and commitment to excellence
South America. With origins dating back to 1848, the firm of our team guide everything we do.
provides advice on mergers and acquisitions, strategic matters,
restructuring and capital structure, capital raising and corporate We are recruiting summer interns and full-time analysts to start in
finance, as well as asset management services to corporations, 2011. You will possess a passion for business and a genuine
partnerships, institutions, governments, and individuals. interest in investment banking, along with well-developed
interpersonal skills and a sense of individualism and identity. A
We are an independent firm, free of the conflicts that can arise strong academic track record is a must. Most importantly, we
at other financial institutions, and we maintain long-standing want individuals with the commitment and flair to succeed
within our organisation.
Apply online today at www.lazard.com/apply

Please direct all enquiries to Shelley Chappell at
shelley.chappell@lazard.com or 020 7187 2215.
IBD (graduate)
• How do you respond to change?
• You are advising a CEO on a possible Tell me about a time when you
merger. However, you do not believe that the received unfair criticism. Why did you
merger will be good value. The CEO tells you
that he is only doing it to improve his status
think it was unfair, and how did you
and that he will be gone in a few years’ time. react?
What do you do?
• What’s 12 divided by five? What’s 11 divided
by nine?
Equities (graduate) Equitt research (Grad)
Operations (graduate) • What have you done to prepare for this • Why do you think you will be able to research
• Who do you see as a role model? Can you interview? companies in Europe when you are from the
give me an example of someone you think • Can you describe a situation in which you US? What sort of credibility can you have if
has huge influence in the world? worked as a member of a team to achieve a you don’t know the culture?
goal? • Why did you go to University A instead of
Trading (internship) • When have you shown initiative by doing University B?
• How many barrels of oil does OPEC produce something original to solve a problem?
a day? • What is your greatest achievement and why? IBD (graduate)
• Give an example of a time when you showed • Do you have any questions? • What makes you think you’d be good at
leadership skills. the transactional work of a junior investment
• What is Greece’s budget deficit? RBS banker, but also able to operate as a
Global restructuring group (graduate) salesman as you progress in your career?
Credit Risk (graduate) • Emerging Markets have different • Have you truly considered the lifestyle and
• Would you rather be respected or respectful? challenges and opportunities to first- work environment of an investment banker?
• Describe a risky situation you’ve been in. world economies and countries. With the
• Tell us something you read about recently current economic pressures and global Sales and trading (internship)
in the financial press that you found of realities in mind, what do you regard as an • Do you prefer sales or trading?
interest. unrealised opportunity and/or unidentified • How will you allocate a fund of money?
risk associated with financial institutions
Morgan Stanley operating within emerging markets? Wealth management (graduate)
Equity research (graduate) • How would you explain volatility to
• Tell us about yourself. Global markets sales (graduate) a customer?
• Why so interested in equity research? • How did you research the bank? • What financial markets do you know?
• What’s the biggest challenge that you’ve • Tell us about a time when you had to • Can you give us a market wrap-up?
faced so far? convince people to agree with your view.
• Do you like music? What instrument do • What do you know about the bank?
you play? • What do you like about the bank?
• Do you invest in stocks? If so, which
and why? Corporate banking (graduate)
Visit our online
• How do you value stocks? • What do you expect from banking, other than
• Is RFID a disruptive technology? How do a prosperous career? Student Centre to
you define ‘disruptive technology’? • Which qualities do you have which you post your banking
think would make you fit the position you’ve
Nomura applied for?
interview questions
Global markets (internship) • How will you benefit from RBS and how do and answers – and
• Do you agree with the thinking that in a you think the bank will benefit from you? to check out the
positive economic environment the yen
would be likely to appreciate against Sales and trading (internship)
latest questions
the dollar? • Tomorrow the ECB is meeting. If you expect asked by the banks.
• What is ‘contango’ and ‘backwardation’? rising short-term interest rates, what kind of
• What do you know about Nomura? zero-duration structure could you advise to
• If you end up working long hours and your clients, and how do you calculate P&L for
manager has no time for you, as he thinks this structure?
you’re a burden, how would you cope • If I were a pension fund manager, what would
with this? you tell me if you were selling a structured
portfolio strategy?
DCM (graduate)
• Tell me about a time when you received unfair UBS
criticism. Why did you think it was unfair, and DCM (internship)
how did you react? • Can you draw me a typical yield curve
• Tell me about a time when you had to go out for a bond?
of your comfort zone. • Who pays for the US deficit?

19
Investment Banking
Interviews
The top 10 questions to prep
H
The author, Hazel ere, an industry insider gives her take • Debt is often secured on the company’s
Scofield, is founder on the top 10 questions you must be assets; equity is unsecured.
of Smith Howard, an able to answer before going for an • If a company becomes insolvent, debt ranks
independent graduate interview in investment banking. higher than equity.
recruitment consultancy,
and was previously an 1. What is corporate finance? 6. Choose an industry. What are the
M&A analyst at a leading Corporate finance hirers will expect a basic drivers and current trends in this
independent investment understanding of finance and the corporate industry?
bank in London. finance industry. Corporate finance is the Make sure you have a couple of industries
advisory service that assists companies in that you can talk about – my tip is to choose a
raising capital and acquiring and disposing of consumer-type industry to which you have had
businesses. It includes divisions referred to as exposure. Think about how a business in that
M&A, ECM and DCM, and Corporate Broking. sector makes money and where it pays out
costs. Then think about how a combination of
2. What work is carried out in two businesses in that sector might enable them
corporate finance? to make even more money and reduce costs.
• Pitching – presenting to potential clients.
• Advisory – providing financial and strategic 7. Tell me about a recent deal you’ve
advice. read about…
• Project management – managing the deal Study at least one deal in depth. Find out the
team of lawyers, accountants and PR. timeline of the deal. If you have selected a
deal involving a public company, make sure
3. What do you think you will be doing you check how the share price has moved
as an analyst? and what premium the acquirer paid. Most
As an analyst you will help the senior bankers importantly, look into the strategic rationale for
put together presentations for existing and the transaction.
potential clients. Initially you will be responsible
for company and sector research, but you 8. Why do you wish to pursue a
will quickly be required to carry out financial career in corporate finance?
analysis and ultimately complete whole Most corporate financiers are motivated by
company valuations. ‘doing the deal’ and not by the money, so
definitely bear this in mind. The better answers
Most corporate financiers are motivated I hear include an interest in the strategy of
by ‘doing the deal’ and not by the companies and the public markets along with
a desire to have a job that requires you to keep
money, so definitely bear this in mind. learning throughout your career.
Hazel Scofield
9. Why did you apply to this
Graduate recruitment consultant,
Smith Howard 4. How do you value a company? organisation?
The key to pitching and advisory is valuation. Be Here, you have to understand the organisation’s
prepared to explain how the following valuation strategic positioning and their culture. Think
techniques work – discounted cash flow (DCF); about your skills and personality and the
comparable companies analysis; comparable reasons why you think you would succeed in
transaction analysis. this organisation.
5. What are the main differences 10. Have you any questions for me?
between debt and equity funding? Have a few genuine questions prepared
• Equity confers ownership; debt does not. that will help you in your career choice and
• Debt is always repaid; equity is generally to understand the organisation you are
never repaid. interviewing with.

20
© UBS 2010. All rights reserved.
Want a fulfilling
career that rewards energy and fresh
thinking? That’s what we want too.
Looking for a career where your
ideas could really make a difference?
UBS’s Graduate Programme and
internships are a chance for you to
experience for yourself what it’s
like to be part of a global team that
rewards your input and believes in
succeeding together. Wherever you
are in your academic career, make
your future a part of ours by visiting
www.ubs.com/graduates.
UBS is an Equal Opportunity Employer. We

respect and seek to empower each individual
and the diverse cultures, perspectives, skills
and experiences within our workforce.
www.ubs.com/graduates
Mergers & The most competitive division

of investment banking
acquisitions Long hours, speadsheets and

number-crunching at the junior
level
The international jet-set of Senior bankers build
investment banking relationships with clients
B
ecause of its reputation as the more Key players
How hot glamorous side of the investment On the global stage, the big US investment
banking industry, mergers and banks dominate the top five spots in the 2009
Art08 Mergers &
Money acquisitions (M&A) is one of the most advisor rankings. The highest ranked European
acquisitions
competitive sectors to break into. player was Credit Suisse, followed by UBS and
Kudos As the name suggests, M&A teams in Barclays Capital.
investment banks advise client companies
Opportunities on mergers (where two companies join up as Roles and career paths
equals) and acquisitions (where one firm takes There’s a relatively straight route up the career
over part or all of another). ladder in M&A. You start out at analyst level,
Big investment banks aren’t interested in small- move up to associate, then vice president,
fry M&A deals. They only start to get involved at director and managing director – although the
How hot the mid-market level, with transactions that are job titles may vary depending upon the bank
Art09worth
Capital
at least US$100m. At the upper end, the you work for. Within those roles you have a
Money deals can be worth billions. chance to focus on a particular sector – for
markets
example, consumer, financials, oil and gas
Kudos
or media and telecommunications.
The hours can be very long and the
Opportunities
The more senior you get in M&A banking,
workload is often intense, but despite the more you’ll get to deal face-to-face
with clients. At the junior level, you may be
these pressures it is integral that your fortunate to attend a few client meetings with
work remains accurate. more senior bankers, but mainly you’ll be
focused on complex financial modelling and
How hot
Angela Hu research to put together ‘pitchbooks’ for the
Money Art10 Sales,
Executive director and junior resources bank. This is the document a firm will use to
manager, J.P. Morgan Asia-Pacific
trading &
A career in M&A demands considerable outline its ideas on which companies a client
commitment. M&A bankers advise their should be buying, or which it should be
Kudos research
clients at what are often stressful and critically selling to.
Opportunities important periods in a company’s lifetime. “Many of an analyst’s key tasks will include
They must therefore make themselves available financial analysis – for example, building
whenever the client needs them – even if a financial model, valuing a company or
it’s the weekend, their summer holiday or benchmarking a company against others,”
Christmas Day. says Anne Perez, executive director, IBD
How hot Junior bankers will work long hours and at Goldman Sachs.
can expect to be busy assembling the It’s only later that you step away from the
Money Art11required
Electronic
financial information and legal number crunching, she adds.
Trading
documentation late into the night when
Kudos the job demands.
Global M&A all advisor rankings 2009
“Within investment banking, M&A
Opportunities is often seen as the more demanding All Advisor Parent Deal value ($USbn) No. deals
and complex discipline,” says Angela 1. Goldman Sachs 662 282

Hu, executive director and junior 2. Morgan Stanley 622 296
resources manager at investment 3. J.P. Morgan 583 318
bank J.P. Morgan Asia-Pacific. 4. Citi 445 209
How hot 5. BofA Merrill Lynch 381 211
“The hours can be very long and
6. Credit Suisse 341 229
Money Art12theCompliance
workload is often intense, but
7. UBS 316 234
despite these pressures it is integral
& Risk– especially
Manage- at the analyst level, which 8. Barclays Capital 299 90
Kudos
mentrequires a lot of financial modelling 9. Lazard 294 202
10. Deutsche Bank 292 222
Opportunities – that your work remains accurate.”
Source: Dealogic.

22
Leading in financial advice, worldwide
Leading international advisor
Ownership and banker stability
Relationship-driven perspective
Robust, objective advice
Creativity and rigour
To apply for our Graduate Programme, Summer Internship Programme or

Long Term Internship Programme, please submit your online application form at
www.rothschild.com/careers
OPPORTUNITY
NEVER SLEEPS.
In Paris, after a hard day studying, Jen’s At any moment, someone in our global
finally ready to rest. Six time zones away, firm is opening new markets. Someone’s
in New York, Lisa – Jen’s future mentor – closing deals. Someone’s gaining skills to
is shaking hands on funding for an pass on to the next generation. A career
irrigation project in Western Africa. with us is full of variety and challenge.
Meanwhile, half a world away, Investment Because Jen isn’t working for us yet, but
Banking Associate Rajid is returning we’ve already been working for her. That’s
from a meeting with government officials why, at Citi, opportunity never sleeps.
in Kazakhstan. oncampus.citi.com
Opportunities in: Investment Banking, Capital Markets Origination, Sales & Trading,
Global Transaction Services, Private Bank, Risk Management, Human Resources,
Operations and Technology
Application deadlines:
Full Time Analyst Programme 7th November 2010
Summer Analyst Programme 2nd January 2011
©2010 Citibank, N.A. All rights reserved. Authorized and regulated by the Financial Services Authority. Citi and Arc Design is a trademark and service mark of Citigroup Inc., used and registered throughout the world.
Citi, Citi Never Sleeps, and Arc Design are service marks of Citigroup or Citibank, N.A. Citi is an equal opportunities employer.
“A key difference between an analyst and an Skills sought “You need to have a reasonable degree of
associate is that the associate will take more Given that you’ll be working on complex financial comfort with numbers, be prepared to work hard,
ownership of the project. Typically, associates models for valuing companies and piecing have an appetite to learn, and be prepared to
can take on more projects because they will together presentations to clients, numerical work as part of a team. You will also need good
not always be doing the tasks themselves, and analytical skills are essential. Additional social skills and flexibility. Often in M&A you need
but they will oversee the work and take languages are valued for working with overseas to be a jack of all trades, so we generally look for
responsibility for it.” clients, as are stamina and attention to detail. people with diverse interests and skills.”
“In order to be successful long-term,
Pay and bonuses a junior professional should also strive
Average global investment bank pay 2009 ($USk)
Government crackdowns on investment to understand the big picture of every
banking bonuses – which would traditionally transaction they work on. This is crucial Role Base Bonus Change*
comprise the largest proportion of overall for M&A because of the strategic nature 1st year analyst 80-90 40-60 25%
compensation – have dominated headlines for of deals. It is also important to learn 2nd year analyst 90-100 60-80 30%
some time now. Many banks mitigated against about the legal and regulatory issues 3rd year analyst 100-110 60-80 30%
this by increasing base pay, as well as tying pertinent to the jurisdiction that the 1st year associate 110-120 80-120 25%
bonuses more closely to performance, which professional works in,” says Elizabeth 2nd year associate 120-130 150-180 30%
means longer deferrals, a greater percentage Wang, COO of investment banking at 3rd year associate 130-140 180-225 30%
being paid in stock and the potential for the firm Morgan Stanley Asia-Pacific. Vice-president 150-200 350-500 35%
Director 200-250 500-700 30%
to ‘claw back’ payments if a predefined return Jan Skarbek, deputy head of UK
Managing director 300-400 1,200-1,600 35%
on equity is not met. investment banking at Citigroup, adds:
*Change measured as a percentage increase on 2008 bonus figure.
Source: Options Group Intelligence Unit. Figures are a global average.
Tim Colson
Graduate analyst, M&A advisory, Barclays Capital
Tim graduated from the University of Western Ontario in 2008 with a degree in
business and finance. He joined the Barclays Capital Graduate Programme in
M&A in September 2009.
Why did you choose M&A?
At university I rowed for Canada, but unfortunately a broken rib forced me to
withdraw from the selection process for the Beijing Olympics. I spent that summer
thinking about life after rowing. I wanted a career that challenged and fulfilled me
in the same way that competitive sport did; which demanded hard work, complete
commitment and determination, and was also fast-paced and competitive.
What has it been like so far?
It is an exciting time to be in M&A as, following our
acquisition of Lehman Brothers’ US business in 2008,
we have been expanding our advisory business globally.
The programme started with a classroom-based period I get to meet clients – pitching
alongside graduates from other divisions in Europe and a new deal is the adrenalin-
Asia. It was a great opportunity to get to know a lot of
people, as well as getting up to speed with everything I fuelled thrill an investment
needed to know before joining my team. banker lives for!
What are the main elements of your job?
There is a great deal of background work that can range
from mundane fact-checking to complex leveraged
buy-out analysis. I do a lot of chasing down relevant
information and documentation, which allows me to work
with many different departments. And, of course, I get to meet clients – pitching
a new deal is the adrenalin-fuelled thrill an investment banker lives for!
What have you been working on today?
I am currently working on an energy deal in the Middle East with a new client. As
it is in its initial stages, I have spent most of today liaising with compliance and
the client to ensure we have the required documentation for the rigorous internal
client screening processes. This evening I will further refine the ‘teaser’ document
which we will send to potential investors for our sell-side mandate.
What makes you good at your job?
You need to be good at research and analysis, able to assimilate enormous
amounts of data and summarise these into the ‘story’. You also need to be able to
think laterally and be able to put yourself in the client’s shoes.

25
Capital markets DCM bankers help clients issue

bonds (tradable debt) and
related derivative products
Where financial products are born
How hot ECM bankers assist companies
Art08 Mergers & to raise money by issuing shares
Money and related products
acquisitions
Ideal for team players with
Kudos excellent sales skills
Opportunities
B
efore financial products are traded, Financial products that have been created
How hot they must be created. And it’s the ‘pink- by capital markets bankers in the so-called
collared’ bankers in the capital markets ‘primary markets’ go on to be bought and
Art09divisions
Capital
Money of investment banks who work on the sold by banks’ salespeople and traders in the
markets
production line creating them. secondary markets (for more on how this works,
Kudos Equity capital markets (ECM) bankers help see our section on sales, trading and research
companies raise money by issuing shares and on page 30).
Opportunities related derivative products, which are sold
to investors. They act as ‘underwriters’ in the Roles and career paths
process, meaning that, in exchange for a fee, As banks are essentially offering similar
they guarantee that they will sell the shares the services, they have to convince clients that
company is issuing for a certain price. If they their firm is the one to use. So before new
How hot can’t find enough people to buy the shares at equity or debt-related products can be created,
Money Art10theSales,
price that they’ve agreed with the client, deal ‘originators’ are deployed to bring in new
the bank is obliged to buy the shares itself. business.
trading & However, you’re unlikely to become an
Kudos research origination specialist – someone who spends a
Communication
Opportunities is critical to be lot of time meeting clients to gain an insight into
their financing needs – until you’ve worked in
able to give potential issuers a clear capital markets for some time.
view on market activity and investor As a junior capital markets professional,
sentiment. you’re more likely to be involved in structuring

the products so that they meet the client
How hot
company’s financing needs and are compelling
Simon Ollerenshaw Art11Debt
Electronic
capital markets (DCM), meanwhile, for investors, or in the syndication process
Money
Managing director, equity capital
markets, Barclays Capital
Trading
deal with saleable units of debt in the form (preparing for the sale of finished products to
Kudos of bonds. Bonds come in all shapes and investors).
sizes, including treasury bonds issued by These days, it’s often not sufficient to specialise
Opportunities governments (the least likely to default), solely in equity or bonds. Banks such as
investment grade bonds issued by companies Morgan Stanley, J.P. Morgan, Citigroup and UBS
(not too likely to default) and so-called ‘high- have combined their equity and debt origination
yield bonds’ (more likely to default, therefore businesses, so it helps to have a good
paying a higher rate of return). understanding of both sides of the coin.
How hot DCM is also called the ‘fixed-income
market’. This is because bonds Global ECM bookrunner volume rankings 2009 (US$m)
Money Art12typically
Compliance
pay a fixed amount of money
Bookrunner Current Value No. % share
& Riskin interest
Manage- until their redemption date
Kudos 1. J.P. Morgan 97,661 393 10.9
ment(i.e. when the original issuer has to 2. Goldman Sachs 79,112 271 8.8
pay back the amount of money on the
Opportunities bond to the bond owner at that time).
3. Morgan Stanley 73,560 291 8.2
4. BofA Merrill Lynch 71,228 304 7.9
For example, a bond worth €100 might
5. UBS 63,683 275 7.1
pay out €10 a year, making the interest
rate 10%.
Global DCM bookrunner volume rankings 2009 (US$bn)
If the interest rate paid on a bond falls,
How hot Bookrunner Deal Value No. % share
the amount that the bond is bought
and sold for will therefore need to rise 1. J.P. Morgan 1,365 1,648 22.2
Money Art13until
Operations
the redemption date at the end 2. Barclays Capital 1,190 1,668 19.3
of the bond’s life, when the owner 3. Deutsche Bank 1,056 1,297 17.2
Kudos 4. Citi 1,037 1,385 16.9
will receive its ‘face value’ – in this
5. BofA Merrill Lynch 976 1,519 15.9
Opportunities case, €100.
Source: Dealogic.

