2012 - Careers in Financial Markets - Efinancial

The graduate guide to finding
work in the financial sector

CREDIT AGRICOLE CORPORATE & INVESTMENT BANK .,
Credit Agricole CIB is the Corporate and Investment Banking arm
of the Credit Agricole Group.
Credit Agricola CIB was the first French bank to adhere to the Equator Principles in 2003, which
have since become the standard for responsible project finance. Since i997, the Bank has been
strongly committed to financing renewable energy and is a leading player in the sector. For the Bank,
being responsible means providing our clients with products and services that contribute to
meeting social objectives.
When it comes to Corporate Social Responsibility, there is no better partner for clients than
Credit Agricole CIB.
www.ca-cib.com
GETTING IN
A GLOBAL INDUSTRY 2
A LOCAL START 4
GLOBAL RECRUITMENT
TIMELINES 6
CVS, COVER LETIERS & APPS 10
THE S.T.A.R.
INTERVIEWTECHNIQUE 11
FRONT-OFFICE INTERVIEWS 12
GRADUATE RECRUITER Q&A 16
TESTING, TESTING 20
THE FAMOUS FIVE 22
DIVERSITY CHALLENGE 23
INVESTMENT BANKING
MERGERS & ACQUISITIONS 24
CAPITAL MARKETS 28
SALES, TRADING & RESEARCH 32
ELECTRONIC TRADING 36
COMPLIANCE &
RISK MANAGEMENT 38
OPERATIONS 42
FINANCIAL SERVICES
FUND MANAGEMENT &
INVESTMENT CONSULTING 44
ALTERNATIVE INVESTMENTS 48
GLOBALCUSTODY 50
WEALTH MANAGEMENT 52
INTERDEALER BROKING 56
CORPORATE BANKING 58
DATA PROVIDERS
& RATING AGENCIES 62
IT IN FINANCE 64
INSURANCE 68
ACCOUNTING 70
EMPLOYERS
COMPANY PROFILES 72
W
elcome to the 2012 edition of Careers in Financial Markets,
from eFinanciaiCareers.com. By picking up this guide, you've
taken the first step towards gaining an edge as you strive for
a career in financial services - and you'll definitely need one.
Investment banking is one of the most competitive industries you
could choose to enter. Last year, for every vacancy at investment
banks or fund managers, there were more than 230 applications, while
financial services companies received more than 70 for every open job,
according to the Association of Graduate Recruiters.
We hope that this guide, now into its 11th edition, will help get you
started. Careers in Financial Markets is a global publication and it offers
tips on how to make it through the application process in Europe,
Middle East and Africa (EMEA), North America and Asia-Pacific.
In the first part we cover application forms, CVs, interviews and
assessment centres, including exclusive insights from banks' graduate
resourcing teams and recruitment experts in the financial industry.
Then we look at the job roles in investment banking, from front-office
positions to operational functions. We then move on to careers elsewhere
in financial services, including hedge funds, private
equity, accounting and IT in
All the articles feature contributions fro
industry insiders, and use the US doll
(denoted simply as $) as the default
currency for pay and revenue figures.
This guide is designed to be used in
conjunction with the Student tab on
eFinanciaJCareers.com. The website
features news and regularly updated
advice on how to stay ahead
of the competition.
Cateers in Financial Mari<ets 2012
is pubished by efinancia!Cereers Ud - www.efinancialcareers.com
Project Manager. Janice Chalmers
Designer. Valerio ltaiano
Editor, efinanciaiCareers.com: Sarah &ltcher
Editor, Careers in Financial Marlcets: PEllA Osrke
AP- Sinon Mortlock. Ann Mathavan; EMEA- Nico4e Degli Innocenti;
US - Fted Yager, Scott Krady, Thomas, Janet Ascl)kenasy
Sub-editors: Sue Bald'111g, Annabella Gabb
@2011 eFinanciaiCareers Ud
No part of this pliJiication may be reproduced without pa.mission.
A bird's eye view of each global financial
centre and its individual strengths
A GLOBAL INDUSTRY
T
he diversity of roles within the financial sector is matched
only by the wide range of expertise in countries across
the globe. We examine the key strengths of each region.
Europe, Middle East & Africa (EMEA)
tt's easy to see why, despite recent wobbles, London remains the
top global f inancial centre. It has the largest slice of the biggest
financial pie in the world: London accounted for 36.7% of the
average $4 trillion traded daily on the foreign exchange markets.
London also has a 45.8% share of the $1.2 trillion traded daily on
the over the counter (OTC) derivatives market, and the London
Metal Exchange accounts for 90% of all non-ferrous metals
traded in the commodities sector.
Both Zurich and Geneva are in the top 1 0 of global financial
centres, primarily because of large commodities and wealth
management sectors. Switzerland has $6 trillion in assets within
wealth management, and is number one for trading numerous
physical commodities.
France is Europe's largest fund management hub, with $3.7
trillion in assets under management {AUM). Germany has the
Continent 's biggest debt capital markets sector- $378.5bn
worth of deals were completed in 2010 - and a sizable fund
management industry, with $2.6 trillion in AUM.
Ireland and Luxembourg are major centres for global custody,
administering assets of $2.7 trillion and $32 trillion respectively.
Scotland is gaining a reputation for investment banking operations
expertise, and the Middle East has numerous large sovereign
wealth funds, and is attracting more global private banks.
The Nordic region and the Netherlands are big institutional
investors, while Belgium is home to post-trade services firm
Euroclear, which clears $721 trillion of securities annually.
United States and Canada
Wall St reet has long been a magnet for financial professionals
but the United States and Canada are also home to six of the
world's top 20 financial hubs: New York, Chicago, Toronto,
Boston, San Francisco and Washington DC. The US leads
the world in debt capital markets, with more than $2.5 t rillion
worth of deals in 2010. There were also $913bn of mergers and
2 Careers in Financial Markets 20 12 efinanctalcareers.com/students
acquisitions {M&A) and $21 0.5bn of equity capital market deals
last year.
Although New York remains the financial epicentre of North
America, the migration of financial jobs to other cities such
as Seattle and Salt Lake City continues unabated.
Wall Street today is more a 'state of mind' than a location, since
most financial sector firms have moved elsewhere and it is no
longer necessary to work in New York to have a financial career.
Chicago is one of the world's leading cent res for commodities
The world's financial
hubs at a glance
and for the $600 trillion OTC derivatives market, while Boston
is known for its fund management firms such as Fidelity and
State Street, which together account for $3.7 trillion of the
total $13.4 trillion the US has in AUM.
Elsewhere, Connecticut has become synonymous with hedge
funds, while financial giants such as Schwab and Wells Fargo
are headquartered in San Francisco.
Asia-Pacific
Asia's key banking cities, supported by economic growth in
China and India, have rebounded quickly from the crisis, and
financial institutions are expanding across the region. Hong
Kong, Singapore, Tokyo, Shanghai and Sydney are all top 1 0
global financial centres.
The wealth held by high-net-worth individuals in Asia-Pacific
rose 30.9% to $9.7 trillion between 2008 and 2009, helping
Singapore cement its strong position in global private banking.
The country is an operations and IT centre for several
investment banks.
It is also Asia's top energy trading hub and increasingly a
location of choice for other commodities, including agricultural
products, metals and minerals.
Singapore fund managers looked after a record $1.1 trillion in
assets in 2010, representing a rise of 13% on the year before
but still no match for Hong Kong's $1.6 trillion in AUM.
One of Hong Kong's main strengths is its securities market.
Funds raised by initial public offerings (IPOs) hit a record high of
$57.1 bn on the Hong Kong Stock Exchange in 2010.
Despite Japan's recent natural disasters, Tokyo remains one
of the world's top financial centres. It is Asia's main foreign
exchange market and has the largest asset management
industry in the region.
Although Shanghai, Beijing and Shenzhen cannot yet match the
product sophistication of more mature centres, China is flexing
its financial muscles in terms of equity capital markets volume,
ranking second globally in the second quarter of 2011.
Australia's financial sector has a comparatively domestic focus
and is dominated by its ' Big Four' commercial banks. Within
investment banking, the booming resources sector is driving
M&A and capital markets activity.
II"J Capital
rM Markets
Commodities
Derivatives
mFund
1:;..1 Management
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Hedge Funds

5j Operations
IP Private
iiiiilll Banking
rJ Financial
Centres
1. London
2. NewYork
3. Hong Kong
4. Singapore
5. Tokyo
5. Shanghai
7. Chicago
8. Zurich
9. Geneva
10. Sydney
10. Toronto
So<nc9: Z'>9n Glot>al Fin:mCial
CQniiQs /ndQx rot 1.
efinancialcareers.com/students in Financial Markets 20 I 2 3
The hurdles you have to
overcome as a foreign graduate
A LOCAL START
8
anks value the diversity of an international workforce but
securing a graduate place in a foreign location is not as
simple as it once was.
EMEA
Most investment banks base the vast majority of their
European graduate trainees in London, but new UK immigration
restrictions are causing a headache when it comes to recruiting
students from outside the European Union (EU}.
Traditionally, non-EU students have been able to arrange their
own tier one post-study work visas that granted permission to
work in the UK for two years after graduating without the need for
a sponsor employer. But the government has announced plans
to close this route from April 2012. At present it is unclear if the
closure will definitely go ahead or what will replace it if it does.
Instead, non-EU graduates who wish to be recruited via the
UK are advised to look to tier two restricted visas, available to
those who have been offered a (skilled} job. This means you
need a job offer first.
The good news is that the bank generally does the paperwork
for these once they've decided to appoint you. The bad news
is that there are currently only 20,700 of these available to all
UK companies. Worse still, these are released on a monthly
quota basis and, with most banks tending to apply for t heir
graduate visas in June and July, this reduces their share of
the 20,700 still further.
Perhaps surprisingly, despite the gloomy outlook and
administrative burden, most banks insist that they' re
maintaining the number of foreign students they employ.
us
It has been a difficult couple of years for those from outside
the US who are looking for a financial services job opportunity.
A lull in the job market has meant foreign-born professionals,
who need H1-B visa sponsorship, face an uphill struggle.
H1-B visa numbers are set by U.S. Citizenship and
Immigration Services and have remained flat for some
t ime, at 65,000 annually.
4 Careers in Financial Markets 2012 efinancialcareers.com/students
''
Firms are less likely to
sponsor someone when
they're unsure they will
be able to stay.
WENDYTSUNG
Associate dean and execut ive director, MBA
career services, Emory University's Goizueta
Business School
Wendy Tsung, associate dean and executive director of MBA
Career Services for Emory University's Goizueta Business
School, says foreign-born students have found jobs in finance
hard to get in the US.
"Firms are less likely to sponsor someone when they're unsure
they will be able to stay," says Tsung. "The price of the visa
isn't overly burdensome but the training costs and the cost of
getting someone up and running in a position is a big factor."
H 1-B visas generally last for up to six years. After that, foreign-
born workers must start the process anew or seek permanent
residency status.
A s i a ~ Pacific
A growing number of graduates want to work in Asia because
they want to be based in a region of high economic growth.
However, banks demand a genuine knowledge of Asia,
without which opportunities for foreigners are limited because
employers have a large local talent pool from which to choose.
Any foreign national with aspirations to work in Hong Kong or
Singapore needs the support of their employer, who then sends
a visa request to the Ministry of Manpower in Singapore or the
Immigration Department in Hong Kong.
Foreign nationals who have attended university in Asia have an
advantage over those coming straight from institutions in other
parts of t he world. Fluency in Mandarin is helpful, especially
in Hong Kong where most firms are increasing their focus on
mainland China.
Completing a local internship wil l also boost your chances of
securing a graduate place because you will have demonst rated
a commitment to the region and the employer. But getting an
internship in the first place can be problematic, because some
banks are less willing to consider non-local applications for
short-term roles.
If you are studying outside Asia and haven't done an Asian
internship, consider visiting in the summer before you graduate
to network and become a 'known entity'.
Investment banks in Australia, which tend to have a smaller
number of entry-l evel vacancies, generally fill their intake
with local graduates.
Working to improve the future.
Join the EIB
The EIB, as the Bank of the European Union, is dedicated to improving the
future of people's lives in Europe and around the worl.d.lt achieves its goals
thanks to a diverse and highly qualified workforce, motivated to support
the financing of sound investment projects that deliver tangible results.
Join the European Investment Bank
www.eib.org/jobs
Ill
European
lnvesbnent
Bank
What to expect from the recruitment process
inEMEA, the US and Asia-Pacific
GLOBAL RECRUITMENT
TIMELINES
EMEA
Deadlines - Most full-time graduate programmes close
between late October and mid-November, although some
banks recruit into early December. Certain divisions, notably
technology, operations and finance, have extended the
recruitment process into the new year. Summer internship
deadlines close in mid-January.
Application form or CV - Increasingly, banks are favouring
CVs because of the volume of applications they receive. For
more tips and guidance, see CVs, Cover Letters & Apps on
page 10.
Interviews - The majority of banks recruit on a rolling basis so
interviews will take place from September, when applications
open. You should find out whether you have made it to the first
round of interviews within one to four weeks, depending on the
volume of applications, with the actual interviews taking place
a couple of weeks after. The f irst round of interviews is usually
with human resources (HR) and/or representati ves of
the division you're applying to, and consists of a first round of
competency-based interviews and a possible presentation or
case study. If you are successful, banks aim to inform you
24 to 48 hours afterwards, with the aim of staging the second
round one or two weeks later.
The second round is also sometimes the assessment centre
(see Testing, Testing on page 20} and will generally consist of
more competency-based and technical interviews, a group
exercise, psychometric tests and a networking event.
Target schools - Most banks target a restricted number of
universities in each country. In the UK, think Oxbridge, LSE,
Imperial and UCL; in the eurozone, think HEC, Essec, Paris
Dauphine, WHU, EBS, SOA Bocconi and Universita degli Studi
di Genova, to name a few.
I graduated in May 2010, then pursued an
Internship during the summer. In October I
interviews, more numerical tests and a group
exercise.
sent my CV, covering letter and completed
application form to Societe Generale (SocGen).
The form consisted of a series of competency
questions and also asked why I wanted to work
in banking in general and SocGen in particular.
I received my offer of a job a few days after the
assessment, in mid-December, and I started
my job in February. It was quicker than usual
because I had already graduated and was
available immediately.
Less than two weeks later I had an
invitation to complete numerical tests
online, for which I practised on other
tests I found on the internet. A week
later I was asked to do a telephone
interview, during which I was asked
about my previous experience and my
leadership and team working skills.
'' I received my offer of
a job a few days after
Two weeks later I was invited to attend an
assessment centre. That day I had three
the assessment, in
mid-December, and
I started my job in
February.
6 Careers in Financial Markets 20 12 efinanctalcareers.<omlstudents
Michelangelo
Vitiello
M&A Analyst, Coverage
and investment banking,
Societe Generate CIB
GettyImages
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T H E B E S T P O S S I B L E T E A M
TO VI EW OUR CURRENT JOB OFFERS,
PLEASE VI SI T CAREERS. SOCI ETEGENERALE. COM
Theres no t eam success wi t hout i ndi vi dual success, and no company progress wi t hout personal devel opment .
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I joined a business fraternity, Beta Alpha
Psi (BAP), in my junior year at university.
designed to take you out of your comfort zone.
You need to remain calm throughout.
This helped a lot, because it introduced me to
alumni in the financial sector and I also learned
albout the responsibilities of an i-banking analyst.
I'd advise others to start early and stay optimistic.
When I was going through the interview process, I
had a buddy who interviewed for consulting jobs.
By motivating and supporting each other, it was a
much easier process.
When the recruitment process kicked off,
Joe Ma
I studied investment banking guides to capitalise
on my knowledge gained through the BAP
programme. I also relied on the alumni
'' The hardest par1 was
the 'stress' interviews
Graduate analyst, M&A.
Morgan Stanley Hong
Kong
to help me with the more technical and
behavioural questions.
Expect some tough brainteasers such
designed to take you
out of your comfort
as, 'Who would have a higher beta - a
supermarket chain or a biotech company?". The
hardest part, though, was the 'stress' interviews
zone.
us
Deadlines - Assuming you submit your application online
rather t han apply through a target university, the deadline is
towards the end of September or beginning of October for
full-time positions. For internship recruitment, the deadlines
run from mid to late January.
Application form or CV - Both. Some banks will accept
resumes from students while on campus; others require
students to submit them electronically or fill in an online
application form. They are reviewed in January and, if you' re
attending a university on the campus recruitment circuit, banks
will inforrn you and allow you t o sign up for interviews a week
before their visit.
Int erviews - Expect two rounds of interviews. You will meet
numerous people during this t ime, with the first taking place
in early February. The final rounds of interviews will take place
about one or two weeks later. Some banks take this process a
step further. For instance, Bank of America Merrill Lynch runs a
series of ' super days' , during which candidates are interviewed
in New York over a single day.
Target schools - Definitely. A lot of banks fill many business
areas through their on-campus recruitment programmes, which
normally t arget a core of 30 universities. These include Wharton,
Dartmouth, NYU, and Columbia.
Asia-Pacific
Deadlines - In Singapore and Hong Kong, application deadlines
are similar to Europe: October or November for graduate schemes
and November to January for internships. Australia follows a
different calendar, with most banks closing full-time graduate
programmes in March or April and internships in July or August.
Applicat ion form or CV - Most banks in Asia-Pacific
request a combination of application form and CV. The forrner
extracts standard information about an applicant, and ensures
that all candidates answer the same questions. CVs offer
an opportunity for students to highlight information that the
application form has missed.
Interviews - You should find out whether you have an
interview within a month of sending your application, and
you will typically be given up to two weeks' notice before the
interview takes place. Depending on t he bank, first-round
interviewees face a grilling from human resources and/or
representatives of the division they have applied to. Waiting
t imes for the next stage depend on when you were initially
interviewed, but it is best to prepare for a quick turnaround of
just a week or two.
The second round may consist of a competency-based
interview, case-study presentat ion, group exercise,
networking event, and somet imes a psychometric test. This is
similar to the assessment centre approach used by banks in
other locations.
Target schools - Banks in Asia-Pacific actively target
returnees from leading universities in the US and Europe.
Closer to home, they like graduates of colleges such
as The National University of Singapore, Singapore
Management University, The University of Hong Kong, City
University of Hong Kong and The Chinese University of
Hong Kong.
In Australia, some of the preferred institutions are: The
University of Sydney, The University of New South Wales,
The University of Melbourne, Monash University, The University
of Queensland, The University of Western Aust ralia and The
University of Adelaide.
efinancialcareers.com/students Careers in Financial Markets 20 12 9
''
What (not) to write
when applying to the banks
We often come across
applications with answers
that have been cut and
pasted, which doesn't
reflect well.
NATALI A GARLAND
Head of global graduate marketing
and inf rastructure, BNP Paribas
CVS, COVER LETTERS & APPS
I
n recent years more banks have started to ask students
to submit a CV in place of (or sometimes as well as}
an application form. Here, three graduate recruitment
professionals offer advice on how to approach the written
application.
CVs
Length - Ideally one page, but never more than two.
Contact details - Put your name in a bigger font at t he top
(in t he page header} to help it stand out, and your contact
details underneath in a smaller font.
Email address - Don't try to be clever with your email address
- boywonder2011 @hotmail.com will make a bad impression.
Education - Make sure this section is on the first page, and
put your educational qualifications in reverse chronological
order, i.e. most recent first.
Dates - Don't put the dates on t he left -the reader's eye will
fall on the left-hand side first when skimreading; instead, put the
qualification or job title o.e. what you've act ually done/achieved}
on the left, the uni where you studied, and then the date, so
BA Business & Law, Imperial College London, Sep 08 - Jun 11.
Achievements - This is t he new trend with CVs, replacing the
emphasis on skills. The idea is not just to Jist your duties for
every job that you did, but also to describe what you achieved,
first for your employer by way of business results, and second
for yourself in terms of skills and development.
Hobbles I Extracurricular activities - Keep them relevant,
i.e. loaded with employability skills such as leadership,
teamwork, initiative. If you've climbed Mount Everest, this shows
planning, grit and stamina. If you've set up an investment club
at university, this demonstrates an early interest in finance.
Applications
No shortcuts - "We often come across applications with
answers that have been cut and pasted, and candidates
sometimes even forget to change the name of t he bank t hey
have applied to, which doesn't reflect well," says Natalia
Garland, head of global graduate marketing and infrast ructure
at BNP Paribas.
I 0 Careers in Financial Markets 2012 efinancialcareers.com/students
Use of space - Fi ll it. Try to use up the wordcount allowed for
each answer - answers that are too short can make it look like
you haven't really taken great care or time over the application.
But of course, it also depends on what you put in the space.
"Be sensible," advises Li nda Jackson, MD of consultants
Fairplace. "Do not devote more space to your victory on the
pitch than to your summer working for a big bank, because it
will send the wrong message about your priorities."
Questions to expect - There will probably be a question
on your motivation(s} for breaking into t he indust ry, and for
applying to a particular division or bank, along with questions
on your industry knowledge. Then t here are the inescapable
'competency' questions, for which you should use t he S.T.A.R.
formula to frame your answers (see opposite}.
Cover letters
Their purpose - "People underesti mate t he importance of a
cover letter," says Sarah Harper, head of recruiting, EMEA and
India at Goldman Sachs. "It is a useful mechanism to show
your ent husiasm for t he firm and t he particular job you are
applying for. It can really make a difference."
Top and tall - Cover letters are still rather formal affairs,
so never address it to t he person's first name. If you know
the surname of t he person you are writing to, write Dear Mrl
Ms X; then sign off with Yours sincerely; if you don't know
the surname of t he person you are writing to, write Dear Sir/
Madam, and sign off Yours faithfully.
Tailoring - This means making sure you get t he name of the
person and company you're writi ng to, address, job role and
reference spot on, for a start. Then pull something f rom t he job
ad or job spec to show you know what t hey're looking for, and
tell them how you match it.
A word of thanks - Don't forget to thank them at the end
for considering your application.
Not forgetting email
Email etiquette - It's best to t reat t his as an online cover
letter, so keep it formal and no SMS speak.
The fonnula to use to answer
'competency' questions
THE S.T.A.R.
INTERVIEW TECHNIQUE
T
he S.T.A.R. technique may sound like a recipe for reality
television success, but it's actually the evidence and
competency-based method of interviewing which is
increasingly favoured by investment banks.
S.T.A.R stands for Situation, Task, Action, Result, and is a
method that allows the interviewer to assess your competencies
(read 'skills' or 'abilities') as a candidate by analysing how
you handled specific events in your past. "Instead of asking
hypothetical questions, you f ind out how the person actually
reacted in a real situation, making it much easier to distinguish
between strong and weak candidates," says Dr Rob Yeung,
corporate psychologist and director at leadership consulting
firm Talentspace.
It is possible -and indeed necessary - to prepare for a
S.T.A.R interview. Step one is to identify the core and common
competencies or skills that the banks tend to look for in their
potential graduate recruits. Think leadership, teamwork, initiative,
problem solving, communication, commercial awareness. Step
two is to prepare a bank (no pun intended) of examples of how
you've demonstrated these competencies in the past. Your
examples may come from your work experience, studies, extra-
curricular activities, volunteering etc. Step three is to apply the
S.T.A.R formula to your examples to make sure you cover all the
elements the recruiters will be looking for. But don't learn your
answers parrot-fashion, warns Dr Yeung. "Remember the details
so you can give a smooth answer, but do not learn the stories off
by heart or you will sound robotic." he advises.
X Situation
This is basically the scene-setting for your example, or the
'once-upon-a-time' opening to your story. "One day, during my
internship with Bank X ... " You shouldn't spend too much time
(or space, if on an application form) on this bit. Set the context
for the story clearly in a few sentences.
1f Task
Now you are homing in on the specific problem you faced.
The task should be credible- so using " Lehman was about to
collapse so they turned to me to solve it" as an intern probably
won't wash. Instead, you should show a combination of realism
and ambition, choosing a task t hat was achievable but without
setting your sights too low.
l.t Action
Next, it is time to move on to what you actually did in order to
accomplish the task. This is the really meaty part in which your
skills are put to the test. The key is to show that a) you had an
objective clearly in mind; b) you assessed what needed to be
done; and c) there was logic in your action(s). By the way, they'll
expect more than one action.
Talk about the obstacles you faced and how you overcame
them. Explain what you did, give details of how you carried it
out and why you chose that course of action. Be prepared to
be interrupted and asked to expand.
lt Result
They are now waiting to hear or read what happened as a
result of what you did - project completed, money raised,
happy customers, contract won or whatever, pitch book
delivered, universe saved (OK, maybe not that one).
Be specific about the result for the company or group
your task involved, and also the result for you - for example,
what you learned. If the results were positive, underline your
contribution and highlight your achievements. If the results were
negative, remember that a setback can actually reflect positively
on you - showing that you assess the consequences of your
actions, that you are able to learn from your mistakes, and
that you are resilient in the face of adversity.
efinancialcareers.com/students Careers in Financial Markets 20 12 I I
Insider tips on investment banking,
sales and trading interviews
FRONT -OFFICE
INTERVIEWS
T
hree former students, now gainfully employed in
front-office roles, give the inside scoop on what to
expect during interviews for investment banking,
sales and trading positions.
Investment banking interviews

