An Inside Look at Investment Banking Employers 2013

AN INSIDE LOOK AT
2013 EDITION
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Our
strength
AN INSIDE LOOK AT
is your
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.
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.
2011/12 JPMorgan Chase & Co. All rights reserved. J.P. Morgan is an equal opportunities employer.
2013 EDITION
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Printed in the UK
Welcome to the 2013 edition of our guide: An Inside Look at Investment Banking Employers.
If securing any job wasnt already difficult enough, landing an internship or graduate position in
investment banking following a global recession really is a tough nut to crack.
Given the generous salaries, dynamic work environment and rapid career progression investment
banking sits at the top of desired roles for graduates. With vacancies at a premium and more and more
graduates looking, its vital you are not only qualified, but also prepared and well informed for the
interview.
This is where Inside Buzz can help you out. Weve done the research for you and this guide will tell you
everything you need to know about the top players in investment banking. In these pages you can find
out exactly what its like to work at each bank, and what you can expect from the hours, training and
working environment to the interview process and much more. In some cases, in the words of current
employees.
We hope this helps you to uncover the best insider tips and advice and find the investment bank that is
right for you.
Best of luck with your job search!
The Inside Buzz team
ABOUT INSIDE BUZZ

Inside Buzz is a careers information company that puts a fresh twist on the way graduates and
professionals research companies and careers.
INTRODUCTION
INTRODUCTION
Year on year, Inside Buzz independently surveys thousands of employees to find out what they really think
of their job and the company they work for. This extensive surveying allows Inside Buzz to get the real
scoop on everything from company culture and hours, to training, perks and salaries. Most importantly
for graduates and job seekers, each companys interview and selection process is revealed for all to see.
Our workplace reviews are renowned for providing an authentic inside look at what life is like at some of
the UKs leading employers. At Inside Buzz, our foremost priority is ensuring that job seekers have all the
facts: the good, the bad, and everything in between.
An authority on all things careers, Inside Buzz provides graduates and professionals with hundreds of
constantly updated employer profiles featuring rankings, quotes and a comprehensive interview advice
section. Additionally, Inside Buzz brings job seekers the latest career advice and industry news in our
popular article and advice section.
Inside Buzz also publishes print and digital career guides. These guides are updated every year before
being distributed for free to eager university students across the UK.
Our 2012-2013 Career Guides include:
An Inside Look at Graduate Employers
An Inside Look at Law Firms
An Inside Look at Investment Banking Employers
An Inside Look at Investment Banking
An Inside Look at Accounting
An Inside Look at Consulting
Based in Soho, Central Londons vibrant media district, Inside Buzz has been a privately owned and
independently run company since it was founded in January 2010.
Whats in This Guide

Banco Santander
J.P. Morgan
Barclays
Macquarie Group
BNP Paribas
Morgan Stanley
Bank of America Merrill Lynch
Nomura
Citi
RBS
Credit Agricole
Rothschild
Credit Suisse
Socit Gnrale
Deutsche Bank
Standard Chartered
Goldman Sachs
UBS
PROFILES
This guide features insider profiles of some of the top investment banks in the UK,
split into three sections:
An introduction
with a one liner, pros and cons, and important

stats and figures to give you a quick rundown of
the bank
A COMPANY PROFILE
The Buzz on Getting Hired
In some of the profiles youll see quotes from

current employees on a selection of topics from
hours, pay and culture to the interview and
training.
Tips and advice on the graduate programmes, and

the application and interview process based on
our research and what employees have told us
that provides a comprehensive overview of the

firms history, business structure and departments
1,000s of authentic
employee reviews
Company specific
interview advice
Free 2013 career
guides for
investment banking,
accounting, law,
consulting and
more...
100s of in-depth company

profiles and salary info on:
Accenture, Apple, Bain & Co, Banco
Santander, BBC, BCG, BNP Paribas,
Booz & Co, Citi, Clifford Chance,
Credit Suisse, Deloitte, Ernst & Young,
Freshfields, FSA, Goldman Sachs,
Google, HSBC, John Lewis Partnership,
J.P. Morgan, LOreal, KPMG, McKinsey
& Co, Morgan Stanley, Nomura, PwC,
RBS, Slaughter and May, Unilever and
more...
THE BUZZ ON GETTING HIRED
As the largest bank in the Eurozone, the reach of Banco Santander cannot be overstated. Servicing over
25 million customers in the UK alone, this Spanish bank is a giant of both the personal and commercial
financial sectors.
PROS
Well organised company from the bottom to

the top
Autonomy encouraged within your position
A solid reputation within international markets
THE STATS
No. of employees worldwide: Approx. 180,000
No. of employees in the UK: 25,000+
DEPARTMENTS
Corporate Banking Global Banking and Markets Private
Banking Retail Banking
LOCATIONS
CONS
Not a lot of opportunity for career progression

Heavy work load
Average salary
LONDON OFFICE
2-3 Triton Square
London NW1 3AN
Tel: 0845 765 4321
www.santander.co.uk
GRADUATE RECRUITMENT INFO
Banco Santander offers a number of graduate

opportunities in the UK with programmes in a
range of areas. Candidates are only permitted to
apply for one programme so its a good idea to
think carefully about your strengths before picking
the programme most suited to your particular
talents.
Santander has a policy of getting back to both

successful and unsuccessful candidates as quickly
as possible after the assessment centre. In rare
cases, you may be called in again for a final
interview, although this only applies for candidates
looking to work in certain areas.
Santanders recruitment process starts with an

online application, to which youll need to attach
your CV. Be sure to sell yourself as best you
can, taking care to highlight skills, qualities and
previous experiences which are relevant to the
programme you applied to.
Internships
If your initial application is successful you will be

invited to complete both a verbal and a numerical
reasoning test online. Scoring well on these tests
will lead to a 30-minute long competency-based
telephone interview. If youve impressed up
to this point youll then attend an assessment
centre where your interpersonal skills will be put
to the test with a series of exercises before one
final interview with a senior manager which may
include a presentation.
BANCO SANTANDER
BANCO SANTANDER
A summer internship programme is also offered

for those wishing to get a flavour of what its like
to work at one of the UKs top banks. Internships
last 10 to 12 weeks and will give interns an insight
into the inner workings of Santander as well
as improving their commercial awareness and
interpersonal skills. Interns who perform well will
greatly increase their prospects should they go on
to apply for a graduate position.
Contact:
Email: graduate@santander.co.uk
No. of locations: 1,400 branches across the UK
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COMPANY PROFILE
Banco Santander has come a long way since its
humble beginnings in the port in northern Spain
from which it took its name. In the century and
a half since it was incorporated it has navigated
its way to the forefront of the banking world and
now boasts 171,000 personnel worldwide, 14,000
branches and an impressive 90 million customers;
all coordinated from a specially built complex in
the Spanish capital, Madrid.
In the century and a half since it was

incorporated, Banco Santander has
navigated its way to the forefront of the
banking world.
Despite being incorporated in 1857 the bank
didnt expand across Europe for well over
a century; instead focusing on trading and,
eventually, expansion into Latin America. As
a result of this, Santander became the largest
financial institution in South America, with a
presence in Argentina, Brazil, Chile, Columbia,

Mexico, Puerto Rico and Venezuela.
With a thriving business across the Atlantic,
Santander turned its attention closer to home
and since the mid-1980s has pursued a policy of
European expansion; developing its retail banking,
asset management, insurance, and wholesale
banking businesses in both markets.
But it wasnt until after the turn of the new
millennium that the bank started to resemble the
goliath we know it as today. In 2004, Santander
announced the acquisition of Abbey National
plc, a merger that elevated the Spanish giants to
the top of the Eurozone by market capitalisation.
This remained the case until 2007, a year which
saw Santander acquire subsidiaries in Brazil and
Italy of Dutch banking giant ABN Amro. Then in
2010 Santander acquired parts of the retail and
commercial banking side of RBS and NatWest, and
is now one of the largest providers of mortgages
and savings in the country.
Do you want to work in equities or corporate finance?

Will the buy-side or sell-side be right for you?
Know your DCF from your EBITDA?
And your spreads from your spots?
It can all be a bit overwhelming, especially if you dont know where to start.
But thats where we come in:
DOWNLOAD OUR INVESTMENT BANKING CAREER GUIDE FOR FREE

This guide will tell you everything you need to know about:
The ins and outs of investment banking
Career Paths: the different roles and divisions
An inside look at corporate finance, sales and trading, equities, fixed income,
commodities, foreign exchange and more...
The latest tips on applications and interviews and answers to tricky interview questions
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This investment banking giant has offices in almost 30 countries, over 25,000 employees and is part of
Barclays Bank PLC a global umbrella which can trace its roots back to the 17th century, making it one of
Britains oldest banks.
PROS
Strengthened from acquiring Lehman Brothers

US banking and capital markets arm
Solid outlook and good deal flow
Generous salaries
Real opportunity to progress rapidly
THE STATS
Overly politicised (especially in regards to

promotions) and bureaucratic environment
High turnover
GRADUATE INTAKE:
Analysts: 250
LONDON OFFICE
5 The North Colonnade
Canary Wharf
London E14 4BB
Tel: +44 (0) 20 7623 2323
STARTING SALARY
Analysts: Competitive
Associates: Competitive
Graduate programme info

Approximate graduate hires in 2012-2013: 250
Length of grad programme: 1 year
Application deadline: 15 November 2012
Employees company-wide: 25,000+
DEPARTMENTS/BUSINESS AREAS
Distribution Finance Global Markets Investment
Banking Operations Research Risk Technology
EUROPEAN LOCATIONS
Amsterdam Birmingham Dublin Frankfurt Geneva
Lisbon London Lugano Luxembourg Madrid
Manchester Milan Moscow Paris Rome Zurich
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CONS
Internship info
Approximate intern hires in 2012-2013: 300
Length of internship: Summer intership 8 to 10 weeks.
Longer off cycles opportunities available
Application deadline: 31 December 2012
Barclays hires graduates and interns on a rolling

basis with applications being accepted from
August each year. Applying early is certainly a wise
thing to do as places tend to fill quite quickly
with only 250 European graduate roles available
each year. Hopefuls should also bear in mind
that Barclays looks to recruit those with strong
academic credentials, business awareness, and a
professional approach to work. Graduate positions
at the Investment Bank are available as analysts,
associates or quantitative associates while
internships are also on hand.
The Recruitment Process
Why this position and division? to Where do you

see yourself in three years?.
BARCLAYS
BARCLAYS
If you think the recruitment process for

internships will be easier to master, Im afraid
youre mistaken it follows the exact same
format.
Hopefuls should also bear in mind that

Barclays looks to recruit those with
strong academic credentials, business
awareness, and a professional approach
to work.
The application processes for the various graduate

programmes and internships are very similar. Start
with filling in an online application form that will
question you on your qualities and knowledge
of the investment banking industry. This will be
followed by an aptitude test, designed to assess
your logical reasoning and thinking performance.
Make the grade and youll be invited to complete
a verbal reasoning test. Pass both these tests
well done and youre through to round two.
Graduate Programmes at Barclays
After your applications been screened, youll sit

a phone interview where youll be quizzed on
your competencies and motivation for applying
for the role. Tick this penultimate box and a final
assessment event awaits: youll meet senior
management and have the chance to demonstrate
your abilities through the mediums of individual
and team exercises. The assessment centre is
known to be long and tiring expect questions to
focus on your technical ability, your personality
and career motivation. The first day will involve
group exercises, a case study, and a presentation.
Remember that the firm is not only interested
in your skills and knowledge, but also in your
persona so its best to be yourself during this
lengthy process. Questions in the interviews
involve the usual stuff from Why Barclays? to
Analysts need an undergrad degree, though

a Masters in a finance-related discipline
would certainly help. Advanced numeracy and
communication skills are also expected, as are
intellectual stamina, and strong problem-solving
competences. Like many roles at the firm, fluency
in another language is certainly a plus point so its
worth digging up those dusty French or German
textbooks before you apply. Barclays lists specific
avenues available for wannabe analysts, including
compliance, risk, investment banking, operations,
quantitative analytics, research, sales, structuring,
trading, treasury and technology. Pick and choose
carefully as the firm is keen to hear why you want
to work in a specific division.
There are three main graduate schemes at

Barclays so if youre dreaming of becoming an
analyst, associate or quantitative associate, you
can make that dream come true provided you
fulfil all the entry requirements.
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MBAs and PhDs
Those wanting to secure a role as an associate

will have to come armed with an MBA, or at least
be working towards one. In addition, youll need
some impressive work experience on your CV and
be able to demonstrate skills such as leadership,
teamwork and international awareness. You also
need to feel happy about being given high levels
of responsibility early on. Additionally, candidates
need to demonstrate a sound knowledge of
project management so organisational skills are
considered a definite must. The avenues available
include strategic planning, investment banking,
global financial risk management, research, sales,
structuring and trading.
The quantitative associate is a role for the more
technically-minded, involving the development
of international models for trading and risk
management activities. You should have gained or
be working towards a PhD in a relevant technical
discipline such as maths, physics or engineering.
However, all is not lost if your qualifications dont
quite live up to this level of academia. Youre
still within a chance if your postgrad course and
analytical understanding is up to scratch, though
youll need to gen up on numerical methods,
coding, probability and stochastic calculus.
Internships
Internships are a great way to get that first insight

into the company whilst also spicing up your CV
with work experience. Barclays offers a few off
cycle internships at the analyst and associate
level although the 10-week summer internships,
starting in June and aimed at penultimate or
final-year students, are often the most popular.
Dont discard off-cycle internships which last for
up to six months. Most internship opportunities in
EMEA are available in London, but if youre lucky
you might be able to snap up a position in some of
the firms European offices. When you apply, also
keep in mind that you need to select a particular
division for your placement so make sure you
know which one!
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Spring Programme
For first year students, or those in their second

year of a four year course, Barclays offer a
week long insight programme (based in either
Front Office or Infrastructure) giving you the
opportunity to find more about the firm through
presentations, training sessions, work shadowing
& networking opportunities.
Training Opportunities
If you wonder what life is like at Barclays, you

can get your pen and paper ready as both grads
and interns will have to sit through a few training
sessions. These will consist of a diverse mix of
lectures, presentations and other interactive
activities. Training focuses on your commercial
knowledge, your technical and product skills,
as well as your professional development and
qualifications. The initial training programme
for graduates will be particularly rigorous,
lasting around five to seven weeks and is
aimed at providing the newly hired with a real
understanding of the business world, which is
not as glamorous as you might think! Analysts
and associates will also receive in-depth training
on accounting, valuation, financial modelling and
credit analysis. However, youll also have some
fun in between all the studying with social events
taking your minds off work.
This IB giant has offices in almost 30 countries

and employs more than 25,000 staff resources
it mainly devotes to providing large corporate,
government, and institutional clients with
solutions to their financing and risk management
needs.
A global umbrella which can trace its

roots back to the 17th century.
One of Britains oldest banks, Barclays was
founded in 1690 on Londons Lombard Street
by John Freame and Thomas Gould. However,
it was almost 50 years before the firm became
associated with the name Barclay when Freames
son-in-law, James Barclay, became partner in
1736. More than a century later in 1896, several
banks in London and the English provinces united
under the banner of Barclays and Co. This jointstock bank became known as the Quaker bank.
With 182 branches and deposits of 26 million,
Barclays and Co. expanded rapidly with a strategy
of acquisition, taking over major national banks
at that time. In 1918, the company merged with
London, Provincial, and South Western Bank to
become one of the UKs then big five banks.
Barclays and Cos steep success was particularly
reflected in the massive increase of its outlets. By
1926, the bank had established 1,837 branches
across the country. With the absorption of three
international banks the Colonial Bank, the
Anglo Egyptian Bank, and the National Bank of
South Africa the firms roving eye moved to
new horizons, giving way to Barclayss global
operations. Unsurprisingly, the companys profits
catapulted with business being added in much of
Africa, the West Indies and the Middle East.
However, it wasnt until the 1980s when Barclayss
international expansion gained momentum with
the launch of its investment banking operation in
1986, which eventually developed into Barclays

Capital now a major division of the Barclays
Group. In more recent news, Barclays made
international headlines when it agreed to buy
Lehman Brothers US investment banking business
for $2 billion in September 2008 just one day
after the struggling North American bank had
filed for Chapter 11 bankruptcy. The deal included
Lehmans equity, fixed income and M&A advisory
units, not to mention its NYC headquarters, two
New Jersey offices and 10,000 or so employees.
BARCLAYS
COMPANY PROFILE
Having moved from a cluster of English

partnerships to a global bank represented in
every corner of the world, the Investment
Bank provides large corporate, government
and institutional clients with a full spectrum of
solutions to their strategic advisory, financing and
risk management needs. Private equity also falls
under Barcaps purview, with the firm standing
confidently amongst Europes leading mid-market
PE investors. In addition, Barclays has expanded
its scope over the past couple of years, and in
addition to its traditional fixed income origination
and trading businesses, it has built new franchises
in Equities and M&A.
This IB giant has offices in almost

30 countries and employs more than
24,000 staff.
Barclays main divisions within the Investment
Bank are global markets (e.g. fixed income,
emerging markets, commodities, equities,
fund solutions, credit) and investment banking
(corporate finance, M&A, restructuring, global
finance & risk solutions). Some of the firms
most lucrative services within the global
markets department include commodities and
credit solutions while in investment banking
corporate finance is doing particularly well. The
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It is not all about business at Barclays though the

firm is also highly committed to environmental
sustainability and charitable initiatives. The

company is a prominent sponsor of cultural
enterprises and provides financial support to
charities worldwide. Moreover, Barclays actively
puts measures into place to reduce its impact
on the environment, largely through its global
environmental management system.
BNP PARIBAS
BNP Paribas is a leader in global banking and financial services with a presence in over 80 countries and
approximately 200,000 employees worldwide.
PROS
Good management team

Personalised training
Good work/life balance and generous vacation
package
Very good house for derivatives
Strong, stable, and well branded bank with a
growing product platform
CONS
Can be conservative
Could improve compensation
THE STATS
LOCATIONS
No. of employees worldwide: c. 200,000

No. of employees in the UK: c. 8,000
Annual graduate intake: Variable
No. of Internships: 200
No. of offices worldwide: 6,000
STARTING SALARY
London 2013
Graduate starting salary: Competitive
Other benefits: 12% pension contribution, private
healthcare, employee discounts, subsidised gym on site,
share options, season ticket loan
DEPARTMENTS
Corporate and Investment Banking Investment Solutions
Retail Banking
BNP PARIBAS
company also boasts a large, dedicated research

department; other functions focus on generating
infrastructure funds and natural resource
investment.
EUROPEAN LOCATIONS
Belgium Bulgaria France Germany Greece Hungary
Ireland Italy Luxembourg Netherlands Norway
Poland Portugal Russia Spain Switzerland
Netherlands United Kingdom Turkey Ukraine
London Office
10 Harewood Avenue
London NW1 6AA
Tel: +44 (0)20 7595 2000
www.bnpparibas.com/en/home/

Email: BNPPgraduate@alexmann.com
Application deadlines: 31st January 2013
- Worked or interned for a top employer?

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culture
The culture is hard-working and friendly. Staff

show commitment to the company and the brand
and go the extra mile to achieve results. There is
a strong sense of teamwork and this can often be
seen in the office and also out of work, be that a
picnic in Regents Park or an after work drink in a
local bar.
Operations Manager, Experienced
Often out after work and team lunches. There is
a lot of duplicated work and some uncooperative
people though.
Risk Credit Analyst, Entry level
satisfaction with work
Working with a variety of internal people from

the business and functions to support them with
their internal communications projects. I also work
on a number of employee engagement initiatives,
particularly around branding, sponsorship and
philanthropic activity.
Communications Manager, Midlevel
I dont have any client interaction. Typical
work/day/responsibilities are completing new
business request and annual reviews in relation
to corporate clients. I am given my own files,
however, at the beginning for each file I had a
senior credit analyst who was familiar with the
client and could offer me all the support/help I
needed.
Credit Analyst, Graduate
Relations with Management
My manager is very involved in what the team is

doing. We have weekly team meetings, and send
weekly summary emails. My manager always gives
praise when a good trade has been executed and
he is good at keeping morale high.
Marketing, Graduate
20
In my experience managers are approachable

and take an active interest in the career path of
their employees. However senior management
are sometimes distant and out of touch with the
grass roots.
Training
We had full time training for a month before we

started. Then we were provided with training and
study leave for the FSA exams. There are hundreds
of course online available for staff to take and also
numerous classroom courses which the company
are happy to provide you with. I received training
in Paris from S&P paid by the company.
Training opportunities are excellent with a
varied offering of both business and personal
development courses. Every employee has a
budget that they are encouraged to spend during
the year. Lunchtime workshops and one off
training sessions are open to all staff.
Career prospects
You need to have a good work ethic and proven

capability but also you need to be visible. I think
top management is slightly biased towards French
men.
High calibre employees are recognised and given
opportunities to move internally, into local and
overseas roles.
hours
On average I work 9.00am - 6.30pm. Some days I

can stay till 8 or later but this is rare. I dont work
weekends ever. If I have to leave early or take a
longer lunch break there is no problem coming in
an hour earlier or working an hour later. In general
there is a lot of flexibility when things come up
that I need some extra time off for.
Approx 50 hours. We dont have flexible hours
but management are flexible if you need to go
early/come in late on a particular day.
perks
Free tickets to Arsenal box, pension, days off for

moving, private health, share options, private
dental, sell/buy holiday days.
Risk Credit Analyst, Entry level
Getting the chance to buy tennis tickets before
the general public. Half price gym membership.
Marketing, Graduate
pluses
Company is supportive of the CFA program, also

get numerous courses provided by the company.
Opportunities are available in different teams and
countries to enhance career development. Staff
are friendly and helpful to graduates, I feel very
comfortable asking numerous questions and I feel
like my opinion is valued.
minuses
Administration - There is a lot of administration

and things can take a long time to get sorted/
approved which can be frustrating at times, I wish
things were more straight forward. Office politics.
BNP PARIBAS
What employees have to say...
Heavy workload and not enough resources.