26
EXPECT TO GO PLACES
YOU NEVER EXPECTED.
Graduate careers in
investment banking
Here at Barclays Capital, we’ll help you fulfil your
highest ambitions in the most unexpected ways.
For instance, we think the best way for you to get
to the top is to learn from the people who are
already there. That’s why our senior managers
are intrinsically involved in training our graduates
– and why you can look forward to extraordinary
insights and top-floor views from day one.
It’s time to raise your expectations. Visit our
website to find out more.
barcap.com/expectexcellence
Expect Excellence
Issued by Barclays Bank PLC, authorised and regulated by the Financial Services Authority and a member of the London Stock Exchange, Barclays Capital is the investment banking division of
Barclays Bank PLC, which undertakes US securities business in the name of its wholly-owned subsidiary Barclays Capital Inc., a FINRA and SIPC member. © 2010 Barclays Bank PLC. All rights
reserved. Barclays and Barclays Capital are trademarks of Barclays Bank PLC and its affiliates.
Go
Global. Career opportunities in Europe and
Asia Pacific
We have offices and opportunities across the globe. We work
together to mobilize the best financial products and deliver
the best solutions to meet our clients’ needs, wherever
they are in the world. And that starts with building the
most talented team in financial services, wherever we
need to be. No matter where you join us, you can expect
to work with some of the finest minds, solving the most
exciting challenges in global finance. Be part of it.
To apply for intern and graduate roles in Europe and the

Asia Pacific region, visit:
jpmorgan.com/careers
J.P. Morgan is a marketing name of JPMorgan Chase & Co. and its subsidiaries worldwide.
©2010 JPMorgan Chase & Co. All rights reserved. J.P. Morgan is an equal opportunities employer.
Pay and bonuses isn’t the limit of the job. “Market understanding Simon Ollerenshaw, managing director of equity
In Hong Kong, DCM professionals with one and product knowledge, such as how to capital markets at Barclays Capital.
to four years’ experience can earn anything structure and price various equity products, are It’s something of a cliché to say that good
between US$30-100k, according to the Robert the key skills of a capital markets banker,” says communication skills are desirable for any job,
Walters salary survey. This rises to US$180k+ Darius Naraghi, vice president of equity capital but without them, you’d be lost in a capital
at the senior end, and ECM practitioners can markets at Deutsche Bank in Hong Kong. markets role.
expect a similar figure. “As ECM bankers become more senior, it is “Communication and sales ability is critical –
In the UK, meanwhile, DCM salaries start at also important to develop strong relationships to be able to give potential issuers a clear view
US$45-65k with potential for a 50% bonus, with regional companies that are looking to on market activity and investor sentiment, and
according to the 2010 Michael Page salary raise money and with institutions that are to be able to explain to potential investors why
survey. Associates (those with three to five looking to invest.” they should commit to a deal against all of the
years’ experience) can earn US$70-110k, with Following the financial crisis, banks are issuing other opportunities they have to spend their
a possible 100% bonus. Managing directors less complex financial products than before, but money on,” says Ollerenshaw.
should expect up to US$360k base, with a it will help if you have the mathematical ability Although you’ll be given a high level of
potential 500% bonus on the table. to deal with complex products in case they individual responsibility, capital markets careers
become popular again in the future. are not like trading careers, where individual
Skills sought “Good capital markets originators need to have excellence can reap the highest rewards. You
If you want to work in capital markets, it will help an understanding of products from the simple have to be a real team player in order to keep a
to have an understanding of – and interest in – to the complex, and a feel for the mathematics variety of parties happy throughout a complex
the technicalities of company financing, but this that drives the more complex products,” says process, he adds.
Henry Leung
Investment banking associate, ECDM, J.P. Morgan
Henry joined the J.P. Morgan Global Investment Banking Analysts Programme in
2007 after graduating with a major in economics from Northwestern University in
Illinois, USA. After completing his eight weeks’ training in the New York office, he
settled into J.P. Morgan’s Equity Capital and Derivatives Markets (ECDM) team in
Hong Kong.
What does your job involve?
I’m in a team which works on equity-related offerings in Asia. Our team works
in nearly every single major market in Asia, but I focus on Greater China, mainly
because of my language skills and proficiency in Chinese. We do the marketing
and execution of different types of equity offerings, such as IPOs, public and
private share placements and other equity-linked offerings. When we win a
mandate, we will analyse the company and determine the
relevant strategy to put the offering in the market, as well
as to develop the best structure for the deal.
How did you end up in ECDM?
The reason why I chose to work in ECDM is because
it combines elements of both the investment banking You have the chance to work
division and the equities division. We work closely with
the client coverage bankers to develop the best structure
on some landmark transactions
for the transactions. We also liaise with our equity sales in the region. Not every deal is
and trading team to make sure the deals are properly
executed, distributed and marketed.
ground-breaking, but a lot of the
What are the best parts of your role? projects you work on in Asia will
You have the chance to work on some of those landmark be unique and remarkable.
transactions in the region. Not every deal is ground-
breaking, but a lot of the projects you work on in Asia
will be unique and remarkable. When they eventually
hit the market and get completed, it’s a really satisfying
achievement.
There must be some downsides, though?
Obviously the hours are not short. But if you like your job and you are interested
in what you are doing, sometimes you won’t even realise the clock ticking away.
Another challenge in Asia is that people speak different languages and have
different cultural backgrounds. Therefore, you will more often than not work
across multiple time zones. Sometimes you need to be very proactive and your
communications skills need to be sharp.

29
How hot
Art08 Mergers &
Money
acquisitions
Kudos
Opportunities
Sales, trading & Fixed income, currencies and

commodities trading has been
very lucrative recently
research
How hot An analytical mind and strong
mathematics will give you
Art09
A high-stakes game of Capital
risks the edge
Money
and reward markets The more exotic the product,
Kudos the higher the pay
Opportunities
E
very day, millions of financial products Traders track the markets and buy and sell
How hot are traded in the secondary markets, the products at the touch of a button. Your
where traders buy and sell financial trading career will be defined by both what
Money Art10products
Sales,after their initial issue. you trade (e.g. equities, foreign exchange, or
trading
In the&secondary markets, salespeople advise commodities) and by the kind of trader you are.
Kudos research
clients on investment opportunities, while Traders come in several types:
traders carry out the actual buying and selling Flow traders: People who buy and sell
Opportunities of securities. financial products on behalf of a bank’s clients.
The secondary markets are broadly divided into Proprietary (or ‘prop’) traders: A select
two categories, equities (stocks and shares) group of elite traders who are given licence to
and fixed income (corporate credit, government trade the bank’s own money.
debt, currencies and interest rate products). Execution traders: Traders who do little
How hot more than place trades on behalf of analysts
You
Money
need to understand
Art11what the
Electronic and fund managers.
Sales traders: A kind of hybrid between
client’s objectives are, what they are
Trading salespeople and traders – they recommend
looking for and how best the bank
Kudos
products to clients and then execute the trades
can solve these issues for them.
Opportunities
resulting from their recommendations.
Historically, prop traders were at the top of the
David Hansson trader hierarchy and execution traders were
Managing director for sales and trading, Within the fixed income division is the foreign at the bottom. However, many banks have
and head of Asia ex-Japan equity exchange (FX) team. The FX market is by far reduced their prop trading activities following
derivatives marketing, J.P. Morgan the largest in the world, with an average daily large losses and government crackdowns.
How hot
turnover of US$4 trillion, according to the Research roles focus on particular product
Money Art12latest
Compliance
figures from the Bank for International types (e.g. equities or company debt)
Settlements. and particular industry sectors (e.g.
& Risk Manage- pharmaceuticals, financial stocks, or leisure
Kudos There’s also a whole range of ‘exotic’
mentderivative products within all of these sectors, companies). Known as analysts, researchers
Opportunities the value of which is dependent on the produce reports on the advisability of investing
underlying security. in various asset classes or companies.
Roles and career paths Skills sought

Fixed income, currencies and commodities revenues
Sales, trading and research are each Traders need a keen sense of risk and reward,
Company
How hot Market share very distinct careers. Salespeople an understanding of the dynamics of the
1. Goldman Sachs 15.9% advise their clients – who might be markets and an analytical mind.
2.Money
Citi Art13 11.5% Operations
rich individuals, pension funds or other If you’re trading complex derivatives, you’ll also
3. J.P. Morgan 10.8% institutional investors – when to buy need the mathematical ability to understand the
4.Kudos
Bank of America Merrill Lynch 10.7% and when to sell financial securities. products themselves.
5. Deutsche Bank 7.7% Salespeople usually focus on If you’re trading non-complex, or ‘vanilla’
Opportunities Source: Company data, Morgan Stanley Research (as at 2H 2009).
particular products (e.g. government products, you’ll need a good understanding
Note: given different reporting styles for losses (bad bank, IAS 39,
provisions or negative revenues) this is not a clean comparison.
bonds) and particular clients. “But of what drives the market.
we have a range of functions within “You have to be good at mathematics. You
sales,” says Phillip Scott, COO Sales, don’t need a PhD, but you do need a good
Equity revenues
Europe, at Barclays Capital. “We sense about numbers at the very least. When
How hot
Company Market share
have some people who purely do people talk with you about profit and loss,
1. Goldman Sachs 18.1% structuring, who will only go to see even if you don’t know all the nitty-gritty, you
2.Money
Credit Suisse Art14 9% Fundthe clients with other salespeople. So should be able to sense whether the ballpark
3. Sociéte Générale Management 7.7% maybe that’s an area you go into if figures are correct or not,” says Justin Chan,
4.Kudos
Deutsche Bank 7.3%
you don’t want to work with the same head of Hong Kong trading, global markets
5. J.P. Morgan 7.1%
Opportunities clients every day. “ at HSBC.
Source: Company data, Morgan Stanley Research (as at 2H 2009).

30
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Everything but,
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Game for a career in Brokerage? It begins at Kempen & Co - as a Trader, Analyst or Sales Account Manager. We are
one of the leading Brokerage firms in Europe. We’ve been generating winners since 1903. With challenging positions
in fixed income, equities & derivatives for driven people who are on their way to becoming the best in their field. At
Kempen & Co, we foster and reward thinkers and doers. So when one single event somewhere in the world throws
the market a fastball, a dynamic Securities team can swing back with even stronger, swifter impact. The exact same
service our clients have been enjoying since the beginning.
Are you our new star player? Call our Recruitment department at +31 (0)20-348 95 05 to learn about our starter
positions, or go to our website. Everything you can expect from a Merchant Bank. www.kempen.nl.
Highly developed analytical skills are also “If you are selling, you are the key
Equity sales pay 2009 (US$)
integral for research roles, but that’s not all. point of contact for clients,” believes
“One minute you could be discussing or David Hansson, managing director Title Base Bonus Change*
presenting the latest market or company trends for sales and trading, and head Associate 75-100 70-110 35%
with the bank’s clients, the next performing of Asia ex-Japan equity derivatives VP 105-145 400-500 35%
in-depth financial and qualitative analysis,” says marketing at J.P. Morgan. Director 150-200 600-750 40%
Matthew Overy, vice president and regional He adds that knowledge of your MD 250-350 1,100-1,600 40%
business manager of global markets research clients is key. “You will need to *Change measured as a percentage increase on 2008 bonus figure.
Source: Options Group Intelligence Unit, figures are a global average.
at Deutsche Bank, Hong Kong. understand what the client’s objectives
“As a research analyst, you need to possess a are, what they are looking for and
tremendous depth of knowledge in your chosen how best the bank can solve these Equity trading pay 2009 (US$)
sector, coupled with the communication and issues for them.
Title Base Bonus Change*
presentation skills to convey the salient points “You will need to have a keen interest
in a way that is of relevance to the clients.” in the financial markets and sound Associate 75-100 80-120 40%
And if you want to make your career in sales? knowledge in prevailing market VP 105-145 500-600 40%
Director 150-200 650-800 40%
Again, you’ll need to be numerate and technical trends, as well as proven academic
MD 250-350 1,500-2,000 45%
by nature, but you’ll also need to be good at performance at university and good
*Change measured as a percentage increase on 2008 bonus figure.
dealing with people. mathematical ability.” Source: Options Group Intelligence Unit, figures are a global average.
Kaya Endo
Associate, equity derivatives strategy, Citi
Kaya studied international economics and management at Bocconi University in
Italy, followed by an MSc in finance. She now works as an associate on the equity
derivatives strategy desk at Citi, having joined the bank’s graduate scheme in
August 2007.
Why equity derivatives?

It’s such a challenging environment and everything changes very rapidly. I love the
atmosphere when you are on the trading floor and speaking to and dealing with so
many hugely intelligent people every day. I did an internship with Citi in 2006, and
one of my rotations was derivatives-based which got me into it.
So, what does your job involve?
First, it’s about trade idea generation on a daily basis,
writing short briefing notes and then sending them
out to clients. We also do a lot of analysis and make
presentations internally and to clients. Second, I’ll
consult with clients, analysing and sorting out problems
and working with the sales team, offering solutions or No two days are the same. One
products that will suit their needs or views. Finally, I’m
involved in educating our interns and graduates.
day I can be meeting clients in
Italy, the next teaching options
I’ve been writing up a note on a trade idea to send out theory to a roomful of interns
to a client. I’ve also been stress-testing a tool for options
prices and working on a presentation to interns. We
or working on a new tool.
normally have our first meeting at 6.45am so I need to get
in a bit before that to sort out any notes or presentations I
need to do. The day usually ends around 7pm.
Attention to detail. When you are building tools for traders
that could affect their P&L, you need to be absolutely sure
what you are sending out has no errors in it. The same
goes with when you are dealing with clients, particularly
on issues such as risk.
What are the best parts of your role?
No two days are the same. One day I can be meeting clients in Italy, the next
teaching options theory to a roomful of interns or working on a new tool.
Any bad bits?
Sometimes it can be extremely fast-paced, which means you have to be able
to think on your feet and work well under pressure.

33
THE RWE GRADUATE SCHEME IN SUPPLY
& TRADING: Hands-on experience in the
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RWE Supply & Trading is a leading European RWE Supply & Trading Graduate Development
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start your career Valuation, IT, Finance, Back Office and Trading Support
• We trade across a wide range of commodities Start date: March or September
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experience straight away. Swindon and Geneva offices.
Join our Graduate Programme What we’re looking for

We’re looking for graduates with a sharp commercial You’ll need a quantitative degree in mathematics,
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If you’re looking for fast career progression, you’ll or an internship in a trading environment is a
find our focus on personal development refreshing. bonus. Fluency in English is mandatory; proficiency
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Apply online at
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There are two application periods: Nov/Dec and April/May.
Final assessments will take place in Jan/Feb and July respectively.
How hot
Art09 Capital
Money
markets
Kudos
Opportunities
Electronic trading E-trading has reduced

execution speeds and
increased trade volumes
Higher speeds, greater volumes,
How hot A relatively nascent industry
just not so many humans required
Art10 Sales,
with opportunities for rapid
Money advancement
trading & Quants require a PhD in a
Kudos research highly mathematical subject
Opportunities
T
he rise of electronic trading over the last of the bank’s e-trading products and facilitating
How hot decade has had a profound effect on the a customer’s decision on which is the best
structure of equity markets. one to suit their needs. It’s a combination of
Money Art11In Electronic
a nutshell, the emergence of automation marketing and client relationship management.
Trading
transformed the market from one where a great Banks also hire for pure sales roles.
Kudos deal of human intermediation was required into Market structure: This is a research-led
one where computers largely do the work in role; market structure professionals analyse
Opportunities executing and processing trades. upcoming regulatory changes and macro
There are many benefits to this. Firstly, it allows trends and their potential effect on the trading
a greater volume of trades, improving market environment. There are also, of course, a wide
liquidity; the US average daily reported trading range of technology positions around the
volume increased from 3 billion shares in development of e-trading platforms, which we
How hot 2003 to nearly 10 billion in 2009. It also means cover in our IT in finance section on page 64.
trade execution speeds fell dramatically, along
Money Art12with
Compliance
the cost of transactions, while increasing Skills sought
& Risktransparency
Manage-in the markets. The use of Most quants come armed with PhDs in a highly
Kudos
mentalgorithms – computer systems that decide on mathematical subject and will also possess a
price, timing and quantity of an order – also good knowledge of financial instruments and
Opportunities
meant that the average trade size fell, reducing technical computing software, such as MATLAB.
the market impact of trades and limiting adverse “Electronic sales staff aim to engage existing or
costs of trading large positions. new clients in some form of electronic trading
with the bank, predominantly via multi or single
bank platforms,” says Roger Hawes, head of
It’s a rapidly expanding area, compared
How hot
spot FX at Royal Bank of Scotland.
to traditional areas ofArt13
Money investment
Operations “This creates efficiency, invariably full straight
banking, and the opportunities for through processing (STP), and is often
Kudos complementary to voice business. It requires
advancement are great. an understanding of the whole process, from
Opportunities infrastructure and connectivity to more technical
Brian Schwieger
But one downside is that greater automation issues such as application programme
Head of EMEA algorithmic execution,
Bank of America Merrill Lynch means less human intervention and therefore interfaces and price mechanics.”
less manpower. One bulge bracket bank tells “It’s a rapidly expanding area, compared to
us it currently employs 30% fewer traders traditional areas of investment banking, and
How hot dealing with three times the flow than in 2005. the opportunities for advancement are great,”
says Brian Schwieger, head of EMEA
Money Art14Roles
Fund and career paths algorithmic execution for Bank of America
Quantitative analysts: Quants are maths Merrill Lynch. “The traditional sales team will
Kudos
Management
geniuses key to gaining an edge in e-trading. be focused on details of individual stocks or
They design, develop and implement execution sectors, whereas electronic sales will be more
Opportunities algorithms using a mathematical approach to focused on the macro trends in market structure
identify investment opportunities and strategies. and trading technology,” he adds.
Consultants: Consultants are all
about keeping clients happy. They run Prop, electronic and quant pay 2009 (US$k)
statistical reports such as transaction
How hot Role Base Bonus Change*
cost analysis and trade reports to
ensure clients are using trading tools Analyst (1-2 years) 80-90 70-90 20%
Money
Art15in Alternative
the most effective way. Associate (quant) 100 90-120 20%
VP 125-150 225-325 15%
Kudos Investments
Sales trader: It’s the sales trader’s
Director 200 650-750 15%
role to facilitate the execution of trades
Managing director 250-300 900-1,300 20%
Opportunities for clients, while also offering a menu
*Change measured as percentage increase on 2008 figure.
Source: Options Group Intelligence Unit. Figures are a global average.
36
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Apply for the Trading Qualification Program today at www.eon-energy-trading.com
How hot
Money Art10 Sales,

trading &
Kudos
GETTING IN researchBANKING
INVESTMENT FINANCIAL SERVICES EMPLOYERS
Opportunities
Compliance and Tougher regulation means

greater demand for
compliance staff
risk
How hot management Risk managers have been
thrust into the spotlight
A question
Money of controlArt11 Electronic Internal and external liaison
Trading means communication skills
Kudos are important
Opportunities
I
t’s up to risk management teams in Roles and career paths
How hot investment banks to make sure the bank Risk management in investment banks is
doesn’t take huge risks and therefore make divided into different areas.
Money Art12huge
Compliance
losses in its pursuit of gigantic profits. Market risk: The risk that a whole group of
& RiskAsManage-
just about every investment bank has had traded financial products (e.g. stocks, bonds
Kudos
mentto write off billions of dollars over the past two
years, the focus on a more prudent investment
or commodities) fall in value simultaneously
because of outside events, such as rising
Opportunities strategy has never been greater. oil prices or terrorist activity. Also known as
While risk managers try to stop a bank’s ‘systemic risk’.
employees indulging in behaviour that might Credit risk: The risk that a particular
lead to big losses, the compliance teams are company or an individual will default on their
there to ensure banks work in line with the obligation to repay their debts.
How hot regulations imposed in the country in which Operational risk: The risk that a bank
they’re operating. will incur damage or losses due to internal
Money Art13 Operations factors such as systems breakdown or financial
wrongdoing. If you join an investment bank as
Even
Kudos if you know one skill set or
a graduate trainee, you’re likely to be ‘rotated’
product,
Opportunities
if you cannot develop a rapport around different areas of the risk function.
with the people you are speaking to, Compliance roles in investment banks can also
be divided into various categories, including:
that is going to be a huge challenge. Sales and trading compliance: Working
with a bank’s salespeople and traders to ensure
Seung Earm
In the wake of the financial crisis, regulators their activities comply with the requirements
How hot director, compliance,
Executive
Goldman Sachs across the world have increasingly been baring of the local regulator. Sales and trading
compliance pros are often product specialists
Money Art14their teeth and, at the time of writing, were
Fund
seeking international coordination on how best – for example, they might specialise in bonds,
Kudos Management
to reform financial services regulation. equities or derivatives.
In the UK, the soon-to-be regulator is the Bank Control room compliance: Centralised
Opportunities of England, while in the US the Securities and tasks such as maintaining the bank’s restricted
Exchange Commission (SEC) is the financial list and checking for abnormal dealing activity.
watchdog. In Asia, the Securities and Futures Should certain staff be placed on ‘stop and
Commission regulates Hong Kong, while watch’ lists, it’s the control room compliance
Singapore is under the watchful eye of the team who ensure their activity is monitored.
How hot Monetary Authority of Singapore. Monitoring and surveillance:
As well as individual country watchdogs, Scrutinising specific behaviour and transactions
Money
Art15European
Alternative
firms are also regulated by the that might indicate fraudulent activity, such
Committee for European Securities Regulation as insider dealing or manipulation of markets
Kudos Investments
(CESR), the Committee of European Banking across the exchanges.
Supervisors (CEBS) and the Committee of Anti-money laundering (AML): Stopping
Opportunities European Insurance and Occupational Pension money laundering (where the financial proceeds
Supervisors (Ceiops). of illegal activities are given the appearance of
“Overall, it is a very challenging environment,” being legitimate).
says Mike Newby, executive director
and chief operations officer for Morgan Risk manager pay figures (US$k)
How hot
Stanley’s legal and compliance
Country 5-7 yrs 7-12 yrs 12+ yrs
division in Asia. “We need to be
Money France 61-110 98-122 98-184
Art16flexible
Interdealer
and keep up with the ever-
Singapore 29-43 57-86 107-200
Kudos Broking
changing regulatory environment, as
Switzerland 97-132 105-158 158-344
well as with the evolving products and
UK 81-103 103-125 133-162
Opportunities services the firm provides.”
Source: Robert Walters.

