Financial Careers

8/4/2019 Financial Careers

http://slidepdf.com/reader/full/financial-careers 1/92

The Financial Job Marketplace

2007-08

Careers in

Financial Markets Your guide to finding a job in banking and finance



You thrive on achievement and you want to see just how far your talent will take you. We do too.

That’s why, at Deutsche Bank, you’ll be given the opportunity to realize your greatest ambitions.

As one of the world’s leading financial institutions, we have the platform to take your career higher.

You will be part of an innovative, modern corporate culture that celebrates achievement.

Expect the better career. Find out more at www.db.com/careers

Analyst Program Application Deadline: 1 November 2007

Analyst Internship Program Application Deadlines:

Asset Management, Global Banking, Global Markets and Private Wealth Management - 15 January 2008

Group Technology and Operations, Human Resources, Finance, Legal, Risk and Capital - 15 February 2008

A Passion to Perform.

Your vision: To reach for the top.Our promise: Lifting you even higher.



EmployersIT in Finance Accounting in the CityBanking & Financial Markets

ContentsBanking and financial markets A highly competitive industry ...................................................... 02

Rungs on the ladder .............................................................................. 06

The recruitment process ................................................................... 08

Graduate training schemes ........................................................... 12

Internships ....................................................................................................... 16

Mergers & acquisitions ....................................................................... 20

Capital markets ........................................................................................... 26

Sales, trading & research ................................................................ 32

Foreign exchange .................................................................................... 36Corporate banking .................................................................................. 38

Fund management .................................................................................. 42

Hedge funds .................................................................................................. 46

Private equity ................................................................................................ 50

Investment consulting ......................................................................... 52

Global custody ............................................................................................ 53

Wealth management ............................................................................. 54

Operations ....................................................................................................... 58

Risk management .................................................................................... 60

Compliance ..................................................................................................... 62

Data providers & rating agencies ............................................ 64

Insurance ........................................................................................................... 68

Accounting in the City Accounting City careers .................................................................... 70

Front office careers ................................................................................. 72

I in finance Information technology ...................................................................... 74

IT careers .......................................................................................................... 76

Employers Employer profiles ..................................................................................... 78

Partner profiles ............................................................................................ 88

Like this book? You’ll love the

website. Our Student Centre is

the place to go for the inside

track on getting your first job

in finance. Check regularly for new

features and updates at

www.students.efinancialcareers.co.uk

What’s going on?

The latest news for graduates,

including last-minute vacancies.

Internships

The best way to get a job is by doing

an internship. Our Student Centre

tells you all you need to know about

applying for and making the most

of internships.

Graduate programmes

Your complete guide to applications

and choosing between employers,

plus what to expect from those

who’ve been there before you.

Learn about the industry

Financial sectors explained:

including information on even more

sectors than are contained in this

book. Career paths: profiles ofprofessionals in different roles and

at different stages of their careers,

from the lowly analyst up to

managing director and beyond.

Jargon buster: make sure you know

your assets from your equities.

Top tips

Individual nuggets of advice from

top banking professionals.

Off the record

What the banks won’t tell you about

getting that job – real information

from people already on the ground.

Numerical tests

Most banks will make you sit one

and they take a little getting used to,

so practise first with our online tests.

Careers in Financial Marketsis published by eFinancialCareers Ltd - www.efinancialcareers.com

Project Manager: Janice Chalmers; Editor: Sarah Butcher;

Production editor: Graham Judge; Writers: Sarah Butcher, Nic Paton;Marketing: Alison Traboulsi; Sales: Iain Small, Alex Ross, Marc Speer,

Robert Wood, Asha Wadhwani

Art Director: Valerio Italiano Designer: Jane Roberts

Additional copies: [email protected] +44 (0)20 7309 7777

©2007 eFinancialCareers Ltd

No part of this publication may be reproduced without permission.

This guide is designed to be used together with the Student Centre on the

eFinancialCareers.com website. It will help you to navigate your way around

the competitive world of financial services, and provides an introduction to the

careers on offer and different sectors. As well as information on front-office

roles, we have sections on IT in finance and opportunities for accountants.

On the website you will find the latest news on graduate hiring and vacancies,

tips from senior industry figures, advice on internships and getting a job from

those who’ve been through the process, plus the chance to discuss what’s

going on with other hopefuls and those already in the industry.

