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

Welcome 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 fin,~nr,.,•----:---------,

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

Contributo~ AP - Sinon Mortlock. Sll~ Ann Mathavan; EMEA- Nico4e Degli Innocenti;

US - Fted Yager, Scott Krady, Myrt~ 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

The 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 Street 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 centres 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

a FX ~ Hedge Funds

~M&A 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 Car~rs 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 w ill 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 their

graduate visas in June and July, this reduces their share of

the 20,700 still further.

Perhaps surprisingly, despite the gloomy outlook and

administrative burden, most banks insist that 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 d irector, 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.

Asia~ Pacific A growing number of graduates want to work in Asia because

they want to be based in a region of high economic growth.

However, banks demand a genuine knowledge of Asia,

without which opportunities for foreigners are limited because

employers have a large local talent pool from which to choose.

Any foreign national with aspirations to work in Hong Kong or

Singapore needs the support of their employer, who then sends

a visa request to the Ministry of Manpower in Singapore or the

Immigration Department in Hong Kong.

Foreign nationals who have attended university in Asia have an

advantage over those coming straight from institutions in other

parts of the world. Fluency in Mandarin is helpful, especially

in Hong Kong where most firms are increasing their focus on

mainland China.

Completing a local internship wil l also boost your chances of

securing a graduate place because you will have demonstrated

a commitment to the region and the employer. But getting an

internship in the first p lace 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-level 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 c lose

between late October and m id-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. Fo r

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 representatives of

the division you're applying to, and consists of a first round of

competency-based interviews and a possib le 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 w ill 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

d i 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

W E B R I N G O U T T H E B E S T

I N E V E R Y O N E T O B U I L D

T H E B E S T P O S S I B L E T E A M

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

There’s no team success without indiv idual success, and no company progress without personal development.That’s why Société Générale offers al l i ts employees career prospects that are deeply fu l f i l l ing and rewarding.

With more than 157,000 employees from more than 120 di fferent nat ional i t ies working in 85 countr ies, we respect the diverse range of ta lents avai lable. And with 3.5 mi l l ion hours of tra in ing provided per year, we also respect

and develop the qual i t ies of each indiv idual. That’s team spir i t too.

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 to sign up for interviews a week

before their visit.

Interviews - Expect two rounds of interviews. You will meet

numerous people during this t ime, w ith the first taking place

in early February. The final rounds of interviews will take place

about one or two weeks later. Some banks take this process a

step further. For instance, Bank of America Merrill Lynch runs a

series of 'super days' , during which candidates are interviewed

in New York over a single day.

Target schools - Definitely. A lot of banks fill many business

areas through their on-campus recruitment programmes, which

normally target a core of 30 universities. These include Wharton,

Dartmouth, NYU, and Columbia.

Asia-Pacific Deadlines - In Singapore and Hong Kong, application deadlines

are similar to Europe: October or November for graduate schemes

and November to January for internships. Australia follows a

different calendar, with most banks closing full-time graduate

programmes in March or April and internships in July or August.

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 the 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 Australia 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.

NATALIA 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 the top

(in the 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 the 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 actually done/achieved}

on the left, the uni where you studied, and then the date, so

BA Business & Law, Imperial College London, Sep 08 - Jun 11.

Achievements - This is the new trend with CVs, replacing the

emphasis on skills. The idea is not just to 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 the bank they

have applied to, which doesn't reflect well," says Natalia

Garland, head of global graduate marketing and infrastructure

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 Linda Jackson, MD of consultants

Fairplace. "Do not devote more space to your victory on the

pitch than to your summer working for a big bank, because it

will send the wrong message about your priorities."

Questions to expect - There will probably be a question

on your motivation(s} for breaking into the industry, and for

applying to a particular division or bank, along with questions

on your industry knowledge. Then there are the inescapable

'competency' questions, for which you should use the S.T.A.R.

formula to frame your answers (see opposite}.

Cover letters Their purpose - "People underestimate the importance of a

cover letter," says Sarah Harper, head of recruiting, EMEA and

India at Goldman Sachs. "It is a useful mechanism to show

your enthusiasm for the firm and the particular job you are

applying for. It can really make a difference."

Top and tall - Cover letters are still rather formal affairs,

so never address it to the person's first name. If you know

the surname of the person you are writing to, write Dear Mrl

Ms X; then sign off with Yours sincerely; if you don't know

the surname of the person you are writing to, write Dear Sir/

Madam, and sign off Yours faithfully.

