The Guide To Find A Job in The Financial Sector

The graduate guide to finding work in the financial sector
2012 Edition
Careers in
Financial Markets
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GETTING IN A GLOBAL INDUSTRY A LOCAL START
GLOBAL RECRUITMENT TIMELINES 6 CVS, COVER LETTERS & APPS THE S.T.A.R. INTERVIEW TECHNIQUE
WELCOME
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FRONT-OFFICE INTERVIEWS GRADUATE RECRUITER Q&A TESTING, TESTING THE FAMOUS FIVE
Careers in
Financial Markets
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DIVERSITY CHALLENGE
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INVESTMENT BANKING MERGERS & ACQUISITIONS CAPITAL MARKETS
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SALES, TRADING & RESEARCH ELECTRONIC TRADING COMPLIANCE & RISK MANAGEMENT OPERATIONS
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FINANCIAL SERVICES FUND MANAGEMENT & INVESTMENT CONSULTING
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ALTERNATIVE INVESTMENTS GLOBAL CUSTODY
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WEALTH MANAGEMENT INTERDEALER BROKING CORPORATE BANKING DATA PROVIDERS & RATING AGENCIES IT IN FINANCE INSURANCE
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elcome to the 2012 edition of Careers in Financial Markets, from eFinancialCareers.com. By picking up this guide, youve taken the first step towards gaining an edge as you strive for a career in financial services and youll definitely need one. Investment banking is one of the most competitive industries you could choose to enter. Last year, for every vacancy at investment banks or fund managers, there were more than 230 applications, while financial services companies received more than 70 for every open job, according to the Association of Graduate Recruiters. We hope that this guide, now into its 11th edition, will help get you started. Careers in Financial Markets is a global publication and it offers tips on how to make it through the application process in Europe, Middle East and Africa (EMEA), North America and Asia-Pacific. In the first part we cover application forms, CVs, interviews and assessment centres, including exclusive insights from banks graduate resourcing teams and recruitment experts in the financial industry. Then we look at the job roles in investment banking, from front-office positions to operational functions. We then move on to careers elsewhere in financial services, including hedge funds, private equity, accounting and IT in finance. All the articles feature contributions from industry insiders, and use the US dollar (denoted simply as $) as the default currency for pay and revenue figures. This guide is designed to be used in conjunction with the Student tab on eFinancialCareers.com. The website features news and regularly updated Paul Clarke advice on how to stay ahead Editor, Careers in of the competition.
Financial Markets
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Careers in Financial Markets 2012

is published by eFinancialCareers Ltd www.efinancialcareers.com Project Manager: Janice Chalmers Designer: Valerio Italiano Editor, eFinancialCareers.com: Sarah Butcher Editor, Careers in Financial Markets: Paul Clarke Contributors: AP Simon Mortlock, Shree Ann Mathavan; EMEA Nicole Degli Innocenti; US Fred Yager, Scott Krady, Myra Thomas, Janet Aschkenasy Sub-editors: Sue Balding, Annabella Gabb 2011 eFinancialCareers Ltd No part of this publication may be reproduced without permission.
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ACCOUNTING EMPLOYERS
COMPANY PROFILES
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A birds eye view of each global financial centre and its individual strengths
A GLOBAL INDUSTRY
he diversity of roles within the financial sector is matched only by the wide range of expertise in countries across the globe. We examine the key strengths of each region.
Europe, Middle East & Africa (EMEA)

Its easy to see why, despite recent wobbles, London remains the top global financial centre. It has the largest slice of the biggest financial pie in the world: London accounted for 36.7% of the average $4 trillion traded daily on the foreign exchange markets. London also has a 45.8% share of the $1.2 trillion traded daily on the over the counter (OTC) derivatives market, and the London Metal Exchange accounts for 90% of all non-ferrous metals traded in the commodities sector. Both Zurich and Geneva are in the top 10 of global financial centres, primarily because of large commodities and wealth management sectors. Switzerland has $6 trillion in assets within wealth management, and is number one for trading numerous physical commodities. France is Europes largest fund management hub, with $3.7 trillion in assets under management (AUM). Germany has the Continents biggest debt capital markets sector $378.5bn worth of deals were completed in 2010 and a sizable fund management industry, with $2.6 trillion in AUM. Ireland and Luxembourg are major centres for global custody, administering assets of $2.7 trillion and $3.2 trillion respectively. Scotland is gaining a reputation for investment banking operations expertise, and the Middle East has numerous large sovereign wealth funds, and is attracting more global private banks. The Nordic region and the Netherlands are big institutional investors, while Belgium is home to post-trade services firm Euroclear, which clears $721 trillion of securities annually.
acquisitions (M&A) and $210.5bn of equity capital market deals last year. Although New York remains the financial epicentre of North America, the migration of financial jobs to other cities such as Seattle and Salt Lake City continues unabated. Wall Street today is more a state of mind than a location, since most financial sector firms have moved elsewhere and it is no longer necessary to work in New York to have a financial career. Chicago is one of the worlds leading centres for commodities
The worlds financial hubs at a glance

Boston
Stamford
New York
Toronto
Salt Lake City
United States and Canada

Wall Street has long been a magnet for financial professionals but the United States and Canada are also home to six of the worlds top 20 financial hubs: New York, Chicago, Toronto, Boston, San Francisco and Washington DC. The US leads the world in debt capital markets, with more than $2.5 trillion worth of deals in 2010. There were also $913bn of mergers and
Chicago
Raleigh-Cary
Rio
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GETTING IN
and for the $600 trillion OTC derivatives market, while Boston is known for its fund management firms such as Fidelity and State Street, which together account for $3.7 trillion of the total $13.4 trillion the US has in AUM. Elsewhere, Connecticut has become synonymous with hedge funds, while financial giants such as Schwab and Wells Fargo are headquartered in San Francisco.
Asia-Pacific
Asias key banking cities, supported by economic growth in China and India, have rebounded quickly from the crisis, and financial institutions are expanding across the region. Hong Kong, Singapore, Tokyo, Shanghai and Sydney are all top 10 global financial centres. The wealth held by high-net-worth individuals in Asia-Pacific rose 30.9% to $9.7 trillion between 2008 and 2009, helping Singapore cement its strong position in global private banking. The country is an operations and IT centre for several investment banks. It is also Asias top energy trading hub and increasingly a
location of choice for other commodities, including agricultural products, metals and minerals. Singapore fund managers looked after a record $1.1 trillion in assets in 2010, representing a rise of 13% on the year before but still no match for Hong Kongs $1.6 trillion in AUM. One of Hong Kongs main strengths is its securities market. Funds raised by initial public offerings (IPOs) hit a record high of $57.1bn on the Hong Kong Stock Exchange in 2010. Despite Japans recent natural disasters, Tokyo remains one of the worlds top financial centres. It is Asias main foreign exchange market and has the largest asset management industry in the region. Although Shanghai, Beijing and Shenzhen cannot yet match the product sophistication of more mature centres, China is flexing its financial muscles in terms of equity capital markets volume, ranking second globally in the second quarter of 2011. Australias financial sector has a comparatively domestic focus and is dominated by its Big Four commercial banks. Within investment banking, the booming resources sector is driving M&A and capital markets activity.
Edinburgh
London
Paris
Frankfurt
Capital Markets Commodities
Switzerland
Derivatives Fund Management
Moscow
FX Hedge Funds M&A Operations Private Banking
Tokyo
Shanghai
Mumbai
Singapore
Sydney
Hong Kong
Financial Centres 1. London 2. New York 3. Hong Kong 4. Singapore 5. Tokyo 5. Shanghai 7. Chicago 8. Zurich 9. Geneva 10. Sydney 10. Toronto
Source: Z/Yen Global Financial Centres Index 2011.

The hurdles you have to overcome as a foreign graduate
Firms are less likely to sponsor someone when theyre unsure they will be able to stay.
WENDY TSUNG
Associate dean and executive director, MBA career services, Emory Universitys Goizueta Business School
A LOCAL START
anks value the diversity of an international workforce but securing a graduate place in a foreign location is not as simple as it once was.
EMEA
Most investment banks base the vast majority of their European graduate trainees in London, but new UK immigration restrictions are causing a headache when it comes to recruiting students from outside the European Union (EU). Traditionally, non-EU students have been able to arrange their own tier one post-study work visas that granted permission to work in the UK for two years after graduating without the need for a sponsor employer. But the government has announced plans to close this route from April 2012. At present it is unclear if the closure will definitely go ahead or what will replace it if it does. Instead, non-EU graduates who wish to be recruited via the UK are advised to look to tier two restricted visas, available to those who have been offered a (skilled) job. This means you need a job offer first. The good news is that the bank generally does the paperwork for these once theyve decided to appoint you. The bad news is that there are currently only 20,700 of these available to all UK companies. Worse still, these are released on a monthly quota basis and, with most banks tending to apply for their graduate visas in June and July, this reduces their share of the 20,700 still further. Perhaps surprisingly, despite the gloomy outlook and administrative burden, most banks insist that theyre maintaining the number of foreign students they employ.
Wendy Tsung, associate dean and executive director of MBA Career Services for Emory Universitys Goizueta Business School, says foreign-born students have found jobs in finance hard to get in the US. Firms are less likely to sponsor someone when theyre unsure they will be able to stay, says Tsung. The price of the visa isnt overly burdensome but the training costs and the cost of getting someone up and running in a position is a big factor. H1-B visas generally last for up to six years. After that, foreignborn workers must start the process anew or seek permanent residency status.
Asia-Pacific
A growing number of graduates want to work in Asia because they want to be based in a region of high economic growth. However, banks demand a genuine knowledge of Asia, without which opportunities for foreigners are limited because employers have a large local talent pool from which to choose. Any foreign national with aspirations to work in Hong Kong or Singapore needs the support of their employer, who then sends a visa request to the Ministry of Manpower in Singapore or the Immigration Department in Hong Kong. Foreign nationals who have attended university in Asia have an advantage over those coming straight from institutions in other parts of the world. Fluency in Mandarin is helpful, especially in Hong Kong where most firms are increasing their focus on mainland China. Completing a local internship will also boost your chances of securing a graduate place because you will have demonstrated a commitment to the region and the employer. But getting an internship in the first place can be problematic, because some banks are less willing to consider non-local applications for short-term roles. If you are studying outside Asia and havent done an Asian internship, consider visiting in the summer before you graduate to network and become a known entity. Investment banks in Australia, which tend to have a smaller number of entry-level vacancies, generally fill their intake with local graduates.
US
It has been a difficult couple of years for those from outside the US who are looking for a financial services job opportunity. A lull in the job market has meant foreign-born professionals, who need H1-B visa sponsorship, face an uphill struggle. H1-B visa numbers are set by U.S. Citizenship and Immigration Services and have remained flat for some time, at 65,000 annually.
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What to expect from the recruitment process in EMEA, the US and Asia-Pacific
GLOBAL RECRUITMENT TIMELINES

EMEA
Deadlines Most full-time graduate programmes close between late October and mid-November, although some banks recruit into early December. Certain divisions, notably technology, operations and finance, have extended the recruitment process into the new year. Summer internship deadlines close in mid-January. Application form or CV Increasingly, banks are favouring CVs because of the volume of applications they receive. For more tips and guidance, see CVs, Cover Letters & Apps on page 10. Interviews The majority of banks recruit on a rolling basis so interviews will take place from September, when applications open. You should find out whether you have made it to the first round of interviews within one to four weeks, depending on the volume of applications, with the actual interviews taking place a couple of weeks after. The first round of interviews is usually with human resources (HR) and/or representatives of the division youre applying to, and consists of a first round of competency-based interviews and a possible presentation or case study. If you are successful, banks aim to inform you 24 to 48 hours afterwards, with the aim of staging the second round one or two weeks later. The second round is also sometimes the assessment centre (see Testing, Testing on page 20) and will generally consist of more competency-based and technical interviews, a group exercise, psychometric tests and a networking event. Target schools Most banks target a restricted number of universities in each country. In the UK, think Oxbridge, LSE, Imperial and UCL; in the eurozone, think HEC, Essec, Paris Dauphine, WHU, EBS, SDA Bocconi and Universit degli Studi di Genova, to name a few.
I graduated in May 2010, then pursued an internship during the summer. In October I sent my CV, covering letter and completed application form to Socit Gnrale (SocGen). The form consisted of a series of competency questions and also asked why I wanted to work in banking in general and SocGen in particular. Less than two weeks later I had an invitation to complete numerical tests online, for which I practised on other tests I found on the internet. A week later I was asked to do a telephone interview, during which I was asked about my previous experience and my leadership and team working skills. Two weeks later I was invited to attend an assessment centre. That day I had three
interviews, more numerical tests and a group exercise. I received my offer of a job a few days after the assessment, in mid-December, and I started my job in February. It was quicker than usual because I had already graduated and was available immediately.
I received my offer of a job a few days after the assessment, in mid-December, and I started my job in February.
Michelangelo Vitiello
M&A Analyst, Coverage and investment banking, Socit Gnrale CIB
WE BRING OUT THE BEST IN EVERYONE TO BUILD THE BEST POSSIBLE TEAM
Theres no team success without individual success, and no company progress without personal development. Thats why Socit Gnrale offers all its employees career prospects that are deeply fulfilling and rewarding. W ith more than 157,000 employees from more than 120 different nationalities working in 85 countries, we respect the diverse range of talents available. And with 3.5 million hours of training provided per year, we also respect and develop the qualities of each individual. Thats team spirit too.
TO VIEW OUR CURRENT JOB OFFERS, PLEASE VISIT CAREERS.SOCIETEGENERALE.COM
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GETTING IN
I joined a business fraternity, Beta Alpha Psi (BAP), in my junior year at university. This helped a lot, because it introduced me to alumni in the financial sector and I also learned about the responsibilities of an i-banking analyst. When the recruitment process kicked off, I studied investment banking guides to capitalise on my knowledge gained through the BAP programme. I also relied on the alumni to help me with the more technical and behavioural questions. Expect some tough brainteasers such as, Who would have a higher beta a supermarket chain or a biotech company?. The hardest part, though, was the stress interviews
designed to take you out of your comfort zone. You need to remain calm throughout. Id advise others to start early and stay optimistic. When I was going through the interview process, I had a buddy who interviewed for consulting jobs. By motivating and supporting each other, it was a much easier process.
Joe Ma
Graduate analyst, M&A, Morgan Stanley Hong Kong
The hardest part was the stress interviews designed to take you out of your comfort zone.
US
Deadlines Assuming you submit your application online rather than apply through a target university, the deadline is towards the end of September or beginning of October for full-time positions. For internship recruitment, the deadlines run from mid to late January. Application form or CV Both. Some banks will accept resumes from students while on campus; others require students to submit them electronically or fill in an online application form. They are reviewed in January and, if youre attending a university on the campus recruitment circuit, banks will inform you and allow you to sign up for interviews a week before their visit. Interviews Expect two rounds of interviews. You will meet numerous people during this time, with the first taking place in early February. The final rounds of interviews will take place about one or two weeks later. Some banks take this process a step further. For instance, Bank of America Merrill Lynch runs a series of super days, during which candidates are interviewed in New York over a single day. Target schools Definitely. A lot of banks fill many business areas through their on-campus recruitment programmes, which normally target a core of 30 universities. These include Wharton, Dartmouth, NYU, and Columbia.
Asia-Pacific
Deadlines In Singapore and Hong Kong, application deadlines are similar to Europe: October or November for graduate schemes and November to January for internships. Australia follows a different calendar, with most banks closing full-time graduate programmes in March or April and internships in July or August.
Application form or CV Most banks in Asia-Pacific request a combination of application form and CV. The former extracts standard information about an applicant, and ensures that all candidates answer the same questions. CVs offer an opportunity for students to highlight information that the application form has missed. Interviews You should find out whether you have an interview within a month of sending your application, and you will typically be given up to two weeks notice before the interview takes place. Depending on the bank, first-round interviewees face a grilling from human resources and/or representatives of the division they have applied to. Waiting times for the next stage depend on when you were initially interviewed, but it is best to prepare for a quick turnaround of just a week or two. The second round may consist of a competency-based interview, case-study presentation, group exercise, networking event, and sometimes a psychometric test. This is similar to the assessment centre approach used by banks in other locations. Target schools Banks in Asia-Pacific actively target returnees from leading universities in the US and Europe. Closer to home, they like graduates of colleges such as The National University of Singapore, Singapore Management University, The University of Hong Kong, City University of Hong Kong and The Chinese University of Hong Kong. In Australia, some of the preferred institutions are: The University of Sydney, The University of New South Wales, The University of Melbourne, Monash University, The University of Queensland, The University of Western Australia and The University of Adelaide.

What (not) to write when applying to the banks
We often come across applications with answers that have been cut and pasted, which doesnt reflect well.
NATALIA GARLAND
Head of global graduate marketing and infrastructure, BNP Paribas
CVS, COVER LETTERS & APPS
n recent years more banks have started to ask students to submit a CV in place of (or sometimes as well as) an application form. Here, three graduate recruitment professionals offer advice on how to approach the written application.
CVs
Length Ideally one page, but never more than two. Contact details Put your name in a bigger font at the top (in the page header) to help it stand out, and your contact details underneath in a smaller font. Email address Dont try to be clever with your email address boywonder2011@hotmail.com will make a bad impression. Education Make sure this section is on the first page, and put your educational qualifications in reverse chronological order, i.e. most recent first. Dates Dont put the dates on the left the readers eye will fall on the left-hand side first when skimreading; instead, put the qualification or job title (i.e. what youve actually done/achieved) on the left, the uni where you studied, and then the date, so BA Business & Law, Imperial College London, Sep 08 Jun 11. Achievements This is the new trend with CVs, replacing the emphasis on skills. The idea is not just to list your duties for every job that you did, but also to describe what you achieved, first for your employer by way of business results, and second for yourself in terms of skills and development. Hobbies / Extracurricular activities Keep them relevant, i.e. loaded with employability skills such as leadership, teamwork, initiative. If youve climbed Mount Everest, this shows planning, grit and stamina. If youve set up an investment club at university, this demonstrates an early interest in finance.
Use of space Fill it. Try to use up the wordcount allowed for each answer answers that are too short can make it look like you havent really taken great care or time over the application. But of course, it also depends on what you put in the space. Be sensible, advises Linda Jackson, MD of consultants Fairplace. Do not devote more space to your victory on the pitch than to your summer working for a big bank, because it will send the wrong message about your priorities. Questions to expect There will probably be a question on your motivation(s) for breaking into the industry, and for applying to a particular division or bank, along with questions on your industry knowledge. Then there are the inescapable competency questions, for which you should use the S.T.A.R. formula to frame your answers (see opposite).
Cover letters
Their purpose People underestimate the importance of a cover letter, says Sarah Harper, head of recruiting, EMEA and India at Goldman Sachs. It is a useful mechanism to show your enthusiasm for the firm and the particular job you are applying for. It can really make a difference. Top and tail Cover letters are still rather formal affairs, so never address it to the persons first name. If you know the surname of the person you are writing to, write Dear Mr/ Ms X; then sign off with Yours sincerely; if you dont know the surname of the person you are writing to, write Dear Sir/ Madam, and sign off Yours faithfully. Tailoring This means making sure you get the name of the person and company youre writing to, address, job role and reference spot on, for a start. Then pull something from the job ad or job spec to show you know what theyre looking for, and tell them how you match it. A word of thanks Dont forget to thank them at the end for considering your application.
Applications
No shortcuts We often come across applications with answers that have been cut and pasted, and candidates sometimes even forget to change the name of the bank they have applied to, which doesnt reflect well, says Natalia Garland, head of global graduate marketing and infrastructure at BNP Paribas.
Not forgetting email

Email etiquette Its best to treat this as an online cover letter, so keep it formal and no SMS speak.
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GETTING IN
The formula to use to answer competency questions
THE S.T.A.R. INTERVIEW TECHNIQUE
he S.T.A.R. technique may sound like a recipe for reality television success, but its actually the evidence and competency-based method of interviewing which is increasingly favoured by investment banks. S.T.A.R stands for Situation, Task, Action, Result, and is a method that allows the interviewer to assess your competencies (read skills or abilities) as a candidate by analysing how you handled specific events in your past. Instead of asking hypothetical questions, you find out how the person actually reacted in a real situation, making it much easier to distinguish between strong and weak candidates, says Dr Rob Yeung, corporate psychologist and director at leadership consulting firm Talentspace. It is possible and indeed necessary to prepare for a S.T.A.R interview. Step one is to identify the core and common competencies or skills that the banks tend to look for in their potential graduate recruits. Think leadership, teamwork, initiative, problem solving, communication, commercial awareness. Step two is to prepare a bank (no pun intended) of examples of how youve demonstrated these competencies in the past. Your examples may come from your work experience, studies, extracurricular activities, volunteering etc. Step three is to apply the S.T.A.R formula to your examples to make sure you cover all the elements the recruiters will be looking for. But dont learn your answers parrot-fashion, warns Dr Yeung. Remember the details so you can give a smooth answer, but do not learn the stories off by heart or you will sound robotic, he advises.
Task
Now you are homing in on the specific problem you faced. The task should be credible so using Lehman was about to collapse so they turned to me to solve it as an intern probably wont wash. Instead, you should show a combination of realism and ambition, choosing a task that was achievable but without setting your sights too low.
Action
Next, it is time to move on to what you actually did in order to accomplish the task. This is the really meaty part in which your skills are put to the test. The key is to show that a) you had an objective clearly in mind; b) you assessed what needed to be done; and c) there was logic in your action(s). By the way, theyll expect more than one action. Talk about the obstacles you faced and how you overcame them. Explain what you did, give details of how you carried it out and why you chose that course of action. Be prepared to be interrupted and asked to expand.
Result
They are now waiting to hear or read what happened as a result of what you did project completed, money raised, happy customers, contract won or whatever, pitch book delivered, universe saved (OK, maybe not that one). Be specific about the result for the company or group your task involved, and also the result for you for example, what you learned. If the results were positive, underline your contribution and highlight your achievements. If the results were negative, remember that a setback can actually reflect positively on you showing that you assess the consequences of your actions, that you are able to learn from your mistakes, and that you are resilient in the face of adversity.
Situation
This is basically the scene-setting for your example, or the once-upon-a-time opening to your story. One day, during my internship with Bank X You shouldnt spend too much time (or space, if on an application form) on this bit. Set the context for the story clearly in a few sentences.
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Insider tips on investment banking, sales and trading interviews
Practise as many brainteaser questions as you can. The key to questions you cant answer is [...] to demonstrate your thought process.
ANONYMOUS JUNIOR
Bulge-bracket bank
FRONT-OFFICE INTERVIEWS
hree former students, now gainfully employed in front-office roles, give the inside scoop on what to expect during interviews for investment banking, sales and trading positions.
Investment banking interviews