By using this guide and the website, you will be among the best-informed

candidates around – half the battle in the highly competitive world of finance.

How to use this guide

Sarah Butcher

Editor

eFinancialCareers.com

StudentCentre

Good luck in your job search,

Sarah Butcher




Want to work in an investment bank? You’ll need to

fight for it. At the start of 2007, graduate recruiters at

banks and fund managers expected vacancies to rise

nearly 18% to around 3,000, according to the Association

of Graduate Recruiters. But tales of multi-million pound

bonuses mean more people want a piece of the

investment banking action. Student research company

High Fliers puts the number of applicants per banking

job at (wait for it) 60:1.

Even if you manage to elbow 59 people aside to land

one of those coveted traineeships, there’s no guarantee

you’ll become a millionaire. Why? Investment banks only

pay mega-bonuses to the best people, typically after six

years or so, and then only when business is really good.

When business is bad, banks are equally quick to make

people redundant and bonuses are a lot lower.

A career in banking is a bit like the lifecycle of a butterfly:

you’ll have to put in time as a hardworking grub (analyst/

associate) before you can metamorphose into a beautiful

winged creature (managing director). There’s a constant

risk of being squished if unsuccessful – and throughout

your life you’re liable to be snuffed out by an adverse

economic climate.

Most of the biggest investment banks are either US-

owned (eg Goldman Sachs, Merrill Lynch and MorganStanley) or continental European (eg Deutsche Bank,

Credit Suisse and UBS). They carry out many activities,

such as advising on mergers and takeovers; helping

companies raise money by issuing bonds and shares;

buying and selling bonds, shares and other securities;

and managing funds.

Pay for performanceInvestment banks pride themselves on being

meritocracies. For example, Tracey Hahn, head of

leadership and talent management for Europe, the

Middle East and Africa at Merrill Lynch, says the

bank fosters “a meritocratic and fully inclusive work

environment,” and a culture that provides people

with “the opportunity to advance as high as their

commitment, ambition and talent will take them.”

In plain English, this means if you work hard and

have a talent for banking (i.e. make lots of money

for your employer) you will both be promoted and be

well paid. But don’t expect to be paid unless you perform.

“Even for managing directors, banks rarely pay base

salaries higher than £260k,” says Lee Thacker, partner

at headhunter Heidrick & Struggles. “The rest is

performance-related bonus.”

Hiring and firingFollowing annual talent reviews, banks such as Goldman

Sachs regularly cull up to 10% of their worst-performing

staff and Thacker says the practice is becoming more

common. If banks get rid of 10% of staff as a matter of

course even in good years, they’re a lot more brutal when

business turns. According to the think tank

Centre for Economics and Business Research (CEBR),

some 35,000 jobs were chopped in the City of London

between mid-2000 and early 2003. The bloodbath

followed several years of vigorous hiring worldwide –

in 2001, the global headcount at Goldman Sachs was

25,000; by 2003 it was down to 19,500.

In 2007, however, banks were back on top. By the end

of the first quarter, Goldman Sachs employed nearly

27,000 people globally and by mid-2006 the CEBR said

employment in the City of London exceeded the previous

record at the height of the dotcom boom.

But after several good years and a credit crunch, are we

in danger of another downturn? Banking recruiters say it’s

just the nature of the beast. “There’s no doubt that we’renear the peak, but the risk of losing your job when times

are bad is the natural corollary to making huge amounts

of money when times are good,” explains Logan Naidu,

a consultant at recruitment firm Cornell Partnership.

“Banking is cyclical. It’s very rare nowadays to go into

banking thinking you will never be unemployed – if you

want a risk-free job, become an accountant.”

Riding the waveWhat can be done to minimise the risks of being

rudely turfed out if things turn nasty?

Philip Beddows, a partner and seasoned investment

banking career coach at mentoring firm IDDAS,

says the best thing is to go for a top-tier bank or

boutique that offers excellent training: “If you start

in division one, you can always move to division two

A highly competitive industry Demanding workplace with outstanding rewards

e F i n a n c i a l C a r e e r s . c o m

C a r e e r s i n F i n a n c i a l M a r k e t s 2 0 0 7 - 0 8

2

“If you want a risk-free job,become an accountant”Logan Naidu, Cornell Partnership

>

At a glance

Banking is a competitive industry

at the mercy of economic swings

Pay is by performance: less than20% of senior pay is base salary

‘Hot’ sectors include mergers andacquisitions (M&A) and risk



With your potential,

our future is in good hands.It starts with you.