38
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Moving Forward
Pay and bonuses “By its nature compliance involves a lot of

The heightened focus on risk and compliance interaction with different areas – not just internal
means many teams are expanding, but this managers, sales, traders and so on but also Get the latest
hasn’t really translated into higher salaries. people externally, such as regulators,” says graduate and
Risk managers and compliance officers who Seung Earm, executive director of compliance
internship
work alongside salespeople and traders at Goldman Sachs.
typically earn the most. “Even if you know one skill set or product, if programme news.
On the risk side, this means high-earning you cannot develop a rapport with the people
market risk specialists. In compliance, sales you are speaking to, that is going to be a huge
and trading compliance professionals who challenge.”
specialise in the latest hot product can expect “For entry level, the typical person would have
the biggest pay packages. received some academic training in law, finance
or some other business discipline,” adds Mike
Skills sought Newby at Morgan Stanley.
Perhaps slightly surprisingly, one of the key “Junior-level candidates with some work
attributes banks look for in their risk and experience usually have some form of training
compliance recruits is good communication in legal, auditing, consulting, and regulatory and
skills and an ability to build relationships. enforcement.“ efinancialcareers.com/students
Ong Bi Hui
Market risk controller, DBS Bank
Ong Bi Hui graduated from the National University of Singapore in 2007 with a
bachelor’s degree in applied mathematics, and left Columbia University with a
master’s degree in 2008. She joined DBS Bank the same year.
As market risk controllers, we ensure that the bank’s market risk exposures are
correctly reflected and do not exceed the limits allocated. Trading book positions
are dynamic and dependent on current market conditions. The risks have to be
managed so that the bank is not caught off-guard by sudden or large movements
in the market. At the same time, changes in trading strategies and regulations
require the market risk department to evolve constantly to stay on top of the game.
Why did you pick this team?
I decided to work in market risk as it provided me with
the opportunity to leverage my background in financial
engineering. In Asia, market risk management is still
considered a new and developing area. Working in There are many opportunities
a niche market that is developing constantly meant
the learning curve would be steep and the areas of to make your mark in this area.
contribution would be significant. There are always new ideas
How did you end up in your current position? coming up, new rules to follow,
I joined the team in September 2008, a few days after
Lehman Brothers filed for bankruptcy, but I would say better solutions to be found.
there was never a better time to join. This was the point The job is never dull.
where market risk infrastructures were put to the test.
Challenging market conditions required the team to revisit
existing market risk models, and design new measures
to keep up with the changing perceptions on trading, in
particular derivatives trading. I was assigned to monitor traded credit risk, which
was caught in the eye of the storm. I had to work quickly to understand the bank’s
credit trading positions as well as how our market risk models were reacting to
the shocks in the market. In a short space of time, I had the chance to change the
value-at-risk model used by the bank.
What’s the best part of the job?
There are many opportunities to make your mark in this area. There are always new
ideas coming up, new rules to follow, better solutions to be found. It is never dull.
What do you think makes you good at your job?
It is good to be inquisitive and take the initiative. You can learn many things by
being curious. At the same time, having the initiative and the ability to follow
through can get you anywhere.

41
How hot
Money Art11 Electronic

Trading
Kudos
Opportunities
Operations You are a key point of

contact for various platforms
and divisions
The busy world of the back office
How hot The pay is lower, but the
hours are shorter
Money Art12 Compliance You’ll need to be a good
& Risk Manage- communicator and a team
Kudos player
ment
Opportunities
I
f you delve into the murky world of investment fast, demanding and competitive, and the
How hot banking, pretty soon you’ll undoubtedly hear operations division plays an increasingly
the terms ‘front office’, ‘middle office’, and important role supporting business growth and
Money Art13‘back
Operations
office’. being a key differentiator for client service,” says
When people talk about the front office, they’re David Bromley, director and chief operating
Kudos talking about the ‘sexy’ areas of investment officer of global business services at Deutsche
banking – mergers and acquisitions, or sales Bank, Asia-Pacific.
Opportunities and trading. When people talk about the middle
office, they’re talking about functions like IT, Roles and career paths
accounting (finance) and risk management As a junior working in clearing and settlements,
(which we cover in other pages of this book). your job will mostly involve intervening when
And when people talk about the back office, computer systems fail. Every now and then
How hot they’re talking about operations. automatic clearing systems break down in a
Unlike the people in the front office, people so-called ‘exception’. Clearing specialists spend
Money Art14working
Fundin operations don’t liaise with most of their time dealing with these exceptions
Kudos Managementto generate revenues and profits

customers and trying to work out what went wrong.
for the bank. If you work as an exception manager on a
settlement desk, you might find yourself talking
Opportunities
Working in operations requires a to traders who claim to have sold shares for
diverse range of skills from project, US$3 each when the buyer says the price was
only US$2, for example.
business and people management However, there are some areas of the market
through
How hot to technological capability where clearing still isn’t automated, and if you
and client service. work in one of these you will be expected to do
Money Instead, the division is a support function. a lot more than simply sort out failures in the
David Bromley
Art15Operations
Alternative professionals support people in electronic clearing and settlements process.
Director
Kudos and chief operating officer, Investments
the front office to make sure everything works In particular, the huge US$320 trillion daily
global business services, smoothly and the bank gets paid. turnover in the Over-The-Counter (OTC)
Deutsche Bank, Asia-Pacific
Opportunities The main business of operations is clearing and derivatives market still relies heavily on a lot
settling trades. Clearing trades involves making of manual processing, and this is creating
sure that the records one bank has kept of the problems. Moves are being made to automate
sale of a financial security match those of the the clearing and settlements process in the
bank or organisation it sold the security to. OTC derivatives market, but until this happens
How hot In most cases, simple trades are cleared people are needed to fill in and fax through the
automatically through huge electronic systems documentation.
Money
Art16such as the Brussels-based Euroclear.
Interdealer At the time of writing, moves were being made
Settlements professionals ensure that stocks to regulate the OTC derivatives market, which
Kudos Broking
or shares bought and sold by the bank’s traders would require a proportion of those to be
are exchanged for the correct amount of money. cleared through central counterparty clearing
Opportunities ‘Settlements’ covers everything from preparing houses in a bid to increase transparency in
the documentation required for a sale to making the industry.
sure the bank has been paid for all the
shares it has sold and bought.
Settlements manager base salary (US$k)
“The investment banking operations
How hot Country 5-7 yrs 7-12 yrs 12+ yrs
(IBO) support function provides
transactional support, ensuring France 43-74 62-123 86-148
Money
Art17documentation
Wealth and settlement of Singapore 29-57 79-97 104-194
transactions in a controlled and Switzerland 62-97 80-133 115-204
Kudos Management UK 74-89 89-104 111+
regulatory-compliant manner. The
world of global financial markets is US — 120-185 185-300
Opportunities Source: Robert Walters.

42
As you work your way up the operations and time management skills. In a role where
hierarchy you will progress to more strategic accuracy and consistency are key, attention
roles, looking at issues such as how to to detail is also a must.
Find out
streamline the exceptions process or which “Working in operations requires a diverse
functions should be moved offshore. range of skills from project, business and which sectors
people management through to documentation are still hiring.
Pay and bonuses skills, technological capability, control,
Since it’s not revenue generating, people in the regulatory knowledge and client service,”
operations divisions will never receive bonuses says Bromley.
as substantial as those enjoyed by their Good communications skills are also important.
colleagues in the front office. On the plus side, “It is not just about speaking to people; it
your working hours will be shorter – you’re not is about building relationships and earning
likely to spend most of your life camped at your respect,” says Steve Morgan, global head of
desk like someone in M&A. equity middle office at Citi. “The back office
and middle office are the cogs right at the heart
Skills sought of the wheel. We are responsible for taking
When filling operations roles, banks look for a information, processing it, and disseminating it
combination of problem-solving, interpersonal across many different platforms.” efinancialcareers.com/students
Ginny Clayton
Analyst, operations, Goldman Sachs
Ginny graduated with a degree in business administration from Bath University
in 2008. She joined Goldman Sachs in September of the same year.
What was the appeal of operations?
I wanted to be in operations because it involves such a broad range of skills – you
have client contact with traders and are always on the go. You need good people
management skills and you need to be able to work well as part of a team.
What are the main elements of your job?
I work on the sales side, supporting sales traders. So they execute a trade, and
we deal with it afterwards. I’ll be liaising with clients, confirming the detail of the
transaction and then getting it out of the door and managing the trade. We also
handle a lot of the risk.
Talk us through an average day.
I’ll normally get in at 8.30am, at which point I catch
up on what has been handed over from other regions It is exciting, because you are
overnight. There are certain things that have to be done
each day, but there will also often be things that are more
working closely with traders
unpredictable, depending on what trades are being done. and they are relying on you.
I’ll normally be settling trades throughout the day but, for
example, this morning I’ve also been learning about a
You have to manage a high
new product and have gone through all the trades for it. degree of risk, and it can be
I tend to finish at around 6pm but some days you will
work later or leave earlier.
challenging.
Some people would say that operations is the less
exciting area of investment banking. Presumably
you wouldn’t agree?
It is exciting, because you are working closely with traders
and they are relying on you. You have to manage a high
degree of risk, and it can be challenging. You will also be involved
in different projects and be working with different people all the time.
What are the best parts of the job?
There are parts of the day when you are trying to resolve issues in just a few
minutes – it can give you quite an adrenalin rush. You have to be organised and
able to manage your time well because you often do not know what is going to
be chucked at you next.
Any bad parts?
Because you are coming into an environment that is very data-heavy you do have
to be accurate and conscientious. There is never much time for switching off.

43
How hot
Money Art12 Compliance

& Risk Manage-
Kudos
GETTING IN ment BANKING
Opportunities
Fund management & There’s a vast array of fund

management strategies
investment
How hot consulting Investment consultants offer
advice to pension funds and
companies
The
Money art, and science, Art13
of investing
Operations The right balance of numeracy,
for the long term analytical skills and passion
Kudos is key
Opportunities
A
t a basic level, you could say fund Investment roles: These roles are all about
How hot management is all about investing investing the money managed by the asset
other people’s money, and earning a management firm. People in investment roles
Money Art14feeFund
for the privilege – be it from the man on are usually either analysts – who scrutinise
the street or from huge institutions such as the best companies and products in which to
Kudos
Management
pension funds. invest – or portfolio managers, who have the
Broadly speaking, fund managers (also known final responsibility for investment decisions on a
Opportunities as asset managers) fall into two camps: active range of funds across their area of expertise, be
fund managers and passive fund managers. it equities, fixed income or alternatives.
Active fund managers have to use their skill Distribution roles: Distribution covers roles
to beat the market average, and often take such as sales, marketing, product development
bigger risks with their investments for better and client servicing. It’s all about selling a fund
How hot rewards. manager’s services to clients. Most of these
By comparison, passive management, or jobs are focused on winning new business or
Money
Art15index
Alternative
tracking, involves selecting a portfolio maintaining existing relationships.
of assets whose value will match that of a
Investments Most graduates starting out in a fund
Kudos
financial index – such as the UK’s FTSE 100, management firm begin life as a research
Eurostoxx 50 in the eurozone, the Dow Jones analyst. This involves working with the portfolio
Opportunities
Industrial Average in the US and the Hang managers, visiting companies to assess their
Seng Index in Hong Kong. Simply generating investment potential, and sifting through buy
returns that match the market is known as and sell information and company reports.
‘generating beta’. As in investment banking, there’s also a whole
range of middle-office jobs in fund management
How hot
It’s like being a student taking in areas such as compliance, operations and
Money risk management. However, the higher paying
a test every single day, and
Art16 the
Interdealer roles are in investment and distribution.
grade
Kudos is published every day
Broking If you want to work in investment consulting,
in the newspaper. there are two key areas – asset allocation and
Opportunities fund selection. Asset allocation professionals
Douglas Eu advise clients on whether to invest in
CEO, Asia, Allianz Global The array of potential fund managers and fund equities, bonds or other financial products.
Investors Asia-Pacific management strategies is huge and can be Fund selectors spend their days analysing
confusing. Pension fund trustees (who are fund managers and questioning them about
How hot often not finance professionals) use investment the nature of their investment strategy, then
consultants to help them choose which fund writing reports for pension funds on the firms’
Money manager to put their money with. strengths and weaknesses.
Art17 Wealth
Kudos Management
Key players
Top 10 asset managers by global assets (US$bn)
The investment consulting industry
Opportunities has been shaken up over the last year Company Country Total
or so, most notably by the merger 1. BlackRock US/UK 2,817.7

between Watson Wyatt and Towers 2. State Street Global Investors US/UK 1,607.2
Perrin to create Towers Watson. 3. Allianz Global Investors Germany 1,421.5
It remains a key player, as do Mercer, 4. Vanguard Group US/Belgium 1,243.9
How hot 5. J.P. Morgan US/UK 1,053.5
Hymans Robertson, Hewitt Associates
and Aon Consulting. 6. BNY Mellon US/UK 937.5
Money 7. PIMCO* US/Germany/UK 842.7
Art18 Corporate 8. Amundi Group France 808.2
Kudos Roles and career paths
Banking
Jobs in fund management fall into two
9. BNP Paribas Investment Partners France 639.8
10. Goldman Sachs US/UK 633.6
Opportunities broad categories.
Source: IPE International Publishers, correct as of 31 December 09.

44
Graduate Investment Management Opportunities
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investment is you
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Investors are our focus and investing is our specialisation
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• 234 investment professionals with an average of 14 years’ with exceptional talent and entrepreneurial minds. At Henderson,
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to obtain the qualifications you need to progress your career.
• Operating globally and investing in core asset classes, equity, Come to Henderson and discover a breadth and quality of
fixed income and alternatives experience that’s hard to find elsewhere.
• £60.3 billion of assets under management2
If you are passionate about investment and aspire to
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• Listed on the London Stock Exchange and the Australia Securities find out more today at www.henderson.com/graduates
Exchange with a market capitalisation of US$1.7bn3
1 Source: Henderson Global Investors. Number of employees at 31 May 2010. 2 Source: Henderson Global Investors. Assets under management at 30 March 2010. 3 Source: Henderson Global
Investors. Market capitalisation at 31 December 2009. Henderson Global Investors is the name under which Henderson Global Investors Limited (reg. no. 906355), Henderson Fund Management
plc (reg. no. 2607112), Henderson Investment Funds Limited (reg. no. 2678531), Henderson Investment Management Limited (reg. no. 1795354), Henderson Alternative Investment Advisor Limited
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and authorised and regulated by the Financial Services Authority) provide investment products and services. Telephone calls may be recorded and monitored.
HGI42240/0710
BALDERDASH,
gobbledygook.
We’re not one of those investment management firms that will bombard you with financial jargon.
Quite the opposite in fact, we’ll keep it simple because we want to attract the best graduates from
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investment management firms awarded the national 'Investors in People' standard. This speaks volumes
about the quality of our graduate training programme. Do you understand what we’re saying?
To find out more and to apply please visit bailliegifford.com

Pay and bonuses analysts can bring in US$60-95k. In Singapore, “Getting to grips with annual reports,
Much like other areas of financial services, senior salaries come in at US$136k+, company balance sheets, broker analysis and
pay is under scrutiny. Traditionally, bonuses according to Robert Walters. performance indicators obviously means a
would have been based on individual decent level of numeracy is important,” says
performance and could be many multiples Skills sought Richard Barry, HR director at Baillie Gifford.
of base salary. Now, however, bonuses are To be a fund manager, you’ll need to be “That said, generic research skills, which are
being more closely aligned to company passionate about investing and an expert at often demonstrated in more humanities-based
performance, and can be deferred over filtering large quantities of data. rather than mathematical and financial degrees
a number of years. “It’s an incredibly stressful job,” says Douglas Eu, are highly desirable in fund management.”
In the US – home of the world’s largest asset CEO, Asia at Allianz Global Investors Asia-Pacific. And again, good communication skills are vital.
management industry – senior fund managers “You have days off, but you are always working. “You might be speaking to a roomful of brilliantly
can bring in base pay of US$175-250k, You are never really on vacation because you intelligent bankers, or asset managers, trustees
according to the Robert Walters salary survey. have a lot of responsibility. You are managing or lay people and you’ll need to be able to
An analyst/AVP should expect US$80-110k. somebody’s money as a fiduciary. It’s like being participate in discussions about complex
Experienced portfolio managers in the UK a student taking a test every single day and the financial situations while ensuring clients fully
earn up to US$220k, according to figures from grade is published every day in the newspaper.” understand,” says Paul Deane-Williams, senior
recruiters Michael Page. Junior investment What attributes help you get a foot in the door? consultant at Towers Watson.
Beata Harasim
Analyst, fixed income, BlackRock
After completing an MA in finance and banking at Warsaw School of Economics,
Beata joined BlackRock in the autumn of 2008. She works as an analyst in the
company’s European Rates, Sovereigns and Currencies Investment Team, working
within the Fundamental Fixed Income Portfolio Management Group and with a
focus on currencies and CEE rates markets.
What was the appeal of fixed income?
I have always been fascinated by the complexity of global financial markets, and
find the fixed income market particularly appealing because of its close connection
to macroeconomic fundamentals as well as its sheer size and depth.
I have a very broad set of responsibilities ranging from portfolio
construction to trade idea generation. This translates into
daily monitoring of trade positions across our portfolios and
adjusting them as necessary. I also provide a steady stream of
research, which enables portfolio managers to have the edge
when making investment decisions. Being at the very centre
What have you been working on today? of markets and actively
As a part of my research, I recently went to Budapest to participating in the investment
broaden my insight regarding the current macroeconomic
environment in Hungary. The information acquired during the process is definitely the most
trip combined with a proprietary macro view enabled me to appealing part of this job.
produce recommendations which will hopefully enable our
clients to profit from the future price action.
What is the best part of the job?
Being at the very centre of markets and actively participating
in the investment process is definitely the most appealing
part of this job. Every day portfolio managers need to make
sure client assets are correctly positioned for the expected
environment.
Any downsides?
It really is difficult to find any downsides. Work in asset management offers a
balance between an enviable professional career and private life.
I think that my financial background together with a quantitative skill set means
I’ve been able contribute to my team’s investment process from a very early stage
of my career. I also believe my passion for the markets, especially fixed income,
means I’m naturally enthusiastic about everything I do. I strive for continuous
improvement in my work and am also building up my professional qualifications by
undertaking the CFA and CAIA programmes.