If you make it to the final round of an
investment banking interview process,
you will encounter an assessment
centre. Most banks use them. At that
centre, the final stage will be a round
of interviews.
While first-round interviews are about
competency and fit, assessment centre
interviews focus on evaluat ing your ability to do the job, so
expect a technical interview with members ofthe business.
Macroeconomic questions - They may start by taking
a general route and ask you macroeconomic questions on
inflation, unemployment, gross domestic product, foreign
exchange (FX) and your view on the economy, such as:
What is the dollar/yen exchange rate today? Where do
you think it will be in one year and why?
What is the current price of oil? What have we seen in the
last three to six months? Where will it go?
What is your view on the current sovereign debt situation?
Technical questions - Then t hey'll drill down to more specific
questions, such as:
You purchase some Ford Motor Company bonds. How can
you hedge your interest rate risk? (Go short on t reasuries,
so you are left only with the firm-specific Ford risk.)
Graph the price-yield relationship of bonds.
What is an inverted yield curve?
How would you explain credit spread?
Brainteaser questions - Finally, there are also the apparently
''
Practise as many
brainteaser questions
as you can. The key to
questions you can't answer
is [ ... ] to demonstrate your
thought process.
ANONYMOUS JUNIOR
Bulge-bracket bank
trick questions designed to test your logic, such as:
You have a balance that doesn't tell you how heavy each ball
is. You can only use t he balance twice. How can you identify
the heavier ball?
If one tap fills up a swimming pool in two hours and another
tap f ills it in four hours, how quick will it be if both fill it up at
the same t ime?
My advice - Practise as many brainteaser questions as you
can. The key to questions you can't answer is to make a good
intelligent guess and try t o explain how you are t hinking about
the answer, to demonstrate your thought process.
I always remember when I got a really nasty volatility question,
which the interviewer turned into an FX question and I got lost.
My formula was right but my maths went to pot.
He was kind enough to walk me through my mistake so I took
a breath and said, "Oh I see, what you are saying is t hat I
should have done X, Y, Z."
He was impressed that I had listened and picked it up quickly,
and we moved on. He also recommended me as a good hire.
Trading interviews
If you're interviewing as a trader,
you should also be prepared for
the following:
Can you tell me about a time
when you took a risk?
The key to this quest ion is not the risk
but the analytics surrounding it. Talk
about your thought process before
taking the risk, how you weighed up the opportunity cost etc,
then the results of taking the risk.
Do not be surprised if your interviewer throws other possible
outcomes at you in order to see your reaction and how you
would handle it.
We can't tell you where
you'll be in five years.
And that's a promise.
-
,,
Dreams. Realities.
While some of you will have known your career
lies in finance since starting your degree,
others will only now be considering banking as
a career option. Whatever your background, if
you don't already know your equity swaps from
your corporate bonds, don't worry, many of our
best people didn't either when they started.
That's why we have one of the best learning
and development programmes in banking, it
will teach you all you need to know.
A career at Citi can be whatever and wherever
you want it to be, from opportunities in
Investment Banking and Trading, to Human
Resources and Technology, from London and
Dubai, to Johannesburg and Shanghai. Our
recruiters are experts at spotting talent and
potential, so if you're bright, driven, ambitious
and want to learn more, we want to talk to you.
We have opportunities in: Investment Banking, Capital Markets Origination, Sales & Trading,
Global Transaction Services, Corporate Banking, Private Banking, Human Resources, Operations
and Technology.
Our application deadlines are:
Full Time Analyst Programme- 4th November 2011
Summer Analyst Programme- 6th January 2012
Start by registering your interest at oncampus.citi.com
2011 Citibank, N.A. All rights reserved. Authorized and regulated by the Financial Services Authority. Citi and Arc Design is a trademark and
service mark of Citi9roup Inc., used and reqistered throughout the world. Citi, Citi Never Sleeps, and Arc Design are service marks of Citigroup
or Citibank, N.A. Cit1 is an equal opportunities employer.
~ N A T I X I S
IT ALL BEGINS WITH A HANDSHAKE
Natixis- Challenges that fuel your expectations
With 22,000 experts worldwide, Natixis offers career opportunities in three major
business lines: Corporate and Investment Banking, Investment Solutions (Asset
Management, Private Banking, Insurance) and Specialized Financial Services.
www.natixis.com
CORPORATE & INVESTMENT BANKING I INVESTMENT SOLUTIONS I SPECIALIZED FINANCIAL SERVICES
How do you handle stress?
The market has a way of turning cool, calm, collected
individuals into irrational, impulsive and angry players. If you fall
into the latter group, you will not succeed.
If I were to gtve you 250k, where would you Invest?
Follow t he markets to make sure you have an answer to this
question and can rationalise and justify your decision.
Are you willing to put the Interests of the company and
a client before your own?
I beg of you not to waffle on about t he ethical implications of
this question; it is simply a direct loyalty question and you just
need to answer yes.
Which attributes do you think are vital to a good trader?
Demonstrate you have these.
A good t rader is able to digest large amounts of information
and to play out scenarios that tie in toget her. If you want to be
a trader you will need to t hink for yourself and piece together
various scenarios and outcomes. You'll also need to keep your
objectivity when things unfold in a fast and volatile market.
To prepare for this question, focus on competencies and
abilities suited to trading roles.
What Is a call option?
Technical questions will depend on who is interviewing you.
For example, a yield guy, a commodities guy and an equities
guy will all tend to ask questions based on their product.
Other examples include: if the yen/dollar exchange rate
is 110 yen/dollar today and t he one-year forward rate is
115 yen/dollar, what does t his imply? Would the price of
a call opti on go up or down when the maturity of the
option is longer?
My advice - Whichever role you go for in an investment bank,
some questions are inevitable. You should always be prepared
to say why you want to work for that bank and why you want
that job. And you should always come with some questions
of your own.
''
Technical questions
will depend on who is
interviewing you. For
example, a yield guy, a
commodities guy and an
equities guy will all tend
to ask questions based
on their product.
ANONYMOUS
Front -office markets professional,
US investment bank
Sales interviews
The author
is a sales
professional in
an investment
bank
I cannot guarant ee 100% that you
will be asked t hese questions if you
interview for a sales positi on in an
investment bank but I can say that
they are t he questions I like to ask
when I' m interviewing graduates -
and t he kind of question I was asked
myself. You have been warned .. .
Tell me about yourself- walk me through your CV.
Let's face it, if you can't sell yourself, you have little hope
of selling anything to a portfolio manager.
Why do you want to work for Bank X?
This is your opportunity to demonstrate you have researched
and prepared. It is not enough to sit and reel off a million
st atistics about the achievements of the firm. Touch on the
people, t he culture, the structure of the graduate scheme.
Make it personal . What genuinely interests you in Bank X?
Why sales?
The answer to t his question will help weed out those who truly
love selling from those who just happened to fall into sales as
a profession. Your interviewers are looking to discover your self-
awareness and motivation. Know your strengths and be able
to show how t hey relate to sales.
What part of the sales process most appeals to you
and which part do you think Is most Important?
The question is effectively designed to test your knowledge
of the sales role within t he bank/division, and whether your
selling style fits the culture of the firm or particular desk.
If the desk's revenue is based on a long sales process, t he
interviewer will be looking for a sales person with patience,
diligence, organisation and the ability to follow up.
High-sales-volume flow desks wil l want someone driven to
get the t rade and close.
What attributes do you think are vital to a good sales
person? Demonstrate you have these.
The key to t his question is to focus on the abilities
t hat every sales graduate needs and to provide concrete
examples of sit uations in which you've demonstrated t hem.
They include understanding your target audience, asking
t he right questi ons, list ening to the client, and negotiation
skills.
If you weren't to have a career In sales, what would you do?
This question is designed to unearth your true career goals.
I personally ask "where do you see yourself in t hree/five/1 0
years?" You often find candidates haven't prepared to discuss
t heir true ambitions. The off-the- cuff response often received
reveals much about their long-term fit within the firm.
My advice - However t hese questions are phrased, they
are designed to find out more about you. How motivated and
passionate are you? Can you sell? Will you achieve good
results? Do you fit into the culture and style of the firm/desk?
efinancialcareers.com/students Careers in Financial Markets 2012 I 5
Advice from investment banks' graduate
recruiters on how to rflake it through the process
GRADUATE RECRUITER
Q&A
...
Q What are the top qualiti es you are l ooki ng for in your
graduate recruits?
A Honesty and integrity are top of the list: the candidate must
share our values. Then curiosity, the hunger to learn and try
new things. Finally, f lexibility and adaptability. We believe leadership
never comes from replicating what was done before but from
constantly asking how we can do it better. We encourage creative
new ways of thinking and a combination of enthusiasm and rigour.
Q Do you look f or any particular academic qualifications,
and how c an a c andidate make thei r CV stand out?
A We always look for evidence of a high level of skill and
motivation, as well as something that makes you stand out
from the crowd. It's very important that the candidate thinks
carefully about their career and makes an informed decision about
which division and which bank they're applying to. Read the job
description carefully and take time to research the bank - we
expect to see more than what's on our website. You must be able
to demonstrate some enthusiasm for your chosen career.
Q What are the most common mistakes that students
make when applying?
A Undoubtedly, the most common is a lack of attention to
detail. Any grammar and spelling mistakes look careless
and unprofessional, especially as it is so easy to avoid them now.
Some CVs contain too much information, which makes it difficult
to find what is relevant to us, while others contain too little, which
makes it hard to establish if the candidate is right for the job.
During interviews, candidates are stressed so they often do not
listen carefully to the question asked.
Q What non-work-related activities do you look
on favourably?
A One of the key things we look for is activities that
demonstrate team spirit, or an ability to work well with
ot hers. This could be something like charity work or sporting
achievements. Candidates need to be able to create a link
between the activities they've been involved with, and how the
skills they' ve gained from this are relevant to the role t hey're
applying for.
Q What would make you pick out one graduate CV over
thousands of others you receive In Asia-Pacific?
A It's not purely about academics. Yes, candidates need
to achieve a certain academic standard but they should
''
Any grammar and spelling
mistakes look careless and
unprofessional, especially
as it is so easy to avoid
them now.
LAURENCE RAISON
Global head of talent management and
people development, Societe Generale
Corporate & Investment Banking
Cash Equ iti es
Equity Deri vatives
Asset Management
Sharp enough?
Get in touch
I EXANE
~ - .
www.exane .c om
PARIS- LONDON -BRUSSELS - FRANKFURT- GENEVA- MADRID- MILAN - STOCKHOLM -ZURICH -NEW YORK- SINGAPORE
SunGard Global Services, leader sur ses marches
en France, propose des activites de service et de conseil
dans les secteurs de Ia banque, Ia finance, et I' assurance.
Avec plus de 5 000 collaborateurs a travers le monde,
nous allions un savoir-faire technique et metier unique,
afin de repondre au mieux aux besoins complexes
de nos clients. Nous les aidons a gerer leurs donnees,
a optimiser Ia chaine de leurs processus metiers eta
integrer leurs systemes.
Nos collaborateurs diweloppent, au cours des missions
realisees, un savoir-faire qui apporte aux etablissements
financiers une valeur ajoutee autour des metiers suivants :
Technology Consulting :
lngenieur etudes et developpement Chef de projet
Architecte Expert technique IT Commando
Support applicatif
Business Consulting :
Business analyst PMO Finance/Banque
Management de projet Finance/Banque
Conseil Finance/Banque
Nous rejoindre : candidature-consulting@sungard.com
SunGard Global Services
des differenciateurs clairs
Nous rejoindre, c' est :
Developper une expertise
metier, creee et maintenue
par notre specialisation
et nos actions de format ion
Rejoindre une equipe
de haut niveau, selectionnee
avec attention par not re
recrutement afi n de garant ir
a nos clients !'intervention
des meilleurs consultants
Disposer d' un suivi dans
Ia d u r c ~ e de votre carri ere,
effectue par un manager attitre
Acceder a plus
de 4 000 missions
pour lesquelles nous sommes
sollicites par nos client grace
a notre position de Leader
www.sungard.com/globalservices/france
2011 SunGard- Information sur les marques: SunGard et le logo de SunGard sont des marques commen::iales ou des marques deposees de SunGard Data Systems Inc ou de l'une de ses
affiliees aux Etats-Unis et/ou dans d'autres pays. Taus les autres noms commerciaux son! des marques commerciales ou des marques deposees appartenant a leurs detenteurs respectifs .

also be able to show that they can manage their workload
effectively- perhaps through balancing a heavy course load
with extracurricular activities or a part-time job.
Applications must be well written and concise. Attention to
detail is very important and spelling errors are not tolerated.
Thorough preparation and communication skills are the most
important aspects of the application process - students need to
articulate clearly why they are strong candidates and why they
want to work for Deutsche Bank.
Q How integral is gaining an Internship to securing a
full-time offer eventually?
A Very important. The internship programme is more than
just 'summer work experience' -it is a two-way interview,
as it allows the employer to assess your ability and potential,
and enables the candidate to determine whether this is the right
industry, firm, or division for them.
Hiring for the graduate programme is a long-term commitment,
for both the employer and the candidate, and the internship
programme is a key pipeline. It is therefore important that
candidates approach their search for an internship with the
same rigour, commitment and focus as they would for a full-
time job.
Q Can you offer any tips on how to prepare for
the interview process?
A The key is to evaluate your own strengths,
weaknesses and development areas, so that you
can anticipate the questions you will be asked during
the interview. It's also important to research Deutsche
Bank - not all investment banks are the same and
candidates need to know why they want to work for
us over other f irms.
Interviews aren't always about knowing the right answer to
questions. Most questions are designed to test your thought
processes and logical reasoning skills rather than specific
financial knowledge. We do, however, want to see a real
interest and enthusiasm for the banking industry.
Remember that the interview is a two-way process. If
candidates don't have any questions at the end of an
interview, it doesn't send out a positive message.
Q What are the chances of a candidate from the
West securing a position in Asia-Pacific?
A Deutsche Bank aims to recruit the best students
wherever they are studying. Our graduate training
programme is truly global, and whether you choose to start
your career in London, New York, Tokyo or Singapore, you can
expect the same high standard of training and opportunities.
If you are interested in working in a specific country, it is
important to do your research and articulate what interests
you about the region.

. . -
Q What is the number one reason why applicants
are rejected?
A We assess the qualifications of an applicant based on
a variety of factors. It's difficult to specify one particular
reason. We look at academic performance, work experience and
leadership qualities. There are multiple factors that we take into
consideration when making a decision on a candidate.
Q What are the three characteristics that describe
your ideal graduate hire?
A We look for a number of things including top talent, overall
cultural fit within the bank, and people who are team players.
We also look for leadership qualities and assess their overall work
and academic experience to determine what a candidate brings
to the table.
Q Do you arrange work permits, or help foreign students
work at the company?
A If a candidate requires a work permit we can work with them
to help with this process.
Q If a candidate does poorly in a core subject, can they
still pursue a career in investment banking?
A We look at the overall academic performance. Our focus is to
develop a holistic view of a candidate that allows us to look at
their entire academic record, so normally one course would only
be a small component of a candidate's full profile.
Q Does the bank have any preferred universities,
colleges or schools that it selects from?
A We have success at schools with strong finance programmes,
but also find successful candidates with liberal arts and other
academic backgrounds.
'' The interview is a two-way
process. If candidates
don't have any questions
at the end of an interview,
it doesn't send out a
positive message.
ISABELLA CROCKER
Vice president, APAC graduate recruitment,
Deutsche Bank
Your guide to
psychometric success
''
Tests are about attention
to detail and being able to
maintain high standards
under pressure. These are
qualities banks want to see
and the tests are designed
to draw them out.
SARAH BUTCHER
Editor, eFi nanciaiCareers.com
TESTING, TESTING
B
anks will test your numeracy, and logical and verbal
reasoning skills from the initial application stage through to
the final hurdle at their assessment centres, especially in
EMEA and Asia-Pacific, so be prepared.
The problem is, though, that different banks use different tactics
when setting psychometric tests. Some will expect everyone to sit
a numerical test as part of the online application process. These
are not as difficult as those encountered later in the recruitment
process, are usually taken online, and last about 20 to 25 minutes.
Other firms will only require you to sit an online numerical test if
your CV or application form makes it through their initial filters.
If you perform well here, expect to be invited to take a verbal
reasoning test and, if you succeed, expect an interview.
Finally, some banks will only roll out psychometric tests at their
assessment centres, so if you make it this far, you will almost
definitely encounter them there.
Online numerical tests
For anyone with a reasonable amount of maths education, the
online numerical tests should be relatively simple. They centre
around addition and subtraction, percentages, compound
interest , graph reading, analysing tables and problem solving.
However, they are also designed to catch people out if they
don't read the question properly.
For example, you may see a simple XY graph where X is year
one, year two etc. and Y is some numerical statistic. The
question will ask you what was the Y figure in year three and
candidates will jump to the graph and quickly tick their answer
to move on, while missing that the Y column was cumulative.
The trick is ensuring you have enough t ime to answer everything.
You have about 20 to 25 minutes to cover 30 to 40 questions,
so it is not advisable to spend five minutes on one question.
Even though you'll probably be doing these on your laptop at
home, prepare as you would for any other exam. Have ready
a scrap of paper, an open Excel spreadsheet and a calculator.
Take the exam when you're sharp and in a quiet place. You will
often receive an email with a link directing you to a test site,
asking you to complete it in five business days. Make sure you
know when the deadline is, and sit the exam before it expires.
The student section of eFinanciaiCareers.com offers a series
of numerical practice tests to help students prepare for the real
thing. To t ake our pract ice tests, go to efinancialcareers.com/
students and click on Numerical Tests.
In-house numerical tests
If you make it to interview or to a bank's assessment centre,
you' ll be required to sit an in-house numerical test. These are
harder than t he online ones, touching on things such as bond
maths, differentiation and interest calculations.
Ask the bank's human resources team whether the in-house
test questions are likely to get harder as t hey progress. Often
they do, so you' ll need to make sure you get the easy ones right
- you don't want to lose vital easy marks from sloppy work.
Verbal reasoning tests
Verbal reasoning tests are all about attention to detail. Banks
want to see that, within a limited t imeframe and in a pressurised
environment, you can digest and quickly disseminate information.
You are usually provided with a passage of information and
required to evaluate a set of statements by indicating whether
each statement is:
A- True (does it follow logically from the information or opinions
contained in the passage?).
B- False (is it logically untrue based on information or opinions
contained in the passage?).
C - Cannot Say (based on the passage, are you unable to
determine if the statement is true or false without further
information?).
Practice is important to passing these but the key is to read each
statement carefully and ensure you understand what it's saying.
Everything you need to know is included in the passage of text .
It is about how you interpret this to form a logical conclusion.
"These tests are less about general knowledge and more about
attention to detail and being able to maintain high standards
under pressure. These are qualities banks want to see and the
tests are designed to draw them out ," says Sarah Butcher,
editor, eFinanciaiCareers.com.
.--
--
f>V ( 1
Calculating the future value of an investment is easier when you know how to approach it.
At eFinanciaiCareers.com, we help you approach the challenge of securing a first internship
or graduate role, and continue helping you right through your career in finance. Our Student
Centre focuses on graduate recruitment at major banks and financial firms, giving you the tools
and insight you need to stand out. Invest in your future today by visiting:
www.efinancialcareers.com/students
eFINANCIALCAREERS.coM
THE FINANCIAL JOB MARKETPLACE
There really are only five types
of interview question
THE FAMOUS FIVE
Y
ou may not be able to predict what questions you
will be asked at interview but you can know t he types
of question to expect. The questions banks ask will
generally come from one of five categories.
Competency questions
Loved by graduate recruiters and human resources interviewers
everywhere, the aim of this type of question is to establish your
behaviour in a given situation. "This type of question allows us
to focus on what the candidate brings to the table beyond their
technical skill set. We want to determine whether candidates
have the personal attributes to succeed. Do they have good
judgement, are they self-starters, are they influential and can
they lead?" confirms Keisha Smith, global head of recruiting,
Morgan Stanley.
Come with at least two answers prepared for each type of
major 'employability skill' or ' competency' that you can identify.
Some examples:
Tell me about a time when you faced a challenging experience.
How did you overcome it and what was the result?
Can you describe a situation in which you showed initiative?
Motivation questions
This is the "why this company/division/job" question. There
is no excuse for not prepping this type of question correctly.
They want to know a) if you know the difference between their
bank/division/role and another, and b) if you have a genuine (or
plausible) reason for wanting to work in it. Some examples:
Why this particular division as opposed to sales and trading?
What set of skills does a private banker need?
Brainteaser questions
These are the apparently cryptic questions originating from
the 'tech geek' interview-style espoused by companies such
as Google or Microsoft, which have migrated to interviews
for banks. Often t hey will pop up in between competency,
motivation and/or technical questions.
There is no right answer. While many are pure mental arithmetic,
others are designed to see your logic in working them out.
Some examples:
Why are manhole covers round? (if you say "because the hole
is round" you' re out.)
What is 21 x 19?
''
We want to determine
whether candidates
have the personal
attributes to succeed.
KEISHA SMITH
Global head of recruit ing, Morgan Stanl ey
Technical questions
Mostly asked by business interviewers, i.e. the people running
the desks in the business area you want to join. They ask these
to weed out the time-wasters- students who haven't kept
up with what's going on in the economy or markets around
them. Even at graduate level, a certain standard of industry
knowledge is expected. Some examples:
What is your top stock pick and why?
How would you persuade a German pensioner to save Spain?
Your questions for them
Yes, they do expect you to come with questions - at least
two. Avoid the classic mistakes at this stage. One, thinking
the interview is over now you've reached the "have you any
questions for us" stage? Two, using this as an opportunity to
ask about pay, holidays, benefits. Instead, ask questions about
the industry, company and the job itself. All safe.
Some examples:
I read recently that M&A activity is turning a corner. Would you
be willing to give me your view on the M&A trend in the market?
How is performance on the graduate programme measured?
Ensuring equal treatment for all?
DIVERSITY CHALLENGE
D
epending where you are in the world, the notion of diversity
is a widely subjective and extremely relative experience.
In the US, where diversity has become ingrained into the
corporate strategy of most large companies including all of the
major banks, it dates back half a century to when the President's
Committee on Equal Opportunity was created in 1961. It was
followed by 'affirmative action' in 1970 with its quotas, goals and
timetables. But it wasn't until the 1980s that having a diverse
workforce became valued as a business strategy.
While that strategy still holds today, in a few regions there are signs
some industries are less diverse than they were a few years ago.
How female-friendly?
Within investment banking, the financial crisis has not been
beneficial to diversity initiatives. The number of women in senior
level management, which was already disproportionately low,
had dropped to just over 15% in 2009 from nearly 18% in 2007.
In the US, the number of women working in finance has fallen by
141,000 over 10 years, while the ranks of men grew by 389,000.
In China, Taiwan and Vietnam, more women than men are
taking MBAs. A Bloomberg survey found that 76% of Chinese
women considering business school are aiming for a top job,
compared with 52% of American women.
Financial services has some catching up to do, but is it really the
case that banks and investment f irms are not devoting as many
resources to diversity initiatives as they did in better times?
Milton Irvin, a managing director and Americas head of diversity
and inclusion at UBS, believes not. Diversity programmes
continue to involve a multifaceted approach, devoted to
"leveraging talent, impacting culture, and delivering on and
taking advantage of marketplace opportunities," he argues.
LGBT leading the way
Global banks and investment firms have a variety of structured
efforts in place, including internships, immersion events and
mentoring programmes. For example, UBS has its Freshman
Forum and Sophomore Symposium to get undergraduate
students interested in the financial sector. These programmes
are geared to women and ethnic minorities, as well as lesbian,
gay, bisexual and transgender (LGBT) candidates.
In fact, in the US, the LGBT community has become one of
the most vocal elements of the diversity movement. Recently,
Deutsche Bank's New York headquarters hosted a summit
called Out on the street, dedicated to advancing the ranks of
LGBT banking leaders.
Bank of America Merrill Lynch, Barclays, Citi, Goldman Sachs and
Morgan Stanley also participated in the event. They discussed
progress to date, particularly the emergence of private banking
and advice-giving practices for gay couples, by gay advisors.
''
Back when I first started,
women couldn't even
wear a professional pant
suit into the office.
JENNIFER HATCH
President and managing partner,
Christopher St reet Financial
A revolving door?
People in the field say initiatives not only need to focus on
recruitment but also on the more critical issue of retention.
Irvin says there is clearly more to be done to hold onto qualified
talent. The problem in the finance sector, says Irvin, is that
highly qualified professionals can easily find other opportunities
outside the industry or even at the entrepreneurial end.
Jennifer Hatch, president and managing partner at Christopher
Street Financial, a wealth management firm catering for the
gay and lesbian community, was one of those people. She
previously served as a vice president at J.P. Morgan and as
a managing director at Bear Stearns, working in equit ies and
high yield bonds for institutional investors.
"Back when I first started, women couldn't even wear
a professional pant suit into the office," she says.
How hot
Money
Prestige