Your ideas make a difference. At UBS, we believe in creating opportunities for every one of our employees

to empower them to excel and realize their potential. We know that the best view could be through your

eyes. That is why we value diversity and want to create an environment that encourages different

perspectives. As a leading financial firm with offices in over 50 countries, UBS can offer the inspiration you

need from all corners of the globe. After all, when you’re inspired, we all succeed.

It starts with you: www.ubs.com/graduates

© UBS 2007. All rights reserved.



The Royal Bank of Scotland. Tenth largest bank in the world.

One of Europe’s leading corporate banks. 95 per cent of the

FTSE 100 and 80 per cent of the Fortune 100 are customers.

Now growing rapidly and aggressively worldwide.

“It’s my first year on the graduate programme and

I’m being trusted to handle a two billion dollar

trade. That’s the difference.”

Our numbers tell an incredible story of growth and global expansion. We’ve

become a leader in some of the most exciting areas of investment banking.

And the rapid progression of our people is vital to this success.In RBS Global Banking & Markets you can go as far and as fast as your

abilities allow. No rigid hierarchies. No glass ceilings. Just extraordinary

opportunities to match your capabilities. Be part of it.

Find out more at www.rbs.com/gbmgraduates

Make it happen™

The Royal Bank of Scotland plc. Registered Office: 36 St Andrew Square, Edinburgh EH2 2YB. Registered in Scotland No 90312

Global Banking & Markets



later – the other way round can be more challenging.”

If you don’t manage to get an offer from an investment

bank, an ACA (accounting qualification) can also

be a good safety net and allow you to move into banking

later on. Naidu tells of one candidate who couldn’t

get into banking in 2001, so spent three years training

for an ACA. In 2004 he moved into investment banking

and in 2007 got a job in private equity. “Careers in

financial services are all about riding the cycle,”

says Naidu. “If you can stay on the board throughout,

you’ll do well. And if you fall off, you’ll need to get

back on quickly.”

Hot sectorsBearing in mind the roller-coaster nature of the

investment banking industry, it’s worth giving some

thought to where you want to work. Fixed income?

Equities? Corporate finance? Choose carefully. You

are not just selecting a job; you’re positioning yourself

in the financial services market, some areas of which

are likely to be more healthy than others. Look at the

individual sector articles for more detail, but for a quick

guide to hot sectors, read on.

Mergers and acquisitionsMergers and

acquisitions is a

volatile sector in

which to work.

When things arehot, they’re very hot.

But when M&A deals

stop happening,

these bankers are

often among the

first to be shown

the door. In 2007, however, M&A bankers were

sitting pretty. In the first quarter of the year, deals

announced in Europe rose 14% to $531bn, according

to information provider Thomson Financial. And

soaring M&A deals inspired banks to add staff –

an April 2007 poll of 250 M&A bankers by Financial

News found 69% of respondents in the UK were

looking for talent. “Deal flow is still strong and a lot

of banks are hiring,” says Adam Cairns, a director

at Fennemore Banks.

Derivatives sales and tradingDemand for derivatives

specialists has been

hot for years. Derivatives

are complex financial

instruments based

on underlying stocks,

bonds, currencies and

assets. Hiring has been

driven by the quest

for better returns and

by banks’ ability to

charge more for complex derivative ‘solutions’ than for

simple equities or bonds. At their simplest, derivatives

may be futures, where a buyer purchases the right

to buy a product at a future date and price; at their

more exotic, they may be single tranche collateralised

debt obligations, where investors buy debt products

catering for their risk appetite.

The August 2007 crisis in the credit markets and related

problems have temporarily halted hiring. New products

may emerge that overcome the turmoil and reinvigorate

hiring, but this remains to be seen.