If you make it to the final round of an investment banking interview process, you will encounter an assessment centre. Most banks use them. At that centre, the final stage will be a round of interviews. While first-round interviews are about competency and fit, assessment centre interviews focus on evaluating your ability to do the job, so expect a technical interview with members of the business. Macroeconomic questions They may start by taking a general route and ask you macroeconomic questions on inflation, unemployment, gross domestic product, foreign
The author is a junior in a bulge-bracket bank in London.
trick questions designed to test your logic, such as: You have a balance that doesnt tell you how heavy each ball is. You can only use the balance twice. How can you identify the heavier ball? If one tap fills up a swimming pool in two hours and another tap fills it in four hours, how quick will it be if both fill it up at the same time? My advice Practise as many brainteaser questions as you can. The key to questions you cant answer is to make a good intelligent guess and try to explain how you are thinking about the answer, to demonstrate your thought process. I always remember when I got a really nasty volatility question, which the interviewer turned into an FX question and I got lost. My formula was right but my maths went to pot. He was kind enough to walk me through my mistake so I took a breath and said, Oh I see, what you are saying is that I should have done X, Y, Z. He was impressed that I had listened and picked it up quickly, and we moved on. He also recommended me as a good hire.
exchange (FX) and your view on the economy, such as: What is the dollar/yen exchange rate today? Where do you think it will be in one year and why? What is the current price of oil? What have we seen in the last three to six months? Where will it go? What is your view on the current sovereign debt situation? Technical questions Then theyll drill down to more specific questions, such as: You purchase some Ford Motor Company bonds. How can you hedge your interest rate risk? (Go short on treasuries, so you are left only with the firm-specific Ford risk.) Graph the price-yield relationship of bonds. What is an inverted yield curve? How would you explain credit spread? Brainteaser questions Finally, there are also the apparently
Trading interviews
If youre interviewing as a trader,
The key to this question is not the risk but the analytics surrounding it. Talk about your thought process before taking the risk, how you weighed up the opportunity cost etc, then the results of taking the risk. Do not be surprised if your interviewer throws other possible outcomes at you in order to see your reaction and how you would handle it.
The author is now a frontoffice markets professional at a US investment bank.
you should also be prepared for the following: Can you tell me about a time when you took a risk?
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We cant tell you where youll be in five years. And thats a promise.
Dreams.
While some of you will have known your career lies in finance since starting your degree, others will only now be considering banking as a career option. Whatever your background, if you dont already know your equity swaps from your corporate bonds, dont worry, many of our best people didnt either when they started. Thats why we have one of the best learning and development programmes in banking, it will teach you all you need to know.
Realities.
A career at Citi can be whatever and wherever you want it to be, from opportunities in Investment Banking and Trading, to Human Resources and Technology, from London and Dubai, to Johannesburg and Shanghai. Our recruiters are experts at spotting talent and potential, so if youre bright, driven, ambitious and want to learn more, we want to talk to you.
We have opportunities in: Investment Banking, Capital Markets Origination, Sales & Trading, Global Transaction Services, Corporate Banking, Private Banking, Human Resources, Operations and Technology. Our application deadlines are: Full Time Analyst Programme 4th November 2011 Summer Analyst Programme 6th January 2012
Start by registering your interest at oncampus.citi.com
2011 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.
It all begIns wIth a handshake

natixis Challenges that fuel your expectations
With 22,000 experts worldwide, natixis offers career opportunities in three major business lines: Corporate and investment banking, investment solutions (asset management, private banking, insurance) and specialized financial services.
www.natixis.com
Corporate & investment banking / investment solutions / speCialized finanCial serviCes
07/2010 visuel JMF / WoolooMooloo
GETTING IN
How do you handle stress? The market has a way of turning cool, calm, collected individuals into irrational, impulsive and angry players. If you fall into the latter group, you will not succeed. If I were to give you 250k, where would you invest? Follow the markets to make sure you have an answer to this question and can rationalise and justify your decision. Are you willing to put the interests of the company and a client before your own? I beg of you not to waffle on about the ethical implications of this question; it is simply a direct loyalty question and you just need to answer yes. Which attributes do you think are vital to a good trader? Demonstrate you have these. A good trader is able to digest large amounts of information and to play out scenarios that tie in together. If you want to be a trader you will need to think for yourself and piece together various scenarios and outcomes. Youll also need to keep your objectivity when things unfold in a fast and volatile market. To prepare for this question, focus on competencies and abilities suited to trading roles. What is a call option? Technical questions will depend on who is interviewing you. For example, a yield guy, a commodities guy and an equities guy will all tend to ask questions based on their product. Other examples include: if the yen/dollar exchange rate is 110 yen/dollar today and the one-year forward rate is 115 yen/dollar, what does this imply? Would the price of a call option go up or down when the maturity of the option is longer? My advice Whichever role you go for in an investment bank, some questions are inevitable. You should always be prepared to say why you want to work for that bank and why you want that job. And you should always come with some questions of your own.
Sales interviews
I cannot guarantee 100% that you will be asked these questions if you interview for a sales position in an investment bank but I can say that they are the questions I like to ask when Im interviewing graduates and the kind of question I was asked myself. You have been warned Tell me about yourself walk me through your CV. Lets face it, if you cant sell yourself, you have little hope of selling anything to a portfolio manager. Why do you want to work for Bank X? This is your opportunity to demonstrate you have researched and prepared. It is not enough to sit and reel off a million statistics about the achievements of the firm. Touch on the people, the culture, the structure of the graduate scheme. Make it personal. What genuinely interests you in Bank X? Why sales? The answer to this question will help weed out those who truly love selling from those who just happened to fall into sales as a profession. Your interviewers are looking to discover your selfawareness and motivation. Know your strengths and be able to show how they relate to sales. What part of the sales process most appeals to you and which part do you think is most important? The question is effectively designed to test your knowledge of the sales role within the bank/division, and whether your selling style fits the culture of the firm or particular desk. If the desks revenue is based on a long sales process, the interviewer will be looking for a sales person with patience, diligence, organisation and the ability to follow up. High-sales-volume flow desks will want someone driven to get the trade and close. What attributes do you think are vital to a good sales person? Demonstrate you have these. The key to this question is to focus on the abilities that every sales graduate needs and to provide concrete examples of situations in which youve demonstrated them. They include understanding your target audience, asking the right questions, listening to the client, and negotiation skills. If you werent to have a career in sales, what would you do? This question is designed to unearth your true career goals. I personally ask where do you see yourself in three/five/10 years? You often find candidates havent prepared to discuss their true ambitions. The off-the-cuff response often received reveals much about their long-term fit within the firm. My advice However these questions are phrased, they are designed to find out more about you. How motivated and passionate are you? Can you sell? Will you achieve good results? Do you fit into the culture and style of the firm/desk?
The author is a sales professional in an investment bank
Technical questions will depend on who is interviewing you. For example, a yield guy, a commodities guy and an equities guy will all tend to ask questions based on their product.
ANONYMOUS
Front-office markets professional, US investment bank
15
Advice from investment banks graduate recruiters on how to make it through the process
GRADUATE RECRUITER Q&A

Laurence Raison Global head of talent management and people development, Socit Gnrale CIB
Q What non-work-related activities do you look on favourably? look A One of the key things we or an for is activities that with demonstrate team spirit, ability to work well
others. This could be something like charity work or sporting achievements. Candidates need to be able to create a link between the activities theyve been involved with, and how the skills theyve gained from this are relevant to the role theyre applying for.
Q A
What are the top qualities you are looking for in your graduate recruits? Honesty and integrity are top of the list: the candidate must share our values. Then curiosity, the hunger to learn and try new things. Finally, flexibility and adaptability. We believe leadership never comes from replicating what was done before but from constantly asking how we can do it better. We encourage creative new ways of thinking and a combination of enthusiasm and rigour.
any particular qualifications, Q Do you look forcandidate makeacademic stand out? and how can a their CV for evidence of high level skill and A We always lookwell as somethinga that makesofyou stand out motivation, as from the crowd. Its very important that the candidate thinks carefully about their career and makes an informed decision about which division and which bank theyre applying to. Read the job description carefully and take time to research the bank we expect to see more than whats on our website. You must be able to demonstrate some enthusiasm for your chosen career. most common Q What are theapplying? mistakes that students make when attention to A Undoubtedly, the most common is a lack oflook careless detail. Any grammar and spelling mistakes and unprofessional, especially as it is so easy to avoid them now. Some CVs contain too much information, which makes it difficult to find what is relevant to us, while others contain too little, which makes it hard to establish if the candidate is right for the job. During interviews, candidates are stressed so they often do not listen carefully to the question asked.
Isabella Crocker Vice president, APAC graduate recruitment, Deutsche Bank

graduate CV Q What wouldofmake you pick out oneAsia-Pacific? over thousands others you receive in not purely about academics. Yes, candidates need A Itsachieve a certain academic standard but they should to
Any grammar and spelling mistakes look careless and unprofessional, especially as it is so easy to avoid them now.
LAURENCE RAISON
Global head of talent management and people development, Socit Gnrale Corporate & Investment Banking
16
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Nous rejoindre, cest : Dvelopper une expertise mtier, cre et maintenue par notre spcialisation et nos actions de formation Rejoindre une quipe de haut niveau, slectionne avec attention par notre recrutement afin de garantir nos clients lintervention des meilleurs consultants Disposer dun suivi dans la dure de votre carrire, effectu par un manager attitr Accder plus de 4 000 missions pour lesquelles nous sommes sollicits par nos client grce notre position de Leader
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GETTING IN
also be able to show that they can manage their workload effectively perhaps through balancing a heavy course load with extracurricular activities or a part-time job. Applications must be well written and concise. Attention to detail is very important and spelling errors are not tolerated. Thorough preparation and communication skills are the most important aspects of the application process students need to articulate clearly why they are strong candidates and why they want to work for Deutsche Bank.
Larissa Goodwin Associate recruiter, J.P. Morgan
Q What is the number one reason why applicants are rejected? We assess the qualifications of an applicant based on A a variety of factors. Its difficult to specify one particular
reason. We look at academic performance, work experience and leadership qualities. There are multiple factors that we take into consideration when making a decision on a candidate. are Q Whatidealthe three characteristics that describe your graduate hire? We look for a number of things including top talent, overall A cultural fit within the bank, and people who are team players. We also look for leadership qualities and assess their overall work and academic experience to determine what a candidate brings to the table.
Q A
How integral is gaining an internship to securing a full-time offer eventually? Very important. The internship programme is more than just summer work experience it is a two-way interview, as it allows the employer to assess your ability and potential, and enables the candidate to determine whether this is the right industry, firm, or division for them. Hiring for the graduate programme is a long-term commitment, for both the employer and the candidate, and the internship programme is a key pipeline. It is therefore important that candidates approach their search for an internship with the same rigour, commitment and focus as they would for a fulltime job.
you offer any tips Q Caninterview process?on how to prepare for the evaluate your own strengths, A The key is toand development areas, so that you weaknesses can anticipate the questions you will be asked during the interview. Its also important to research Deutsche Bank not all investment banks are the same and candidates need to know why they want to work for us over other firms. Interviews arent always about knowing the right answer to questions. Most questions are designed to test your thought processes and logical reasoning skills rather than specific financial knowledge. We do, however, want to see a real interest and enthusiasm for the banking industry. Remember that the interview is a two-way process. If candidates dont have any questions at the end of an interview, it doesnt send out a positive message. are the Q What securingchances of aincandidate from the West a position Asia-Pacific? Deutsche Bank aims to recruit the best students A wherever they are studying. Our graduate training programme is truly global, and whether you choose to start your career in London, New York, Tokyo or Singapore, you can expect the same high standard of training and opportunities. If you are interested in working in a specific country, it is important to do your research and articulate what interests you about the region.
Q Do you arrange work permits, or help foreign students work at the company? If a candidate requires a work permit we can work with them A to help with this process.
does subject, Q If a candidatecareerpoorly in a corebanking? can they still pursue a in investment at the overall A We look a holistic viewacademic performance. Ourusfocus is to develop of a candidate that allows to look at their entire academic record, so normally one course would only be a small component of a candidates full profile. bank have any universities, Q Does theor schools that preferred from? colleges it selects success at schools with strong finance programmes, A We havefind successful candidates with liberal arts and other but also academic backgrounds.
The interview is a two-way process. If candidates dont have any questions at the end of an interview, it doesnt send out a positive message.
ISABELLA CROCKER
Vice president, APAC graduate recruitment, Deutsche Bank
19

Your guide to psychometric success
Tests are about attention to detail and being able to maintain high standards under pressure. These are qualities banks want to see and the tests are designed to draw them out.
SARAH BUTCHER
Editor, eFinancialCareers.com
TESTING, TESTING
anks will test your numeracy, and logical and verbal reasoning skills from the initial application stage through to the final hurdle at their assessment centres, especially in EMEA and Asia-Pacific, so be prepared. The problem is, though, that different banks use different tactics when setting psychometric tests. Some will expect everyone to sit a numerical test as part of the online application process. These are not as difficult as those encountered later in the recruitment process, are usually taken online, and last about 20 to 25 minutes. Other firms will only require you to sit an online numerical test if your CV or application form makes it through their initial filters. If you perform well here, expect to be invited to take a verbal reasoning test and, if you succeed, expect an interview. Finally, some banks will only roll out psychometric tests at their assessment centres, so if you make it this far, you will almost definitely encounter them there.
The student section of eFinancialCareers.com offers a series of numerical practice tests to help students prepare for the real thing. To take our practice tests, go to efinancialcareers.com/ students and click on Numerical Tests.
In-house numerical tests

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

For anyone with a reasonable amount of maths education, the online numerical tests should be relatively simple. They centre around addition and subtraction, percentages, compound interest, graph reading, analysing tables and problem solving. However, they are also designed to catch people out if they dont read the question properly. For example, you may see a simple XY graph where X is year one, year two etc. and Y is some numerical statistic. The question will ask you what was the Y figure in year three and candidates will jump to the graph and quickly tick their answer to move on, while missing that the Y column was cumulative. The trick is ensuring you have enough time to answer everything. You have about 20 to 25 minutes to cover 30 to 40 questions, so it is not advisable to spend five minutes on one question. Even though youll probably be doing these on your laptop at home, prepare as you would for any other exam. Have ready a scrap of paper, an open Excel spreadsheet and a calculator. Take the exam when youre sharp and in a quiet place. You will often receive an email with a link directing you to a test site, asking you to complete it in five business days. Make sure you know when the deadline is, and sit the exam before it expires.
Verbal reasoning tests

Verbal reasoning tests are all about attention to detail. Banks want to see that, within a limited timeframe and in a pressurised environment, you can digest and quickly disseminate information. You are usually provided with a passage of information and required to evaluate a set of statements by indicating whether each statement is: A True (does it follow logically from the information or opinions contained in the passage?). B False (is it logically untrue based on information or opinions contained in the passage?). C Cannot Say (based on the passage, are you unable to determine if the statement is true or false without further information?). Practice is important to passing these but the key is to read each statement carefully and ensure you understand what its saying. Everything you need to know is included in the passage of text. It is about how you interpret this to form a logical conclusion. These tests are less about general knowledge and more about attention to detail and being able to maintain high standards under pressure. These are qualities banks want to see and the tests are designed to draw them out, says Sarah Butcher, editor, eFinancialCareers.com.
20
Calculating your Future Value is easier than you think
Calculating the future value of an investment is easier when you know how to approach it. At eFinancialCareers.com, we help you approach the challenge of securing a rst internship or graduate role, and continue helping you right through your career in nance. Our Student Centre focuses on graduate recruitment at major banks and nancial rms, giving you the tools and insight you need to stand out. Invest in your future today by visiting:
www.enancialcareers.com/students
There really are only five types of interview question
THE FAMOUS FIVE
ou may not be able to predict what questions you will be asked at interview but you can know the types of question to expect. The questions banks ask will generally come from one of five categories.
Competency questions
Loved by graduate recruiters and human resources interviewers everywhere, the aim of this type of question is to establish your behaviour in a given situation. This type of question allows us to focus on what the candidate brings to the table beyond their technical skill set. We want to determine whether candidates have the personal attributes to succeed. Do they have good judgement, are they self-starters, are they influential and can they lead? confirms Keisha Smith, global head of recruiting, Morgan Stanley. Come with at least two answers prepared for each type of major employability skill or competency that you can identify. Some examples: Tell me about a time when you faced a challenging experience. How did you overcome it and what was the result? Can you describe a situation in which you showed initiative?
There is no right answer. While many are pure mental arithmetic, others are designed to see your logic in working them out. Some examples: Why are manhole covers round? (if you say because the hole is round youre out.) What is 21 x 19?
We want to determine whether candidates have the personal attributes to succeed.

KEISHA SMITH
Global head of recruiting, Morgan Stanley
Technical questions
Mostly asked by business interviewers, i.e. the people running the desks in the business area you want to join. They ask these to weed out the time-wasters students who havent kept up with whats going on in the economy or markets around them. Even at graduate level, a certain standard of industry knowledge is expected. Some examples: What is your top stock pick and why? How would you persuade a German pensioner to save Spain?
Motivation questions
This is the why this company/division/job question. There is no excuse for not prepping this type of question correctly. They want to know a) if you know the difference between their bank/division/role and another, and b) if you have a genuine (or plausible) reason for wanting to work in it. Some examples: Why this particular division as opposed to sales and trading? What set of skills does a private banker need?
Your questions for them

Yes, they do expect you to come with questions at least two. Avoid the classic mistakes at this stage. One, thinking the interview is over now youve reached the have you any questions for us stage? Two, using this as an opportunity to ask about pay, holidays, benefits. Instead, ask questions about the industry, company and the job itself. All safe. Some examples: I read recently that M&A activity is turning a corner. Would you be willing to give me your view on the M&A trend in the market? How is performance on the graduate programme measured?
Brainteaser questions
These are the apparently cryptic questions originating from the tech geek interview-style espoused by companies such as Google or Microsoft, which have migrated to interviews for banks. Often they will pop up in between competency, motivation and/or technical questions.
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GETTING IN
Ensuring equal treatment for all?
DIVERSITY CHALLENGE
epending where you are in the world, the notion of diversity is a widely subjective and extremely relative experience. In the US, where diversity has become ingrained into the corporate strategy of most large companies including all of the major banks, it dates back half a century to when the Presidents Committee on Equal Opportunity was created in 1961. It was followed by affirmative action in 1970 with its quotas, goals and timetables. But it wasnt until the 1980s that having a diverse workforce became valued as a business strategy. While that strategy still holds today, in a few regions there are signs some industries are less diverse than they were a few years ago.
are geared to women and ethnic minorities, as well as lesbian, gay, bisexual and transgender (LGBT) candidates. In fact, in the US, the LGBT community has become one of the most vocal elements of the diversity movement. Recently, Deutsche Banks New York headquarters hosted a summit called Out on the street, dedicated to advancing the ranks of LGBT banking leaders. Bank of America Merrill Lynch, Barclays, Citi, Goldman Sachs and Morgan Stanley also participated in the event. They discussed progress to date, particularly the emergence of private banking and advice-giving practices for gay couples, by gay advisors.
How female-friendly?
Within investment banking, the financial crisis has not been beneficial to diversity initiatives. The number of women in senior level management, which was already disproportionately low, had dropped to just over 15% in 2009 from nearly 18% in 2007. In the US, the number of women working in finance has fallen by 141,000 over 10 years, while the ranks of men grew by 389,000. In China, Taiwan and Vietnam, more women than men are taking MBAs. A Bloomberg survey found that 76% of Chinese women considering business school are aiming for a top job, compared with 52% of American women. Financial services has some catching up to do, but is it really the case that banks and investment firms are not devoting as many resources to diversity initiatives as they did in better times? Milton Irvin, a managing director and Americas head of diversity and inclusion at UBS, believes not. Diversity programmes continue to involve a multifaceted approach, devoted to leveraging talent, impacting culture, and delivering on and taking advantage of marketplace opportunities, he argues.
Back when I first started, women couldnt even wear a professional pant suit into the office.
JENNIFER HATCH
President and managing partner, Christopher Street Financial
A revolving door?
People in the field say initiatives not only need to focus on recruitment but also on the more critical issue of retention. Irvin says there is clearly more to be done to hold onto qualified talent. The problem in the finance sector, says Irvin, is that highly qualified professionals can easily find other opportunities outside the industry or even at the entrepreneurial end. Jennifer Hatch, president and managing partner at Christopher Street Financial, a wealth management firm catering for the gay and lesbian community, was one of those people. She previously served as a vice president at J.P. Morgan and as a managing director at Bear Stearns, working in equities and high yield bonds for institutional investors. Back when I first started, women couldnt even wear a professional pant suit into the office, she says.
LGBT leading the way