47
How hot
Money Art13 Operations

Kudos
Opportunities
Alternative Alternatives can be anything

from wine to hedge funds
investments
How hot
Top hedge fund managers earn
megabucks
High
Money earning roles, Art14 Fund Private equity requires prior
experience
reserved for the eliteManagement
Kudos
Opportunities
A
‘normal’ investment is fairly Pay and bonuses
How hot straightforward – usually in stocks, Hedge fund managers can bring in large sums
bonds or cash. It’s made with a view to of money – the highest earner in 2009 made
Money earning interest or dividends, or because the US$4bn, according to Absolute Return + Alpha.
Art15 Alternative
value of the investment is expected to rise over com. Such lofty sums are not available to more
Kudos Investments
time. Alternative investments cover a broader junior staff, but the pay on offer is certainly
range – from wine to art and real estate. For the not to be sniffed at. Senior private equity
Opportunities purposes of this article, however, we’re going to professionals also earn ‘carried interest’, which
look at hedge funds and private equity. is based around the profits made when a fund’s
Hedge fund managers also invest in stocks or investments are sold.
bonds, but while traditional fund managers do
so in the hope that prices rise, hedge funds use Skills sought
How hot strategies to make money even if they fall. Traditionally, hedge funds recruit few graduates,
Private equity funds invest in companies that are but an increasing number of firms are rolling out
Money
Art16notInterdealer
listed on the stock exchange. These can vary dedicated programmes to employ juniors. So
from ‘seeding’ smaller firms to buyout funds, which how can you stand out?
Kudos Broking
invest larger sums in more established companies. “The common element to our three graduate
recruitment programmes – technology,
Opportunities
You will be stretched both quantitative and business streams – is that they
intellectually and in terms of your all require good numerical and team-working
skills. We also generally look for evidence of
propensity to work. good collaborative working, a strong sense of
How hot Mahapatra Key players integrity, entrepreneurial flair and an impeccable
Timothy Globally, the largest player in the hedge fund academic record,” says Jo Carter, head of talent
Head of corporate finance,
Money world is J.P. Morgan, according to Alpha and development at Man Group.
Deloitte
Art17magazine.
WealthBridgewater Associates, Paulson In private equity, it’s even tougher to get in at a
Kudos Management
& Co, Brevan Howard Asset Management junior level. “In today’s market, graduates are
and Soros Fund Management make up the competing not only amongst themselves, but
Opportunities remainder of the top five. In private equity, TPG, with more experienced candidates who find
Carlyle Group, CVC Capital Partners, Kohlberg themselves in the market due to the turmoil of the
Kravis Roberts and Blackstone Group dominate, last couple of years,” says Timothy Mahapatra,
according to Private Equity Intelligence. head of corporate finance at Deloitte.
Private equity demands a flawless academic
How hot Roles and career paths record, but is a less data-heavy role than
There are three key areas in the front office of working in a hedge fund. You’ll need to be
Money a hedge fund: analysis, sales and marketing, entrepreneurial and have good ‘soft skills’.
Art18and
Corporate
trading. Analysts look at the companies, “You will be stretched both intellectually and
Kudos Banking
markets and financial products the hedge in terms of your propensity to work, and being
fund invests in; sales and marketing liaise with required to demonstrate such commitment and
Opportunities investors and persuade them to put money into drive will be vital to success,” adds Mahapatra.
the fund; traders act on the analysts’
recommendations and place trades. Hedge fund pay (fund with US$500m-$3bn in AUM) (US$k)
In a private equity fund you’ll probably Grade Base Salary Total comp.
start as an analyst, looking for possible Associate (2-4 yrs exp) 135 300
How hot
investment targets. You can then move
into the role of principal, appraising Private equity pay (fund with US$750m-$2bn assets) (US$k)
Money
Art19whether
Global a deal is worth pursuing and
sorting out legal issues. At the top are
Grade Base Salary Total comp.
Kudos
Custody
originators, usually firm partners, who Associate 100 208
Senior associate 160 317
Opportunities oversee and source deals.
Source: Glocap Search.

48
Changing the nature
of investment
Grow your career with the global leader in
alternative investments.
Undergraduate, Graduate and Postgraduate opportunities
in London, Oxford and Switzerland
Full details of all our schemes can

be found on our website
www.mancareers.com
How hot
Money Art14 Fund

Kudos Management
Opportunities
Interdealer Building relationships key to

interdealer broker success
broking
How hot
The more complex the product,
the higher the pay
Middle
Money men making sure Brokers judged on swift
Art15 Alternative execution of deals
the price is right Investments
Kudos
Opportunities
I
nterdealer brokers (IDBs) have traditionally options or futures to the various fixed income
How hot been rather publicity-shy, but a strong products. The career path is straightforward –
performance during the financial crisis junior broker, broker, desk manager, director,
Money has thrust this fairly mysterious sector into head of division.
Art16theInterdealer
limelight.
Kudos Broking
An IDB acts as an intermediary between Pay and bonuses
dealers at investment banks, enabling banks’ Starting salaries range between US$40k and
Opportunities traders to do large deals with one another US$50k, according to IDB headhunter Search
anonymously. Partners.
For example, assume a trader wants to buy The spread between base salaries for senior
two million shares in Company A at 50p each. brokers is large – US$120-220k – the general
They check prices and availability with an IDB. rule being that the more complex the product,
How hot If the trader is happy with what the IDB has to the higher the salary.
offer, the IDB will execute the deal. In return, But IDBs make most of their cash through
Money
Art17it takes
Wealth a small percentage as commission, taking a percentage of the money they bring
which can be very lucrative, particularly in in for the company. This can be anything from
Kudos Management
volatile markets. 35% to 50%, with the more confident brokers
Because IDBs get paid whenever people pushing for a bigger cut and smaller base.
Opportunities
trade, they make money whether the market
is rising or falling. High levels of price Skills sought
volatility in the stock markets are actually Interdealer broking is all about relationships,
beneficial to them. so if you’re not a people person, don’t bother
applying. In fact, such is the bond between
How hot
broker and client that, if a successful broker
The
Money ability to develop strong client leaves for a competitor, they’ll often take their
relationships is a keyArt18
partCorporate
of the job, business with them.
Kudos “The ability to develop strong client relationships
Banking
particularly at the early stages of is a key part of the job, particularly at the early
your career.
Opportunities stages of your career. In order to develop a
long-term relationship with any client you need
Mark Scally Key players to be able to develop a bond of trust and
Head of HR, Tullett Prebon Five big firms dominate 70% of the market, understanding,” says Mark Scally, head of HR
according to analysis by Celent. These at Tullett Prebon.
How hot firms are ICAP, Tullett Prebon, GFI, BGC This involves a lot of client entertainment. While
and Tradition. the hours of a broker are reasonable – typically
Money 7am to 5pm – a lot of your evenings are taken
Art19Roles
Globaland career paths up wining and dining clients. Damien Lee,
Kudos
Custody
Interdealer brokers recruit graduates for two managing director of Search Partners, says a
main roles – voice and electronic broking. junior broker can spend three or four nights a
Opportunities Voice brokers speak with clients on the week entertaining, “and you’re still expected to
telephone, and execute trades around more be at your desk at 7am the following morning.”
complex products, which typically require more Obviously, you have to keep clients sweet on a
discussion or explanation. more professional basis, too.
Electronic brokers use computer screens “On the trading floor of an investment bank,
How hot
to check client needs and execute deals. traders take a position and therefore potentially
Electronic broking is all about speed, trading a risk. Our business is more about swift
Money
cash or equity products in large volumes at execution – ensuring we can trade our clients’
Art20theData
right price, before the client’s competitors. positions fast. Brokers need to be able to react
Kudos
Providers
Brokers&usually specialise in a particular quickly to find solutions to individual clients’
Opportunities Rating Agencies
product, which can range from anything from needs,” says Scally.

50
Here’s
the deal.
ICAP is the world’s premier interdealer
broker, executing more than USD $1.4 trillion
worth of transactions every single day.
You’re an incredibly bright individual with
a personality to match. We connect buyers
and sellers in the world’s financial markets.
You approach challenges determined
to succeed. We’re fast-moving, global,
entrepreneurial and meritocratic. You’re
quick-thinking, outgoing, confident and
ambitious. We offer prospects. And we both
know that with the right training, exposure
and recognition, you’re going to go places
that even we’ve never thought of yet.
We have a range of full-time, internship
and placement opportunities in Broking,
Accounting, Business Services, Human
Resources, Post Trade Risk Services,
Research and Risk.
Careers in global financial markets

www.icap.com/careers
Tom Sheridan
Voice Broker, New York
©ICAP plc 2010. ICAP® and other service marks and logos are service marks of ICAP plc and/or one of its group of companies. All rights reserved.
Entities within the ICAP group are registered as applicable.
How hot
Money
Art15 Alternative
Kudos Investments
Opportunities
Wealth Managing money for the

world’s wealthy
management
How hot
Don’t expect just to give
investment advice – high-net-
worth clients expect more
Combining
Money diplomacy, deep
Art16 Interdealer A relationship manager is
relationships and technical
Broking
expertise judged by the amount of
Kudos money under their stewardship
Opportunities
A
s their name suggests, private wealth income, equities, structured products of any
How hot managers help very rich people to kind, or investments in the private equity and
manage their money in private, far away hedge fund sectors.
Money from the prying eyes of the gossip columnists Those on the relationship side are
Art17and
Wealth
paparazzi. effectively salespeople who spend their
Kudos Management
They fall into two categories: time cultivating links with clients and selling
Private bankers: Help clients invest their the bank’s services.
Opportunities money wisely and avoid any risks that might This can involve a lot of travelling and
reduce the value of their assets. They also offer close contact with interesting, unusual and
tax and pensions advice, help clients to develop demanding people. When a relationship
a strategy for charitable giving, and advise manager has established a client’s needs,
them on bequeathing their wealth to the next investment specialists are brought in to put a
How hot generation. more detailed solution together.
Private client brokers: Help clients to buy “Sometimes you might have five relationship
Money and sell financial products, particularly equities or managers all vying to manage the money
Art18stocks
Corporate
(hence the term “stockbroker”). They also of one single high-net-worth individual, so
Kudos Banking
offer advice on the best products to invest in. relationship building is pivotal,” says Katie
The clients of private wealth managers can Lin, chief wealth management officer at Axa
Opportunities
be anyone from company chief executives Hong Kong.
to property tycoons, investment bankers, Meanwhile, private client brokers come in
footballers, pop stars or members of privately two kinds: those working on discretionary
run family businesses. mandates, in which wealthy clients
Private banks typically look for clients with at communicate their general investment
How hot
least US$1m to invest, but many deal only with strategy and the broker buys and sells the
Money clients whose financial assets (so not their financial products they think appropriate;
Art19houses
Globalor yachts) alone are worth more than and those working on advisory mandates,
Kudos US$30m. where the broker advises the client what to
Custody invest in, but needs their permission before
You need to be able to build long-term
Opportunities making a move.
Junior brokers are most likely to work on
relationships. You have to be interested advisory mandates. However, making the first
in clients, their background and their move can be challenging, as few brokerage
family – you have to understand what firms offer graduate training courses.
How hot US banks such as Citi, Goldman Sachs and
makes them tick. Morgan Stanley hire graduates onto their wealth
Money Roles and career paths management or broker training programmes.
Kate Turner
Head
Art20If you
Datawork as a private banker, you
Kudosof private banking, Coutts
Providers & to perform one of three
can expect
Key players by global assets under management (US$bn)
broad categories of job: investing
money for existing clients; building Company AUM
relationships; or managing back- 1. Bank of America Merrill Lynch 1,824

office functions such as human 2. UBS 1,526
resources or accounting. 3. Morgan Stanley-Smith Barney 1,420
People working on the investment 4. Credit Suisse 656
How hot 5. HSBC Private Bank 345
side either invest their clients’ money
themselves or offer their clients 6. Citigroup 335
Money 7. BNP Paribas/Fortis 265
detailed advice to help them invest
Art21their
IT own
in money. They are typically 8. J.P. Morgan 258
Kudos 9. Deutsche Bank 240
Finance
product specialists who are expert in
10. Barclays Wealth 222
Opportunities a particular asset class, such as fixed
Source: Private Banker International, figures as at H1 2009.

52
STRUCTURED TRAINING,
A PROFESSIONAL QUALIFICATION
AND UNRIVALLED JOB SATISFACTION
WORK. WHAT’S IT TO YOU?
Meeting the complex wealth management needs of high You see, as an organisation, we have big plans for the future,
net worth, affluent and corporate clients is what we do at and securing our position as one of the world’s leading
Barclays Wealth. wealth management businesses is really just the start.
Our goal is to redefine the entire wealth management sector,
As a graduate there are plenty of great reasons to choose and to help us we need graduates who share that same level
a career with us. Our three-year structured training of ambition.
programme for one. The chance to obtain the CFA™ and,
of course, the international experience you can gain through We have operations spanning Europe, the Middle East,
our overseas placements. Africa, Asia and the Americas, and we’re currently recruiting
in the UK, Switzerland, Monaco, Mumbai, Spain, Portugal,
But the truth is how much you get out of that career Italy, UAE, India, Singapore, Hong Kong and Johannesburg.
depends on what you’re prepared to put in.
To find out more and apply online, go to
barclayswealthgraduates.com/CIBF
Barclays Wealth is the wealth management division of Barclays and operates through Barclays Bank PLC and its subsidiaries. Barclays Bank PLC is registered in
England and authorised and regulated by the Financial Services Authority. Registered No: 1026167. Registered office: 1 Churchill Place, London E14 5HP.
We’ll judge you on your

ability and nothing else.
Graduate & Summer Internship
Investment Management opportunities
As a leading asset management company, at Fidelity we encourage

graduates to focus on the details that might provide valuable
investment insights. For example, one of our Analysts, after a
series of meetings with a prospective investment, noticed the
usual chocolate biscuits had been replaced by plain ones. Was
it significant? Or had they just run out of chocolate ones? As it
turned out, it was a sign that the company had financial difficulty.
And after further research and probing it helped us to decide not
to invest further with them.
It’s this instinct to delve deeper and understand opportunities
that little bit better that sets us apart. Join us and you’ll enjoy
the freedom to think for yourself, absorb new ideas and make
your own decisions. So, whether you’re interested in Investment,
Operations, Sales and Marketing or Human Resources, you’ll
discover a demanding, stimulating and highly rewarding career.
So, discover your investment intelligence. To find out more, go to
www.fidelityinternational.jobs/directory
Fidelity is an equal opportunities employer and is committed to a policy of treating all its employees and job applicants equally.
We saw the plain truth.

Issued by FIL Investments International, authorised and regulated in the UK by the Financial Services Authority.
THE WORLD’S INVESTMENT SPECIALIST

And Barclays Wealth, Coutts, Credit Suisse, At the senior end, base pay comes in at “They need to know what kind of product they
HSBC Private Bank, Kleinwort Benson, RBC US$155k+. are selling, and its competitors in the market,”
Wealth Management and UBS also run says Katie Lin, chief wealth management officer
graduate schemes for private bankers. Skills sought at Axa Hong Kong. “They need to know how to
Private banking is no place for anyone with a read the market, and provide the latest financial
Pay and bonuses taste for gossip. Discretion and an ability to information to clients, because they will expect
In Switzerland, traditionally a hub for wealth retain and build relationships with incredibly regular updates on their portfolio as well as
management, a private client relationship wealthy individuals are absolutely vital. relevant information that will help them make
manager can expect to earn US$70-140k base “You can teach people financial skills but astute investment choices.“
pay after five to seven years’ experience, rising what you cannot teach is the ability to build a An understanding of different cultures will help,
to US$140-255k at the senior end, according to rapport. You need to be able to build long-term too, suggests Turner. “Although a lot of our
the Robert Walters 2010 survey. relationships. You have to be interested in them, work is UK-focused, another language can be
In Singapore, which has been particularly their background and family – you have to useful. If you have particular knowledge of,
active recruiting wealth managers over understand what makes them tick,” says Kate say, the Middle East or the non-resident Indian
the last 18 months, a junior relationship Turner, head of private banking at Coutts. market, that will always be helpful. We find
manager can expect a base of US$65-85k, In the fiercely competitive market of wealth many graduates with finance-oriented degrees
while an investment advisor can bring in management, private bankers also need applying, but a background in economics and
US$35-70k, according to Robert Walters. technical expertise to get ahead of the herd. law can be useful too.”
Angeline Seah
Associate director, ANZ Private Bank Asia
Angeline graduated from Monash University in Australia in 2003 with a master’s
degree in business systems. She also has a bachelor’s degree in commerce,
specialising in finance. She joined ANZ Private Bank in Singapore in 2008.
How did you end up in your current role?
After graduating with my master’s, I joined ANZ in Melbourne as a management
trainee. After that I joined a subsidiary of National Australia Bank in 2005, working
as a credit coordinator, followed by Macquarie Bank in 2006 in a similar role. I then
moved to Singapore and returned to ANZ there in 2008. I came on board as an
assistant manager to a senior private banker, and was promoted to my current role
within six months. ANZ is undergoing an exciting period of growth in the region,
and there is a strong focus on development opportunities there.
What exactly does your job involve?
There’s a lot of frontline contact with high-net-worth
clients, and it’s about managing their relationship
with the bank. We need to understand our client’s
needs, risk appetite and financial objectives. We also You’re not only offering
need to build our portfolio as our sales are judged on financial advice – clients could
the amount of funds under our management. There
are different ways we can go about doing that. The come to you for help with other
most obvious way is word of mouth. If you have good things from finding a reliable
relationships with your existing clients, they often refer
a lot of new leads to you. accountant or a managing
What do you like most about your job? agent for investment properties.
Building contact networks is something you have to
do, but it can also be very enjoyable. Your network is
your net worth. You never know when your contacts will
come in handy. However, the best part is that you get
to meet people from all walks of life, not just from the
finance sector.
What is it like to be a banker for rich people and celebrities?
I have a lot of high-net-worth clients, and these clients have high
expectations – they expect fast turnaround, good service, and for everything
to be at their fingertips. You first need to gain their trust to invest that money,
but you’re not only offering financial advice – they could come to you for
help with other things, like finding a reliable accountant or a managing agent
for investment properties. If you can provide that extra help, then you will
be of value to them, because they know you are the one-stop shop
for everything.

55
How hot
Money
Art16 Interdealer
Kudos Broking
Opportunities
Corporate banking Relationship building is key,

but technical skills are also
essential
Banking for high-value companies
How hot Corporate banks provide
complex services to large
Money institutions
Art17 Wealth Deep understanding of various
Kudos Management industries and products
Opportunities
I
n a nutshell, corporate banking is the broad relationship managers, who look after existing
How hot term applied to the various different banking clients. Both involve wining and dining chief
services offered to large companies – those executives and finance officers, but are also
Money worth US$25m and above. It may sound simple, quite technical.
Art18butCorporate
it’s not. Relationship managers are also assisted by a
Kudos Banking most basic, corporate banking can mean
At its support team, which deals with the client’s day-
arranging loans (a service which itself comes to-day banking needs. But when the company
Opportunities in various forms), offering cash management needs to raise more finance, the relationship
services – such as helping minimise tax paid by management team also provides transaction
overseas subsidiaries – or managing changes and structuring advice.
in foreign exchange rates. Corporate bankers “Corporate bankers, because they work with
target different industries, and often carve out different industry players, tend to have a
How hot niche areas of expertise. For instance, those better understanding of, or sensitivity to, the
servicing energy, mining or utilities companies whole economy,” says Nick Huang, alternate
Money might be project finance experts, working out chief executive and head of wholesale
Art19theGlobal
business case for funding a new power banking group at Citic Bank International.
Kudos
Custody
plant or mine. “Every industry is changing. Working in
corporate banking means you have to
Opportunities
manage these changes.”
It helps to be a bit of a jack-of-all-trades, If you’re not up for a client-facing role, you
also have the option of working in risk/credit
so you have to have good general expertise. assessments or product, operations or treasury
But you also need to know – and this is
How hot management (the administration of currencies,
crucial – where your expertise runs out and cash flows and debt).
you
Money need to get someone else involved.
Pay and bonuses
Art20 Data
Kudos Graduates usually start on around US$35k,
Richard Miles Providers &
Head of corporate and transaction according to the banks we spoke to, and a
Opportunities
banking, BNP Paribas, London Rating Agencies senior relationship manager can earn up to
Roles and career paths US$210k in the UK, says financial recruiter
While most graduates joining a corporate Morgan McKinley.
bank will be expected to undertake a formal In Hong Kong, a relationship manager can earn
qualification – like the UK’s Professional US$45-110k after four to eight years’ experience,
How hot Certificate in Banking – you can also expect according to recruiters Robert Walters. This
a lot of on-the-job training. hovers between US$85k and US$95k for the
Money Junior corporate bankers often start out same level of experience in Ireland.
Art21asITcredit
in analysts, assessing company
Kudos balance sheets and deciding whether
Finance
or not to issue loans. You may also
World‘s largest banks by market capitalisation (US$bn)
Opportunities get to accompany senior sales and Bank Market capitalisation
relationship staff as they attempt to ICBC 268.9

sell products to corporate customers. China Construction Bank 201.4
One banker describes this as “bag- HSBC 200.7
carrying” – you’ll be picking up tips JPMorgan Chase 171
How hot Bank of China 153.9
from senior directors without having
much influence on the deal. Bank of America 149.6
Money Wells Fargo 137.9
Senior roles in corporate banking
Kudos Art22areInsurance
more client-focused. There are
Santander 136
BNP Paribas 94.8
business development managers, who
Citigroup 93.5
Opportunities attempt to bring in new customers, or
Source: ICBC, figures as of 2009.