The international jet-set
of investment banking
MERGERS &
ACQUISITIONS
8
ecause of its reputation as the glamour side of
investment banking, mergers & acquisitions (M&A)
is one of the most competitive sectors to break into.
M&A teams in investment banks advise client companies
on mergers (where two companies join up as equals) and
acquisitions (where one firm takes over part or all of another).
Big investment banks only get involved with t ransactions worth
at least $1OOm. At the top end, the deals can be worth billions.
A career in M&A demands considerable commitment. M&A
bankers advise their clients at stressful and critically important
periods in a company's lifetime, so must make themselves
available whenever the client needs them. Junior bankers work
long hours and can expect to work late at night if need be.
"M&A is heavily quantitative - so while you don't need to be
an economics or maths major, you do need to be a strong
quantitative thinker," says K. Don Cornwell, managing director,
investment banking division at Morgan Stanley.
Key players
The big US investment banks dominate the 201 0 advisor ran kings.
The highest-ranked European player was Credit Suisse.
Roles and career paths
There is a relatively straight route up the career ladder in
M&A. You start out at analyst level for three years, move up
Financial advisor Rank value ($bn) Market share(%)
1. Goldman Sachs 554.5 22.8
-
2. Morgan Stanley 538.0 22.1
- - --
.
3. J .P. Morgan 440.1 18.1
4. Credh Suisse 412.7 17.0
5. Deutsche Bank 341 .7 14.0
Sowo>: momson -
24 Career s in Financial Markets 20 12 efinanctalcareers.<omlstudents
to associate for three years, then vice president, director and
managing director, although the job t itles may vary. Within those
roles you have a chance to focus on sectors such as consumer,
financials, oil and gas or media and telecommunicat ions.
''
M&A is heavily quantitative
- so while you don't need
to be an economics or
maths major, you do need
to be a strong quantitative
thinker.
K. DON CORNWELL
Managing director, investment banking
division, Morgan Stanley
The more senior you get in M&A banking, the more you' ll deal
face to face with clients. At the junior level you may attend client
meetings with more senior bankers but mainly you'll be focused
on complex f inancial modelling and research t o compile the
'pitch book' - the document the firm uses to outline its ideas on
which companies a client should buy or sell to.
As an analyst, your key tasks will include working on these
client service presentations, largely for M&A deals, but
occasionally for initial public offerings. A lot of this will involve
building a financial model, valuing a company or benchmarking
it against its peers.
It is only later that you step away f rom the number crunching.
The key difference bet ween an analyst and an associate is
that you take more responsibility for the transactions and
projects. You'll be assigned more tasks, so expect your
workload to multiply.
1111 ROTHSCHILD
Deutsche Bank
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more
Analyst Training Program
Look beyond the people and the artworks in the Guggenheim and you'll find
something bigger: a home for innovation and ideas. Look closer and you'll see
Deutsche Bank's place in it all.
Join one of our analyst training programs and this world will open up to you.
Working on business-critical projects, you'll develop your skills, your
confidence and your career. And you'll do it within an organization energized
by a diverse international culture where your voice is heard and your decisions
matter. You'll discover a world that never stands still. A world that rewards
those who can adapt to changing conditions, balance passion with precision
and act with assurance. A world where agile minds will always have a place.
A world where you can make your mark.
See more at db.com/careers
once people begin to trust you more.
It's a constant learning process all
the way through your career.
What are the key elements of your job?
One of the most important pieces of advice
we give is our opinion on how much clients
should expect to pay for a company or sell
a company for, so a large part of the job
involves coming up with a suitable valuation.
We need to understand the business and
take a view on the outlook for the industry.
There must be some downsides though?
The long hours take a bit of getting used to, and
it 's difficult to make plans during the week as it's
quite rare that I'm out of the office before 1 Opm.
Nathalie Ferretti
Analyst, M&A,
Rothschild
Natl1alie studied economics
at Bristol Uuiversity aud
joined the Rothschild graduate
programme i11 2010.
What's your average day like?
If I'm working on a live transaction I would get
involved with tasks such as writing an information
memorandum (describing the company for sale to
potential bidders) or management presentations.
If I'm helping write a pitch book I would spend
time researching the potential client's business
and industry. I also do financial modelling
and analysis for valuation purposes. If
How do you see your career progressing?
In five years' time I hope to have started
to build my own list of clieflt contacts and
to have worked on a large and varied list
of transactions. I expect I'll be much more
involved in client pitches as well as in the
management side of a transaction process.
You can take on a lot
I'm lucky I might get invited to a client ' '
meeting. When it's quiet I finish around
8pm; on busier days it's after midnight!
What are the best things about your job?
You can take on a lot of responsibility quickly,
something you realty start to notice
of responsibility quickly.
something you really start
to notice once people
begrn to trust you more.
Pay and bonuses
Many banks have mitigated regulatory pressure on bonuses by
increasing base salaries, as well as altering the structure of variable
pay to include deferrals and a larger proportion paid in stock.
This is reflected in the numbers below, as well as pay figures
related to other areas of investment banking covered elsewhere
in this guide.
Skills sought
Given that you'll be working on complex financial models
for valuing companies, and piecing together presentations
to clients, numerical and analytical skills are essential.
Second languages are valued for working with overseas
clients, as are stamina and attention to detail.
"While it is not necessary to have a finance or mathematics
degree, you are expected to have first-rate analytical and
numerical skills, which are required for valuation exercises and
financial modelling that could form the basis of a client pitch,"
says Jasper van Balen, global banking analyst programme
manager at Royal Bank of Scotland in London.
Many of an analyst 's duties are focused around financial
modelling but, as you get more senior, these technical skills
need to be combined with softer qualities.
"As well as having strong technical and financial skills,
the best M&A bankers are also part-lawyer and part-
psychoanalyst," says Jason Morris, executive director, head
of southeast Asia M&A, Nomura. ''This combination marries a
strong knowledge of the local regulations in each market with
an ability tactically to develop an overall deal strategy based
on the dynamics, motivations and cultural considerations of
all stakeholders. It also brings to the table smart negotiation
skills to secure the best outcome for your client. "
"Client focus, impeccable ethics and team orientation are vital.
Having teams made up of individuals with diverse experiences
and backgrounds helps us to serve clients better," adds Celine
Desaedeleer, executive director, investment banking division at
Goldman Sachs.
You also need to be a self-starter, and to try to be ahead of the
curve in anticipating the next appropriate step, because you will
not always get day-to-day guidance on what you're supposed
to be doing, adds Morgan Stanley' s Cornwell.
"We' re often asked to do analyses with limited information or
inputs, so being creative during the financial modelling process
is important," he says.
Role Base Bonus BonusYoY
1st-2nd year analyst 00-100 40-80 -5%
3rd analyst 110-170 70-100 -6%
year 120-200 110-200 -6%
3rd _year associate 160-180 150-225 -7%
Vice-president 200-250 200-300 -41%
Director 250-300 300-500 -34%
Managing director 300-500 800-1,400 -23%
SoU/()9; cptbns Gtoup tn!ONig<lnf:Q UniL
How hot
Money
Prestige

Where financial products are born
Capital markets teams bring
financial products to market
Junior bankers stn1cture
products, rather than originate
business
Equity and debt capital
markets teams are becoming
more closely linked
CAPITAL MARKETS
8
efore financial products are traded, they must be
created. And it's the 'pink-collared' bankers in the capital
markets divisions of investment banks who work on the
production line.
Equity capital markets (ECM) bankers help companies raise
money by issuing shares and related derivative products, which
are sold to investors. They act as 'underwriters' in the process.
This means that, in exchange for a fee, they guarantee they will
sell the shares the company is issuing for a certain price. If t hey
can't find enough people to buy the shares at the price they've
agreed with t he client, the bank is obliged to buy the shares.
Debt capital markets (DCM), meanwhile, deal with saleable units
of debt in t he form of bonds.
Bonds come in all shapes and sizes, including t reasury bonds
issued by governments (the least likely to default), investment
grade bonds issued by companies (not too likely to default) and
so-called ' high-yield bonds' (which are more likely to default so
pay a higher rate of return).
DCM is also called the fixed-income market. This is because
bonds typically pay a fixed amount in interest until their
redempt ion date (i.e. when the original issuer has to pay back
t he money on the bond to whoever owns it at that time).
For example, a bond worth 1 00 (60) might pay out 1 0 a
year, making the interest rate 10%. If the rate paid on a bond
falls, the amount the bond is bought and sold for will therefore
need to rise - until the redemption date at the end of the bond's
life, when the owner will receive its 'f ace value', in this case 1 00.
Rnancial products that have been created by capital markets
bankers in the so-called 'p rimary markets' go on to be bought and
sold by banks' salespeople and t raders in the 'secondary markets'
(see Sates, trading and research, page 32).
As banks are essentially offering similar services, they have
to convince clients that their firm is t he one to use. So before
new equity or debt-related products can be created, deal
'originators' are deployed to bring in new business.
Origination specialists spend a lot of time travelling to clients
to gain an insight into their financing needs. However, you are
unlikely to become one until you've worked in capital
markets for some t ime.
As a j unior capital markets professional, you are more likely
to be involved in structuring the products so t hat they meet
the client company's financing needs and are compelling for
investors, or in the syndication process (preparing for the sale
of finished products to investors).
These days, it is often not sufficient simply to be an equity or a
bond specialist. Banks such as Morgan Stanley, J .P. Morgan,
Citigroup and UBS have combined their equity and debt
originat ion businesses, so it helps to understand both sides
of the coin.
''
Product knowledge,
such as how to structure
and price various equity
products, and market
understanding are key skills
of a capital markets banker.
DARI US NARAGHI
Director, equity capital markets, Deutsche
Bank in Hong Kong
Pay and bonuses
In Hong Kong, DCM professionals with one to four years'
experience can earn anything in the range of HK$300k- 850k
($38k- 109k), according to the Robert Walters salary survey.
This rises to HK$1.6m+ ($205k+) at the senior end, and ECM
bankers can expect a similar figure.
In the UK, meanwhile, DCM salaries start at 30k-45k
($48k-73k), according to the 2010 Michael Page salary survey.
Associates (those with three to five years' experience) can earn
50k- 75k ($81k- 122k), while managing directors should expect
a salary of up to 250k ($407k).
Issued by Barclays Bank PLC, authorised and regulated by the Financial Services Authority and a member of the London Stock Exchange, Barclays Capital is the Investment banking division of
Barclays Bank PLC, which undertakes US securities business in the name of Its wholly-owned subsidiary Barclays Capital Inc., a FINRA and SIPC member.@ 2011 Barc1ays Bank PLC. All rights
reserved. Barclays and Barclays Capital are trademarks of Barc1ays Bank PLC and Its affiliates.
In the US, capital markets analysts can expect $60k-65k in
their first year, rising to $70k-90k after two years, according
to recruitment sources.
Book runner
1. J.P Morgan
2. BarclaJ:S Cap_!tal
Proceeds ($bn) Market share(%)
452.9 7.5
448.4 7.5
Skills sought
3. Bank of America Merrill ~ y n c h 413.3 6.9
If you want to work in capital markets, it will help to have an
understanding of, and interest in, the technicalities of company
financing, but this isn't the limit of the job.
"Product knowledge, such as how to structure and price
various equity products, and market understanding are key
skills of a capital markets banker," says Darius Naraghi, director,
equity capital markets at Deutsche Bank in Hong Kong.
"As ECM bankers become more senior, it is also important
4. Deutsche Bank
5. Morgan Stanley
6. Citi
7. Goldman Sachs
8. Credit Suisse
9. UBS
10. RBS
393.7 6.6
320.9 5.3
297.9 5.0
295.7 4.9
284.9 4.8
262.2 4.4
-
216.3 3.6
Sourc9: Tnomson Reuf9rS.
to develop strong relationships with regional companies that
are looking to raise money, and also with institutions that are
looking to invest."
to understand your role, where you fit within your immediate
group, and where your group f its within the firm's broader
object ives," he says.
Following the financial crisis, banks are less busy issuing
complex financial products than before, but it will help if you
have the mathematical ability to deal with complex products
in case they become popular again - one day.
"You should also have a clear understanding of client
needs and the utmost in ethical conduct."
Although you will be given a high level of individual
responsibil ity, capital markets careers are not like trading
careers, where individual excellence can reap the highest
rewards.
Finally, if you want to progress, it is important to look at the
bigger picture and take an interest in industries and sectors
outside your current area of specialisation, suggests George
Davis, managing director, RBC Capital Markets. " You need
You have to be a real t eam player, largely to keep a variety
of parties happy throughout a complex process.
Jason Occi
Analyst, global
capital markets,
Morgan Stanley
Jaso11 studied at tile
University of Maryland a11d
majored ;, finance. He is
now an analyst inltlorga11
Stattley's global capital
markets division, having
joined the bauk itt2009.
How did you end up in capital markets?
I started my career on the buy-side during the
financial crisis. It was obviously a challenging market
and I decided I'd rather move to a more diversified
investment bank to help broaden my skill set.
After visiting the Morgan Stanley careers website,
I leveraged some prior relationships and attended
one of the bank's networking events. Eventually I
was accepted onto its training programme and that
helped me get up to speed as quickly as possible.
Why do you think you're good at what you do?
As a capital markets analyst, I need to be able
to juggle multiple tasks simultaneously and
absorb and react to all sorts of data. I am
dependable and exercise good judgement
- two assets I acquired on the job. ' '
What are the most appealing aspects?
Being on a team and the competitive
dynamics of the job appeal the most. They
remind me of my time on the University of
Maryland golf team. The job requires you
to work hard and earn the trust of team mates.
Being able to have a direct, meaningful impact
on clients also makes the job rewarding.
What have you found most challenging?
Unpredictable requests, particularly those received
at the last minute. We have to be able to prioritise
tasks and stay organised all the time. I'd say that is
one of the most challenging, demanding and integral
parts of the job. But the more experience you get,
the better you become at balancing the workload.
What are you working on today?
I' m currently working on some debt financing
transactions, in collaboration with our mergers
and acquisitions team in investment banking. I
also speak frequently to the treasury teams at
large oompanies to provide financing terms and
market updates for live and potential transactions.
How hot
Money
Prestige

Realising the risks and
reaping the rewards
SALES, TRADING
& RESEARCH
E
very day, millions of financial products are bought and sold
in the secondary marl<ets where traders, salespeople and
researchers trade for clients after a security's initial issue.
In the secondary markets, salespeople advise clients on
investment opportunities, while t raders buy and sell securities.
The secondary markets are divided into equities (stocks and
shares) and fixed income (corporate credit, government debt,
currencies and interest rate products). Within the fixed income
division is the foreign exchange (FX) team. The FX market is the
largest in the world, with an average daily turnover of $4 trillion,
according to Bank for Internat ional Settlements figures.
There is also a range of 'exotic' derivative products within all
t hese sectors, whose value depends on the underlying security.
Sales, trading and research are distinct careers. Salespeople
advise their clients, who might be rich individuals, pension funds
or other institutional investors, when to buy and sell securities.
They usually focus on particular products (e.g. government
bonds) and clients. "Most of the time, we're selling ' convenience'
or 'utility', not just a product. It's important to understand what
is driving the purchase and add value accordingly," says Lutfey
Siddiqi, head of FICC corporate coverage and FX distribution
Asia-Pacific at UBS Investment Bank.
Traders track the markets and buy and sell products at the
Company
1
2. Citi
3. Goldman Sachs
4. Barclays Capital
5. Bank of America Merrill Lynch
Market share
11.7%
11.2o/o
10.8%
10.6%
10.3%
3 2 Career s in Financial Markets 20 12 efinanctalcareers.<omlstudents
''
Traders need to stay cool under
pressure and make decisions
based on analysis, not emotion
An analytical mind and strong
mathematics will give you the
edge
A thick skin and forceful
personality are a must for sales
If you are a little shy or
lack strong communication
skills, be honest with
yourself and avoid
applying to sales.
CHRIS JACKSON
Graduate programme manager, global
banking & markets, Royal Bank of Scotland
touch of a button. Your career will be defined both by what you
trade (e.g. equities, foreign exchange, or commodities) and by
the kind of trader you are. There are several types.
'Row' traders buy and sell financial products for a bank's clients,
while proprietary (or ' prop') traders trade t he bank's own money.
' Execution' traders place trades for analysts and fund managers,
and 'sales' traders recommend products to clients and execute
trades.
Historically, prop traders were at the top of the trader hierarchy
but many banks have reduced their prop trading act ivities
following large losses and government crackdowns.
Research roles focus on part icular product types (e.g.
equities or company debt) and particular industry sectors
(e.g. pharmaceuticals, financial stocks, or leisure companies).
Known as analysts, researchers produce reports on the
advisability of invest ing in various asset classes or companies.
Within the sales and trading division, graduates are also
recruited into structuring and marketing roles. It's t he former's
job to create financial products and provide a pricing service to
clients. It's the marketer's role to search for new opportunities
to sell these products, and prepare marketing materials
and pitches.
H S B C ~
The world's local bank
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Benefit from state-of-the-art dealing room facilities, world-renowned faculty, our
dedicated careers service, an excellent employment rate and being part of the triple
accredited Henley Business School.
For more information, email msc@icmacentre.ac.uk or visit
www.icmacentre.ac.ukfmastersinfinance
What does your job involve?
Structuring sits between the trading and marketng
desks and we're a bit like financial engineers.
We develop new products such as index-linked
products, while also providing a pricing service
for new and existing products to clients.
For more complex products, we support the
marketers with product pitches. This often
involves face-to-face meetings with clients,
where we listen to their requirements and answer
product questions. My Mandarin and English
skills are very useful for this purpose.
traders, and sometimes with our legal team.
There is little daily routine and minimal hierarchy. My
manager, an executive dir.ector, sits next to me like
my buddy and passes on his knowledge first hand.
I expect to develop my knowledge of structuring.
However there are plenty of opportunities in the
sales and trading department, and I have oolleagues
who have transferred successfully to different roles.
Kevin Fan
Equity derivative
structuring analyst,
sales & trading,
J.P. Morgan
Why did you choose a role on ' '
the structuring desk?
Based it1 Hong Kong, Kevin
started on /.P. Morgan's
sales attd trading analyst
programme;,, Febr11ary
2010. He has a Master's
in engineering/rom the
University of Cambridge
(2009), specialisittg
in information and
computing engineering.
In 2008, I completed an internship with
J.P. Morgan, which gave me an insight
into the sales and trading desks. I chose
structuring, because of its exciting and
dynamic environment. The team members are
smart, and think quickly. My questions
are answered immediately, which helps me learn
fast too. For me, it's the place I want to be.
What do you like most about your job?
It is a diversified role, requiring quantitative,
oommunioation and client-facing skills. There
is a lot of interaction with clients, sales and
Skills sought
Traders need a keen sense of risk and reward, an
understanding of the dynamics of the markets and an
analytical mind.
If you're trading complex derivatives you'll need the
mathematical ability to understand the products. If you're
trading non-complex, 'vanilla' products, you' ll need to
understand what drives the market.
If you want a career in sales, you'll need to be good at dealing
with people. Adam Law, director, fixed income, Barclays
Capital, says: "We look for people who show an interest and
hunger to immerse themselves in their products and markets so
that they understand them completely; who are highly proact ive
in their approach towards their colleagues and the firm's clients
and have a strong sense of long-term commercial value."
In any trading role, strong analytical abilities whether across
equities, bonds and derivative products are essential, even at
a junior level, says David Sayer, head of Asia cash equity
trading and execution at J.P. Morgan.
"The number one quality I look for in candidates, apart from
technical skills, is someone who is broad-minded and has
the ability to stay cool under pressure because trading in
the markets can be very emotional ," he says.
"Traders also need to be communicative and confident", he
adds, "especially since working on the trading f loor sees them
interacting with hundreds of people every week."
Highly developed analytical skills are essential for research
roles, as is an inquisitive nature and an ability to synthesise
large quantities of information and turn it into a linear argument.
Cynthia Rupeka, junior associate, hard lines retail at Morgan
Stanley Equity Research, says: "Successful associates not
only pay attention to detail but utilise that detail to understand
and quantify the 'big picture' implications for stocks in their
coverage universe."
"If you are a little shy or lack strong communication skills, be
honest with yourself and avoid applying to sales," adds Chris
Jackson, graduate programme manager, global banking and
markets at Royal Bank of Scotland.
Associate 100-160 50-80 -31%
VP 150-230 200-300 -45%
Director 200-300 300-500 -45%
MD 300-500 600-900 -47%
SotNOO: Opt<ms Goup JniO/IigOnetJ Uflil.
Role Base Bonus Bonus YoY
Associate 110-170 50-80 -38%
---
VP 150-200 300-400 -37%
Director 250-500 400-600 -32%
MD 300-500 800-1,200 -35%
efinancialcareers.com/students Careers in Financial Markets 2012 35
How hot
Money
Prestige