The size of the organisation can make it
impersonal.
Analyst, Graduate
INterview process
I had an assessment day followed by a oneon-one interview with my present boss. For the
assessment centre I had two individual interviews
with people on my desk, a group exercise and an
individual exercise. The final round interview was
more relaxed.
I was asked my opinion on where I thought oil
prices would move in the next 6 months, was
tested on my mental arithmetic and the theory I
had learnt at University.
Marketing, Graduate
INterview Tips & Advice
There is a great work-life balance. Management

are also very approachable and always free to
help.
Analyst, Graduate
I think the best advice someone gave to me was

to have an opinion about the market and try to
make the interview into more of a chat rather
than a question and answer session. BNP Paribas
is looking for smart, intelligent people with
passion and drive to succeed however they are
also looking for personable, fun to have around
people.
Marketing, Graduate
A friendly environment where teams work

together to achieve excellent results. With the
introduction of a CSR policy and employee
networks supporting women in the workplace and
lesbian, gay and transgender employees, diversity
is high on the companys agenda.
Professional candidates, usually with previous

investment banking experience. Candidates
should research our company profile and also the
client base and the range of products offered.
Candidates are required to have an in-depth
knowledge of their specialist field.
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BNP Paribas offers a mix of graduate and

internship opportunities. However, be warned:
with a limited number of graduate places on
offer worldwide, competition is undoubtedly
fierce. BNP Paribas is after the cream of the
crop so make sure you come armed with topnotch grades and preferably a degree in maths,
economics, business, sciences, engineering or
computer sciences as the bank has a penchant
for the technically-minded. Analytical gurus,
quick thinkers, and people persons are also highly
sought after.
The Hiring Process
The recruitment process is fairly similar for all

intern and graduate programmes, beginning with
an online application form, which incorporates
some competency-based questions. If you are
successful, be prepared for an online numerical
reasoning test its a good idea to do some
sample tests before you apply so you know what
to expect. You will have around 20 minutes to
complete a set of numerical questions, these
wont be too complicated and are designed to test
your analytical skills and common sense.
Be warned: with only 300 graduate

places on offer worldwide, competition
is undoubtedly fierce.
The next step consists of an assessment centre,
comprising of a group exercise, presentation
and interview. Contestants are tested on their
teamwork and communication skills and assessors
will closely monitor how you interact with others
in these exercises so you better show off your
team spirit. Also remember to speak up during
the group exercises and when preparing for the
presentation, it is important to be precise and
confident.
22
For a full-time, graduate position the assessment

centre could be followed by one to two more
interviews, these are designed to get to know
your skills, personality and career motivation
so ensure you are as self-aware as can be. Be
prepared to answer questions on your strengths
and weaknesses, your technical knowledge and,
of course, your CV. Interviewees have in the past
faced a selection of questions, some being more
general than others, e.g. What are you passionate
about in life? or Why do you want to work for
BNP Paribas?. More specific questions are likely
to check out your technical knowledge so be
prepared to answer questions such as What is
your view on commodities? or What do you think
a job in division x entails?. Be quick on the trigger
and dont let your nerves get in the way. If youre
prepared and know the industry/firm then there
should be nothing to worry about.
While youre bound to be a bit panicky on the
night before the assessment centre, remember
that the entire process is considered collaborative
and friendly. However, the firm only makes
an offer with the mutual agreement of all
interviewers so be sure to impress everyone you
meet!
Thinking of Becoming an Analyst or

Associate at BNP Paribas?
Graduates can kick off their careers as analysts in

BNP Paribas capital markets, investment banking,
and functions departments. You will have to
show a keen interest in finance and business,
while often an MBA is a prerequisite for associate
positions at the bank (which are in New York only).
Graduates interested in capital markets can expect
to be trained in fixed income, global equities and
commodity derivatives, as well as in asset liability
management and treasury. Sales and trading is
the backbone of capital markets and will have you
buy and sell securities (debt, equity, derivatives)
for the bank and its clients. In the fixed income
department you will work across credit, interest
rate and foreign exchange markets. If you take

up a desk in global equities and commodity
derivatives youre likely to work with global
corporations trading in natural resources such
as oil, gas and metals. BNP Paribas asset liability
management and treasury department specialise
in managing liquidity, foreign exchange risks, and
interest rate risks so organisational minds are
wanted for these roles.
Investment banking would suit those keen to
provide financial and strategic advice to BNP
Paribas clients. Graduate roles can be taken up in
structured finance, corporate finance, corporate
transaction banking, and client coverage.
Finally, those eager to work in BNP Paribas
functions department can choose to work in
operations, information technology, as well as
finance or the compliance and control team. Your
role in compliance will be to control and mitigate
the banks risks while a position in IT would suit
the technically and commercially-minded. In
finance youll provide crucial accounting and
financial information and analysis to help with
planning and decision making. Lastly, in operations
youll develop and oversee the banks processes
and structures, helping with anything from project
managing to resolving issues or the opening of
new offices.
Internship Opportunities
Any wannabe member of the BNP Paribas

fraternity would be well advised to apply for an
internship at one of the firms global sites. While
a successful internship would ingratiate you
with any firm, at BNP Paribas it is considered an
especially helpful launching pad for your career in
investment banking.
internships are known to be tightly structured

and are specifically designed for penultimateyear students. Expect training, workshops and
networking events to provide you with a real
insight into BNP Paribas structure while figuring
out whether youre cut for investment banking.
BNP PARIBAS
BNP Paribas is after the cream of the

crop so make sure you come armed with
top-notch grades.
Long-term internships for those still in higher
education (or those who have graduated within
a year in the UK) are also on the menu and can
last 6 to11 months. Applications for these are
accepted on a rolling basis, but early booking is
recommended as there are around 700 places
available globally which may sounds like a large
number, but doesnt compare to the thousands of
applications the firm receives for these coveted
seats. Depending on the candidate, long-term
internships may well lead to full-time employment
so make yourself indispensable if you are keen to
stay with BNP Paribas.
Those still unsure about their career choice can
apply for BNP Paribas London Insight programme.
Lasting a week and aimed at undergraduate
students in their first or second year on a four year
course, this programme provides an introduction
and a first glimpse into the company, as well as
the companys corporate and investment banking
units. Workshops and presentations, along with
the social events, should help any indecisive
candidate make their minds up about whether a
career in investment banking is right for them.
BNP Paribas also provides placements abroad

so if you fancy undertaking a summer internship
in New York, London or Hong Kong the firm
usually offers these on an 8 to 10 week basis. The
23
BNP Paribas is a European bank with global

reach. It has three core activities: retail banking,
investment solutions and corporate and
investment banking (CIB). It has four domestic
markets France, Belgium (where it has the
largest share of the retail market), Italy and
Luxembourg. It is rolling out its integrated retail
banking model across Europe-Mediterranean
and boasts a large retail network in the western
part of the United States. Through its strong
CIB and Investment Solutions franchises, BNP
Paribas enjoys a leading position in Europe, strong
presence in the Americas and a fast-growing
business in Asia.
employees now operate from outside of Europe.

However, both of its global headquarters are on
the continent, with the primary site in Paris, and
the second in London.
Through its strong CIB and Investment

Solutions franchises, BNP Paribas enjoys
a leading position in Europe, strong
presence in the Americas and a fastgrowing business in Asia.
A Bit of Background
This European colossus can date its ancestry

back to 1872, to the founding of Banque de
Paris et Pays-Bas, from which the titular Paribas
is derived. A series of mergers created the firm
as it is today, beginning in 1966, when several
major banks joined to form Banque National de
Paris (BNP). Then, following many years of French
nationalisation and reorganisation, the Paribas
Group was formed in 1998, comprising of the
Banque Paribas, Compagnie Financire de Paribas,
and Compagnie Bancaire. Just the next year,
BNP received approval from the French financial
market authorities to take control of the Paribas
Group. The result: BNP Paribas the largest
financial institution in the Euro zone, and indeed,
one of the prime leaders in European and global
banking.
The BNP Paribas expansion train hasnt stopped
there though; in 2009 the firm acquired the
Belgian, Luxembourg and international banking
and insurance businesses of Benelux bank Fortis,
boosting its capital position and making it one
of the largest deposit banks in Europe. The firm
doesnt just save its efforts for this side of the
pond, its also emerging as a force in both the
US and Asia; in fact, over 43,000 of its 200,000+
24
A Closer Look at Divisions & Departments

BNP Paribas divides its business into three
operational units: corporate and investment
banking, investment solutions, and retail banking.
BNP Paribas Corporate and Investment Banking
employs about 20,000 people in over 50 countries
and services 14,000 corporate and institutional
clients worldwide.
The corporate and investment banking arm is
divided into the following 7 business areas:
Corporate and Transaction Banking Europe (CTBE)
which delivers Flow banking products (vanilla
loans, cash management, trade solutions, flowhedging products, when available factoring,
leasing and Investment Solutions products) to
European and international corporate clients.
Corporate Finance offers advisory services for
mergers and acquisitions and primary equity
market transactions.
Global Equities & Commodity Derivatives focuses
on the research, structuring, trading and sales of
derivatives on equity, commodity, index and fund-
linked underlyings worldwide, as well as Asian

equity research & execution services.
Fixed Income brings together the research, sales,
trading, origination and distribution of 3 product
lines: Global Credit, Interest Rates Group and
Foreign Exchange.
Structured Finance: through Energy & Commodity
Finance, Asset Finance, Project & Leveraged
Finance, Corporate Acquisition Finance, Global
Transaction Banking and Loan Syndications, BNP
Paribas combines capabilities on origination,
structuring and execution of structured debt and
loan syndication.
Resource and Portfolio Management: BNP Paribas
manages traditional bank loans with the functions
of portfolio management by structuring, executing
and managing the transfer of credit risk via
derivatives.
ALM Treasury focuses on the Management of
liquidity and funding, balance sheet interest rate
risks, and structural foreign exchange risk.
Although the firm is a permanent fixture in all
investment banking markets, it is internationally
revered as a leader in:
Derivatives where BNP Paribas is one of the
leading global players in rates, credit, forex,
commodity and equity derivatives.
wealth management activities. The firms asset

management operations are grouped into
BNP Paribas Investment Partners, with 2,400
employees in more than 70 countries, and a hefty
518 billion Euros of assets under management.
BNP PARIBAS
COMPANY PROFILE
Retail banking represents BNP Paribas largest

division, employing 59% of the groups
workforce and delivering 45% of total revenue
in 2009. Although concentrating its efforts
in its three domestic markets of France, Italy
and Belgium, BNP Paribas also owns American
subsidiary BancWest, and is heavily active within
Eastern Europe and the southern half of the
Mediterranean basin. Within this core business
of retail banking, specialised financial services
also comprise consumer credit and mortgages,
corporate vehicle management services, as well
as financial and operating leases. BNP Paribas has
also developed other kinds of services through
its subsidiaries which are widely recognised, and
often represent leaders in their fields.
More than just Banking
Although BNP Paribas is a global leader in banking,

it is also known as the bank for a changing world.
Using its international presence as a platform
for funding social, environmental and economic
transformation, the bank operates an interactive
blog to increase awareness of the goodwill
activities it supports.
Capital markets where it is one of the top

European houses in both ECM and DCM (bond,
securitization, convertibles and equity issuance).
Structured finance where it is amongst the
leaders in acquisition, export, project, energy and
commodity finance globally.
The investment solutions unit comprises
asset management, custodial banking, real
estate, insurance, online brokerage, and
25
In September 2008, Bank of America made just about every headline in the world, announcing that it
would buy the investment bank Merrill Lynch. This made BofA the biggest US bank in terms of assets, the
largest of the leading investment banking advisory firms, and one of the worlds top wealth management
firms.
PROS
Generous compensation
High-level client projects
Friendly, smart team members
Solid growth opportunity, ability to transfer to
different areas
Big plans for growth in Europe
Top class facilities
THE STATS
No. of Employees: Approx. 283,000
No. of graduate roles: 250
DEPARTMENTS
Corporate Finance Investment Banking Services
Securities Trading & Sales
LOCATIONS
No. of locations worldwide: 6,100+
European locations:
Amsterdam Antwerp Athens Brussels Channel
Islands Douglas Dublin Frankfurt Geneva London
Luxembourg Madrid Milan Monte Carlo Paris
Rome Warsaw Zurich
CONS
Integration issues with regards to the Merrill

Lynch acquisition
Gruelling hours and poor work/life balance
Antiquated IT systems
Too large and too political
Poor communication from management
Relatively new kid on the block in Europe
LONDON OFFICE
Financial Centre
2 King Edward Street
London EC1A 1HQ
Tel: +44 (0)20 7174 4000
www.bankofamerica.com
www.ml.com

Contact:
Tel: +44 (0)20 7996 3528

If you want a graduate or summer position with
Bank of America Merrill Lynch, you must come
armed with no less than a 2:1. Provided you spent
more time checking out your textbooks rather
than the local pubs near your campus, you can
apply to any of the firms European locations
the most common are London, Frankfurt, Milan
and Paris. Entry level applicants can choose
from investment banking, capital markets, sales
and trading, product services, technology, risk
management and global middle office. If youve
got three years of work experience under your
belt and an MBA, then you can apply for the more
advanced associate programme.
the game and show off the team player in you.

Although these activities will vary by region
and office, hiring reps will observe and rate
your analytical skills, teamwork and judgement.
Interviews are not designed to trick you as
interviewers are interested in finding out more
about your personality and knowledge so try
and be as engaging as possible. Youll then have
the opportunity to meet the people you hope
to be working with and ask them some of your
questions. Youll also get a feel for the place and
most importantly, find out if you can see yourself
working there for the next few years.
Application Process
Bank of America Merrill Lynch boasts various

entry level positions for graduates keen to launch
their careers as analysts or associates, while
those with a PhD or an MBA are also welcome to
apply. However, beware that obtaining a place
in one of the firms graduate programmes is not
easy as Bank of America Merrill Lynchs standards
are high. The firms after unpretentious folks so
there is no need to brag about how excellent a
leader you are or what a great analytical brain
you possess. While confidence in applicants is
appreciated, dont overdo it and stick to the truth
you might not grow a Pinocchio-style nose if
you exaggerate the facts, but youll be found out
sooner or later.
If this sounds good to you and youre keen to

apply for an internship or graduate programme
at Bank of America Merrill Lynch, your journey
begins with an online application form, which
will question you on your career choice and
academic background. This will be followed by an
online numerical reasoning test, which is pretty
standard and will last around 30 minutes with 20
to 30 questions to be answered if youre not
familiar with these sorts of tests you better get
practicing. If you did your homework, you will be
invited to a first round interview with another
numerical reasoning test to pass and a 45-minute
technical interview to master. The initial vis--vis
will encompass the usual questions about your
CV and employment history, but also be prepared
to demonstrate your problem solving skills, your
commitment and desire for a role at Bank of
America Merrill Lynch.
Congratulations, you made the next round! Please
make your way to the assessment centre for a
half-day of case studies, interviews, tests, more
interviews and group exercises. For the case study
you are likely to be given a lot of information to
read through in very little time so remember to
stay focused. The group exercise will test your
relationship building skills so make sure you play
26
BANK OF AMERICA MERRILL LYNCH
Entry-Level Positions
Analysts
Bank of America Merrill Lynch is fairly flexible

when it comes to hiring graduates for its analyst
positions as the firm accepts candidates of all
academic disciplines. A lot of the analyst roles
are available across EMEA so a second language
would certainly not do your application any harm.
Graduates can apply to various divisions such as
international corporate treasury, consumer and
small business banking, capital markets, research,
and compliance. Analyst programmes usually kick
off with an induction and training programme,
27
Thinking of Becoming an Associate or

Quant at Bank of America Merrill Lynch?
Then you better have strong academic credentials
and a fancy MBA or PhD. The global investment
banking, sales and trading, and research
departments have associate schemes on offer
that are specifically aimed at MBA grads. These
programmes are generally management-based
and client-related, requiring candidates to possess
natural leadership qualities. Final-year PhD
students can apply for the quantitative analytics
associate programme, however, a very high
level of mathematical and analytical abilities are
required and you need to demonstrate strong
commercial awareness on top of that.
While there are fewer graduate programmes
available for associates than for analysts,
associates are rewarded with a trip to New York
where they will set in motion their formal training
programme at the beginning of the scheme. Here
you can expect an introduction to the company,
the financial market, and learn more about
business/analytical skills. It is not all about work
though as associates will also be given plenty of
opportunities to mingle with other associates
from all over the world and enjoy New Yorks
bubbly nightlife!
Internships
Bank of America Merrill Lynch offers various

international internship programmes, but the
most coveted is the firms summer placement
running from June to August, and aimed at
students in their penultimate year of study. During
the fixed nine-week period, youll get a taste of
what life as an associate or analyst is really like.
You can intern in corporate banking and markets,
28
HR, risk, technology and operations, as well as

in wealth and investment management so if this
is something you desperately want to do, make
sure you know the ins and outs of banking and
dont even dare to apply if you dont! Just kidding,
BofA is not so much interested in your technical
ability, but in your ambitions and reasons for
applying, particularly if youre not from a finance
background.
Youll face a busy schedule as an intern with a host
of networking and social activities putting you
in touch with some of BofAs senior executives.
Additionally, personal mentors will ensure that
you dont get swamped with work and discuss any
issues you might want to raise with them.
If youre looking for long-term placements with
Bank of America Merrill Lynch, an off-cycle
internship would probably suit you best. These
are on hand throughout the year and can last
three to nine months in total. Specific industrial
placements in the technology department are
also available and would particularly fit those
with strong interests in business and technology
solutions. While these internships can be taken up
in almost any part of the world, London, Madrid,
Moscow, Frankfurt and Paris are the hot spots. As
always, speaking a foreign language is a definite
plus when applying to Bank of America Merrill
Lynch and in some cases it is even a must.
COMPANY PROFILE
If you havent heard of Bank of America prior to
September 2008, youll probably recognise them
now. As Merrill Lynch stumbled, almost collapsing
into bankruptcy during the financial crisis of
2008, BofA saved the illustrious investment
bank by acquiring it famously in an all-stock deal
worth approximately $50 billion. Overnight, BofA
became the largest bank holding company in
the US by assets, the second largest by market
capitalisation, and the largest financial services
firm in the world. The deal also saw a major leap
forward in its wealth management, with the
assimilation of Merrill Lynchs almost 50% stake
in US investment management firm, BlackRock.
However, despite its name and headlinegrabbing dealings in the US, BofA has a significant
international presence, with 6,000+ offices across
over 30 countries.
A Bit of Background
BofAs earliest predecessor was the first bank to

be formed after the Treaty of Paris recognised
Americas independence in the late 18th
Century. Chartered only one year after attaining
sovereignty, the Massachusetts Bank was set
up by a small group of Bostons leaders in 1784,
exercising their newly won freedom.
Fast forward 150 years or so, and the bank has
endured depressions, wars Anglo, civil and world
natural disasters and pretty much everything
else it could have had thrown at it. In 1957,
next door neighbours American Trust Company
and Commercial National Bank joined forces to
create American Commercial Bank. Then two
years later, this newly formed entity merged with
Security National Bank of Greensboro to form
North Carolina National Bank (NCNB). Using a
hometown bank model where each branch had
the autonomy to mould itself to the needs of its

community the firm expanded both aggressively
and successfully. In 1979, NCNB completed two
$100 million mergers, then in 1982 it bought
the First National Bank of Lake City, Florida. The
latter, while not a major acquisition, nevertheless
represented a giant step. Using a little known
provision of Florida law, the bank exempted itself
from the prohibition against out-of-state banks
operating there. The result: a strong provincial
foothold and a consequent string of bolstering
mergers.
after which you can expect to work on live

transactions, provide financial advice and business
solutions, and keep in touch with clients.
After years of investing heavily in communities

across the States, NCNB acquired Atlanta-based
C&S/Sovran Corporation in 1991 and took the new
name NationsBank. 1998 brought yet another
acquisition, but with it, it also brought the name
change: NationsBank assimilated BankAmerica
and the firm finally became Bank of America. In
2004 and 2005, the firm snagged two more banks,
FleetBoston Financial and MBNA respectively,
before historically merging with the renowned
Merrill Lynch in 2009.