Global banks and investment firms have a variety of structured efforts in place, including internships, immersion events and mentoring programmes. For example, UBS has its Freshman Forum and Sophomore Symposium to get undergraduate students interested in the financial sector. These programmes
23
How hot Money Prestige Opportunities
M&A is the toughest area of investment banking to break into Expect long hours, number crunching and a steep learning curve at junior level Senior bankers do most of the client liaison
The international jet-set of investment banking
MERGERS & ACQUISITIONS
ecause of its reputation as the glamour side of investment banking, mergers & acquisitions (M&A) is one of the most competitive sectors to break into. M&A teams in investment banks advise client companies on mergers (where two companies join up as equals) and acquisitions (where one firm takes over part or all of another). Big investment banks only get involved with transactions worth at least $100m. At the top end, the deals can be worth billions. A career in M&A demands considerable commitment. M&A bankers advise their clients at stressful and critically important periods in a companys lifetime, so must make themselves available whenever the client needs them. Junior bankers work long hours and can expect to work late at night if need be. M&A is heavily quantitative so while you dont need to be an economics or maths major, you do need to be a strong quantitative thinker, says K. Don Cornwell, managing director, investment banking division at Morgan Stanley.
to associate for three years, then vice president, director and managing director, although the job titles may vary. Within those roles you have a chance to focus on sectors such as consumer, financials, oil and gas or media and telecommunications.
M&A is heavily quantitative so while you dont need to be an economics or maths major, you do need to be a strong quantitative thinker.
K. DON CORNWELL
Managing director, investment banking division, Morgan Stanley
Key players
The big US investment banks dominate the 2010 advisor rankings. The highest-ranked European player was Credit Suisse.
The more senior you get in M&A banking, the more youll deal face to face with clients. At the junior level you may attend client meetings with more senior bankers but mainly youll be focused on complex financial modelling and research to compile the pitch book the document the firm uses to outline its ideas on which companies a client should buy or sell to. As an analyst, your key tasks will include working on these client service presentations, largely for M&A deals, but occasionally for initial public offerings. A lot of this will involve building a financial model, valuing a company or benchmarking it against its peers. It is only later that you step away from the number crunching. The key difference between an analyst and an associate is that you take more responsibility for the transactions and projects. Youll be assigned more tasks, so expect your workload to multiply.
Roles and career paths

There is a relatively straight route up the career ladder in M&A. You start out at analyst level for three years, move up
Global advisor M&A rankings (announced deals) 2010 Financial advisor 1. Goldman Sachs 2. Morgan Stanley 3. J.P. Morgan 4. Credit Suisse 5. Deutsche Bank Rank value ($bn) 554.5 538.0 440.1 412.7 341.7 Market share (%) 22.8 22.1 18.1 17.0 14.0
Source: Thomson Reuters.
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Leading in financial advice, worldwide

Apply for our Graduate Programme, Summer Internship Programme or Long Term Internship Programme and you could be working with world-class teams that provide market leading advice to governments, corporations and individuals, within a culture that values innovation, integrity and intellectual rigour. Submit your online application form at www.rothschild.com/careers No other investment bank could have given me the opportunity to work on so many deals and so give me such a great learning experience
Analyst, Frankfurt
INVESTMENT BANKING
What are the key elements of your job? One of the most important pieces of advice we give is our opinion on how much clients should expect to pay for a company or sell a company for, so a large part of the job involves coming up with a suitable valuation. We need to understand the business and take a view on the outlook for the industry. Whats your average day like? If Im working on a live transaction I would get involved with tasks such as writing an information memorandum (describing the company for sale to potential bidders) or management presentations. If Im helping write a pitch book I would spend time researching the potential clients business and industry. I also do financial modelling and analysis for valuation purposes. If Im lucky I might get invited to a client meeting. When its quiet I finish around 8pm; on busier days its after midnight! What are the best things about your job? You can take on a lot of responsibility quickly, something you really start to notice
once people begin to trust you more. Its a constant learning process all the way through your career. There must be some downsides though? The long hours take a bit of getting used to, and its difficult to make plans during the week as its quite rare that Im out of the office before 10pm. How do you see your career progressing? In five years time I hope to have started to build my own list of client contacts and to have worked on a large and varied list of transactions. I expect Ill be much more involved in client pitches as well as in the management side of a transaction process.
Nathalie Ferretti
Analyst, M&A, Rothschild
Nathalie studied economics at Bristol University and joined the Rothschild graduate programme in 2010.
You can take on a lot of responsibility quickly, something you really start to notice once people begin to trust you more.
Pay and bonuses

Many banks have mitigated regulatory pressure on bonuses by increasing base salaries, as well as altering the structure of variable pay to include deferrals and a larger proportion paid in stock. This is reflected in the numbers below, as well as pay figures related to other areas of investment banking covered elsewhere in this guide.
Skills sought
Given that youll be working on complex financial models for valuing companies, and piecing together presentations to clients, numerical and analytical skills are essential. Second languages are valued for working with overseas clients, as are stamina and attention to detail. While it is not necessary to have a finance or mathematics degree, you are expected to have first-rate analytical and numerical skills, which are required for valuation exercises and financial modelling that could form the basis of a client pitch, says Jasper van Balen, global banking analyst programme manager at Royal Bank of Scotland in London. Many of an analysts duties are focused around financial modelling but, as you get more senior, these technical skills need to be combined with softer qualities. As well as having strong technical and financial skills, the best M&A bankers are also part-lawyer and partpsychoanalyst, says Jason Morris, executive director, head of southeast Asia M&A, Nomura. This combination marries a
strong knowledge of the local regulations in each market with an ability tactically to develop an overall deal strategy based on the dynamics, motivations and cultural considerations of all stakeholders. It also brings to the table smart negotiation skills to secure the best outcome for your client. Client focus, impeccable ethics and team orientation are vital. Having teams made up of individuals with diverse experiences and backgrounds helps us to serve clients better, adds Celine Desaedeleer, executive director, investment banking division at Goldman Sachs. You also need to be a self-starter, and to try to be ahead of the curve in anticipating the next appropriate step, because you will not always get day-to-day guidance on what youre supposed to be doing, adds Morgan Stanleys Cornwell. Were often asked to do analyses with limited information or inputs, so being creative during the financial modelling process is important, he says.
Average global investment banking pay 2010 ($k) Role 1st-2nd year analyst 3rd year analyst 1st-2nd year associate 3rd year associate Vice-president Director Managing director Base 90-100 110-170 120-200 160-180 200-250 250-300 300-500 Bonus 40-80 70-100 110-200 150-225 200-300 300-500 800-1,400 Bonus YoY -5% -6% -6% -7% -41% -34% -23%
Source: Options Group Intelligence Unit.
27
Capital markets teams bring financial products to market Junior bankers structure products, rather than originate business Equity and debt capital markets teams are becoming more closely linked
Where financial products are born
CAPITAL MARKETS
efore financial products are traded, they must be created. And its the pink-collared bankers in the capital
unlikely to become one until youve worked in capital markets for some time. As a junior capital markets professional, you are more likely to be involved in structuring the products so that they meet the client companys financing needs and are compelling for investors, or in the syndication process (preparing for the sale of finished products to investors). These days, it is often not sufficient simply to be an equity or a bond specialist. Banks such as Morgan Stanley, J.P. Morgan, Citigroup and UBS have combined their equity and debt origination businesses, so it helps to understand both sides of the coin.
markets divisions of investment banks who work on the production line. Equity capital markets (ECM) bankers help companies raise money by issuing shares and related derivative products, which are sold to investors. They act as underwriters in the process. This means that, in exchange for a fee, they guarantee they will sell the shares the company is issuing for a certain price. If they cant find enough people to buy the shares at the price theyve agreed with the client, the bank is obliged to buy the shares. Debt capital markets (DCM), meanwhile, deal with saleable units of debt in the form of bonds. Bonds come in all shapes and sizes, including treasury bonds issued by governments (the least likely to default), investment grade bonds issued by companies (not too likely to default) and so-called high-yield bonds (which are more likely to default so pay a higher rate of return). DCM is also called the fixed-income market. This is because bonds typically pay a fixed amount in interest until their redemption date (i.e. when the original issuer has to pay back the money on the bond to whoever owns it at that time). For example, a bond worth 100 (60) might pay out 10 a year, making the interest rate 10%. If the rate paid on a bond falls, the amount the bond is bought and sold for will therefore need to rise until the redemption date at the end of the bonds life, when the owner will receive its face value, in this case 100. Financial products that have been created by capital markets bankers in the so-called primary markets go on to be bought and sold by banks salespeople and traders in the secondary markets (see Sales, trading and research, page 32).
Product knowledge, such as how to structure and price various equity products, and market understanding are key skills of a capital markets banker.
DARIUS NARAGHI
Director, equity capital markets, Deutsche Bank in Hong Kong
Pay and bonuses

In Hong Kong, DCM professionals with one to four years experience can earn anything in the range of HK$ 300k-850k ($38k-109k), according to the Robert Walters salary survey. This rises to HK$1.6m+ ($205k+) at the senior end, and ECM bankers can expect a similar figure. In the UK, meanwhile, DCM salaries start at 30k-45k ($48k-73k), according to the 2010 Michael Page salary survey. Associates (those with three to five years experience) can earn 50k-75k ($81k-122k), while managing directors should expect a salary of up to 250k ($407k).

As banks are essentially offering similar services, they have to convince clients that their firm is the one to use. So before new equity or debt-related products can be created, deal originators are deployed to bring in new business. Origination specialists spend a lot of time travelling to clients to gain an insight into their financing needs. However, you are
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strength
Our
opportunity.
Our strong position in the market has been built on the character and intelligence of our people. To maintain that strength, we are committed to recruiting and developing top talent. This means that if you want to really advance your career, you should become part of our team. Its our goal to make sure you achieve your goals.
is your
Graduate Deadline: 11 November 2011 Internship Deadline: 11 November 2011 Asset Management, Finance, IB Risk, Investment Banking, Sales, Trading & Research 8 January 2012 Operations & Business Services, Technology
Apply via the Europe section of our careers website.
jpmorgan.com/careers
J.P. Morgan is a marketing name of JPMorgan Chase & Co. and its subsidiaries worldwide. 2011 JPMorgan Chase & Co. All rights reserved. J.P. Morgan is an equal opportunities employer.
See yourSelf moving onward and upward

At Barclays Capital, your unleashed potential is our most powerful asset. Thats why we look to your drive, ideas, ambition and talent to become the future of our business. And whatever you put in, we will match with unparalleled training, support and global opportunities. We understand that cultivating top talent is a critical business priority, not just a nice to have. So expect to be stretched. Expect to go further, faster and higher. And expect to have your potential fulfilled. Exceed your expectations at barcap.com/seeyourself
expect opportunitieS
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. 2011 Barclays Bank PLC. All rights reserved. Barclays and Barclays Capital are trademarks of Barclays Bank PLC and its affiliates.
INVESTMENT BANKING
In the US, capital markets analysts can expect $60k-65k in their first year, rising to $70k-90k after two years, according to recruitment sources.
Top 10 bookrunners: global debt, equity & equity-related activity 2010 Bookrunner 1. J.P. Morgan 2. Barclays Capital Proceeds ($bn) 452.9 448.4 413.3 393.7 320.9 297.9 295.7 284.9 262.2 216.3 Market share (%) 7.5 7.5 6.9 6.6 5.3 5.0 4.9 4.8 4.4 3.6
Source: Thomson Reuters.
Skills sought
If you want to work in capital markets, it will help to have an understanding of, and interest in, the technicalities of company financing, but this isnt the limit of the job. Product knowledge, such as how to structure and price various equity products, and market understanding are key skills of a capital markets banker, says Darius Naraghi, director, equity capital markets at Deutsche Bank in Hong Kong. As ECM bankers become more senior, it is also important to develop strong relationships with regional companies that are looking to raise money, and also with institutions that are looking to invest. Following the financial crisis, banks are less busy issuing complex financial products than before, but it will help if you have the mathematical ability to deal with complex products in case they become popular again one day. Finally, if you want to progress, it is important to look at the bigger picture and take an interest in industries and sectors outside your current area of specialisation, suggests George Davis, managing director, RBC Capital Markets. You need
3. Bank of America Merrill Lynch 4. Deutsche Bank 5. Morgan Stanley 6. Citi 7. Goldman Sachs 8. Credit Suisse 9. UBS 10. RBS
to understand your role, where you fit within your immediate group, and where your group fits within the firms broader objectives, he says. You should also have a clear understanding of client needs and the utmost in ethical conduct. Although you will be given a high level of individual responsibility, capital markets careers are not like trading careers, where individual excellence can reap the highest rewards. You have to be a real team player, largely to keep a variety of parties happy throughout a complex process.
Jason Occi
Analyst, global capital markets, Morgan Stanley
Jason studied at the University of Maryland and majored in finance. He is now an analyst in Morgan Stanleys global capital markets division, having joined the bank in 2009.
How did you end up in capital markets? I started my career on the buy-side during the financial crisis. It was obviously a challenging market and I decided Id rather move to a more diversified investment bank to help broaden my skill set. After visiting the Morgan Stanley careers website, I leveraged some prior relationships and attended one of the banks networking events. Eventually I was accepted onto its training programme and that helped me get up to speed as quickly as possible. Why do you think youre good at what you do? As a capital markets analyst, I need to be able to juggle multiple tasks simultaneously and absorb and react to all sorts of data. I am dependable and exercise good judgement two assets I acquired on the job. What are the most appealing aspects? Being on a team and the competitive dynamics of the job appeal the most. They remind me of my time on the University of Maryland golf team. The job requires you to work hard and earn the trust of team mates. Being able to have a direct, meaningful impact on clients also makes the job rewarding.
at the last minute. We have to be able to prioritise tasks and stay organised all the time. Id say that is one of the most challenging, demanding and integral parts of the job. But the more experience you get, the better you become at balancing the workload. What are you working on today? Im currently working on some debt financing transactions, in collaboration with our mergers and acquisitions team in investment banking. I also speak frequently to the treasury teams at large companies to provide financing terms and market updates for live and potential transactions.
What have you found most challenging? Unpredictable requests, particularly those received
I need to be able to juggle multiple tasks simultaneously and absorb and react to all sorts of data. I am dependable and exercise good judgement two assets I acquired on the job.
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Traders need to stay cool under pressure and make decisions based on analysis, not emotion An analytical mind and strong mathematics will give you the edge A thick skin and forceful personality are a must for sales
Realising the risks and reaping the rewards
SALES, TRADING & RESEARCH
very day, millions of financial products are bought and sold in the secondary markets where traders, salespeople and researchers trade for clients after a securitys initial issue. In the secondary markets, salespeople advise clients on investment opportunities, while traders buy and sell securities. The secondary markets are divided into equities (stocks and shares) and fixed income (corporate credit, government debt, currencies and interest rate products). Within the fixed income division is the foreign exchange (FX) team. The FX market is the largest in the world, with an average daily turnover of $4 trillion, according to Bank for International Settlements figures. There is also a range of exotic derivative products within all these sectors, whose value depends on the underlying security.
If you are a little shy or lack strong communication skills, be honest with yourself and avoid applying to sales.
CHRIS JACKSON
Graduate programme manager, global banking & markets, Royal Bank of Scotland

Sales, trading and research are distinct careers. Salespeople advise their clients, who might be rich individuals, pension funds or other institutional investors, when to buy and sell securities. They usually focus on particular products (e.g. government bonds) and clients. Most of the time, were selling convenience or utility, not just a product. Its important to understand what is driving the purchase and add value accordingly, says Lutfey Siddiqi, head of FICC corporate coverage and FX distribution Asia-Pacific at UBS Investment Bank. Traders track the markets and buy and sell products at the
touch of a button. Your career will be defined both by what you trade (e.g. equities, foreign exchange, or commodities) and by the kind of trader you are. There are several types. Flow traders buy and sell financial products for a banks clients, while proprietary (or prop) traders trade the banks own money. Execution traders place trades for analysts and fund managers, and sales traders recommend products to clients and execute trades. Historically, prop traders were at the top of the trader hierarchy but many banks have reduced their prop trading activities following large losses and government crackdowns. Research roles focus on particular product types (e.g. equities or company debt) and particular industry sectors (e.g. pharmaceuticals, financial stocks, or leisure companies). Known as analysts, researchers produce reports on the advisability of investing in various asset classes or companies. Within the sales and trading division, graduates are also recruited into structuring and marketing roles. Its the formers job to create financial products and provide a pricing service to clients. Its the marketers role to search for new opportunities to sell these products, and prepare marketing materials and pitches.
Fixed income, currencies and commodities (FICC) revenues 2010 Company 1. J.P. Morgan 2. Citi 3. Goldman Sachs 4. Barclays Capital 5. Bank of America Merrill Lynch Market share 11.7% 11.2% 10.8% 10.6% 10.3%
Source: Company data, Morgan Stanley Research.
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My work has taken me from New York to Latin America and Scandinavia. Ive learned more than I thought possible about different industries, sectors, products and strategies.
Be the future of banking

Analyst careers
Analysts at HSBC have a proud story to tell. Our global reach, international cross-border business experience and position at the heart of the worlds major growth markets mean we can offer exciting opportunities and early accountability. We expect a lot in return, but youll be supported in a team-spirited environment where integrity and open-mindedness drive every decision. The future starts at www.hsbcnet.com/campusrecruitment, where you can find out about our wide variety of programmes. Watch Jessica's video now.
INVESTMENT BANKING
Kevin Fan
Equity derivative structuring analyst, sales & trading, J.P. Morgan
Based in Hong Kong, Kevin started on J.P. Morgans sales and trading analyst programme in February 2010. He has a Masters in engineering from the University of Cambridge (2009), specialising in information and computing engineering.
What does your job involve? Structuring sits between the trading and marketing desks and were a bit like financial engineers. We develop new products such as index-linked products, while also providing a pricing service for new and existing products to clients. For more complex products, we support the marketers with product pitches. This often involves face-to-face meetings with clients, where we listen to their requirements and answer product questions. My Mandarin and English skills are very useful for this purpose. Why did you choose a role on the structuring desk? In 2008, I completed an internship with J.P. Morgan, which gave me an insight into the sales and trading desks. I chose structuring, because of its exciting and dynamic environment. The team members are smart, like-minded, and think quickly. My questions are answered immediately, which helps me learn fast too. For me, its the place I want to be. What do you like most about your job? It is a diversified role, requiring quantitative, communication and client-facing skills. There is a lot of interaction with clients, sales and
traders, and sometimes with our legal team. There is little daily routine and minimal hierarchy. My manager, an executive director, sits next to me like my buddy and passes on his knowledge first hand. How do you see your career progressing? I expect to develop my knowledge of structuring. However there are plenty of opportunities in the sales and trading department, and I have colleagues who have transferred successfully to different roles.
It is a diversified role, requiring quantitative, communication and client-facing skills. There is minimal hierarchy. My manager, an executive director, sits next to me like my buddy and passes on his knowledge first hand.
Skills sought
Traders need a keen sense of risk and reward, an understanding of the dynamics of the markets and an analytical mind. If youre trading complex derivatives youll need the mathematical ability to understand the products. If youre trading non-complex, vanilla products, youll need to understand what drives the market. In any trading role, strong analytical abilities whether across equities, bonds and derivative products are essential, even at a junior level, says David Sayer, head of Asia cash equity trading and execution at J.P. Morgan. The number one quality I look for in candidates, apart from technical skills, is someone who is broad-minded and has the ability to stay cool under pressure because trading in the markets can be very emotional, he says. Traders also need to be communicative and confident, he adds, especially since working on the trading floor sees them interacting with hundreds of people every week. Highly developed analytical skills are essential for research roles, as is an inquisitive nature and an ability to synthesise large quantities of information and turn it into a linear argument. Cynthia Rupeka, junior associate, hardlines retail at Morgan Stanley Equity Research, says: Successful associates not only pay attention to detail but utilise that detail to understand and quantify the big picture implications for stocks in their coverage universe.
If you want a career in sales, youll need to be good at dealing with people. Adam Law, director, fixed income, Barclays Capital, says: We look for people who show an interest and hunger to immerse themselves in their products and markets so that they understand them completely; who are highly proactive in their approach towards their colleagues and the firms clients and have a strong sense of long-term commercial value. If you are a little shy or lack strong communication skills, be honest with yourself and avoid applying to sales, adds Chris Jackson, graduate programme manager, global banking and markets at Royal Bank of Scotland.
Equity sales average global investment bank pay 2010 ($k) Role Associate VP Director MD Base 100-160 150-230 200-300 300-500 Bonus 50-80 200-300 300-500 600-900 Bonus YoY -31% -45% -45% -47%
Equity trading average global investment bank pay 2010 ($k) Role Associate VP Director MD Base 110-170 150-200 250-500 300-500 Bonus 50-80 300-400 400-600 800-1,200 Bonus YoY -38% -37% -32% -35%
35
E-trading has reduced execution speeds and increased trade volumes More asset classes are being traded electronically Quants are key and need a PhD in a highly mathematical subject
High speed, greater volumes and the race for low latency
ELECTRONIC TRADING
he rise of electronic trading over the past decade has had a profound effect on the structure of equity markets. Automation transformed the market from one where a great deal of human intermediation was required into one where computers largely do the work in executing and processing trades. There are many benefits to this. First, it allows greater volumes of trades, which improves market liquidity: the US average daily reported trading volume increased from three billion shares in 2003, to nearly 10 billion in 2009. Second, the speed of executions and cost of transactions have fallen sharply while transparency has increased. The use of algorithms computer systems that decide on price, timing and quantity of an order has also cut the size of the average trade. Slicing large blocks into smaller pieces reduces the market impact of trades and limits adverse costs of trading large positions.
Consultants Keep clients happy. They run statistical reports, including transaction cost analysis and trade reports, to ensure clients are using trading tools effectively. Sales traders Facilitate the execution of trades for clients, offer a menu of the banks e-trading products and facilitate a customers decision. This role combines marketing and client relationship management. Banks also hire for pure sales roles. Market structurers Analyse regulatory changes and macro trends and their potential effect on trading. There are also technology positions in the development of e-trading platforms (see IT in finance on page 64).
Skills sought
Most quants have PhDs in a highly mathematical subject and must also possess a good knowledge of financial instruments and technical computing software such as MATLAB. For other roles within e-trading, softer skills are valued. Good communicators and team players are essential, suggests Chris Jackson, graduate programme manager, global banking and markets at Royal Bank of Scotland. This is important because our electronic markets business acts as a partner in driving and implementing the electronic trading and distribution strategy across designated asset classes, he says. The key to succeeding in electronic trading is versatility. The skill set of today may not be the skill set of tomorrow given rapid changes in technology and in the industry landscape. You need not only to accept change you also need to embrace, welcome, and thrive amid change, says Andrew Silverman, managing director, Morgan Stanley Electronic Trading. Those who succeed know how to multitask, work as part of a team, and share information with colleagues in other countries.
You need not only to accept change you also need to embrace, welcome, and thrive amid change.
ANDREW SILVERMAN
Managing director, Morgan Stanley Electronic Trading
A downside is that greater automation means less manpower. One bulge-bracket bank tells us it employs 30% fewer traders than in 2005, dealing with three times the flow. Electronic trading is well established in the high-volume foreign exchange market and increasingly important in fixed income.
Average global electronic trading pay ($k)