High speed, greater volumes
and the race for low latency
E-trading has reduced
execution speeds and increased
trade volumes
More asset classes are being
traded electronically
Quants are key and need a
PhD in a highly mathematical
subject
ELECTRONIC TRADING
T
he rise of electronic trading over the past decade has
had a profound effect on the structure of equity markets.
Automation t ransformed the market from one where a
great deal of human intermediation was required into one where
computers largely do the work in executing and processing t rades.
There are many benefits to this. First, it allows greater volumes
of t rades, which improves market liquidity: the US average daily
reported t rading volume increased from three billion shares
in 2003, to nearly 10 billion in 2009. Second, the speed of
executions and cost of t ransactions have fallen sharply while
transparency has increased. The use of algorithms - computer
systems that decide on price, timing and quantity of an order -
has also cut the size of the average trade. Slicing large blocks
into smaller pieces reduces the market impact of trades and
limits adverse costs of trading large positions.
''
You need not only to
accept change - you also
need to embrace, welcome,
and thrive amid change.
ANDREW SILVERMAN
Managing director, Morgan Stanley
Electronic Trading
A downside is that greater automation means less manpower.
One bulge-bracket bank tells us it employs 30% fewer traders
t han in 2005, dealing with three t imes the flow.
Electronic trading is well established in the high-volume foreign
exchange market and increasingly important in fixed income.
Quantitative analysts - Are the maths elite key to gaining
an edge in e-trading. They design, develop and implement
execution algorithms using a mathematical approach to
identify investment opportunities and strategies.
36 Careers in Financial Markets 2012 efinanctalcareers.<omlstudents
Consultants - Keep clients happy. They run statist ical reports,
including transaction cost analysis and trade reports, to ensure
clients are using trading tools effectively.
Sales t raders - Facilitate the execution of trades for clients,
offer a menu of the bank's e-trading products and facilitate a
customer's decision. This role combines marketing and client
relationship management. Banks also hire for pure sales roles.
Market st ructurers - Analyse regulatory changes and macro
trends and their potential effect on trading.
There are also technology positions in the development of
e-trading platforms (see IT in finance on page 64).
Skills sought
Most quants have PhDs in a highly mathematical subject and
must also possess a good knowledge of financial instruments
and technical computing software such as MATLAB.
For other roles within e-trading, softer skills are valued. Good
communicators and team players are essential, suggests Chris
Jackson, graduate programme manager, global banking and
markets at Royal Bank of Scotland. "This is important because
our electronic markets business acts as a partner in driving and
implementing the electronic trading and distribution strategy
across designated asset classes," he says.
The key t o succeeding in electronic t rading is versatility. "The
skill set of today may not be the skill set of tomorrow given rapid
changes in technology and in the industry landscape.
You need not only to accept change - you also need to embrace,
welcome, and thrive amid change," says Andrew Silverman,
managing director, Morgan Stanley Electronic Trading. "Those
who succeed know how to multitask, work as part of a team,
and share information with colleagues in other countries."
Associate (quant) 95-115 25-100 +20%
Vice-president 120-200 50-100 +15%
Director 200-300 200-500 +10%
Managing director 300-500 300-1,500 +5%
Sour<:<>: Op;ms G<l<Jp lni<IJ!ig<009 Unit.
Challenge
yourself
Not al l careers in Capital Markets are the
same, and a career with MUS I offers you
a unique opportunity to get ahead in the
investment banking world and make an
impact in a fast-moving organisation.
We are a focused, specialist firm that
benefits from the strength and support of
being part of a larger group. Due to our size
we look for a relatively small number of
talented graduates and interns each year.
You therefore won't get lost in a large trainee
intake; you'll feel involved and be an integral
part of our team from your very first day.
www. musi.com/graduates
Mitsubishi U FJ Securities International pic
MUFG
How hot
Money
Prestige

Keeping tabs on risks
and regulations
COMPLIANCE &
RISK MANAGEMENT
I
t is up to risk management teams in investment banks to
make sure the bank doesn't take huge risks and therefore
make huge losses in its pursuit of gigantic profits.
As just about every investment bank has had to write off billions
of dollars during the global financial crisis, the focus on a more
prudent investment strategy has never been greater.
While risk managers try to stop a bank's employees indulging
in behaviour that might lead to big losses, compliance
teams are there to ensure banks are working in line with the
regulations imposed in the country in which they operate.
Since the financial crisis, regulators across the world have
increasingly been baring their teeth.
With regulators in different countries so far adopting different
approaches, there have been increasing calls for more
international coordination on how best to reform financial
services regulation.
In the UK, the regulatory regime is in a period of flux, with
the Bank of England in line to take on more responsibility and
the Financial Services Authority soon to be succeeded by the
Financial Conduct Authority and the Prudential Regulatory
Authority.
In the US, the Securities and Exchange Commission is
the financial watchdog. In Asia, the Securities and Futures
Commission regulates Hong Kong, while Singapore is under
the watchful eye of the Monetary Authority of Singapore.
As well as individual country watchdogs, European firms are
also regulated by the Committee for European Securities
Regulation, the Committee of European Banking Supervisors
and the Committee of European Insurance and Occupational
Pension Supervisors.
"Overall, it is a very challenging environment. We need to
be flexible and keep up with the ever-changing regulatory
environment, as well as with the evolving products and services
the firm provides," says one chief operating officer at a US
investment bank in Asia.
''
We're looking for
insightful and persuasive
people, who can work
constructively with every
area of the firm to protect
our reputation, manage risk
and advance our business.
JAMES PETERS
Managing director, IBD compliance,
Goldman Sachs
Roles and c.areer paths
Risk management in investment banks is divided into
different areas of risk.
Market risk - Of a group of traded financial products
(e.g. stocks, bonds or commodities) falling in value simultaneously
because of outside events, such as rising oil prices or terrorist
attacks. Also known as 'systemic risk'.
Credit risk - Of a particular company or an individual
defaulting on their obligation to repay their debts.
Operational risk - Of a bank incurring damage or losses
due to internal factors, such as systems breakdown or financial
wrongdoing.
If you join an investment bank as a graduate trainee, you are
likely to be ' rotated' around different areas of the risk function.
Compliance roles in investment banks can also be divided into
various categories.
Sales and trading compliance - Working with a bank's
salespeople and traders to ensure their activities comply
Global Analyst and Intern opportunities in
Corporate and Investment Banking
Creativity, strong risk management and a clear focus on our clients drive our global success. From portfolio
management to major infrastructure projects, we have the scale and vision to help you start your career.
At BNP Paribas Corporate & Investment Banking we have a tradition of doing things differently. We pursue our own
ideas, working collaboratively, and respect our people to deliver exceptional results.
If you're interested in making an impact and looking for world-class training, early responsibility and great benefits,
find out where you could fit in at BNP Pari bas at www.graduates.bnpparibas.com
Our programs include: Capital Markets, Structured Finance, Corporate Finance and Operations.
BNP PARIBAS
CORPORATE & INVESTMENT BANKING
I The bank for a changing world
Apply online at www.gractuates.bnpparibas.eom
Graduate programmes
AT STANDARD BANK
Let'stalk
ABOUT
INNOVATIVE
financing
WE'RE
THINKING
trains
Where we make the connections, we make the deals.
Our intelligent connections deliver innovative financial solutions that benefit emerging markets.
So we used our global experience to develop groundbreaking financial structures for the Gautrain
project in South Africa.
Join us and you'll soon be making rewarding connections
of your own. www.standardbank.com/efinancial
Moving Forward
'
~
~ Standard Bank
What made you move into risk?
It was the middle of the global financial crisis when
I graduated, so there was plenty of competition
What makes you good at your job?
My good numeracy and quantitative skills help.
In daily trading risk monitoring, I can instantly
for jobs. However I was determined to find a role
that would set me apart from other graduates
then (December 2008) and in the future.
Fortunately, Citi 's programme meets my
requirements as it rotates graduate analysts around
different departments, which means we have a
comprehensive knowledge of the structure of
feel if one risk number is right or wrong, and
whether there is a need to drill down further.
Problem solving is critical and is a personal strength.
I enjoy connecting the numbers with the trading
strategies and identifying any potential risks early.
Ying Gu
the company, and its risk management systems,
meanwhile acquiring a variety of skill sets.
Why would you recommend a career in risk?
You oan work in a specialised skill set or area,
Market risk analyst,
Citi
or have broad exposure across a business or
different functions. You don't have to operate
What does your job involve? in a silo if you choose a career in risk.
YingGugraduated ;, 2007
with a Bachelor's in ecottomics
from Shanghai Institute of
Foreig11 Trade attd completed
tl Master's in statistics at
Columbia University, i11
December 2008. She joi11ed
the Citi global risk analyst
programme in 2009 and is
now based in Hong Kottg.
On a day-to-day basis, my role is hectic and
challenging. t involves identifyilg, monitoring
and managing market risks, as well as liaising ' '
with traders, primarily in the equity and equity
derivatives markets. This involves aggregating
the market factor sensitivities based on each
portfolio and stress-testing trading positions.
There is also regular and ad hoc analysis of risk
management and trading data suoh as economic
indicators analysis and the risk return matrix.
with the requirements of the local regulator. Sales and
trading compli ance pros are often product specialists -
for example, they might specialise in bonds, equities or
derivatives.
Control room compliance - Centralised tasks such as
maintaining the bank's restricted list (which restricts confidential
information to key individuals) and checking for abnormal or
alarming dealing activity. Should certain staff be placed on 'stop
and watch' lists, it is the control room compliance team that
ensures they are stopped and watched.
Monitoring and surveillance - Scrutinising specific behaviour
and transactions that might indicate fraudulent activity, such
as insider dealing or manipulation of markets across the
exchanges.
Anti-money laundering - Stopping money laundering
(where the financial proceeds of illegal activities are
given the appearance of being legitimate).
Pay and bonuses
The heightened focus on risk and compliance has meant that
many teams are expanding, a development that has slowly
translated into higher salaries.
Risk managers and compliance officers who work alongside
salespeople and traders typically earn the most.
On the risk side, this means high-earning market risk
specialists. And in compliance, sales and t rading compliance
professionals who specialise in the latest hot product can
expect the biggest pay packages.
Skills sought
Perhaps slightly surprisingly, among the key attributes banks
look for in their compliance recruits are good communicati on
skills and an ability to build relationships, largely because of
interaction with various divisions within t he business.
" It is critical for us to be in compliance with both the spirit
and the lett er of t he regulat ions t hat govern us, and always to
maintain the highest et hical standards," says James Peters,
managing di rector, lBO compliance at Goldman Sachs.
"We' re looking for insightful and persuasive people, who can
work constructively with every area of t he firm to protect our
reputat ion, manage risk and advance our business."
In risk, numeracy skills are a must. One risk manager at a
bulge-bracket bank says: "You need good applied mat hs
skills and an understanding of differential equations, as well
as financial modelling skills.
"We look for people who can identify the problem from the
confusion t hat surrounds t he business decision, model it and
then improve the decision-making around it."
Country 1-3 yrs exp. 5-7 yrs exp. 7-10 yrs exp.
UK 50-82 106-148 131-196
-- --- -
-
--
us 60-100 175-300 300-600
France Unavailable 80-102 124-160
Switzerland Unavailable 120-168 155-240
!?ingapore 32-65 73-114 130-244+
Hoog Kong 59-90 90-155 155-193+
Sou>c&:RollOiti'I<I/!Q>O.
efinancialcareers.com/ students Caeers in Financial Markets 2012 41
How hot
Money
Prestige

The business o J the back office
OPERATIONS
I
f you delve into the murky world of investment banking, you
will soon hear t he terms 'front office', 'middle office' and
'back office'.
When people talk about t he front office, they're talking
about t he 'sexy' areas of investment banking - mergers and
acquisitions or sales and trading.
When people talk about t he middle office, t hey are referring to
functions such as IT, accounting (finance) and risk management
(which we deal with in other pages of t his book}. When they talk
about t he back office, they're talking about operat ions.
Unlike the people in the front office, people working in
operations do not liaise with clients to generate revenues
and profits for the bank.
Instead, t he division is a support function - operations
professionals support people in the front office to make sure
everything works smoothly and the bank gets paid.
The main business of operations is clearing and settling trades.
Clearing trades involves making sure that the records one bank
has kept of the sale of a financial security match those of the
bank or organisation it sold the security to.
In most cases, simple t rades are cleared automat ically through
huge electronic systems such as t he Brussels- based Euroclear.
'Settlements' covers everything from preparing the
documentation required for a sale, to making sure the bank
has been paid for all the shares it has sold and bought.
Settlements professionals ensure that stocks or shares bought
and sold by the bank's traders are exchanged for the correct
amount of money.
Roles and career padlS
As a junior working in clearing and settlements, your job will
mainly involve intervening when computer systems fail.
Every now and then, automatic clearing systems break down
in a so-called 'exception'. Clearing specialists spend most of
t heir time dealing with these exceptions, trying to work out what
went wrong.
If you work as an exception manager on a settlement desk, you
might talk to traders who claim to have sold shares for $3 each
when the buyer says the price was only $2, for example.
42 Careers in Financial Markets 2012 efinanctalcareers.com/students
However, there are some areas of the market where clearing
is not automated and if you work in one of these, you will be
expected to do a lot more than simply sort out failures in the
electronic clearing and settlements process.
In particular, the huge $600 trillion over-the-counter (OTC}
derivatives market still relies heavily on a lot of manual
processing, which is creating problems. Moves are being
made to automate and centralise the clearing and settlements
process in the OTC derivatives market but until this happens,
people are needed to f ill in and fax through the documentation.
Closer to the trading f loor is t he role of the trade support officer,
which can cover a range of different asset classes, from equities
and bonds to commodities or derivatives. Here, you are in the
''
Find a firm that creates
an environment that
provides exposure to all
aspects of the business.
That will allow you to
become well-rounded
and knowledgeable on
the different areas in
operations.
ANDREW DOUGHERTY
Managing director, head of alternative and
institutional solutions, BNP Paribas, US
firing line for any queries a trader might have- everything from
reconciliation issues to any discrepancies between the various
counterparties involved in t he trades.
As you work your way up the operations hierarchy you will
progress to more strategic roles, looking at issues such as how
to streamline the exceptions process or which functions should
be moved offshore.
Pay and bonuses
As a general rule, the more exotic or specialised the product
you're working on, the higher the pay.
Aside from that, if you want to progress, it pays to hone
your skills in various areas of the business.
"You may begin in operations, in an area such as settlements
and reconciliation, but you can also get exposure to accounting
and fund administration," says Andrew Dougherty, managing
director, head of alternative and institutional solutions at BNP
Paribas in t he US.
In London, a manager working on equity and fixed-income
settlements receives an average salary of 60k-75k
{$97k- 121 k), according to recruiters Robert Walters. This
rises to a maximum of 78k ($126k) for someone working on
OTC derivat ives or foreign exchange options and 65k-80k
{$1 05k-130k) for commodities or listed derivatives.
As a junior, you should expect around 30k-40k {$49k-65k)
as a starting salary, with a bonus of around 5k {$8k).
Settlements professionals working on derivative products
in Hong Kong can expect HK$380k-520k at a junior level
{$48.7k- 66.6k), rising to HK$900k- 1.3m {$115.4k-166.7k)
at the senior end.
"Find a firm that creates an environment that provides exposure
to all aspects of the business. That will allow you to become
well-rounded and knowledgeable on the different areas in
operations."
While operations professionals have few client-facing
responsibilities, they are essentially ensuring the smooth
running of the organisat ion and therefore any problems they
solve help enhance t he ' client experience'.
Meanwhile, US-based settlements professionals earn
$55k - 165k at associate to senior VP level. Chief operating
officers can earn $185k -300k.
Good communications skills are therefore important, because
people in operations deal with many other divisions and
functions within the bank. Would you be comfortable, for
example, dealing with an impatient trader?
Skills sought
Vikram Sud, Asia-Pacific head, operations and
When banks are filling operations roles, they look for a
combination of problem-solving, interpersonal and time
management skills.
technology at Citi , says candidates should have "strong
interpersonal skills to lead teams and interact well with
the business and clients. While process-oriented, they
will continuously challenge t he status quo and make
effective use of technology to improve the customer
experience and drive efficiency. "
In a role where accuracy and consistency are absolutely key,
attention to detail is also a must.
Stoil Topalov
Analyst, trade support,
Barclays Capital
Stoil graduated from t1te
University of Warwick witll
a degree in computer and
management sciences. He
joined Bar clays Capital's
graduate programme
in August 2009.
What is the appeal of operations?
It's so diverse; from project roles where you are
working on future initiatives and developments to
build a better bank, to line roles like settlements
where your tasks are dependent on the different is-
sues of the day. You learn a lot about the processes
that drive investment banking, as operations staff are
involved every step of the way, from trade capture to
confirmation, reconciliation and settlement.
I work as a trader assistant on the interest rate de-
rivatives desk. My job involves sitting on the trading
floor, close to the traders, and being their first line
of support for any queries, from booking trades to
resolving issues with reconciliation between various
systems, and discrepancies with the counter-
party at the time of settlement .
What is your average day like?
''
The first task of my day is typically to perform
a range of front-to-back reconciliations on
the previous day's trades, which means
identifying any problems, bringing them to
the trader's attention and fixing them immediately.
The second part usually involves ad hoc queries
and tasks from traders. At the end of the trading
day, one of the most important tasks is running the
trader's daily profit and loss calculation process.
This provides vital information about the total risk on
their books, the daily performance of their positions,
as well as data about collateral held or received.
What are the best things about your job?
There are new challenges and new issues to
resolve every day, and you have the knowledge
that you are really adding value to the business.
A good example is when a trader asks you to book
a non-standard trade that the system cannot handle
automatically. Problems like this need some investi-
gative work as well as creative thinking, and offer a
very rewarding feeling of success.
efinancialcareers.com/students C a r ~ r s in Financial Markets 20 12 43
How hot
Money
Prestige

Pension pots, portfolios and the
art ofinvestingfor the long tenn
FUND MANAGEMENT &
INVESTMENT CONSULTING
F
und management is about investing other people's money
and earning a fee for the privilege- be it from the man on
the street or from large institutions such as pension funds.
Fund managers (also known as asset managers) fall into two
camps: ' active' fund managers and 'passive' fund managers.
'Active' fund managers use their skill to beat the market
average and often t ake bigger risks for better rewards.
By comparison, 'passive' management, or index tracking,
involves selecting a portfolio of assets whose value will
match that of a financial index - such as the UK's FTSE
100, Eurostoxx 50 in the eurozone, the Dow Jones Industrial
Average in the US and t he Hang Seng Index in Hong Kong.
Simply creat ing returns that match the market is known as
' generat ing beta' .
The array of fund managers and fund management strategies
is huge and can be confusing. So pension fund trustees (who
are often not finance professionals) and other fiduciaries use
investment consuHants to help them meet investment goals.
Key players
Notable players in the investment consulting world are Towers
Watson, Mercer, Hymans Robertson and Aon Hewitt.
Investment roles - These are about investing money managed
by the asset management firm. People in investment roles
are usually analysts, who scrutinise the best companies and
products in which to invest, or portfolio managers, who are
responsible for investment decisions on a range of funds in their
area of expertise, be it equities, fixed income or aHernatives.
Distribution roles - These cover sales, marketing, product
development and client servicing, and are about selling a fund
manager's se1vices t o clients.
44 Career s in Financial Markets 20 12 efinanctalcareers.<omlstudents
Graduates starting out in a fund management firm begin
as a research analyst, working closely wit h the portfolio
managers, visiting companies to assess their investment
potential, and sifti ng through buy and sell information and
company reports.
As in investment banking, there's a range of middle-office jobs
in fund management in areas such as compliance, t echnology,
operations, performance measurement and risk management.
The higher-paying roles are in investment and distribution.
If you want to work in investment consulting, there are two key
areas - 'asset allocation' and 'fund selection' .
Asset allocation professionals advise clients on whether to
invest in equities, bonds or other financial products so they can
generate the returns to pay pension commitments for the next 30
years. Fund selectors analyse fund managers and question them
about the nature of their investment strategy, then write reports
for pension funds on the firms' strengths and weaknesses.
Top five asset managers by global assets under management (Sbn)
Company Country AUM2011
1. BlackRock US/UK 3,788.2
2. State Street Global Advisors US/UK 2,112.6
3. Allianz Global Investors Germany 2,112.2
4. Vanguard Group us 1,853.5
5. Fidelity Investments us 1,700.0
Pay and bonuses
Fund managers have not (yet) felt the same pressure to change
their pay practices as investment banks. In the EU, they fall
outside new rules restricting the cash component of bonuses,
so pay structures have remained largely unchanged, with an
emphasis on bonus payments, dependent on performance
targets.
Graduate & Internship opportunities
Investment Business Management HR Sales & Marketing
UK Europe Asia
Adellty Worldwide Investment Is a leading global investment management
company, with a reputation for delving deeper to unearth the best Investment
opportunities for our clients.
We encourage our Investment teams to focus on details to Identify lhe best
Investments. For example, one Analyst In a meeting with a
noticed the usual chocolate blsculls were replaced with plain ones. Research
showed the company hod financial diHicultles, which helped us to decide not
to Invest In them.
It tokes a range of sldlls to support our Investment teams' approach. Our HR
teams make sure we hove lhe talented people we need. Soles and Marketing
develop strong client relationships and create Innovative new products.
And our Business Management teams ensure we hove the tools In place to
provide our clients with excellent customer service and enable our business to
work effectively. In lhey all ploy a key role In our Investment Intelligence.
And out how you con too, at www.fldelltyrecruttmentcomfcoreers
we saw
the plain
truth.
the currency of investing
2011 BlackRock Inc. All rights reserved. Issued by BlackRock Investment Management (UK) Limited (authorised and regulated by the Financial
Services Authority). Registered office: 33 King William Street. London, EC4R 9AS. Registered In England No. 2020394. Tel: 020 7743 3000.
For your protection, telephone calls are usually recorded. BlackRock Is a trading name of BlackRock Investment Management (UK) Limited.
Jeffrey Lindsey
Managing director,
fundamental large-
cap growth equity
team, BlackRock
Jeff graduated from tlte
University of Virginia with
a BS degree in commerce
a1td received alt MBA from
Emory University. He joi1ted
BlaclcRock in 2005 wlte1t
it merged with State Street
Researdt & Management.
What makes a good fund manager?
You have to be a good analyst, which means
you have to understand how to break down a
company and translate how it sells products
and makes money. Onoe you understand its
finances, you have to translate that into the
language of the stock market and determine
what prioe the company's stock should be
selling for. The key is to use that understanding
to make better-than-average investment
returns. t's as muoh an art as it is a science.
Which asset appeals t o you personally?
This is a dynamic environment and every day
is literally a 'new day' with fresh infonnation that
I have to absorb and react to. I have to know
what's going on all around the world that could
have an impact on the prioe of stocks.
What have you found most challenging?
It's a very competitive industry. Our
sucoe<'_,ses, or lack of successes, can
be measured every day because we can
see our daily returns. The most challenging part
is the pressure to be consistently sucoessful.
You have to be, just to keep your job.
What are you working on today?
Right now we're at a point on our calendar
that's between earnings periods. So we're being
more selective in searching for new investment
ideas. Most of the focus is on tech stocks,
where there's a lot of activity. I'm meeting chief
executive offioers and chief financial officers trying
to get a better understanding of their business,
future prospects, and what they can earn.
What makes you good at your job?
My passion for the business, wt'lich I believe is the
absolute most critical component to have as a fund
manager. I love this stuff. As a young person I knew
that I had good maths and quant skills. t wasn't
until later that I realised how important it was to
be able to talk to people as well, to be relatable.
'' Passion for the business
[ ... ]is the absolute most
critical component to
have as a fund manager.
I love this stuff.
In the UK a junior portfolio manager earns a salary of 60k-80k
($97.6k-130.1 k), according to the Robert Walters salary survey,
which rises to 130k ($211.5k) at the senior level. Bonuses are
typically at least 100% of salary, but often more. In Germany,
salaries reach 140k ($197.4k) at t he senior end.
on your performance: one fund manager told us it's like "being
a student taking a test every single day and getting a grade,
and that grade is published every single day in the newspaper."
"Providing outstanding investment performance alone, although
essential, is no longer enough," says Rosita Poon, head of
human resources at Allianz Global investors Asia-Pacific. Equity portfolio managers in the US earn an average total
compensation of $850k, according to figures from Greenwich
Associates and Johnson Associates, while the range in the fixed
income sector is $340k-525k.
In Singapore, analyst salaries start at S$60k- 100k
($48.1k-80.2k) and rise to S$190k-350k ($152.4k-280k) at the
senior end, suggests Robert Walters.
''
Providing outstanding
investment performance
alone, although essential,
is no longer enough.
ROSITA POON
Head of human resources, Allianz Global
Investors Asia-Pacific
Skills sought
Don't expect an easy ride as a fund manager- you'll need
to be an expert at filtering large quantities of data, and be
passionate about investing. You'll also be heavily judged
"We want to offer more, combining asset management
expertise with the client-centricity of professional services.
So on top of the standard requirements, what we look for in
candidates is integrity, passion and respect in their behaviour
with clients and with each other."
"The softer qualities we look for are the ability to work in a team
and share ideas, a focus on excellence as well as demonstrable,
strong communication skills," says Jamie Brookes, global
head of investment management communications for BNY
Mellon. "Communication skills are vital, not just to the internal
cohesion of a business but also to the development of external
relationships."
Investment consultants are now often required to implement
the advice they hand out, suggests Paul Deane-Williams, senior
consultant at Towers Watson.
The result is that the skills required are becoming broader - not
just a high level of numeracy, but also a strong ability to liaise
with clients.
"Not everyone is suited to being a front- line consultant,
which requires strong interpersonal capabilities, but as these
businesses have expanded, a greater variety of positions has
been created from analytical to process to compliance-type
jobs, he says.
How hot
Money
Prestige