RiskRight now, risk hiring

is hot – and even if

things get a little more

‘risky’, risk analysis

looks like a goodplace to be. “If the

cycle turns down,

risk hiring will hold

steady,” predicts Gail

Connolly, managing

consultant at recruiters

PSD Group. “Banking is a regulated sector, so you will

always need risk specialists for regulatory reasons,”

she adds. Research by PSD Group suggests over

40% of banks are adding risk specialists in 2007 and

another 30% are replacing staff who’ve left. The best-

placed jobs are in market risk or quantitatively-focused

roles helping to price derivative products. As hiring

expands, Connolly says some risk staff are getting

bonuses equivalent to, or even more than, salaries

– unheard of a few years ago.



5

H o w h o t M o n e y K u d o s O p p o r t u n i t i e s



Continued from pg. 2




The City of London, as this guide makes all too clear,

offers a feast of roles, opportunities and career paths.

But whether you join a small European investment bank

or a large US bank, you’ll encounter (roughly) the same

job titles, in the same order of importance.

AnalystThis is the lowest position of all; in investment banking,

‘analyst’ is another way of saying ‘graduate trainee’.

What analysts do varies from division to division. In

corporate finance, analysts are number crunchers who

put together ‘pitchbooks’ (research to help banks win

bids) and analyse a company’s financial products.

In sales, analysts telephone relatively unimportant

clients on non-crucial matters. On the trading floor,

analysts can’t trade until they’ve passed regulatory

exams – and even then, they are heavily constrained.

At most banks, you will be an analyst for two to three

years. The bank then decides whether or not to renew

your contract and you have an option whether to stay on.

How to move to the next rung?Demonstrating the drive and motivation to succeed

and learn are key, asserts Esther Oxenbury, head of

investment banking graduate recruitment at JPMorgan,

where everyone is issued with a ‘road map’ of what they

need to do to progress. “At every level you need to show

you are able to increase productivity, anticipate market

changes and add value; to be competitive,” she says.

AssociateThe next rung on the ladder, associates, are analysts

who have made the grade or business school students

who joined after studying for an MBA. Associates

typically have a team of analysts in their charge,

to whom they allocate work .

Expect to be an associate for another three years before

moving up to the next rung – vice-president (VP)

Vice-president At this level, life starts to become exciting. The title

sounds grand, but don’t be deceived: VPs are plentiful

at any large investment bank. As a VP, you will manage

the day-to-day affairs of the associates and analysts

beneath you and are likely to have more contact with

clients. You’ll typically be a VP for three years, but

you could be here for much longer, as the job can

become a bit of a sticking point.“Once you make it

to VP, further progression is not guaranteed. It depends

on a much greater number of variables than at analyst

and associate level ,” says John Harker, head of HR

at Citi. VPs who fail to progress at one bank tend to

move to another, where they can join the next rank

– director or executive director.

Executive director or directorExecutive directors or directors (the titles are

interchangeable) are the right-hand men and women of

the real potentates – the managing directors. Executive

directors help managing directors cope with the daily

whims of client companies. In sales and trading, they

have bigger and more important clients to call, or even

larger trades to place.

Managing director You’ve made it! Managing directors (MDs) are the upper

echelons of the banking hierarchy. MDs are the people

who deal directly with clients and bring in business.

Very few people make it this far. At one large US bank,only 6% to 8% of directors are promoted to MD each

year. At Goldman Sachs, there are around 1,200 to 1,500

MDs for 25,000 employees.

Whether you’re a lowly analyst or an MD, progression

ultimately comes down to adding value. “Do not sit

back and wait to have your career managed for you.

You have to be first and foremost accountable to yourself

for your success,” says Richard Moore, EMEA head

of campus recruitment at UBS.

Exception to the rule Although this hierarchy exists across banks, it’s less

noticeable in sales and trading divisions where you work

on your own to make money. If you’re an except ionally

talented VP on the trading desk, there is every chance

you could earn more than an MD.

Rungs on the ladderFrom analyst to MD – the ‘typical’ investment banking career



6

“At every level you need to showyou are able to increase productivity,

anticipate market changes andadd value”Esther Oxenbury, JPMorgan

At a glance

Expect to spend at least three

years on each rung of the ladder

Many vice presidents movebanks to make it to the next rung

As few as 6% of directors go onto become managing directors






Recent graduates who join investment banks are called

analysts. If you want one of these jobs you’ll need

to show your pedigree during the banks’ multi-hurdle

hiring process.

Hurdle 1: the application form According to the graduate research company High

Fliers, a large investment bank receives 60 applications

for every graduate-level job. That’s 9,000 candidates

for the 150 or so places on the average bank’s graduate

recruitment scheme. More than 7,500 are eliminated

at the online application form stage.