Quantitative analysts Are the maths elite key to gaining an edge in e-trading. They design, develop and implement execution algorithms using a mathematical approach to identify investment opportunities and strategies.
Role Associate (quant) Vice-president Director Managing director
Base 95-115 120-200 200-300 300-500
Bonus 25-100 50-100 200-500 300-1,500
Bonus YoY +20% +15% +10% +5%
36
Challenge yourself
Not all careers in Capital Markets are the same, and a career with MUSI offers you a unique opportunity to get ahead in the investment banking world and make an impact in a fast-moving organisation. We are a focused, specialist firm that benefits from the strength and support of being part of a larger group. Due to our size we look for a relatively small number of talented graduates and interns each year. You therefore wont get lost in a large trainee intake; youll feel involved and be an integral part of our team from your very first day.
www.musi.com/graduates
The regulatory shake-up has driven demand for compliance staff Risk managers have been thrust into the spotlight Internal and external liaison means communication skills are important
Keeping tabs on risks and regulations
COMPLIANCE & RISK MANAGEMENT
t is up to risk management teams in investment banks to make sure the bank doesnt take huge risks and therefore make huge losses in its pursuit of gigantic profits. As just about every investment bank has had to write off billions of dollars during the global financial crisis, the focus on a more prudent investment strategy has never been greater. While risk managers try to stop a banks employees indulging in behaviour that might lead to big losses, compliance teams are there to ensure banks are working in line with the regulations imposed in the country in which they operate. Since the financial crisis, regulators across the world have increasingly been baring their teeth. With regulators in different countries so far adopting different approaches, there have been increasing calls for more international coordination on how best to reform financial services regulation. In the UK, the regulatory regime is in a period of flux, with the Bank of England in line to take on more responsibility and the Financial Services Authority soon to be succeeded by the Financial Conduct Authority and the Prudential Regulatory Authority. In the US, the Securities and Exchange Commission is the financial watchdog. In Asia, the Securities and Futures Commission regulates Hong Kong, while Singapore is under the watchful eye of the Monetary Authority of Singapore. As well as individual country watchdogs, European firms are also regulated by the Committee for European Securities Regulation, the Committee of European Banking Supervisors and the Committee of European Insurance and Occupational Pension Supervisors. Overall, it is a very challenging environment. We need to be flexible and keep up with the ever-changing regulatory environment, as well as with the evolving products and services the firm provides, says one chief operating officer at a US investment bank in Asia.
Were looking for insightful and persuasive people, who can work constructively with every area of the firm to protect our reputation, manage risk and advance our business.
JAMES PETERS
Managing director, IBD compliance, Goldman Sachs

Risk management in investment banks is divided into different areas of risk. Market risk Of a group of traded financial products (e.g. stocks, bonds or commodities) falling in value simultaneously because of outside events, such as rising oil prices or terrorist attacks. Also known as systemic risk. Credit risk Of a particular company or an individual defaulting on their obligation to repay their debts. Operational risk Of a bank incurring damage or losses due to internal factors, such as systems breakdown or financial wrongdoing. If you join an investment bank as a graduate trainee, you are likely to be rotated around different areas of the risk function. Compliance roles in investment banks can also be divided into various categories. Sales and trading compliance Working with a banks salespeople and traders to ensure their activities comply
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The power to deliver
Alex, Equity Derivatives, Sales, 2010 Analyst Class BNP Paribas is one of the worlds biggest lenders for wind farm projects
Global Analyst and Intern opportunities in Corporate and Investment Banking

Creativity, strong risk management and a clear focus on our clients drive our global success. From portfolio management to major infrastructure projects, we have the scale and vision to help you start your career. At BNP Paribas Corporate & Investment Banking we have a tradition of doing things differently. We pursue our own ideas, working collaboratively, and respect our people to deliver exceptional results. If youre interested in making an impact and looking for world-class training, early responsibility and great benefits, find out where you could fit in at BNP Paribas at www.graduates.bnpparibas.com Our programs include: Capital Markets, Structured Finance, Corporate Finance and Operations.
Apply online at www.graduates.bnpparibas.com
Where we make the connections, we make the deals.

Our intelligent connections deliver innovative financial solutions that benefit emerging markets. So we used our global experience to develop groundbreaking financial structures for the Gautrain project in South Africa. Join us and youll soon be making rewarding connections of your own. www.standardbank.com/efinancial
Moving Forward
INVESTMENT BANKING
Ying Gu
Market risk analyst, Citi
Ying Gu graduated in 2007 with a Bachelors in economics from Shanghai Institute of Foreign Trade and completed a Masters in statistics at Columbia University, in December 2008. She joined the Citi global risk analyst programme in 2009 and is now based in Hong Kong.
What made you move into risk? It was the middle of the global financial crisis when I graduated, so there was plenty of competition for jobs. However I was determined to find a role that would set me apart from other graduates then (December 2008) and in the future. Fortunately, Citis programme meets my requirements as it rotates graduate analysts around different departments, which means we have a comprehensive knowledge of the structure of the company, and its risk management systems, meanwhile acquiring a variety of skill sets. What does your job involve? On a day-to-day basis, my role is hectic and challenging. It involves identifying, monitoring and managing market risks, as well as liaising with traders, primarily in the equity and equity derivatives markets. This involves aggregating the market factor sensitivities based on each portfolio and stress-testing trading positions. There is also regular and ad hoc analysis of risk management and trading data such as economic indicators analysis and the risk return matrix.
What makes you good at your job? My good numeracy and quantitative skills help. In daily trading risk monitoring, I can instantly feel if one risk number is right or wrong, and whether there is a need to drill down further. Problem solving is critical and is a personal strength. I enjoy connecting the numbers with the trading strategies and identifying any potential risks early. Why would you recommend a career in risk? You can work in a specialised skill set or area, or have broad exposure across a business or different functions. You dont have to operate in a silo if you choose a career in risk.
My role is hectic and challenging. It involves identifying, monitoring and managing market risks, as well as liaising with traders.
with the requirements of the local regulator. Sales and trading compliance pros are often product specialists for example, they might specialise in bonds, equities or derivatives. Control room compliance Centralised tasks such as maintaining the banks restricted list (which restricts confidential information to key individuals) and checking for abnormal or alarming dealing activity. Should certain staff be placed on stop and watch lists, it is the control room compliance team that ensures they are stopped and watched. Monitoring and surveillance Scrutinising specific behaviour and transactions that might indicate fraudulent activity, such as insider dealing or manipulation of markets across the exchanges. Anti-money laundering Stopping money laundering (where the financial proceeds of illegal activities are given the appearance of being legitimate).
Skills sought
Perhaps slightly surprisingly, among the key attributes banks look for in their compliance recruits are good communication skills and an ability to build relationships, largely because of interaction with various divisions within the business. It is critical for us to be in compliance with both the spirit and the letter of the regulations that govern us, and always to maintain the highest ethical standards, says James Peters, managing director, IBD compliance at Goldman Sachs. Were looking for insightful and persuasive people, who can work constructively with every area of the firm to protect our reputation, manage risk and advance our business. In risk, numeracy skills are a must. One risk manager at a bulge-bracket bank says: You need good applied maths skills and an understanding of differential equations, as well as financial modelling skills. We look for people who can identify the problem from the confusion that surrounds the business decision, model it and then improve the decision-making around it.
Pay and bonuses

The heightened focus on risk and compliance has meant that many teams are expanding, a development that has slowly translated into higher salaries. Risk managers and compliance officers who work alongside salespeople and traders typically earn the most. On the risk side, this means high-earning market risk specialists. And in compliance, sales and trading compliance professionals who specialise in the latest hot product can expect the biggest pay packages.
Market risk salaries ($k) Country UK US France Switzerland Singapore Hong Kong 1-3 yrs exp. 50-82 60-100 Unavailable Unavailable 32-65 59-90 5-7 yrs exp. 106-148 175-300 80-102 120-168 73-114 90-155 7-10 yrs exp. 131-196 300-600 124-160 155-240 130-244+ 155-193+
Source: Robert Walters.
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The back office is a key point of contact for various platforms and divisions Bonuses are smaller but the hours are shorter Operations is not a stepping stone to the front office
The business of the back office
OPERATIONS
f you delve into the murky world of investment banking, you will soon hear the terms front office, middle office and back office. When people talk about the front office, theyre talking about the sexy areas of investment banking mergers and acquisitions or sales and trading. When people talk about the middle office, they are referring to functions such as IT, accounting (finance) and risk management (which we deal with in other pages of this book). When they talk about the back office, theyre talking about operations. Unlike the people in the front office, people working in operations do not liaise with clients to generate revenues and profits for the bank. Instead, the division is a support function operations professionals support people in the front office to make sure everything works smoothly and the bank gets paid. The main business of operations is clearing and settling trades. Clearing trades involves making sure that the records one bank has kept of the sale of a financial security match those of the bank or organisation it sold the security to. In most cases, simple trades are cleared automatically through huge electronic systems such as the Brussels-based Euroclear. Settlements covers everything from preparing the documentation required for a sale, to making sure the bank has been paid for all the shares it has sold and bought. Settlements professionals ensure that stocks or shares bought and sold by the banks traders are exchanged for the correct amount of money.
However, there are some areas of the market where clearing is not automated and if you work in one of these, you will be expected to do a lot more than simply sort out failures in the electronic clearing and settlements process. In particular, the huge $600 trillion over-the-counter (OTC) derivatives market still relies heavily on a lot of manual processing, which is creating problems. Moves are being made to automate and centralise the clearing and settlements process in the OTC derivatives market but until this happens, people are needed to fill in and fax through the documentation. Closer to the trading floor is the role of the trade support officer, which can cover a range of different asset classes, from equities and bonds to commodities or derivatives. Here, you are in the
Find a firm that creates an environment that provides exposure to all aspects of the business. That will allow you to become well-rounded and knowledgeable on the different areas in operations.
ANDREW DOUGHERTY
Managing director, head of alternative and institutional solutions, BNP Paribas, US

As a junior working in clearing and settlements, your job will mainly involve intervening when computer systems fail. Every now and then, automatic clearing systems break down in a so-called exception. Clearing specialists spend most of their time dealing with these exceptions, trying to work out what went wrong. If you work as an exception manager on a settlement desk, you might talk to traders who claim to have sold shares for $3 each when the buyer says the price was only $2, for example.
firing line for any queries a trader might have everything from reconciliation issues to any discrepancies between the various counterparties involved in the trades. As you work your way up the operations hierarchy you will progress to more strategic roles, looking at issues such as how to streamline the exceptions process or which functions should be moved offshore.
42
INVESTMENT BANKING
Pay and bonuses

As a general rule, the more exotic or specialised the product youre working on, the higher the pay. In London, a manager working on equity and fixed-income settlements receives an average salary of 60k-75k ($97k-121k), according to recruiters Robert Walters. This rises to a maximum of 78k ($126k) for someone working on OTC derivatives or foreign exchange options and 65k-80k ($105k-130k) for commodities or listed derivatives. As a junior, you should expect around 30k-40k ($49k-65k) as a starting salary, with a bonus of around 5k ($8k). Settlements professionals working on derivative products in Hong Kong can expect HK$380k-520k at a junior level ($48.7k-66.6k), rising to HK$900k-1.3m ($115.4k-166.7k) at the senior end. Meanwhile, US-based settlements professionals earn $55k-165k at associate to senior VP level. Chief operating officers can earn $185k-300k.
Skills sought
When banks are filling operations roles, they look for a combination of problem-solving, interpersonal and time management skills. In a role where accuracy and consistency are absolutely key, attention to detail is also a must.
Aside from that, if you want to progress, it pays to hone your skills in various areas of the business. You may begin in operations, in an area such as settlements and reconciliation, but you can also get exposure to accounting and fund administration, says Andrew Dougherty, managing director, head of alternative and institutional solutions at BNP Paribas in the US. Find a firm that creates an environment that provides exposure to all aspects of the business. That will allow you to become well-rounded and knowledgeable on the different areas in operations. While operations professionals have few client-facing responsibilities, they are essentially ensuring the smooth running of the organisation and therefore any problems they solve help enhance the client experience. Good communications skills are therefore important, because people in operations deal with many other divisions and functions within the bank. Would you be comfortable, for example, dealing with an impatient trader? Vikram Sud, Asia-Pacific head, operations and technology at Citi, says candidates should have strong interpersonal skills to lead teams and interact well with the business and clients. While process-oriented, they will continuously challenge the status quo and make effective use of technology to improve the customer experience and drive efficiency.
What is the appeal of operations? Its so diverse; from project roles where you are working on future initiatives and developments to build a better bank, to line roles like settlements where your tasks are dependent on the different issues of the day. You learn a lot about the processes that drive investment banking, as operations staff are involved every step of the way, from trade capture to confirmation, reconciliation and settlement. What does your job involve? I work as a trader assistant on the interest rate derivatives desk. My job involves sitting on the trading floor, close to the traders, and being their first line of support for any queries, from booking trades to resolving issues with reconciliation between various systems, and discrepancies with the counterparty at the time of settlement. What is your average day like? The first task of my day is typically to perform a range of front-to-back reconciliations on the previous days trades, which means identifying any problems, bringing them to the traders attention and fixing them immediately. The second part usually involves ad hoc queries and tasks from traders. At the end of the trading day, one of the most important tasks is running the
traders daily profit and loss calculation process. This provides vital information about the total risk on their books, the daily performance of their positions, as well as data about collateral held or received. What are the best things about your job? There are new challenges and new issues to resolve every day, and you have the knowledge that you are really adding value to the business. A good example is when a trader asks you to book a non-standard trade that the system cannot handle automatically. Problems like this need some investigative work as well as creative thinking, and offer a very rewarding feeling of success.
Stoil Topalov
Analyst, trade support, Barclays Capital
Stoil graduated from the University of Warwick with a degree in computer and management sciences. He joined Barclays Capitals graduate programme in August 2009.
My job involves sitting on the trading floor, close to the traders, and being their first line of support for any queries, from booking trades to resolving issues with reconciliation.
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There is a vast array of fund management strategies Fund manager pay has largely escaped regulatory scrutiny Investment consultants are now required to advise and implement their expertise
Pension pots, portfolios and the art of investing for the long term
FUND MANAGEMENT & INVESTMENT CONSULTING
und management is about investing other peoples money and earning a fee for the privilege be it from the man on the street or from large institutions such as pension funds. Fund managers (also known as asset managers) fall into two camps: active fund managers and passive fund managers. Active fund managers use their skill to beat the market average and often take bigger risks for better rewards. By comparison, passive management, or index tracking, involves selecting a portfolio of assets whose value will match that of a financial index such as the UKs FTSE 100, Eurostoxx 50 in the eurozone, the Dow Jones Industrial Average in the US and the Hang Seng Index in Hong Kong. Simply creating returns that match the market is known as generating beta. The array of fund managers and fund management strategies is huge and can be confusing. So pension fund trustees (who are often not finance professionals) and other fiduciaries use investment consultants to help them meet investment goals.
Graduates starting out in a fund management firm begin as a research analyst, working closely with the portfolio managers, visiting companies to assess their investment potential, and sifting through buy and sell information and company reports. As in investment banking, theres a range of middle-office jobs in fund management in areas such as compliance, technology, operations, performance measurement and risk management. The higher-paying roles are in investment and distribution. If you want to work in investment consulting, there are two key areas asset allocation and fund selection. Asset allocation professionals advise clients on whether to invest in equities, bonds or other financial products so they can generate the returns to pay pension commitments for the next 30 years. Fund selectors analyse fund managers and question them about the nature of their investment strategy, then write reports for pension funds on the firms strengths and weaknesses.
Top five asset managers by global assets under management ($bn)
Key players
Notable players in the investment consulting world are Towers Watson, Mercer, Hymans Robertson and Aon Hewitt.
Company 1. BlackRock 2. State Street Global Advisors 3. Allianz Global Investors 4. Vanguard Group 5. Fidelity Investments
Country US/UK US/UK Germany US US
AUM 2011 3,788.2 2,112.6 2,112.2 1,853.5 1,700.0

Investment roles These are about investing money managed by the asset management firm. People in investment roles are usually analysts, who scrutinise the best companies and products in which to invest, or portfolio managers, who are responsible for investment decisions on a range of funds in their area of expertise, be it equities, fixed income or alternatives. Distribution roles These cover sales, marketing, product development and client servicing, and are about selling a fund managers services to clients.
Source: IPE International Publishers, figures as at 31.12.10.
Pay and bonuses

Fund managers have not (yet) felt the same pressure to change their pay practices as investment banks. In the EU, they fall outside new rules restricting the cash component of bonuses, so pay structures have remained largely unchanged, with an emphasis on bonus payments, dependent on performance targets.
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Graduate & Internship opportunities Investment Business Management UK Europe Asia
HR
Sales & Marketing
we saw the plain truth.
Fidelity Worldwide Investment is a leading global investment management company, with a reputation for delving deeper to unearth the best investment opportunities for our clients. We encourage our Investment teams to focus on details to identify the best investments. For example, one Analyst, in a meeting with a potential investment, noticed the usual chocolate biscuits were replaced with plain ones. Research showed the company had financial difficulties, which helped us to decide not to invest in them. It takes a range of skills to support our Investment teams approach. Our HR teams make sure we have the talented people we need. Sales and Marketing develop strong client relationships and create innovative new products. And our Business Management teams ensure we have the tools in place to provide our clients with excellent customer service and enable our business to work effectively. In fact, they all play a key role in our investment intelligence. Find out how you can too, at www.fidelityrecruitment.com/careers
Between the talk and the walk, opportunity is found.
BlackRock is seeking penultimate and nal year students for our Summer Intern and Graduate Programmes from all degree disciplines with outstanding academic achievement, extracurricular involvement, demonstrated leadership capabilities and an interest in learning about the asset management business. Look to BlackRock. Opportunity Found. For more information please visit www.blackrock.com/careers BlackRock is an equal opportunity employer.
2011 BlackRock Inc. All rights reserved. Issued by BlackRock Investment Management (UK) Limited (authorised and regulated by the Financial Services Authority). Registered ofce: 33 King William Street, London, EC4R 9AS. Registered in England No. 2020394. Tel: 020 7743 3000. For your protection, telephone calls are usually recorded. BlackRock is a trading name of BlackRock Investment Management (UK) Limited.
FINANCIAL SERVICES
Jeffrey Lindsey
Managing director, fundamental largecap growth equity team, BlackRock
Jeff graduated from the University of Virginia with a BS degree in commerce and received an MBA from Emory University. He joined BlackRock in 2005 when it merged with State Street Research & Management.
What makes a good fund manager? You have to be a good analyst, which means you have to understand how to break down a company and translate how it sells products and makes money. Once you understand its finances, you have to translate that into the language of the stock market and determine what price the companys stock should be selling for. The key is to use that understanding to make better-than-average investment returns. Its as much an art as it is a science. Which asset appeals to you personally? This is a dynamic environment and every day is literally a new day with fresh information that I have to absorb and react to. I have to know whats going on all around the world that could have an impact on the price of stocks. What have you found most challenging? Its a very competitive industry. Our successes, or lack of successes, can be measured every day because we can see our daily returns. The most challenging part is the pressure to be consistently successful. You have to be, just to keep your job.
What are you working on today? Right now were at a point on our calendar thats between earnings periods. So were being more selective in searching for new investment ideas. Most of the focus is on tech stocks, where theres a lot of activity. Im meeting chief executive officers and chief financial officers trying to get a better understanding of their business, future prospects, and what they can earn. What makes you good at your job? My passion for the business, which I believe is the absolute most critical component to have as a fund manager. I love this stuff. As a young person I knew that I had good maths and quant skills. It wasnt until later that I realised how important it was to be able to talk to people as well, to be relatable.
Passion for the business [...] is the absolute most critical component to have as a fund manager. I love this stuff.
In the UK a junior portfolio manager earns a salary of 60k-80k ($97.6k-130.1k), according to the Robert Walters salary survey, which rises to 130k ($211.5k) at the senior level. Bonuses are typically at least 100% of salary, but often more. In Germany, salaries reach 140k ($197.4k) at the senior end. Equity portfolio managers in the US earn an average total compensation of $850k, according to figures from Greenwich Associates and Johnson Associates, while the range in the fixed income sector is $340k-525k. In Singapore, analyst salaries start at S$60k-100k ($48.1k-80.2k) and rise to S$190k-350k ($152.4k-280k) at the senior end, suggests Robert Walters.
Providing outstanding investment performance alone, although essential, is no longer enough.