BofA and its numerous affiliates offer its clients
a wide range of services, including investment
banking, capital market support, equity financing,
global cash management, credit card services,
consumer lending, traded market products,
trade finance, leasing and financial advisory
services. Amongst the firms clients, which
include corporations, institutional investors and
governments, youll find big names in almost
any industry you care to mention, such as British
Aerospace and Remy Cointreau.
Since the now legendary merger of 2008, the
29
The global wealth and investment management

arm is one of the biggest players of the US wealth
managers, and has five primary lines of business:
premier banking & investments, the private bank,
family wealth advisors and Bank of America

specialist. But by far and away, the firms largest
division is consumer, where it generates 90% of
its revenue. Global consumer and small business
banking (GC&SBB) is the largest division in the
company, and deals primarily with consumer
banking and credit card issuance. This business
unit includes over 6,100 retail branches and over
18,700 ATMs across the length and breadth of the
United States. However, BofA is not only about
investment banking as corporate philanthropy is
an important part of the companys philosophy,
making this global leader a diverse employer.
CITI
CITI
firms global corporate and investment banking

(GCIB) activities operate under the Merrill Lynch
subsidiary and provided mergers and acquisitions
advisory, underwriting, capital markets, as well
as sales & trading in fixed income and equities
markets. It has one of the largest research
teams on Wall Street and its strongest groups
include leveraged finance, syndicated loans, and
mortgage-backed securities.
Citi never sleeps: this behemoth is the largest financial services group on the planet. The banks
global reach spans 160 countries; its network incorporates over 16,000 offices which are staffed by
approximately 300,000 employees, working more than 200 million customer accounts.
PROS
Good, approachable management team

Relaxed and cosmopolitan environment
Very diverse and international workforce
Vast global presence
Generous pay
THE STATS
No. of Employees: 300,000
Approx. graduate hires in 2012: 250+
Approx. intern hires in 2012: 200
DEPARTMENTS
Consumer Banking Corporate Functions Global Cards
Global Wealth Management Institutional Clients Group
(ICG)
x
EUROPEAN LOCATIONS
No. of offices worldwide: 12,000
Austria Belgium Bulgaria Czech Republic Denmark
Finland France Germany Greece Hungary Ireland
Italy Jersey Kazakhstan Luxembourg Monaco
Netherlands Norway Poland Portugal Romania
Russia Serbia Slovakia Spain Sweden Switzerland
Turkey Ukraine United Kingdom
CONS
Unclear promotion policies

The firm could do with better formal training
Citi never sleeps, youll put in the hours
There can be too much bureaucracy and red
tape at times
LONDON OFFICE
Citigroup Centre
33 Canada Square
Canary Wharf
London E14 5LB
Tel: +44 (0)20 7986 4000
www.citigroup.com

Graduate programme info:
Approx graduate hires in 2012-2013: 250+
Length of grad programme: 2 years
Internship info:
Length of internship: 10 weeks
Application deadline: Summer positions - 6 January 2013

30
31
Landing a job at Citigroup is a hard nut to crack.

First up, did you graduate with top grades?
Secondly, do you hail from a top UK or European
university? What, you didnt? Its only the cream
of the crop Im afraid, so if you did, please read
on.
Citi accepts applications from candidates of any
discipline from a top university, but a degree
in finance, business or engineering is definitely
considered useful. No matter what your
background, be prepared to stand firm during the
application process as Citi is bound to question
your career choice so if youre hearts not in it,
dont expect to bag the job or internship on offer.
The Hiring Process
Although assessment for each business area

varies, the hiring process normally involves an
online application, comprising a cover letter
and CV. Citi also asks you to take an online
psychological test, designed to put your analytical
and logical skills to the test. Those applying to
operations, technology and HR will have to pass a
logical reasoning test whereas applicants for the
other divisions will have to master a numerical
test.
The lucky few who pass this initial selection
process can expect to be invited to two
40-minute business interviews, which will assess
their personality, competences, relevant work
experience and existing industry knowledge. It
is pivotal you do your homework and know why
you have applied to the specific department, as
well as the firm and the industry. Also expect
to take the psychometric test again on the day
of the interviews and if you excel at this stage,
youre through to the final round consisting of an
assessment day.
The assessment centre, held at Citis offices, will
include more competency-based interviews, a
32
CITI

case study presentation and a group exercise.
The process for this is likely to vary for some
programmes, but its good to know that group
exercises and presentations are often based
on a business case study here its important
not to rush things through and cooperate with
fellow candidates when tackling these tasks.
The case study involves reading 10 to 20 pages
of information, which you will have to analyse
and present. Dont get irritated by the random
questions thrown in between the presentation
and remember to stand your ground. The
interviews will once again probe your motivation
although questions will not solely be technical
as interviewers want to find out more about
your background. Expect to be quizzed on any
extracurricular activities and interests outside of
banking and the usual tell me about yourself
scenarios. The firm will also test your commercial
awareness by asking you questions such as Who
is Citis main competitor and why, Why did you
choose your division? and so on.
Analysts Get Ready to Fend off the

Competition
For the approximately 200 graduate places on

offer, Citi receives around 10,000 applications each
year so be prepared to battle your way through
the recruitment process. Graduates can specialise
in most of the firms departments, including
consumer banking and corporate functions,
and entry roles are available internationally as
associates and analysts on a two-year basis.
Analysts are placed in capital markets, corporate
and investment banking, global transaction
services, and sales and trading. The capital
markets programme is a popular choice for
graduates and involves undertaking market
analysis, issue pricing, a good deal of investor
communication and presentation preparation.
Analysts complete four six-month seats and can
expect to receive more training half-way through
their rotation period. This is focused on your

technical expertise and also reviews your personal
performance so make sure you keep up with the
firms fast pace.
No matter what division you decide to specialise
in, training and career development go hand in
hand during the analyst graduate programme. This
usually starts off with a rigorous training course
after which analysts begin work at their specific
desks. In global transaction services, youll receive
five weeks of training, aimed at broadening your
knowledge of the financial markets, accounting,
and firm products. Also get ready to put your
party hat on and attend a host of social events
aimed at improving your networking skills.
When applying for analyst programmes, keep in
mind that Citi wants independent thinkers with
strong problem solving skills. If youre keen to
work abroad, the firm usually requires you to be
fluent in the local language so why not invest in
that language course youve been meaning to do
for ages. Some analyst programmes also involve
relocations so be prepared to pack your suitcase
when Citi is calling.
Associates Come Armed with an MBA
Associates need to present the firm with a glitzy

MBA and three to five years of work experience.
They can work in similar departments as analysts,
with the addition of consumer banking and
corporate functions. Associate positions are
very much management-based and the finance
programme is one of the most coveted graduate
schemes. During your hectic training period you
can expect to get exposure to all of the firms
finance divisions which include controllers,
strategy and planning, treasury, M&A, and tax.
Financial management associates will have to
complete three six-month rotations with an
optional international rotation available. Formal
training will start with an orientation designed
to introduce graduate associates to the firm.

Graduates will then move on to specific industry
and product training sessions, which include
four weeks studying accounting, credit/risk and
financial analysis. So if you think your study days
are over after leaving university, youre wrong
as training is a central part of Citis graduate
programmes.
Summer Placements
Interested in Citi internships? The firms 10-week

summer schemes are hugely popular with 150
places up for grabs each year. On average, 50
students apply for one post so roll your sleeves
up and get ready to fend off the competition!
Should you make it, you can look forward to
excellent retention rates. Up to 60% of previous
interns have been offered full-time positions upon
successful completion of Citis summer scheme.
Even if you are not offered a job afterwards, an
internship is a great door-opener and will help
you stand out from the crowd once you apply for
a graduate programme at any other investment
bank.
Citi offers internships in investment banking,
capital markets, sales and trading, global
transaction services, risk management,
technology, operations and human resources.
Citis summer placements give you a real flavour of
the industry, and might even have you sightseeing
the world placements are offered in locations
across Europe, the Middle East and Africa. So if
youre a keen traveller and in your penultimate
year and if youre looking for international work
experience, you better not miss the mid-January
deadline.
One-week business placements, which run
during the spring, are also available for first-year
students. While these are unpaid, they allow you
to get to know the firm and vice versa a good
opportunity as you might find yourself being eyed
up for a summer placement.
33
COMPANY PROFILE
Simply put, Citi Group is the largest financial
services network on the planet. The bank has
over 16,000 offices spread across 160 countries
worldwide. More than 260,000 people work in
these offices looking after the banks 200 million+
customer accounts. In short, Citi is a banking
behemoth. And although still referred to by many
as Citibank, the firm became simply Citi during
rebranding efforts in 2007.
A Bit of Background
Citi Groups history stretches back almost 200

years to New York in 1821, with its inaugural
steps in Europe coming later in 1902. However, a
comprehensive family tree would reveal an earlier
European lineage: the founding of the Polish
Bank Handlowy w Warszawie SA in 1870, whom
Citibank Poland merged with in 2001.
The firms current structure began to take shape
in 2000, when it merged with Londons Smith
Barney, the UK headquarters of Salomon Brothers,
and Schroder plc. The result was a colossal panEuropean investment bank, which would soon
become the worlds largest financial services
group. Then in 2009, Citi Group effectively sold a
51% majority stake of its Smith Barney brokerage
by agreeing to combine it with Morgan Stanleys
brokerage division. A matter of days later, the firm
announced that it would split the entire bank into
two separate operational units: Citicorp would
provide retail and investment banking services;
Citi Holdings Inc. would supervise the groups high
risk investments.
Internationally, Citi has a pedigree befitting the
worlds largest financial services group. The
firm was one of the first Western banks to step
into post-communist Eastern Europe, and now
provides corporate and investment banking
products and services to clients in Poland,
Slovakia, Bulgaria, Germany, Romania, Hungary,
Czech Republic, Russia and Serbia. In 2006, Citi
34
announced intentions to strengthen its financial

services in the Middle East and Africa, as well as in
Europe.

Citigroups corporate and investment banking
business serves companies, governments and
institutional investors, and provides capital and
market access to thousands of issuer and investor
clients.
The global banking arm provides strategic and

financial advisory services, including: acquisitions,
mergers, divestitures, financial restructurings,
loans, foreign exchange, cash management and
structuring, underwriting and distributing equity,
debt and derivative securities. It offers these
services to corporations, financial institutions and
governments worldwide.
The global markets division offers its clients
corporate, institutional and retail investors
numerous services: equity, debt sales and trading
platforms, institutional distribution capabilities
and access to one of the biggest retail brokerage
networks in the US.
As a heavyweight in underwriting and structuring,
Citigroup is also renowned for sales and trading
across all asset classes, including: equities,
corporate bonds, government and agency bonds,
asset-backed and mortgage-backed securities,
syndicated loans, and structured and future
products.
Lastly, the global wealth management branch at
Citigroup lends its expertise to both private and
institutional clients, with the significant advantage
of encompassing three esteemed brands in wealth
management: Citigroup private bank, Smith
Barney and Smith Barney global equity research.
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35
Crdit Agricole is today the widest and largest retail and business banking network in France. It has
an investment banking branch, Crdit Agricole Corporate and Investment Bank, which operates in 70
countries. As the name may suggest, the bank has a history as a lender to the farming industry.
THE STATS
LOCATIONS
No. of employees worldwide: 87,451 (Crdit Agricole

group)
No. of employees worldwide: 13,000 (Crdit Agricole CIB)
No. of locations worldwide: 58
Coverage & Investment Banking Equity Brokerage &
Derivatives Fixed Income Market Structured Finance
European Locations:
Austria Belgium Czech Republic Finland France
Germany Greece Hungary Italy Luxemburg
Monaco Netherlands Norway Poland Portugal
Russia Slovakia Spain Sweden Switzerland United
Kingdom
LONDON OFFICE
Broadwalk House
5 Appold St
EC2A 2DA London
Tel: +44(0)20 7214 5000
www.ca-cib.com
Crdit Agricole Corporate and Investment Bank

has roles available across a range of departments,
including accountancy and finance, audit, capital
markets, compliance, credit risk management,
coverage, distribution, investment banking, IT
and project management, M&A and structured
finance. With more than 160,000 personnel
across 70 odd countries, options arent lacking for
those looking to pursue a career with the French
powerhouse.
The recruitment process for Crdit Agricole
Corporate and Investment Bank begins with an
online application. Survive the cull and at least
The group also offers a selection of internships

as well as the VIE programme (Volontariat
International en Entreprise). Crdit Agricoles VIE
programme aims to provide 18 to 28 year old EU
nationals with banking experience in a range of
countries for between 12 to 24 months.
COMPANY PROFILE
As the name suggests, Crdit Agricole groups
history is intertwined with agriculture. The group
began its story as a lender to the farming industry
in the 19th century, and to this day, shareholding
farmers still control a large stake in the bank.
Crdit Agricole group is today the widest and
largest retail and business banking network in
France, offering lending and deposit services
at more than 9,000 branches throughout the
country, including those of its subsidiary Le Crdit
Lyonnais.
In 2004 Calyon emerged as the brand name to
front Crdit Agricoles investment banking and
36
two rounds of interviews stand between you

and a potential offer. Your interviewers will most
likely be your future managers and heads of
department. Theres no smoke and mirrors, just
standard questions covering your past experience,
academic credentials, skills, and motives for
joining the bank.
CREDIT AGRICOLE
Credit AGRICOLE
financing business. Its since changed its name to

Crdit Agricole Corporate and Investment Bank
and operates in 70 countries around the globe.
Quite reputable in M&A, it specialises in coverage
and investment banking, structured finance,
equity brokerage and derivatives and fixed income
services.
Through a partnership with Socit Gnrale,
Crdit Agricole has also become part owner of
asset management powerhouse, Amundi. Aside
from domestic control, the Group also fares well
across the rest of Europe as well as in the Middle
East and Asia.
37
Operating 405 offices in 55 countries and employing over 50,000 people, this big Swiss cheese boasts
the impressive ranking of Switzerlands second-largest bank by revenue. A prestigious bulge bracket
investment bank, Credit Suisse offers investment banking, private banking and asset management
services to clients worldwide.
PROS
One of the best firms for training and support

Compensation is above the norm
Thumbs up for diversity and a solid track record
of promoting women
Lots of perks and excellent on-site facilities
THE STATS
Approx. graduate hires in 2012: 275
Asset Management Information Technology Investment
Banking Investment Banking Operations Private
Banking Shared Services
LOCATIONS
No. of offices: 57
EUROPEAN LOCATIONS
Austria Belgium Bulgaria Czech Republic Finland
France Germany (HQ Frankfurt am Main) Greece
Hungary Italy Luxembourg The Netherlands Poland
Portugal Russia Spain Sweden Switzerland
Turkey United Kingdom
38
Long hours and weekend work

Lack of transparency in regards to pay and
promotion sometimes
Long interview process
Communication from senior management to
junior staff could be improved
Bureaucratic and sometimes slow to adapt
Have you got the grades? Think of yourself as

a natural leader? Do you thrive in result-driven
environments? Do you possess an analytical
mind? Think youve got what it takes to make it
in investment banking? While all of this may be
a good start, ability alone is often not enough
to impress the big Swiss cheese. Credit Suisse
hires very carefully to ensure personality and
expertise fit in with its target-driven firm culture.
Entry-level positions are highly sought after and
the firm scouts worldwide, offering graduate and
internship positions for those eager to embark on
a career in this competitive industry.
LONDON OFFICE
1 Cabot Square
London E14 4QJ
Tel: +44 (0) 20 7888 8888
www.credit-suisse.com
The firm takes interviewing very

seriously, so only bankers who have
been trained in the selection process
can interview potential candidates.
CONS
Graduate Recruitment Team

Email: campusrecruiting.emea@creditsuisse.com
The recruitment process at Credit Suisse varies

depending on the type of position youre applying
for. Internship candidates can expect a shorter
procedure than those applying for graduate
schemes.
Prospective interns will have to submit an online
application form, which will be followed up by a
telephone interview, an online assessment and
if you have made it this far youll be invited to
a structured interview. The application form will
assess your qualifications and experience whereas
the telephone interview will focus on competencybased questions such as Give me an example of
when you put your communication skills to use.
The online assessment consists of a psychometric
test and if you have succeeded in all of these
areas, you can expect to be grilled on you career
motivation and industry-specific knowledge in the
final interview.
The hiring process for grads is more prolonged,

usually consisting of three parts: first, the online
application; next, numerous rounds of interviews;
and finally, an assessment day with even more
interviews, case studies and written verbal and
numerical tests.
CREDIT SUISSE
Credit Suisse
Provided you impress with your online application,

get ready for several rounds of rigorous
interviews, in which you will meet everyone
from senior analysts and associates, to VPs and
managing directors. The firm takes interviewing
very seriously, so only bankers who have been
trained in the selection process can interview
potential candidates. The first round usually
consists of three separate interviews and these
tend to be more technical in nature. Later rounds
focus on whether a candidate is a good fit for
the position, based on intellectual capacity,
commitment to the firm and industry, logic and
analytical abilities, as well as writing skills and
ethical decision making.
Graduate Programmes
Credit Suisse offers various graduate programmes

that are aimed at Bachelor, Master, PhD and
MBA graduates. Options are available in private
banking, investment banking, asset management,
information technology and shared services, so
there should be sufficient schemes on hand to suit
everybodys interests. Typically, graduate schemes
last between 12 to 18 months and are available at
analyst and associate level.
Analysts
For the firms analyst programmes, Credit

Suisse accepts graduates of any discipline.
Entry positions are available in a variety of
business areas including those with a strong
focus on management. Hence product, project,
and relationship management are popular
39
Associates
If youre more the associate type, you will need to

present the firm with an MBA from a top business
school but thats not all, youll also need to
have a few years of work experience under your
belt. Associates are active in most of the firms
departments and will be given extensive training
throughout their contracts.
Later rounds focus on whether a

candidate is a good fit for the
zposition, based on intellectual capacity,
commitment to the firm and industry,
logic and analytical abilities, as well
as writing skills and ethical decision
making.
Those with a Master or PhD in a quantitative
field such as maths, engineering or physics, can
apply to the firm-specific graduate programme
for quants. In want are those with excellent
analytical and problem-solving skills, which you
can expect to apply from day one. Positions are
obtainable across numerous areas, including
credit risk management and investment services
and products.
40
Internships
Although internships are not exactly long-term

career options, they can certainly be a first
stepping stone to landing a full-time position,
and especially with Credit Suisse. If you perform
well during the internship, you may find yourself
being invited to an interview for one of the firms
graduate schemes. Duties during the internship
vary and can range from looking into trade ideas,
conducting research, keeping orders for clients
and helping directors and VPs overall a great
way to get your foot in the door if youre hell-bent
on joining Credit Suisses ranks.
Credit Suisse offers two kinds of internships, one
running over the summer and one over the course
of six months. The summer internship lasts 10
to 12 weeks and is available in various business
areas such as asset management, investment
banking and IT. The scheme is aimed at providing
participants with a real insight into the industry
and the firm, with on-the-job training and social
activities thrown in the mix. Those in their
second year can apply for Credit Suisses summer
placements, but must be aware that the bank only
accepts candidates with an excellent academic
history and genuine career motivation.
Classic internships are also on the menu and
are open to both Bachelor and Master students.
Undergrads must be in their penultimate year to
be eligible while all candidates need to be happy
as Larry when it comes to getting results and
showing off your organisational qualities. Expect
to manage your own projects and be given high
levels of responsibility early on but no worries,
you should be closely supervised and the training
on offer will ensure your daily work runs smoothly.
Past interns who have performed exceptionally
well during the internship have been offered
contracts for the firms junior career programmes.
So make sure youre in it to win it!
COMPANY PROFILE
Credit Suisse is the second-largest Swiss bank after
UBS by revenue, and has offices in 26 countries. The
firm has a history that spans more than 150 years,
beginning in the mid-19th century when Alfred
Escher founded Schweizerische Kreditanstalt (for
our non-German readership, thats Swiss-German
for Swiss Credit Institution). The bank opened its
first branch in Basel in 1905, and as World War II
raged across Europe, Credit Suisse cut the red tape
on its first international outpost in New York City
in 1942. Over the following three decades, the
bank grew within Switzerland, across Europe and
internationally.
A Bit of Background
Having already established itself in the American

market, Credit Suisse began its cooperation with
The First Boston Corporation in the US in 1978.
Ten years later it acquired a controlling stake in the
firm, after which the bank was renamed to Credit
Suisse First Boston. The following year, Credit Suisse
Holding was established as the parent company
of the group. Various mergers, acquisitions and
alliances continued through the 1990s, and merged
banks ultimately became assimilated into the Credit
Suisse identity.
While the 20th century proved to be a success
story for Credit Suisse, the start of the new
millennium fostered more economic growth, and
a rearrangement of the organisations structure.
In 2002, the group famously restructured into two
streamlined business units: Credit Suisse Financial
Services and Credit Suisse First Boston. Two years
later, in 2004, the group reshuffled again, forming
three business units: Credit Suisse, Credit Suisse First

Boston (CSFB) and Winterthur. Later that year, CSFB
made financial headlines as one of the principal
underwriters of Googles historic $23billion IPO.
Finally in 2006, Credit Suisse did not only celebrate
its 150th anniversary, but also rebranded and shifted
its structure once again to an integrated bank
model, dropping the First Boston affiliation, and
becoming once and for all , Credit Suisse. Since then
the bank has made some clever marketing moves by
announcing acclaimed tennis idol Roger Federer as
its ambassador, and by regularly representing itself
as a forerunner for environmental sustainability and
charitable citizenship programs.
CREDIT SUISSE
departments for analyst roles, but equally high in

demand are the consulting and research groups.
The actual training period is made up of a mix of
formal and informal training opportunities, geared
at developing candidates soft skills and technical
knowledge of the financial market.
The firm has three central pillars to its business:

investment banking, private banking and asset
management. The investment banking division
which provides M&A advisory, equity and debt
capital markets, private placements and leveraged
finance services is one of the worlds largest, most
profitable and most renowned investment banks.
The private banking business which provides
investment counselling and asset management to
high-net worth individuals has a global footprint
and is touted as one of the worlds largest private
banking organisations. Within its global asset
management business, the firm offers a wide
range of products, including equities, fixed income,
multiple-asset class products and alternative
investments, such as real estate, private equity and
hedge funds.
41
WHAT EMPLOYEES HAVE TO SAY...
Frankfurt headquartered Deutsche Bank is the largest bank in Germany and one of the true giants of the
financial world. This Teutonic behemoth employs more than 100,000 people throughout Europe, Asia
and the Americas and concentrates its efforts on two core business areas: corporate and investment
bank (CIB), and private clients and asset management (PCAM).
PROS
Solid training and self-development with plenty

of responsibility from the start
Good benefits scheme
Opportunity to grow and move into new
departments and areas
Dynamic atmosphere, with good access to
management
Very strong name, especially in FX and fixed
income
THE STATS
No. of offices: Locations in 72 countries
Asset Management/DWS Corporate & Investment Bank
Global Banking (Corporate Finance & Global Transactions)
Global Markets Management Private & Business
Clients Private Clients & Asset Management Private
Wealth
LOCATIONS
No. of offices in Europe: 22
EUROPEAN LOCATIONS
Frankfurt am Main, Germany Austria Belgium
Bulgaria Czech Republic Finland France Germany
Greece Hungary Italy Luxembourg The Netherlands
Poland Portugal Russia Spain Sweden
Switzerland Turkey United Kingdom
42
CONS
Diversity efforts could be stronger, especially

higher up the food chain
Uncompetitive compensation
Can be a political, bureaucratic machine
Promotions can be based on who you know, not
what you know
Doesnt always smell like team spirit:
communication is not always consistent
LONDON OFFICE
1 Great Winchester Street
London EC2N 2DB
Tel: +44 (0)20 7545 8000
www.db.com

Approx graduate hires in 2012-2013: 700+ (globally)
Length of grad programme: Dependent on division
Application deadline: Dependent on division or country.
Refer to site.
Internship info:
Length of internship: 8 - 10 weeks. Germany, 8 weeks - 6
months.
Application deadline: Dependent on division or country.
Refer to site.
Overall Satisfaction
Excellent access to deal flow; management is also

approachable and ready to help, which is a big
plus for such a big bank. In London the prestige
of working for a bulge bracket firm is a definite
plus; its a great name to have on your CV and has
opened a lot of doors.
Associate, Global Markets
What does your typical day at work involve?
In sales in global markets, I call my clients to

suggest them some products that we are able to
offer and that I think will suit their needs. If their
needs are complicated then you need to create
a relationship with the clients so that they share
information with you. With this info I go talk to the
relevant structurers and we think about ways to
solve the client issues. Also, very often the client
will call to ask for prices and here the sales will
check the price from the traders and communicate
it to the client.
Associate, Global Markets, London
Culture
Many people are given great liberty to try and

develop new business and new relationships.
The drawback is that it can create some conflicts
and overlaps when more than one people/team
wants to do the same things. Deutsche Bank do
not really try to stop this. In fact it can be seen as
a way to see who can best do the job. This leads to
a lot of politics, polluting the job. That said, even
as a junior I have been given freedom to call new
senior clients and work directly with very senior
members of DB on some projects.
The culture at the bank is relaxed, and
employees get the opportunity to take on as much
responsibility as one can handle.
Associate, Asset Management
It can be very competitive.