Tailoring - This means making sure you get the name of the

person and company you're writing to, address, job role and

reference spot on, for a start. Then pull something f rom the job

ad or job spec to show you know what they'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 this 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

The 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 that 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

Three 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 they'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 treasuries,

so you are left only with the firm-specific Ford risk.)

• Graph the price-yield relationship of bonds.

• What is an inverted yield curve?

• How would you explain credit spread?

Brainteaser questions - Finally, there are also the apparently


'' 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 the 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 to explain how you are thinking about

the answer, to demonstrate your thought process.

I always remember when I got a really nasty volatility question,

which the interviewer turned into an FX question and I got lost.

My formula was right but my maths went to pot.

He was kind enough to walk me through my mistake so I took

a breath and said, "Oh I see, what you are saying is that I

should have done X, Y, Z."

He was impressed that I had listened and picked it up quickly,

and we moved on. He also recommended me as a good hire.

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.

~NATIXIS

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 the markets to make sure you have an answer to this

question and can rationalise and justify your decision.

Are you willing to put the Interests of the company and

a client before your own?

I beg of you not to waffle on about the ethical implications of

this question; it is simply a direct loyalty question and you just

need to answer yes.

Which attributes do you think are vital to a good trader?

Demonstrate you have these.

A good trader is able to digest large amounts of information

and to play out scenarios that tie in together. If you want to be

a trader you will need to think for yourself and piece together

various scenarios and outcomes. 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 the one-year forward rate is

115 yen/dollar, what does this imply? Would the price of

a call option go up or down when the maturity of the

option is longer?

My advice - Whichever role you go for in an investment bank,

some questions are inevitable. You should always be prepared

to say why you want to work for that bank and why you want

that job. And you should always come with some questions

of your own.

'' 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 guarantee 100% that you

will be asked these questions if you

interview for a sales position in an

investment bank but I can say that

they are the questions I like to ask

when I'm interviewing graduates -

and the 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

statistics about the achievements of the firm. Touch on the

people, the culture, the structure of the graduate scheme.

Make it personal. What genuinely interests you in Bank X?

Why sales?

The answer to this question will help weed out those who truly

love selling from those who just happened to fall into sales as

a profession. Your interviewers are looking to discover your self

awareness and motivation. Know your strengths and be able

to show how they relate to sales.

What part of the sales process most appeals to you

and which part do you think Is most Important?

The question is effectively designed to test your knowledge

of the sales role within the bank/division, and whether your

selling style fits the culture of the firm or particular desk.

If the desk's revenue is based on a long sales process, the

interviewer will be looking for a sales person with patience,

diligence, organisation and the ability to follow up.

High-sales-volume flow desks wil l want someone driven to

get the trade and close.

What attributes do you think are vital to a good sales

person? Demonstrate you have these.

The key to this question is to focus on the abilities

that every sales graduate needs and to provide concrete

examples of situations in which you've demonstrated them.

They include understanding your target audience, asking

the right questions, listening 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 three/five/1 0

years?" You often find candidates haven't prepared to discuss

their true ambitions. The off-the-cuff response often received

reveals much about their long-term fit within the firm.

My advice - However these questions are phrased, they

are designed to find out more about you. How motivated and

passionate are you? Can you sell? Will you achieve good

results? Do you fit into the culture and style of the firm/desk?

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 qualities you are looking 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 for any particular academic qualifications,

and how c an a c andidate make their 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 m ost 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

o n favourably?

A One of the key things we look for is activities that

demonstrate team spirit, or an ability to work well with

others. 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 they'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 ities Equity Derivatives

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 : [email protected]

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 notre recrutement afin de garantir a nos clients !'intervention des meilleurs consultants

• Disposer d' un suivi dans Ia durc~e de votre carriere, 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, eFinanciaiCareers.com

TESTING, TESTING

Banks 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 take 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 the 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 they 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

You may not be able to predict what questions you

will be asked at interview but you can know the types

of question to expect. The questions banks ask will

generally come from one of five categories.

Competency questions Loved by graduate recruiters and human resources interviewers

everywhere, the aim of this type of question is to establish your

behaviour in a given situation. "This type of question allows us

to focus on what the candidate brings to the table beyond their

technical skill set. We want to determine whether candidates

have the personal attributes to succeed. Do they have good

judgement, are they self-starters, are they influential and can

they lead?" confirms Keisha Smith, global head of recruiting,

Morgan Stanley.