ROSITA POON
Head of human resources, Allianz Global Investors Asia-Pacific
Skills sought
Dont expect an easy ride as a fund manager youll need to be an expert at filtering large quantities of data, and be passionate about investing. Youll also be heavily judged
on your performance: one fund manager told us its like being a student taking a test every single day and getting a grade, and that grade is published every single day in the newspaper. Providing outstanding investment performance alone, although essential, is no longer enough, says Rosita Poon, head of human resources at Allianz Global Investors Asia-Pacific. We want to offer more, combining asset management expertise with the client-centricity of professional services. So on top of the standard requirements, what we look for in candidates is integrity, passion and respect in their behaviour with clients and with each other. The softer qualities we look for are the ability to work in a team and share ideas, a focus on excellence as well as demonstrable, strong communication skills, says Jamie Brookes, global head of investment management communications for BNY Mellon. Communication skills are vital, not just to the internal cohesion of a business but also to the development of external relationships. Investment consultants are now often required to implement the advice they hand out, suggests Paul Deane-Williams, senior consultant at Towers Watson. The result is that the skills required are becoming broader not just a high level of numeracy, but also a strong ability to liaise with clients. Not everyone is suited to being a front-line consultant, which requires strong interpersonal capabilities, but as these businesses have expanded, a greater variety of positions has been created from analytical to process to compliance-type jobs, he says.
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Alternatives can be anything from wine to hedge funds Top hedge fund managers earn mega-bucks but pay is generally high Private equity firms recruit few graduates and often require prior experience
High-earning roles, reserved for the elite
ALTERNATIVE INVESTMENTS
because the value of the investment is expected to rise over time. Alternative investments cover a broader range from wine to art and real estate. We will look at hedge funds and private equity. Hedge fund managers also invest in stocks or bonds but while traditional fund managers do so in the hope that prices rise, hedge funds use strategies to make money even if they fall. Private equity funds invest in companies that are not listed on the stock exchange, from seeding smaller firms (through venture capital) to buyout funds, which invest larger sums in established companies and usually use debt to finance the transaction.
normal investment is usually in stocks, bonds and cash, made with a view to earning interest or dividends, or
Pay and bonuses

Hedge fund managers can bring in huge sums the highest earner in 2010, John Paulson, made $4.9bn, according to Absolute Return + Alpha. Such sums are, of course, not available to junior staff.
Hedge fund pay (funds with more than $4bn AUM) ($k) Role Researcher/modeller Idea generator Portfolio manager Base 125 275 300 Total comp. 375 1,245 4,850
Source: Glocap Search.
Key players
The biggest fish in the hedge fund pond is currently Bridgewater Associates, with $58.9bn in assets, according to Institutional Investor magazine rankings. J.P. Morgan Asset Management, Man Investments, Paulson & Co. and Brevan Howard Asset Management make up the remainder of the top five. In private equity, Goldman Sachs Merchant Banking Division is the biggest player in terms of funds raised over the last 10 years, at $62.1bn, according to figures from Preqin. TPG, Blackstone Group, Carlyle Group and Kohlberg Kravis Roberts comprise the top five all these firms are from the US.
Private equity pay ($k) Role Analyst Associate Managing director/partner Managing general partner/CEO Total comp. 85 125 560 1,200
Source: Preqin 2011 Compensation Review.
Skills sought
Hedge funds are not big recruiters of graduates, but an increasing number have programmes to recruit juniors. All our graduate recruitment programmes whether thats in finance, marketing, operational, quantitative or technology require candidates to be numerically strong with an active interest in financial markets, says Jo Carter, head of talent and development at Man Group. We also look for evidence that theyre able to work in a collaborative manner, and can show a strong sense of integrity and entrepreneurial flair. Someone coming in from a business school is going to need to have had experience beforehand in private equity, investment banking, or management consulting at least one of these buckets, says Jordy Spiegel, managing partner, Spiegel Partners. Also valuable would be an executive-level position with a private equity firms portfolio company, because youll know many of the processes, procedures and protocols.

There are three key areas in the front office of a hedge fund: analysis, sales and marketing, and trading. Analysts look at the companies, markets and financial products the hedge fund invests in; sales and marketing liaise with investors and persuade them to put money into the fund; traders act on the analysts recommendations and place trades. In a private equity fund youll probably start out as an analyst looking for possible investment targets. You can then move into the role of principal, appraising whether a deal is worth pursuing and sorting out legal issues. At the top are originators, usually partners in the firm, who sniff out deals and oversee everything. Graduate recruits are rare, however, and either experience in investment banking or a top MBA is usually required.
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Man: the alternative investments career

Ambitious Innovative Successful
Undergraduate, Graduate and Postgraduate opportunities
Full details of all our schemes can be found on our website
www.mancareers.com
Global custody is becoming more complex Custodians are big spenders on technology Maths are a must, but need to be combined with initiative and analytical skills
The increasingly complex task of administrating investments
GLOBAL CUSTODY
s fund managers become more sophisticated with their investment strategies, the role of global custodians has changed significantly. The range of products and services they offer to clients has snowballed in recent years. Clients are increasingly looking for solutions that cut across traditional geographic boundaries in order to facilitate those new business models, enhanced transparency and greater automation, says Frank Froud, head of Europe, Middle East and Africa at BNY Mellon Asset Servicing. Core functions include fund administration and fund accounting (calculating how much income funds are making and spending), settlements (delivering securities to the buyer and the money to the seller), and corporate actions (keeping track of dividend payments for equities and coupon payments for bonds).
Pay and bonuses

The client-facing roles are the most lucrative within global custody. A senior relationship manager in the UK can earn 70k-95k ($114k-155k), according to the Robert Walters salary survey. Settlements roles pay 25k-35k ($40k-57k) at the junior end, rising to 50k-75k ($81k-122k) in the senior ranks. In Dublin, fund accountant salaries start at 27k-35k ($36k-50k), rising to 49k-75k ($71k-108k) at the top end. In Luxembourg, a fund administration head gets $136k+ after 10 years experience. In Singapore, fund administration jobs pay $51k-80k at manager/AVP level, while corporate actions roles pay $51k-73k at the same level. Recruitment sources suggest average global custody salaries in the US are about $73k.
Top five global custodians by assets under administration ($bn)

Client-facing You will schmooze with fund manager clients, ensure theyre happy with existing services and, hopefully, sell them others. Firms rarely offer client-facing roles at graduate level. Delivery Includes fund accounting, settlements and corporate actions. Graduates usually get a grounding in all these areas before specialising. Technology Custodians spend hundreds of millions of dollars on technology, which is integral for profitability, so they look for the right IT staff from a graduate level. Firms hire system programmers, data architects, business analysts and systems integrators.
Company 1. BNY Mellon Asset Servicing 2. J.P. Morgan Worldwide Securities Services 3. State Street 4. Citi 5. Northern Trust
Assets 25,000 16,100 15,860 12,600 4,081

Source: The 2011 Mutual Fund Service Guide.
Skills sought
There are no favoured degrees for global custodians but certain roles, such as fund accounting or IT, require a pre-existing skills base. Graduates with mathematical degrees gravitate towards the core custody functions. Calculating corporate actions can be complex, and a firm grasp of maths will help. Graduates will also need to demonstrate softer attributes. While technical attributes, like having skills in accounting and financial analysis or having had an economics background, will be valuable, theyll only go so far in achieving the level of client satisfaction necessary, says Laurie Neu, group head for public entities and institutions at Northern Trust. We want someone able to write and give presentations and to be a good listener for clients. Today we are recruiting far more in areas like accountancy and law, says Froud. That said, for all the focus on technology and innovation, this very much remains a relationship business, so strong people skills remain at a premium.
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While technical attributes will be valuable, theyll only go so far in achieving the level of client satisfaction necessary.
LAURIE NEU
Group head for public entities and institutions, Northern Trust
Investment Management Graduate Programme
Graduate Programme Investment Management
GREY MATTER MATTERS MORE THAN SUBJECT MATTER.
Your degree may have qualified you to critically discuss the works of Chaucer or give a detailed account of the effect of glaciation on the coastlines of Europe. Its also given you something much more valuable; the mental tools and aptitude to learn, understand, analyse and explain. At Baillie Gifford, our business hinges on your ability to understand companies and the world around them so we can invest 75 billion in client assets. As a graduate in our Investment Management programme, you will work with senior Fund Managers and Investment Analysts in small teams to review, investigate, summarise and provide recommendations on the companies we invest in. You might be thinking about the impact of digital distribution on creative artists, discussing how a coup d'tat is going to affect the supply of mobile phones or presenting your report on the impact of Filipino competition on Indian call centres. One thing we can guarantee; youll be using your brain and the skills that earned you a degree. If you are excited by the prospect of a career which combines intellectual rigour and fascinating debate with an excellent starting salary and a central Edinburgh location, its clear youll want to find out more.
Visit bailliegifford.com/graduates
BE CURIOUS
High-net-worth clients expect a full service, not simply investment advice A relationship manager is judged by the amount of money under their stewardship Discretion and relationshipbuilding skills are crucial
Investment experts who know the value of discretion
WEALTH MANAGEMENT
rivate wealth managers help very rich people manage their money, far away from the prying eyes of the gossip columnists and paparazzi. They fall into two categories. Private bankers Help clients invest their money wisely and avoid any risks that might reduce the value of their assets. They also offer tax and pensions advice, help develop a strategy for charitable giving, and advise on bequeathing their wealth. Private client brokers Help clients buy and sell financial products, particularly equities or stocks (hence the term stockbroker). They also advise on products to invest in. The clients of private wealth managers range from company chief executives to property tycoons, investment bankers, sports stars, celebrities or members of privately run family businesses. Private banks typically look for clients with at least $1m to invest but many deal only with clients whose financial assets (not their houses or yachts) alone are worth more than $30m.
and science. He or she may have a degree in business but they also have an affinity for right brain activity like art, music and language, says Edythe De Marco, financial advisor with Merrill Lynch Wealth Management in the US. There are two types of private client brokers. The first works on discretionary mandates, in which wealthy clients communicate their investment strategy and the broker buys and sells the financial products they think appropriate. The second works on advisory mandates, where the broker advises the client what to invest in, but needs their permission before making a move. Junior brokers are most likely to work on advisory mandates. However, making the first move can be challenging, as generally only the larger firms offer graduate training courses.

If you work as a private banker, you can expect to perform one of three broad categories of job: investing money for existing clients; building relationships; or managing back-office functions such as human resources or accounting. People working in investing either invest their clients money or offer them detailed advice to help them invest their own money. They are typically product specialists expert in a particular asset class, such as fixed income, equities, structured products, or investments in the private equity and hedge fund sectors. Those on the relationship side are effectively salespeople who cultivate links with clients and sell the banks services. This can involve a lot of travelling and close contact with demanding people. After a relationship private banker has established a clients needs, specialists produce a detailed solution. A good wealth manager is someone who enjoys both art
You need a broad set of skills, from sound commercial judgement and having an international outlook, to being able to build a rapport and understanding of what makes your clients tick.
KATE TURNER
Head of private banking, Coutts & Co.
Pay and bonuses

In Switzerland, traditionally a hub for wealth management, a private client relationship manager can expect to earn CHF100k-160k ($118k-190k) base pay after five to seven
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EXTRAORDINARY BANKING IN PERSON, IN DEPTH

BARCLAYS WEALTH GRADUATE PROGRAMME
Unusually deep and trusting relationships. Remarkably complex solutions for equally remarkable clients. A surprising level of involvement and personal investment in your work. For so many reasons, Barclays Wealth offers a banking career that is genuinely out of the ordinary. For a closer look at what else is different and just how far you could go with the UKs largest wealth manager, visit www.barclayswealthgraduates.com
Wealth Management Wealth Advisory Wealth Planning
Independent Thinking on a Global Scale

Lazard is a premier financial services firm committed to excellence, independence, intellectual rigour, integrity and creativity for our clients on a global scale.
Lazard, one of the world's preeminent financial advisory and asset management firms, operates from 42 cities across 27 countries in North America, Europe, Asia, Australia, Central and South America. With origins dating back to 1848, the firm provides advice on mergers and acquisitions, strategic matters, restructuring and capital structure, capital raising and corporate finance, as well as asset management services to corporations, partnerships, institutions, governments, and individuals. We are an independent firm, free of the conflicts that can arise at other financial institutions, and we maintain long-standing relationships with business leaders and decision makers around the world. Our intellectual capital is our strongest asset. The superior intellect, enterprise, and commitment to excellence of our team guide everything we do. We are recruiting summer interns and full-time analysts to start in 2012. You will possess a passion for business and a genuine interest in investment banking, along with well-developed interpersonal skills and a sense of individualism and identity. A strong academic track record is a must. Most importantly, we want individuals with the commitment and flair to succeed within our organisation. Please direct all enquiries to The Graduate Recruitment Manager by registering at www.lazard.com/apply and using our messaging system. Apply online today by going to www.lazard.com/apply
FINANCIAL SERVICES
What made you choose wealth management? I wanted a client-facing role. A private banking role was my preferred choice because I wanted to deal directly with a select number of clients. The position allows me to form tangible relationships with clients and really get to know them and their situations. What does your job involve? I deal directly with high-net-worth clients daily. I am their first point of contact and act as a conduit for them to access all our services like wealth advice, risk management, estate planning, markets, fullservice broking and philanthropy to name a few. My expertise is banking but I can identify client needs across our products and services. Whats good about working in wealth management? Meeting clients and having in-depth discussions about their financial goals and aspirations. Longer term, I enjoy building a trusted advisor status with my clients.
stimulating, as high-net-worth clients usually have more sophisticated needs. I have many clients with fascinating stories and who are household names, but I cant divulge any details. How do you see your career progressing? My personal progression will involve the refinement of my skills, knowledge base and experience. If opportunities present themselves, Ill evaluate them on their merits but Im in no rush to change roles as I view private banking relationships with clients as a long-term proposition. Id consider a position overseas in the future, depending on market conditions and my stage of life at the time.
Raymond Lam
Private client manager, NAB Private Wealth
Based in Sydney, Raymond completed NABs graduate programme in 2009. He has a double degree in commerce and arts from the University of NSW (2008). His majors include a mix of finance, economics, psychology and politics.
Whats it like being a banker for high-net-worth individuals? Do you have any famous clients? It keeps you on your toes, delivering banking services to high-net-worth individuals. I keep my BlackBerry on me at all times. Its very
Its very stimulating as high-net-worth clients usually have more sophisticated needs. I have many clients with fascinating stories and who are household names, but I cant divulge details.
years experience, rising to CHF170k-280k ($200k-333k) at the senior end, according to the Robert Walters 2011 salary survey. In Singapore, which is actively recruiting wealth managers, a junior relationship manager can expect a base of S$85k-120k ($69k-97k), while an investment advisor can bring in S$80k110k ($65k-89k), according to Robert Walters. At the senior end, base pay comes in at S$320k+ ($260k+). In the US, the mean wage for a financial advisor is $91.2k, according to figures from the Bureau of Labor Statistics.
Skills sought
It is no good going into private banking if you have a taste for gossip. Discretion and an ability to manage, retain and build relationships with incredibly wealthy individuals are absolutely vital attributes. You need a broad set of skills, from sound commercial judgement and having an international outlook, to being able to build a rapport and understanding of what makes your clients tick, says Kate Turner, head of private banking at Coutts & Co. Every client is different, with changing attitudes to risk and return, and its essential to understand their needs fully in order to provide the best advice, win their trust and win the business. Merrill Lynchs De Marco says that having emotional intelligence is one of the keys to success. One needs to have the skill set to be able to do financial planning,
but must also be able to connect emotionally with clients in order to understand their needs and aspirations, she says. As wealth managers, we form deep, meaningful and lasting relationships with our clients. These are qualities that are also important in being a good friend. But it is not just about being personable. In the fiercely competitive market of wealth management, private bankers need technical expertise to get ahead of the herd. Technical skills include a good grasp of financial products, terminology, risk measurements, portfolio construction, and various other wealth management tools like trust and estate planning, says Tan Su Shan, group head of wealth management at DBS.
The worlds largest private banks ($bn) Company 1. UBS 2. Morgan Stanley 3. Wells Fargo 4. Credit Suisse 5. Bank of America Merrill Lynch 6. Deutsche Bank 7. HSBC 8. BNP Paribas 9. J.P. Morgan 10. Pictet AUM 1,815 1,780 1,488 920 687 459 415 361 303 284
Source: 2011 Barometer, La Tribune/Bain & Company.
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Building relationships is key to interdealer broker success The more complex the product, the higher the pay Brokers are judged on swift execution of deals
Middle men making sure the price is right
INTERDEALER BROKING
nterdealer brokers (IDBs) have traditionally been publicity-shy, but a strong performance during the financial crisis has thrust this fairly low-key sector into the limelight. An IDB acts as an intermediary between dealers at investment banks, enabling banks traders to do large deals with one another anonymously. For example, assume a trader wants to buy two million shares in company A at 50 cents each. They check prices and availability with an IDB. If the trader is happy with what the IDB has to offer, the IDB will execute the deal. In return, it takes a small percentage as commission, which can be very lucrative, particularly in volatile markets. Because IDBs get paid whenever people trade, they make money whether the market is rising or falling. High levels of price volatility in the stock markets are beneficial to them.
But IDBs make most of their cash from a percentage of the money they bring in for the company, anything from 35% to 50%, with more confident brokers pushing for a bigger cut and smaller base.
Our business is more about swift execution ensuring we can trade our clients positions fast. Brokers need to be able to react quickly to find solutions to individual clients needs.
MARK SCALLY
Head of human resources, Tullett Prebon
Key players
Five big firms ICAP, Tullett Prebon, GFI, BGC and Tradition dominate 70% of the market, according to analysis by Celent.

Interdealer brokers recruit graduates for voice and electronic broking. Voice brokers speak to clients on the telephone and execute trades around more complex products, which typically require more discussion or explanation. Electronic brokers use computer screens to check client needs and execute deals. Electronic broking is about speed, trading cash or equity products in large volumes at the right price, before the clients competitors. Brokers usually specialise in a product, which can range from options or futures to fixed-income products. The career path is junior broker, broker, desk manager, director, head of division.
Skills sought
Interdealer broking is about relationships, so if youre not a people person, dont apply. In fact, such is the bond between broker and client that, if a successful broker leaves for a competitor, theyll often take their business with them. The ability to develop strong client relationships is a key part of the job, particularly at the early stages of your career. In order to develop a long-term relationship with any client you need to be able to develop a bond of trust and understanding, says Mark Scally, head of human resources at Tullett Prebon. This involves a lot of client entertainment. Damien Lee, managing director of Search Partners, says a junior broker can spend three or four nights a week entertaining, and youre still expected to be at your desk at 7am the following morning. You also have to keep clients sweet on a more professional basis. On the trading floor of an investment bank, traders take a position and therefore potentially a risk. Our business is more about swift execution ensuring we can trade our clients positions fast. Brokers need to be able to react quickly to find solutions to individual clients needs, says Scally.
Pay and bonuses

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

ICAP is the worlds premier interdealer broker and provider of post trade risk and information services, connecting buyers and sellers in the global financial markets. You are an incredibly bright individual with a personality to match. Were fast-moving, global, innovative and meritocratic. A place where talent and ambition thrive and where each day brings another opportunity, another challenge, another chance to prove your potential. We have a range of full-time and internship opportunities. Careers in global financial markets www.icap.com/careers
Joselyn Lee Broker, London
ICAP plc 2011. 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.
Corporate banks provide complex services to large institutions Relationship building is key but technical skills are also essential A deep understanding of various industries and financial products is required
Banking for big business
CORPORATE BANKING
orporate banking is the broad term applied to the various banking services offered to large companies those worth $25m and above. This may sound simple, but its not. It can mean arranging loans (a service which comes in various forms), offering cash management services such as helping minimise tax paid by overseas subsidiaries managing changes in foreign exchange rates, or offering treasury solutions. Corporate bankers target different industries. They often carve out niche areas of expertise. Those servicing energy, mining or utilities companies, for instance, might be project finance experts, working out the business case for funding a new power plant or mine.
are dealing with clients, so they come first. You must always have the drive and the energy to respond to your clients needs. There is no room for lethargy; you must always be on your toes, says Mike Redferne, managing director for investment banking Europe, BNP Paribas. If youre not up for a client-facing role but still want to work in corporate banking, you have the option of working in risk/credit assessments or product, operations or treasury management.