Analyst, Investment Bank
Formal Training
Deutsche Bank
Deutsche Bank
Two months classroom training for graduates

so you can network. No real further training
provided as you move along the years. There is
special coaching by very senior people once you
reach VP stage, but over my three years past the
grad program I have not really been formally
trained. You need to rely on your boss and your
team. Most are helpful, although in sales you are
responsible for your own P&L therefore people
are not really incentivised to involve you in what
they do.
Hours
The hours differ significantly depending on the

division and desk you work on.
Analyst
11 hours a day, starting at 7:45am with no lunch
break, rather satisfied given the salary.
Pluses
Saying done when you do a trade!

Minuses
The flow of business can be very repetitive and

you dont feel like youre learning new things.
In sales you have to be careful not to just be an
intermediary between the clients and the traders,
in which case you would be adding no value at all.
43
The interview was rather formal but friendly. It

was split into a competency-based interview and a
numerical test. I must say, the numerical test was
the hardest one I have sat at any bank.
Insider
The second round of interviews was by far one of
the hardest round of interviews I have faced at any
bank; I had three separate interviews with three
different heads of desks. The questions were very
technical and involved, talking about oil and bonds
prices, and deriving their relationships.
Trader
Tips & Advice
Show your motivation! Show that you have tried

to understand the main different jobs on the floor.
And know yourself while remaining honest. Try
to link what you know about you with what you
understand from the markets, thats the way to
show that you know why you would be adding
something.
Its very important to demonstrate how badly
you want the position.
Analyst
I met with interviewers that worked in the

division I applied to so they wanted to know
why I had selected this area, and allowed me to
ask questions about the division and the work
involved.
Analyst
Deutsche Bank consistently seeks the cream

of the academic crop high grades from top
universities and a range of extracurricular interests
are prerequisites for any candidate interested in
joining the DB ranks. However, what this bank
really wants to see is real career motivation and
enthusiasm for the firm. Drive, a strong work
ethic, and a global mindset are must-haves when
applying to Deutsche Bank, so if youre up for
a challenge, get ready for a tough recruitment
process.
The Hiring Process
If you decide DB is for you, expect the hiring

process for the graduate and internship schemes
to vary by region and programme, but generally
speaking, applications should be sent out between
September and December. The online application
form is quite detailed and allows you to attach
a CV, covering letter, references and a record of
your academic history so make sure to wow at
this stage so you can make it to the two rounds of
interviews.
Check online for company profiles, articles and insider interview advice in:
Accounting
Banking
Consulting
Law
And more...
WWW.INSIDEBUZZ.CO.UK
44
Before seeing off the first round, candidates have

to handle a challenging 30-minute numerical test.
Youll be faced with around 30 questions that will
probe your knowledge on ratios, percentages,
exchange rates, graphical analyses and arithmetic.
Youre best advised to practice, practice, practice
Deutsche Banks numerical tests are notorious for
their intricacy.
Take a breath and gather your thoughts, youve
made it to the interview stage! This could
comprise several competency interviews with
senior member of the firm grilling you on your
leadership, creativity and teamwork skills. Youll
be asked the usual tell me a time when...
questions, which are pretty much industry
standard. More pertinently, its vital you have
strong answers prepared for why you want to
work for Deutsche Bank and the specific division
youve applied to. Interviewers expect you to

have done your homework on the firm so youll
need to demonstrate a thorough knowledge of
the banks business structure and operations.
This may all sound rather intimidating, but while
the interviews are formal, theyre also friendly
no sign of the good cop/bad cop routine
implemented by some of the industrys other
players.
Deutsche Bank
Applications, Interviews & Assessments
If youre a wiz and make it through to the second

round, theres little respite. Youll be met with
three 30-minute interviews by three separate
heads. Each tte--tte will be chiefly technical,
and be prepared for a sprinkling of competencies
here and there. Its also a good idea to read the
FT regularly as the commercial questions could
well focus on current prices for commodities, the
current state of the markets or any stock that
caught your attention lately. Hence the second
round has a bit of a reputation for being both
tough and intense; so prepare for more probing
questions such as: Why Deutsche Bank and not
Goldman Sachs?, or Whats going to be the most
determining factor in the next financial year?. Get
the picture? Then you better start preparing for
this selective recruitment process.
Graduate Schemes
At Deutsche Bank, graduates can choose to launch

their careers as analysts or associates. Analyst
positions are available in asset management,
corporate and investment banking, finance,
technology and operations, HR, private wealth
management, as well as the conjoined legal, risk
and capital group. Programmes will vary, but some
are known to involve rotational seats while others
train graduates in one specific area only.
Programmes for newly hired analysts usually
kick off with a global orientation event that takes
place in either London or New York. Get prepared
to take part in teamwork challenges as well as
45
MBAs
While analyst positions are open to graduates

of all disciplines, Deutsche Banks associate
programme requires candidates to hold an MBA
and previous work experience. Like trainee
analysts, associates will be sent to an orientation
event, which will be followed by a divisionspecific induction programme lasting two to seven
weeks. Expect to be assessed during this initial
training period with tests, presentations and
exams. Associate positions are available in asset
management, corporate finance and markets
so your role will involve a clear client-focused
approach, best suited for the more gregarious.
Associate internships are also known to provide a
pipeline to a full-time position at Deutsche Bank.
Yet, be warned as the firm only hires the most
talented MBA students around. As an associate
intern youll be given assignments on a daily basis
and will also have to handle a project for which
you will be given full responsibility. A presentation
about this will round up the placement and with
various social events on offer, interns will be able
to quickly network their way around the banking
industry. In fact, most associate interns join
Deutsche Bank after successful completion of the
internship.
46
Internships
The magic key to the DB lock is work experience.

So dont miss the opportunity to undertake one
of the firms internship programmes. DB offers
two main placements, lasting 8 to 10 weeks each.
Positions are available as analysts and associates,
albeit for the latter youll need to be studying
towards an MBA and ideally have several years of
experience under your belt.
Analyst internships are highly competitive and
candidates need to present an excellent academic
track record. Life as an intern at Deutsche Bank
is no walk in the park and you can expect to be
involved in live projects and take responsibility
right from the beginning. Interns can choose
from business areas such as asset management,
corporate and investment banking, finance,
group technology and operations, HR, private
wealth management, as well as the legal, risk and
capital group. Make sure you pick the unit that
really reflects your interests best as youre likely
to be asked about your choice during the hiring
process. Mentoring, on-the-job learning and
formal training will supplement your internship
experience and if your supervisors like what
youre doing, dont be surprised if youre offered
an interview for the firms analysts training
programme.
If you would like to get a first glimpse of the firm,
then the Spring Into Banking Scheme, running
for a week over spring, would offer you the
perfect opportunity to do so. You will be given
an introduction to Deutsche Bank and shadow
division managers. Day 5 of your placement will
have you interview for an analyst internship.
This short and sweet scheme is open to first-year
students only and applications should be made
early.
COMPANY PROFILE
Frankfurt headquartered Deutsche Bank is the
largest bank in Germany and one of the true
giants of the financial world. And while its name
would suggest otherwise, the majority of its
staff operate from outside the motherland to
quantify, around 50% of its 100,000+ employees
are spread throughout the rest of the Europe,
Asia and the Americas. This Behemoths two core
business areas are corporate and investment bank
(CIB), and private clients and asset management
(PCAM).
A Bit of Background
Founded in Berlin in 1870 by private banker

Adelbert Delbruck, and a politician named Ludwig
Bamberger, Deutsche Bank quickly spread across
Germany and arrived in London as early as 1873.
Before the turn of the century, not only had it
become the largest domestic bank, but it also had
investments scattered all over the globe. However,
the firm didnt last the Second World War
unscathed: it closed all offices in Soviet occupied
regions and was broken up into provincial
outposts during Germanys occupation.
Against the odds, the firm endured these difficult
post-war years, emerging as the Deutsche Bank
AG an amalgamation of a number of German
banks and branched out into retail banking. The
following forty years were marked by a number
of mergers with European banks and financial
services firms. Then in 2001, the firm went public
on the New York Stock Exchange. Since then
DB has strengthened its presence in the US and
Europe with a series of acquisitions and mergers
this formed part of the companys general growth
strategy, which has seen a surge of profits in
recent years.
Deutsche Bank operates with two main revenue

streams CIB and PCAM while a management
board controls their resource allocation, strategy,
account and disclosure, and risk management. The
firms corporate and investment banking arm (CIB)
is split into two subdivisions: corporate banking
and securities, and global transaction banking.
Corporate banking and securities controls the
firms capital markets operations, including debt,
equity, asset finance, leasing and commercial
real estate, corporate advisory, corporate lending
and transaction banking. Global transaction
banking handles the firms trade finance, cash
management and trust and securities businesses.
Deutsche Bank
classroom-based training, aimed at broadening

your technical skills, understanding your division,
and getting to know your peers. Once you have
returned to your home office, youll be expected
to put theory into practice and get your hands
dirty from day one. Your life as an analyst will
be varied so dont assume a strict routine. Tasks
will, of course, depend on the business area;
in corporate finance this could involve creating
financial models, whereas HR analysts are
responsible for providing employee advice. Youll
also get to collect a few air miles here and there
with Deutsche sending you off to the odd business
trip.
Deutsche Bank is the largest bank in

Germany and one of the true giants of
the financial world.
Deutsche Banks second branch, private
clients and asset management (PCAM), is also
comprised of two subdivisions: asset and wealth
management, and private and business clients.
Asset and wealth management provides its
institutional clients with a myriad of services,
including traditional asset management,
alternative assets, sophisticated absolute return
strategies and real estate asset management.
The private wealth management division services
high-net-worth individuals, offering them both
traditional and alternative investments, risk
management strategies, lending, wealth transfer
planning and philanthropic advisory, among
others services. The private and business clients
department focuses on offering SMEs in Europe
and Asia numerous services, such as loans,
current accounts, deposit and payment services,
securities, mutual funds and portfolio investment
advisory.
47
Over the years, Goldman Sachs has held the helm in the world of banking. Considered king of the hill
on Wall Street, Goldman Sachs has an extensive history of long-term success rooted in a distinct business
culture with the accolades to prove it.
PROS
Great name to have on your CV

Some of the best deals and most prestigious
clients, and solid training
Good opportunities for career advancement
Working alongside very smart people
Good benefits
THE STATS
No. of employees worldwide: 33,000+
Graduate Intake: c.300
Asset allocation Asset management Bank deposits
Bank loans Clearing services Closed ended investments
Debt financing Environmental markets Equity capital
markets Execution services Fund administration
pensions, endowments & foundations Global investment
Lending Mergers & acquisitions Mutual funds Prime
brokerage Private equity Private wealth management
Products Research Securities lending programs
Securitised derivatives Transition services
LOCATIONS
No. of offices worldwide: 62
EUROPEAN LOCATIONS
France Germany Ireland Italy Monaco Poland
Russia Spain Sweden Switzerland United Kingdom
48
CONS
Very competitive
Not all interns receive a full-time offer
Pressure to perform consistently
A history of long-term success and a wellestablished, distinct business culture have always
enabled Goldman Sachs to attract and retain the
brightest candidates. Goldman recruits from all
the top universities. In the UK, the bank has a
strong penchant for top tier university students,
but also seeks out talent from other universities.
Luckily, degree discipline is not all that important:
the firm will consider graduates with a degree in
business or history and everything in between,
provided youre very sharp and have a keen
interest in financial markets.

LONDON OFFICE
Peterborough Court
133 Fleet Street
London EC4A 2BB
Tel: +44 20 7774 1000
www.gs.com

WHEN TO APPLY:
New Analyst: 28 October 2012
Summer Internships: 2 December 2012
Work Placements: 6 January 2013
Spring Programme: 6 January 2013
It comes as no surprise that Goldman Sachs

runs a competitive recruitment process for both
internships and graduate programmes. If you
make the cut, brace yourself for a challenging
interview schedule that incorporates multiple
interviews.
Candidates that impress in their online application
will go through at least two rounds of interviews.
One round followed by another more specific and
technical round within the department, which
will allow you to meet with a good number of
employees with whom you may end up working.
If you make the cut, brace yourself for

a challenging interview schedule that
incorporates multiple interviews.
You will be asked to talk about your achievements
and experiences and demonstrate that you are
bright, articulate and genuine about your interest
in Goldman Sachs. You will also need to display
good commercial awareness and a general
knowledge about the marketplace in which
Goldman Sachs operates, so make sure to brush
up on current events shaping the financial world.
Programmes: Graduates and MBAs wanted
Goldman Sachs is a hub for graduates with the

firms analyst and associate programmes drawing
masses of wannabe professionals to the banking
fortress. Competition is fierce as the firm is notorious
for hiring only the best of the best. Yet, a financial
background is not necessary if you want to embark
on a career as an analyst at the firm, although it is
likely to give you an advantage. Analysts inevitably
deal with clients so if youre into this kind of
relationship building thing, youre probably the
sociable and outgoing character the firm is after.
Commercial focus and strong problem solving skills
are also wanted and while these are not the only
qualities you should come armed with, you stand a
good chance if you possess these basics.
GOLDMAN SACHS
GOLDMAN SACHS
Analysts serve as busy bees in all of the divisions.

Training will depend on the business area, but
generally all new analysts will start their training
programme with a firm-wide orientation. This will
equip grads with an induction to the firms structure,
products and services, as well as the social events
on offer. Goldman Sachs has its own university that
forms a central part of the firms divisional training
programme. Expect to receive training on jobspecific strategies and products while also learning
about sales, technical and client service skills.
New hires are well looked after through the firms
mentoring programme so although youll be given
high levels of responsibility a helping hand is never
far away.
If youre keen to establish yourself as an associate
at Goldman Sachs, you need to have an MBA and
two to five years of work experience on your CV.
Associate training follows a similar format as the one
for analysts and is aimed at expanding professional,
technical and interpersonal skills. Remember, big
brother is watching you so be prepared for the
scrutiny youll have to face throughout the training
period as new associates are regularly assessed on
their performance.
49
Goldman Sachs has long represented the number

one destination for graduates with serious
ambitions about a successful career in banking.
Hence a bit of work experience will come in
handy when applying for a full-time position at
the firm and you can count yourself lucky as
Goldman Sachs runs several types of internships.
However, all prospective interns will have to bring
a real appetite for the firm and the industry and
demonstrate leadership skills, team spirit and
academic excellence.
Summer internships are amongst the most
popular and are offered globally across the firms
prime locations and core divisions including
finance, internal audit, investment management
and operations. Both summer analyst and summer
associate positions are available; the former
is open for those pursuing an undergraduate/
postgraduate degree, and the latter for students
working towards an MBA or a more specialist
degree. Summer internships kick off with a firmwide orientation that is aimed at providing novices
with an introduction to the firms culture and the
kind of responsibilities interns will have to take on
during the 10 weeks spent with Goldman Sachs.
This initial induction is then followed by more
formal division-specific training.
There are also more long-term internships on
offer that, depending on the business area and
region, can last three, six, and even 12 months.
50
They are offered on a rolling basis so its worth

keeping an eye open for these. In Europe,
positions for one-year placements are usually
filled in Frankfurt, Moscow, Paris and Zurich so if
youre keen to go abroad, you better bring some
good language skills with you. Initial training for
the year-long industry internship is provided in
the firms London office with continuous training
opportunities available throughout the internship.
All prospective interns will have to bring a

real appetite for the firm and the industry
and demonstrate leadership skills, team
spirit and academic excellence.
If youre two years away from graduation, then
the two-week internship at Goldman Sachs
running in April is probably better suited for you.
Pick a division global investment research,
investment banking or technology, to name just a
few and be prepared to learn about the industry
and sector. Spring internships are also a good way
to secure a summer placement if youre serious
about a career in banking.
COMPANY PROFILE
Goldman Sachs was founded in the US in 1869
when Marcus Goldman, who emigrated from
Europe, embarked on a small enterprise to provide
an alternative to expensive bank credit. Little could
founding father Goldman have known that his
company would become one of the biggest names in
banking. Headquartered in New York, the firm today
has a large global footprint and employs over 30,000
people across all major financial centres worldwide.
Goldman Sachs going public and raising just under

2 billion in the process created quite a stir and
made all the financial headlines in 1999. In the fall
of 2008, as Congress worked on a $700 billion relief
package for the big banks of Wall Street and the
markets witnessed the abrupt bankruptcy of Lehman
Brothers and the quick sale of Merrill Lynchs to Bank
of America, Goldman Sachs requested to become a
bank holding company.
GOLDMAN SACHS
Internships
A Closer Look at Business Departments
Headquartered in New York, the firm

today has a large global footprint and
employs over 30,000 people across all
major financial centres worldwide.
A Bit of Background
Goldmans first international office opened in

London in 1970. Today, this office is home to
over 5,000 professionals and serves as the hub of
Goldman Sachss European activities a real force in
UK investment banking and securities.
Over the years, Goldman Sachs has held the helm
in the world of banking. The bank was pivotal in
establishing the IPO markets of the early 1900s.
In the 1950s, Goldman Sachs played a lead role in
establishing the municipal bond market and 20 years
later the investment bank was the first to create a
specialised mergers and acquisitions group. During
the 1980s, the firm gained a shiny reputation as
a white knight of M&A by advising clients on how
to avoid hostile takeovers. Then in the late 1980s,
Goldman Sachs ranked as the first and only North
American bank in the top 10 table of M&A volume
in the UK. Goldman also became one of the first
companies to recruit a large number of MBAs from
leading business schools worldwide, a practice which
still runs to this day.
Goldmans business is divided into three sectors:

1) investment banking, 2) trading and principal
investments, and 3) asset management and
securities services.
The investment banking business serves clients in the

industrial, consumer, natural resources, health care,
financial institutions, real estate, special products,
technology, media and telecommunications
industries. The investment banking sector is further
sub-divided into two groups: Investment Banking
and the Financing Group.
The trading and principal investments business the
largest of the three segments and the companys
profit centre has three categories: fixed income,
currency and commodities, and equities and
principal investments.
The asset management business is split into two
categories: asset management and private wealth
management. This sector generates most of its
revenue through management and incentive fees,
providing investment advisory and financial planning
services and offering investment products to
institutions and individuals worldwide.
51
strength
is your
opportunity.
The international banking powerhouse known as J.P. Morgan Investment Bank is a subsidiary of J.P.
Morgan Chase & Co, one of the oldest financial services firms in the world. It also encompasses J.P.
Morgan Cazenove, a joint venture that created one of the UKs heavyweight investment banks.
PROS
Very focused on training and development

Work hard, play hard atmosphere
Strong M&A house
Management is rated very highly
Firm-wide diversity is given high priority
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.
CONS
Bureaucracy leads to unpredictability of work

flow
Could improve compensation
Sometimes stuffy, overcrowded offices with
little privacy
Promotion policies are still not completely
meritocratic (time-served rather than on ability)
THE STATS
LOCATIONS
No. of employees firm-wide: Approx. 226,623
No. of offices: 60+
DEPARTMENTS
Asset Management Finance IB Risk Investment
Banking Operations Private Bank Sales, Trading &
Research Securities Services & Clearing Technology
Treasury Services
J.P. MORGAN
Our
J.P. MORGAN
European Locations:
Austria Belgium Denmark Germany Finland France
Italy Luxembourg The Netherlands Norway Spain
Sweden Switzerland United Kingdom
LONDON OFFICE
25 Bank Street
London E14 5JP
www.jpmorgan.com/careers
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
52
J.P. Morgan is a marketing name of JPMorgan Chase & Co. and its subsidiaries worldwide.
2011/12 JPMorgan Chase & Co. All rights reserved. J.P. Morgan is an equal opportunities employer.
53
Overall Satisfaction
Interns are given the opportunity to work on

real deals and we often meet with clients from
the start, quickly shouldering quite a lot of
responsibility. The internship allows you to learn a
tremendous amount and offers a taste of what the
actual work entails.
Intern, Investment Banking
Ive so far thoroughly enjoyed my role, and look
to stay with the company for a long time.
Associate, Investment Banking
Culture
The people here are friendly and helpful, and

though it is a professional environment, people
are relatively relaxed and constructive.
Vice President, Asset Management
The firm is extremely international and the
atmosphere fairly relaxed.
Vice President, Operations
Ive never experienced the concept of face time
and I have always felt comfortable approaching
even the most senior manager. I think the people
are ultimately the key competitive strength of the
firm.
People have a lot of patience and are eager to
help, especially when youre new.
Relations with Management
As is the case with every large company, some

managers are better than others and have more
respect and time for juniors. But my immediate
boss has always been encouraging and provides
me with regular feedback.
Associate, Operations
54
Management is friendly and treats us with

respect, which is great in an industry where
managers tend to be too formal and short on
patience.
Analyst, Asset Management
Feedback and appraisal is welcome in both
directions.
Director
Formal Training
Dress code varies hugely across the bank by

business area. Suit with tie or not tie, depending
on style. Certainly no jeans or chinos and always
smart for client contact.
Analyst, Investment Banking
Hours
The hours fluctuate and depend heavily on the

team youre working in.
Junior Analyst, Investment Banking
Candidates are reviewed and tested in multiple

rounds by members of different business areas.
Finally, senior management judges all applicants
during an assessment day.
Analyst, Investment Banking
Face time does not exist.