Come with at least two answers prepared for each type of

major 'employability skill' or 'competency' that you can identify.

Some examples:

• Tell me about a time when you faced a challenging experience.

How did you overcome it and what was the result?

• Can you describe a situation in which you showed initiative?

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 they 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 Stanley

Technical questions Mostly asked by business interviewers, i.e. the people running

the desks in the business area you want to join. They ask these

to weed out the time-wasters- students who 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

Depending 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

Opportuniti~B

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 transactions 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 - ·


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 to compile the

'pitch book' - the document the firm uses to outline its ideas on

which companies a client should buy or sell to.

As an analyst, your key tasks will include working on these

client service presentations, largely for M&A deals, but

occasionally for initial public offerings. A lot of this will involve

building a financial model, valuing a company or benchmarking

it against its peers.

It is only later that you step away from the number crunching.

The key difference between an analyst and an associate is

that you take more responsibility for the transactions and

projects. You 'll be assigned more tasks, so expect your

workload to multiply.

1111 ROTHSCHILD

Deutsche Bank db.com/careers

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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 p iecing together presentations

to c lients, 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 c lient 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 w ith 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 d irector, 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 v ital.

Having teams made up of individuals w ith 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 w ith 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 ~r analyst 110-170 70-100 -6%

1~-2nd year ~s~iate 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

Opportuniti~B

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 they

can't find enough people to buy the shares at the price they've

agreed w ith the client, the bank is obliged to buy the shares.

Debt capital markets (DCM), meanwhile, deal with saleable units

of debt in the form of bonds.

Bonds come in all shapes and sizes, including 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

the 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 'face 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).

Roles and career paths As banks are essentially offering similar services, they have

to convince clients that their firm is the one to use. So before

new equity or debt-related products can be created, deal

'originators' are deployed to bring in new business.

Origination specialists spend a lot of time travelling to clients

to gain an insight into their financing needs. However, you are


unlikely to become one until you've worked in capital

markets for some t ime.

As a junior capital markets professional, you are more likely

to be involved in structuring the products so that 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 suffic ient 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.

DA RI US NARA GHI 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, r ising 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 ~ynch 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, d irector,

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 w ithin your immediate

group, and where your group f its w ithin 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 p roducts

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 p icture 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

Opportuniti~B

Realising the risks and

reaping the rewards

SALES, TRADING & RESEARCH

Every 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 traders buy and sell securities.

The secondary markets are divided into equities (stocks and

shares) and fixed income (corporate credit, government debt,

currencies and interest rate products). Within the fixed income

division is the foreign exchange (FX) team. The FX market is the

largest in the world, with an average daily turnover of $4 trillion,

according to Bank for Internat ional Settlements figures.

There is also a range of 'exotic' derivative products within all

these sectors, whose value depends on the underlying security.

Roles and career paths 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 J~ M~rgan

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 Careers 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 the 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 the 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.

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For more information, email [email protected] or visit

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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.

How do you see your career progressing? I expect to develop my knowledge of structuring. However there are plenty of opportunities in the sales and trading department, and I have 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, ~ke-minded, 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

Opportuniti~B

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

The rise of electronic trading over the past decade has

had a profound effect on the structure of equity markets.

Automation transformed the market from one where a

great deal of human intermediation was required into one where

computers largely do the work in executing and processing trades.

There are many benefits to this. First, it allows greater volumes

of trades, which improves market liquidity: the US average daily

reported trading volume increased from three billion shares

in 2003, to nearly 10 billion in 2009. Second, the speed of

executions and cost of transactions have fallen sharply while

transparency has increased. The use of algorithms - computer

systems that decide on price, timing and quantity of an order

has also cut the size of the average trade. Slicing large blocks

into smaller pieces reduces the market impact of trades and

limits adverse costs of trading large positions.

'' You need not only to accept change - you also need to embrace, welcome, and thrive amid change.

ANDREW SILVERMA N

Managing director, Morgan Stanley Electronic Trading

A downside is that greater automation means less manpower.

One bulge-bracket bank tells us it employs 30% fewer traders

than in 2005, dealing with three t imes the flow.

Electronic trading is well established in the high-volume foreign

exchange market and increasingly important in fixed income.

Roles and career paths 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 structurers - Analyse regulatory changes and macro

trends and their potential effect on trading.

There are also technology positions in the development of

e-trading platforms (see IT in finance on page 64).