While most graduates joining a corporate bank will be expected to undertake a qualification, such as the Professional Certificate in Banking in the UK, they can also expect on-the-job training. Junior corporate bankers often start out as credit analysts, assessing company balance sheets and deciding whether or not to issue loans. You may also accompany senior sales and relationship staff as they try to sell products to corporate customers. One banker describes this as bagcarrying picking up tips without having much influence on the deal. Senior roles in corporate banking are more client-focused. There are business development managers, who attempt to bring in new customers, or relationship managers, who look after existing clients. Both involve wining and dining chief executives and finance officers but are also quite technical. Relationship managers have a support team. But when the company needs to raise finance, the relationship management team also provides transaction and structuring advice. Always keep in mind we are a service industry and you
It is not about selling the product but about building up a relationship of trust. You can even point out the shortfalls of a product and that may gain you the clients respect and trust.
MIKE REDFERNE
Managing director for investment banking Europe, BNP Paribas
Pay and bonuses

Graduates usually start on about $35k, according to the banks we spoke to, and a senior relationship manager can earn up to $210k, according to recruitment sources. In Hong Kong, a relationship manager can earn $30k-70k in their first four years on the job, according to recruiters Robert Walters, rising to $115k-192k at the senior end. The range for the same level of experience in Europe is $120k-142k.
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Are you ready for a company that offers more than you would expect?
Apply now for the Corporates & Markets Graduate Programme.
Are you looking for an exciting job in the finance industry with challenging career prospects in a dynamic environment? At Commerzbank you can get a head start to your career in an international investment bank, which is part of the second largest bank in Germany with over 58,000 employees worldwide. Our Corporates & Markets Graduate Programme offers you the opportunity to join our investment banking team. Right from the start you will be part of the action, where good ideas get recognised and you can make a real difference. Ready to be the future of banking? Take the next step, visit www.commerzbank.com/career
Achieving more together
It all adds up to an exceptional career decision

Now is the time to join RBC Capital Markets. Youll grow with us in a collegiate culture that provides exciting opportunities for your future. See where you fit into the equation at campus.rbccm.com
Strength
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You
Success
The right formula
This ad is for informational purposes only. RBC Capital Markets is a registered trademark of Royal Bank of Canada. RBC Capital Markets is the global brand name for the capital markets business of Royal Bank of Canada and its affiliates, including RBC Capital Markets, LLC (member FINRA, NYSE and SIPC); RBC Dominion Securities Inc. (member IIROC and CIPF) and Royal Bank of Canada Europe Limited (authorized and regulated by FSA). Registered trademark of Royal Bank of Canada. Used under license. RBC Capital Markets, LLC 2011. All rights reserved.
FINANCIAL SERVICES
Skills sought
You have to be affable to win business and maintain relationships but you also have to be a ruthless number cruncher. Financial or technical knowledge is an important criterion in corporate banking but candidates should also be able to demonstrate communication skills, creativity, tenacity, teamworking skills, an ability to think quickly and the determination to excel, says Matthew Henderson, regional head of AsiaPacific campus recruiting at UBS. Also, because many roles cover a number of geographical locations, you will have to be aware of the regulatory hurdles and the cultural sensitivities of doing business in several countries. You need understanding of commercial businesses goals, strategic thinking, communication and collaboration, adds Margaret Scopelianos, treasury solutions executive for specialised industries, global commercial banking at Bank of America Merrill Lynch. To succeed, you must be versatile, able to cultivate relationships, make ethical decisions and be willing to take on tough assignments and take prudent risks. You need to be able to focus on results and have a passion for innovation. Clients look for balanced advice, so candidates need to be knowledgeable, driven and self-confident, adds BNP Paribas Redferne. It is not about selling the product but about
building up a relationship of trust. You can even point out the shortfalls of a product and that may gain you the clients respect and trust, which is one of the secrets of success in corporate banking. Corporate bankers will be given a lot of responsibility relatively quickly, so employers want to see evidence of maturity and tenacity even at a graduate level. We are looking for graduates to be energetic, enthusiastic, engaging and hard working, willing to challenge the status quo when appropriate and innovative in their approach, says Ann Deacon, people strategy manager, corporate and structured banking at HSBC.
The worlds largest banks by assets ($bn) Bank 1. BNP Paribas 2. Royal Bank of Scotland 3. HSBC 4. Crdit Agricole 5. Barclays 6. Bank of America 7. Mitsubishi UFJ Financial Group 8. Deutsche Bank 9. J.P. Morgan Chase 10. Citi Market capitalisation 2,964 2,747 2,364 2,243 2,233 2,223 2,196 2,162 2,032 1,857
Source: Fitch Ratings/Global Finance 2010 Worlds Biggest Banks Survey.
Why did you choose corporate banking? A key attraction for me was the wide range of businesses we have relationships with: one day I could be dealing with a credit renewal for a familyowned manufacturer and the next I could be on a site visit with a FTSE-250 telecoms provider. How did you end up where you are? I joined HSBC straight from university on the executive management programme, which is a two-year graduate scheme consisting of four six-month placements in different areas of the bank. I spent six months in our corporate banking centre in Southampton, then moved to a placement working in the global commercial banking strategy team in Hong Kong. Corporate banking seemed like an ideal choice for me. What is a typical working day like? I support a team of corporate relationship managers with wide-ranging portfolios, so there is usually a steady flow of new deals and annual credit renewals all year. My main responsibility is preparing credit applications, analysing a clients performance from a financial and non-financial perspective based on meetings with the client, their annual accounts and information from the
relationship manager. Ill then pull together this information into a credit application and submit it for approval to our central credit function. What are the downsides? The only downside is that you can easily have your plans for the day scuppered by urgent requests from customers. But this is to be expected, and working in such an environment helps improve your flexibility and responsiveness, which are important skills to possess. What are the highlights of your job? Getting out to see clients. As the portfolios here are extremely varied it can be a great experience to learn more about a wide range of industries and also to see the clients business in action.
Andrew Pedder
Corporate banking analyst, HSBC
Andrew graduated from the University of Sheffield with a degree in history. He joined HSBCs executive management programme in 2009.
Working in such an environment helps improve your flexibility and responsiveness, which are important skills to possess.
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An AAA rating is a gold stamp for an organisation or country Bloomberg and Thomson Reuters rule the data providers world Rating agencies demand a postgraduate qualification in a mathematical subject
Sourcing the information that underpins investment decisions
DATA PROVIDERS & RATING AGENCIES
redit rating agencies assess the likelihood that an organisation issuing debt will fail to pay back its creditors fully and on time called going into default. Organisations are rated from AAA (virtually guaranteed to pay up on time) through to C (indicating a high risk of default). Risks are classified as investment grade if they come in at BBB or above, with anything less known as speculative grade. Data providers supply financial markets and media with critical real-time information such as company share prices, exchange rates, research and analytics, and tools and software for tracking portfolios. They also offer financial and business news services.
pay less at junior level, with the possibility of a small bonus. Further up the ladder, credit analysis roles pay well. After five to seven years, salaries are $90k-120k, according to the Robert Walters salary survey, rising to $120k-150k after seven to 10 years.
Key players
The credit rating agency business is dominated by US-based Moodys Investor Services and Standard & Poors, the top two, and Fitch Ratings. In the data provider space, Thomson Reuters and Bloomberg have 29.4% and 29.2% market share respectively, according to Burton-Taylor International Consulting. Other significant names include Dow Jones/Factiva, Interactive Data, FactSet, SIX-Telekurs and IRESS.
We look for graduates with a strong academic background that includes finance, accounting or economics, plus the ability to convey a complex message clearly.
ANDY JACKSON
Head of human resources for EMEA, Fitch Ratings
Skills sought
The volatility within the worlds financial markets has led to increased demand for data providers, argues Chris Mills, European human resources director at Interactive Data. While firms still want good technical skills, they also want soft skills. In addition to technical skills we also focus on soft skills when hiring. New recruits are encouraged to develop relationship-building skills, as well as the capacity to adapt to a matrix organisation, he says. We look for graduates with a strong academic background that includes finance, accounting or economics, plus the ability to convey a complex message clearly, says Andy Jackson, head of human resources for EMEA at Fitch Ratings. Successful applicants usually have a postgraduate qualification and often fluency in a second language.

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

Graduate trainees within data providers can expect to start on $35k-40k in London, depending on experience and academic background, according to recruiters. Rating agencies typically
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Financial services firms have spent more on IT in 2011 Not all IT roles require a great depth of technical know-how IT can be a fast-paced environment, where solutions must be delivered under pressure
Software, hard skills and a thick skin
IT IN FINANCE
he right technology is often the differentiating factor in giving a financial services company the edge over its competitors. It can also help the organisation save money, so financial firms are among the biggest spenders on IT. Investment banks, retail banks, fund managers, brokers and insurance firms all spend billions on technology. By the end of 2011, they are expected to have spent $363.8bn globally on IT, according to research from consultancy Celent. The big user of technology is the trading floor and everything related to it. Whether it is buying and selling financial products electronically, processing them through smart-order routing systems, or communicating to ensure trades go through smoothly, multi-million dollar technology projects are crucial. We have over 3,000 IT professionals in the Asia-Pacific region alone; its our largest division and our professionals are responsible for providing support to the bank in more than 50 countries around the world, says Divyesh Vithlani, chief information officer of Credit Suisse Asia-Pacific.
and bolts from servers to operating systems to databases. There is also the option of working for third-party vendors, which specialise in providing software to financial services. If you want to work for a vendor, try sending your CV to major players such as Sungard or Oracle, or apply to specialist financial services software vendors such as Fidessa, Sophis, SimCorp, OpenLink or Charles River.
You must be able to ask key questions and develop technology solutions that work. The business is dynamic, so you must be able to reinvent yourself.
PETER DEVLIN
Executive director, emerging power and gas technology, commodities, J.P. Morgan

IT roles fall into five camps; development, business analysis, project management, infrastructure and technical support. The developer is at the coalface of the IT department. Much of the technology is developed in-house, but when banks purchase software from third-party vendors, developers need to tailor it to banks individual needs. Within products traded in large volumes, such as equities or foreign exchange, developers aim for low latency or reducing the time it takes to execute and process a trade. The speed with which a trade is placed can be crucial to its profitability. Business analysts liaise between the IT department and the company. Project managers will take on the new venture once it has been given the go-ahead. Youll have to manage a team of developers, liaise with third-party vendors, and be answerable should plans go awry. Technical support solves problems when they arise on the trading floor: glitches could cost banks millions of dollars within minutes. Traders are not shy in berating you for IT gremlins, so a thick skin is a must. Infrastructure jobs deal with the IT nuts
Pay and bonuses

IT in finance pay doesnt reach the dizzy heights to be found in investment banking, but its not to be sneezed at either. Generally, if you possess knowledge of more complex financial products, or have a comparatively rare skill set, your earning potential will be greater. A business analyst working in an investment bank in London starts out on 35k-45k ($58k-74k), according to figures from recruiters Hudson, rising to 80k-100k ($132k-164k) at the senior end. In more specialist areas, like fixed income, this upper end rises to 95k-110k ($156k-180k). Junior project managers are paid 50k-75k ($82.2k-123k), which increases to 75k-120k ($123k -197k) at the senior end, depending on product knowledge. Programme managers, who look after several related projects, start at 95k-100k ($156k-164k), and salaries rise to 120k-140k ($197k-230k) at the senior end.
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Key Facts
Turnover in 2010 72,5 million EUR Staff Numbers 580 Country Presence Belgium, Luxembourg, France, The United Kingdom, The Netherlands, Germany, Switzerland, Russia, Morocco, Dubai, Singapore, China, Indonesia, Australia, New Zealand, Malaysia, Philippines, Vietnam. Main Profiles Civil Engineers Masters in IT, Sciences, Mathematics Bachelors in IT Job Opportunities Junior IT Consultants Technical Consultants Project Managers Industry Segments served Retail Banking Direct Banking Private Banking
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FINANCIAL SERVICES
If you work in development, being in a front-office role means more money. Junior C# GUI developers earn 35k-45k ($58k-74k), which increases to 65k-85k ($106k-140k) at the upper end, while C++/Unix developers start at the same level but can earn 75k-90k ($123k-148k) with more experience. Java developers in the front office start on 35k-45k ($58k-74k), which increases to 65k-90k ($106k-148k) at the senior end.
Skills sought
In IT, the majority of successful applicants will have a computer science degree, and those who dont tend to come from a maths or physics background. However, for less technical roles, such as business analysis or project management, banks will consider other degree disciplines. In this case, we are looking for strong all-rounders and potential leaders, says Ian Scott, IT manager, fixed-income division at BNP Paribas in London. These may be technically inclined or may be more interested in the analytical, businessfacing and people-centric activities such as analysis, project management or application support. A non-technical degree is often fine, provided that they demonstrate good analytical and organisational skills and some evidence of commitment to the role they are applying for, such as financial industry knowledge. If you want to move into a development role, experience with programming languages such as Java, C++ or C# is important.
However, you dont need to be a whizz kid at entry level. Soft skills are valuable for business analyst or project management roles. Business analysts, for example, have to be able to explain the benefits and pitfalls behind a potential technology investment, without leaving non-IT people swimming in a sea of jargon. Project manager roles have to be able to act as a central coordinator for disparate groups with differing interests in a particular technology endeavour. Any IT role, though, requires a certain degree of business acumen and ability to communicate and work well with other areas of the company. The image of the introverted nerd working in a tech position is irrelevant to todays roles. You must be able to ask key questions and develop technology solutions that work, says Peter Devlin, executive director, emerging power and gas technology, commodities at J.P. Morgan in New York. The business is dynamic profitability changes, regulations change, so you must be able to reinvent yourself and be prepared to adapt to a changing environment. Credit Suisses Vithlani adds: As well as academic achievement we look for candidates who show leadership potential and have the ability to inspire confidence and loyalty. We especially like candidates who are self-motivated and resourceful, who collaborate well with others and build strong working relationships.
How would you describe your current job? I work in trading technology within the market data group. We support services across several lines of business with users across trading and non-trading floors, and liaise with IT vendors. We manage big technology projects, and make sure connectivity and new applications are up to date. We also handle new solutions and upgrades. What made you choose banking rather than another industry? After graduation, I joined a consulting firm as an intern and worked on a project for a European bank. I really enjoyed banking and thought it would be a good career choice. Later, J.P. Morgan organised an event for women in technology and I took part in it. When I came for the interview, I liked the culture and the opportunities that exist in technology at the firm. What skills are most important? Analytical and logical thinking are critical, particularly as issues occur. You need to act fast to get to the source of problems that arise, so you can fix them quickly. Also, you must have attention to detail. With new solutions and new connectivity applications, you have to ensure that every
possible scenario is accounted for so that any issues are kept to a minimum. What is the best part of your job? Being able to interact with many different groups of people. On a daily basis, I talk to traders in different businesses, as well as vendors. Its great to develop new relationships with external and internal groups. Theres so much happening. Its a dynamic role and the variety of work and talent is such that Im always learning. What do you think makes you good at it? Im good at prioritising things. I need to think about whats most important and that requires an understanding of business.
Joanna Aleksandrowicz
Analyst, J.P. Morgan
Joanna graduated from Warsaw University of Technology with an MSc degree in artificial intelligence. She joined the J.P. Morgan graduate scheme in January 2010.
Analytical and logical thinking are critical, particularly as issues occur. You need to act fast to get to the source of problems that arise, so you can fix them quickly.
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Insurance employs huge numbers across the globe Pay is comparatively modest, except for actuaries who can earn six figures Global premiums exceeded $4 trillion in 2010
The complex business of being covered for the worst
INSURANCE
heres more to insurance than making sure youre covered if your car gets stolen or your widescreen TV decides to blow up. Global insurance premiums totalled more than $ 4.3 trillion in 2010. In the US (the largest insurance centre, followed by Japan and the UK) the industry provides about 2.3m jobs. In the UK, this figure is more than 275,000, according to the Association of British Insurers. The industry has four main areas: Insurers Assess risk and develop products for sale to individuals and corporations. Re-insurers Insure insurers against risk of significant losses. Insurance brokers Intermediaries who sell insurance products particularly important in the corporate market. Lloyds market About 80 corporations, individuals, underwriters and financial backers, or syndicates, who come together to spread risk.
Pay and bonuses

Actuaries are among the highest paid professionals in the industry. In the US, the median annual wage of qualified actuaries is $87.6k, but the top 10% earn over $160k, according to the Bureau of Labor Statistics. In the UK, the starting salary for qualified actuaries is 43.9k ($71.7k), increasing to 184k ($300k) for a chief actuary, according to The Actuarial Profession. A junior commercial underwriter in the UK starts on 23k-25k ($37.5k-40k), according to figures from recruiters Joslin Rowe, which rises to 35k-60k ($57k-98k) at the senior end. Sales and business development roles start at 25k-35k ($40k-57k), but increase to 55k-100k ($90k-163k) at the top level.
Skills sought
It takes five to seven years just to qualify as an associate actuary, but training is usually provided by the employer. You will need a maths-based degree to get your foot in the door, but this is the case for most graduate roles in insurance. Most of our graduate recruits tend to have a business, law, mathematics or engineering background, says Yvonne Herbst, talent management consultant at Munich Re. If theyve completed an internship, this shows evidence of analytical and social skills, which are important for the full-time roles. For underwriting roles, a good level of numeracy is required, plus communication skills, as you will have to liaise with other business areas and clients. Were looking for people who can build long-term relationships. Many of our clients work with the same financial professional over the course of 30 or 40 years, says Stephen Mannebach, vice president of agency development at Northwestern Mutual.
Most of our graduate recruits tend to have a business, law, mathematics or engineering background.
YVONNE HERBST
Talent management consultant, Munich Re

Underwriting Involves extensive risk analysis, sifting stats on industries, demographics and clients to prepare a quote. Actuarial The domain of the maths whizz. Actuaries produce financial models based on the statistical analysis of risk, which are used by underwriters in their analysis. Broking The salespeople of insurance, who try to find the right product for a client. There are few places for graduates. Claims Where most insurance people work. Graduates are likely to land in fraud detection or claims investigation.
Key insurance players (by sales, profits, assets & market value) Company 1. Allianz 2. American International Group (AIG) 3. ING Group 4. AXA Group 5. Zurich Financial Services Country Germany US Netherlands France Switzerland
Source: Forbes Global 2000, 2011 rankings.
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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
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Formal qualifications add to long-term employability Numeracy is just a baseline teamwork and dedication are paramount Accountants earn more in financial services than in any other sector
The number crunchers at the heart of every organisation
ACCOUNTING
ccountants come in various shapes and sizes. If you want to become one, ask yourself where you want to work and what kind of accountant youd like to be. Within financial services, investment banks hire accountants, as do retail banks, hedge funds, private equity firms, insurance companies and fund managers. Companies in all other sectors also need accountants to help them tot up profits and losses. Alternatively, you could work for an accountancy firm providing independent audit services to other companies. The best known are the Big Four Deloitte, Ernst & Young, KPMG and PricewaterhouseCoopers (PwC).
reorganisation services (offering advice on everything from restructuring or insolvency to simply improving a firms performance), or forensic accounting (investigating improper practices). They also run consulting arms offering advice on the business case for everything from technology to outsourcing. There are other accountancy opportunities in industry and commerce for financial and management accountants.
Pay and bonuses

Accountants earn more in financial services than in any other sector. Basic salaries are higher and theres the potential to earn lucrative bonuses. An internal auditor with more than five years experience working in banking and financial services in the UK can expect $113k-130k, according to Robert Walters, or $85k-135k in New York. By comparison, an internal auditor in a large firm in industry or commerce earns $80k-113k.

There are several options open to you in an investment bank. Product control Keep an eye on the profits and losses made on products bought and sold on the trading floor. Financial control Analyse the banks overall performance and produce regular reports. Internal audit Responsible for checking that financial systems and controls within the organisation are being complied with. Regulatory Ensure the bank reports its financial activity according to the legal rules of the countries it trades in. Treasury Structure the banks financial affairs so that sufficient cash is available to meet its liabilities. By comparison, if you start as a graduate trainee in a Big Four accountancy firm, your career will be more limited; about half end up in audit and assurance departments, where they handle the accounts of publicly traded companies and independently validate that a companys accounts are correct. Big Four firms also conduct advisory work, which can include corporate finance (see Mergers & Acquisitions on page 24),
Product control salaries mid-level role ($k) Country Singapore Japan UK US Salary 65-130 187-249 105-138 145-225
Source: Robert Walters.
Skills sought
Most large accountancy firms will demand a finance-related degree but the first few years in the job are spent undertaking an accountancy qualification. Increasingly, though, the Big Four firms are open to applications from non-finance related fields, and some even have schemes set up for school leavers. If you train as an accountant in London, most firms will expect you to take the exams run by the Association of Chartered Certified Accountants (ACCA) or the Chartered Institute of Management Accountants (CIMA), while banks and Big Four accountancy firms tend to favour qualified associates of the Institute of Chartered Accountants in England and Wales (ACA). This qualification is internationally recognised, but different countries also offer their own options. In France, there is the DCG (Diplme de Comptabilit et Gestion), equivalent to a three-year degree, and the DSCG (Diplme Suprieur de Comptabilit et Gestion), equivalent to a Masters. In Germany, accountants qualify through vocational training with an employer for two or three years or through university studies, which usually take six years.
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FINANCIAL SERVICES
In the US, the Certified Public Accountants (CPA) qualification is key but there is also the option of Certified Internal Auditors (CIA), Certified Management Accountants (CMA), and Accredited Business Accountants (ABAs) qualifications. For those looking to enter our audit or tax practice, one key attribute is a degree in accounting, says Holly Paul, US recruiting leader at PwC. Beyond that, we look for well-rounded individuals, especially those that excel academically and show strong leadership skills. We also welcome those with strong oral and written communication skills, which we see as critical. Accountancy firms dont always expect you to have all the technical skills. They look for raw talent. We hire people who are able to work across functions and across a variety of clients, whether they are auditors, accountants or consultants in our advisory practice, says Stephen Carpenter, managing partner of people performance and culture and senior tax partner at KPMG Australia, the head office for the Asia-Pacific region. Therefore, we need four transferable skills: they must be confident communicators with a healthy appetite for learning in a fast-paced environment; they must be able to problem-solve and contribute to successful business outcomes; they must demonstrate the ability to work effectively in a team; and they must be able to lead others when the occasion arises. Before all this, however, you need to get your foot in the door. Good academic results are obviously beneficial but accountancy firms expect more.
They must be confident communicators with a healthy appetite for learning in a fast-paced environment; they must be able to problem-solve and contribute to successful business outcomes.
STEPHEN CARPENTER
Managing partner of people performance and culture and senior tax partner, KPMG Australia
When we look to recruit accounting specialists into banking at graduate level, being qualified is important, says Gregg Carnaffan, head of graduate recruitment & development at HSBC. The things that set a great candidate apart, however, are the wider experiences and skills they bring to the table. We have no shortage of applications from wellqualified candidates but voluntary work, supporting clubs and societies and general work experience all provide really great opportunities to demonstrate the competencies employers like us are looking for.
Laila Shetty
Tax consultant, business tax services, Deloitte & Touche
Laila graduated from Fordham with an MBA in accounting/ finance and a Masters in taxation. She joined Deloitte & Touche as a summer intern in the summer of 2010 and began working there full time in January 2011.
How did you get where you are today? I was an economics major at Barnard and Id never even taken an accounting course. In fact, I was headed toward a career in marketing and finance when I realised that what I really wanted to do was something more mathematical. When I took my first accounting course I loved it and discovered that I had the disposition for a career in tax and accounting. I then went for my MBA, but learned that the Big Four accounting firms recruit heavily out of a combined three-year MBA and Masters in taxation programme so I did that and it paid off. I got internship offers at KPMG as well as Deloitte, which was the company I really wanted to work for. What kinds of skills are most sought among tax and accounting professionals? A strong academic foundation and a desire to learn and work hard. In public accounting, you need interpersonal skills because its a professional service organisation and were serving and interacting with clients. What do you like most about what you do? I like to research. I have to incorporate the law into my work, which means I have to stay on my toes and keep up with the
current code, which is always shifting. Plus, working in tax accounting is rewarding because were helping companies and their investors save money. How does the position differ from your initial expectations? I guess I didnt expect it to vary so much from client to client. I had to learn to be flexible because I could get shifted to a new project at any time. Plus, client expectations are high and we are constantly working hard to meet deadlines. What are you working on now? Im working on a real estate client, two hedge funds, a few C corps, and a large partnership... a little of everything.
I guess I didnt expect it to vary so much from client to client. I had to learn to be flexible because I could get shifted to a new project at any time.
Careers in Financial Markets 2012 71
BAILLIE GIFFORD
BARCLAYS CAPITAL
BARCLAYS WEALTH
Company snapshot
Baillie Gifford is one of the leading privately owned investment management firms in the UK with over 70bn under management. The firm has a unique partnership structure, being wholly owned and managed by its 36 working partners. This ownership structure gives us several important advantages over our competitors, both culturally and commercially. We are active managers. Our aim is to achieve high returns for our clients and to beat their benchmarks. We have a highly analytical, research-driven approach and we build our portfolios from the bottom up.
Company snapshot
Barclays Capital is the investment banking division of Barclays Bank PLC, offering strategic advisory, financing and risk management solutions to large corporate, government and institutional clients. With more than 25,000 people in offices around the world, we have the global reach and distribution power to meet the needs of issuers and investors in all the big financial markets. Our distinctive business model has cemented our position as a world leader in the industry. But we are young and ambitious. Founded 14 years ago, we are growing annually and pursuing excellence in everything we do.
Company snapshot
Barclays Wealth is the wealth management division of Barclays Bank PLC and is one of the leading wealth managers in the UK. We serve affluent and high-net-worth personal and corporate clients with a complete endto-end wealth management service on a global basis. Wealth is increasing globally and creating more affluent individuals and families than ever before. As one of the first financial organisations to bring all the major wealth management services under one umbrella, were working towards our mission of becoming the premier global wealth manager.
Graduate programme info