56
Ready for a company that offers
more than you’d expect?
Apply now for the Corporates & Markets Graduate Programme.
Are you looking for an exciting job in the finance industry with challenging career prospects in a dynamic
environment? At Commerzbank you can get a head start to your career in an international investment
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Our Corporates & Markets Graduate Programme offers you the opportunity to join our investment
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Ready to be the future of banking? Take the next step, visit www.commerzbank.com/career
Achieving more together

RIGHT PLACE.
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UK, Continental Europe,
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RBS has a long history, global strength

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We are committed to our clients, growing
strong relationships and delivering industry
leading products and services.
Graduates and interns who join us now will

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we make going forward. To achieve the
extraordinary, and to seize the opportunities
at the heart of an organisation that is poised
for transformation. With over 30 graduate
and intern programmes, from Global Banking
& Markets, Finance and Retail Business
Leadership to Technology, Marketing and
Sourcing & Vendor Management there’s
something for everyone, whatever their
degree discipline or career aspiration.
The place is here. The time is now. Find out

more at www.makeitrbs.com
Skills sought appetite, but you’ll also need to be aware of relationships. Emotional intelligence is essential.
While you have to be an affable people person the regulatory hurdles in different countries and In the corporate environment, particularly, you
to win the business and maintain relationships the cultural sensitivities of doing business with will be coming up against people who might be
in corporate banking, you also have to be a people in several locations, as many roles cover quite demanding and time poor, so you have to
ruthless number cruncher. After all, there’s no a number of geographical locations. be able to deal with that and quickly show you
point in lending money to a firm if they’re going “Customers are different animals in the various can be of benefit to them.”
to fail to pay it back. parts of Asia,” says Aubrey Wang, senior vice Corporate bankers will be given a lot of
“In terms of specialist products and services, it president and head of corporate banking at responsibility relatively quickly – at least when
helps to be a bit of a jack-of-all-trades, so you Fubon Bank (Hong Kong). “In Hong Kong, for it comes to client interaction – but will also be
have to have good general expertise. But you example, they tend to be fairly straight-forward. required to understand how their role fits into
also need to know – and this is crucial – where They focus more on the terms and conditions of the wider organisation. Banks want to see
your expertise runs out and you need to get the deal that they are working on directly, while evidence of this in their graduate recruits.
someone else involved,” says Richard Miles, in Taiwan, it’s more about relationship building – “We accept graduates from any degree
head of corporate and transaction banking at lots of golfing, wining and dining.” discipline – what they need to show is evidence
BNP Paribas in London. “Graduates must have good verbal skills,” of having worked as part of a team at university
Not only will you be required to keep up with says Gregg Carnaffan, graduate development or having taken a leadership role in something,”
developments within various industries and manager at HSBC. “They need to be able to says Carnaffan. “It is not just about academic
the implications of these on your clients’ risk get to know people quite quickly and develop qualifications – you have to have character.”
Deirdre Cloake
Corporate banking analyst, HSBC
Deirdre studied financial mathematics at Heriot-Watt University, Edinburgh,
graduating last year. She joined the HSBC commercial management training
programme in October 2009, and is now working as a corporate banking analyst.
How did you get to where you are today?
I am now mid-way through my second placement in the Glasgow Corporate
Banking Centre, having completed my first placement in HSBC’s Yorkshire Centre.
I support and work alongside our corporate banking managers, who manage
relationships with companies with a turnover of between £25m and £1bn.
What are the three main elements of your job?
At the moment the main elements are financial analysis
and research, meeting customers and studying for my
diploma in corporate banking. For the analysis element,
what’s important is being able to assimilate a lot of
information quickly, to be analytical and to come to
well-constructed conclusions. Time management skills Every day you will be dealing
and an ability to prioritise are also vital. But equally,
within the corporate banking environment, people and with people of all levels internally
communication skills are essential. You need to be able within the bank network and
to communicate clearly and effectively, as every day you
will be dealing with people of all levels internally within the building relationships with
bank network and, of course, building and maintaining customers externally.
relationships with customers externally.
Having a background in maths has certainly helped me
in my role, especially in terms of understanding many of
the products and tools used within the industry. A positive
attitude, enthusiasm and a willingness to be proactive and
ask questions also goes a long way. For me the best part is
simply meeting customers and getting an in-depth picture
of how a company operates – its ambitions and its culture.
The complexity of the corporate business environment, and
the range of customers and products, also means no day
is ever the same.
Where do you see yourself in five years’ time?
Ideally I’d like to become a global relationship manager, perhaps with an
international portfolio of customers. The fact that HSBC has a presence in 88
countries will, I hope, help in this – the corporate team works with a hugely diverse
range of companies and industries.

59
How hot
Money
Art17 Wealth
Kudos
GETTING IN Management
INVESTMENT BANKING FINANCIAL SERVICES EMPLOYERS
Opportunities
Global custody The range of custody functions

is growing
The ever-more complex task of

How hot
Technology key to gaining a
competitive edge
administrating investments Maths are a must, but need to
Money be combined with initiative and
Art18 Corporate analytical skills
Kudos Banking
Opportunities
A
s asset managers become more UK can earn US$95-135k, according to the
How hot sophisticated with their investment Robert Walters salary survey.
strategies, the role of global custodians In Dublin, a fund accountant with more than five
Money is changing dramatically. years’ experience can earn US$60-95k, while a
Art19“Global
Global custody has evolved enormously over the custody associate can bring in US$55-85k.
Kudos last decade or so with a steady rise in automation In Luxembourg, a head of fund administration
Custody
and an explosion of exotic investment vehicles is paid US$135k+. In Singapore, fund
Opportunities and instruments, such as exchange-traded funds administration jobs pay US$50-80k at manager/
(ETFs) and hedge funds, mortgage-backed AVP level, while corporate actions roles pay
securities, swaps, and a range of complex US$50-75k at the same level.
derivatives, which has driven the need for
sophisticated administration technology,” says Skills sought
How hot Ross Whitehill, head of offshore management at The official line is that there are no favoured
BNY Mellon Asset Servicing. degrees for global custodians, but certain
Money Core functions include fund administration and roles, such as fund accounting or IT, will require
Art20fund
Dataaccounting (calculating how much income a pre-existing skills base. Graduates with
Kudos
Providers
funds are& making and spending), settlements mathematical degrees like engineering tend to
(delivering securities to the buyer and the gravitate towards the core custody functions.
money to the seller), and corporate actions Calculating corporate actions across multiple
(keeping track of dividend payments for equities funds and asset classes can be complex, and
and coupon payments for bonds). a firm grasp of maths will help.
“If someone has a maths degree, it is quite
You will need to have the skills to
How hot likely they are going to go more into the
accounting side – finance, control, audit or fund
administer new and exciting investment accounting for example – while a computing
Money
products as they enter the market. degree might direct you more into technology,”
Art21 IT in says Wade McDonald, senior vice president at
Kudos
Ross Whitehill Finance
Roles and career paths State Street Global Services. “But we get people
Head of offshore management,
Opportunities Client: Here, you’ll schmooze with fund with economics or business degrees and even
BNY Mellon Asset Servicing history, although you should expect to be asked
manager clients, ensuring they’re happy with
existing services and – hopefully – selling them why you chose a career in banking.”
others. This is typically something to aspire While numerical skills are needed to get your
to after a few years. head around accounting and valuation models,
How hot Delivery: The roles traditionally associated graduates will need to demonstrate softer
with global custody, including fund accounting, attributes if they’re to climb the career ladder.
Money settlements and corporate actions. Graduates “You will need to have the skills to administer
new and exciting investment products as
Kudos Art22areInsurance
usually given a grounding in all these areas
before specialising in one. they enter the market,” says Whitehill. “But an
Technology: Custodians spend hundreds ability effectively to define and communicate
Opportunities of millions of dollars on technology, which a problem or a strategy, or make a client
has now become integral to profitability. presentation, is increasingly important.”
Firms hire system programmers, data
architects, business analysts, systems Top five global custodians (US$bn)
integrators and business process re-
How hot Company Assets under custody
engineering experts.
1. BNY Mellon 22,400
Money 2. J.P. Morgan Worldwide Securities Services 14,900
Pay and bonuses
3. State Street 14,058
Kudos Art23Client-facing
Accounting roles are the most
4. Citigroup Global Transaction Services 11,800
lucrative within global custody.
5. BNP Paribas Securities Services 5,793
Opportunities A senior relationship manager in the
Source: Company reports. Figures as at 31 March 2010, with the exception of BNP
Paribas Securities Services which is as at 31 December 2009.
60
Working
for Europe
We at the European Central Bank are committed

to performing all central bank tasks entrusted to us
effectively and efficiently. In so doing, we strive
for the highest level of competence, transparency,
accountability and integrity. We aim to recruit
high-quality staff with a strong team spirit.
Please visit our website www.ecb.europa.eu or register for job alerts via our
e-recruitment tool Working for Europe.
How hot
Money
Art18 Corporate
Kudos BankingBANKING
GETTING IN INVESTMENT FINANCIAL SERVICES EMPLOYERS
Opportunities
Data providers & Organisations seek the

AAA gold stamp from rating
agencies
rating
How hot agencies Bloomberg and Thomson
Reuters rule the data
Supplying
Money the info that underpins providers’ world
investment decisionsArt19 Global Postgraduate qualifications in a
Kudos
Custody financial subject a prerequisite
Opportunities
T
he main purpose of credit rating Roles and career paths
How hot agencies is to assess the likelihood that Rating agencies usually recruit graduates into
an organisation issuing debt will fail to data analysis jobs. Trainees typically start out
Money pay back its creditors fully and on time – called in research roles in teams focusing on anything
Art20‘going
Data into default’. from industry sectors to financial products.
Kudos Organisations are rated from AAA (virtually Fitch has a structured graduate programme,
Providers &
guaranteed to pay up on time) through to C while Moody’s and Standard & Poor’s recruit
(indicating a high risk of default). Risks are according to need.
classified as ‘investment grade’ if they come in Data providers offer a variety of graduate roles,
at BBB or above, with anything less known as including data analysis, technology, journalism
‘speculative grade’. and business development.
Data providers supply financial markets and the
How hot global media with critical real-time information Pay and bonuses
such as company share prices, exchange rates, Graduate trainees within data providers can
Money research and analytics, and tools and software expect to start on salaries of US$35-40k in
Art21forITtracking
in portfolios. London, depending on experience and academic
Kudos
Finance also provide financial and business news
They background, according to recruitment sources.
services via a number of media channels. Rating agencies typically pay a similar amount
Opportunities
at a junior level, with the additional possibility of
a small bonus.
We look for graduates with a strong Further up the career ladder, credit analysis
academic background that includes finance, roles pay well, if not astronomically. After five to
seven years, salaries come in at US$90-120k
How hot
accounting or economics, plus the ability to in the UK, according to the Robert Walters
convey
Money a complex message clearly. salary survey, rising to US$120-150k after
seven to 10 years.
Andy
Kudos Jackson Art22 Insurance
Head of human resources for EMEA, Key players Skills sought
Fitch Ratings
Opportunities The credit rating agency business has long The current volatility within the world’s financial
been dominated by a handful of US-based markets has led to increased demand for data
key players. providers, argues Chris Mills, European human
Moody’s Investor Services and Standard & resources director at Interactive Data.
Poor’s are the top two, with Fitch Ratings What this means for graduates is that, while
How hot coming in a close third. But the industry could firms do still want people with good technical
be set for a shake-up, in the EU at least. skills and a flair for analysis, other “softer” skills,
Money At the time of writing, the European Commission such as an ability to communicate effectively,
is proposing to increase competition in the are also sought.
Kudos Art23sector
Accounting
by requiring that the information on which “In addition to technical skills we also focus
many ratings are based is accessible to all on soft skills when hiring. New recruits are
Opportunities rating firms. encouraged to develop relationship-building
In the data provider space, Thomson Reuters skills, as well as the capacity to adapt to a
and Bloomberg continue to battle it out for matrix organisation,” he says.
top spot, and are now virtually even when “We look for graduates with a strong academic
it comes to market share. The former has background that includes finance, accounting
29.4% of the market globally, according to or economics, plus the ability to convey a
Burton-Taylor International Consulting, while complex message clearly,” says Andy Jackson,
the latter has 29.2%. head of human resources for EMEA at Fitch
Other significant names include Dow Jones/ Ratings. “Successful applicants usually have a
Factiva, Interactive Data, FactSet, SIX-Telekurs postgraduate qualification and often fluency in a
and IRESS. second language.”

62
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Join the company at the forefront of finance and technology.
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Our employees have a passion for excellence, no matter what their
experience is. We foster that passion and encourage growth and
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34842161 0609
How hot
Money
Art19 Global
Kudos
GETTING IN CustodyBANKING
Opportunities
IT in finance Financial services firms have

increased their IT budgets
again this year
Software, hard skills and a thick skin
How hot Technical knowledge must be
combined with softer skills
Money A fast-paced environment,
Art20 Data where solutions must be
Kudos delivered under pressure
Providers &
T
he right technology is often the factor that The speed with which a trade is placed can be
How hot gives a financial services company the crucial to its profitability, and may be as little as
edge over its competitors. It can also, in microseconds.
Money the long run, help organisations save money. Business analysts effectively act as the liaison
between the IT department and the company,
Art21NotITsurprisingly,
in therefore, firms in the financial
Kudos sector are among the biggest spenders on IT. investigating how technology can be used to
Finance
Investment banks, retail banks, fund managers, improve the bank’s competitive advantage.
Opportunities brokers and insurance firms all spend billions Meanwhile, project managers will take the
on technology. In 2010, financial services reins of the new venture once it has been
firms are expected to spend US$357bn given the go-ahead. Project management is a
on IT globally, according to research from strategic role involving planning, structuring and
consultancy Celent. eventual completion of the projects. You’ll have
How hot The really big user of technology is the to manage a team of developers, liaise with
trading floor, and everything related to it. third-party vendors, and be answerable to the
Money Whether it’s a question of buying and selling business should plans go awry.
Kudos Art22financial
Insurance
products electronically, processing The people in technical support solve
them through smart-order routing systems, problems when they arise on the trading floor.
or communicating to ensure that trades This might sound simple, but glitches could
Opportunities
go through smoothly, multi-million dollar cost banks millions of dollars within minutes.
technology projects are crucial to successful And traders aren’t shy when it comes to
operations. berating you for their IT gremlins, so a thick
After a period of shrinking IT budgets and skin is a must.
cancelled projects throughout 2008/09, financial If you don’t want to work for a bank, there’s
How hot
services firms have again focused on front- the option of working for third-party vendors,
Money office technology, prompting something of which specialise in providing software for a
a hiring spree in the sector. particular sector. Try sending your CV to major
Kudos Art23 Accounting players such as Sungard or Oracle, or apply to
specialist financial services software vendors
Don’t be
Opportunities afraid to do internships and such as Fidessa, Sophis, OpenLink or Charles
River. Vendors generally pay less but can
learn as much as you can. But do not provide a good training ground to develop
exaggerate your skills, because you your technical skills.
will be found out.
Pay and bonuses
Victor Lebreton IT pay doesn’t reach the dizzy heights to
Manager, Quant Hedge Roles and career paths be found in investment banking, but it’s not
Within financial services, IT roles tend to fall into pennies either. Generally, if you possess
four camps – development, business analysis, knowledge of more complex financial products,
project management and technical support. or have a comparatively rare skill set, the
As a developer, you are at the coalface of greater your earning potential.
the IT department. Although some of the A salary survey by IT headhunter JM Group
job will involve developing new systems revealed that a vice president business analyst
in-house, banks often purchase software working on exotic derivatives can earn up to
from third-party vendors, their
developers tailoring the software to
UK developer salaries in investment banking (US$k)
suit the institution’s particular needs
Software Analyst/Assoc. VP/Dir.
or integrating it into existing systems.
Developers aim for ‘low latency’ or Excel/Access VBA 100 116
reducing the amount of time it takes 3rd party (Murex, Fidessa, SUMMIT) 116 154
both to execute and process a trade. C++ 108 147

Source: JM Group (base salaries only).

64
US$140k in the UK; those working on simpler “Many will have a background in computer Soft skills are valuable when it comes to
‘vanilla’ products can get US$135k for the studies but we often find that it helps to be able business analyst or project management roles.
same position. In Hong Kong, a programme to offer computer studies with something else,” Business analysts have to be able to explain
manager with over eight years’ experience says Matthew Widders, global head of rates the pros and cons of a potential technology
can expect US$130k-255k, according to support/EMEA FI support manager (technology) investment without leaving non-IT people
recruiter Hudson’s 2010 salary survey. A C++ at Citi. “Recent examples have included swimming in a sea of jargon.
developer with over six years under their belt artificial intelligence, finance, economics and Project manager roles, meanwhile, are
can earn US$90-155k. psychology. If you have not done computer essentially management positions for
studies, that does not necessarily rule you out.” developers, and you’ll have to act as a central
Skills sought Technical skills will be nurtured, but the learning coordinator for disparate groups with differing
The vast majority of successful applicants will curve is steep. “Entry-level positions have interests. Even in highly technical roles, soft
have a computer science degree, and those become much more competitive over the past skills are key, says Dipen Shah, an IT risk
who don’t will come from a maths or physics two years,” says Victor Lebreton, manager analyst within fixed income at BNP Paribas:
background. If you’re seeking a development of Paris-based electronic trading firm Quant “You could be dealing with queries from
role, experience with programming languages Hedge. “Don’t be afraid to do internships traders looking for support on applications
like Java, C++, C# or Microsoft’s .Net is and learn as much as you can. But do not or complaining that something is inaccurate,
essential, but this is not to say you need to be exaggerate your skills, because you will liaising with developers, or co-ordinating with
a whizz kid at entry level. be found out.” managers from mid- and back-office teams.”
Hazera Akthar
Business analyst, equity derivatives IT, Credit Suisse
Hazera completed a degree in computer science at King’s College, London before
joining Credit Suisse’s graduate programme in 2007. Since January 2009 she has
been working as a risk management business analyst within the bank’s Equity
Derivatives IT (EDIT) team in London.
Why did you choose this role?
I started off at Credit Suisse in a support role, providing first-line support for the flow
equity derivatives business in London. This role involved investigating P&L breaks,
reconciling valuations and dealing with system issues, and gave me the opportunity
to meet the traders, understand the business and manage expectations. Since
joining EDIT my role has been primarily as a business analyst/project manager
on a strategic flow risk management application.
I manage the day-to-day running of LOTS (a strategic
flow risk management application) and am responsible
for the project deliverables in London, working closely
with the development, support and quality assurance Working in a front-office IT
teams to identify and prioritise tasks and ensure timelines
are met.
team is very exciting, as you are
In my analysis role, I am responsible for setting up always faced with a dynamic,
valuations for new products. This involves assessing
the valuations versus our pricing sheets, and the
fast-paced environment where
front-to-back implementation, including the testing of there is plenty of variety on
the downstream feeds. It requires engagement with all
stakeholders – front office, product controllers, market
a daily basis.
risk and client valuations – to work through issues and
come up with solutions.
What’s the best part of the job?
Working in a front-office IT team is very exciting, as you
are always faced with a dynamic, fast-paced environment
where there is plenty of variety on a daily basis. You
also get to work alongside and learn from highly skilled
individuals, and there is fast career progression with a
high degree of responsibility from day one.
Any downsides?
Part of the pressure of working in a banking environment is the need to work long
hours in order to meet tight deadlines. An ability to remain calm under pressure
is a must. A smile and an open-minded attitude make things easier for everyone
in the team!