In corporate finance 80 to 100 hours is normal,

with frequent trips to the office on the weekends.
Director, Investment Banking
The firm offers a comprehensive online library of

courses, which cover a large range of technological
and financial subjects.
Analyst
Starting salaries are on par with the industry

average.
Analyst
I especially like the emphasis on hiring and

retaining women. Its something the firm takes
very seriously.
Vice President
There is a LGBT (lesbian, gay, bisexual and
transgendered) networking group within the firm
that is openly advertised.
Associate, Operations
Its something the firm is very focused on, but
given the nature of the Ibanking industry, there
is still room for improvement when it comes to
having minorities and women at the top.
Analyst
You will be asked to give presentations and

perform group exercises.
Analyst
The firm tests everything from analytics to
teamwork, and places a strong emphasis on
communication skills.
Associate, Investment Banking
A lot of focus is placed on training, with both the

graduate scheme and your own line of business
providing training in soft and more academic
skills.
Diversity
Salary & Perks
Relocation allowances.
Insider, Investment Banking
Meal allowances for working late and on
weekends.
Insider
J.P. MORGAN
Tips & Advice
My summer internship was a fantastic experience

because it enabled me to really understand which
division of the bank I wanted to work in.
Insider, Investment Banking
Rigorous, which means that candidates hired are
of a very high calibre.
Analyst
Competition is fierce but fair.
Go online for in-depth profiles and

the latest interview advice in

Accounting
Banking
Consulting
Law
Other Industries
Offices & Dress Code
Some groups, especially the ones that have a lot

of contact with clients, are always formal.
55
Landing a job at J.P. Morgan Chase is no walk

in the park. The firm is very discerning and
the rigorous hiring process ensures that only
candidates of the highest calibre get their foot in
the door.
With international opportunities on offer, the
firm recruits graduates and students from top
universities across the UK and the continent. The
global structure of J.P. Morgan involves working
with clients and colleagues worldwide so speaking
a second language could be a real deal maker. Also
keep in mind that all candidates, whether they
are applying for graduate schemes or internships,
need to be analytically minded and possess a
good understanding of the financial markets, with
advanced numeracy skills considered a given. Its
good to know that a business or finance degree is
not considered a must, while a bit of creativity and
entrepreneurial spirit will help you score during
the application process.
The recruitment process for internships and

graduate schemes varies by department, but
all applicants can expect to fill in an online
application form that will assess your educational
background, motivation, previous work experience
and any extracurricular activities. If you make
the cut, you may be asked to complete an online
numerical test that lasts for about 20 minutes and
assesses your analytical and logical thinking. Most
people will have to practice in advance to pass
so ensure you have a look at some sample tests
beforehand.
If youve got the X-factor, you will be invited to
an assessment centre that will include a number
of interviews which can be competency-based,
technical or both along with another numerical
reasoning test, group exercises, a case study, and
a presentation. This stage is known to differ by
division so while the assessment day will be the
56
final round for some applicants, other candidates

applying for asset management or technology
roles will have additional interviews in between.
J.P. Morgan will test candidates knowledge and
qualities thoroughly so expect to be not only
intellectually stretched, but also be pushed on an
interpersonal level. Group exercises are designed
to examine your teamwork skills and its also
important to get yourself noticed by speaking
up. The presentation will examine your ability to
process information concisely so staying focused is
the secret ingredient to success here.
The global structure of J.P. Morgan

involves working with clients and
colleagues worldwide so speaking
a second language could be a real
deal maker.
Interviewers will test your motivation and
knowledge hence be prepared to be grilled on
your strengths and weaknesses, as well as your
choice of career and firm. Now is the time to sell
your skills so dont be shy and show off what
youve got from your leadership skills to your
commercial awareness. The wait wont be long
afterwards as the firm is fast in getting back to
successful candidates with offers known to be
made within a few days.
Graduate and Postgraduate Positions
Most graduates eager to launch their careers at

J.P. Morgan will start out as interns. In particular,
all graduate roles in Investment Banking and
Sales, Trading and Research divisions are filled
exclusively by those that have completed an
internship with the firm. Elsewhere, graduate
opportunities are available in the same business

areas as internship positions with the addition
of private banking which is only offered in the
European offices.
While analysts can take their pick from the eight
departments on offer Asset Management,
Finance, IB Risk, Operations, Securities Services
and Clearing, Technology and Treasury Services
they need to fit the trainee profile, which consists
of a mishmash of various factors such as tenacity,
commercial awareness, academic excellence,
stress resilience, and analytical aptitude.
Analysts in IB risk, investment banking or sales,
trading and research will start their formal training
in the UK before being flown out to New York to
complete the initial training programme, which
is aimed at expanding participants international
mindset and basic knowledge of finance. However,
all new recruits can expect to kick-start their
training with an intense induction in August with
desk-specific learning opportunities available
throughout the graduate schemes. J.P. Morgan
encourages graduates to formally qualify in
their chosen area of expertise, so for instance, if
youre a finance grad you can work towards the
Chartered Institute of Management Accountants
qualification.
Postgraduate roles are available for quantitative
researchers with a PhD or Masters degree in a
relevant discipline. Quants will join analysts in
New York, where they will complete a dedicated
two-week training programme that will prepare
the new recruits for the tasks that lie ahead such
as developing mathematical models, evaluating
quantitative methodologies or implementing risk
measurement models.
MBA students are advised to apply for J.P.
Morgans London-based MBA summer programme
where they will experience life as an associate
whilst also participating in an intense training
scheme.
Internships for Everyone:

Undergraduates, Masters/PhDs and MBAs
J.P. Morgan offers internships for those keen to
experience whats going on behind the scenes.
Think this is a piece of cake? Wrong internships
come with real responsibilities and if your
supervisors like you, you might even be offered
a full-time position. Indeed, J.P. Morgan fosters a
culture of retention with most graduate positions
such as in investment banking only being filled
by former interns.
J.P. MORGAN
Wannabe analysts, associates, and quants can

all apply for a summer internship at the firm, but
make sure that you are eligible and fulfil all the
necessary requirements: analyst internships are
mainly aimed at penultimate year students, while
those keen to embark on a summer internship in
investment banking ideally need to be proficient
in a European language. Associate internships are
designed for MBA students from leading business
schools and quantitative research placements are
suitable for candidates with a PhD or advanced
Masters degree.
Internships, which are also offered on an off-cycle
basis, can be taken up in various business sectors
including asset management, sales, trading and
research, investment banking, operations and
technology. You can expect summer internships
to give you in-house training at the start of the
time that you will spend with the firm. Tasks will
depend on the division, but analysts are usually
busy reporting results, researching or working on
transactions. Associates, on the other hand, will
put their leadership qualities to use while quants
are given a full project to work on. All interns,
however, can expect to work alongside major J.P.
Morgan bankers and big clients, including CFOs
and CEOs, so if you want to boost your CV, you
better apply soon.
57
COMPANY PROFILE
The international banking powerhouse, J.P. Morgan
Investment Bank, is a subsidiary of J.P. Morgan Chase
& Co, one of the oldest financial services firms in
the world. It can trace its ancestry back to 1838
when an American by the name of George Peabody
established a merchant bank in London, humbly
designating it George Peabody & Co. In 1854, Junius
S. Morgan joined as partner, and the firm became
known as J.S. Morgan & Company. Seven years on,
Juniuss son, J. Pierpont, established J.P. Morgan
& Company: a New York sales office for securities,
underwritten by his father. Operating both sides
of the Atlantic, the Morgans brought capital from
Europe that was crucial to U.S. growth. In 1895, five
years after Juniuss death, J. Pierpont consolidated
the family businesses under the J.P. Morgan name.
In 2011 the firm has recorded a 47%

profit jump for the full-year of $17.4bn.
A Bit of Background
The House of Morgan, as it came to be known, grew

in leaps and bounds and secured some of the most
lucrative deals around: it financed the formation of
the United States Steel Corporation; supplied the
United States government millions in gold to float a
bond issue and restore the treasury surplus; and at
the turn of the 19th century financed and secured a
spot as a dominant railroad transporter in the US.
J.P. Morgans growth continued unimpeded until
the enactment of the Glass-Steagall Act in 1933.
This edict imposed barriers between commercial
and investment banking, triggering deep structural
changes within J.P. Morgan and prompting several of
its partners to jump ship to form another investment
banking giant: Morgan Stanley.
J.P. Morgan Chase, in its current structure, is the
result of a combination of several large U.S. banking
58
companies, formed over the last decade. When the

world was hit by the 2008 recession, J.P. Morgan
played a significant role in helping to manage
the crisis by the acquisition of global investment
bank Bear Stearns and has come through almost
unscathed in 2011 the firm has recorded a 47%
profit jump for the full-year of $17.4bn.
Today, J.P. Morgan is a diversified financial services

firm and the J.P. Morgan brand encompasses
six key business areas: investment banking,
worldwide securities services, private banking, asset
management, one equity partners and private client
services.
February 2005 brought big news on the Ibanking
side: J.P. Morgan combined its UK investment
banking business with London-based Cazenove
Groups investment bank to create a jointly owned
and highly respected company J.P. Morgan
Cazenove, an entity that provides investment
banking advice and services to clients in the UK and
Ireland.
The investment banking division at J.P. Morgan
is divided by teams: industry, M&A and capital
markets. Industry teams include consumer
health care and retail, diversified industries
and transportation, natural resources, financial
institutions, metals and mining, real estate and
technology, media and telecommunications.
The firms research unit is divided into three main
groups: equity, economics and global markets.
J.P. Morgans equity research unit, which has
approximately 600 equity analysts, operates
primarily out of North America and Europe, but also
has significant operations in Asia. Economics offers
views on markets around the globe, and global
markets covers fixed income, credit, derivatives,
emerging markets, FX, structured finance, technical
and bond index research.


59
Australias leading investment bank and M&A advisor, Macquarie Group (Macquarie) is no longer just
a domestic powerhouse success from Down Under; the firms income from international activities now
accounts for more than half of the worldwide revenue.
PROS
Young and unstuffy culture

Hours arent too bad
Driven to expand further internationally
THE STATS
No. of employees in EMEA: 1,300+
London senior employees: David Fass, CEO EMEA
Chairman: Kevin McCann
DEPARTMENTS & SERVICES

Macquarie Capital (investment banking group)
Macquarie Securities Group (MSG) Fixed Income
Currencies and Commodities (FICC) Macquarie Funds
Group (MFG) Corporate and Asset Finance (CAF)
Banking and Financial Services group (BFS) Risk
Management Group (RMG) Market Operations and
Technology (MOT)
LOCATIONS
No. of locations worldwide: 70 offices in 28 countries
EUROPEAN LOCATIONS
Austria France Germany Ireland Luxembourg
Netherlands Russia Spain Sweden Switzerland UK
CONS
In need of a stronger presence and recognition

in European feel like an all boys club at times
Internal communication can improve
Can feel like an all boys club at times
LONDON OFFICE
Ropemaker Place
28 Ropemaker Street
London EC2Y 9HD
Tel: +44 (0)20 3037 2000
www.macquarie.com

GRADUATE PROGRAMME INFO:
Approx graduate analyst hires in 2012-2013: 40
Salary: Competitive
Benefits: Macquarie is well known for its performancebased pay structure. In addition to competitive salaries and
local market benefits, many roles across the Group share in
the firms profits
To apply: http://www.macquarie.com/mgl/com/globalcareers/emea/gradrecruitment
INTERNSHIP INFO:
To apply: http://www.macquarie.com/mgl/com/globalcareers/emea/gradrecruitment
Contact
Graduate Recruitment Team
Tel: +44(0)203 037 2266
Email: emeagraduaterecruitment@macquarie.com
Macquarie hand-picks its grads for roles in all of

its key business areas, which include corporate
advisory and capital raising, financing, research,
as well as trading and hedging. The bank looks
for the usual attributes, most notably motivation,
communication skills, friendliness and discipline.
A touch of entrepreneurial spirit and good
interpersonal skills also wouldnt hurt. Macquarie
has the process of finding individuals with
these qualities down to a fine art a balance of
applications, interviews and psychometric testing,
which can last for up to three hours and are taken
in between interviews. Here you can expect a mix
of numerical, verbal and logical reasoning sections
so make sure you practice beforehand.
Beginning with an online application, those
that make the grade on paper will continue the
process with an interview held by a member of
the graduate recruitment team, lasting about
40 minutes. While the first interview will be
predominantly competency-based, the second
is largely technical focussing on the particular
position youve applied for. For successful

candidates, the next stage is psychometric testing
before further meetings and interviews with the
business. Some candidates may well be invited
for an informal chat over coffee with recent hires;
this allows the applicant to learn more about the
role directly from those in the know. On occasion,
the lucky ones might have to attend a third
interview in which candidates meet with group
heads.
MACQUARIE GROUP
MACQUARIE GROUP
Internships
In addition to its graduate recruitment, Macquarie

runs several summer internship programmes
in London and Frankfurt, providing both
comprehensive training and hands-on experience.
As with most large firms, internships provide a
great opportunity to orientate yourself in the
role and company culture; and those who do well
on the scheme are often taken on in a full-time
capacity so do your best to impress!
Accounting
Banking
Consulting
Law
And more...
60
61
Australias leading investment bank and M&A

advisor, Macquarie Group (Macquarie) , is no longer
just a domestic success; the firms income from
international activities now accounts for more than
half of the worldwide revenue. Headquartered in
Sydney, Macquarie is staffed by over 14,200 people
across 28 countries.
A Bit of Background
Contrary to popular belief, Macquaries heritage is

in fact English. London Merchant bank Hill Samuel
& Co established a subsidiary branch in 1969 in
Sydney, the originally titled Hill Samuel Australia
(HSA). As a result of the deregulation of the financial
markets in the 80s, HSA procured a license in 1985
and subsequently changed its name to its current
moniker.
This Antipodean IB giant took its name from
Australias most successful early governor, Lachlan
Macquarie famous for establishing the countrys
first bank and introducing the first coinage, the Holey
Dollar. The story of the Holey Dollar provides an apt
frame for the banks philosophy. In 1813, Governor
Macquarie came up with an innovative approach to
overcome a currency shortage in New South Wales.
Purchasing Spanish silver dollars, which were worth
five shillings, she had the centres punched out,
creating two new coins: the Holey Dollar, valued at
five shillings, and the Dump, valued at one shilling
and three pence. This move doubled the number of
coins in circulation and increased their total worth by
25%, prompting the firm to use the coin as the basis
for the companys logo.
Macquarie entered the European market in the late
80s, running business from its Continental HQ in
London. Throughout the 90s the bank grew rapidly,
and in 1996, it was listed on the Australian Stock
Exchange (MQG).
In 2006, Macquarie teamed up with international
business school INSEAD to launch a Master of
62
Finance program to train its investment banking

managers. Jointly designed by Macquarie and
INSEAD, the course provides the opportunity for new
analysts to train whilst theyre working.
The firms income from international

activities now accounts for more than
half of the worldwide revenue.
Since then Macquarie has opened up new branches
across the globe with its Seoul office expanding into
the Asian market in 2010. The firms international
growth is also reflected in Macquaries acquisition
of various financial groups no wonder the firm
recently announced an increase of full-year net profit
after tax of $A730m in 2011/2012.
FICC offers a variety of products and services related

to commodities, futures, debt, interest rate and
credit derivatives, foreign exchange and emerging
market bond broking. In EMEA, FICC specialises in
commodities with expert capabilities in physical and
financial trading.
Macquarie Funds Group is a full-service fund
manager, offering its clients a diversified range of
funds-related products and services.
Corporate and Asset Finance (CAF) specialises in
leasing and asset finance, tailored debt and finance
solutions and asset remarketing, sourcing and
trading.
More than just Banking
As well as winning scholarly points, Macquarie is

also committed to giving back to the societies in
which it operates. The Macquarie Group Foundation
was established in 1985 to formalise Macquaries
community support programme and to provide
a leadership role in corporate philanthropy.
Macquarie has provided support to over 1,300
community organisations, focusing on the key
areas of education, the arts, health, welfare and
the environment. In the UK, the foundation has
worked on numerous causes, including establishing
a partnership with the Princes Trust, supporting the
East London Business Alliance, and working with the
Streetwise Opera.
MACQUARIE GROUP
COMPANY PROFILE
And last but not least, Macquaries Banking and

Financial Services group provides banking services to
its roster of private and corporate clients.

The firms business is divided into six key operating
groups: Macquarie Capital, Macquarie Securities
Group (MSG), Fixed Income, Currencies and
Commodities (FICC), Macquarie Funds Group (MFG),
Corporate and Asset Finance (CAF) and the Banking
and Financial Services group (BFS).
Macquarie Capital (MacCap) offers its clients
numerous services, including M&A, takeover and
corporate restructuring advice; equity and debt
capital management and raising; specialised funds
management; debt structuring and distribution;
private equity placements; and principal products.
In Europe, Macquarie Securities operates as a
specialised institutional cash equities broker whereas
In the Asia Pacific region, it provides a full-service
institutional cash equities broker. It is the 9th largest
research house globally covering over 2,400 stocks.

63
In the perpetual competition of the securities industry, Morgan Stanley consistently ranks as one of the
worlds premier financial institutions and packs a heavy punch in institutional securities, global wealth
management and investment management.
PROS
Very prestigious
Great IT platform and training
Excellent diversity policy
Clear, open communication from senior
management
THE STATS
No. of employees worldwide: 62,211
No. of employees in the UK: 5,000
Grad analyst hires in 2012-13: 350
Associate hires in 2012-13: 20-30
Intern hires in 2012-13: 400-475
Approx. no. of applications: 20-25,000
DEPARTMENTS
Asset management Capital markets Global wealth
Management Investment banking Sales & trading
(equity & fixed income)
LOCATIONS
No. of offices worldwide: 600
EUROPEAN LOCATIONS
France Germany Hungary Italy Netherlands Russia
Spain Sweden Switzerland Turkey United Kingdom
Austria France Germany Ireland Luxembourg
Netherlands Russia Spain Sweden Switzerland UK
64
CONS
Extremely competitive
High pressure
Long hours
LONDON OFFICE
20 Bank Street
Canary Wharf
London E14 4AD
www.morganstanley.com

Approx. graduate hires in 2012-2013: 350-400 full-time
analysts and up to 20-30 associate MBA/quantitative PhD
positions.
Length of grad programme: Typically 12 months
Application deadline: See website
Internship info:
Approx. intern hires in 2012-2013: 350-450
Length of internship: N/A
Culture
The atmosphere can be formal and a bit rigid, but

I work alongside some great people.
Analyst
Friendly and hard-working.
Intern
A lot of colleagues who have worked at other
banks say that the culture at Morgan Stanley is the
main reason they are staying on.
Analyst
Formal Training
The firm invests heavily in new hires.

Analyst
I learned about the various divisions within the
firm via lunch sessions, and by networking with
employees and other interns.
Insider
Offices & Dress Code
Salary & Perks
The base salary is very good.