Approx. grad hires in 2011/12: Eight. Divisions offering vacancies: Investment management, IT and operations. Application criteria: First or 2.1 degree in any discipline. Typical duration of grad programme: Three years. Application deadline: Investment 30 November 2011. IT and operations 31 December 2011. Apply via: www.bailliegifford.com

Approx. grad hires in 2011/12 : 250. Divisions offering vacancies: Compliance, corporate communications, finance, global financial risk management, human resources, investment banking, legal, event and roadshow marketing, operations, prime services, quantitative analytics, research, sales, structuring, technology and trading. Application criteria: Strong academic background. Typical duration of grad programme: One year. Application deadline: Full-time applications 15 November 2011. Apply via: www.barcap.com/seeyourself

Approx. grad hires in 2011/12: 60. Divisions offering vacancies: Private banking. Application criteria: Minimum 300 UCAS points (or equivalent), minimum 2.1 achieved in any degree discipline (or equivalent). Typical duration of grad programme: Two and a half years. Application deadline: 15 November 2011 for all graduate vacancies. Apply via: www.barclayswealthgraduates.com
Internship/Stage info
Approx. intern hires 2011/12: Six. Divisions offering vacancies: Investment management. Application criteria: Penultimate year of study. Expected 2.1 degree in any discipline. Typical duration of internship programme: Seven weeks. Application deadline: 29 February 2012. Apply via: www.bailliegifford.com
Approx. intern hires 2011/12: 40. Divisions offering vacancies: Private banking. Application criteria: Minimum 300 UCAS points (or equivalent), on track to achieve a minimum 2.1 in any degree discipline (or equivalent). Typical duration of internship programme: 10 weeks. Application deadline: 31 December 2011. Apply via: www.barclayswealthgraduates.com
Approx. intern hires 2011/12: 250. Divisions offering vacancies: Corporate communications, finance, global financial risk management, human resources, investment banking, legal, event and roadshow marketing, operations, prime services, quantitative analytics, research, sales, structuring, technology and trading. Application criteria: Strong academic background required. Typical duration of internship programme: Summer internship eight to 10 weeks. Longer, off-cycle opportunities also available. Application deadline: Recruitment from 1 August 2011. Internships 31 December 2011. Apply via: www.barcap.com/seeyourself
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EMPLOYERS
BLACKROCK
BLOOMBERG
BNP PARIBAS
Company snapshot
BlackRock is the worlds largest asset manager with more than $3.6 trillion under management. We are a premier provider of global investment management, risk management and advisory to clients who range from individual investors to the worlds largest institutions. Our commitment to investment excellence is anchored in a shared culture that always places the clients interests first. Headquartered in New York, the firm employs more than 9,300 of the industrys most talented professionals and maintains offices in 26 countries around the world. BlackRock manages assets for clients in North and South America, Europe, Asia, Australia, and the Middle East.
Company snapshot
Bloomberg leads the knowledge economy, delivering the competitive edge through critical information. We connect influential decision makers across business, finance and government to a thriving network of news, data, people and ideas. The Bloomberg Professional service sits at the core of our network. With more than 280,000 active subscribers, we provide unmatched visibility into global and local financial markets and the world of business.
Company snapshot
BNP Paribas Corporate & Investment Banking (CIB) is a leading European investment bank with global leadership in many of our businesses. We are part of the BNP Paribas Group, one of the strongest banks in the world, rated AA by Standard & Poors, the largest bank in the eurozone by deposits and the eleventh largest company in the world (Global 2000, Forbes 2011). With nearly 20,000 employees in 53 countries, BNP Paribas CIB can offer an exciting and truly global start to your career.

Approx. grad hires in 2011/12: 300+. Divisions offering vacancies: Graduate positions include financial sales, software development, global data, IT, project management, news and many more. Application criteria: A passion for finance, technology or an international career is required. Typical duration of grad programme: All our graduate programmes are permanent positions. Application deadline: Ongoing recruitment. Apply via: www.bloomberg.com/careers

Approx. grad hires in 2011/12: 200. Divisions offering vacancies: Fixed income, global equities and commodity derivatives, structured finance, corporate finance, corporate transaction banking Europe, IT, operations, human resources. Application criteria: 2.1 degree (expected/ obtained) in any subject. Maths, economics, business, sciences, engineering and computer science/IT are most relevant. Typical duration of grad programme: One year. Application deadline: Graduate deadline 30 November 2011. Apply via: www.graduates.bnpparibas.com

Approx. grad hires in 2011/12: Approx. 50 for the UK. Divisions offering vacancies: Portfolio management, technology, sales and marketing, analytics and risk and quantitative analysis. Application criteria: 2.1 degree classification from any degree discipline, with a strong academic background and keen interest in asset management. Typical duration of grad programme: Two years with comprehensive training and an opportunity to study the CFA. Application deadline: Full-time applications 28 November 2011. Apply via: www.blackrock.com/careers
Approx. intern hires 2011/12: 100+. Divisions offering vacancies: Intern positions include financial sales, software development, global data, IT, project management, news and many more. Application criteria: A passion for finance, technology or an international career is required. Typical duration of internship programme: 10-week summer programme. Application deadline: Internship applications will close by April 2012. Apply via: www.bloomberg.com/careers
Approx intern hires 2011/12: 140+. Divisions offering vacancies: Fixed income, global equities and commodity derivatives, structured finance, corporate finance, corporate transaction banking Europe, IT, operations. Application criteria: 2.1 degree (expected/ obtained) in any subject. Maths, economics, business, sciences, engineering and computer science/IT are most relevant. Typical duration of internship programme: Four to 11 months. Application deadline: Summer internship 31 January 2012; long-term internship open all year; spring insight 31 January 2012. Apply via: www.graduates.bnpparibas.com or email graduate.recruitment@bnpparibas.com
Approx. intern hires 2011/12: Approx. 40 for the UK. Divisions offering vacancies: Portfolio management, technology, sales and marketing, analytics and risk and quantitative analysis. Application criteria: Internship programme is open to penultimate year students on track for a 2.1 with interest in asset management. Typical duration of internship programme: 10 weeks during the summer. Application deadline: 4 January 2012. Apply via: www.blackrock.com/careers
73
CALLATA & WOUTERS
CITI
COMMERZBANK
Company snapshot
Callata & Wouters (C&W) is a leading provider of innovative IT solutions and services to retail, private and direct banks. Created in 1983, we have three complementary businesses: development of banking software packages; conducting projects for the implementation of our solutions (100% track record); and support with on-site servicing. Our success is built on the quality of our products, focus on the financial industry and extensive experience with customers that include international institutions such as BNP Paribas, Rabobank, Record Bank ING, Commonwealth Bank of Australia. Our solutions have been installed at more than 40 banks in 18 countries worldwide.
Company snapshot
Citi, the leading global financial services company, has approximately 200 million customer accounts and does business in more than 140 countries. Citis global presence is not just a question of size but also a way of thinking. The organisation is passionate about what it does and is looking for graduates who want to be a part of that vision. Citis 200-year heritage is built on a proud pioneering spirit and it continues that forwardthinking tradition today. Driven by a desire for entrepreneurship and creativity, Citi is helping to shape the future of banking. Graduates with high levels of energy, enthusiasm and commitment can help Citi drive positive change across the organisation, the banking industry and beyond.
Company snapshot
Commerzbank is a leading bank for private and corporate customers in Germany. With the segments private clients, Mittelstandsbank, corporates & markets, Central & Eastern Europe as well as assetbased finance, the bank offers its customers an attractive product portfolio, and is a strong partner for the export-oriented SME sector in Germany and worldwide. With a future total of some 1,200 branches, Commerzbank has one of the densest networks of branches among German private banks. It has over 60 sites in more than 50 countries and serves approximately 14 million private clients as well as one million business and corporate clients worldwide. In 2010 it posted gross revenues of 12.7bn with some 59,000 employees.

Approx. grad hires in 2011/12: 150 new graduates for the end of 2012. Divisions offering vacancies: Project consultancy and research & development departments, on clients site or in the office but always within a project team. Application criteria: Junior graduates (Masters in engineering or computer science), strong interest in the finance industry, team player and mobile (nationally and internationally). Typical duration of grad programme: Further to a three-week training programme, you will obtain on-the-job training on our C&W university training programme. Application deadline: We hire (junior) graduates throughout the whole year. Apply via: www.cw-career.com

Approx. grad hires in 2011/12: 250+. Divisions offering vacancies: Investment banking, corporate banking, capital markets origination, sales and trading, global transaction services, private bank, risk management, human resources, operations and technology. Application criteria: 320 UCAS points/2.1 minimum degree. Typical duration of grad programme: Two years. Application deadline: Full-time positions 4 November 2011. Apply via: www.oncampus.citi.com

Approx. grad hires in 2011/12: N/A. Divisions offering vacancies: Various divisions. Application criteria: Very good high school and university degree, ideally acquired practical knowledge in investment banking, strong analytical and excellent people skills, fluency in English and preferably German or a further foreign language. Typical duration of grad programme: 12 months but may vary across divisions. Application deadline: See website. Apply via: www.commerzbank.com/career
Approx. intern hires 2011/12: N/A. Divisions offering vacancies: Various divisions such as corporate finance, equity markets and commodities, fixed income and currencies trading and sales and many more. Application criteria: Varies per division. Typical duration of internship programme: Two to 12 months. Application deadline: Open. Apply via: campusrecruitment@ commerzbank.com
Approx. intern hires 2011/12: 200. Divisions offering vacancies: Corporate banking, capital markets origination, sales and trading, global transaction services, private bank, risk management, human resources, operations and technology. Application criteria: 320 UCAS points/2.1 minimum degree. Typical duration of internship programme: 10 weeks. Application deadline: Summer positions 6 January 2012. Apply via: www.oncampus.citi.com
Approx. intern hires 2011/12: N/A. Divisions offering vacancies: N/A. Application criteria: N/A. Typical duration of internship programme: N/A. Application deadline: N/A. Apply via: N/A.
74
EMPLOYERS
CRDIT AGRICOLE CIB
CREDIT SUISSE
DEUTSCHE BANK
Company snapshot
Crdit Agricole CIB is the corporate and investment banking arm of the Crdit Agricole Group, leader in France by customer bank deposits and in Europe by retail banking revenues and number of branches (sources: Banque de France and company data, at end2010). The Group is present in 70 countries and has 160,000 employees worldwide. With almost 13,000 employees in more than 50 countries, Crdit Agricole CIB offers its clients a comprehensive range of products and services in capital markets, brokerage, investment banking, structured finance, corporate banking and international private banking. The corporate and investment bank is structured around four major divisions: coverage and investment banking, equity brokerage and derivatives, fixed income markets and structured finance.
Company snapshot
Credit Suisse is a forward-thinking financial services firm serving clients around the globe. As a stable company with a long banking tradition, we are one of the most respected banks in the world. Indeed, we are a leading player in many key markets recognised by industry publications for our continued excellence. Our three primary businesses private banking, investment banking and asset management partner with our shared services, information technology and operations teams. Together, they work around the world, around the clock, providing seamless solutions to our global clients and employees.
Company snapshot
A passion to perform is what drives us and describes the way we do business. We compete to be the leading global provider of financial services, balancing passion with precision to deliver superior solutions for our clients. This is made possible by our people, who have agile minds, are able to see beyond the obvious, and act effectively in an everchanging global business landscape. Our culture supports this. Diverse, international and shaped by a variety of different perspectives, were driven by a shared sense of purpose. At every level, agile thinking is nurtured.

Approx. grad hires in 2011/12: 700+ globally. Divisions offering vacancies*: Asset management, corporate and investment banking, finance, human resources, inhouse consulting, risk, group technology and operations, private and business clients, private wealth management, regional management. Application criteria: Please see website. Typical duration of grad programme: Duration depends on division. Application deadline: Dependent on division and country. Refer to our careers website. Apply via: www.db.com/careers

Approx. grad hires in 2011/12: 275-300. Divisions offering vacancies: Investment banking department, fixed income, equities, asset management, IT, investment banking operations & finance. Application criteria: Minimum 2.1 degree or equivalent in any discipline, although quantitative and some IT roles may require more technical degree disciplines. Typical duration of grad programme: Department-specific. Application deadline: 30 November 2011. Apply via: credit-suisse.com/careers

Approx. grad hires in 2011/12: N/A. Divisions offering vacancies: Positions are available in different fields such as capital markets, coverage and investment banking, structured finance, brokerage, risk, audit and finance. In addition, we offer more than 100 opportunities as VIE (Volontariat International en Entreprise/International Corporate Internship) in our expanded international network. Application criteria: N/A. Typical duration of grad programme: N/A. Application deadline: Throughout the year. Apply via: www.ca-cib.com
Approx. intern hires 2011/12: 400-450. Divisions offering vacancies: Investment banking department, fixed income, equities, asset management, IT, investment banking operations & finance. Application criteria: Minimum 2.1 degree or equivalent in any discipline, although some technical IT and quantitative roles may require more technical degree disciplines. Typical duration of internship programme: Summer internships 10 weeks; spring programmes one week; IT industrial placements six or 12 months. Application deadline: 11 January 2012. Apply via: credit-suisse.com/careers
Approx. trainee hires 2011/12: N/A. Divisions offering vacancies*: Asset management, communications and corporate social responsibility, corporate and investment banking, research, finance, human resources, in-house consulting, risk, group technology and operations, private and business clients, regional management. Application criteria: Please see website. Typical duration of traineeship: Eight to 10 weeks. Germany, eight weeks to six months. Application deadline: Dependent on division and country. Refer to our careers website. Apply via: www.db.com/careers *Please note, not all countries offer programmes in all divisions.
Approx. intern hires 2011/12: 850 worldwide (including 600 in France). Also hiring approx. 200 apprentices in France. Divisions offering vacancies: Positions are available in different fields of banking activity such as capital markets, coverage and investment banking, structured finance, brokerage, risk, audit and finance. Application criteria: N/A. Typical duration of internship programme: Six to 12 months. Application deadline: Throughout the year. Apply via: www.ca-cib.com
75
EUROPEAN INVESTMENT BANK
EXANE
FIDELITY WORLDWIDE INVESTMENT
Company snapshot
The EIB, the bank of the European Union, is the largest multilateral lending institution in the world and invests in sound, sustainable projects that help to address important challenges in society. Raising our own funds on the capital markets, we lend on favourable terms to projects that further European objectives, inside and outside the EU. With a diverse staff of about 1,800, recruited from all EU member states, we work in a multicultural environment that fosters cooperation and innovation, and we are proud to contribute to the delivery of viable projects in Europe and around the world.
Company snapshot
Established in 1990, Exane specialises in cash equity, equity derivatives and asset management. With a strong franchise in Europe under the Exane BNP Paribas brand name, Exanes cash equity business offers a full range of services including research, sales and execution on European equities. Exane Derivatives has built a robust structured products franchise, based on its longstanding leadership in European convertible bonds and options. Exane Asset Management is the leading long/short equity fund manager in France. With over 800 employees in 11 offices, Exane will help you to develop and accelerate your career.
Company snapshot
Fidelity Worldwide Investment is a leading global investment management company, managing assets and resources worth over $255.9bn (at 30 June 2011) on behalf of clients including corporations, governments, charities, advisors, financial institutions and individuals around the globe. We have a reputation as one of the worlds most successful long-term investment managers. Our thorough research of potential investments and our attention to detail set us apart, as we look at companies balance sheets and future plans, talk to the management and assess their competitors, marketplace and customers. This thorough approach means we make considered judgements about which organisations to invest in to grow our clients money.

Approx. grad hires in 2011/12: 25 grads work at the EIB. Expected intake in 2011/12 is 10 to 15. Divisions offering vacancies: Vacancies may arise in all 12 directorates of the EIB. Application criteria: Less than two years professional experience since last graduation (excluding internships), and must be nationals of an EU member or official candidate state. Typical duration of grad programme: Oneyear contract renewable for an additional year (two years maximum duration). Application deadline: See website below. Apply via: Please consult the current vacancies section of our website at www.eib.org/about/jobs/index.htm

Approx. grad hires in 2011/12: N/A. Divisions offering vacancies: Exane does not run a graduate programme but there are opportunities for talented young graduates, in equity or derivative research, equity or derivative sales, sales trading, structuring, trading, fund and account management, marketing, IT project management, middle office, financial control, risk management, compliance, etc. Application criteria: N/A. Typical duration of grad programme: N/A. Application deadline: N/A. Apply via: www.exane.com/corporate/ careers.do

Approx. grad hires in 2011/12: 20. Divisions offering vacancies: Investment, European sales and marketing, business management and human resources. Application criteria: Graduates with a strong academic record, including a 2.1 honours degree or above/equivalent. Typical duration of grad programme: See our website for more information. Application deadline: Investment 4 November 2011; all others 31 December 2011. Apply via: www.fidelityrecruitment.com/careers
Approx. intern hires 2011/12: About 100 internships each year. Divisions offering vacancies: Vacancies may arise in all 12 directorates of the EIB. Application criteria: Less than 12 months experience since last graduation (excluding internships). A limited number of nationals of non-EU countries may be accepted. Typical duration of internship programme: One to five months maximum. Application deadline: See website below. Apply via: Please consult the current vacancies section of our website at www.eib.org/about/jobs/index.htm
Approx. intern hires 2011/12: About 100, mainly in Paris and London. Divisions offering vacancies: Financial research, sales, trading, middle office, marketing, accountancy, internal audit, risk management, compliance, etc. Application criteria: Marked interest in the financial markets; strong analytical and interpersonal skills; willing and able to learn fast in a demanding environment. Typical duration of internship programme: Six months minimum. Application deadline: Apply two to three months before your preferred start date. Apply via: www.exane.com/corporate/ careers.do
Approx. intern hires 2011/12: 10. Divisions offering vacancies: Investment, European business. Application criteria: Strong academic record, including on target for achieving a 2.1 honours degree or above/equivalent. Typical duration of internship programme: Nine-week summer internship for investment; up to six-month placement in European business. Application deadline: Investment 31 December 2011, European business 30 April 2012 (continuous assessment). Apply via: www.fidelityrecruitment.com/careers
76
EMPLOYERS
GDF SUEZ TRADING
GROUPE CRDIT AGRICOLE SA
HSBC
Company snapshot
GDF SUEZ Trading is the European energy trading arm of GDF SUEZ, one of the topranking utilities in the world. Created in May 2011 from the merger of Gaselys and Electrabel trading teams, GDF SUEZ Trading leverages more than 10 years of experience and coverage of physical and financial products across the entire energy mix. It builds on complementary expertise and strong positions to provide extensive market access and risk management solutions to GDF SUEZs business lines and to its clients, as well as to all types of market participants, from upstream to downstream.
Company snapshot
Over the years, Crdit Agricole Group has built up its businesses around the regional bank network its historical base to become a key partner for every sector of the economy. With leadership positions in France and a strong presence abroad, the Group plans to continue expanding internationally in universal customer-focused banking, corporate and investment banking and asset management. Join the Crdit Agricole Group and play an active part in the development of Frances largest bank.
Company snapshot
Our global businesses analyst programme (GBAP) is a unique learning and development programme, which clearly differentiates us and sets you up for a high-achieving career within one of the worlds few truly connected banks. It will provide you with the skills, experience, access to global networks and development opportunities needed to excel as a new analyst.

Approx. grad hires in 2011/12: 250+ globally. Divisions offering vacancies: Global banking and markets, global research, global asset management, global private banking, global transaction banking, global infrastructure, technology and Islamic finance. Application criteria: 2.1 minimum degree. Minimum 320 UCAS points or overseas equivalent. Typical duration of grad programme: 12 to 36 months depending upon programme. Application deadline: EMEA midnight GMT 13 November 2011; Asia-Pac 30 November 2011; US 4 November 2011. Apply via: www.hsbcnet.com/ campusrecruitment

Approx. grad hires in 2011/12: N/A. Divisions offering vacancies: Positions are available in different fields of banking activity, such as capital markets, investment banking, structured finance, brokerage, risk, audit, finance and IT. In addition we offer more than 150 opportunities via the International French Programme VIE* in our expanded international network (Europe, North and South America, Asia, Middle East and Africa). These very interesting one-year assignment periods allow individuals to become familiar with our international activities. Application criteria: N/A. Typical duration of grad programme: N/A. Application deadline: Throughout the year. Apply via: www.mycreditagricole.jobs * VIE is a French government-sponsored programme for young graduates.