65
How hot
Money
Art20 Data
Kudos
GETTING IN Providers
INVESTMENT &
BANKING FINANCIAL SERVICES EMPLOYERS
Insurance Insurance employs huge

numbers across the globe
The complex business of being

How hot
Pay is comparatively modest,
but actuaries can earn six
covered for a worst-case scenario figures
Money Global premiums exceeded
Art21 IT in $4 trillion in 2008
Kudos
Finance
Opportunities
G
lobal insurance premiums totalled industry for all our schemes,” says Paul Roberts,
How hot over US$4.3 trillion in 2008. In the UK UK graduate resourcing manager at AXA.
(the world’s second largest insurance
Money centre), it employs more than 313,000, Pay and bonuses
according to figures from the Association of Insurance salaries are not massive, but you
Kudos Art22British
Insurance
Insurers – a third of all financial services can earn decent money. A junior commercial
jobs in the country. In the US the insurance underwriter in the UK earns US$30-40k,
Opportunities industry provides 2.3m jobs. Clearly, it’s big according to recruiters Joslin Rowe, rising to
business. US$90k at the top. Business development
The industry has four main areas: roles start at US$30-50k, rising to US$80-150k.
Insurers: Assess risk and develop products Specialist senior underwriters can earn up
for sale to individuals and corporations. to US$220k. Newly qualified actuaries earn
How hot Re-insurers: Insure the insurers against the US$80k in general insurance, according to Hays
risk of significant losses. Specialist Recruitment, rising to US$150k after
Money Insurance brokers: Intermediaries who sell 10 years. In the US, the median annual wage
Kudos Art23insurance
Accountingproducts – particularly important in of qualified actuaries was US$84.4k, according
the corporate market. to the Bureau of Labor Statistics. The top 10%
Lloyds market: Around 80 corporations, earned more than US$160k.
Opportunities
individuals, underwriters and financial backers
– or syndicates – who come together to spread Skills sought
risk. It’s also home to 176 broking firms. It takes five to seven years to qualify as an
associate actuary, with training usually provided
Actuaries need to communicate the by the employer. You’ll need a maths-based

degree to get your foot in the door, but that isn’t
results of their investigations to the all, says Abby Cox, HR graduate recruitment
underwriters and other people in the manager at Allianz.
“It’s all very well having a brain the size of
business in a way that’s not going to a planet,” she says. “But actuaries need to
confound them. be able to communicate the results of their
Roles and career paths investigations to the underwriters and other
Abby Cox Underwriting: Involves extensive people in the business in a way that’s not going
Graduate recruitment manager,
risk analysis, sifting stats on industries, to confound them.”
HR, Allianz
demographics and clients to prepare a quote. Underwriters require good numeracy and
Actuarial: Actuaries produce financial models communication skills. You’ll also have to show
based on the statistical analysis of risk – for understanding of how current affairs can
example, mortality projections for life insurance affect the industry. “Climate change is a great
firms. These models are used by underwriters in example,” says Rob Mould, UK resourcing
their analysis. manager at Zurich Financial Services. “What
Broking: The salespeople of insurance, are the risks going forward, and how can we
who will attempt to find the right product for a work with our clients to prepare for them? We’ll
particular client, be it a shipping firm or a bank. usually test graduates’ logic on these issues.”
Few places for graduates, however.
Claims: By far the biggest volume
Key players
of people work within claims divisions.
Company Country
Graduates are likely to start in fraud
detection or claims investigation. 1. Allianz Germany
“We’d expect graduates to have 2. AXA Group France
the motivation to show they have 3. Zurich Financial Services Switzerland
researched us as a firm and have a 4. Generali Group Italy
basic understanding of the insurance 5. Munich Re Germany

Measured by a composite of sales, profits, assets and market value.
Source: Forbes Global 2000, 2010 rankings.
66
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By tackling the biggest challenges in today's world
By helping to send satellites into space

Through brainstorming with engineers, mathematicians and risk managers
By finding new ways to stop the deterioration of the ozone layer
All of the above
Our strength lies in the combined knowledge of our multi-skilled teams. Our
extraordinary breadth of expertise allows us to work on the most complex
challenges of the present day – from economic and social concerns and global
warming through to the world’s most ambitious engineering projects and space
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and those they will encounter tomorrow. Are you the kind of person that would
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looking forward to your application.
To find out what is expected of our graduates on the trainee program and what
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How hot
Money
Art21 IT in
Kudos
GETTING IN INVESTMENT
FinanceBANKING FINANCIAL SERVICES EMPLOYERS
Opportunities
Accounting Formal qualifications add to

long-term employability
The number crunchers at the heart

How hot
Numeracy is just a baseline –
teamwork and dedication are
of every organisation paramount
Money The number of accountancy
roles is wide and varied
Kudos Art22 Insurance
Opportunities
A
ccountants are not a single breed – they By comparison, if you start as a graduate
How hot come in various shapes and sizes. If trainee in a Big Four accountancy firm, your
you want to become one, the first thing career will be more limited – 50-60% end up
Money to ask yourself is where you want to work, and in audit and assurance departments, where
what kind of accountant you’d like to be. they handle the accounts of publicly traded
Kudos Art23Within
Accounting
financial services, investment banks hire companies, and independently validate that
accountants; so do retail banks, hedge funds, a company’s accounts are correct.
Opportunities private equity firms, insurance companies and As well as audit and assurance, Big Four firms
fund managers. Companies in all other sectors conduct advisory work, which can include
also need accountants to help them tot up corporate finance (see M&A article on page 22),
profits and losses and calculate tax liabilities. reorganisation services (advising on everything
Alternatively, you could work for an accountancy from restructuring and insolvency to improving
firm, providing independent audit services to a firm’s performance), or forensic accounting
other companies. The best known of these are (investigating improper practice). They also run
the Big Four – Deloitte, Ernst & Young, KPMG consulting arms, advising on the business case
and PricewaterhouseCoopers – but there are for everything from technology to outsourcing.
plenty of other smaller operations. Finally, there are also accountancy opportunities
in industry and commerce. You’ll find a team
of bean counters in any large firm. They fall
You also need to show motivation into two categories – financial (presenting
and enthusiasm, a dedication to the company figures for external consumption) and
management (presenting the figures and their
industry, a hunger to learn and the implications internally).
ability to work well under pressure.
Pay and bonuses
Lyle Andrews Accountants earn more in financial services
Head of graduate recruitment EMEA, than in any other sector. Basic salaries are
UBS Roles and career paths higher, and there’s the potential for lucrative
If you choose to work in an investment bank as bonuses. An internal auditor with more than
an accountant, several options are open to you. five years’ experience working in banking
Product control: Here, accountants keep and financial services in the UK can expect
a close eye on the profits and losses made on US$110-150k, according to Robert Walters. By
products bought and sold on the trading floor. comparison, an internal auditor in a large firm in
Financial control: Accountants in financial industry or commerce earns US$75-105k.
control analyse the bank’s overall performance.
They produce month-end, quarterly, half-yearly Skills sought
and annual reports. “Good attention to detail and superior numeracy
Internal audit: Accountants in internal skills are pretty much a baseline when it comes
audit teams are responsible for checking to accountancy and accountancy-related
that financial systems and controls within roles,” says Lyle Andrews, head of graduate
the organisation are complied with.
Regulatory accountants:
Financial controller salaries (large organisation) (US$k)
Ensure that the way the bank reports
its financial activity complies with Country Salary
the legal rules and regulations of the France 99-155

countries it trades in. Singapore 115-144
Treasury: Structure the bank’s Hong Kong 122-155
financial affairs (often working with Switzerland 125-189
colleagues in tax) so that sufficient UK 200+
cash is available to meet its liabilities. US 190-400
Source: Robert Walters.

68
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recruitment EMEA at UBS. “But you also summer working in a pizza restaurant, a master’s degree. In Germany, accountants
need to show motivation and enthusiasm, a that can give you great customer relationship qualify through vocational training with an
dedication to the industry, a hunger to learn and skills, which could be useful to a career in employer for two or three years or through
the ability to work well under pressure.” accountancy.” more complex university studies, which typically
Don’t worry if you haven’t studied accounting or If you train as an accountant in London, most take six years.
economics – accounting firms rarely demand firms will typically expect you to take the exams In the US, the Certified Public Accountants
a finance-related degree, and don’t expect you run by the Association of Chartered Certified (CPA) qualification is key, but there’s also
to come ready equipped with all the technical Accountants (ACCA) or the Chartered Institute the option of Certified Internal Auditors (CIA),
skills. Often, they look for raw talent. of Management Accountants (CIMA), while Certified Management Accountants (CMA),
“What is essential is to be able to demonstrate banks tend to favour Associate of the Institute and Accredited Business Accountants (ABAs).
evidence of what you have achieved and of Chartered Accountants in England and Wales However, qualifications are just the beginning.
what you can do,” says Richard Irwin, (ACA) qualified accountants. “You need to have drive, motivation and a real
senior manager of student recruitment at These are internationally recognised, but focus to succeed,” adds Irwin.
PricewaterhouseCoopers. ”So highlighting the different countries also offer their own options. “You need a capacity to learn and develop
skills you have gained from extra-curricular In France, there is the DCG (Diplôme de and to take responsibility for your learning
activities can be a good idea. You need to think Comptabilité et Gestion), equivalent to a three- and development. You need an awareness
about how your experiences can be mapped year degree, and the DSCG (Diplôme Supérieur of what you are doing and what needs to
against your skills. Even if you have just spent a de Comptabilité et Gestion), equivalent to come next.”
Nancy Yim
Assistant manager, audit, KPMG
Nancy graduated from the Chinese University of Hong Kong with a degree
in accountancy. She joined KPMG in 2007.
How did you get where you are today?
It’s fairly common for accountancy students to apply to Big Four firms in the
final year of university, as they provide a clear career path which makes them an
attractive proposition. I applied and was accepted into KPMG, and have been here
for three years. During that time, I have been learning the auditing trade, focusing
specifically on companies in the private equity and insurance sectors.
What does auditing involve?
We’re analysing companies’ operations – looking at whether the financial
statements contain any material misstatements, and ensuring they give an accurate
picture of financial status. We have to communicate with
management in order to examine their strategy,
and we also look closely at how transactions are booked
in financial statements. Most graduates spend the
majority of their first two years doing the latter, but as
we gain more experience, we are expected to take charge
of projects.
What was the appeal of auditing? Investors rely on us to give
It’s an important role in finance. Investors rely on us to a true and valid view of the
give a true and valid view of the companies they want to
invest in. I think it’s quite meaningful. We also work with companies they want to invest
clients from a range of industries, looking at different in. I think it’s quite meaningful.
operations, so we get a lot of exposure that you wouldn’t
get in a different role in accounting.
Do you find it daunting to have to speak with your
clients’ senior managers?
A bit, but it is just a characteristic of working in a Big
Four accountancy firm, and you just have to live with
it. Generally, we are expected to learn fast, and are
pushed to learn new things every year. Each year our role
changes slightly as we take on new responsibilities.
Does the job differ from your initial expectations?
The biggest difference is the long hours; I didn’t expect that. Sometimes we would
be continuously working until midnight for a whole week, especially during the peak
financial reporting season, which runs from January to April. You just have to stay
optimistic, and learn how to face pressure. Finally, you just have to learn to make
the best use of whatever free time that comes your way to unwind.

71
Baillie Gifford Barclays Capital Barclays Wealth
Company snapshot Company snapshot Company snapshot

Baillie Gifford is one of the leading privately Barclays Capital is the investment banking Barclays Wealth, part of Barclays Bank, is a
owned investment management firms in the UK division of Barclays Bank PLC, offering strategic leading global and the UK’s largest wealth
with over £60bn under management. The firm advisory, financing and risk management manager. It focuses on private and intermediary
has a unique partnership structure, being wholly solutions to large corporate, government and clients worldwide, providing international and
owned and managed by its 35 working partners. institutional clients. With more than 23,000 private banking, investment management,
This ownership structure gives us several people in offices around the world, we have the fiduciary services and brokerage. It has
important advantages over our competitors, global reach and distribution power to meet the £153.5bn total client assets under management
both culturally and commercially. needs of issuers and investors in all the major (as at 30/06/10), 7,400 employees, and
We are active managers. Our basic aim is to financial markets. Our distinctive business operates in over 20 countries. As one of the
achieve high returns for our clients and to beat model has cemented our position as a world first financial organisations to bring all the
their benchmarks. We have a highly analytical, leader in the industry. But we’re still relatively major wealth management services under one
research-driven approach and we build our young and extremely ambitious. Founded umbrella, it’s in a strong position to become a
portfolios from the bottom up. just 13 years ago, we’re still growing year on dominant player in the field.
year and continually pursuing excellence in
Graduate programme info everything we do. Graduate programme info
Approx. grad hires in 2010/11: 6. Approx. grad hires in 2010/11: 80.
Divisions offering vacancies: Investment Graduate programme info Divisions offering vacancies: UK & Ireland
Management. Approx. grad hires in 2010/11: 300. Private Bank and International Private Bank.
Application criteria: First or 2.1 degree in any Divisions offering vacancies: Compliance, Application criteria: Candidates must have a
discipline. Corporate Communications, Finance, Global real passion for wanting to work in the wealth
Typical duration of grad programme: Financial Risk Management, Human Resources, management industry. Academic excellence
Comprehensive training programme, lasting 3 Investment Banking, Legal, Marketing, is important but strong interpersonal skills,
years. Operations, Prime Services, Quantitative commitment, drive and enthusiasm are key.
Application deadline: 30 November 2010. Analytics, Research, Sales, Structuring, Recruiting from all degree disciplines.
Apply via: www.bailliegifford.com Technology and Trading. Typical duration of grad programme: 3 years.
Application criteria: Minimum degree 2.1. Application deadline: 14 November 2010.
Internship/Stage info Typical duration of grad programme: One Apply via: barclayswealthgraduates.com/CIBF
Approx. intern hires 2010/11: 6. year.
Divisions offering vacancies: Investment Application deadline: Our deadline for full- Internship/Stage info
Management. time applications is 15 November 2010. We Approx. intern hires 2010/11: 40.
Application criteria: Penultimate year of study. recruit on a rolling basis, so be sure to get your Divisions offering vacancies: UK & Ireland
Expected 2.1 degree in any discipline. application in early. Private Bank and International Private Bank.
Typical duration of internship programme: Apply via: www.barcap.com/expectexcellence Application criteria: Team players with
8 weeks. excellent communication and interpersonal
Application deadline: 31 January 2011. Internship/Stage info skills. Candidates must have outstanding
Apply via: www.bailliegifford.com Approx. intern hires 2010/11: 250. attention to detail and be able to multi-task, plan
Divisions offering vacancies: Compliance, and organise work and set priorities.
Corporate Communications, Finance, Global Typical duration of internship programme:
Financial Risk Management, Human Resources, 10 weeks (summer only). Programmes are
Investment Banking, Legal, Marketing, closed when full. Please apply as early as
Operations, Prime Services, Quantitative possible.
Analytics, Research, Sales, Structuring, Application deadline: 30 December 2010.
Technology and Trading. Apply via: barclayswealthgraduates.com/CIBF
Application criteria: Minimum degree 2.1.
Typical duration of internship programme:
Most of our internships last for 10-12 weeks
over the summer, although we do have off-cycle
opportunities depending on business need.
Application deadline: Our deadline for
internships is 31 December 2010.
Apply via: www.barcap.com/expectexcellence

72
Bloomberg BNP Paribas Citi

Bloomberg is a leading global provider of BNP Paribas Corporate & Investment Banking Citi, the leading global financial services
data, news and analytics. The Bloomberg is a leading European investment bank with company, has approximately 200 million
Professional® Service and Bloomberg’s media global leadership in many of our businesses. customer accounts and does business in more
services provide real-time and archived financial We are part of the BNP Paribas Group, one of than 140 countries. Our 200-year heritage
and market data, pricing, trading, news and the six strongest banks in the world, rated AA is built on a proud pioneering spirit, and we
communications tools in a single, integrated by Standard & Poor’s, and the largest bank in continue that forward-thinking tradition today.
package. Bloomberg’s clients include the eurozone by deposits. With over 19,000 Driven by a desire for entrepreneurship and
corporations, news organisations, financial and employees in 53 countries, we can offer you a creativity, Citi is helping to shape the future
legal professionals, and individuals around the truly global career. of banking. It is not progress at any price,
world. With over 11,000 employees operating however. We strongly believe in a commitment
in more than 153 countries, Bloomberg is truly Graduate programme info to responsible growth that benefits clients,
international. The largest offices include New Approx. grad hires in 2010/11: 300+ globally. colleagues and communities alike.
York, London and Tokyo, and this is where the Divisions offering vacancies: Fixed Income,
majority of graduate opportunities are located. Equity & Derivatives, Commodity Derivatives, Graduate programme info
Structured Finance, Corporate Finance, Approx. grad hires in 2010/11: 250.
Graduate programme info Corporate & Transaction Banking Europe, IT, Divisions offering vacancies: Investment
Approx. grad hires in 2010/11: 500+ Operations and Human Resources. Banking, Corporate Banking, Private Bank,
entry-level positions located in London. Application criteria: Minimum 2.1 degree Capital Markets Origination, Sales & Trading,
Divisions offering vacancies: Graduate in any subject. However maths, finance, Global Transaction Services, Risk Management,
positions include Financial Sales, Software economics, business, sciences, engineering Human Resources, Operations and Technology.
Development, Global Data, IT, Project and computer science are the most relevant. Application criteria: In such a wide-ranging
Management, News and many more. Typical duration of grad programme: One business, our application process varies
Application criteria: For most roles, a second year. according to location and business area, so
language is desirable but not essential. Application deadline: Please see website for please visit www.oncampus.citi.com for all
A passion for finance, technology or an regional deadlines. the details.
international career is required. Apply via: www.graduates.bnpparibas.com Typical duration of grad programme:
Typical duration of grad programme: All Durations vary according to location and
graduate positions are full-time permanent Internship/Stage info business area, so please visit www.oncampus.
positions. Approx. intern hires 2010/11: 500+. citi.com for all the details.
Application deadline: Bloomberg recruits all Divisions offering vacancies: Various. Please Application deadline: 7 November 2010.
year round and from any discipline. see website for details. Apply via: www.oncampus.citi.com
Apply via: careers.bloomberg.com Applicaton Criteria: For long-term internships
you must still be in full-time education or have Internship/Stage info
Internship/Stage info not yet graduated. In addition, you must be on Approx. intern hires 2010/11: 150.
Approx. intern hires 2010/11: We recruit 100+ course to achieve at least a 2.1 degree. Divisions offering vacancies: Investment
interns into our London office. For summer internships, you must be in your Banking, Corporate Banking, Private Bank,
Divisions offering vacancies: Internship penultimate year to be eligible to apply. Capital Markets Origination, Sales & Trading,
positions include Financial Sales, Software Typical duration of internship programme: Global Transaction Services, Risk Management,
Development, Global Data, IT, Project Long-term internship programme: 3-11 months. Human Resources, Operations and Technology.
Management, News and many more. Summer internships: 10 weeks (London), 12 Application criteria: In such a wide-ranging
Application criteria: For most roles, a second weeks (New York). business, our application process does vary
language is desirable but not essential. Application deadline: Please see website for according to location and business area, so
A passion for finance, technology or an regional deadlines. please visit www.oncampus.citi.com for all
international career is required. Apply via: www.graduates.bnpparibas.com the details.
Typical duration of internship programme: Typical duration of internship programme:
Internships last for 10-16 weeks depending on Durations vary according to location and
department, starting late June. business area, so please visit www.oncampus.
Application deadline: Opportunities will be citi.com for all the details.
advertised on the Bloomberg website at the end Application deadline: 2 January 2011.
of 2010/beginning of 2011 for 2-3 weeks. Apply via: www.oncampus.citi.com
Apply via: careers.bloomberg.com