Academic criteria are the main stumbling block. In

an ever more competitive environment, most of the

big banks specify that would-be candidates must be

on track for a 2.1 and typically have 320 or more

UCAS points. If you don’t meet the grade, you won’t

get any further than this. Most trainees come from

the best universities.

However, even if you’re on track for a first, the

application form could still trip you up. Esther Oxenbury,

head of investment banking graduate recruitment atJPMorgan, says many candidates fall down because

of poor spelling or poor punctuation: “It is amazing how

many applications come through with mistakes on them,

yet our business is all about attention to detail,” she says.

A cut-and-paste approach is also perilous. Everyone

accepts people make multiple applications, but for

heaven’s sake put the right bank’s name on the form.

“I once had someone email me explaining how motivated

they were to come and work at Morgan Stanley –

it did not go down well,” says Jonathan Jones, EMEA

head of recruiting at Goldman Sachs

All application forms will have questions on your motives,

says Vivienne Dykstra of recruitment firm Graduate

Solutions. “What they are looking for is evidence that you

have done your research and that you have the hunger

and drive to thrive at their organisation,” she says.

Hurdle 2: the numeracy testBanks increasingly use tests to check candidates’

numeracy. Some also use language tests to establish

whether candidates can think logically in English.

Numeracy tests typically eliminate another 50% to 60%

and are supposed to be academically neutral – they

are designed to test your underlying numerical ability,

not your knowledge of advanced calculus. They are

also supposed to be impossible to prepare for. However,

many university careers offices can help when it comes

to sorting out advance practice. Test provider SHL

also offers sample questions at www.shl.com/shl/uk –

click on ‘Practice Tests’ in the top right corner.

Hurdle 3: the first interviewBy this stage, only around 1,000 of the original 9,000+

applicants will still be in the running.

First interviews typically take place on your university

campus. There you face junior people from the business

area to which you have applied and people from HR.

The first round is all about ensuring you’re the right kind

of person for the bank. All banks have a list of skills and

personal characteristics they try to identify. These are

fairly generic and include: team building, communication,

pro-activeness, assertiveness and leadership.

The key is to try and be yourself. “You are guaranteed

to be asked some questions about your drive and

motivation. We won’t want people who’ll just answer

in parrot fashion. We want people who will really listen

to what the interviewer is asking and digest thatinformation,” says JPMorgan’s Oxenbury.

It’s also important to come with some questions to ask

of the interviewer. “If you have no questions, that would

make me wonder how motivated are you,” she adds.

“You need to research the division you want to work in,

as that is going to be the main focus of your first interview,

they will spend a lot of time on that,” agrees Sally

Whitman, head of specialist resourcing at Deutsche

Bank. “You will need to be able to talk about it.

You cannot overestimate the amount of research

you can do,” she adds.

Hurdle 4: the second interviewBy this stage around 320 of the original 9,000 applicants

are left. Between half and two-thirds will receive the

coveted offer of a full-time place.

The recruitment process Applications, interviews, assessments and,if you’re lucky, a job



8

“You need to research the divisionyou want to work in... you cannotoverestimate the amount ofresearch you can do”Sally Whitman, Deutsche Bank

>

At a glance

Competition is tough with 9,000

applicants for each vacancy

A 2.1 and 320 UCAS points arethe minimum grades preferred

Most applicants fall at the firsthurdle – the application form



Whether you are interested

in a career in investmentbanking, capital markets,

investment management or

any of our corporate areas,

visit us online at

www.lehman.com/ruready.

Today youaffected tomorrow’s

financial headlines.All in a day’s

work.

l e

h m

a

n. c o

m / r

ur e a

d y Lehman Brothers is an equal opportunity employer. The Firm and its affiliates do not discriminate in employment because of race, religion or belief, gender, national or ethnic origin,disability, age, citizenship, marital or domestic/civil partnership status, sexual orientation, gender identity or gender expression. ©2007 Lehman Brothers Holdings Inc. All rights reserved.Lehman Brothers International (Europe), authorised and regulated by the Financial Services Authority, is an affiliate of Lehman Brothers Holdings Inc.