High-earning roles,
reserved for the elite
Alternatives can be anything
from wine to hedge funds
Top hedge fimd managers
earn mega-bucks but pay is
generally high
Private equity finns recmit few
graduates and often require
prior experience
ALTERNATIVE INVESTMENTS
A
'normal' investment is usually in stocks, bonds and cash,
made with a view to earning interest or dividends, or
because t he value of the investment is expected t o rise over
time. Alternative investments oover a broader range - from wine to
art and real estate. We will look at hedge funds and private equity.
Hedge fund managers also invest in stocks or bonds but while
traditional fund managers do so in the hope that prices rise,
hedge funds use strategies to make money even if they fall .
Private equity funds invest in companies that are not listed on the
stock exchange, from 'seeding' smaller f irms (through venture
capital) t o buyout funds, which invest larger sums in established
oompanies and usually use debt to finance the transaction.
Key players
The biggest f ish in the hedge fund pond is currently Bridgewater
Associates, with $58.9bn in assets, according to Institutional
Investor magazine ran kings. J.P. Morgan Asset Management,
Man Investments, Paulson & Co. and Brevan Howard Asset
Management make up the remainder of the top five.
In private equity, Goldman Sachs' Merchant Banking Division
is t he biggest player in terms of funds raised over the last
10 years, at $62.1 bn, according t o f igures from Preqin. TPG,
Blackstone Group, Carlyle Group and Kohlberg Kravis Roberts
comprise the top five - all these firms are from the US.
There are three key areas in the f ront office of a hedge fund:
analysis, sales and marketing, and trading. Analysts look at
t he companies, markets and financial products the hedge
fund invests in; sales and marketing liaise with investors and
persuade them to put money into the fund; t raders act on the
analysts' recommendations and place trades.
In a private equity fund you'll probably start out as an analyst
looking for possible investment targets. You can then move into
t he role of principal, appraising whether a deal is worth pursuing
and sorting out legal issues. At the top are originators, usually
partners in the firm, who sniff out deals and oversee everything.
Graduate recruits are rare, however, and either experience in
investment banking or a top MBA is usually required.
Pay and bonuses
Hedge fund managers can bring in huge sums - the highest
earner in 2010, John Paulson, made $4.9bn, according to
Absolute Return + Alpha. Such sums are, of course, not
available to junior staff.
Hedge fund pay (funds with more than $4bn AUM) ($k)
Role
Researcher/ modeller

Portfolio manager
Private equity pay ($k)
Role

Associate
Managing director/partner
Managing general partner/CEO
Skills sought
Base
125
275
300
Total comp.
375
1.245
4,850
Sowce: Glocop-
Total comp.
85
125
560
1,200
Sc<HC9: P>9qin201 1 Cotnp<>nsafion -
Hedge funds are not big recruiters of graduates, but an
increasing number have programmes to recruit juniors.
"All our graduat e recruitment programmes - whether
that's in finance, marketing, operational, quantitative or
technology - require candidates t o be numerically strong
with an active interest in financial markets," says Jo Carter,
head of talent and development at Man Group. " We also
look for evidence that they're able to work in a collaborative
manner, and can show a strong sense of integrity and
ent repreneurial flair."
"Someone coming in from a business school is going to need
to have had experience beforehand in private equity, investment
banking, or management oonsulting - at least one of these
buckets," says Jordy Spiegel, managing partner, Spiegel Partners.
"Also valuable would be an executive-level position with a private
equity firm's portfolio oompany, because you' ll know many of the
processes, procedures and protocols."
Man
How hot
Money
Prestige

The increasingly complex task
of administrating investtnents
GLOBAL CUSTODY
A
s fund managers become more sophisticated with their
investment strategies, the role of global custodians has
changed significantly. The range of products and services
they offer to clients has snowballed in recent years.
"Clients are increasingly looking for solutions t hat cut across
traditional geographic boundaries in order to facilitate those
new busineas models, enhanced t ransparency and greater
automation," says Frank Froud, head of Europe, Middle East
and Africa at BNY Mellon Asset Servicing.
Core functions include fund administration and fund accounting
(calculating how much income funds are making and spending),
settlements (delivering securities to the buyer and the money
to the seller), and corporate actions (keeping t rack of dividend
payments for equities and coupon payments for bonds).
Client-facing - You will schmooze with fund manager clients,
ensure they' re happy with existing services and, hopefully, sell
them others. Firms rarely offer client-facing roles at graduate level.
Delivery - Includes fund accounting, settlements and
corporate actions. Graduates usually get a grounding in all
t hese areas before specialising.
Technology - Custodians spend hundreds of millions of dollars
on technology, which is integral for profitability, so t hey look for the
right IT staff from a graduate level. Firms hire system programmers,
data architects, business analysts and systems integrators.
''
While technical attributes
will be valuable, they'll only
go so far in achieving the
level of client satisfaction
necessary.
LAURIE NEU
Group head for public entities and
institutions, Nort hern Trust
SO Careers in Financial Markets 20 12 efinanctalcareers.<omlstudents
Pay and bonuses
The client-facing roles are the most lucrative within global
custody. A senior relationship manager in the UK can earn
70k- 95k ($114k-155k), according to the Robert Walters salary
survey. Settlements roles pay 25k-35k ($40k-57k) at the
junior end, rising to 50k-75k ($81 k-122k) in t he senior ranks.
In Dublin, fund accountant salaries start at 27k-35k ($36k- 50k),
rising to 49k-75k ($71k-108k) at the top end. In Luxembourg, a
fund administration head gets $136 k+ after 1 0 years' experience.
In Singapore, fund administration jobs pay $51 k- 80k at
manager/AVP level, while corporate actions roles pay $51k-73k
at the same level. Recruitment sources suggest average global
custody salaries in the US are about $73k.
Top five global custodians by assets under administration ($bn)
Company
1 . BNY Mellon Asset Setvicing
2. J .P. Morgan Worldwide Securit ies Services
3 . St ate St reet
4. Citi
5. Northern Trust
Skills sought
Assets
25,000
16,100
15,860
12,600
4,081
There are no favoured degrees for global custodians but certain
roles, such as fund account ing or IT, require a pre-existing skills
base. Graduates with mathematical degrees gravitate towards
the core custody functions. Calculating corporate actions can
be complex, and a firm grasp of maths will help.
Graduates will also need to demonstrate softer attributes. "While
technical attributes, like having skills in accounting and financial
analysis or having had an economics background, will be valuable,
they'll only go so far in achieving the level of client satisfaction
necessary," says Laurie Neu, group head for public entit ies and
institutions at Northern Trust. "We want someone able t o write and
give presentations and t o be a good listener for clients."
"Today we are recruiting far more in areas like accountancy and
law," says Froud. "That said, for all the focus on technology and
innovation, this very much remains a relationship business, so
strong people skills remain at a premium."
GREY MATTER MATTERS
MORE THAN SUBJECT
MATTER.
Your degree may have qualified you to critically discuss the works of Chauoer or give a detailed acoount of the effect
of glaciation on the coastlines of Europe. It's also given you something much more valuable; the mental tools and
aptitude to learn, understand, analyse and explain. At BaDiie Glfford, our business hinges on your ability to understand
companies and the world around them so we can invest 75 billion In client assets.
As a graduate in our Investment Management programme, you will work with senior Fund Managers and Investment
Analysts in small teams to review, investigate, summarise and provide recommendations on the companies we invest
ln. You might be thinking about the Impact of digital distribution on creative artists, discussing how a coup d'etat Is
going to affect the supply of mobile phones or presenting your report on the Impact of FiB pi no competition on Indian
call centres. One thing we can guarantee; you'll be using your brain and the skills that earned you a degree.
If you are excited by the prospect of a career which combines intellectual rigour and fMCinating debate with an
excellent starting salary and a central Edinburgh location, It's clear you'll want to find out more.
Visit bailliegifford.com/graduates
4 BAILLIE G/FFO?:
How hot
Money
Prestige

Investment experts who
know the value of discretion
WEALTH
MANAGEMENT
P
rivate weatth managers help very rich people manage
their money, far away from the prying eyes of the gossip
columnists and paparazzi. They fall into t wo categories.
Private bankers - Help clients invest their money wisely and
avoid any risks that might reduce the value of their assets. They
also offer tax and pensions advice, help develop a strategy for
charitable giving, and advise on bequeathing their wealth.
Private client brokers - Help clients buy and sell financial
products, particularly equities or stocks (hence the term
'stockbroker'). They also advise on products to invest in.
The clients of private wealth managers range from company
chief executives to property tycoons, investment bankers,
sports stars, celebrities or members of privately run family
businesses.
Private banks t ypically look for clients with at least $1m to
invest but many deal only with clients whose financial assets
(not t heir houses or yachts) alone are worth more than $30m.
If you work as a private banker, you can expect to perform
one of three broad categories of job: investing money for
existing clients; building relationships; or managing back-office
functions such as human resources or accounting.
People working in investing either invest their clients' money or
offer t hem detailed advice to help them invest their own money.
They are typically product specialists expert in a particular asset
class, such as f ixed income, equities, structured products, or
investments in the private equity and hedge fund sectors.
Those on the relationship side are effectively salespeople who
cultivate links with clients and sell the bank's services. This can
involve a lot of travelling and close contact with demanding
people. After a relationship private banker has established a
client's needs, specialists produce a detailed solution.
"A good wealt h manager is someone who enjoys both art
High-net-worth clients expect
a full service, not simply
investment advice
A relationship manager is
judged by the amount of
money under their stewardship
Discretion and relationship-
building skills are cmcial
and science. He or she may have a degree in business but they
also have an affinity for right brain activity like art, music and
language," says Edythe De Marco, financial advisor with Merrill
Lynch Wealth Management in the US.
There are two types of private client brokers. The f irst works on
discret ionary mandates, in which wealthy clients communicate
their investment strategy and the broker buys and sells the
financial products they think appropriate. The second works on
advisory mandates, where the broker advises t he client what to
invest in, but needs their permission before making a move.
Junior brokers are most likely to work on advisory mandates.
However, making the first move can be challenging, as generally
only the larger firms offer graduate training courses.
''
You need a broad set
of skills, from sound
commercial judgement
and having an international
outlook, to being able
to build a rapport and
understanding of what
makes your clients tick.
KATE TURNER
Head of private banking, Coutts & Co.
Pay and bonuses
In Switzerland, t raditionally a hub for wealth management,
a private client relationship manager can expect to earn
CHF100k-160k ($118k-190k) base pay after five to seven
N, IN DEP
BARCLAY DUATE PROGRAMM
Raymond Lam
Private client manager,
NAB Private Wealth
Based it1 Sydney, Raymond
completed NAB's graduate
programme in 2009. He
lias a double degree iu
commerce and arts from
the UniversityofNSW
(2008). His majors include
11 mix af finance, economics,
psychology and politics.
What made you choose wealth management?
I wanted a client-facing role_ A private banking role
was my preferred choice because I wanted to deal
directly with a select number of clients. The position
allows me to fonn tangible relationships with clients
and really get to know them and their situations.
I deal directly with high-net-worth clients daily. I am
their first point of contact and act as a conduit for
them to access all our services like wealth advice,
risk management, estate planning, markets, full-
service braking and philanthropy to name a few.
My expertise is banking but I can identify client
needs across our products and services.
What's good about working in wealth
management? ' '
Meeting clients and having in-depth
discussions about their financial goals and
aspirations. Longer term, I enjoy building
a trusted advisor status with my clients.
What's it like being a banker for high-net-worth
individuals? Do you have any famous clients?
It keeps you on your toes, delivering banking
services to high-net-worth individuals. I keep
my BlackBerry on me at all times. It's very
stimulating, as high-net-worth clients usually
have more sophisticated needs. I have many
clients with fascinating stories and who are
household names, but I can't divulge any details.
My personal progression will involve the refinement
of my skills, knowledge base and experience. f
opportunities present themselves, I'll evaluate
them on their merits but I'm in no rush to change
roles as I view private banking relationships with
clients as a long-term proposition. I'd consider
a position overseas in the future, depending on
market conditions and my stage of life at the time.
It's very stimulating as
high-net-worth clients
usually have more
sophisticated needs.
I have many clients with
fascinating stories and
who are household names,
but I can't divulge details.
years' experience, rising to CHF170k- 280k ($200k-333k) at the
senior end, according to the Robert Walters 2011 salary survey.
In Singapore, which is actively recruiting wealth managers, a
junior relationship manager can expect a base of S$85k-120k
($69k- 97k), while an investment advisor can bring in S$80k-
110k ($65k-89k), according to Robert Walters.
but must also be able to connect emotionally with clients in order
to understand their needs and aspirations,'' she says.
At the senior end, base pay comes in at S$320k+ ($260k+).
In the US, the mean wage for a financial advisor is $91.2k,
according to figures from the Bureau of Labor Statistics.
Skills sought
It is no good going into private banking if you have a taste for
gossip. Discretion and an ability to manage, retain and build
relationships with incredibly wealthy individuals are absolutely
vital attributes.
"You need a broad set of skills, from sound commercial
judgement and having an international outlook, to being able
to build a rapport and understanding of what makes your
clients t ick," says Kate Turner, head of private banking at
Coutts & Co. "Every client is different, with changing attitudes
to risk and return, and it's essential to understand their needs
fully in order to provide t he best advice, win their trust and
win the business."
Merrill Lynch's De Marco says that having emotional intelligence
is one of the keys to success.
"One needs to have the skill set to be able to do financial planning,
"As weafth managers, we form deep, meaningful and lasting
relationships with our clients. These are qualities that are also
important in being a good friend."
But it is not just about being personable. In the fiercely
competitive market of wealth management, private bankers
need technical expertise to get ahead of the herd.
"Technical skills include a good grasp of financial products,
terminology, risk measurements, portfolio const ruction,
and various other wealth management tools like t rust and
estate planning,'' says Tan Su Shan, group head of wealth
management at DBS.
The world'& largest private banks (Sbn)
Company
1. UBS
2. Morgan Stanley
~ Wells Fa!J!O
4. Credit Suisse
5. Bank of America Merrill Lynch
6. Deutsche Bank
7. HSBC
8. BNP Paribas
9. J.P Morgan
10. Pictet
AUM
1,815
1,780
1,488
920
687
459
415
361
303
284
How hot
Money
Prestige

A.fiddle men making
sure the price is right
INTERDEALER BROKING
I
nterdealer brokers (JOBs) have traditionally been publicity- shy,
but a strong performance during the financial crisis has thrust
t his fairly low- key sector into the limelight.
An JOB acts as an intermediary between dealers at investment
banks, enabling banks' traders to do large deals with one
another anonymously. For example, assume a trader wants to
buy two million shares in company A at 50 cents each. They
check prices and availability with an JOB. If the trader is happy
with what the lOB has to offer, the lOB will execute the deal. In
return, it takes a small percentage as commission, which
can be very lucrative, particularly in volatile markets.
Because lOBs get paid whenever people t rade, they make
money whether the market is rising or falling. High levels of
price volatility in the stock markets are beneficial to them.
Key players
Five big f irms - ICAP, Tullett Prebon, GFI, BGC and Tradit ion -
dominate 70% of the market, according to analysis by Celent.
lnterdealer brokers recruit graduates for voice and electronic
broking. Voice brokers speak to clients on the telephone and
execute t rades around more complex products, which typically
require more discussion or explanation.
Electronic brokers use computer screens to check client needs
and execute deals. Electronic broking is about speed, t rading
cash or equity products in large volumes at the right price, before
the client's competitors.
Brokers usually specialise in a product, which can range from
options or futures to fixed-income products. The career path is
junior broker, broker, desk manager, director, head of division.
Pay and bonuses
Starting salaries range between $40k and $50k, according to
lOB headhunter Search Partners. The spread between base
salaries for senior brokers is large - $120k- 220k. The general
rule is the more complex the product, the higher the salary.
But lOBs make most of their cash from a percentage of the money
they bring in for the company, anything from 35% to 50%, with
more confident brokers pushing for a bigger cut and smaller base.
''
Our business is more about
swift execution - ensuring
we can trade our clients'
positions fast. Brokers
need to be able to react
quickly to find solutions to
individual clients' needs.
MARK SCALLY
Head of human resources, Tullett Prebon
Skills sought
lnterdealer broking is about relationships, so if you're not a
people person, don't apply. In fact , such is the bond between
broker and client that, if a successful broker leaves for a
competitor, they'll often take their business with them.
"The ability to develop strong client relationships is a key part of
the job, particularly at the early stages of your career. In order to
develop a long-term relat ionship with any client you need to be
able to develop a bond of trust and understanding," says Mark
Scally, head of human resources at Tullett Prebon.
This involves a lot of client entertainment. Oamien Lee,
managing director of Search Partners, says a junior broker can
spend three or four nights a week entertaining, "and you're still
expected to be at your desk at ?am the following morning."
You also have to keep clients sweet on a more professional
basis. "On the trading floor of an investment bank, traders
take a position and therefore potentially a risk. Our business is
more about swift execution - ensuring we can trade our clients'
positions fast. Brokers need to be able to react quickly to find
solutions to individual clients' needs," says Scally.
How hot
Money
Prestige