Skills sought Most quants have PhDs in a highly mathematical subject and

must also possess a good knowledge of financial instruments

and technical computing software such as MATLAB.

For other roles within e-trading, softer skills are valued. Good

communicators and team players are essential, suggests Chris

Jackson, graduate programme manager, global banking and

markets at Royal Bank of Scotland. "This is important because

our electronic markets business acts as a partner in driving and

implementing the electronic trading and distribution strategy

across designated asset classes," he says.

The key to succeeding in electronic trading is versatility. "The

skill set of today may not be the skill set of tomorrow given rapid

changes in technology and in the industry landscape.

You need not only to accept change - you also need to embrace,

welcome, and thrive amid change," says Andrew Silverman,

managing director, Morgan Stanley Electronic Trading. "Those

who succeed know how to multitask, work as part of a team,

and share information with colleagues in other countries."


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 all 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

Opportuniti~B

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 compliance pros are often product specialists

for example, they might specialise in bonds, equities or

derivatives.

Control room compliance - Centralised tasks such as

maintaining the 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 communication

skills and an ability to build relationships, largely because of

interaction with various divisions within the business.

" It is critical for us to be in compliance with both the spirit

and the letter of the regulat ions that govern us, and always to

maintain the highest ethical standards," says James Peters,

managing director, lBO compliance at Goldman Sachs.

"We're looking for insightful and persuasive people, who can

work constructively with every area of the 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 maths

skills and an understanding of differential equations, as well

as financial modelling skills.

"We look for people who can identify the problem from the

confusion that surrounds the business decision, model it and

then improve the decision-making around it."

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 Ca•·eers in Financial Markets 2012 41

How hot

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The business o J the back office

OPERATIONS

I f you delve into the murky world of investment banking, you

will soon hear the terms 'front office', 'middle office' and

'back office'.

When people talk about the front office, they're talking

about the 'sexy' areas of investment banking - mergers and

acquisitions or sales and trading.

When people talk about the middle office, they are referring to

functions such as IT, accounting (finance) and risk management

(which we deal with in other pages of this book}. When they talk

about the back office, 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, the division is a support function - operations

professionals support people in the front office to make sure

everything works smoothly and the bank gets paid.

The main business of operations is clearing and settling trades.

Clearing trades involves making sure that the records one bank

has kept of the sale of a financial security match those of the

bank or organisation it sold the security to.

In most cases, simple trades are cleared automatically through

huge electronic systems such as the Brussels-based Euroclear.

'Settlements' covers everything from preparing the

documentation required for a sale, to making sure the bank

has been paid for all the shares it has sold and bought.

Settlements professionals ensure that stocks or shares bought

and sold by the 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

their time dealing with these exceptions, trying to work out what

went wrong.

If you work as an exception manager on a settlement desk, you

might talk to traders who claim to have sold shares for $3 each

when the buyer says the price was only $2, for example.

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 the role of the trade support officer,

which can cover a range of different asset classes, from equities

and bonds to commodities or derivatives. Here, you are in the

'' Find a firm that creates an environment that provides exposure to all aspects of the business. That will allow you to become well-rounded and knowledgeable on the different areas in operations.

ANDREW DOUGHERTY Managing director, head of alternative and institutional solutions, BNP Paribas, US

firing line for any queries a trader might have- everything from

reconciliation issues to any discrepancies between the various

counterparties involved in the trades.

As you work your way up the operations hierarchy you will

progress to more strategic roles, looking at issues such as how

to streamline the exceptions process or which functions should

be moved offshore.

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 the 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 the '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 w ith

the business and clients. While process-oriented, they

will continuously challenge the status quo and make

effective use of technology to improve the customer

experience and drive efficiency. "

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 issues of the day. You learn a lot about the processes that drive investment banking, as operations staff are involved every step of the way, from trade capture to confirmation, reconciliation and settlement.

What does your job involve? I work as a trader assistant on the interest rate derivatives desk. My job involves sitting on the trading floor, close to the traders, and being their first line of support for any queries, from booking trades to resolving issues with reconciliation between various systems, and discrepancies with the 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 investigative work as well as creative thinking, and offer a very rewarding feeling of success.

efinancialcareers.com/students Car~rs in Financial Markets 20 12 43

How hot

Money

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Opportuniti~B

Pension pots, portfolios and the art ofinvestingfor the long tenn

FUND MANAGEMENT & INVESTMENT CONSULTING

Fund 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 take bigger risks for better rewards.