In the highly competitive global finance industry you need a masters

degree which will ensure you stand out from the crowd.Choosing one of our degrees means you will benefit from our great links with industry, our specialistCareer Development Unit and support with professional qualifications such as CFA® Level 1. And with our industry standard state-of-the-art dealing rooms, you’ll get the practical experience to giveyou the edge over the competition.

MSc International Securities, Investment and Banking

MSc Investment Management

MSc Financial Risk Management

MSc Capital Markets, Regulation and Compliance

MSc Finance and Real Estate

MSc Corporate Finance*MSc Financial Engineering*

All are are available on a full-time, flexible and distance learning basis

For more information visit www.icmacentre.ac.uk

email [email protected] or register for one of our open days - please quote ref: CF071.

*Subject to validation by the University of Reading

IT’S NOT€£$YBUT IT ISWORTH IT.



The second interview is a series of interviews with senior

bankers, which normally take place at the bank’s head

office between September and January.

Second-round interviews place a greater emphasis on

technical aptitude. The interviewers will want to ensure

you can function under pressure and have at least a

basic understanding of how the business works.

To this end, applicants for fixed-income sales roles

might be asked how bond prices respond to interest rate

adjustments and why. Applicants for foreign exchange

(FX) trading roles might be asked to explain how interest

rates adjust to the price of FX options.

Hurdle 5: the assessment centre At some banks, second interviews are replaced or

preceded by an assessment centre. Assessment centres

involve tests to show how people would perform at work.

They typically include another interview, a numeracy test,

a group discussion and a presentation. All this lasts a single

day, with around 12 candidates.

The most challenging part is the group discussion.

Six or so candidates are given a problem to solve together.

The aim is to assess team-building skills. This is followed

by a presentation, which can also sometimes be a sticking

point. Candidates are normally asked to analyse some

data and use it to present a convincing argument around

a particular point. The main failings include not identifying

the salient points, presenting a weak argument and

changing your views when challenged.

Hurdle 6: the exploding offerFinally, you may have to deal with a final obstacle: the

exploding offer – a deadline by which you have to accept

an offer before it ‘explodes’, meaning when it is withdrawn.

“All students will be given an exploding date by which to

make a decision,” says Brian Hood, head of graduate

recruitment at Citi.

This can be a problem if you have several offers – particularly

if you have offers from your second and third choices and

are waiting to see if you get an offer from your first choice.

The best advice? Tell the top banks on your l ist and leave

the rest in the dark. If a bank knows you have several offers

and are in a dilemma about which to choose, it may make

allowances for you. In reality, however, very few banking

candidates will be this spoilt for choice. A foot in the door is

your first objective and a good spellchecker is the first step.

Nathalie graduated from the London School of Economics

with a degree in international relations in 2005, joining JPMorgan

in August of that year. She now works as an analyst in the

bank’s Natural Resources Advisory Group.

How did you go about applying to JPMorgan?

The first thing I did was go to LSE’s careers office where I did

some practice tests and got lots of advice on how to apply.

I also went to a campus presentation, which was very helpful.

I filled in the online application form and took a numerical test

and a couple of weeks later I was invited to a first round of three

‘competency-based’ interviews, during which I was asked about

my motivation and skills. I found the numerical tests difficult at

first, so it was useful to have practised beforehand.

A couple of weeks later I was invited to a ‘Super Saturday’

assessment centre, which started at 7:30am and lasted the

whole day. You do a series of different exercises, including a

two-hour case study, role play, a group exercise and then two

to three individual interviews.

What were the interviews like?

Both interviews were quite similar. They had numerical tests,

each one lasting for about 45 minutes. I found them very difficult

and so I was definitely glad I had done some before. They

also wanted to know about why I wanted to work in investment

banking and for JPMorgan in particular, and about my personality,

my character and my ambitions.

How did you convince the interviewers to invite you back? You need to demonstrate that you are motivated and have

a hunger to learn. Everyone at this level has a good academic

record so you need to show them something about you

that is different.

Also, what can really differentiate you is how much research

you have done on the company. Now I interview people myself,

and you can really tell when someone has not done enough

background reading.

They don’t expect you to know everything, but if you can show

you are reading the financial press and are able to talk about

some of the deals going on it all helps.