Banking for big business
CORPORATE
BANKING
C
orporate banking is the broad term applied to the
various banking services offered to large companies -
those worth $25m and above. This may sound
simple, but it's not.
It can mean arranging loans (a service which comes in various
forms), offering cash management services - such as helping
minimise tax paid by overseas subsidiaries - managing changes
in foreign exchange rates, or offering treasury solutions.
Corporate bankers target different industries. They often carve
out niche areas of expertise. Those servicing energy, mining
or utilities companies, for instance, might be project finance
experts, working out the business case for funding a new power
plant or mine.
While most graduates joining a corporate bank will be expected
to undertake a qualification, such as the Professional Certificate
in Banking in the UK, they can also expect on-the-job training.
Junior corporate bankers often start out as credit analysts,
assessing company balance sheets and deciding whether
or not to issue loans. You may also accompany senior
sales and relat ionship staff as they t ry to sell products to
corporate customers. One banker describes this as ' bag-
carrying' - picking up tips without having much influence
on the deal.
Senior roles in corporate banking are more client-focused.
There are business development managers, who attempt to
bring in new customers, or relat ionship managers, who look
after existing clients. Both involve wining and dining chief
executives and finance officers but are also quite technical.
Relationship managers have a support team. But when the
company needs to raise f inance, the relationship management
team also provides transaction and structuring advice.
"Always keep in mind we are a service industry and you
are dealing with clients, so they come first. You must always
have the drive and the energy to respond to your clients' needs.
There is no room for lethargy; you must always be on your
toes," says Mike Redferne, managing director for investment
banking Europe, BNP Paribas.
If you' re not up for a client-facing role but still want to work in
corporate banking, you have the opt ion of working in risk/credit
assessments or product, operations or treasury management.
''
It is not about selling the
product but about building
up a relationship of trust.
You can even point out
the shortfalls of a product
and that may gain you the
client's respect and trust.
MIKE REDFERNE
Managing director for investment
banking Europe, BNP Paribas
Pay and bonuses
Graduates usually start on about $35k, according to the banks
we spoke to, and a senior relationship manager can earn up to
$21 Ok, according to recruitment sources.
In Hong Kong, a relationship manager can earn $30k- 70k
in their first four years on the job, according to recruit ers
Robert Walters, rising to $115k-192k at the senior end.
The range for the same level of experience in Europe is
$120k-142k.
COMMERZBANK
Are you ready for a company that
offers more than you would expect?
Apply now for the Corporates & Markets Graduate Programme.
Are you looking for an exciting job in the finance industry with challenging career prospects in a
dynamic environment? At Commerzbank you can get a head start to your career in an international
investment bank, which is part of the second largest bank in Germany with over 58,000 employees
worldwide. Our Corporates & Markets Graduate Programme offers you the opportunity to join our
investment banking team. Right from the start you will be part of the action, where good ideas get
recognised and you can make a real difference.
Ready to be the future of banking? Take the next step, visit www.commerzbank.com/career
Achieving more together
Skills sought
You have to be affable to win business and maintain
relationships but you also have to be a ruthless number
cruncher.
building up a relationship of trust. You can even point out
the shortfalls of a product and that may gain you the client's
respect and trust, which is one of the secrets of success in
corporate banking."
" Fi nancial or technical knowledge is an important criterion
in corporate banking but candidates should also be able to
demonstrate communicat ion skills, creativity, tenacity, team-
working skills, an ability to think quickly and t he determination
to excel, " says Matthew Henderson, regional head of Asia-
Pacific campus recruiting at UBS.
Corporate bankers will be given a lot of responsibility relatively
quickly, so employers want to see evidence of maturity and
tenacity even at a graduate level.
Also, because many roles cover a number of geographical
locations, you will have to be aware of the regulatory hurdles and
the cultural sensitivities of doing business in several countries.
"You need understanding of commercial businesses' goals,
strategic thinking, communication and collaboration," adds
Margaret Scopelianos, t reasury solutions executive for
specialised industries, global commercial banking at Bank
of America Merrill Lynch.
"We are looking for graduates to be energetic, enthusiastic,
engaging and hard working, willing to challenge the status quo
when appropriate and innovative in their approach," says Ann
Deacon, people strategy manager, corporate and structured
banking at HSBC.
The world's largest banks by assets (Sbn)
"To succeed, you must be versatile, able to cultivate
relationships, make ethical decisions and be willing to take
Bank
1. BNPParibas
-
2. Royal Bank of Scotland
3. HSBC
4. Cr9dit Agricola
5. Sa relays
6. Bank of America
Market capitalisation
2,984
2,747
2,364
2,243
2,233
2,223 on tough assignments and take prudent risks. You need to be
able to focus on results and have a passion for innovation."
"Clients look for balanced advice, so candidates need to be
knowledgeable, driven and self-confident," adds BNP Paribas'
Redferne. " It is not about selling the product but about
7. Mitsubishi UFJ Financial Group 2,196
Andrew Pedder
Corporate banking
analyst, HSBC
Andrew graduated from t1ze
University of Sheffield witlr
a degree in ltistory. He joined
HSBC's executive numagement
programme in 2009.
8. Deutsche Bank
9. ':!_:P M_organ Chase
10. Citi
Why did you choose corporate banking?
A key attraction for me was the wide range of
businesses we have relationships with: one day
I could be dealing with a credit renewal for a family-
owned manufacturer and the next I could be on
a site visit with a FTSE-250 telecoms provider.
How did you end up where you are?
I joined HSBC straight from university on the
executive management programme, which
is a two-year graduate scheme consisting
of four six-month placements in different areas
of the bank. I spent six months in our corporate
banking centre in Southampton, then moved to
a placement working in the global commercial
banking strategy team in Hong Kong. Corporate
banking seemed like an ideal choice for me.
What is a typical working day like?
I support a team of corporate relationship ' '
managers with wide-ranging portfolios,
so there is usually a steady flow of new
deals and annual credit renewals all
year. My main responsibility is preparing
credit applications, analysing a client's
performance from a financial and non-financial
perspective based on meetings with the client,
their annual accounts and information from the
2,162
2,032
1,857
relationship manager. I'll then pull together this
information into a credit application and submit
it for approval to our central credit function.
What are the downsides?
The only downside is that you can easily have
your plans for the day scuppered by urgent
requests from customers. But this is to be
expected, and working in such an environment
helps improve your flexibility and responsiveness,
which are important skills to possess.
What are the highlights of your job?
Getting out to see clients. As the portfolios here
are extremely varied it can be a great experience
to learn more about a wide range of inqustries
and also to see the client's business in action.
Working in such an
environment helps
improve your flexibility
and responsiveness,
which are important
skills to possess.
How hot
,
Money
Prestige

Sourcing the information that
underpins investment decisions
An AAA rating is a gold stamp
for an organisation or country
Bloomberg and Thomson
Reuters mle the data providers'
world
Rating agencies demand a
postgraduate qualification in
a mathematical subject
DATA PROVIDERS &
RATING AGENCIES
C
redit rating agencies assess the likelihood that an
organisat ion issuing debt will fail to pay back its
creditors fully and on time - called 'going into default'.
Organisat ions are rated from AAA (virtually guaranteed to pay
up on time) through to C (indicating a high risk of defautt). Risks
are classified as ' investment grade' if they come in at BBB or
above, with anything less known as 'speculative grade' .
Data providers supply financial markets and media with critical
real-t ime information such as company share prices, exchange
rates, research and analytics, and tools and software for tracking
portfolios. They also offer financial and business news services.
Key players
The credit rating agency business is dominated by US-based
Moody's Investor Services and Standard & Poor's, the t op
two, and Fitch Ratings. In the data provider space, Thomson
Reuters and Bloomberg have 29.4% and 29.2% market
share respectively, according to Burton-Taylor International
Consulting. Other significant names include Dow Jones!Factiva,
Interactive Data, FactSet , SIX-Telekurs and IRESS.
Rating agencies usually recruit graduates into data analysis jobs.
Trainees typically start in research teams focusing on industry
sectors and/or financial products. Rtch has a structured graduate
programme. Moody's and Standard & Poor's recruit according
to need. Data providers offer a variety of graduate roles.
Pay and bonuses
Graduate trainees within data providers can expect to start on
$35k-40k in London, depending on experience and academic
background, according to recruiters. Rating agencies typically
pay less at junior level, with the possibility of a small bonus.
Further up the ladder, credit analysis roles pay well. After five to
seven years, salaries are $90k-1 20k, according to the Robert
Watters salary survey, rising to $120k-150k after seven to 10 years.
''
We look for graduates
with a strong academic
background that includes
finance, accounting or
economics, plus the ability
to convey a complex
message clearly.
ANDY JACKSON
Head of human resources for EMEA,
Fitch Ratings
Skills sought
The volatilit y within the world's financial markets has led to
increased demand for data providers, argues Chris Mills, European
human resources director at Interact ive Data. While firms still
want good technical skills, t hey also want 'soft skills' . "In addition
to technical skills we also focus on soft skills when hiring. New
recruits are encouraged t o develop relationship-building skills, as
well as the capacity to adapt to a matrix organisation.'' he says.
"We look for graduates with a strong academic background that
includes f inance, accounting or economics, plus the ability to
convey a complex message clearly," says Andy Jackson, head
of human resources for EMEA at Fitch Ratings. "Successful
applicants usually have a postgraduate qualification and often
fluency in a second language."
How hot
Money
Prestige

Software, hard skills
and a thick skin
IT IN FINANCE
T
he right technology is often the differentiating factor
in giving a financial services company the edge over
its competitors. It can also help the organisation save
money, so financial firms are among the biggest spenders on IT.
Investment banks, retail banks, fund managers, brokers and
insurance firms all spend billions on technology. By the end of
2011, they are expected to have spent $363.8bn globally on IT,
according to research from consultancy Celent.
The big user of technology is the trading floor and everything
related to it. Whether it is buying and selling financial products
electronically, processing them through smart-order routing
systems, or communicating to ensure trades go through
smoothly, multi-million dollar technology projects are crucial.
"We have over 3,000 IT professionals in the Asia-Pacific
region alone; it's our largest division and our professionals are
responsible for providing support to the bank in more than
50 countries around the world," says Divyesh Vithlani, chief
information officer of Credit Suisse Asia-Pacific.
IT roles fall into five camps; development, business analysis,
project management, infrastructure and technical support.
The developer is at the coalface of the IT department. Much
of the technology is developed in-house, but when banks
purchase software from third-party vendors, developers need to
tailor it to banks' individual needs.
Within products traded in large volumes, such as equities or
foreign exchange, developers aim for ' low latency' or reducing
the time it takes to execute and process a trade. The speed
with which a t rade is placed can be crucial to its profitability.
Business analysts liaise between the IT department and the
company. Project managers will take on the new venture once it
has been given the go-ahead. You' ll have to manage a team of
developers, liaise with third-party vendors, and be answerable
should plans go awry.
Technical support solves problems when they arise on the
trading floor: glitches could cost banks millions of dollars within
minutes. Traders are not shy in berating you for IT gremlins, so
a thick skin is a must. Infrastructure jobs deal with the IT nuts
and bolts - from servers to operating systems to databases.
There is also the option of working for third-party vendors,
which specialise in providing software to financial services.
If you want to work for a vendor, try sending your CV to major
players such as Sungard or Oracle, or apply to specialist
financial services software vendors such as Fidessa, Sophis,
SimCorp, Open link or Charles River.
''
You must be able to ask
key questions and develop
technology solutions that
work. The business is
dynamic, so you must be
able to reinvent yourself.
PETER DEVLIN
Executive director, emerging power and gas
technology, commodities, J.P. Morgan
Pay and bonuses
IT in f inance pay doesn't reach the dizzy heights to be
found in investment banking, but it 's not to be sneezed
at either. Generally, if you possess knowledge of more
complex financial products, or have a comparatively rare
skill set, your earning potential will be greater.
A business analyst working in an investment bank in London
starts out on 35k-45k ($58k-74k), according to figures
from recruiters Hudson, rising to 80k-100k ($132k-164k) at
the senior end. In more specialist areas, like fixed income,
this upper end rises to 95k-110k ($156k-180k). Junior
project managers are paid 50k-75k ($82.2k-123k), which
increases to 75k-120k ($123k-197k) at the senior end,
depending on product knowledge. Programme managers,
who look after several related projects, start at 95k-100k
($156k-164k), and salaries rise to 120k-140k ($197k-230k)
at the senior end.
SimCorp is a leading provider of software solutions for the financial industry.
We work together to reach a common goal: to help our clients succeed by
providing a strong, scalable IT platform that enables growth, while mitigating
risk and reducing cost. At SimCorp, we value commitment and enable you to
make the most of your ambitions and potential.
Are you among the best qualified in finance, economics, IT or mathematics?
SimCorp
Download our
profile folder
to learn more
about SimCorp
1111 Caretojotnus1
www.simcorp.com
MITIGATE RISK I REDUCE COST I ENABLE GROWTH
Key fads
Turnover in 201 o
72!> million EUR
Staff Numbers
580
Country Presence
Belgium, Luxembourg,
France, The United Kingdom,
The Netherlands, Germany,
Switzerland, Russia,
Morocco, Dubai, Singapore,
China, Indonesia, Australia,
New Zealand, Malaysia,
Philippines, Vietnam.
Main Profiles
Civil Engineers
Masters in IT, Sciences,
Mathematics
Bachelors in IT
Job Opportunities
Junior IT Consultants
Technical Consultants
Project Managers
Industry Segments served
Retail Banking
Direct Banking
Private Banking
JOIN US!
If you work in development, being in a front-office role means
more money. Junior C# GUI developers earn 35k-45k
{$58k-74k), which increases to 65k- 85k ($106k-140k) at t he
upper end, while C++/Unix developers start at the same level
but can earn 75k-90k ($123k-148k) with more experience.
Java developers in the front office start on 35k- 45k ($58k-74k),
which increases to 65k- 90k ($106k-148k) at the senior end.
However, you don't need to be a whizz kid at entry level.
Soft skills are valuable for business analyst or project
management roles. Business analysts, for example, have t o
be able to explain the benefits and pitfalls behind a potential
technology investment, without leaving non-IT people
swimming in a sea of jargon.
Project manager roles have to be able to act as a central
coordinator for disparate groups with differing interests in
a particular technology endeavour.
Skills sought
In IT, the majority of successful applicants will have a computer
science degree, and those who don't tend to come from a
maths or physics background. However, for less technical roles,
such as business analysis or project management, banks will
consider other degree disciplines.
Any IT role, though, requires a certain degree of
business acumen and ability to communicate and work
well with other areas of the company. The image of the
int roverted nerd working in a t ech position is irrelevant
to today's roles.
"You must be able to ask key questions and develop technology
solutions that wor1<," says Peter Devlin, executive director,
emerging power and gas technology, commodities at J.P. Morgan
in New Yor1<. "The business is dynamic - profitability changes,
regulations change, so you must be able to reinvent yourself and
be prepared to adapt to a changing environment."
"In this case, we are looking for strong all-rounders and
potential leaders, " says I an Scott, IT manager, fixed-income
division at BNP Paribas in London. "These may be technically
inclined or may be more interested in the analytical, business-
facing and people-centric activities such as analysis, project
management or application support. A non-technical degree is
often fine, provided that they demonstrate good analytical and
organisational skills and some evidence of commitment to the
role they are applying for, such as financial industry knowledge. "
If you want to move into a development role, experience with
programming languages such as Java, C++ or C# is important.
Credit Suisse' s Vithlani adds: "As well as academic
achievement we look for candidates who show leadership
potential and have the ability to inspire confidence and loyalty.
"We especially like candidates who are self-motivated and
resourceful, who collaborate well wit h others and build
I
Joanna
Aleksandrowicz
Analyst, J.P. Morgan
Joanna graduated from
Warsaw University of
Tedmology with a11 MSc degree
in artificial itllelligence. Slle
joined tile J. P. Morgan grad1mte
scheme in January 2010.
strong working relationships."
How would you describe your current job?
I wor1< in trading technology within the market
data group. We support services across several
lines of business with users across trading and
non-trading floors, and liaise with fT vendors. We
manage big technology projects. and make sure
connectivity and new applications are up to date.
We also handle new solutions and upgrades.
What made you choose banking rather
than another industry?
After graduation, I joined a consulting firm as an
intern and worked on a project for a European bank.
I really enjoyed banking and thought it would be a
good career choice. Later, J.P. Morgan organised
an event for women in technology and I took
part in it. When I came for the interview,
I liked the culture and the opportunities
that exist in technology at the firm.
What skills are most important?
Analytical and logical thinking are critical,
particular1y as issues occur. You need to
act fast to get to the source of problems
that arise, so you can fix them quickly.
Also, you must have attention to detail.
With new solutions and new connectivity
applications, you have to ensure that every
''
possible scenario is accounted for so that
any issues are kept to a minimum.
What is the best part of your job?
Being able to interact with many different groups
of people. On a daily basis, I talk to traders in
different businesses, as well as vendors. It 's great
to develop new relationships with external and
internal groups. There's so much happening.
It's a dynamic role and the variety of wor1< and
talent is such that I'm always learning.
What do you think makes you good at it?
I' m good at prioritising things. I need to
think about what's most important and that
requires an understanding of business.
Analytical and logical
thinking are critical,
particularly as issues
occur. You need to act
fast to get to the source
of problems that arise, so
you can fix them quickly.
efinancialcareers.com/students Careers in Financial Markets 20 12 6 7
How hot
Money
Prestige

The complex business of
being covered for the worst
INSURANCE
T
here's more to insurance than making sure you're
covered if your car gets stolen or your widescreen lV
decides to blow up. Global insurance premiums totalled
more than $4.3 trillion in 2010. In the US (the largest insurance
centre, followed by Japan and the UK) the industry provides
about 2.3m jobs. In the UK, this figure is more than 275,000,
according to t he Association of British Insurers.
The industry has four main areas:
Insurers - Assess risk and develop products for sale to
individuals and corporations.
Re-Insurers - Insure insurers against risk of significant losses.
Insurance brokers - Intermediaries who sell insurance
products - particularly important in the corporate market.
Lloyds market - About 80 corporations, individuals,
underwriters and financial backers, or syndicates, who come
together to spread risk.
''
Most of our graduate
recruits tend to have a
business, law, mathematics
or engineering background.
YVONNE HERBST
Talent management consultant,
Munich Re
Underwriting - Involves extensive risk analysis, sifting stats on
industries, demographics and clients to prepare a quote.
Actuarial - The domain of the maths whizz. Actuaries produce
f inancial models based on the statistical analysis of risk, which
are used by underwriters in their analysis.
Broking - The salespeople of insurance, who try to find the
right product for a client. There are few places for graduates.
Claims - Where most insurance people work. Graduates are
likely to land in fraud detection or claims investigation.
Pay and bonuses
Actuaries are among the highest paid professionals in the
industry. In the US, the median annual wage of qualified actuaries
is $87.6k, but the top 10% earn over $160k, according to the
Bureau of Labor Statistics. In the UK, the starting salary for
qualified actuaries is 43.9k ($71.7k), increasing to 184k
($300k) for a chief actuary, according to The Actuarial Profession.
A junior commercial underwriter in the UK starts on 23k-25k
($37.5k-40k), according to figures from recruiters Joslin Rowe,
which rises to 35k-60k ($57k-98k) at the senior end. Sales and
business development roles start at 25k-35k ($40k-57k), but
increase to 55k-1 00k ($90k-163k) at the top level.
Skills sought
It takes five to seven years just to qualify as an associate
actuary, but training is usually provided by the employer.
You will need a maths-based degree to get your foot in the
door, but this is the case for most graduate roles in insurance.
" Most of our graduate recruits tend to have a business, law,
mathematics or engineering background," says Yvonne Herbst,
talent management consultant at Munich Re. "If they've
completed an internship, this shows evidence of analytical
and social skills, which are important for the full-t ime roles."
For underwriting roles, a good level of numeracy is required,
plus communicat ion skills, as you will have to liaise with other
business areas and clients.
"We're looking for people who can build long-term relationships.
Many of our clients work with the same financial professional
over the course of 30 or 40 years," says Stephen Mannebach,
vice president of agency development at Northwestern Mutual.
Key insurance players (by sales, profits, assets & market value)
Company
1. Allianz
2. American International Group (AlG)
3. 1NGGroup
4. AXAGroup
5. Zurich Rnancial Services
Country
Germany
us
Netherlands
France
Switzerland
So..c<>:-GIODai2COO. 2/Jt 1 T9/lJ<ingS.
Our strength lies in the combined knowledge of our multi-skilled teams. Our
extraordinary breadth of expertise allows us to work on the most complex
challenges of the present day - from economic and social concerns and global
warming through to the world's most ambitious engineering projects and space
travel. We develop custom-made solutions for the risks that face people today
and those they will encounter tomorrow. Are you the kind of person that would
thrive on realizing global projects alongside 13,000 colleagues? If so, we are
looking forward to your application.
To find out what is expected of our graduates on the trainee program and what
opportunities we offer, visit munichre.comjcareer
Munich RE
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How hot
Money
Prestige

The nurttber crunchers at the
heart of every organisation
ACCOUNTING
A
ccountants come in various shapes and sizes. If you
want to become one, ask yourself where you want to
work and what kind of accountant you'd like to be.
Within financial services, investment banks hire accountants,
as do retail banks, hedge funds, private equity f irms, insurance
companies and fund managers. Companies in all other sectors
also need accountants t o help them tot up profits and losses.
Alternatively, you could work for an accountancy firm providing
independent audit services to other companies. The best
known are the Big Four - Deloitte, Ernst & Young, KPMG and
PricewaterhouseCoopers (PwC).
Roles and career padlS
There are several options open to you in an investment bank.
Product control - Keep an eye on the profits and losses
made on products bought and sold on the t rading floor.
Financial control - Analyse the bank's overall performance
and produce regular reports.
Internal audit - Responsible for checking that financial
systems and controls within the organisation are being
complied with.
Regulatory - Ensure the bank reports its financial activity
according to the legal rules of the countries it trades in.
Treasury - Structure the bank's f inancial affairs so that
sufficient cash is available to meet its liabilities.
By comparison, if you start as a graduate trainee in a Big Four
accountancy f irm, your career will be more limited; about half
end up in audit and assurance departments, where they handle
t he accounts of publicly t raded companies and independently
validate that a company's accounts are correct.
Big Four firms also conduct advisory work, which can include
corporate finance (see Mergers & Acquisitions on page 24),
Product control salaries - mid-level role ($k)
Country

UK
us
Salary
85-130
187-249
105-138
145-225
70 Careers in Financial Markets 2012 efinanctalcareers.com/students
Formal qualifications add to
long-tem1 employability
.Numeracy is just a baseline-
teamwork and dedication are
paramount
Accountants earn more in
financial services than in any
other sector
reorganisation services (offering advice on everything from
restructuring or insolvency to simply improving a f irm's
performance), or forensic accounting (investigating improper
practices). They also run consulting arms offering advice on the
business case for everything from technology to outsourcing.
There are other accountancy opportunities in industry and
commerce for financial and management accountants.
Pay and bonuses
Accountants earn more in financial services than in any other
sector. Basic salaries are higher and there's the potential to earn
lucrative bonuses.
An internal auditor with more than five years' experience working in
banking and financial services in the UK can expect $113k-130k,
according to Robert Walters, or $85 k -135k in New York.
By comparison, an internal auditor in a large firm in industry
or commerce earns $80k-11 3k.
Skills sought
Most large accountancy firms will demand a finance-related
degree but the first few years in the job are spent undertaking
an accountancy qualification. Increasingly, though, the Big Four
firms are open to applications from non-f inance related fields,
and some even have schemes set up for school leavers.
If you train as an accountant in London, most f irms will expect
you to take the exams run by the Association of Chartered
Certified Accountants (ACCA) or the Chartered Institute of
Management Accountants (CIMA), while banks and Big Four
accountancy firms tend to favour qualified associates of the
Institute of Chartered Accountants in England and Wales (ACA}.
This qualification is internationally recognised, but different
countries also offer their own options.
In France, there is the DCG (Diplome de Comptabilite et Gestion),
equivalent to a three-year degree, and the DSCG (Diplome
Superieur de Comptabilite et Gestion), equivalent to a Master's.
In Germany, accountants qualify through vocational training
with an employer for two or three years or through university
studies, which usually take six years.
In the US, the Certified Public Accountants (CPA) qualification
is key but there is also the option of Certified Internal Auditors
(CIA), Certified Management Accountants (CMA), and
Accredited Business Accountants (ABAs) qualifications.
''
They must be confident
communicators with
"For those looking to enter our audit or tax practice, one
key attribute is a degree in accounting," says Holly Paul, US
recruiting leader at PwC. "Beyond that, we look for well-rounded
individuals, especially those that excel academically and show
strong leadership skills. We also welcome those with strong oral
and written communication skills, which we see as critical."
Accountancy firms don't always expect you to have all the
technical skills. They look for raw talent.
a healthy appetite for
learning in a fast-paced
environment; they must be
able to problem-solve and
contribute to successful
business outcomes.
"We hire people who are able to work across functions
STEPHEN CARPENTER
and across a variety of clients, whether they are auditors,
accountants or consultants in our advisory practice," says
Stephen Carpenter, managing partner of people performance
and culture and senior tax partner at KPMG Australia, the head
office for the Asia-Pacific region. "Therefore, we need four
transferable skills: they must be confident communicators with
a healthy appetite for learning in a fast-paced environment; they
must be able to problem-solve and contribute to successful
business outcomes; they must demonstrate the ability to work
effectively in a team; and they must be able to lead others when
the occasion arises."
Managing partner of people performance and
culture and senior tax partner, KPMG Australia
"When we look to recruit accounting specialists into banking
at graduate level, being qualified is important," says Gregg
Carnaffan, head of graduate recruitment & development
Before all this, however, you need to get your foot in the
door. Good academic results are obviously beneficial but
accountancy f irms expect more.
at HSBC. "The things that set a great candidate apart,
however, are the wider experiences and skills they bring to
the table. We have no shortage of applications from well-
qualified candidates but voluntary work, supporting clubs and
societies and general work experience all provide really great
opportunities to demonstrate the competencies employers like
us are looking for. "
Laila Shetty
Tax consultant,
business tax services,
Deloitte & Touche
Laila graduated from Fordham
with an MBA in accountit1g/
and a Master's itt
taxation. She joined Deloitte
& Touche as a summer intern
in tl1e summer of2010
and began working tltere
full time in January 2011.
How did you get where you are today?
I was an economics major at Barnard and I'd
never even taken an accounting course. In fact,
I was headed toward a career in marketing and
finance when I realised that what I really wanted
to do was something more mathematical.
When I took my first accounting course I loved
it and discovered that I had the disposition
for a career in tax and accounting.
I then went for my MBA, but learned that the
Big Four accounting firms recruit heavily out of
a combined three-year MBA and Master's in
taxation programme so I did that and it paid off.
I got internship offers at KPMG as well as Deloitte,
which was the company I really wanted to work for.
What kinds of skills are most sought among
tax and accounting professionals?
A strong academic foundation and
a desire to learn and work hard.
In public accounting, you need ' '
interpersonal skills because it's a
professional service organisation and we're
serving and interacting with clients.
What do you like most about what you do?
I like to research. I have to incorporate
the law into my work, which means I have
to stay on my toes and keep up with the
current code, which is always shifting.
Plus, working in tax accounting is rewarding
because we're helping companies
and their investors save money.
How does the position differ from your
initial expectations?
I guess I didn't expect it to vary so much from
client to client. I had to learn to be flexible because
I could get shifted to a new project at any time.
Plus, client expectations are high and we are
constantly working hard to meet deadlines.
What are you working on now?
I' m working on a real estate client, two
hedgeiunds, a few C corps, and a large
partnership ... a little of everything.
I guess I didn't expect it
to vary so much from client
to client. I had to learn to
be flexible because I could
get shifted to a new project
at any time.
efinancialcareers.com/students in Financial Markets 20 12 71