Analyst
The excellent compensation package.
Analyst
MORGAN STANLEY
MORGAN STANLEY
They tried to see what I was most interested in,

capable of and whether I was good fit.
Associate
Interviews were quite relaxed and I didnt feel
like they were trying to destabilise me. I was
made to feel relaxed throughout the assessment
process.
Analyst
Tips & Advice
The firm places a lot of importance on how

enthusiastic you are about working there.
Insider
Business casual, but plenty of people adopt the

more formal look.
Insider
Hours
Very long hours at times, which can lead to a

poor work/life balance, though they are quite
flexible over time off.
Analyst
You stay until youve finished all your work.
Insider
65
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Morgan Stanley offers both full-time and

internships programmes across the globe.
Future analysts, associates and quants can take
up positions in the firms major business areas
across Europe including finance, investment
banking, investment management, operations and
research.
Many roles involve client interaction,

and even if they dont, you still need
to be a confident talker with a poised
writing style on top of that.
While career opportunities at Morgan Stanley
vary, the firms standards do not. All applicants
need to fulfil a fixed set of criteria, so make sure
your academic achievements are up to scratch
and you can demonstrate your genuine interest
in the firm and the industry. Many roles involve
client interaction, and even if they dont, you still
need to be a confident talker with a poised writing
style on top of that. While leaders are very sought
after, youll also have to be a team player and in
fact, you need to be both in order to live up to the
firms expectations. Dont assume the list of most
wanted ends here, as those with analytical minds
and an overflow of motivation and enthusiasm
are also the ones Morgan Stanley is after. Oh, and
should you have some foreign languages under
your belt, youre likely to be on the winning side
(for some of the roles.)
more...
The Hiring Process
Unsurprisingly, the hiring process at Morgan

Stanley is tough, and while it varies by programme
and division, all applicants need to fill out an
online application form or go to one of the
many recruitment events that the firm provides.
Provided your online application is successful, you
66
will then be faced with a telephone or face to face

interview.
If you are invited to a first round of interviews
interviewers will question your suitability, drive
and technical/analytical knowledge. If youve
impressed, this will be followed by an assessment
day. In the assessment centre, you will be grouped
with other candidates and taken through several
rounds of interviews with senior bankers. During
the interview, senior managers will not only test
your interest in the firm and the industry (Why
do you want to work for us?, What does the
operations and finance division do?, Who are
our clients?, What is the main function of an
investment bank?), but also on your logical skills.
Random hypothetical questions could include
scenarios such as If I gave you a list of 5 things
to do and if you couldnt finish all of them by the
end of the day, what would you do?. No matter
whats thrown at you, its important that you
demonstrate a genuine interest in the role. Note:
the firm pays close attention to enthusiasm levels.
MORGAN STANLEY
No matter whats thrown at you, its

important that you demonstrate a
genuine interest in the role.
Along with the expected numerical and verbal
reasoning tests (dont worry, nothing too difficult
but you will have to prepare), case study and
group exercise, Morgan Stanley also asks its
candidates to review a list of 40 pairs of data
and say whether they are alike or not. The case
study is simple and involves a business situation
where various alternatives for the seller have
to be evaluated. It is essential that you ask the
interviewer plenty of questions and that you
prepare a good structure for your analysis. For
the group exercise, you and the other candidates
will be divided into two small groups. Each
67
It is essential that you ask the

interviewer plenty of questions and that
you prepare a good structure for your
analysis.
Graduate Schemes
At Morgan Stanley full time graduates schemes

are tailored by the departments and are available
to people of varying levels of experience, from
those with little or none, to applicants armed with
an MBA and several years at rival firms.
Analyst Positions are Open for Graduates

The firms analyst scheme is open to all
candidates: those with an accounting, finance
or economics degree will fit in nicely while
humanities or social sciences grads should not
shy from applying as the firm also actively recruits
those from a less traditional background.
Analysts can pick the division they wish to work
for and opportunities range from corporate
treasury and financial control, to real estate,
research, to prime brokerage and credit
risk. Graduate schemes usually start with an
orientation, with desk-specific and on-the-job
training. Expect your days as an analyst to revolve
around preparing reports, using analytical tools
and creating financial models.
68
MBAs and PhDs wanted
Associates at Morgan Stanley flock the investment

banking, REI (Real Estate Investing) and GCM
(Global Capital Markets) departments so make
sure you have a real interest in these areas when
you apply for a grad scheme. Like the analyst
programme, associates are trained over a threeyear period and are also able to undertake a
rotation on request. Five weeks of training in
London will kick-start the associate programme,
and one year into the scheme, you will usually
start specialising in an industry, region or product.
Work will be very much management-based and
you are likely to find yourself in the middle of
executing transactions, providing financial and
strategic business analysis, as well as dealing with
clients on a regular basis.
This scheme is suitable for PhD or

Master candidates who have a strictly
quantitative academic background.
Morgan Stanley also offers a quantitative finance
programme in strats and modelling, which focuses
on providing risk analysis, trading strategies and
structuring of products amongst other things. This
scheme is suitable for PhD or Master candidates
who have a strictly quantitative academic
background. Programming and mathematical
geniuses with a keen interest in the finance
industry are most likely to be successful in the
application process.
Internships
MORGAN STANLEY
group is expected to lead a group discussion on

a business scenario, which is then followed by
another meeting involving both groups. During
this role play, make sure you pay attention to the
information provided and definitely get involved
early.
If youre looking for an internship in investment

banking, youve probably come to the right place
as Morgan Stanley offers these for prospective
analysts and associates via their ten-week summer
schemes. Many companies claim internships to be
a stepping-stone to landing a full-time position,
and Morgan Stanley is no exception so long as
you are well-versed in the art of making yourself
indispensable.
Many companies claim internships to

be a stepping-stone to landing a fulltime position, and Morgan Stanley is no
exception so long as you are wellversed in the art of making yourself
indispensable.
You should be able to get ahead of the game
by undertaking a summer analyst internship
running from June to September. Only secondyear students can apply for these positions,
although youll be glad to hear that candidates
of all disciplines are accepted. Those equipped
with a business, economics or maths degree
inevitably have an advantage. Interns start off
the summer internship with a classroom-based
week of training, aimed at introducing you to the
firm and broadening your technical skills. You
can expect to spend the rest of the summer in
your chosen division of which there are a total
of ten available including finance, investment
management, private wealth management, and
technology. Be prepared to put your analytical
skills to good use and expand your financial
expertise by working on a range of transactions
and projects in your division, alongside some of
Morgan Stanleys pros. Those with more work
experience on their CVs can apply for the summer
associate programme, which is open to candidates
studying towards an MBA. In EMEA, divisions
include investment banking and Global Capital
Markets with business sectors covering private

equity, merchant banking and real estate. You can
expect to carry out the same work as full-time
associates so get prepared to think on your feet
and be given lots of responsibility right from the
beginning. One week of training in the London
office should put you at ease, fully preparing you
for what lies ahead.
Other programmes include 12-month industrial
placements in finance, HR, operations, prime
brokerage, and technology. First-year students can
also benefit from the spring insight programme
running for a week in either March or April.
These, while giving you a quick glimpse of the firm
without going into too much detail, are still worth
a shot as you never know who might eye you up
for more fruitful positions at the firm.
69
COMPANY PROFILE
In the perpetual competition of the securities
industry, Morgan Stanley consistently ranks as one of
the worlds premier financial institutions, conducting
its business through three revenue streams:
institutional securities (capital raising, corporate
lending and financial advisory services), global
wealth management (brokerage and investment
advisory services) and investment management. The
mother ship may be in New York, but the firm has
outposts across the globe in 28 countries with over
600 city locations including Amsterdam, Athens,
Budapest, Dublin, Frankfurt, Geneva, London,
Luxembourg, Madrid, Milan, Moscow, Munich, Paris,
Stockholm and Zurich. The firms first European foray
was in Paris, although today it is the firms London
office that leads the way on the continent, with over
5,000 employees.
A Bit of Background
Morgan Stanley traces its roots to the former

securities operations of J.P. Morgan. In 1933
after the passage of the Glass-Steagall Act, which
prohibited firms from operating both commercial
and investment banking businesses two J.P.
Morgan partners (Harold Stanley and Henry S.
Morgan, grandson of J.P. Morgan) split from the
bank and formed Morgan Stanley. The new firm was
formed to concentrate on the securities business,
while J.P. Morgan remained a commercial bank.
Eminent events in the firms history include its
admission to the New York Stock Exchange in 1941
and its IPO in 1986.
A major shakeup occurred in September 2008,
following the collapse of the global financial
markets: Morgan Stanley changed its status from
investment bank to bank holding company, and gave
a 4.5 billion stake of its business to Mitsubishi UFJ
Financial Group, Japans largest bank. The firms
management was intent on sailing Morgan Stanley
to safer grounds. For decades the bank had thrived
by taking bets with its own money, often using
large amounts of debt to increase profits, with little
70
outside oversight. It would now lower borrowing

substantially, shut down its proprietary trading desk,
and triple its deposit base a safer source of capital.
By becoming a bank holding company, Morgan
Stanley also agreed to tighter regulations and much
closer supervision from government agencies (rather
than only the Securities and Exchange Commission).
Now, Morgan Stanley looks more like commercial
banks, with more disclosure, higher capital reserves
and less risk-taking.
Furthermore, in a major departure from the firms
history, investment banking was de-emphasised
as the driver of Morgan Stanleys profits. This
strategy was completed with the purchase of a
majority stake in Salomon Smith Barneys brokerage
division in 2009, which immediately turned Morgan
Stanley into the largest brokerage house in the
US. On non-financial matters, the firm celebrated
its 75th anniversary in 2010, and has continued
to demonstrate its dedication to its Global Citizen
Program into the new decade. The banking giant
ranks especially environmental sustainability,
childrens health and education, and community
affairs high on the agenda.
Today, Morgan Stanley is an institutional securities

business which provides advisory and capital
raising services, including investment banking,
sales and trading, principal investing and research.
Its investment management business is one of
the largest around; its global wealth management
delivers financial advice and brokerage to individuals
as well as foundations; its financial services group
provides consumer credit reports. Besides these
strong divisions, Morgan Stanley has one of the
largest retail brokerages in the US, and offers
its clients mutual funds, equities, fixed income
products, alternative investments, separately
managed accounts, banking, mortgages, insurance
and annuities.
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71
Nomura is an up and coming banking heavyweight that boasts a full range of securities and investment
banking services. Although best known domestically as a retail bank, the firms international operations
were boosted by the headline-grabbing acquisition of Lehman in 2008. In recent years Nomura has
expanded its international presence with its 26,000+ employees across 30 countries.
PROS
Friendly culture and fairly flat hierarchy

A great platform for innovation and progression
Lots of responsibility early on with a great
support structure
International exposure
Strong momentum, especially in fixed income,
structured credits and M&A
Excellent diversity initiatives
THE STATS
DEPARTMENTS
Asset Management Global markets Global Research
Investment banking and Corporate Infrastructure Retail
Wholesale including Global Markets
LOCATIONS
CONS
Still in the phase of redefining a corporate

identity
Lack of communication between different levels
of the business
No scope for junior team members to have
input in company decisions
Lacking brand recognition
LONDON OFFICE
1 Angel Lane
London EC4R 3AB
www.nomura.com/careers

Length of grad programme: 2-3 years
Internship info:
Length of internship: 10 weeks or 3-6 months
No. of offices worldwide: 48 in 30 countries

EUROPEAN LOCATIONS
Amsterdam Frankfurt Geneva Helsinki Istanbul
Luxembourg Madrid Milan Moscow Paris Rome
Stockholm Vienna Warsaw Zurich
72
Application deadline:
Winter intake - 4 November 2012;
Spring and summer intake - 6 January 2013;
Insight programmes (womens immersion and explore) 13 January 2013;
Regional - ongoing
culture
People are friendly and easy to talk to. Work

culture is relatively relaxed, but everyone still
works very hard. Teams are very integrated, and
work well together. There is a lot of scope for a
junior to join the desk and add value. People do
take the time out to teach you. There is a flat
structure, and you might even find yourself sitting
between the VP and MD.
Intern, Analyst, Fixed Income & Equities
Collegial and collaborative. Easy-going but
focused on success. After-hours easy to get to
know team on a more personal level at the nearby
pub where it seems the entire office goes after
work. Titles exist but structure nearly flat as it is
easy to speak to anyone higher/lower in seniority.
Intern, Associate, Fixed Income
satisfaction with work
My responsibilities range from simple admin

tasks like scanning and printing, all the way
up to production of important presentations
and running liquidity checks which are a legal
requirement for the firm. Some days are busier
than others, but Im never left bored with nothing
to do!
Intern, Analyst, Corporate Infrastructure Finance
On a daily basis, my responsibilities involve
supervising the global DCM SSA deal flow and
keep track of the deal list updates. Most of
time, I am involved with building and exhaustive
database of DCM clients and investors. Also,
liaising with the analysts of the team and assisting
them in building presentations for pitches.
Intern, Analyst, Investment Banking
training
NOMURA
nomura
The main training was on the job. However,

we had a formal training before joining our desks,
covering the basics of banking and financial
products. We were given regular presentations
about other business lines and had unlimited
access to the online-training platform throughout
the internship.
Intern, Analyst, Equities
Access to online tutorials, and seminars on
Bloomberg, Excel, and Reuters helps provide the
basics, the rest is up to the intern to go deeper as
it relates to his rotational desk. You are likely to
come away as an Intermediate user if youve never
had proper exposure in the past.
Relations with Employees
We are each assigned a buddy, and a mentor,

along with our line manager. The buddies are
helpful, and usually in your team to aid you and
help you with any immediate problems. Mentors
are someone who is a bit higher up who can help
with problems that your buddy cannot. They also
help with networking and getting you to meet
people. This is a really good idea, as it means you
have more than one person you can turn to.
Intern, Analyst, Corporate Infrastructure IT
My managers took out a lot of time for me, they
involved me as much as possible in the day-today activities of the desk. They made sure that
my learning from the desk was supplemented
with practical learning from relevant projects and
assignments.
73
I have been very impressed with the companys

attitude to diversity. As a woman one of the
reasons I applied was because of the group
Women in Nomura that specifically supports
women in the workplace. There are also very
many employees of all kinds of ethnicity.
Intern, Analyst, Corporate Infrastructure Finance
Nomura is very keen to be fair and equal to all
employees. You would never feel disrespected
here.
Intern, Associate, Corporate Infrastructure
Operations
hours
I work from 8.00am to 9.30pm on average,

(7.00pm on Friday). I spend 65 hours per week at
the office on average.
I work 80-100 hours per week (with weekend
work expected), depending on business need,
(deal flow and team capacity). Very long hours,
but compared to other banks in line with average.
perks
Free sushi and taxi home for those working after

7:30pm. Free City golf and drinks for interns as a
mid-term event.
I attended a huge investment banking
conference for Nomura at the Hilton hotel
in London and could network extensively.
Furthermore, there is ongoing training inside
the company which employees can attend,
(e.g. cultural awareness workshops for certain
cultures).
pluses
There is a really good atmosphere amongst my

team and the whole building. You feel like you can
approach anybody to ask question.
Intern, Associate, Corporate Infrastructure IT
Being given genuine responsibility and being
involved in projects which will actually have
impact across the firm.
Intern, Analyst, Corporate Infrastructure
Operations
It is a happy and positive environment to work
in and good opportunities to work your way up to
senior roles. The cafeteria is also excellent!
Intern, Associate, Corporate Infrastructure
Operations
interview process
I had a two round interview. First round was with

three interviewers back-to-back at the Amsterdam
office. Second round was with four interviewers
back-to-back at the London office. The questions
ranged from technical, motivational, and
competence-based questions. Not very different
interview methodology from what exists at other
bulge bracket I-banks.
The interview questions that I was asked were
very quantitative - lots of math questions and
brain teasers. I also had a presentation on a stock
after reading some research reports and then had
to answer questions about that.
interview tips and advice
Focus on the basic stuff and understand it very

well. Dont worry about saying I dont know if
something gets too difficult, they dont expect you
to be an expert but you have to understand what
you are talking about.
NOMURA
diversity
Do some research on the company, especially

how the company is doing in everyday affairs. Do
some practice interviews. Have some standard
answers prepared, or situations for teamwork,
leadership, initiative, etc. ready so that you know
what to say!
minuses
The bank is struggling to define its corporate

identity the Lehman acquisition has left it in
between BigBank and niche. This does make me a
little apprehensive about the banks future.
Intern, Analyst, Fixed Income
Strong focus on Asia, less on Europe.
Very steep learning curve, hard to keep up
sometimes.
Accounting
Banking
Consulting
Law
And more...
74
75
Pre-recession Nomura was a tough cookie to

land a job at; unfortunately, post-recession
Nomura is looking even harder to break into.
Dont be dissuaded though, as its not completely
impassable; like all the top banks, its simply
selective. The firm recruits from the usual array of
top ranked UK and European institutions including
Oxbridge, HEC, INSEAD, Bocconi, etc., seeking
diversity with 70+ nationalities working in its
London office. Candidates need to demonstrate
strong communication skills, numeracy and
collaboration if they want to succeed with
their applications. However, the cultural fit is
as important as ability, so no matter how well
prepared you are, you wont be offered a place if
the firm doesnt believe youll fit in.
Applications are accepted on a rolling basis so its

best to apply early. The process varies, but usually
begins with a standard online application that will
look into your academic background, previous work
experience and relevant qualities. Here its good to
note that Nomura assesses its candidates by their
analytical sharpness, their quantitative ability, as
well as their organisational skills.
Those applying for investment banking or global
markets roles will then have to face a first round
of interviews. For internships these consist of two
one-on-ones, whereas full-time positions require
you to undergo three interviews. The final round
comprises more interviews with senior reps, i.e.
directors or above. Corporate infrastructure roles
involve an assessment day with competency-based
interviews, numerical tests, group exercises and
case studies to keep you busy.
Nomura is known for its interview etiquette so
while you may experience a lot of formality,
interviewers are not keen to trick you. Instead they
want to get to know you as a person and potential
employee so be relaxed and most of all, be honest.
You can expect the traditional tell us about
76
an associate straight away.

yourself questions to quiz you on your background
and personal interests. You are also very likely to
be grilled on your career motivation and you better
have a good answer ready for the Why banking?
Why Nomura? scenarios. The firm is also keen
to assess your problem solving skills and its best
you come armed with a host of examples to all
the probing competency-based questions such as,
What do you do when you cant solve a problem?
or Give me an example of when you were creative.
Group exercises (for the corporate division only)
are as always designed to test how well you work
with others so its good to keep that in mind. For
the case study you will have 30 minutes or so to
read through a stack of info which you will then
be questioned on. Role plays are also not unheard
of and while this may be more difficult to prepare
for, one thing you can certainly practice for are
the logical and numerical tests. These are fairly
standard and will test you on your analytical,
numerical and logical skills.
Graduate Schemes
Nomura is after high calibre grads so if youre

thinking of applying for the analyst or associate
graduate schemes you need to be on top of your
game. The firm will scrutinise your academic track
record and only those with a minimum of a 2:1
degree need apply. Due to the international nature
of the firm, many candidates come equipped with
language skills so buy that Rosetta Stone CD sooner
rather than later!
Thinking of Becoming an Analyst or

Associate at Nomura?
Nomura lures would-be analysts into their realm by

offering them the prospect of reaching associate
status within three years but its certainly not
an easy mission and youll need to put a lot of
hard work and time into it. However, if youve
got a flashy MBA and at least three years of work
experience boosting your CV, you can start out as
Analysts and Associates work in the firms main

departments including investment banking,
global markets, and corporate infrastructure, with
the latter covering the subdivisions of finance,
technology and operations. These programmes
usually start with two to six weeks of training after
which you will return to your desk and work on a
variety of projects. Depending on the unit, this can
entail running your own transactions, dealing with
clients, or producing financial analysis. Supervisors
keep a close eye on you so make sure you dont lag
behind.
Those with wanderlust need look no further:
Nomura offers international programmes in the
Asia-Pacific region for both associates and analysts.
Starting with a classroom-based training, this
programme can have you travel around Hong Kong,
Singapore, Korea, Japan or Australia. Language skills
are definite must-haves!
Internships
In your penultimate year of uni? Then Nomuras

ten-week internship programme for both
wannabe analysts and associates may be for
you. The placement covers investment banking,
global markets, IT and operations, schooling you
comprehensively in financial markets. The majority
of full-time employees have trodden this path, so
perform well during the programme and you could
very well be offered a permanent position.
While internships have three annual intakes
spring, summer, and winter Nomuras summer
placements are the most popular. Analysts in
Europe can intern in global markets, investment
banking and operations. In the markets division
youll rotate through the fixed income and equities
seats hence be prepared to quickly adapt to
the new desks. All internships provide training
and networking opportunities so make sure you
bleed these dry! Undergrads of any discipline are
welcome to apply, and dont be put off if youre not

a finance or business student.
Associate internships are available in global markets
and investment banking so if you are keen to
expand your knowledge in these areas you better
be studying towards an MBA or advanced degree.
Like the analyst internships, associate schemes
kick off with a week of training, which should get
you ready for the work youll undertake this
can be anything from working on transactions,
restructuring and projects with your communicative
side coming in handy for the high levels of client
interaction.
NOMURA
Nomura also hires penultimate-year students

eager to spend a six or twelve-month industrial
placement with the firm in the operations, IT and
finance divisions. If this sounds like something you
should do, keep an eye open for the placements
that pop up sporadically during the year.
First-year students who have 300 UCAS points
under their belt can apply for a three-day
programme running over Easter. This should give
you a first peek at the firm and the industry while
you cant expect to get involved in heavy workload,
you may be able to land an internship later on. First
year female university students (or second year in a
four-year course) looking for first-hand experience
in investment banking should consider Nomuras
Womens Immersion Program. This two week
programme (generally held over Easter) will have
you spend real time with a specific desk as well as
attend numerous presentations and skills training
and of course work and mingle with bankers at all
levels. A great way to get a feel for the industry
and get a first foot in the door. Not surprisingly,
positions are coveted so youll not only need to
demonstrate initiative, leadership and teamwork
but also master English and preferably have a
second European language under your belt.
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Nomura is an up and coming banking heavyweight

that boasts a full range of securities and investment
banking services. Although best known domestically
as a retail bank, in recent years Nomura has
expanded its international presence, now employing
26,000+ staff across 30 countries, with 18 outposts in
Europe and the Middle East. The firms international
operations were certainly boosted by the headlinegrabbing acquisition of Lehman Brothers in 2008.
Nomura secured the fallen banking stars equities
and investment banking operations in Asia, Europe
and the Middle East.
A Bit of Background
Today, Nomura operates out of Tokyo, but like many