By comparison, 'passive' management, or index tracking,

involves selecting a portfolio of assets whose value will

match that of a financial index - such as the UK's FTSE

100, Eurostoxx 50 in the eurozone, the Dow Jones Industrial

Average in the US and the 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.

Roles and career paths 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 to clients.


Graduates starting out in a fund management firm begin

as a research analyst, working closely with the portfolio

managers, visiting companies to assess their investment

potential, and sifting through buy and sell information and

company reports.

As in investment banking, there's a range of middle-office jobs

in fund management in areas such as compliance, technology,

operations, performance measurement and risk management.

The higher-paying roles are in investment and distribution.

If you want to work in investment consulting, there are two key

areas - 'asset allocation' and 'fund selection'.

Asset allocation professionals advise clients on whether to

invest in equities, bonds or other financial products so they can

generate the returns to pay pension commitments for the next 30

years. Fund selectors analyse fund managers and question them

about the nature of their investment strategy, then write reports

for pension funds on the firms' strengths and weaknesses.

Top five asset managers by global assets under management (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 potentlallnvestmen~

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 fa~ 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 largecap 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 to 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 the 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, g lobal

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

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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 the value of the investment is expected to 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) to 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 the biggest player in terms of funds raised over the last

10 years, at $62.1 bn, according to f igures from Preqin. TPG,

Blackstone Group, Carlyle Group and Kohlberg Kravis Roberts

comprise the top five - all these firms are from the US.

Roles and career paths There are three key areas in the front office of a hedge fund:

analysis, sales and marketing, and trading. Analysts look at

the companies, markets and financial products the hedge

fund invests in; sales and marketing liaise with investors and

persuade them to put money into the fund; 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

the role of principal, appraising whether a deal is worth pursuing

and sorting out legal issues. At the top are originators, usually

partners in the firm, who sniff out deals and oversee everything.

Graduate recruits are rare, however, and either experience in

investment banking or a top MBA is usually required.


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

ld~a9ene~or

Portfolio manager

Private equity pay ($k)

Role

A_n~t

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 graduate 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

entrepreneurial flair."

"Someone coming in from a business school is going to need

to have had experience beforehand in private equity, investment

banking, or management 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

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The increasingly complex task

of administrating investtnents

GLOBAL CUSTODY

As fund managers become more sophisticated with their

investment strategies, the role of global custodians has

changed significantly. The range of products and services

they offer to clients has snowballed in recent years.

"Clients are increasingly looking for solutions that cut across

traditional geographic boundaries in order to facilitate those

new busineas models, enhanced transparency and greater

automation," says Frank Froud, head of Europe, Middle East

and Africa at BNY Mellon Asset Servicing.

Core functions include fund administration and fund accounting

(calculating how much income funds are making and spending),

settlements (delivering securities to the buyer and the money

to the seller), and corporate actions (keeping track of dividend

payments for equities and coupon payments for bonds).

Roles and career paths 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

these areas before specialising.

Technology - Custodians spend hundreds of millions of dollars

on technology, which is integral for profitability, so they look for the

right IT staff from a graduate level. Firms hire system programmers,

data architects, business analysts and systems integrators.

'' 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, Northern 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 the senior ranks.

In Dublin, fund accountant salaries start at €27k-35k ($36k-50k),

rising to €49k-75k ($71k-108k) at the top end. In Luxembourg, a

fund administration head gets $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 . State Street

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 to write and

give presentations and to be a good listener for clients."

"Today we are recruiting far more in areas like accountancy and

law," says Froud. "That said, for all the focus on technology and

innovation, this very much remains a relationship business, so

strong people skills remain at a premium."

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

Opportuniti~B

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 two categories.

Private bankers - Help clients invest their money wisely and

avoid any risks that might reduce the value of their assets. They

also offer tax and pensions advice, help develop a strategy for

charitable giving, and advise on bequeathing their wealth.

Private client brokers - Help clients buy and sell financial

products, particularly equities or stocks (hence the term

'stockbroker'). They also advise on products to invest in.

The clients of private wealth managers range from company

chief executives to property tycoons, investment bankers,

sports stars, celebrities or members of privately run family

businesses.

Private banks typically look for clients with at least $1m to

invest but many deal only with clients whose financial assets

(not their houses or yachts) alone are worth more than $30m.