73
Commerzbank Crédit Agricole CIB Crédit Agricole Group

Commerzbank Corporates & Markets (C&M) is Crédit Agricole CIB is the Corporate and Over the years, Crédit Agricole Group has built
the corporate and investment banking segment Investment Banking arm of the Crédit Agricole up its businesses around the regional bank
of Commerzbank AG, providing a broad range Group, the world’s ninth largest, Europe’s network – its historical base – to become a key
of products and services to corporate and third largest and France’s largest bank on the partner for every sector of the economy. With
institutional clients in Germany, Europe and basis of Tier 1 capital (The Banker, July 2009). leadership positions in France and a strong
beyond. The business incorporates advisory The Group is present in 70 countries and has presence abroad, the Group plans to continue
and capital markets activities in debt, equities, 160,000 employees worldwide. expanding internationally in Retail Banking,
commodities, fixed income and currencies with Crédit Agricole CIB offers its clients a Corporate and Investment Banking and Asset
a strong focus on derivatives and structured comprehensive range of products and services Management. Join the Crédit Agricole Group
products. C&M aspires to be a client’s partner in capital markets, brokerage, investment and play an active part in the development of
of choice when it comes to the development banking, structured finance, corporate banking France’s largest bank.
and execution of smart solutions for all their and international private banking.
financing and capital market needs. The Corporate and Investment Bank is Graduate programme info
structured around four major divisions: Approx. grad hires in 2010/11: n/a.
Graduate programme info Corporate and Investment Banking, Equity Divisions offering vacancies: Positions are
Approx. grad hires in 2010/11: n/a. Brokerage and Derivatives, Fixed Income available in different fields of banking activity,
Divisions offering vacancies: We are recruiting Markets and Structured Finance. such as Capital Markets, Investment Banking,
graduates for various business areas. Structured Finance, Brokerage, Risk, Audit,
Application criteria: You have ideally graduated Graduate programme info Finance and IT. In addition, we offer more than
in a business-related subject, e.g. economics Approx. grad hires in 2010/11: n/a. 100 opportunities through the International
or mathematics, achieving a 2.1 degree (or Divisions offering vacancies: Positions are French Program (V.I.E)* in our expanded
equivalent) and above. available in different fields of banking activity international network (Europe, North and South
Typical duration of grad programme: One such as Capital Markets, Investment Banking, America, Asia, Middle East and Africa). These
year. Structured Finance, Brokerage, Risk, Audit and very interesting one-year assignment periods
Application deadline: We anticipate closing Finance. In addition, we offer more than 100 allow individuals to become familiar with our
applications in December 2010. opportunities as VIE (Volontariat International en international activities.
Apply via: www.commerzbank.com/career Entreprise, International Corporate Internship) * V.I.E is a French government sponsored
in our expanded international network (Europe, program offering young graduates an opportunity
Internship/Stage info North and South America, Asia, Middle East to benefit from a rewarding experience abroad.
Approx. intern hires in 2010/11: n/a. and Africa). These very interesting one-year Application criteria: n/a
Divisions offering vacancies: n/a. assignment periods allow individuals to become Typical duration of grad programme: n/a.
Application criteria: n/a. familiar with our international activities. Application deadline: Apply throughout
Typical duration of internship programme: Application criteria: n/a the year.
n/a. Typical duration of grad programme: n/a. Apply via: www.mycreditagricole.jobs
Application deadline: n/a. Application deadline: Apply throughout the year.
Apply via: n/a. Apply via: www.ca-cib.com Internship/Stage info
Approx. intern hires in 2010/11: 4,000 new
Internship/Stage info hires in 2010 in France.
Approx. intern hires in 2010/11: 850 worldwide Divisions offering vacancies: n/a.
(including 600 in France). Application criteria: n/a.
Approx. apprentice hires in 2010/11: 200 Typical duration of internship programme:
in France. Crédit Agricole Group offers a large range of
Divisions offering vacancies: Positions are internships within all our business lines. They
available in different fields of banking activity must last at least 6 months, and may result in
such as Capital Markets, Investment Banking, a permanent position being offered.
Structured Finance, Brokerage, Risk, Audit and Application deadline: You can apply for all our
Finance. internships and placement opportunities on our
Application criteria: n/a. website.
Typical duration of internship programme: Apply via: www.mycreditagricole.jobs
6-12 months.
Application deadline: Apply throughout the year.
Apply via: www.ca-cib.com

74
Credit Suisse Deutsche bank European central

bank

Credit Suisse is one of the world leaders in A passion to perform. It’s what drives us. Since 1 January 1999 the European Central
global financial services, providing private More than a claim, this describes the way we Bank (ECB) has been responsible for
banking, investment banking and asset do business. We compete to be the leading conducting monetary policy in the euro area.
management services to clients around global provider of financial services, balancing We at the ECB have a crucial function to fulfil
the world. Credit Suisse is active in over 50 passion with precision to deliver superior for the people of Europe, namely maintaining
countries, with a team of 49,200 people. We solutions for our clients. This is made possible price stability (i.e. safeguarding the value of
offer advisory services and comprehensive by our people: agile minds, able to see beyond the euro) and fostering financial integration
solutions to companies, institutions and high- the obvious and act effectively in an ever- and financial stability in the euro area. With
net-worth individuals worldwide. Credit Suisse changing global business landscape. As you’ll staff from 27 European countries, the unique
offers challenging professional opportunities, discover, our culture supports this. Diverse, blend of cultures, languages and professional
exceptional rewards and global development international and shaped by a variety of different backgrounds makes the ECB an exciting and
potential for people who are prepared to look perspectives, we’re driven by a shared sense attractive place to work.
at the world in a different way. of purpose. At every level, agile thinking is
Many people who join tell us they do so nurtured. Graduate programme info
because of ‘the people’. Credit Suisse appeals Approx. grad hires in 2010/11: 10.
to intelligent, outgoing personalities who want to Graduate programme info Divisions offering vacancies: A wide range
work together in an atmosphere of co-operation Approx. grad hires in 2010/11: 700 globally. of areas including Economics, Research, Law,
and respect. Divisions offering vacancies: Asset Finance, Statistics, Payment Systems, etc.
Management, Corporate Investment Banking, Application criteria: The ECB offers graduate
Graduate programme info Finance, Human Resources, In-House programme opportunities for PhD students as
Approx. grad hires in 2010/11: 275. Consulting, Legal, Risk & Capital, Group well as graduates in the relevant areas.
Divisions offering vacancies: Investment Technology & Operations, Private & Business Typical duration of grad programme: 2 years.
Banking (including Equities and Fixed Income), Clients, Private Wealth Management, Regional Application deadline: Specific vacancies for
Information Technology, Finance, Investment Management. graduate programme launched on an annual
Banking Operations. Application criteria: Information on how to basis. Deadline: end-February/March; starting
Application criteria: CV and cover letter, online apply can be found online at db.com/careers. date: 1 September.
numerical and verbal testing for some areas. Typical duration of grad programme: Duration Apply via: www.ecb.europa.eu, or register for
Strong academic background essential. depends on division. job alerts via our e-recruitment tool Working for
Typical duration of grad programme: Up Application deadline: Date dependent on Europe.
to two years. division and country. Please refer to our careers
Application deadline: Analyst, full-time: website for more information. Internship/Stage info
30 November 2010. Please visit website for Apply via: www.db.com/careers Approx. trainee hires 2010/11: 300.
Associate deadlines. Divisions offering vacancies: A wide range
Apply via: www.credit-suisse.com/careers Internship/Stage info of areas including Economics, Finance,
Approx. trainee hires 2010/11: n/a. Statistics, Business Administration, Law, Human
Internship/Stage info Divisions offering vacancies: Asset Resources and Translation.
Approx. intern hires in 2010/11: 300. Management, Communications and Corporate Application criteria: Traineeship opportunities
Divisions offering vacancies: Investment Social Responsibility, Corporate Investment for PhD and graduate students. Very
Banking (including Equities and Fixed Income), Banking, DB Research, Finance, Human occasionally, such opportunities are also offered
Information Technology, Finance, Investment Resources, In-House Consulting, Legal, Risk to undergraduate students.
Banking Operations. & Capital, Group Technology & Operations, Typical duration of traineeship: 3-6 months,
Application criteria: CV and cover letter, online Private & Business Clients, Regional with possibility of extension to 12 months
numerical and verbal testing for some areas. Management. maximum.
Strong academic background essential. Application criteria: Information on how to Application deadline: Each vacancy notice for
Typical duration of internship programme: apply can be found online at db.com/careers. traineeship will indicate a deadline.
10 weeks. Typical duration of traineeship: 8-10 weeks Apply via: www.ecb.europa.eu or register for
Application deadline: Analyst, Summer (excl. depending on division and location. For job alerts via our e-recruitment tool, Working for
IT): 11 January 2011. Analyst, Summer (IT only): Germany, 8 weeks to 6 months. Europe.
25 January 2011. Please refer to website for Application deadline: Date dependent on
Spring, Autumn, Quantitative, Associate and division and country. Please refer to our careers
Industrial Placement deadlines. website for more information.
Apply via: www.credit-suisse.com/careers Apply via: www.db.com/careers

75
European Investment Exane Fidelity

Bank

The EIB, created by the Treaty of Rome, enjoys Established in 1990, Exane specialises in three Fidelity is an investment management company.
its own legal personality and financial autonomy business lines: Cash Equity, Equity Derivatives At Fidelity, it’s our investment intelligence and
within the European Union. It operates in and Asset Management. our attention to detail that set us apart. We
accordance with best banking practices and With a strong franchise in Europe under the make considered judgements about which
in close collaboration with the European Exane BNP Paribas brand name, Exane’s Cash organisations to invest in around the world to
Commission, other international organisations Equity business offers a full range of services best benefit our clients. It’s an approach that
and institutions, as well as the public and including research, sales and execution on has made us the world’s investment specialist.
private sectors. European equities. In fact, we manage assets of US$200bn (as
The EIB, as the Bank of the European Union, is Exane Derivatives has built a robust, structured at 30 June 2010) on behalf of clients including
dedicated to improving the future of people’s products franchise, based on its longstanding corporations, governments, charities, advisors,
lives in Europe and around the world. leadership in European convertible bonds and financial institutions and individuals around
It achieves its goals thanks to a diverse and options. the globe. To put it simply, we invest money in
highly qualified workforce, motivated to support Exane Asset Management is the leading long/ equities, bonds, funds and property on behalf of
the financing of sound investment projects that short equity fund manager in France. Its expertise our clients. By using our judgement, knowledge
deliver tangible results. also includes structured product management. and market expertise, we aim to enable our
clients’ money to grow.
Graduate programme info Graduate programme info
The EIB has put into place a Graduate Approx. grad hires in 2010/11: n/a. Graduate programme info
Recruitment and Development programme Divisions offering vacancies: Exane does not Approx. grad hires in 2010/11: 20.
aimed at recent graduates without any or with run a set graduate programme but there are Divisions offering vacancies: Investment,
limited (up to two years) work experience, opportunities for talented young graduates, Operations, European Sales and Marketing,
looking to gain early hands-on professional mainly in our London and Paris offices, in Human Resources and Moonray Investors.
experience in the bank. the following fields: Equity or Derivatives Application criteria: 2.1 degree.
Approx. grad hires in 2010/11: Variable, Research, Equity or Derivatives Sales, Sales Typical duration of grad programme: The
according to the business needs. Trading, Structuring, Trading, Fund and duration of our programmes varies by scheme.
Divisions offering vacancies: n/a. Account Management, Marketing, IT Project Please see our website for more information.
Application criteria: n/a. Management, Middle Office, Financial Control, Application deadline: Investment: 5 November
Typical duration of grad programme: 1-2 Risk Management, Compliance, etc. 2010. All other programmes: 31 December
years maximum. For further details, please visit Application criteria: n/a. 2010.
our website. Typical duration of grad programme: n/a. Apply via: www.fidelityinternational.jobs/
Application deadline: n/a Application deadline: n/a directory
Apply via: www.eib.org/about/jobs Apply via: www.exane.com/corporate/careers.do
Internship/Stage info
Internship/Stage info Internship/Stage info Approx. intern hires in 2010/11: 10.
The EIB offers a limited number of internships Approx. intern hires in 2010/11: Around 100, Divisions offering vacancies: Investment,
for university graduates with less than mainly in Paris and London. European Business.
one year of professional experience who wish Divisions offering vacancies: Financial Application criteria: On course for an expected
to acquire an understanding of the Bank’s work. Research, Sales, Trading, Middle Office, 2.1.
Most are based at the EIB’s headquarters in Marketing, Accountancy, Internal Audit, IT, etc. Typical duration of internship programme:
Luxembourg. Application criteria: We are looking for Summer placements.
Approx. intern hires in 2010/11: Variable. students with strong analytical and interpersonal Application deadline: Investment: 31
Divisions offering vacancies: n/a. skills, willing and able to learn fast in a December 2010. European Business Internship
Application criteria: The EIB publishes demanding environment. Programme: 31 January 2011.
internships for a wide variety of educational Typical duration of internship programme: Apply via: www.fidelityinternational.jobs/
backgrounds. Preference is given to candidates 6 months minimum. directory
who have completed studies on European Application deadline: Throughout the year.
integration. Please apply 2 to 3 months before your
Typical duration of internship programme: preferred start date.
1-5 months maximum. Apply via: www.exane.com/corporate/careers.do
Application deadline: Please visit our website
for further details.
Apply via: www.eib.org/about/jobs

76
Goldman Sachs Henderson Global HSBC

International Investors

The Goldman Sachs Group, Inc is a leading Henderson Global Investors is an international The HSBC Group is one of the largest banking
global investment banking, securities and investment management company focused and financial services organisations in the
investment management firm that provides on investments across equity, fixed income, world, with 295,000+ employees serving
a wide range of financial services to a currency and property as well as alternative customers in 88 countries and territories around
substantial and diversified client base, including products, such as private equity and the world. With well-established businesses in
corporations, financial institutions, governments hedge funds. Europe, Asia-Pacific, the Americas, the Middle
and high-net-worth individuals. Founded in We are one of Europe’s largest independent East and Africa, HSBC’s unique combination
1869, the firm is headquartered in New York and investment managers with £60.3bn (as at of local knowledge and international expertise
maintains offices in London, Frankfurt, Tokyo, 31 March 2010) managed on behalf of clients reflects its position as ‘the world’s local bank’.
Hong Kong and other major financial centres who include individuals, private banks, third- Through its businesses – Global Banking and
around the world. party distributors, insurance companies, Markets, Global Asset Management, Global
pension funds, government bodies, investment Private Banking, and Global Transaction
Graduate programme info trusts and corporate entities. Banking – HSBC offers a comprehensive
Approx. grad hires in 2010/11: c.300. We employ approximately 930 members of range of financial services to high-net-worth
Divisions offering vacancies: Finance, Global staff across Europe, the US and the Asia- individuals, corporate, institutional and
Compliance, Global Investment Research, Pacific region, of whom 234 are investment government clients worldwide.
Human Capital Management, Legal, Internal professionals. HSBC takes a long-term approach to our clients
Audit, Investment Banking, Investment and invests time in building strong relationships
Management, Merchant Banking, Operations, Graduate programme info and understanding each client’s financial
Securities, Services and Technology. Approx. grad hires in 2010/11: 6. requirements.
Application criteria: Please visit gs.com/ Divisions offering vacancies: We are recruiting
careers for further details. graduates for our fund management and Graduate programme info
Typical duration of grad programme: n/a. distribution business. We offer a first-class, two- Approx. grad hires in 2010/11: 200 globally.
Application deadline: 24 October 2010. year rotational training programme that gives Divisions offering vacancies: Global Banking
Apply via: www.gs.com/careers you access to a wide range of work experience and Markets, Global Asset Management, Global
in a broad variety of business areas, including Private Banking, Global Transaction Banking.
Internship/Stage info our fund management and distribution business Application criteria: Minimum 2.1 degree.
Approx. intern hires in 2010/11: c.350. areas. You will work alongside fund managers, Minimum 300 UCAS points or overseas
Divisions offering vacancies: Finance, Global analysts, sales directors and other professionals equivalent.
Compliance, Global Investment Research, in a fast-paced environment, where senior Typical duration of grad programme: 12-36
Human Capital Management, Legal, Internal employees take an active interest in your months.
Audit, Investment Banking, Investment progress and an experienced employee will be Application deadline: 8 November 2010.
Management, Merchant Banking, Operations, your mentor. Apply via: www.hsbcnet.com/
Securities, Services and Technology. Application criteria: Graduate opportunities in campusrecruitment
Application criteria: Please visit gs.com/ London only. Minimum of 2.1 (or equivalent) in
careers for further details. any degree discipline. Internship/Stage info
Typical duration of internship programme: Typical duration of grad programme: 2 years. Approx. intern hires in 2010/11: 150 globally.
Various; including 10-week summer internship Application deadline: November 2010. Divisions offering vacancies: Global Banking
and 6-month and 1-year work placements. Apply via: www.henderson.com/graduates and Markets, Global Asset Management, Global
Application deadline: Please apply as follows: Private Banking, Global Transaction Banking.
Summer Programme: 5 December 2010. Internship/Stage info Application criteria: Minimum 2.1 degree.
Work Placements: 9 January 2011. Henderson Global Investors does not currently Minimum 300 UCAS points or overseas
Spring Programme: 9 January 2011. operate a formal internship programme. equivalent.
Apply via: www.gs.com/careers Approx. intern hires in 2010/11: n/a. Typical duration of internship programme:
Divisions offering vacancies: n/a. 10 weeks.
Application criteria: n/a. Application deadline: 21 January 2011.
Typical duration of internship programme: Apply via: www.hsbcnet.com/
n/a. campusrecruitment
Application deadline: n/a.
Apply via: n/a.

77
ICAP J.P. Morgan Kempen & Co

ICAP is the world’s premier interdealer broker, From the start, J.P. Morgan’s goal has been to Kempen & Co is a Dutch merchant bank
connecting buyers and sellers in global become the world’s most respected, successful specialised in financial services for institutional
financial markets. We have approximately 4,500 and influential investment bank. Two hundred investors, companies and high-net-worth
employees in 32 countries, working together to years on, this hasn’t changed. J.P. Morgan is an individual clients. We provide specialist financial
facilitate deals worth in excess of US$1.4 trillion industry innovator, setting the pace of change in services in asset management, investment
every single day. Our many clients include all global finance, executing ‘first-class business, funds, securities brokerage and corporate
the major investment and commercial banks. in a first-class way’. finance: a unique combination of services on
We also offer a range of post-trade risk and We work in collaboration across the globe to the Dutch market. With a century of experience,
information services, providing data and helping mobilise the best financial products and deliver Kempen & Co enjoys a high-profile presence
organisations reduce operational and systemic the best solutions to our clients through the in the Dutch market as a bank with an excellent
risk in their markets. We’re fast-moving, Investment Bank, Asset Management and reputation. Our employees – who form the core
entrepreneurial and meritocratic: an exciting, Treasury & Securities Services. We operate in of our company – focus on the interests of
innovative business where talent and ambition over 150 countries and hold global leadership individual clients and provide first-class financial
thrive – and where each day brings another positions across our businesses. So what advice.
opportunity, another challenge, another chance does this mean for you? To put it simply, the
to prove your potential. opportunity to work with some of the finest Graduate programme info
minds and address some of the most exciting Approx. grad hires in 2010/11: 20.
Graduate programme info challenges in the industry. Divisions offering vacancies: Securities(Sales
Approx. grad hires in 2010/11: 75 globally. and Research), Corporate Finance, Asset
Divisions offering vacancies: Broking (voice, Graduate programme info Management & Investments.
electronic, and shipping), Accounting, Business Approx. grad hires in 2010/11: n/a. Application criteria: Candidates with an
Services, Human Resources, Post Trade Risk Divisions offering vacancies: Asset academic degree, preferably in an economic
Services, Research and Risk. Management, IB Risk, Investment Banking, or financial direction. Entrepreneurship, strong
Application criteria: You will need a minimum Finance, Operations & Business Services, analytical skills, customer and people oriented,
of a 2.1 degree or equivalent. You should be Private Bank, Sales, Trading & Research, and team-spirit, drive, commercial skills and a well
a self-starter with a keen interest in working in Technology. balanced personality are key competencies.
global financial markets. Application criteria: Impeccable academic Excellent command of spoken and written
Typical duration of grad programme: credentials are important, but so are your English and preferably Dutch.
12 months. achievements outside the classroom. Typical duration of grad programme: You will
Application deadline: 28 November 2010. Typical duration of grad programme: n/a. start as a junior in a team and will be trained
Apply via: www.icap.com/careers Application deadline: Visit the Europe and on the job. We also offer a Merchant Banking
Asia sections of jpmorgan.com/careers for Traineeship, which will last two years.
Internship/Stage info application deadlines. Application deadline: n/a
Approx. intern hires in 2010/11: Apply via: jpmorgan.com/careers Apply via: www.kempen.nl
75 globally.
Divisions offering vacancies: We have a range Internship/Stage info Internship/Stage info
of internship and placement opportunities Approx. intern hires in 2010/11: n/a. Approx. intern hires in 2010/11: 30.
available in Broking and other business areas. Divisions offering vacancies: Asset Divisions offering vacancies: Securities (Sales
For more information please visit our website. Management, IB Risk, Investment Banking, and Research), Corporate Finance, Asset
Application criteria: You’ll need to be on track Finance, Operations & Business Services, Management and Investments.
for a 2.1 degree or equivalent. You should be Private Bank, Sales, Trading & Research, and Application cireria: Kempen & Co seeks
a self-starter with a keen interest in working in Technology. university students with ambition, drive and
global financial markets. Application criteria: n/a. proven talent. Whilst an economic background
Typical duration of internship programme: Typical duration of internship programme: is not a prerequisite, stamina and interest in the
8-week summer internships. One-year 10-12 weeks. financial sector are. Kempen & Co requires its
placements for specific business areas. One- Application deadline: Visit the Europe and analysts to rise to the challenge, and our interns
week industry insight programme for first-year Asia sections of our website for application are no exception.
students. deadlines. Typical duration of internship programme:
Application deadline: Internships & Apply via: jpmorgan.com/careers Internships vary from 3 to 6 months.
Placements: 30 January 2011. Industry Insight: Application deadline: None.
27 February 2011. Apply via: www.kempen.nl
Apply via: www.icap.com/careers