Japanese conglomerates, its origins trace back to
Osaka. Founded by Tokushichi Nomura II in 1919,
the firm was built on the model of Japans first
private bank, Mitsui zaibatsu, and on Christmas Day
1925, Nomura Holdings was established as Nomura
Securities. Just two years later, the firm made its first
step to becoming an international powerhouse, with
a subsidiary opening for business in New York.
In 1946, its head office made the aforementioned
300 mile move east to Tokyo, and in the early Fifties,
Nomura began managing investments. The ensuing
years were marked by international expansion, with
the firm joining the swinging epoch of London in
1964. Jump forward forty years or so, and Nomura
changed to a holding company structure, with the
firm being listed on the New York Stock Exchange in
December 2001.
The past decade has seen concerted efforts in
gaining a continental foothold, a tactic which has
brought some success. In 2005, Nomuras alliance
with Rothschild strengthened cross-border M&A
advisory opportunities between Japan and Europe,
leading to a strategy of distributing Japanese and
Asian products into Europe.
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Then, in 2008, came the acquisition of Lehman

Brothers, a deal that was subsequently plastered
across newspapers and TV reports worldwide. But
amongst the dollar signs and business conjecture,
was the direct human effect, with the move
preserving thousands of bankers jobs and bolstering
Nomuras ranks by over 8,000. The firm not only
inherited a dedicated workforce, but 20 offices
in Europe and the Middle East, and Lehmans
impressive roster of FTSE 100 clients.
Nomura has expanded its international

presence, now employing 26,000+ staff
across 30 countries, with 18 outposts in
Europe and the Middle East.
RBS
RBS
COMPANY PROFILE
With over 30 million customers using The Royal Bank of Scotlands financial services across the globe,
the RBS Group is one of the largest companies in the world. Based in Edinburgh, the firm is divided into
six main operating arms, which in the UK include the Groups corporate, insurance and personal division.
Global Banking and Markets (GBM) represents the investment banking arm of the RBS Group.
PROS
Good work/life balance and flexible working

arrangements
Friendly and supportive working environment
Compensation is competitive
Good training opportunities
THE STATS
Approx. grad hires in 2012-13: 700 across the RBS Group
Approx. intern hires in 2012-13: 600 across the RBS Group

Nomura offers its clients a full range of securities

and investment banking services; these include asset
management, merchant banking, corporate advisory,
derivatives, foreign exchange, sales and trading,
research and capital raising. On the continent, the
firms focus is on securities brokerage services,
underwriting, M&A advisory and asset management.
Banking Business & Commercial Banking Business

Services Leadership Corporate & Institutional Banking
Corporate Head Office Global Restructuring Group
Global Transaction Services Markets Markets and
International Banking Operations Procurement Services
Property Services RBS Communications & Marketing
RBS Finance RBS Group (Leadership and Professional)
RBS Risk Security & Risk Technology Technology
Services UK Retail Wealth management
LOCATIONS
Worldwide Locations:
Australia Austria China Denmark Germany India
Indonesia Italy Jersey Korea Luxembourg Mexico
Romania Slovakia Taiwan United Kingdom United
States
CONS
Long working hours and high pressure in some

business divisions
Lack of transparency and direction from the top
London Office:
250 Bishopsgate
London EC2M 3AA
United Kingdom
www.rbs.co.uk
tel: +44(0)20 7085 5000

Graduate Programme Info:
Approx. graduate hires in 2012-2013: Approximately 700
graduates across the RBS Group
Relevant degree disciplines: All academic disciplines
Length of graduate programme: 2 year programme in
GBM Markets, Technology and Operations and a 3 year
programme in GBM Banking
Internship Info:
Approx. intern hires in 2012-2013: Approximately 600
across the RBS Group
Relevant degree disciplines: All Academic Disciplines
Length of Internship: Easter Insight Programme: 1 week |
Summer Internship: 10 weeks
Dates of Internships: Easter Insight Programme: April 2013
| Summer Internship: July September 2013
Application deadline: Easter Insight Programme: 31
January 2013 | Summer Internship Programme: 31 January
2013
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In the UK, the Royal Bank of Scotland Group

offers 30 graduate programmes within its
Leadership and Professional arm. There is a vast
number of opportunities ranging from private
banking & advice, global transaction services,
security & risk, to communications, wealth
management, property services and finance. If
you add internship positions on top of that, the
Group provides well over 30 schemes for recent
graduates and current undergrads. Within GBM,
intern and graduate opportunities exist within
each of the four business divisions; Banking,
Markets, Operations and Technology.
With the initial application complete, all applicants

should be prepared for psychometric testing
either a reasoning or numerical test, and in some
cases both. Sometimes tests can be completed
online, but some candidates including GBM
Banking hopefuls may also be invited to an
ability centre where they will have to take these
aptitude tests in person. Reasoning tests are
designed to check out your problem solving skills
whereas numerical tests will probe your ability
to work with anything number-related so you
better familiarise yourself with percentages,
graphs, tables, etc.
There is a vast number of opportunities

ranging from private banking & advice,
global transaction services, security & risk,
to communications, wealth management,
property services and finance.
For some programmes, including M&IB

Technology, applicants are required to first pass
a telephone interview before being invited to
an assessment day. The 35-minute telephone
interview will screen your motivation levels
for the role and questions could focus on your
achievements and passions e.g. What are you
proud of?, Tell me of a recent achievement or
What are you passionate about in life?
The entry requirements vary by programme, but

you will generally have to make sure that your
grades live up to the firms high expectations.
Its good to know that academic discipline does
not matter as much as having a keen interest in
finance and business. Apart from a solid academic
background, RBS Group is also keen to employ
those with strong analytical and organisational
competencies. Soft skills are also important and in
particular communication, numeracy, negotiation,
language and presentation skills.
The Hiring Process
The application process varies between GBM

programmes and non-GBM programmes but
irrespective of which scheme you apply to, an
online application form will kick proceedings off.
The application format varies slightly from one
programme to another.
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RBS
Now its time to give yourself a pat on the back

youve made it to the assessment centre! This
consists of a mix of psychometric tests, situational
interviews, group exercises and individual tasks,
such as giving a presentation or getting involved in
a role play.
The interviewers will be keen to

find out about some of your core
competencies such as your leadership,
decision making, teamwork and
communication qualities.
important to demonstrate your team people skills

here. The presentation will give you 25 minutes to
read through a longish case study which you will
have to summarise and present on a flip chart in
10 minutes to an assessor expect some gruelling
questions afterwards! Role plays are often based
on a business scenario and will see you deal with
problems such as having to manage a troublesome
colleague.
Role plays are often based on a

business scenario and will see you deal
with problems such as having to manage
a troublesome colleague.
M&IB Banking and M&IB Technology candidates
can breathe a sigh of relief, theres no final
interview! The rest of you unfortunately cant
relax just yet The final stage is a competencybased interview, which is likely to start with asking
you about your career motivation so expect the
usual questions such as Why do you want to work
for RBS Group?, or Why have you applied to this
particular division?. The emphasis will be both
on the technical and commercial so make sure
your business acumen is up to scratch and you
know about the firms structure. The interviewers
will be keen to find out about some of your core
competencies such as your leadership, decision
making, teamwork and communication qualities.
Make sure you come with a long list of examples
of when you have led a team and had to deal with
a problem, or when you did not manage to stick to
a deadline, etc.
Graduate and Internship Programmes
Within M&IB, three of the four graduate

programmes last for two years (including Markets,
Operations and Technology), however the Banking
programme is a three year programme. Each
scheme involves a certain number of rotations
which you will have to complete within the firms
various departmental functions. The graduate
programme within Markets however is not
rotational.
M&IB Internships for penultimate year students
run during the summer months for 10 weeks and
offer great insight into the business and a head
start if you are trying to secure a graduate role
ahead of your fellow students. There are also
opportunities available for first year students,
through RBSs Spring Week programme. Lasting
a week, interns will gain first-hand experience
of the banks inner workings, and if you make a
good impression, you may even be offered a place
on the summer scheme the following year! The
deadline for both internships is 31st January 2013,
and like the graduate schemes, you can apply
for positions in one of the four M&IB divisions;
Banking, Markets, Technology and Operations.
RBS run a similar programme for their Group
Leadership and Professional programmes,
main difference being that these internship
opportunities close a little later 31/12/2012
For the group exercise, you will work with four to

five other candidates and present a proposal to
the team which will then be discussed. Its really
81
With over 120,000 employees worldwide and

some of bankings biggest brands under its
umbrella, the Royal Bank of Scotland Group has
come a long way since being founded by Royal
Charter over 280 years ago. Although RBS group
accepted bailout funds in the wake of the 2008
financial crash, the group today pulls in global
revenues in excess of 30 billion thanks to its six
primary operating arms and subsidiaries.
RBS brand takes on these duties in Europe and the

Middle East. The Group has a particularly strong
presence in Romania, the UAE and Kazakhstan.
A Look at Divisions & Departments
RBS Insurance plays an important role in

the RBS machine, with its status as the UKs
number one home and motor policy provider.
This division comprises some of the industrys
most recognisable names, including Direct Line,
Churchill and its vehicle recovery business, Green
Flag.
As the investment banking hub, RBS M&IB

(Markets and International Banking) provides
financial services and solutions throughout the
globe. The Groups M&IB arm specialises in
debt financing, risk management, investment
and advisory services, and transaction banking.
M&IB provides these services to corporations,
governments and financial institutions, servicing
its clients from financial centres in six of the
worlds regional hubs: London, Stamford, Hong
Kong, Singapore, Tokyo and Sydney. M&IB is
subdivided into four major business divisions;
Banking, Markets, Technology and Operations.
The group today pulls in global

revenues in excess of 30 billion thanks
to its six primary operating arms and
subsidiaries.
UK Corporate is the largest provider of banking,
finance and risk management services to domestic
corporate and commercial customers from SMEs
to UK-based multinationals with global transaction
services as its key subsidiary.
The Group also has an EMEA retail and
commercial division, similar to its US arm. RBS
Groups products and services are disseminated
across Ireland through the Ulster Bank, while the
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Personal Banking is made up of its household

retail and business banking names including its
namesake the Royal Bank of Scotland plc, National
Westminster Bank (most commonly known as
NatWest), Ulster Bank, Drummonds, and Coutts &
Co as well as its wealth management services.
The Citizens Financial Group and Charter One

Bank distribute the Groups products and services
across the US. The former is the 8th largest bank
in North America, meaning that US retail and
commercial is a vital branch of the RBS tree.
A little bit of history
After operating from one Edinburgh site for the

first 50 years, RBS opened a second branch in
Glasgow in 1783. Yet, it was only when the bank
established a site in London that it began to really
expand during the 1870s. RBS first merged with
a number of English banks and while London was
beginning to swing in 1960, the bank set up a
post in New York. The bank continued to acquire,
culminating in Britains biggest bank takeover with
the buyout of NatWest in 2000. RBS then went
to smash the record for the worlds biggest bank
takeover in 2007, with the acquisition of ABN
AMRO. The next year, the banks fortune changed
and with the financial crisis biting at it heels,
RBS Group recapitalised and announced that the
British Government (HM Treasury) would take a
stake of the Group.
For centuries, the Rothschild name has been synonymous with art, culture, great wines and, of course,
finance. Today, The Rothschild Group is the worlds largest independent merchant and investment bank,
not to mention one of the most prestigious.
PROS
Excellent reputation in Europe

Stable company, especially in light of the recent
crisis
Youre able to gain a lot of experience very
quickly
Very low staff turnover
Reasonable hours and friendly working
environment (compared to other banks)
THE STATS
CONS
Eurocentric, with a limited US presence

Sometimes misses out on the biggest deals
because of a smaller balance sheet
Can be pretty hierarchical from time to time
Diversity initiatives dont take centre stage
DEPARTMENTS
LONDON OFFICE
1 King William Street
London EC4N 7AR
Tel: +44 20 7280 5000
www.rothschild.com
Asset Management Corporate Banking Growth Equity

Investment Banking Merchant Banking Private Banking
& Trust Venture Capital
No. of Employees: Approx. 3,000
LOCATIONS
No. of offices: 49
European Locations:
Amsterdam Athens Barcelona Birmingham Brussels
Bucharest Budapest Frankfurt Geneva Guernsey
Istanbul Kiev Leeds Lisbon London Madrid
Manchester Milan Moscow Paris Prague Rome
Sofia Stockholm Warsaw Zurich
ROTHSCHILD
ROTHSCHILD
COMPANY PROFILE
Graduate programme info

Approx graduate hires in 2012-2013: 30-35
Length of grad programme: Permanent
Internship info
Approximate intern hires in 2012-2013: 50-60
Length of internship: 10 weeks to 6 months
83
Satisfaction with Work
Im satisfied with working at this firm. Work is

challenging and would regard what I do as highstandard. Clients expect high-quality work, and
thus lots of thought is put into each presentation.
Analyst, Investment Banking, M&A
Extremely. I have been involved in a range of
interesting projects and live processes this has
provided a variety of learning opportunities. The
highlight of working for Rothschild is the exposure
to leading businesses.
Analyst, M&A
Hours
I could be spending less hours in the office,

although the hours I am in the office kind of fly
by. It is not so much un-enjoyable to be spending
so much time in the office, it is more the fact that
you dont have much time in the evenings to cook,
play sports, etc.
Satisfied. I expected to work long hours and do. It
is less common to work weekends which provides
a welcome balance.
Analyst, M&A
I am very happy with the learning opportunities

I am provided with and exposure across sectors/
valuation techniques.
Analyst, Entry level
You need to understand that in your first

few years you will work a lot. My experience
confirmed my expectations.
Culture
Tips & Advice
Office culture is quite relaxed, yet fairly

traditional. The juniors are all quite relaxed around
each other but the more senior bankers are less
visible and enjoy significant respect within the
firm. Teams go out often, even if its just for a pint
after work on Friday in the next-door pub.
The hours are long, but Rothschild ensures you
are rewarded for your efforts.
Analyst, M&A
My team is very sociable we have been on a
few events outside of the office. There are more
opportunities to socialise across the teams as well.
On this front Rothschild is very good.
Pluses
Favourite part: Exposure to firms and people

within those firms when you work on transactions;
you get to know a lot about the inside workings of
the firms you work with.
Working with intelligent people. Client
interaction. Fast-paced, demanding environment.
Working with leading businesses.
Analyst, M&A
Minuses
Least favourite: The hours.

ROTHSCHILD
Dealing with the numerous IT issues.

Analyst, M&A
Dealing with conflicting deadlines.
The feeling that I learn every day.

Please be realistic about the job, ask people you

know who are doing this job what its like and be
honest in your interview. No one will believe you
when you say that youve wanted to be a banker
since you were 5 years old and cant wait to do
4 all-nighters a week. Be critical, ask the right
questions back in your interview and know your
stuff well.
My only advice you need to understand what
distinguishes Rothschild from other banks in the
City, as most probably the interviewers will expect
you appreciate unique business model, as well as
the difference in culture and learning curve.

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85
Making the cut at Rothschild is difficult, in large part

due to a low staff turnover attributed to the fact
the firm only recruits candidates who are interested
in building an extensive career there. Rothschild
wants bright, energetic graduates, enthusiastic
about the company, global financial advisory
as this is the sole area the bank offers graduate
schemes in and the investment banking industry
in general. Strong A-levels and a top degree are
expected of all applicants, although the discipline
doesnt necessarily have to be based in business or
finance. However, candidates must possess strong
numeracy skills and be analytical masterminds.
Rothschilds ideal candidate is not solely defined
by these favourable characteristics. You also
need to be driven and have lots of ambition to
make it in investment banking. How best to do
this, you wonder? With plenty of common sense,
an eagerness to learn and a strong work ethic.
Rothschild expects its graduates and interns to be
fully integrated into the team so you need to feel
confident about the amount of responsibility you
will be given. However, there is no need to get all
boastful as the firm is after down-to-earth folks
who will fit in with Rothschilds company culture.
The Hiring Process
The firm tends to hire 20 to 25 graduates each year

and the hiring process starts off with an online
application form. Expect to fill in gaps with the
usual stuff such as academic background, skills,
career motivation etc. Keep in mind that only a
relative small number of applicants will be invited
to interview so make sure you spend enough time
on this first stage.
A successful application will be rewarded with
an initial 30-minute interview, accompanied by
verbal and numerical tests. These will ask you to
86
interpret data from a table, graphs, and charts so

familiarise yourself with rations, fractions, currency
conversions, percentages etc. An understanding of
inflations and rebasing will also come in handy.
Youre likely to be interviewed by two people
and can expect to be grilled on your technical
knowledge. The firm is also keen to find out how
much effort youve put into researching Rothschild
so make sure you keep track of recent events
and deals. A typical question would be How is
Rothschild different from other firms?. Interviewers
may also ask you to comment on company market
values and profits so you better know the answer
to these questions. The first stage will be heavily
competency-based as well so you should come
armed with a list of examples on how youve
demonstrated your teamwork, communication or
leadership skills. Dont forget to familiarise yourself
with numerical reasoning tests as youre not likely
to pass this stage without previous practice!
If youve done well in the first interview youll be
asked back for more. There should be at least two
rounds of panel interviews. Now, if you think the
first stage was difficult think again. This is where
things get tough and the firm will seriously stretch
your knowledge about the financial markets and
throw in very precise and detailed questions such
as How do you compute a valuation?, What is a
P/E ration? or Why is industry x doing better than
industry y?. Its challenging, but interviewers will
want you to perform well and you can impress with
honesty and making the interview engaging. You
may also have the opportunity to meet up with
some recent graduates currently training at the firm
and find out what work is really like at the firm.
Programmes for Graduates, MBAs and PhDs
At Rothschild graduate schemes can be taken

up primarily at analyst level. Hence PhD or MBA
candidates interested in associate roles are advised
to apply for one of the companys experienced hire
programmes.
Graduates are placed in Rothschilds global financial
advisory division, and as a new recruit you will join
one of the teams in M&A, equity advisory, or debt
advisory and restructuring. The firms services cover
a number of sectors such as property, consumer
products or healthcare so you will gain exposure to
most of these during your training period.
However, dont expect a break from studying
when you join the Rothschild clan as your graduate
programme will start off with six weeks of training
in London where the firms new hires from across
the globe will get to meet each other. The first
week will introduce you to Rothschild and its
structure whereas the remaining five weeks will
be spent in the classroom this is made up of
intensive training, teaching the fledgling banker
the ins and outs of financial analysis, investment
banking and related financial markets and legal
issues. Those from a non-finance background
should have nothing to worry about as this rigorous
training will help you catch up and you can always
look forward to the teambuilding weekend in a
fancy countryside location rounding up the training
programme.
After this, graduates are seconded to their chosen
office and allocated to a number of different teams,
with the prime objective of immersion in real
work. Responsibility is placed upon graduates
from the offset. The majority of tasks will include
research, analysis and financial modelling, and a
steep learning curve and long hours go hand in
hand with this. International opportunities will also
crop up during your time at Rothschild although
they are likely to be very competitive.
Internships
If you want to get to know Rothschilds ethos, you

better sign up for one of the firms associate or
analyst internship schemes. Ten-week summer
internships for students in their penultimate year
are on offer, and like the grad schemes, these
are only available in the global financial advisory
division. You can expect to spend your first week
at Rothschild undertaking a training programme,
which covers subjects such as accounting, financial
analysis, computer training and data research.
Although you will be working in one division, you
will still get an understanding of the firms other
business areas that include corporate banking,
private banking, and asset management.
ROTHSCHILD
Long-term internships lasting three to six months

are also on hand and would suit both graduates and
second-year students. Its good to keep an eye open
for these placements as they are offered all year
round. Youre likely to work on transactions and
marketing projects and should also be prepared to
do some research and analytical tasks.
Long-term internships are probably more fruitful
than summer internships when it comes to
retention long-term interns are often offered a
bespoke place on Rothschilds graduate scheme.
Nonetheless, the firm is still after high calibre
candidates for both of their internship programmes
as you will need to be an academic highflyer and
outgoing professional.
Gap year students can apply for a six-month
placement taking off in September or March. This is
based in London and after an initial training period,
you will get to start work straight away. The firm
only accepts people who have a keen interest in
the financial and economic markets so if youre
planning to embark on a business-related degree,
you will stand a good chance of being accepted.
87
Rothschild is the investment banking branch of

family-owned N.M. Rothschild Group the largest
independent merchant and investment bank. For
two centuries, the firm has been providing financial
services to governments, corporations, and
wealthy individuals through its 49 offices in over 34
countries worldwide.
Rothschild offers corporate finance advise across a

wide range of sectors including property, financial
institutions, consumer products, transportation,
health care, natural resources, industrials, business
services, oil and gas, infrastructure, media and
technology. The business is structured around 3
main areas:
Rothschild has a strong reputation in M&A advising,

with its strength centred in Europe. Despite an
excellent international reputation, Rothschild has
sometimes struggled to keep pace with the larger
pace setters and remain independent. The bank
went through a notable reshuffle in September
2002 whereby 13 separate private banking units
were aggregated into a single worldwide private
banking business. Then in December 2002,
the retail and institutional asset management
businesses were sold to Insight investment
management, the fund arm of British bank HBOS.
This redistributed the power so that both English
and French sides of the family would have an equal
stake in the firm. This was effective in mitigating
cross border relations throughout Rothschilds
complex private network.
The banks investment banking provides financial

advice and execution expertise in mergers &
acquisitions, debt advisory, restructuring, and
equity advisory.
ROTHSCHILD
COMPANY PROFILE
Its Corporate Banking arm includes include lending,

treasury, asset finance, offshore banking and
investor relations, while private banking and Trust
business offers independent advice on strategic
planning, trust and fiduciary services, investment
management and credit solutions services to
wealthy individuals, families, trusts and charities.
Rothschild also has a stake in other business areas
including venture capital, asset management, and
growth equity.