Roles and career paths If you work as a private banker, you can expect to perform

one of three broad categories of job: investing money for

existing clients; building relationships; or managing back-office

functions such as human resources or accounting.

People working in investing either invest their clients' money or

offer them detailed advice to help them invest their own money.

They are typically product specialists expert in a particular asset

class, such as 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 wealth 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 relationshipbuilding 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 the client what to

invest in, but needs their permission before making a move.

Junior brokers are most likely to work on advisory mandates.

However, making the first move can be challenging, as generally

only the larger firms offer graduate training courses.

'' 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.

What does your job involve? I deal directly with high-net-worth clients daily. I am their first point of contact and act as a conduit for them to access all our services like wealth advice, risk management, estate planning, markets, fullservice 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.

How do you see your career progressing? 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, w ith changing attitudes

to risk and return, and it's essential to understand their needs

fully in order to provide the best advice, win their trust and

w in 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 construction,

and various other wealth management tools like t rust and

estate p lanning,'' 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

Opportuniti~B

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

this 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 trade, 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.

Roles and career paths lnterdealer brokers recruit graduates for voice and electronic

broking. Voice brokers speak to clients on the telephone and

execute trades around more complex products, which typically

require more discussion or explanation.

Electronic brokers use computer screens to check client needs

and execute deals. Electronic broking is about speed, 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.

M ARK 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

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Opportuniti~B

Banking for big business

CORPORATE BANKING

Corporate 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.

Roles and career paths 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.

M IKE 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 recruiters

Robert Walters, rising to $115k-192k at the senior end.

The range for the same level of experience in Europe is

$120k-142k.

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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."

"Financial 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 the determination

to excel, " says Matthew Henderson, regional head of Asia

Pacific campus recruiting at UBS.

Corporate bankers will be g iven 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

Opportuniti~B

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

Credit 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 w ith 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 top

two, and Fitch Ratings. In the data provider space, Thomson

Reuters and Bloomberg have 29.4% and 29.2% market

share respectively, according to Burton-Taylor International

Consulting. Other significant names include Dow Jones!Factiva,

Interactive Data, FactSet, SIX-Telekurs and IRESS.

Roles and career paths 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 JA CKSON

Head of human resources for EMEA, Fitch Ratings

Skills sought The volatilit y w ithin 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, they also want 'soft skills' . "In addition

to technical skills we also focus on soft skills when hiring. New

recruits are encouraged to develop relationship-building skills, as

well as the capacity to adapt to a matrix organisation.'' he says.

"We look for graduates with a strong academic background that

includes 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

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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.

Roles and career paths IT roles fall into five camps; development, business analysis,

project management, infrastructure and technical support.

The developer is at the coalface of the IT department. Much

of the technology is developed in-house, but when banks

purchase software from third-party vendors, developers need to

tailor it to banks' individual needs.

Within products traded in large volumes, such as equities or

foreign exchange, developers aim for 'low latency' or reducing

the time it takes to execute and process a trade. The speed

with which a trade is placed can be crucial to its profitability.

Business analysts liaise between the IT department and the

company. Project managers will take on the new venture once it

has been given the go-ahead. 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 the

upper end, while C++/Unix developers start at the same level

but can earn £75k-90k ($123k-148k) with more experience.

Java developers in the front office start on £35k-45k ($58k-74k),

which increases to £65k-90k ($106k-148k) at the senior end.

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 to

be able to explain the benefits and pitfalls behind a potential

technology investment, without leaving non-IT people

swimming in a sea of jargon.

Project manager roles have to be able to act as a central

coordinator for d isparate groups w ith differing interests in

a particular technology endeavour.

Skills sought In IT, the majority of successful applicants w ill 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 tech 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 with 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

Opportuniti~B

The complex business of

being covered for the worst

INSURANCE

There'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 the Association of British Insurers.

The industry has four main areas:

Insurers - Assess risk and develop products for sale to

individuals and corporations.

Re-Insurers - Insure insurers against risk of significant losses.

Insurance brokers - Intermediaries who sell insurance

products - particularly important in the corporate market.

Lloyds market - About 80 corporations, individuals,

underwriters and financial backers, or syndicates, who come

together to spread risk.

'' Most of our graduate recruits tend to have a business, law, mathematics or engineering background.

YVONNE HERBST Talent management consultant, Munich Re

Roles and career paths 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 ------=--

How hot

Money

Prestige

Opportuniti~B

The nurttber crunchers at the

heart of every organisation

ACCOUNTING

Accountants 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 to help them tot up profits and losses.