78
Lazard Man Group plc Mitsubishi UFJ Securities

Lazard, one of the world’s preeminent financial Man is a world-leading alternative investment MUSI is the European hub of Mitsubishi UFJ
advisory and asset management firms, operates management business. With a broad range Securities Holdings Co. Ltd. (MUSHD), which
from 40 cities across 26 countries in North of funds for institutional and private investors is part of the Mitsubishi UFJ Financial Group
America, Europe, Asia, Australia, and Central globally, it is known for its performance, (MUFG), one of the largest financial institutions
and South America. With origins dating back to innovative product design and investor in the world. MUSI is headquartered in the
1848, the firm provides advice on mergers and service. The history of Man is one of great City of London and is active throughout the
acquisitions, strategic matters, restructuring and entrepreneurial spirit, from its origins as a international capital markets, focusing on debt,
capital structure, capital raising and corporate sugar cooper over 225 years ago through equity, derivatives and structured products.
finance, as well as asset management services to commodity broking and hedge funds in Following a record-breaking year in 2009 and
to corporations, partnerships, institutions, more recent times. Man is a member of the with strong results during the year 2010 to
governments, and individuals. We are an Dow Jones Sustainability World Index, the date, MUSI is well positioned in the market and
independent firm, free of the conflicts that FTSE4Good Index and also supports many attracts high-profile deals. Because of our size
can arise at other financial institutions, and awards, charities and initiatives around we are able to offer a boutique client experience
we maintain long-standing relationships with the world. whilst having the strength and support of a
business leaders and decision makers around large group.
the world. Graduate programme info We are dedicated to giving our graduate and
Approx. grad hires in 2010/11: Up to 15 intern recruits all of the support they require to
Graduate programme info graduate positions in 2011. excel in their chosen career. You will be provided
Approx. grad hires 2010/11: 12. Divisions offering vacancies: Quantitative, with tailored training programmes, early
Divisions offering vacancies: Financial Business (Finance and Product & Client responsibility and exposure to our business and
Advisory. Operations) and Technology. See website for the opportunity to make valuable contributions
Application criteria: You will possess a further details. from your very first day. Because we are
passion for business and a genuine interest in Application criteria: A minimum of 280 UCAS looking for a relatively small number of talented
investment banking, along with well-developed points and a 2.1 degree are required for our graduates and interns, you won’t get lost in a
interpersonal skills and a sense of individualism graduate schemes. The majority of our schemes large trainee intake. You’ll feel involved and be
and identity. A strong academic track record is a take graduates from any degree discipline. an integral part of our team from the start.
must. Most importantly, we want individuals with Typical duration of grad programme: The
the commitment and flair to succeed. programmes are 19 months in duration, with the Graduate programme info
Typical duration of grad programme: n/a. exception of the Business Finance Programme Approx. grad hires in 2010/11: 12.
Application deadline: 5 November 2010 which is 36 months in duration and includes the Divisions offering vacancies: Front Office and
Apply via: Apply online only at www.lazard. CIMA qualification. Corporate Infrastructure.
com/apply Application deadline: 15 January 2011. Application criteria: Final year students and
However, early application is advised. recent graduates (one year since graduation).
Internship/Stage info Apply via: www.mancareers.com 2.1 degree minimum or equivalent. Eligibility to
Approx. intern hires in 2010/11: 12. work within the UK.
Divisions offering vacancies: Financial Internship/Stage info Typical duration of grad programme: One
Advisory. Approx. intern hires in 2010/11: Approximately year.
Application criteria: You will possess a 10 internship positions. Application deadline: 26 November 2010, 5pm.
passion for business and a genuine interest in Divisions offering vacancies: Quantitative, Apply via: www.musigraduates.com
investment banking, along with well-developed Business (Finance and Product & Client
interpersonal skills and a sense of individualism Operations) and Technology. See website for Internship/Stage info
and identity. A strong academic track record is a further details. Approx. intern hires in 2010/11: 12.
must. Most importantly, we want individuals with Application criteria: A minimum of 280 Divisions offering vacancies: Front Office and
the commitment and flair to succeed. UCAS points and predicted/achieved 2.1 Corporate Infrastructure.
Typical duration of internship programme: undergraduate degree. Candidates must be Application criteria: Penultimate year of study,
n/a. in their penultimate year of undergraduate or in line to achieve a 2.1 degree or equivalent.
Application deadline: 26 November 2010 postgraduate studies. Eligibility to work within the UK.
Apply via: Apply online only at www.lazard. Typical duration of internship programme: Typical duration of internship programme:
com/apply 8-10 weeks in the UK. Up to 6 months in 10 weeks.
Switzerland. Application deadline: 7 January 2011, 5pm.
Application deadline: 15 January 2011. Apply via: www.musigraduates.com
Apply via: www.mancareers.com

79
Morgan Stanley Munich re Nomura

A leading global financial services firm As one of the world’s leading reinsurers, we Nomura is ambitious. We are aiming to become
providing a range of investment banking, ask questions today that will concern all of this century’s global investment bank and we
securities, investment management and wealth society tomorrow. For example – what will are perfectly placed to achieve our goal. We
management services. Morgan Stanley has happen if sea levels rise by a metre? How will are the preeminent independent investment
over 60,000 employees in more than 1,300 offshore wind farms affect shipping risks? bank, boasting a worldwide reach and a strong
offices in 42 countries, serving clients including What are the implications for life and health balance sheet. With headquarters in London,
corporations, governments, institutions and insurance if average life expectancy eventually Tokyo, Hong Kong and New York, we have
individuals. Services include: investment reaches 90 years? In order to identify such offices in over 30 countries and employ more
banking advice on mergers and acquisitions, trends and manage the risks they bring, we than 25,000 people worldwide.
privatisations and financial restructuring; debt need people who have the ability to think
and equity underwriting; sales and trading in all beyond the here and now. Graduate programme info
the world’s major markets and market-leading Approx. grad hires in 2010/11: n/a.
research, with strengths in global asset and Graduate programme info Divisions offering vacancies: 2011 Full Time
wealth management. Morgan Stanley manages Approx. grad hires in 2010/11: 20 hires in our Graduate Opportunities: Investment Banking,
more than US$500bn for institutional and high- Graduate Trainee Programme. 20 hires as direct Global Markets and Corporate Infrastructure (incl.
net-worth investors across a broad range of entries. Information Technology, Operations, Finance).
asset classes, from traditional equity and fixed Divisions offering vacancies: Underwriting, Application criteria: In order to apply for an
income to hedge funds, private equity, real risk management, claims, actuarial affairs, analyst position, you should have or expect a
estate and infrastructure. accounting, controlling and others. minimum 2.1 degree or equivalent. Fluency in a
Application criteria: University degree, second language as well as English would be
Graduate programme info international background, excellent command beneficial.
Approx. grad hires in 2010/11: c.250. of English, internship experience, analytical Typical duration of grad programme: We
Divisions offering vacancies: Investment skills. Other languages are a plus. tailor our graduate programmes to each division
Banking, Global Capital Markets, Sales Typical duration of grad programme: and region. Please see our website for further
& Trading, Equity Research, Real Estate 18 months. information.
Investing, Credit Risk Management, Private Application deadline: We accept applications Application deadline: We review applications
Wealth Management, Technology, Finance & throughout the year. on a rolling basis and we therefore recommend
Operations. Apply via: www.munichre.com/career that you apply as soon as possible.
Application criteria: We accept applications Apply via: www.nomura.com/careers
from all degree disciplines. You must look to Internship/Stage info
graduate in 2011 with a 2.1 or equivalent. Approx. intern hires in 2010/11: 140. Internship/Stage info
Typical duration of grad programme: Variable. Divisions offering vacancies: Underwriting, Approx. intern hires in 2010/11: n/a.
Please check our website for details. risk management, claims, actuarial affairs, Divisions offering vacancies: We are currently
Application deadline: Variable. Please check accounting, controlling, marketing, recruiting for 2011 internship programmes
our website for more details. geo research. in Investment Banking, Global Markets and
Apply via: www.morganstanley.com/careers Application criteria: Second year of studies, Corporate Infrastructure (including Information
basic command of German, language skills, Technology, Operations, Finance).
Internship/Stage info relevant computer skills. Application criteria: In order to apply for
Approx. intern hires 2010/11: c.300. Typical duration of internship programme: an internship position, you should expect to
Divisions offering vacancies: Investment 8-26 weeks. achieve a minimum 2.1 degree or equivalent.
Banking, Global Capital Markets, Sales & Application deadline: We accept applications Fluency in a second language as well as
Trading, Equity Research, Real Estate Investing, throughout the year. Please apply for specific English would also be beneficial. You should
Private Wealth Management, Technology, internship vacancies on our job market. also have a strong interest in banking and
Finance & Operations. Apply via: www.munichre.com/career finance.
Application criteria: We welcome applications Typical duration of internship programme:
from all degree disciplines. Please check our We offer a wide range of graduate and internship
website for more details. opportunities including 12-week winter, spring
Typical duration of internship programme: and 10-week summer programmes.
10 weeks up to 12 months. Application deadline: We review applications
Application deadline: Variable. Please check on a rolling basis and we therefore recommend
our website for more details. that you apply as soon as possible.
Apply via: www.morganstanley.com/careers Apply via: www.nomura.com/careers

80
The Royal Bank Rothschild RWE

of Scotland Group

This is an exciting time to join RBS. Graduates Rothschild is a top tier international investment RWE Supply & Trading is one of the leading
and interns who do will find themselves at the bank with offices in cities globally. It has companies in European energy trading, taking
centre of our regeneration, redefining RBS approximately 3,000 employees worldwide the responsibility of a gas procurement volume
and delivering solutions that will shape not and more advisory bankers than any of its of nearly 50 billion cubic metres per year.
only our business, but the future of banking. competitors. The company is responsible for all of RWE’s
With a commitment to giving career-building Rothschild’s principal activities are divided activities on the international procurement and
responsibility from day one, you’ll influence the into Global Financial Advisory (corporate wholesale markets for energy.
strategic decisions we make going forward – finance advice covering M&A, debt advisory, RWE Supply & Trading is a Europe-wide
to achieve the extraordinary, and to seize the restructuring and equity advisory), Private enterprise and acts as the hub for all tradable
opportunities at the heart of an organisation Banking, Merchant Banking and Corporate commodities such as power, gas, coal and oil in
that is poised for transformation. Banking. In all these areas Rothschild is the their physical forms as well as with derivatives to
The place is here. The time is now. For more trusted advisor to its clients. secure against price risks. The company is also
information on our graduate and intern optimising the complete gas portfolio of
programmes and to apply online please visit Graduate programme info the RWE Group.
www.makeitrbs.com Approx. grad hires in 2010/11: c.90 globally.
Divisions offering vacancies: Global Financial Graduate programme info
Graduate programme info Advisory. Approx. grad hires in 2010/11: Assessments
Approx. grad hires in 2010/11: Vacancies Application criteria: Please fill in the online are typically held in January/February and June/
for over 600 graduates in 2011. application form at www.rothschild.com/careers July. Approx. 6-8 new graduates are hired each
Divisions offering vacancies: Global Banking Typical duration of grad programme: Global year.
& Markets, Operations, Technology, Corporate graduates undergo a comprehensive six-week Divisions offering vacancies: Rotational
Banking, Retail Banking, Finance, Risk, training programme, based in London. programme of 18 months, with three rotations
Marketing. Application deadline: The deadline for the in different business areas and locations.
Application criteria: 2.1 or 2.2, depending on London Graduate Programme is midday on Application criteria: Quantitative degree (e.g.
programme. 4 November 2010. For all other countries maths, economics, finance, physics, business
Typical duration of grad programme: Varies please see our website. administration, etc) and proficient IT skills.
by programme – please check the website. Apply via: www.rothschild.com/careers Experience in the trading business would be
Application deadline: Varies by programme – beneficial.
please check the website. Internship/Stage info Typical duration of grad programme:
Apply via: www.makeitrbs.com Approx. intern hires in 2010/11: c.90 globally. 18 months.
Divisions offering vacancies: Global Financial Application deadline: Assessment January/
Internship/Stage info Advisory. February: November/December. Assessment
Approx. intern hires in 2010/11: Vacancies Application criteria: Please fill in the online June/July: April/May. Start is spring or autumn,
for over 600 interns in 2011. application form at www.rothschild.com/careers no matter which assessment date.
Divisions offering vacancies: Global Banking Typical duration of internship programme: Apply via: www.rwe.com/rwest-careers
& Markets, Operations, Technology, Corporate The Summer Internship Programme is a 10- Job ad is only online during times we accept
Banking, Finance, Risk, GRG, GTS. week internship programme. The Long-Term applications, but programme info is always
Application criteria: Varies by programme – Internship Programme is typically 3-6 months in available.
please check the website. duration.
Typical duration of internship programme: Application deadline: The deadline for the Internship/Stage info
10 weeks summer, one week Easter Insight, London Summer Internship Programme is Approx. intern hires in 2010/11: n/a.
6 months off-cycle in Continental Europe. midday on 2 January 2010. Applications for the Divisions offering vacancies: n/a.
Application deadline: Varies by programme – Long-Term Internship Programme are received Application criteria: n/a.
please check the website. on a rolling basis. Typical duration of internship programme:
Apply via: www.makeitrbs.com Apply via: www.rothschild.com/careers n/a.
Application deadline: n/a.
Apply via: n/a.

81
Société Générale Standard Bank UBS

An international group, Société Générale is As a successful global investment bank, we UBS draws on its 150-year heritage to
a leading financial services provider in the have a presence in 33 countries. Our focus on serve private, institutional and corporate
eurozone. We are organised around three emerging markets in Africa, South-East Asia, clients worldwide, as well as retail clients
dynamic core businesses – French Networks, Eastern Europe and Latin America means we’re in Switzerland. We combine our wealth
International Retail Banking and Corporate & involved in transactions that many other banks management, investment banking and asset
Investment Banking. These are supported by often don’t consider. It’s a strategy that helped management businesses with our Swiss
two complementary businesses – Specialised us be voted Best Investment Bank from Africa operations to deliver superior financial solutions
Financing & Insurance and Private Banking, and at the Banker Awards 2009. and manage CHF 2.2 trillion in invested assets.
Global Investment Management & Services – We offer a variety of graduate programmes UBS is present in all major financial centres
which enable us to provide a comprehensive covering IT, Risk, Operations, Global Markets, worldwide. It has offices in over 50 countries
range of services to our clients. Professionalism, Investment Banking and Private Banking. and employs about 64,000 people around the
team spirit and innovation are our corporate Whatever programme you join, you’ll gain wide world. Its shares are listed on the SIX Swiss
values, reflected in all of our actions and in the exposure to different parts of our business, Exchange and the New York Stock Exchange
diversity of our 157,000 employees. working in cross-border teams to deliver (NYSE).
innovative client solutions. In short, you’ll enjoy
Graduate programme info the kind of experiences and challenges you Graduate programme info
Approx. grad hires in 2010/11: 1,000+ across simply won’t find anywhere else. Approx. grad hires in 2010/11: About 300.
all our divisions worldwide. Divisions offering vacancies: IBD, Equities,
Divisions offering vacancies: We recruit Graduate programme info FICC, Operations, Finance, Technology,
across all business areas. Approx. grad hires in 2010/11: 25. Risk, COO, HR, Compliance, Global Wealth
Application criteria: Criteria vary by business Divisions offering vacancies: IT, Risk, Management.
area and opportunity. We are eager to recruit Operations, Global Markets, Investment Application criteria: Applications from all
graduates who wish to both contribute in Banking and Private Banking. degree disciplines are considered. Additionally,
a concrete way to the transformation of Application criteria: Details on website. we are always looking for students with strong
the banking industry and have access to a Typical duration of grad programme: technical skills and language skills.
rewarding and challenging career path. 12-24 months. Typical duration of grad programme: Training
Typical duration of grad programme: Application deadline: 7 November 2010. lasts 18 to 24 months.
Durations vary by business area and Apply via: http://graduate.standardbank.com/ Application deadline: 7 November 2010.
opportunity. However, graduates are quickly efinancial Apply via: www.ubs.com/graduates
integrated into the relevant teams and rapidly
assume responsibilities. Internship/Stage info Internship/Stage info
Application deadline: Deadlines vary by Approx. intern hires in 2010/11: n/a. Approx. intern hires in 2010/11: About 300.
location and business area. Please consult Divisions offering vacancies: n/a. Divisions offering vacancies: IBD, Equities,
our website for further details. Application criteria: n/a. FICC, Operations, Finance, Technology, Risk,
Apply via: careers.societegenerale.com Typical duration of internship programme: COO, HR.
n/a. Application criteria: Applications from all
Internship/Stage info Application deadline: n/a. degree disciplines are considered. Additionally,
Approx. intern hires in 2010/11: 5,000 across Apply via: n/a. we are always looking for students with strong
all our divisions worldwide. technical skills and language skills.
Divisions offering vacancies: We offer Typical duration of internship programme:
internships across all business areas. 10 weeks.
Application criteria: Criteria varies by business Application deadline: 29 December 2010.
area and opportunity. Apply via: www.ubs.com/graduates
Typical duration of internship programme:
We offer both summer and long-term internships,
suitable for students and graduates at different
points in their academic career.
Application deadline: Deadlines vary by
location and business area. Please consult
our website for further details.
Apply via: careers.societegenerale.com

82
Notes

84
ONE YOU
One Credit Suisse
JEANS WANTED TO WORK ON HIGH-PROFILE DEALS. WE PUT HER TO WORK ON
THE LARGEST IPO EVER. Jeans discovered the global scale of our business when she became a member of
our investment banking team. The first deal she worked on was the biggest IPO in history. At Credit Suisse, you’ll always
have a world of unique opportunities. Read her story at credit-suisse.com/careers
LOCATION: HONG KONG
Credit Suisse is an Equal Opportunity Employer and does not discriminate in its employment decisions on the basis of any protected category. © 2010 CREDIT SUISSE GROUP AG and/or its affiliates. All rights reserved.

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THE GRADUATE GUIDE TO FINDING

WORK IN THE FINANCIAL SECTOR

and the online Student Centre should be your

Careers in Banking and Finance 2010/11

The world at your feet

4. Innovation. London in particular has

Six reasons to start your 5. Money. Despite well-founded worries about

Careers in Banking and Finance 2010/11

6. A great foundation. Experience on 5. Deregulation. As the US and Europe

Six reasons to start your 6. Opportunities. The Asian financial

Careers in Banking and Finance 2010/11

Graduate Recruiter Q&A

Q What’s the number one reason

A The most basic error is lack of attention

A Integrity – we look for people who will

Careers in Banking and Finance 2010/11

Day 2: The World

A Areas of our Finance, Investment Banking

Q Do you have a preference

A There is no preference shown to

hundreds of years. The pace of growth, change

Q I’m studying history. Does

apply for a job in sales and trading?

A The degree itself is by no means the

Q I’m thinking of applying for

A No week is the same. There will

Careers in Banking and Finance 2010/11

Language(s) don’t Tell” – none of the entries here focus

Careers in Banking and Finance 2010/11

Depending on what this candidate is looking HOBBIES AND IN

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Careers in Banking and Finance 2010/11

Careers in Banking and Finance 2010/11

Real Interview Questions

Never go to an interview without Goldman Sachs

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Apply online today at www.lazard.com/apply

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Careers in Banking and Finance 2010/11

UBS is an Equal Opportunity Employer. We

Mergers & The most competitive division

acquisitions Long hours, speadsheets and

and complex discipline,” says Angela 1. Goldman Sachs 662 282

Careers in Banking and Finance 2010/11

To apply for our Graduate Programme, Summer Internship Programme or

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Capital markets DCM bankers help clients issue

sentiment. you’re more likely to be involved in structuring

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To apply for intern and graduate roles in Europe and the

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Sales, trading & Fixed income, currencies and

Roles and career paths Skills sought

Careers in Banking and Finance 2010/11

This advert is for recruitment purposes only

Analyst Programmes 2011

Why equity derivatives?

Careers in Banking and Finance 2010/11

Join our Graduate Programme What we’re looking for

Electronic trading E-trading has reduced

Your energy shapes the future

Money Art10 Sales,