BAILLIE GIFFORD
Company snapshot
Baillie Gifford is one of the leading privately
owned nvestment management firms in the
UK with over 70bn under management. The
firm has a unique partnership structure, being
wholly owned and managed by its 36 working
partners. This ownership structure gives
us several mportant advantages over our
competitors, both culturally and commercially.
We are active managers. Our a m is to achieve
high returns for our clients and to beat the r
benchmarks. We have a highly analytical,
research-driven approach and we build our
portfolios from the bottom up.
Graduate programme info
Approx. grad hires i n 2011/12: Eight.
Divisions offering vacancies: Investment
management, rT and operations.
Application criteria: First or 2.1 degree in any
discipline.
Typical duration of grad programme: Three
years.
Application deadline: Investment -
30 November 2011. IT and operations-
31 December 2011.
Apply via: www.baillieg fford.com
Internship/Stage info
Approx. intern hires 2011/12: Six.
management.
Application criteria: Penultimate year of
study. Expected 2.1 degree n any discipline.
Typical duration of internship programme:
Seven weeks.
Application deadline: 29 February 2012.
Apply via: www.baillieg fford.com
.BARClAYS
CAPITAL
BARCLAY$ CAPITAL
Company snapshot
Barclays Capital is the investment banking
division of Barclays Bank PLC, offer ng
strategic advisory, financ ng and risk
management solutions to large corporate,
government and institutional clients. With
more than 25,000 people n offices around
the world, we have the global reach and
distribution power to meet the needs of issuers
and nvestors in all the big financial markets.
Our distinctive bus ness model has cemented
our position as a world leader in the industry.
But we are young and ambitious. Founded
14 years ago, we are grow ng annually and
pursuing excellence n everyth ng we do.
Approx. grad hires in 2011/12:250.
Divisions offering vacancies: Compliance,
corporate communications, finance,
global financial risk management, human
resources, investment bank ng, legal, event
and roadshow marketing, operations, prime
services, quantitative analytics, research,
sales, structur ng, technology and trading.
Application criteria: Strong academic
background.
Typical duration of grad programme:
One year.
Application deadline: Full-! me applications -
15 November 2011.
Apply via: www.barcap.com/seeyourse f
Approx. intern hires 2011/12:250.
Divisions offering vacancies: Corporate
communications, finance, global financial risk
management, human resources, investment
banking, legal, event and roadshow
market ng, operations, pr me services,
quantitative analytics, research, sales,
structuring, technology and trad ng.
Application criteria: Strong academic
background requ red.
Summer internship -eight to 10 weeks.
Longer, off-cycle opportunities also available.
Application deadline: Recruitment from 1
August 2011. Internships- 31 December 2011.
Apply via: www.barcap.com/seeyoursef
.BARClAYS
WEALTH
BARCLAYS WEALTH
Company snapshot
Barclays Wealth is the wealth management
division of Barclays Bank PLC and is one of
the lead ng wealth managers in the UK.
We serve affluent and high-net-worth personal
and corporate clients with a complete end-
to-end wealth management service on a
global basis. Wealth is ncreas ng globally and
crest ng more affluent individuals and families
than ever before. As one of the first financial
organisations to br ng all the major wealth
management services under one umbrella,
we're work ng towards our mission of
becoming the premier global wealth manager.
Divisions offering vacancies: Private
bankng.
Application criteria: Minimum 300 UCAS
po nts (or equivalent), minimum 2.1 achieved
in any degree discipline (or equivalent).
Typical duration of grad programme: Two
and a half years.
Application deadline: 15 November 2011
for all graduate vacancies.
Apply via: www.barclayswealthgraduates.com
Approx, intern hires 2011/12:40.
Divisions offering vacancies: Private
bankng.
Application criteria: Minimum 300 UCAS
po nts (or equivalent), on track to achieve
a m nimum 2.1 n any degree discipline (or
equivalent).
10weeks.
Application deadline: 31 December 2011.
Apply via: www.barclaysweatthgraduates.com

BLACKROCK
Company snapshot
BlackRock is the world's largest asset
manager with more than $3.6 trillion under
management. We are a premier provider
of global investment management, risk
management and advisory to clients who
range from individual investors to the world's
largest institutions. Our commitment to
investment excellence is anchored in a
shared culture that always places the client's
interests first. Headquartered in New York,
the firm employs more than 9,300 of the
industry's most talented professionals and
mainta ns offices n 26 countries around the
world. BlackRock manages assets for clients
in North and South America, Europe, Asia,
Australia, and the Middle East.
Approx. grad hires in 2011/12: Approx. 50
for the UK.
Divisions offering vacancies: Portfolio
management, technology, sales and
marketing, analytics and risk and quantitative
analysis.
Application criteria: 2.1 degree class fication
from any degree discipline, with a strong
academic background and keen nterest n
asset management.
Two years with comprehensive tra ning and
an opportunity to study the CFA.
Application deadline: Full-time applications-
28 November 2011.
Apply via: www.blackrock.com/careers
Approx. intern hires 2011/12: Approx. 40 for
the UK.
Divisions offering vacancies: Portfolio
management, technology, sales and
marketing, analytics and risk and quantitative
analysis.
Application criteria: Internship programme is
open to penult mate year students on track for
a 2.1 with interest in asset management.
1 0 weeks during the summer.
Application deadline: 4 January 2012.
Apply via: www.blackrock.com/careers
Bloomberg
BLOOMBERG
Company snapshot
Bloomberg leads the knowledge economy,
deliver ng the competitive edge through
critical nformation. We connect influential
decision makers across business, finance and
government to a thriving network of news,
data, people and ideas.
The Bloomberg Professional service si ts
at the core of our network. With more than
280,000 active subscribers, we provide
unmatched visibility into global and local
financial markets and the world of business.
Approx. grad hires in 2011112: 300+.
Divisions offering vacancies: Graduate
positions include financial sales, software
development, global data, rr, project
management, news and many more.
Application criteria: A passion for finance,
technology or an nternational career is
required.
Typical duration of grad programme: All
our graduate programmes are permanent
positions.
Application deadline: Ongoing recruitment.
Apply via: www.bloomberg.com/careers
Approx. intern hires 2011/12: 1 00+.
Divisions offering vacancies: Intern positions
include financial sales, software development,
global data, IT, project management, news
and many more.
Application criteria: A passion for finance,
technology or an nternational career is
required.
1 0-week summer programme.
Application deadline: Internship applications
will close by April 2012.
Apply via: www.bloomberg.com/careers
BNPPARIBAS
CORPORATE & INVESTMENT BANKING
BNP PARIBAS
Company snapshot
BNP Paribas Corporate & Investment Banking
(CIB) is a leading European nvestment
bank with global leadership in many of our
businesses. We are part of the BNP Paribas
Group, one of the strongest banks in the
world, rated AA by Standard & Poor's, the
largest bank in the eurozone by deposits and
the eleventh largest company n the world
(Giobal2000, Forbes 2011). With nearly
20,000 employees n 53 countries, BNP
Paribas CIB can offer an excit ng and truly
global start to your career.
Graduate programme into
Divisions offering vacancies: Fixed ncome,
global equities and commodity derivatives,
structured finance, corporate finance,
corporate transaction bank ng Europe, IT,
operations, human resources.
Application criteria: 2.1 degree (expected/
obtained) n any subject. Maths, economics,
business, sciences, engineering and computer
science/IT are most relevant.
Typical duration of grad programme: One
year.
Application deadline: Graduate deadline -
30 November 2011.
Apply via: www.graduates.bnpparibas.com
Internship/Stage into
Approx intern hires 2011/12: 140+.
Divisions offering vacancies: Fixed ncome,
global equities and commodity derivatives,
structured finance, corporate finance,
corporate transaction bank ng Europe, IT,
operations.
Application criteria: 2.1 degree (expected/
obtained) n any subject. Maths, economics,
business, sciences, engineering and computer
science/IT are most relevant.
Four to 11 months.
Application deadline: Summer nternship -
31 January 2012; long-term nternship- open
all year; sprng insight-31 January 2012.
Apply via: www.graduates.bnpparibas.com or
email graduate.recruitment@bnpparibas.com
efinancialcareers.com/students in Financial Markets 20 12 7 3
CALLATA Y & WOUTERS
Company snapshot
Callatay & Wouters {C&W) is a leading
provider of innovative IT solutions and
services to retail, private and direct banks.
Created n 1983, we have three
complementary businesses: development
of banking software packages; conducting
projects for the mplementation of our
solutions {1 00% track record); and support
with on-site servic ng.
Our success is built on the quality of our
products, focus on the financial industry
and extensive experience with customers
that nclude international institutions such
as BNP Paribas, Rabobank, Record Bank
lNG, Commonwealth Bank of Australia. Our
solutions have been installed at more than
40 banks n 18 countries worldwide.
Approx. grad hires in 2011/12: 150 new
graduates for the end of 2012.
Divisions offering vacancies: Project
consultancy and research & development
departments, on client's site or in the office
but always with n a project team.
Application criteria: Junior graduates
{Master's in eng neering or computer science),
strong interest in the finance industry,
team player and mobile (nationally and
nternationally).
Further to a three-week training programme,
you will obtain on-the-job training on our
C&W university tra n ng programme.
Application deadline: We h re ijunior)
graduates throughout the whole year.
Apply via: www.cw-career.com
Approx. intern hires 2011/12: N/A.
Divisions offering vacancies: N/A.
Application criteria: N/A.
N/A.
Application deadline: N/A.
Apply via: N/A.