Alternatively, you could work for an accountancy firm providing

independent audit services to other companies. The best

known are the Big Four - Deloitte, Ernst & Young, KPMG and

PricewaterhouseCoopers (PwC).

Roles and career padlS There are several options open to you in an investment bank.

Product co ntrol - 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 w ithin 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

the 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

S~g~ Ja~n

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 baselineteamwork 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 w ith 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 w ider 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/ finat~ce 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.


~AilliEGIFF~

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 in 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.

Graduate programme info 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

Internship/Stage info 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

Internship/Stage info Approx, intern h ires 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~

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.

Graduate programme info 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

Internship/Stage info 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 sits

at the core of our network. With more than

280,000 active subscribers, we provide

unmatched visibility into global and local

financial markets and the world of business.

Graduate programme info 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

Internship/Stage info 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 Approx. grad hires in 2011/12:200.

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 [email protected]

efinancialcareers.com/students Car~rs 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.

Graduate programme info 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

Internship/Stage info 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.

em~

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.

Graduate programme info 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 programm~

Two years.

Application deadline: Full-t me positions-

4 November 2011.

Apply via: www.oncampus.citi.com

Internship/Stage info 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.

Graduate programme info 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 derivatives, fixed income

markets and structured finance.

Graduate programme info 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.

Application criteria : N/A.

Typical duration of grad programme: N/A.

Application deadline: Throughou1 the year.

Apply via: www.ca-cib.com

Internship/Stage info 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 fields of banking

activity such as capital markets, coverage

and nvestment banking, structured finance,

brokerage, risk, audit and finance.

Application criteria : N/A.


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.

Graduate programme info Approx. grad hires in 2011/ 12: 275-300.

Divis ions offering vacancies: Investment

banking department, fixed 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

Internship/Stage info Approx. intern hires 2011/ 12:400-450.

Divis ions offering vacancies: Investment

banking department, fixed 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 d ifferent

perspectives, we're driven by a shared sense

of purpose. At every level, agile th nking is

nurtured.

Graduate programme info Approx. grad hires in 2011/12: 700+ globally.

Divisions offering vacancies*: Asset

management, corporate and investment

bank ng, finance, human resources, in-

house consulting, risk, group technology

and operations, private 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

Internship/Stage info 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, private 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 lend on favourable

terms to projects that further European

objectives, inside and outside the EU.

With a diverse staff of about 1 ,800, recruited

from all EU member states, we work in a

multicultural 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.

Graduate programme info 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.


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

Internship/Stage info 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.

Graduate programme info 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

Internship/Stage info 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 learn

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.


See our website for more information.


4 November 2011; all others -

31 December 2011.

Apply via: www.fldelityrecruitrnent.com/careers

Internship/Stage info 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.

Graduate programme info Approx. grad hires in 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

Internship/Stage info Approx. intern hires 2011/12: 15. 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.

Graduate programme info 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 Typical duration of grad programme: N/A.

Application deadline: Throughout the year.

Apply via: www.mycreditagricole.jobs

• VIE is a French government-sponsored

programme for young graduates.

Internship/Stage info Approx. intern hires 2011/12: 6,000 new

h res n 2011 in France.

Divisions offering vacancies: Multiple.

Application criteria: NIA Typical duration of internship programme:

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

HSBC ID

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.

Graduate programme info 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 Car~rs 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.

Graduate programme info 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

Internship/Stage info 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.

Graduate programme info 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

Internship/Stage info 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.

Graduate programme info 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.

Internship/Stage info 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.

Graduate programme info 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

Internship/Stage info 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.

Graduate programme info 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

Internship/Stage info 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.

Graduate programme info 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 [email protected]. For

applications in Munich, please apply online:

www.munichre.com/career.

lntemship/Stage info Approx. intern hires 2011/12: 160.

Divisions offering vacancies: All central and

divisional units.

Application criteria: Drive, interdisciplinary

competence, personal commitment,

communication skills, enrolled at a university.


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.

Graduate programme info 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).


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.

Graduate programme info 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.

Graduate programme info 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. Typical duration of internship programme:

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.

Graduate programme info 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

lntemship/Stage info 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

lntemship/Stage info Approx. intern hires 2011/12: N/A.




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


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 ambition~ 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_

'~ CREDIT ~ AGRICOLE

2012 - Careers in Financial Markets - Efinancial

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