Approx. grad hires in 2011/12: 10. Divisions offering vacancies: Trading, sales, risk, IT. Application criteria: Specialisation in finance/financial markets/trading/risk; fluency in English; knowledge of other European languages is an asset. Typical duration of grad programme: Open-ended contracts. Application deadline: No deadline, recruitment all year round. Apply via: www.gdfsuez-trading.com
Approx. intern hires 2011/12: 15. Divisions offering vacancies: Sales, trading, risk, support. Application criteria: Specialisation in finance/financial markets/trading/risk; fluency in English; knowledge of other European languages is an asset. Typical duration of internship programme: Six months. Application deadline: No deadline, recruitment all year round. Apply via: www.gdfsuez-trading.com
Approx. intern hires 2011/12: 200+ globally. Divisions offering vacancies: Global banking and markets, global research, global asset management, global private banking, global transaction banking, global infrastructure, technology and Islamic finance. Application criteria: All degree disciplines considered. Typical duration of internship programme: 10 weeks. Application deadline: EMEA midnight GMT 8 January 2012; Asia-Pac 30 November 2011; US 9 March 2011. Apply via: www.hsbcnet.com/ campusrecruitment
Approx. intern hires 2011/12: 6,000 new hires in 2011 in France. Divisions offering vacancies: Multiple. Application criteria: N/A. Typical duration of internship programme: Crdit Agricole Group offers a large range of internships within all our business lines. They must last at least six months and may result in a permanent position being offered. Application deadline: You can apply for all our internships and placement opportunities on our website. Apply via: www.mycreditagricole.jobs
77
ICAP
J.P. MORGAN
LAZARD
Company snapshot
ICAP is the worlds premier interdealer broker, connecting buyers and sellers in global financial markets. We have about 4,900 employees in 32 countries, working together to facilitate deals worth in excess of $1.4 trillion every day. Our clients include all the major investment and commercial banks. We also offer a range of post-trade risk and information services, providing data and helping organisations reduce operational and systemic risk in their markets. Were fast-moving, innovative and meritocratic: an exciting, innovative business where talent and ambition thrive, where each day brings another chance to prove your potential.
Company snapshot
J.P. Morgan has been doing first-class business in a first-class way for more than 200 years. Throughout our history, we have played a leading role in helping companies grow and markets develop. Globally we work together to deliver the best solutions and advice to meet our clients needs, anywhere in the world. We operate in 100 countries, and hold global leadership positions in each of our businesses. We have an exceptional team of employees who work hard to do the right thing for our clients, shareholders and the firm every day.
Company snapshot
Lazard, one of the worlds premier financial advisory and asset management firms, operates from 42 cities across 27 countries in North America, Europe, Australia, Asia, Central and South America. With origins dating back to 1848, the firm provides advice on mergers and acquisitions, restructuring and capital raising, and asset management services to corporations, partnerships, institutions, governments and individuals. The core of Lazards success is its simple business model of financial advisory and asset management, with a focus on excellence, intellectual rigour, integrity and creativity.

Approx. grad hires in 2011/12: 300. Divisions offering vacancies: Asset management, IB risk, investment banking, finance, operations & business services, private bank, sales, trading & research, human resources and technology. Application criteria: Impeccable academic credentials are important, but so are your achievements outside the classroom. Typical duration of grad programme: N/A. Application deadline: Visit Europe and Asia sections of jpmorgan.com/careers for application deadlines. Apply via: jpmorgan.com/careers

Approx. grad hires in 2011/12: 75 globally. Divisions offering vacancies: Broking (voice, electronic, shipping), post-trade risk and information services, accounting, business services, human resources, risk and research (shipping). Application criteria: Minimum of 2.1 degree or equivalent. Should be a self-starter with a keen interest in global financial markets. Typical duration of grad programme: 12 months. Application deadline: 27 November 2011. Apply via: www.icap.com/careers

Approx. grad hires in 2011/12: Up to 14 mergers and acquisitions (M&A) analysts. Divisions offering vacancies: Financial advisory (M&A). Application criteria: A strong academic track record is a must. We want individuals with the commitment and flair to succeed within our organisation. Typical duration of grad programme: Our graduates spend three years as analysts before progressing to associate. Application deadline: Midnight (GMT) 26 October 2011. Apply via: www.lazard.com/apply
Approx. intern hires 2011/12: 75 globally. Divisions offering vacancies: Range of internship and placement opportunities in broking and other business areas. Application criteria: On track for a 2.1 degree or equivalent. You should be a self-starter with a keen interest in global financial markets. Typical duration of internship programme: Eight-week summer internships. One-year placements for specific business areas. One-week industry insight programme for first-year students. Application deadline: Internships and placements 29 January 2012. Industry insight 26 February 2012. Apply via: www.icap.com/careers
Approx. intern hires 2011/12: N/A. Divisions offering vacancies: Asset management, IB risk, investment banking, finance, operations & business services, private bank, sales, trading & research and technology. Application criteria: Visit Europe and Asia section of jpmorgan.com/careers for application deadlines. Typical duration of internship programme: N/A. Application deadline: 11 November 2011 asset management, finance, IB risk and sales, trading & research; 8 January 2012 operations & business services, technology. Apply via: jpmorgan.com/careers
Approx. intern hires 2011/12: Up to 14. Divisions offering vacancies: Financial advisory (M&A). Application criteria: A strong academic track record is a must. We want individuals with the commitment and flair to succeed within our organisation. Typical duration of internship programme: 10 weeks. Application deadline: 16 November 2011. Apply via: www.lazard.com/apply
78
EMPLOYERS
MAN GROUP
MITSUBISHI UFJ SECURITIES INTERNATIONAL PLC
MORGAN STANLEY
Company snapshot
Man is a world-leading alternative investment management business. It has expertise in a wide range of liquid investment styles including managed futures, equity, credit and convertibles, emerging markets, global macro and multi-manager, combined with powerful product structuring, distribution and client service capabilities. Man manages $71bn (as at 30 June 2011). The business was founded in 1783. Today, Man Group PLC is listed on the London Stock Exchange and is a member of the FTSE 100 Index with a market capitalisation of over 4.5bn. Man is a member of the Dow Jones Sustainability World Index and the FTSE4Good Index. It supports many awards, charities and initiatives around the world, including sponsorship of the Man Booker literary prizes.
Company snapshot
Mitsubishi UFJ Securities International PLC (MUSI) is the European capital markets hub of one of the largest financial institutions in the world, Mitsubishi UFJ Financial Group (MUFG). MUSI is active throughout the international capital markets, focusing on fixed income, debt, equity, derivatives and structured products. Due to our size we are looking for a relatively small number of talented graduates and interns, so you wont get lost in a large trainee intake. Youll feel involved and be an integral part of our team from your first day. This is an opportunity for you to launch your career.
Company snapshot
Morgan Stanley is a leading global financial services firm with over 42 offices worldwide providing a wide range of investment banking, securities, investment management and wealth management services. Morgan Stanley manages more than $500bn for institutional and high-net-worth investors across a broad range of asset classes, from traditional equity and fixed income through to hedge funds, private equity, real estate and infrastructure.

Approx. grad hires in 2011/12: 350-400 fulltime analysts and up to 20-30 associate MBA/ quantitative PhD positions. Divisions offering vacancies: Investment banking, global capital markets, sales & trading, equity research, investment management, credit risk management, private wealth management, technology finance & operations. Application criteria: N/A. Typical duration of grad programme: Not all graduate programmes offer rotations. After the initial training, graduates join their respective group and either rotate after 12 months or are permanently based on that desk until their career aspirations and development take them elsewhere within the firm. Application deadline: Please check our website for details. Apply via: www.morganstanley.com/careers

Approx. grad hires in 2011/12: 15-20. Divisions offering vacancies: Opportunities across most of our front-office groups and a number of support divisions. Application criteria: You will be in your final year of study or have graduated within the last 12 months. You will have obtained a minimum 2.1 or be in line for a minimum 2.1 at undergraduate level. In addition, you must have the right to work in the UK post study. Typical duration of grad programme: 12 months. Application deadline: Graduates 5pm, 4 November 2011. Technology graduates 5pm, 30 November 2011. Apply via: www.musi.com/graduates

Approx. grad hires in 2011/12: 10-15 hires will be made for the September 2012 intake. Divisions offering vacancies: Front and middle offices. Application criteria: All require a minimum of 300 UCAS points and a 2.1 degree classification (or equivalent). Typical duration of grad programme: Between 18 and 36 months. Application deadline: 30 November 2011. Early application is advised. Apply via: www.mancareers.com We do not accept applications by email.
Approx. intern hires 2011/12: Approximately 10 hires will be made for the July 2012 intake. Divisions offering vacancies: Front and middle offices. Application criteria: All require a minimum of 300 UCAS points and a predicted 2.1 degree (or equivalent). See our website for the specific requirements of each vacancy. Typical duration of internship programme: 10 weeks. Application deadline: 31 January 2012. Apply via: www.mancareers.com We do not accept applications by email.
Approx. intern hires 2011/12: 10-12. Divisions offering vacancies: Most of our front-office groups and a number of support divisions. Application criteria: You will be in your penultimate year of study and have obtained a minimum 2.1 or be in line for a minimum 2.1 at undergraduate level. In addition, you must have the right to work in the UK post-study. Typical duration of internship programme: Summer programme 10 weeks. Application deadline: Summer interns 5pm, 6 January 2012. Apply via: www.musi.com/graduates
Approx. intern hires 2011/12: We anticipate healthy numbers, up to 350-450 summers in addition to industrial placement and off-cycle interns. Divisions offering vacancies: Morgan Stanley offers a dedicated insight programme for first-year students, as well as summer, offcycle and industrial placement opportunities for penultimate-year students across all business areas and various office locations. Application criteria: N/A. Typical duration of internship programme: N/A. Application deadline: Please see our website. Apply via: www.morganstanley.com/careers
79
MUNICH RE
NATIXIS
NOMURA
Company snapshot
We have been tackling the major challenges of the future for nearly 130 years. As one of the worlds leading reinsurers, we operate internationally and apply a range of disciplines to produce concepts that make tomorrows world insurable. Reinsurance off the peg is not enough in times of new and changing markets with ever more complex risks. We develop integrated concepts for our clients traditional reinsurance, managing large complex risks and risk transfer to the capital markets. We also develop innovative coverage products for alternative energies and conduct in-depth geoscientific research.
Company snapshot
Natixis is the corporate, investment and financial services arm of BPCE, the second largest banking group in France with 22% of total bank deposits and 36 million clients spread over two networks, Banque Populaire and Caisse dEpargne. With about 22,000 employees, Natixis has a number of areas of expertise, which are organised in three main business lines: corporate and investment banking; investment solutions (asset management, private banking, insurance); and specialised financial services. A global player, Natixis has its own client base of companies, financial institutions and institutional investors as well as the client base of individuals, professionals and small and medium-sized businesses of BPCEs two retail banking networks. Listed on the Paris stock exchange, it has a solid financial base with total tier 1 capital of 16.8bn, a tier 1 ratio of 11.4% and quality long-term ratings (Standard & Poors and Fitch Ratings: A+; Moodys: Aa3).
Company snapshot
Nomura is a leading financial services group and the pre-eminent Asian-based investment bank with worldwide reach. It provides a broad range of innovative solutions tailored to the requirements of individual, institutional, corporate and government clients through an international network in over 30 countries. Based in Tokyo and with regional headquarters in Hong Kong, London and New York, Nomura employs about 27,000 staff worldwide. Nomuras unique understanding of Asia enables the company to make a difference for clients through three business divisions: wholesale (global markets and investment banking), retail and asset management.

Approx. grad hires in 2011/12: 40. Divisions offering vacancies: Munich headquarters or London (underwriting, client management, claims management, controlling). Application criteria: University degree above average, internship experience, intercultural experience, analytical skills, communication skills. Typical duration of grad programme: 18 months (Munich); 24 months (London). Application deadline: Munich year round; London 30 June 2012. Apply via: For applications in London, please refer to ukjobs@munichre.com. For applications in Munich, please apply online: www.munichre.com/career.

Approx. grad hires in 2011/12: N/A. Divisions offering vacancies: Global markets, investment banking, corporate infrastructure. Application criteria: Candidates should be available for full-time work in July 2012. Typical duration of grad programme: Two to three years dependent on division. Application deadline: Full-time programme 20 November 2011. Apply via: www.nomura.com/careers

Approx. grad hires in 2011/12: N/A. Divisions offering vacancies: Opportunities in various business areas. Also, more than 130 opportunities through the International French Programme (VIE) in banking activity such as investment banking, structured finance, risk, audit, asset management and IT. Application criteria: N/A. Typical duration of grad programme: N/A. Application deadline: Apply throughout year. Apply via: www.natixis.com.
Approx. intern hires 2011/12: N/A. Divisions offering vacancies: Global markets, investment banking, corporate infrastructure. Application criteria: Candidates should be available for full-time work in July 2013. Typical duration of internship programme: 10-week winter, spring and summer internship programmes; three to six-month internships in regional offices. Application deadline: Winter internships (10 weeks and 6 months) 20 November 2011; spring and summer internships 8 January 2012; insight programmes (womens immersion and explore) 15 January 2012; regional ongoing. Apply via: www.nomura.com/careers
Approx. intern hires 2011/12: 160. Divisions offering vacancies: All central and divisional units. Application criteria: Drive, interdisciplinary competence, personal commitment, communication skills, enrolled at a university. Typical duration of internship programme: Six to 26 weeks. Application deadline: All year round. Apply via: www.munichre.com/career
Approx. intern hires 2011/12: More than 1,200. Divisions offering vacancies: Many areas, including investment banking, structured finance, risk, brokerage, audit, asset management, business administration, law. Application criteria: N/A. Typical duration of internship programme: Six months to one year. Application deadline: Apply two or three months before preferred start date. Apply via: www.natixis.com
80
EMPLOYERS
RBC
ROTHSCHILD
SIMCORP
Company snapshot
RBC Capital Markets is a premier investment bank that provides a focused set of products and services to institutions, corporations, governments and high-net-worth clients in over 100 countries. We are the investment banking arm of Royal Bank of Canada. We understand that the first steps in any career in finance are critical. With that in mind, we have the right formula to provide you with the opportunities and professional development you need to turn those first steps into a rewarding career. In short, we provide the essential components to get your career off to a great start.
Company snapshot
Rothschild is a top-tier international investment bank with offices in cities globally. It has about 3,000 employees worldwide and more advisory bankers than any of its competitors. Rothschilds principal activities are divided into global financial advisory (corporate finance advice covering M&A, debt advisory, restructuring and equity advisory), wealth management and trusts, merchant banking and corporate banking. In all these areas Rothschild is the trusted advisor to its clients.
Company snapshot
Since 1971, SimCorp has been providing investment and portfolio management software and services to the worlds leading investment managers, asset managers, fund managers, fund administrators, pension funds, insurance funds, and wealth managers. SimCorps world-class software provides global financial organisations with the tools they need to mitigate risk, reduce cost, and enable growth. SimCorp is a global company, regionally covering all of Europe, North America, and Asia-Pacific. Listed on the NASDAQ OMX Copenhagen, it is dedicated to supporting the global investment management industry, its clients and its investors.

Approx. grad hires in 2011/12: 30-35. Divisions offering vacancies: Global financial advisory, and wealth management and trusts. Application criteria: 2.1 minimum, any discipline. Typical duration of grad programme: Permanent. Application deadline: 3 November 2011. Please see website for more deadlines. Apply via: www.rothschild.com/careers

Approx. grad hires in 2011/12: 30-40. Divisions offering vacancies: Global investment banking, global markets, risk management, finance, IT, operations. Application criteria: We are not prescriptive on the subject of your degree; however, we will be looking for a minimum 2.1 degree (expected). Typical duration of grad programme: One year. Application deadline: See website. Apply via: campus.rbccm.com

Approx. grad hires in 2011/12: Looking for Masters degrees in finance/economics with strong interest in mathematics. Divisions offering vacancies: Pre-sales, implementation and customer services divisions located in Benelux and France (Western Europe). Application criteria: Graduates should have a strong interest in financial issues, particularly accounting of financial instruments and financial calculations, good communication skills, fluent English and French and/or Dutch, and should also be service driven. Typical duration of grad programme: Full-time contracts only. Application deadline: Constantly looking. Apply via: www.simcorp.com
Approx. intern hires 2011/12: 50-60. Divisions offering vacancies: Global financial advisory, and wealth management and trusts. Application criteria: Predicted 2.1. Any discipline. Typical duration of internship programme: 10 weeks to six months. Application deadline: Please see website for all deadlines. Apply via: www.rothschild.com/careers
Approx. intern hires 2011/12: 30-40. Divisions offering vacancies: Global investment banking, global markets, risk management, finance, IT, operations. Application criteria: We are not prescriptive on the subject of your degree; however, we will be looking for a minimum 2.1 degree (expected). Typical duration of internship programme: Eight weeks. Application deadline: See website. Apply via: campus.rbccm.com
81
SOCIT GNRALE
STANDARD BANK
Company snapshot
An international group, Socit Gnrale is a leading financial services provider in the eurozone. We are organised around three core businesses French networks, international retail banking and corporate and investment banking. These are supported by two complementary businesses specialised financing and insurance, and private banking, global investment management and services, which enable us to provide a comprehensive range of services to our clients. Professionalism, team spirit and innovation are our corporate values, reflected in all of our actions and within the diversity of our 157,000 employees.
Company snapshot
Building on our strong African roots, we are a global investment bank with a presence in 17 African countries and 16 more around the world. Our focus on emerging markets in Africa, South-East Asia, Eastern Europe and Latin America means we are involved in transactions that many other banks often do not consider. We were voted Best Investment Bank from Africa at the Banker Awards 2009 and 2010. We are recruiting for a variety of graduate programmes, covering global markets and private banking in London and global markets, investment banking and risk across Africa. Whatever programme you join, you will gain wide exposure to different parts of our business, working in cross-border teams to deliver innovative client solutions. You will enjoy the kind of experiences and challenges you wont find anywhere else.

Approx. grad hires in 2011/12: 1,000+ of which 100 candidates in corporate and investment banking, 35-40 general inspection and 300 on VIE contracts. Divisions offering vacancies: We recruit across all business areas. Application criteria: Criteria vary by business area and opportunity. Typical duration of grad programme: Corporate and investment banking: two-year programme including an initial training period. General inspection: six-year programme including an initial training period and frequent international assignments. VIE contracts: from 12 to 24 months. Application deadline: Please see website. Apply via: careers.societegenerale.com

Approx. grad hires in 2011/12: 20. Divisions offering vacancies: London: global markets, private banking; Africa (Nigeria/ Kenya/Ghana/Angola): global markets, investment banking, risk. Application criteria: Details on website. Typical duration of grad programme: 12 to 24 months. Application deadline: 6 November 2011. Apply via: graduate.standardbank.com/ efinancial
Approx. intern hires 2011/12: 5,000 across all our divisions worldwide. Divisions offering vacancies: We offer internships across all business areas. Application criteria: Criteria vary by business area and opportunity. Typical duration of internship programme: We offer both summer and long-term internships. Application deadline: Please see website. Apply via: careers.societegenerale.com
82
Built to value ideas Built for you to create them

Careers in global investment banking
Everyone has a voice in one of the worlds fastest growing global investment banks. Listening to peoples ideas and turning them into actions has made us what we are today. Here, two-way conversations get results. Its the valuable input of Nomura professionals at every level that is defining our culture, practices and policies. You wont find another global investment bank like Nomura. Weve created a unique meritocracy where exceptional talent is free to shape the future of our business. Start building on your ambitions at www.nomura.com/careers
Building on ambition
NOTES
84
Lets use your talent, your ideas and ons your values to raise the ambitions of a leading group even higher.
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RETAIL BANKING CORPORATE AND INVESTMENT BANKING ASSET MANAGEMENT AND SECURITIES CONSUMER FINANCE PRIVATE BANKING LEASING & FACTORING
INSURANCE
To all people who are involved in the world of today, and are willing to commit themselves to a sustainable growth for tomorrow, the Credit Agricole group offers the career opportunities of a customer-focused bank leader in Europe.
160,000 employees I 70 countries Every business line of universal custumer-focused banking
CREDIT AGRICOLE GROUP

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The Guide To Find A Job in The Financial Sector

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The graduate guide to finding work in the financial sector

CRDIT AGRICOLE CORPORATE & INVESTMENT BANK

GETTING IN A GLOBAL INDUSTRY A LOCAL START

INVESTMENT BANKING MERGERS & ACQUISITIONS CAPITAL MARKETS

FINANCIAL SERVICES FUND MANAGEMENT & INVESTMENT CONSULTING

ALTERNATIVE INVESTMENTS GLOBAL CUSTODY

Careers in Financial Markets 2012

Europe, Middle East & Africa (EMEA)

The worlds financial hubs at a glance

Salt Lake City

United States and Canada

Careers in Financial Markets 2012

Capital Markets Commodities

Derivatives Fund Management

FX Hedge Funds M&A Operations Private Banking

Careers in Financial Markets 2012

Careers in Financial Markets 2012

Working to improve the future. Join the EIB

GLOBAL RECRUITMENT TIMELINES

Careers in Financial Markets 2012

TO VIEW OUR CURRENT JOB OFFERS, PLEASE VISIT CAREERS.SOCIETEGENERALE.COM

Careers in Financial Markets 2012

CVS, COVER LETTERS & APPS

Not forgetting email

Careers in Financial Markets 2012

The formula to use to answer competency questions

THE S.T.A.R. INTERVIEW TECHNIQUE

Careers in Financial Markets 2012

Investment banking interviews

The author is a junior in a bulge-bracket bank in London.

The author is now a frontoffice markets professional at a US investment bank.

Careers in Financial Markets 2012

Start by registering your interest at oncampus.citi.com

It all begIns wIth a handshake

07/2010 visuel JMF / WoolooMooloo

The author is a sales professional in an investment bank

Careers in Financial Markets 2012

GRADUATE RECRUITER Q&A

Isabella Crocker Vice president, APAC graduate recruitment, Deutsche Bank

Careers in Financial Markets 2012

Sharp enough? Get in touch

SunGard Global Services

recrute 250 consultants en France

SunGard Global Services des diffrenciateurs clairs

Nous rejoindre : candidature-consulting@sungard.com

Larissa Goodwin Associate recruiter, J.P. Morgan

Careers in Financial Markets 2012

In-house numerical tests

Online numerical tests

Verbal reasoning tests

Careers in Financial Markets 2012

Calculating your Future Value is easier than you think

There really are only five types of interview question

THE FAMOUS FIVE

We want to determine whether candidates have the personal attributes to succeed.

Your questions for them

Careers in Financial Markets 2012

Ensuring equal treatment for all?

LGBT leading the way

Careers in Financial Markets 2012

How hot Money Prestige Opportunities

The international jet-set of investment banking