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89
Socit Gnrale is one of the oldest banks in France and, over the course of the last 150 years, has
grown into a domestic powerhouse with a strong international presence. In the UK, the bank offers a
number of financial services for both corporate and private clients.
PROS
Reasonable hours
Friendly office environment
Great ethnic and gender balance
Strong remuneration packages
CONS
Tight budgets and tough deadlines

Management dominated by French based
employees
Lack of communication between departments
THE STATS
LOCATIONS

Annual graduate intake: 1,000 from all around the world
UK LOCATIONS
Cambridge Edinburgh Leeds London Manchester
Milton Keynes Southampton

Accounting & Finance Capital Markets Information
Technology Investment Banking & Global Finance
Operations
LONDON OFFICE
SG House
41 Tower Hill
London EC3N 4SG
Tel: +44(0)207 676 6000
www.societegenerale.com
Socit Gnrale Corporate & Investment Banking

Global Graduate Programme offers a 2 year
financial course to approximately 1,000 graduates
from all over the world every year. Programmes
take place in the following business disciplines:
Capital Markets, Investment Banking & Global
Finance, Accounting & Finance, Operations,
Information Technology.
As part of the grad scheme, you will receive support
and ongoing development in a variety of different
forms; from on-the-job training to a mentoring
scheme. A degree in business or engineering is a
must and candidates who have both experience
within the banking industry and a second language
at their disposal will be at a distinct advantage.
COMPANY PROFILE
Founded in May 1864, Socit Gnrale has
developed into a commercial powerhouse in France
and beyond; boasting a significant international
presence. Now employing more than 160,000
people around the world, the bank is highly client
focused and caters to the needs of a variety of
customers, from individuals all the way up to multinational corporations.
Socit Gnrales UK operations are divided into
four business areas: investment and corporate
banking, private banking, financial securities
services and, finally, specialised financial services.
In the UK, Societe Gnrale employs almost 2,300
people who are split between the banks head
office in the City of London and offices across
the length of the country from Southampton to
Edinburgh.
Nicknamed SocGen in the financial world, the
bank was nationalised following World War II
and the French government remained the banks
only shareholder until 1987 when the bank was
privatised.
90
The application process begins with a form covering

academic history and personal interests before
a telephone interview probes a little deeper into
candidates backgrounds; looking at experience
and skills relevant to the graduate scheme. While
the phrasing may vary, expect questions along the
lines of, What skills make you outstanding?, What
are your long term career goals?, When have you
worked well under pressure?, and When have you
demonstrated good teamwork? The final phase of
the process will be an assessment centre which is
likely to be held in London.
Socit Gnrale
Socit Gnrale
Although the bank has been involved in a number

of high profile acquisitions, alliances and mergers
since its incorporation almost 150 years ago, the
most recent was in 2009 when Socit Gnrale
formed an alliance with fellow competitors
Crdit Agricole, agreeing to combine their asset
management operations. Although Crdit Agricole
hold the lions share of the business, (70%), the
combination of the two banking heavyweights
means that the new entity, Amundi, is the
fourth-largest asset manager in Europe and ninth
internationally.
The years since the start of the global financial
crisis have been uneven times for the bank to say
the least. As well as being affected by the crisis, the
bank lost 4.9billion following allegedly fraudulent
trading by Jrme Kirviel, a junior trader with
the bank. SocGen appeared to re-find its footing
in early 2011 but ended the year with its shares
losing over 50% of their value after unfounded
rumours that the firm was headed for bankruptcy
were circulated in the press and online. SocGen
successfully sued the Mail on Sunday for damages
for their part in this.
91
Driven by a desire to be the worlds best international bank, Standard Chartered is a bank with big
ambitions. Currently operating in more than 70 countries around the world, with a special focus on Asia,
Africa and the Middle East, this London-based bank employs 2,000 people in the UK.
PROS
Flexible working conditions

Employees are encouraged to take
responsibility
Good for personal development
CONS
Average pay and bonuses

Lack of direction from management
candidates will learn on the job as well as having

the opportunity to earn their Chartered Financial
Analyst (CFA) qualification.
asked about your strengths, achievements and why

you would be well suited to the specific scheme
youve applied to.
Within the Specialist Functions programme,

graduates can select from one of three areas:
Corporate Real Estate Services (CRES), Group
Internal Audit (GIA) or Human Resources. For the
18 month duration of these programmes you will
be supported by a Graduate Development Manager
and receive frequent feedback on your progress.
If your initial interview goes well youll be asked

to attend an assessment day. Expect the interview
which kicks off this final part of the recruitment
process to be a step up from the previous one. As
well as fielding competency-based questions, you
will be expected to showcase your communication
skills and prove to assessors that you have the
skills necessary to adapt to work within Standard
Chartered.
Application Process
THE STATS
LOCATIONS

Branches worldwide: 1,700

Countries: 70+

Consumer Banking Wholesale Banking
European Locations:
Austria France Germany Guernsey Ireland Italy
Jersey Russia Sweden Switzerland Turkey United
Kingdom
LONDON OFFICE
1 Basinghall Avenue
London EC2V 5DD
Tel: +44(0)20 7885 8888
www.standardchartered.com

The Standard Chartered International Graduate
Programme is made up of three main sectors:
Consumer Banking, Wholesale Banking and
Specialist Functions. Within these streams there are
a number of sub categories to which graduates can
apply.
All graduates on the Consumer Banking scheme
will complete the same programme which lasts
for 18 months and includes four rotations. This
92
begins with the mandatory International Induction

Programme (IIP), present in all schemes, and is
followed by academic programmes in Kuala Lumpur
and Singapore.
Those wishing to apply for the Wholesale Banking
programme must choose one of four areas to
concentrate on: Coverage & Corporate Finance,
Financial Markets, Principal Finance or Transaction
Banking. During all of the 12-month programmes,
As with most grad scheme applications, the process

starts with an online form where youll outline your
personal information, academic background and
previous employment history. After the application
has been filled in, an online assessment testing
your numerical and reasoning abilities awaits
you. Next up is either a telephone or face-to-face
interview lasting around an hour. Expect to be
STANDARD CHARTERED
STANDARD CHARTERED
Interviewers also need to get a sense of how well

individuals work in a team and their ability to
handle pressure, so you should expect a group
exercise. The day will conclude with a presentation
on a topic given to you earlier that day.
COMPANY PROFILE
Created by the merger of the Standard Bank of
British South Africa and the Chartered Bank of
India, Australia and China, Standard Chartered
PLC now employs over 87,000 staff in 70 different
countries. Since being listed on the London Stock
Exchange in 1969, the London-based group has
continued to expand by making a number of high
profile acquisitions, including the American Express
Bank in 2008, and has thus firmly established itself
as one of the top-20 companies in the FTSE 100 by
market capitalisation.
Standard Chartered has a presence in 13 European
markets and is now one of the UKs largest banks,
employing 2,000 people here. The bank is also likely
to be a familiar name to football fans as Standard
Chartered has been the main sponsor of Liverpool
Football Club since July 2010. Despite a global
presence, Standard Chartered has a strong focus

on emerging markets in Asia, Africa and the Middle
East with 90% of its operating profits coming from
these regions.
Standard Chartered is committed to sustainable
business development, and dedicated to a number
of altruistic ventures. From supporting women in
business to running an HIV and AIDS awareness
programme, and promising to cut its carbon
emissions by 2020, Standard Chartered is proof that
a company with a strong moral compass can still be
a successful business. In fact, back in 2010 the bank
was named Global Bank of the Year in the Bank of
the Year awards run by financial affairs magazine,
The Banker.
93
UBS
UBS
This financial powerhouse employs approximately 65,000 people across more than 50 countries, and
provides wealth management, investment banking and asset management services to a long list of top
clients.
PROS
Lots of responsibility from an early stage

Solid pay and benefits
Hours arent too bad
Good opportunities to advance your career
THE STATS
Approx. grad hires in 2011-12: 300
DEPARTMENTS
Asset management services Investment banking
Wealth management
CONS
Reputation has suffered because of financial

crisis
Sometimes poor internal, corporate
communication
Very large firm so personal input can feel
insignificant
Promotion structure can be unclear
London Office:
3 Finsbury Avenue
London EC2M 2PP
www.ubs.com

How to apply: www.ubs.com/graduates
LOCATIONS
No. of locations worldwide: 50+ countries
graduate
st
te
a
l
e
th
t
e
G

articles
career news &
he web
from around t
os hiring
Find out wh
p of the
and stay on to
latest jobs
engage
Connect and
people
with the right
94
European Locations:
Austria Belgium Birmingham Cyprus Czech
Republic Edinburgh France Germany Greece
Hungary Ireland Italy Jersey London Luxembourg
Manchester Monaco Netherlands Newcastle
Poland Russia Spain Sweden Switzerland Turkey
UK Ukraine
95
UBS actively recruits from the top universities

throughout Europe, taking on graduates as analysts
and MBAs as associates. Undergrads can also apply
for various internships, but landing a job at UBS
is no walk in the park and entry requirements are
tough for all applicants. The firm is after candidates
who can demonstrate excellence in the core
competences needed to make it in investment
banking.
This sounds rather intimidating so lets try and
get some of the myths out the way: Do you need
to be an expert in all things financial? No, but
you must be very commercially aware and have
proven knowledge of and interest in the investment
banking industry and UBS in particular. Do you
need to be analytically sharp and keen on solving
heavy problems? Definitely! The firm is after
people who possess a logical approach to work
and its important you come across as such. Do
your leadership qualities have to outweigh your
teamwork abilities? Not, really. UBS wants people
who are both good leaders and communicative
team players. Being interpersonal and sociable is a
must!
What about all this talk on being innovative
and creative? Well, investment banking is not
as conformist as you may think and the firm is
genuinely keen to hire those who are adventurous
enough to come up with new ideas and
approaches. How organised do you need to be?
The answer is, very! In fact you do not only need to
convince with managerial aptitude and initiative,
but also with sound decision-making skills. Above
all though, you need to be driven and committed
to your career choice and have the intellectual
aptitude UBS is after. Strong academic credentials
are as always a given so make sure you keep up
with the grades.
96
with the team. Finally, the second interview will be

a bit like the first, with more competency-based
and some technical questions mixed together.
The Hiring Process
With European recruitment broken into three

geographical areas the UK and Ireland,
Switzerland, and continental Europe the process
differs, but usually begins with the now seemingly
ubiquitous online application. After submitting
the online application form, you will have to pass
an online numerical test, which will be timed and
includes around 25 to 30 questions testing your
logical ability. Wow at this stage and further tests,
interviews and an assessment centre lie in wait.
However, first up is an initial interview that will
primarily be competency-based. Make sure you
come prepared with a multitude of examples
showing off your teamwork, communication skills,
motivation and so on. Questions could include
anything from Why should we select you?, What
are your strengths? to How is UBS different from
other banks?. Interviews tend to be informal, with
the emphasis placed on finding individuals that
will fit with the UBS culture. Also expect to face
another numerical test, which is likely to consist
of 40 questions for which you will have around 35
minutes.
If youve done your homework for round one,
youll be back for round two, an assessment centre
consisting of another numerical reasoning test,
a presentation, a group exercise and of course a
further interview. The presentations will be based
on a case study and, with a specific question
to answer, youll have to prepare a 10-minute
presentation within 45 minutes. Expect to be
criticised and bombarded with questions, but
dont get irritated and make sure you argue
constructively and concisely. The group exercise
will see you work in a team of 8 or so and have
you read and discuss a business-related scenario.
This should take no longer than 20 minutes, which
doesnt sound like much, but youll be closely
watched all along so make sure you interact well
Programmes for Graduates and MBAs
UBSs graduate programmes are available in all four

of its business arms investment banking, global
asset management, wealth management and the
corporate centre. Hence you can take your pick
and choose from all the business units on offer,
which also include equities, risk, HR, operations, IT
and equities. The firms global asset management
department is one of its biggest, providing real
estate investment advice to clients. Graduate
schemes invariably last between 18 and 24 months.
Each one is broken into modules on financial
markets, general business topics, and UBS products.
For analyst positions, UBS hires grads from all
disciplines whereas aspirant associates need to
come armed with an MBA. Training usually takes
place in either London or New York and you better
get ready for the five to eight weeks of studying
that lie ahead with classroom instruction, case
studies, presentations and practical exercises.
Role-specific training will also be provided on the
job and you can expect to get a taste of real-world
finance with some typical day-to-day and on-thejob-training. If this sounds a little daunting, dont
fret youll receive support from your managers or
perhaps even be assigned a mentor, depending on
the department.
Once you have completed the UBS graduate
scheme you can look forward to good international
prospects. The firm has almost 80,000 employees in
50 offices worldwide and as long as youve got the
language skills and the perseverance, you should be
able to compete for one of these roles.
Associate and Analyst Internships
Like many large firms, theres no better way to get

your foot in the door than through an internship. In
fact, many interns at UBS are taken over as full-time
employees if they master the final assessment at
the end of the placements so keep on the ball.
UBS
The firm offers both analyst and associate

internships although you need to be a first or
second-year MBA student to qualify for the latter
(the former is typically open to undergrads in their
second year). Summer internships last 10 weeks
and start with a three-day orientation and training
programme that lines out the basics, giving you an
introduction to the firm and preparing you for the
internship in general.
Winter internships are also on hand, these are
usually of a 12-week duration and like the
summer internships can be taken up in the
firms main business areas, which include asset
management, finance and investment banking.
Expect to shadow various team members, learning
the role as you go before eventually taking on
some of the jobs responsibilities. Interns are also
given the chance to attend sports days and events,
internal training courses and breakfast meetings,
with the latter designed to educate about all areas
of UBS business and show the career options
available at the firm.
If an industrial placement is more your cup of
tea, you should expect to stick with UBS for six
to 12 months and have a strong interest in IT,
risk, derivatives and global asset management.
Like internships, industrial placements can be a
springboard to a career at UBS, but by no means a
guarantee.
If youre still uncertain about a career in investment
banking, you should probably participate in the
week-long UBS insight programme that takes place
in the firms London office in March and April.
Should you like what you see and vice versa, you
may have the chance to get fast-tracked into the
firms summer internship.
97
COMPANY PROFILE
The Big Swiss cheese has had its fair share of
troubles of late, but despite the uncertainty, UBS
AG still remains a giant of global banking. A market
leader in retail and commercial banking in its
homeland, UBS serves its international list of clients
in wealth management, investment banking and
asset management. Headquartered in Zurich and
Basel, this financial powerhouse really is a global
player, employing approx. 65,000 people worldwide
across over 50 countries.
A Bit of Background
The result of a merger between the Union Bank of

Switzerland and the Swiss Bank Corporation (SBC)
in 1998, the new firm was originally supposed to be
named the United Bank of Switzerland. However,
the gods of financial fate took the reins; officials
instead opted to call the firm simply UBS, because
of a name clash with the United Bank Switzerland
a part of the United Bank Limiteds Swiss
subsidiary. In 2000, the reborn bank listed its shares
on the New York Stock Exchange, underscoring
its plans for expansion and US acquisitions. And
the firm certainly didnt disappoint: UBS bought
PaineWebber for a staggering $11.8 billion. Initially,
the business was given the divisional name UBS
PaineWebber, but in 2003, the 123 year old
appellation Paine Webber disappeared when it
changed to UBS Wealth Management USA. This
renaming was part of a company-wide rebranding
effort. Out went UBS the acronym; in came UBS the
brand simultaneously consolidating all activities
under one streamlined umbrella. The firm did
retain the three keys of its logo vestiges of its
SBC days representing confidence, security and
discretion.
However, huge financial losses in 2007 threatened
the integrity of these symbolic keys, with UBS
forced into turning to the Government of Singapore
for fresh funding. In fact, the sovereign wealth fund
98
established by the Government of Singapore is still

the largest shareholder of this Swiss behemoth.
Unfortunately, the losses didnt stop there. In 2008,
shareholders voted to accept financial aid from the
firms own Swiss government to restore trust in
the shaken brand. Despite the need for monetary
assistance, UBS remains one of the best capitalised
banks in the world.

Todays UBS operates as a unified global entity,
through four business divisions:
many thanks to our sponsors
UBS Investment Bank provides securities, other

financial products, and research in equities, fixed
income, rates, foreign exchange, precious metals
and derivatives. Employing 15,000 across over
30 countries, it also advises and provides access
to capital markets for corporate and institutional
clients, governments, financial intermediaries,
alternative asset managers and private investors.
UBS Global Asset Management offers investment
products in equities, fixed income, global diversified
portfolios, alternative investments, quantitative
investments, real estate, infrastructure and funds
of funds to its roster of private clients, financial
intermediaries and institutional investors.
UBS Wealth Management employs more than
27,500 personnel in 44 countries, offering high
net worth individuals a range of advisory and
investment products and services, supported by the
firms underwriting and research.
UBS Swiss Bank provides the Swiss market with
a complete set of retail banking services, including
checking, savings, credit card and mortgage
products, for individuals and cash management and
commercial banking services for small businesses
and corporate clients.
99
AN INSIDE LOOK AT
ACKNOWLEDGEMENTS
THE INSIDE BUZZ TEAM
Thomas Nutt is the founder of Inside Buzz and

previously worked for Vault in both New York
and London. His years of recruitment publication
expertise keep the rest of the Inside Buzz team
running smoothly and working hard.
Hannah Maltby is in charge of editorial at Inside
Buzz, which means she is the one who makes
sure the surveys are sent, employee quotes are
collected and posted on the website, and that
all articles and company profiles are written and
edited perfectly.
Danielle May helps in editorial and makes sure
students and universities know about Inside Buzz.
Shes a natural and loves chatting to students
about careers and the importance of doing a bit of
research before sending out their CVs.
Gavin Woods has a keen interest in corporate
journalism and currently juggles a Masters in
English with writing and editing for Inside Buzz.
Gabriella Buonassisi is an editor and writer,

proofreading profiles as well as contributing
several articles to the Buzz Board.
Rebeka Shaid, editorial intern extraordinaire,
makes sure our contents up to scratch and works
hard to gather the latest buzz on companies.
2013 EDITION
Veronique Foulon helps to bring home the bacon.

When not engaged with employers, Vero is usually
jetting off to an exotic location for a little R&R.
Arthur Guy is our web developer and master of
the Buzz-matrix.
And Zo Coles our design and Production guru...
she adds the final magic touch to makes our guide
and website look good!
DownloaD our guiDe:
an insiDe look at graDuate employers

Find out which career is the right one for you.
In this guide you will find:
1,000s of reviews from current employees and interns

Company specific interview advice
In-depth employer profiles and salary info
Get the latest Buzz on:

Boston Consulting group Hogan lovells
100
nomura
Capgemini
JoHn lewis partnersHip
slaugHter anD may
Deloitte
J.p. morgan
tHales
golDman saCHs
kpmg
...anD muCH more!
101
AN INSIDE LOOK AT
Office culture is quite relaxed,

yet fairly traditional. The juniors are
all quite relaxed around each other
but the more senior bankers are less
visible and enjoy significant respect
within the firm. Teams go out often,
even if its just for a pint after work
on Friday in the next-door pub.
In my first 6 months Ive been able

to work on two live transactions,
have been on many client calls with
extremely senior decision makers at
PE firms and corporates, and have
also attended client meetings.
GET THE LATEST BUZZ ON
In this guide you will find:
Barclays Capital
BNP Paribas
Goldman Sachs
J.P. Morgan
Macquarie Group
Morgan Stanley
Nomura
RBS
Rothschild
UBS
In-depth company profiles and salary info

Company specific interview advice for
each bank
Reviews from current employees
Associate, Investment Banking,

M&A, Nomura
Analyst, Investment Banking,

M&A, Rothschild
...and more!
102

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Graduate Deadline: 11 November 2011

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ABOUT INSIDE BUZZ

Whats in This Guide

Bank of America Merrill Lynch

with a one liner, pros and cons, and important

The Buzz on Getting Hired

In some of the profiles youll see quotes from

Tips and advice on the graduate programmes, and

that provides a comprehensive overview of the

100s of in-depth company

THE BUZZ ON GETTING HIRED

Well organised company from the bottom to

Not a lot of opportunity for career progression

GRADUATE RECRUITMENT INFO

Banco Santander offers a number of graduate

Santander has a policy of getting back to both

Santanders recruitment process starts with an

If your initial application is successful you will be

A summer internship programme is also offered

No. of locations: 1,400 branches across the UK

In the century and a half since it was

presence in Argentina, Brazil, Chile, Columbia,

Do you want to work in equities or corporate finance?

DOWNLOAD OUR INVESTMENT BANKING CAREER GUIDE FOR FREE

THE BUZZ ON GETTING HIRED

Strengthened from acquiring Lehman Brothers

Overly politicised (especially in regards to

GRADUATE RECRUITMENT INFO

Graduate programme info

Employees company-wide: 25,000+

Barclays hires graduates and interns on a rolling

The Recruitment Process

Why this position and division? to Where do you

If you think the recruitment process for

Hopefuls should also bear in mind that

The application processes for the various graduate

Graduate Programmes at Barclays

After your applications been screened, youll sit

Analysts need an undergrad degree, though

There are three main graduate schemes at

MBAs and PhDs

Those wanting to secure a role as an associate

Internships are a great way to get that first insight

For first year students, or those in their second

If you wonder what life is like at Barclays, you

This IB giant has offices in almost 30 countries

A global umbrella which can trace its

1986, which eventually developed into Barclays

Having moved from a cluster of English

This IB giant has offices in almost

It is not all about business at Barclays though the

sustainability and charitable initiatives. The

Good management team

No. of employees worldwide: c. 200,000

No. of offices worldwide: 6,000

company also boasts a large, dedicated research

GRADUATE RECRUITMENT INFO

- Worked or interned for a top employer?

The culture is hard-working and friendly. Staff

satisfaction with work

Working with a variety of internal people from