CIT I
Company snapshot
Citi, the leading global financial services
company, has approx mately 200 million
customer accounts and does bus ness in
more than 140 countries.
Citi's global presence is not just a question
of size but also a way of think ng. The
organisation is passionate about what it does
and is look ng for graduates who want to be a
part of that vision.
Citi's 200-year heritage is built on a proud
pioneer ng spirit and it continues that forward-
think ng tradition today. Driven by a desire for
entrepreneurship and creativity, Citi is help ng
to shape the future of banking. Graduates
with high levels of energy, enthusiasm and
commitment can help Citi drive positive
change across the organisation, the bank ng
industry and beyond.
Approx. grad hires in 2011/12: 250+.
banking, corporate banking, capital markets
origination, sales and trading, global
transaction services, private bank, risk
management, human resources, operations
and technology.
Application criteria: 320 UCAS points/2.1
m n mum degree.
Typical duration of grad
Two years.
Application deadline: Full-t me positions-
4 November 2011.
Apply via: www.oncampus.citi.com
Approx. intern hires 2011/12:200.
Divisions offering vacancies: Corporate
banking, capital markets origination, sales and
trad ng, global transaction services, private
bank, risk management, human resources,
operations and technology.
Application criteria: 320 UCAS points/2.1
m n mum degree.
10weeks.
Application deadline: Summer positions -
6 January 2012.
Apply via: www.oncampus.citi.com
7 4 Careers in Financial Markets 20 12 efinanctalcareers.corn/students
COMMERZBANK
COMMERZBANK
Company snapshot
Commerzbank is a leading bank for private
and corporate customers n Germany.
With the segments private clients,
Mittelstandsbank, corporales & markets,
Central & Eastern Europe as well as asset-
based finance, the bank offers its customers
an attractive product portfolio, and is a strong
partner for the export-oriented SME sector in
Germany and worldwide. With a future total
of some 1,200 branches, Commerzbank has
one of the densest networks of branches
among German private banks. It has over 60
sites n more than 50 countries and serves
approximately 14 million private clients as well
as one million business and corporate clients
worldwide. In 2010 it posted gross revenues
of 12.7bn with some 59,000 employees.
Approx. grad hires in 2011/12: N/A.
Divisions offering vacancies: Various
divisions.
Application criteria: Very good high school
and university degree, ideally acquired
practical knowledge in investment bank ng,
strong analytical and excellent people skills,
fluency in English and preferably German or
a further foreign language.
12 months but may vary across divisions.
Application deadline: See website.
Apply via: www.commerzbank.com/career
Divisions offering vacancies: Various
divisions such as corporate finance, equity
markets and commodities, fixed ncome and
currencies trading and sales and many more.
Application criteria: Varies per division.
Two to 12 months.
Application deadline: Open.
Apply via: campusrecruitrnent@
commerzbank.com
aJt CREDIT AGRICOLE
- CORPORATE A INVESTMENT BANK
CREDIT AGRICOLE CIB
Company snapshot
Credit Agricole CIB is the corporate and
investment banking arm of the Credit Agricole
Group, leader n France by customer bank
deposits and in Europe by retail banking
revenues and number of branches (sources:
Banque de France and company data, at end-
2010). The Group is present in 70 countries
and has 160,000 employees worldwide.
With almost 13,000 employees n more than 50
countries, Credit Agricole CIB offers its clients a
comprehensive range of products and services
n capital markets, brokerage, nvestment
bank ng, structured finance, corporate banking
and international private bank ng.
The corporate and nvestment bank is
structured around four major divisions:
coverage and nvestment banking, equity
brokerage and deri vatives, fixed income
markets and structured finance.
Approx. grad hires in 2011/ 12: NIA.
Divisions offering vacancies: Positions are
available n d fferent fields such as capital
markets, coverage and investment bank ng,
structured finance, brokerage, risk, audit and
finance. In addition, we offer more than 1 00
opportunities as VIE (Volontariat International en
Entreprise/lnternational Corporate Internship) in
our expanded nternational network.
Typical duration of grad programme: N/A.
Application deadline: Throughou1 the year.
Apply via: www.ca-cib.com
Approx. intern hires 2011112: 850 worldwide
( ncluding 600 n France). Also h ring approx.
200 apprentices in France.
Divisions offering vacancies: Positions
are available n different fi elds of banking
activity such as capital markets, coverage
and nvestment banking, structured finance,
brokerage, ri sk, audit and finance.
Six to 12 months.
Application deadline: Throughou1 the year.
Apply via: www.ca-cib.com
CREDIT SUISSE
CREDIT SUISSE
Company snapshot
Credit Suisse is a forward-th nking financial
services firm serving clients around the globe.
As a stable company with a long banking
tradition, we are one of the most respected
banks in the world. Indeed, we are a leading
player in many key markets - recognised
by ndustry publications for our continued
excellence.
Our three primary bus nesses - private
banking, investment bank ng and asset
management - partner with our shared
services, information technology and
operations teams. Together, they work
around the world, around the clock, provid ng
seamless solutions to our global clients and
employees.
Approx. grad hires in 2011/ 12: 275-300.
banking department, fi xed ncome, equities,
asset management, IT, investment banking
operations & finance.
Application criteria: Min mum 2.1 degree
or equivalent n any discipline, although
quantitative and some IT roles may requ re
more technical degree disciplines.
Department-specific.
Application deadline: 30 November 201 1.
Apply via: credit-suisse.com/careers
Approx. intern hires 2011/ 12:400-450.
banking department, fi xed ncome, equities,
asset management, IT, investment banking
operations & finance.
Application criteria: Min mum 2.1 degree or
equivalent in any discipline, although some
technical IT and quantitative roles may require
more technical degree disciplines.
Summer internships - 1 0 weeks; spring
programmes - one week; IT ndustrial
placements - six or 12 months.
Apply via: credit-suisse.com/careers
IZI
DEUTSCHE BANK
Company snapshot
A passion to perform is what drives us and
describes the way we do business. We
compete to be the leading global provider
of financial services, balancing passion with
precision to deliver superior solutions for our
clients. This is made possible by our people,
who have agile m nds, are able to see beyond
the obvious, and act effectively in an ever-
chang ng global business landscape. Our
culture supports this. Diverse, international
and shaped by a variety of different
perspectives, we' re driven by a shared sense
of purpose. At every level, agile th nking is
nurtured.
Approx. grad hires in 2011/ 12: 700+ globally.
Divisions offering vacancies*: Asset
management, corporate and investment
bank ng, finance, human resources, in-
house consulti ng, ri sk, group technology
and operations, pri vate and business
clients, private wealth management, regional
management.
Application criteria: Please see website.
Duration depends on division.
Application deadline: Dependent on division
and country. Refer to our careers website.
Apply via: www.db.com/careers
Approx. trainee hires 2011/ 12: N!A.
Divisions offering vacancies*: Asset
management, communications and corporate
social responsibility, corporate and nvestment
bank ng, research, finance, human resources,
in-house consult ng, risk, group technology
and operations, pri vate and business clients,
regional management.
Application criteria: Please see website.
Typical duration of traineeship: Eight to 1 0
weeks. Germany, eight weeks to six months.
Application deadline: Dependent on division
and country. Refer to our careers website.
Apply via: www.db.com/careers
Please note, not all countries offer
programmes n all divisions.
Ill
European
Investment
Bank
EUROPEAN INVESTMENT BANK
Company snapshot
The EIB, the bank of the European Union, is
the largest multilateral lending institution in
the world and invests in sound, sustainable
projects that help to address important
challenges n society. Rais ng our own funds
on the capital markets, we l end on favourable
terms to projects that further European
objectives, inside and outside the EU.
With a diverse staff of about 1 ,800, recruited
from all EU member states, we work in a
multicultural env ronment that fosters co-
operation and innovation, and we are proud to
contribute to the delivery of viable projects n
Europe and around the world.
Approx. grad hires in 2011/12: 25 grads
work at the EIB. Expected intake in 2011/12
is 10 to 15.
Divisions offering vacancies: Vacancies may
arise in all12 directorates of the EJB.
Application criteria: Less than two years'
professional experience since last graduation
(excluding internships), and must be nationals
of an EU member or official candidate state.
Typical duration of grad programme: One-
year contract renewable for an additional year
(two years max mum duration).
Application deadline: See website below.
Apply via: Please consult the current
vacancies section of our website at
www.eib.org/abouV)Obs/ ndex.htm
Approx. intern hires 2011/12: About 100
nternships each year.
Divisions offering vacancies: Vacancies may
arise in all 12 directorates of the EIB.
Application criteria: Less than 12 months'
experience since last graduation (exclud ng
nternships). A limited number of nationals of
non-EU countries may be accepted.
One to five months maximum.
Application deadline: See website below.
Apply via: Please consult the current
vacancies section of our website at
www.eib.org/abouV)Obs/ ndex.htm
E X A N E
-- A
EXANE
Company snapshot
Established in 1990, Exane specialises n
cash equity, equity derivatives and asset
management. With a strong franchise n
Europe under the Exane BNP Paribas brand
name, Exane's cash equity business offers a
full range of services nclud ng research, sales
and execution on European equities. Exane
Derivatives has built a robust structured
products franchise, based on its long-
standing leadership in European convertible
bonds and options. Exane Asset Management
is the lead ng long/short equity fund manager
in France. With over 800 employees n 11
offices, Exane will help you to develop and
accelerate your career.
Approx. grad hires in 2011112: N/A.
Divisions offering vacancies: Exane does
not run a graduate programme but there are
opportunities for talented young graduates, in
equity or derivative research, equity or derivative
sales, sales trad ng, structuring, trading, fund
and account management, marketing, IT project
management, middle office, financial control,
risk management, compliance, etc.
Application criteria: N/ A.
Application deadline: N!A.
Apply via: www.exane.com/corporate/
careers.do
Approx. intern hires 2011112: About 100,
ma nly in Paris and London.
Divisions offering vacancies: Financial
research, sales, trading, middle office,
market ng, accountancy, nternal audit, risk
management, compliance, etc.
Application criteria: Marked nterest n
the financial markets; strong analytical and
interpersonal skills; willing and able to l earn
fast in a demanding env ronment.
Six months m nimum.
Application deadline: Apply two to three
months before your preferred start date.
Apply via: www.exane.com/corporate/
careers. do
7 6 Careers in Financial Markets 20 12 efinanctalcareers.com/students
FIDELITY WORLDWIDE
INVESTMENT
Company snapshot
Fidelity Worldwide Investment is a leading
global nvestment management company,
managing assets and resources worth over
$255.9bn (at 30 June 2011) on beha f of
clients ncluding corporations, governments,
charities, advisors, financial institutions
and ndividuals around the globe. We
have a reputation as one of the world's
most successful long-term investment
managers. Our thorough research of potential
investments and our attention to detail
set us apart, as we look at companies'
balance sheets and future plans, talk to the
management and assess their competitors,
marketplace and customers. This thorough
approach means we make considered
judgements about which organisations to
invest n to grow our clients' money.
Divisions offering vacancies: Investment,
European sales and marketing, business
management and human resources.
Application criteria: Graduates with a strong
academic record, includ ng a 2.1 honours
degree or above/equivalent.
Typi cal duration of grad programme:
See our website for more information.
4 November 2011; all others -
31 December 2011.
Apply via: www.fldelityrecruitrnent.com/careers
Approx. intern hires 2011/12: 10.
Divisions offering vacancies: Investment,
European bus ness.
Application criteria: Strong academic record,
including on target for achieving a 2.1 honours
degree or above/equivalent.
Nine-week summer nternship for nvestment;
up to six-month placement n European
bus ness.
31 December 2011, European business-
30 April 2012 (continuous assessment).
Apply via: www.fldelityrecruitrnent.com/careers
GL:>P ...S'-"'eZ
TRADING
GDF SUEZ TRADING
Company snapshot
GDF SUEZ Trading is the European energy
trading arm of GDF SUEZ, one of the top-
ranking utilities in the world. Created in
May 2011 from the merger of Gaselys and
Electrabel trad ng teams, GDF SUEZ Trading
leverages more than 10 years of experience
and coverage of physical and financial
products across the entire energy mix.
It builds on complementary expertise and
strong positions to provide extensive market
access and risk management solutions to
GDF SUEZ's business I nes and to its clients,
as well as to all types of market participants,
from upstream to downstream.
Approx. grad hires i n 2011/12: 10.
Divisions offering vacancies: Trad ng, sales,
risk, IT.
Application criteria: Specialisation n
finance/financial markets/trading/risk; fluency
in English; knowledge of other European
languages is an asset.
Open-ended contracts.
Application deadline: No deadline,
recruitment all year round.
Apply via: www.gdfsuez-trading.com
Divisions offering vacancies: Sales, trading,
risk, support.
Application criteria: Specialisation n
finance/financial markets/trading/risk; fluency
in English; knowledge of other European
languages is an asset.
Six months.
Application deadline: No deadline,
recruitment all year round.
Apply via: www.gdfsuez-trading.com
CJJi CREDIT
- AGRICOLE
GROUPE CREDIT AGRICOLE SA
Company snapshot
Over the years, Credit Agricole Group has
built up its bus nesses around the regional
bank network- its historical base - to become
a key partner for every sector of the economy.
With leadership positions in France and a
strong presence abroad, the Group plans to
continue expanding nternationally in universal
customer-focused banking, corporate and
investment bank ng and asset management.
Jo n the Credit Agricole Group and play an
active part in the development of France's
largest bank.
Approx. grad hires in 2011/12: NIA
Divisions offering vacancies: Positions are
available in different fields of banking activity,
such as capital markets, investment banking,
structured finance, brokerage, risk, audit,
finance and IT. In addition we offer more than
150 opportunities via the International French
Programme VIE* n our expanded international
network (Europe, North and South America,
Asia, Middle East and Africa). These very
interesting one-year assignment periods
allow individuals to become familiar with our
international activities.
Application criteria: NIA
Application deadline: Throughout the year.
Apply via: www.mycreditagricole.jobs
VIE is a French government-sponsored
programme for young graduates.
Approx. intern hires 2011/12: 6,000 new
h res n 2011 in France.
Divisions offering vacancies: Multiple.
Application criteria: NIA
Credit Agricole Group offers a large range of
internships within all our business lines. They
must last at least six months and may result n
a permanent position being offered.
Application deadline: You can apply for all
our nternships and placement opportunities
on our website.
Apply via: www.mycreditagricole.jobs
HSBCID
HSBC
Company snapshot
Our global businesses analyst programme
(GBAP) is a unique learning and development
programme, which clearly differentiates us
and sets you up for a high-achieving career
within one of the world's few truly connected
banks. It will provide you with the skills,
experience, access to global networks and
development opportunities needed to excel
as a new analyst.
Approx. grad hires in 2011/12: 250+ globally.
Divisions offering vacancies: Global bank ng
and markets, global research, global asset
management, global private banking, global
transaction banking, global infrastructure,
technology and Islamic finance.
Application criteria: 2.1 min mum degree.
M nimum 320 UCAS points or overseas
equivalent.
Typical duration of grad programme: 12 to
36 months depending upon programme.
Application deadline: EMEA- midnight GMT
13 November 2011; Asia-Pac - 30 November
2011; US - 4 November 2011.
Apply via: www.hsbcnet.com/
campusrecruitrnent
lnternslup/Stageinfo
Approx. intern hires 2011/12: 200+ globally.
Divisions offering vacancies: Global bank ng
and markets, global research, global asset
management, global private banking, global
transaction banking, global infrastructure,
technology and Islamic finance.
Application criteria: All degree disciplines
considered.
10 weeks.
Application deadline: EMEA- midnight GMT
8 January 2012; Asia-Pac- 30 November
2011; US- 9 March 2011.
Apply via: www.hsbcnet.com/
campusrecruitment
efinancialcareers.com/students C a r ~ r s in Financial Markets 2012 77
'=-ICAP
I CAP
Company snapshot
ICAP is the world's premier nterdealer
broker, connecting buyers and sellers in
global financial markets. We have about
4,900 employees in 32 countries, working
together to facilitate deals worth in excess
of $1.4 trillion every day. Our clients include
all the major investment and commercial
banks. We also offer a range of post-trade
risk and information services, providing data
and helping organisations reduce operational
and systemic risk in the r markets. We're
fast-mov ng, innovative and meritocratic: an
excit ng, innovative business where talent
and ambition thrive, where each day brings
another chance to prove your potential.
Approx. grad hires in 2011/12: 75 globally.
Divisions offering vacancies: 8rok ng (voice,
electronic, shipping), post-trade risk and
nformation services, accounting, business
services, human resources, risk and research
(shipping).
Application criteria: Minimum of 2.1 degree
or equivalent. Should be a self-starter with a
keen interest n global financial markets.
12 months.
Application deadline: 27 November 2011.
Apply via: www.icap.com/careers
Approx. intern hires 2011/12: 75 globally.
Divisions offering vacancies: Range of
nternship and placement opportunities in
brok ng and other bus ness areas.
Application criteria: On track for a 2.1 degree
or equivalent. You should be a se !-starter with
a keen interest in global financial markets.
Eight-week summer internships. One-year
placements for specific business areas.
One-week industry insight programme for
first-year students.
Application deadline: Internships and
placements- 29 January 2012. Industry
nsight - 26 February 2012.
Apply via: www.icap.com/careers
J.P. Morgan
J.P. MORGAN
Company snapshot
J.P. Morgan has been doing first-class
bus ness in a first-class way for more than
200 years. Throughout our history, we have
played a leading role n helping companies
grow and markets develop. Globally we work
together to deliver the best solutions and
advice to meet our clients' needs, anywhere
in the world. We operate in 100 countries, and
hold global leadership positions in each of
our bus nesses. We have an exceptional team
of employees who work hard to do the right
thing for our clients, shareholders and the firm
everyday.
Divisions offering vacancies: Asset
management, 18 risk, nvestment banking,
finance, operations & bus ness services,
private bank, sales, trad ng & research, human
resources and technology.
Application criteria: Impeccable academic
credentials are mportant, but so are your
achievements outside the classroom.
Application deadline: Visit Europe and
Asia sections of jpmorgan.com/careers
for application deadlines.
Apply via: jpmorgan.com/careers
Divisions offering vacancies: Asset
management, 18 risk, nvestment banking,
finance, operations & bus ness services,
private bank, sales, trad ng & research
and technology.
Application criteria: Visit Europe and
Asia section of jpmorgan.com/careers
for application deadlines.
N/A.
Application deadline: 11 November 2011
-asset management, finance, 18 risk and
sales, trading & research; 8 January 2012 -
operations & business services, technology.
Apply via: jpmorgan.com/careers
LAZARD
LAZARD
Company snapshot
Lazard, one of the world's premier financial
advisory and asset management firms,
operates from 42 cities across 27 countries
in North America, Europe, Australia, Asia,
Central and South America.
With origins dat ng back to 1848, the firm
provides advice on mergers and acquisitions,
restructuring and capital raising, and asset
management services to corporations,
partnerships, institutions, governments and
individuals.
The core of Lazard's success is its s mple
business model of financial advisory and asset
management, with a focus on excellence,
intellectual rigour, integrity and creativity.
Approx. grad hires in 2011/12: Up to 14
mergers and acquisitions (M&A) analysts.
advisory (M&A).
Application criteria: A strong academic track
record is a must. We want individuals with the
commitment and flair to succeed within our
organisation.
Our graduates spend three years as
analysts before progress ng to associate.
Application deadline: Midnight (GM1)
26 October 2011.
Apply via: www.lazard.com/apply
Approx. intern hires 2011/12: Up to 14.
advisory (M&A).
Application criteria: A strong academic track
record is a must. We want individuals with the
commitment and flair to succeed within our
organisation.
10weeks.
Apply via: www.lazard.com/apply
M
Man
MAN GROUP
Company snapshot
Man is a world-leading alternative investment
management business. It has expertise in
a wide range of liquid nvestment styles
including managed futures, equity, credit and
convertibles, emerg ng markets, global macro
and multi-manager, combined with powerful
product structuring, distribution and client
service capabilities. Man manages $71bn (as
at 30 June 2011).
The business was founded n 1783. Today,
Man Group PLC is listed on the London Stock
Exchange and is a member of the FTSE 1 00
Index with a market capitalisation of over
4.5bn. Man is a member of the Dow Jones
Susta nability World Index and the FTSE4Good
Index. It supports many awards, charities
and initiatives around the world, including
sponsorship of the Man Booker literary prizes.
Approx. grad hires in 2011/12: 10-15 h res
will be made for the September 2012 intake.
Divisions offering vacancies: Front and
middle offices.
Application criteria: All require a m n mum
of 300 UCAS points and a 2.1 degree
classification (or equivalent).
Between 18 and 36 months.
Early application is advised.
Apply via: www.mancareers.com
We do not accept applications by email.
Approx. intern hires 2011/12: Approx mately
10 hires will be made for the July 2012 ntake.
Divisions offering vacancies: Front and
middle offices.
Application criteria: All require a m n mum
of 300 UCAS points and a predicted 2.1
degree (or equivalent). See our website for the
specific requ rements of each vacancy.
10weeks.
Apply via: www.mancareers.com
We do not accept applications by email.
MUFG
MITSUBISHI UFJ SECURITIES
INTERNATIONAL PLC
Company snapshot
Mitsubishi UFJ Securities International PLC
(MUSI) is the European capital markets hub
of one of the largest financial institutions n
the world, Mitsubishi UFJ Financial Group
(MUFG). MUSI is active throughout the
international capital markets, focus ng on
fixed ncome, debt, equity, derivatives and
structured products.
Due to our size we are looking for a relatively
small number of talented graduates and
interns, so you won't get lost in a large tra nee
intake. You' ll feel nvolved and be an integral
part of our team from your first day. This is an
opportunity for you to launch your career.
Approx. grad hires in 2011112: 15-20.
Divisions offering vacancies: Opportunities
across most of our front-office groups and
a number of support divisions.
Application criteria: You will be in your final
year of study or have graduated within the
last 12 months. You will have obta ned a
min mum 2.1 or be in line for am nimum 2.1
at undergraduate level. In addition, you must
have the right to work in the UK post study.
12 months.
Application deadline: Graduates - 5pm,
4 November 2011. Technology graduates-
5pm, 30 November 2011.
Apply via: www.musi.com/graduates
Approx. intern hires 2011/12: 10-12.
Divisions offering vacancies: Most of our
front-office groups and a number of support
divisions.
Application criteria: You will be in your
penultimate year of study and have obtained
a min mum 2.1 or be in line for a minimum 2.1
at undergraduate level. In addition, you must
have the right to work in the UK post-study.
Summer programme- 10 weeks.
Application deadline: Summer interns - 5pm,
6 January 2012.
Apply via: www.musi.com/graduates
Morgan Stanley
MORGAN STANLEY
Company snapshot
Morgan Stanley is a lead ng global financial
services firm with over 42 offices worldwide
providing a wide range of investment banking,
securities, investment management and
wealth management services. Morgan Stanley
manages more than $500bn for institutional
and high-net-worth nvestors across a broad
range of asset classes, from traditional equity
and fixed income through to hedge funds,
private equity, real estate and nfrastructure.
Approx.. grad hires in 2011/12:350-400 full-
time analysts and up to 20-30 associate MBA/
quantitative PhD positions.
banking, global capital markets, sales & trad ng,
equity research, nvestment management, credit
risk management, private wealth management,
technology finance & operations.
Application criteria: N/ A.
Typical duration of grad programme: Not all
graduate programmes offer rotations. After the
initial training, graduates join the r respective
group and either rotate after 12 months or are
permanently based on that desk until their
career aspirations and development take
them elsewhere with n the firm.
Application deadline: Please check
our website for details.
Apply via: www.morganstanley.com/careers
Approx. intern hires 2011/12: We anticipate
healthy numbers, up to 350-450 'summers' n
addition to industrial placement and off-cycle
interns.
Divisions offering vacancies: Morgan
Stanley offers a dedicated nsight programme
for first-year students, as well as summer, off-
cycle and industrial placement opportunities
for penultimate-year students across all
business areas and various office locations.
N/A.
Application deadline: Please see our website.
Apply via: www.morganstanley.com/careers
Munich RE
MUNICH RE
Company snapshot
We have been tackling the major challenges
of the future for nearly 130 years. As one of
the world's lead ng reinsurers, we operate
nternationally and apply a range of disciplines
to produce concepts that make tomorrow's
world insurable. Reinsurance 'off the peg'
is not enough in t mes of new and chang ng
markets with ever more complex risks. We
develop ntegrated concepts for our clients
- traditional reinsurance, managing large
complex risks and risk transfer to the capital
markets. We also develop innovative coverage
products for alternative energies and conduct
n-depth geoscient fie research.
Approx. grad hires in 2011/12: 40.
Divisions offering vacancies: Munich
headquarters or london (underwriting,
client management, cia ms management,
controll ng).
Application criteria: University degree above
average, nternship experience, ntercultural
experience, analytical skills, communication
skills.
18 months (Munich); 24 months (London).
Application deadline: Munich - year round;
london- 30 June 2012.
Apply via: For applications in london,
please refer to ukjobs@munichre.com. For
applications in Munich, please apply online:
www.munichre.com/career.
lntemship/Stage info
Divisions offering vacancies: All central and
divisional units.
Application criteria: Drive, interdisciplinary
competence, personal commitment,
communication skills, enrolled at a university.
Six to 26 weeks.
Application deadline: All year round.
Apply via: www.munichre.com/career
NATIXIS
NATIXIS
Company snapshot
Natixis is the corporate, investment and
financial services arm of BPCE, the second
largest banking group in France with 22%
of total bank deposits and 36 million clients
spread over two networks, Banque Populaire
and Caisse d'Epargne.
With about 22,000 employees, Natixis has
a number of areas of expertise, which are
organised in three main business lines:
corporate and nvestment banking; investment
solutions (asset management, private bank ng,
insurance); and specialised financial services.
A global player, Natixis has its own client
base of companies, financial institutions and
institutional nvestors as well as the client
base of individuals, professionals and small
and medium-sized businesses of BPCE's two
retail banking networks.
Listed on the Paris stock exchange, it has a
solid financial base with total tier 1 capital of
16.8bn, a tier 1 ratio of 11.4% and quality
long-term ratings (Standard & Poor's and Rtch
Ratings: A+; Moody's: Aa3).
Divisions offering vacancies: Opportunities
in various business areas. Also, more than 130
opportunities through the International French
Programme (VIE) n banking activity such as
investment bank ng, structured finance, risk,
audit, asset management and IT.
Application deadline: Apply throughout year.
Apply via: www.natixis.com.
Internship/Stage into
Approx. intern hires 2011/12: More than 1 ,200.
Divisions offering vacancies: Many areas,
includ ng nvestment banking, structured
finance, risk, brokerage, audit, asset
management, business administration, law.
Six months to one year.
Application deadline: Apply two or three
months before preferred start date.
Apply via: www.natixis.com
80 Careers in Financial Markets 20 12 efinanctalcareers.corn/students
NOA\URA
NOMURA
Company snapshot
Nomura is a lead ng financial services group
and the pre-em nent Asian-based investment
bank with worldwide reach. It provides a
broad range of innovative solutions tailored
to the requirements of individual, nstitutional,
corporate and government clients through an
international network in over 30 countries.
Based in Tokyo and with regional
headquarters n Hong Kong, london and New
York, Nomura employs about 27,000 staff
worldwide. Nomura's unique understand ng
of Asia enables the company to make a
difference for clients through three business
divisions: wholesale (global markets and
investment banking), retail and asset
management.
Divisions offering vacancies: Global
markets, investment banking, corporate
infrastructure.
Application criteria: Candidates should be
available for full-time work in July 2012.
Two to three years dependent on division.
Application deadline: Full-time programme-
20 November 2011.
Apply via: www.nomura.com/careers
markets, investment banking, corporate
infrastructure.
Application criteria: Candidates should be
available for full-time work in July 2013.
1 0-week w nter, spr ng and summer internship
programmes; three to six-month internships in
regional offices.
Application deadline: Winter nternships
(1 0 weeks and 6 months) - 20 November
2011; spr ng and summer nternships -
8 January 2012; nsight programmes
(women's immersion and explore)-
15 January 2012; regional- ongoing.
Apply via: www.nomura.com/careers
I . I RBC Capital Markets
RBC
Company snapshot
RBC Capital Markets is a premier nvestment
bank that provides a focused set of products
and services to institutions, corporations,
governments and high-net-worth clients in
over 1 00 countries. We are the investment
banking arm of Royal Bank of Canada.
We understand that the first steps in any
career in finance are critical. With that in
mind, we have the right formula to provide
you with the opportunities and professional
development you need to turn those first
steps into a rewarding career.
In short, we provide the essential components
to get your career off to a great start.
Approx. grad hires in 2011/12: 30-40.
investment banking, global markets, risk
management, finance, IT, operations.
Application criteria: We are not prescriptive
on the subject of your degree; however, we
will be looking for a minimum 2.1 degree
(expected).
Typical duration of grad programme: One
year.
Apply via: campus.rbccm.com
investment banking, global markets, risk
management, finance, IT, operations.
Application criteria: We are not prescriptive
on the subject of your degree; however, we
will be looking for a minimum 2.1 degree
(expected).
Eight weeks.
Apply via: campus.rbccm.com
11 ROTHSCHILD
ROTHSCHILD
Company snapshot
Rothschild is a top-tier nternational
investment bank with offices in cities globally.
It has about 3,000 employees worldwide
and more advisory bankers than any of its
competitors.
Rothschild's principal activities are divided
into global financial advisory (corporate
finance advice cover ng M&A, debt advisory,
restructur ng and equity advisory), wealth
management and trusts, merchant banking
and corporate banking. In all these areas
Rothschild is the trusted advisor to its clients.
Approx. grad hires in 2011/12:30-35.
Divisions offering vacancies: Global financial
advisory, and wealth management and trusts.
Application criteria: 2.1 minimum, any
discipline.
Permanent.
Please see website for more dead! nes.
Apply via: www.rothschild.com/careers
Divisions offering vacancies: Global financial
advisory, and wealth management and trusts.
Application criteria: Predicted 2.1. Any
discipline.
1 0 weeks to six months.
Application deadline: Please see website
for all dead! nes.
Apply via: www.rothschild.com/careers
Ill SimCorp
SIMCORP
Company snapshot
Since 1971, S mCorp has been providing
investment and portfolio management
software and services to the world's lead ng
investment managers, asset managers, fund
managers, fund administrators, pension
funds, insurance funds, and wealth managers.
SimCorp's world-class software provides
global financial organisations with the tools
they need to mitigate risk, reduce cost,
and enable growth. SimCorp is a global
company, regionally covering all of Europe,
North America, and Asia-Pacific. Usted
on the NASDAQ OMX Copenhagen, it is
dedicated to supporting the global nvestment
management industry, its clients and its
investors.
Approx. grad hires in 2011/12: Looking for
Master's degrees n finance/economics with
strong interest in mathematics.
Divisions offering vacancies: Pre-sales,
implementation and customer services
divisions located in Benelux and France
(Western Europe).
Application criteria: Graduates should have
a strong interest in financial issues, particularly
accounting of financial nstruments and
financial calculations, good communication
skills, fluent English and French and/or Dutch,
and should also be service driven.
Full-time contracts only.
Application deadline: Constantly looking.
Apply via: www.sirncorp.com
lnternslup/Stageinfo
Approx. intern hires 2011/12: NIA
Application criteria: NIA.
N/A.
Apply via: N/A.
- SOCIETE
-GENERALE
SOCIETE GENERALE
Company snapshot
An international group, Societe Generale
is a lead ng financial services provider n
the eurozone. We are organised around
three core businesses - French networks,
ntemational retail banking and corporate and
nvestment banking. These are supported by
two complementary bus nesses - specialised
financing and insurance, and private
banking, global investment management
and services, which enable us to provide
a comprehensive range of services to our
clients. Professionalism, team sp rit and
nnovation are our corporate values, reflected
n all of our actions and within the diversity of
our 157,000 employees.
Approx. grad hires in 2011112: 1,000+
of which 100 candidates in corporate and
nvestment banking, 35-40 general inspection
and 300 on VIE contracts.
Divisions offering vacancies: We recruit
across all business areas.
Application criteria: Criteria vary by bus ness
area and opportunity.
Corporate and investment banking: two-year
programme nclud ng an initial tra ning period.
General nspection: six-year programme
ncluding an nitial train ng period and frequent
nternational assignments. VIE contracts: from
12 to 24 months.
Application deadline: Please see website.
Apply via: careers.societegenerale.com
Approx. intern hires 2011/12: 5,000 across
all our divisions worldwide.
Divisions offering vacancies: We offer
ntemships across all bus ness areas.
Application criteria: Criteria vary by bus ness
area and opportunity.
We offer both summer and long-term
ntemships.
Application deadline: Please see website.
Apply via: careers.societegenerale.com
~ Standard Bank
STANDARD BANK
Company snapshot
Building on our strong African roots, we are
a global investment bank with a presence in
17 African countries and 16 more around
the world.
Our focus on emerging markets in Africa,
South-East Asia, Eastern Europe and
Latin America means we are involved in
transactions that many other banks often do
not consider. We were voted Best Investment
Bank from Africa at the Banker Awards 2009
and 2010.
We are recruit ng for a variety of graduate
programmes, cover ng global markets and
private bank ng in London and global markets,
investment bank ng and risk across Africa.
Whatever programme you join, you will
ga n wide exposure to d fferent parts of our
bus ness, work ng in cross-border teams to
deliver nnovative client solutions. You will
enjoy the kind of experiences and challenges
you won't find anywhere else.
Divisions offering vacancies: London: global
markets, private banking; Africa (Nigeria/
Kenya/Ghana/Angola): global markets,
investment bank ng, risk.
Application criteria: Details on website.
12 to 24 months.
Apply via: graduate.standardbank.com/
efinancial
N/A.
Apply via: N/A.
NOA\URA
Careers in global investment banking
Everyone has a voice in one of the world's fastest growing
global investment banks. Ustening to people's ideas and turning
them into actions has made us what we are today. Here, two-way
conversations get results. It's the valuable input of Nomura
professionals at every level that is defining our culture, practices
and policies. You won't find another global investment bank like
Nomura. We've created a unique meritocracy where
exceptional talent is free to shape the future of our business.
Start building on your ambitions at www.nomura.com/careers
Building on ambition
NOTES
84 Careers in Financial Markets 2012 efnancialcareers.com/students
ALFONSO WANTED TO GET TO THE NEXT LEVEL WE GAVE HIM THE CHANCE
TO PROVE HIS TALENT.
- - f
credit-suisse.com/careers
Credit Suisse is an Equal Opportunity Employer and does not discrlmina1e In its employment decisioos oothe basis of any protected category. <CI2011 CREDIT SUISSE GROUP AG and/ Of its affiliates,
subsidiaries and branches. All rights reserved.
Let's use your talent, your ideas and
your values to raise the
of a leading group even higher.
Welcome-'
Join the Credit Agricole Group
RETAIL BANK NG I CORPORATE AND INVESTMENT BANK NG I ASSET MANAGEMENT AND SECURITIES I INSURANCE I
CONSUMER F NANCE I PRIVATE BANKING I LEASING & FACTOR NG
To all people who are involved in the world of today,
. - ._.
-...... ' ;.
-- .
and are willing to commit themselves to a sustainable growth
for tomorrow, the Credit Agricole group offers the career
opportunities of a customer-focused bank leader in Europe_

AGRICOLE

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The graduate guide to finding

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