Profile

Nathalie Casali

Analyst, Natural Resources Advisory Group

JPMorgan



11


N at h a l i e’ s t i p sP r e par e , pr e par e , pr e par e . Do s ome

nume r ic al t e s t s be f or e hand .

Te hour s ar e l on g and you wil l ne e d

s t amina and e nd ur anc e . S o you ne e d t o

c ome ac r os s as e x t r e me l y mot ivat e d and

r e ad y t o s ac r i fi c e e ve r yt hin g f or t he j ob.

At t he as s e s s me nt c e nt r e , c onc e nt r at e on

be in g your s e l f and d oin g your be s t . Do not t r y t o ove r whe l m or d ominat e . r y t o

c ome ac r os s as a we l l -r ound e d pe r s on.

www.efinancialcareers.co.uk/studentsGet ahead: start your job hunt early




If you want to be a graduate trainee in an investment

bank, the chances are you have not thought too much

beyond the daunting application process. It is also

worth your while thinking about the training itself:

some banks do it very differently to others.

Superficially, a lot of the banks’ training programmes

are very similar. Whether you join the programme

for CIBC World Markets (which starts in August)

or Goldman Sachs (which kicks off in July) you will

have to work hard and learn very fast.

First, you will be put through a course that teaches

fresh graduates investment banking know-how, including

such subjects as financial modelling, bond pricing and

stock option theory. Then you will be unleashed on to

a particular division – the start of a training programme

that will typically last for two years.

So, all similar enough so far. But scratch the surface

and banks’ training programmes are not as similar

as they may at first seem. The differences tend to

be focused on four main areas:

• Location: where does the training take place?

• Duration: how long does it last?• Delivery: who delivers the training?

• Breadth: how much opportunity is there to learn

about different areas of banking?

It’s worth noting, too, that for most banks the cut-off for

applications to their graduate programmes is the end of

January. But don’t despair if you miss the deadline, as

some (though not many) do stretch their closing dates

to the following spring.

LocationWhere do you want to train? New York? London?

Amsterdam? Trinidad and Tobago? Unfortunately,

Trinidad and Tobago is not on the list of training

destinations, but everywhere else is. For example,

Goldman Sachs, Merrill Lynch, Morgan Stanley, Credit

Suisse and JPMorgan send some or all of their trainees

over to New York to learn banking theory.

This is not just the chance to have fun in the Big

Apple (although you probably will) while finding out

the difference between a ‘put’ and a ‘call’ option,

it’s also about meeting your graduate counterparts.

“It is an amazing experience, it is a real networking

opportunity. You make friends and contacts that you

will keep with you for a long time to come,” says

Esther Oxenbury, head of investment banking

graduate recruitment at JPMorgan, which offers

eight weeks of entry-level training in New York.

If Amsterdam grabs your imagination, ABN AMRO

is the place to go – the bank puts its recruits through

six weeks of intensive training at its Amsterdam-

based Academy of Finance when they join.

Most banks also have an element of initial classroom

training in London, either pre- or post-overseas training.

London is, in any case, where most European graduate

trainees come back to after their initial theoretical

training is over.

“When trainees return, they are then put through the

regulatory training that they need from the Financial

Services Authority (FSA), but also go into our 12-18

month graduate development programme,” explains

Jane Clark, EMEA head of campus recruiting at Merrill

Lynch, which runs a six- to eight-week global graduate

training programme in New York.

Duration

Including classroom and on-the-job training, mostgraduate programmes last two years. However, time

in the classroom varies from just six weeks to as much

as four months – the latter mostly in the more complex

areas such as IT and private banking.

Banks whose trainees spend a long time in the

classroom say it’s an advantage, with trainees benefiting

from the intensity of the training they receive. Most

programmes will be highly tailored to the role you have

applied to do, and most big banks will also expect you

to be learning continuously through your career, explains

Jonathan Jones, Europe, Middle East and Africa

(EMEA) head of recruiting at Goldman Sachs.

“We have a Goldman Sachs university that delivers

training year-round. People are expected to pursue

multiple qualifications a year. It is an ongoing

commitment,” he says.

Graduate training schemesProgrammes vary considerably



12

“You will build up a network ofcontacts and relationships that willremain with you through your careerand stand you in good stead”Richard Moore, UBS

>

At a glance

Investment banks’ training

programmes are not identical

Check a programme’s location,duration and breadth of content

Choose a programme from abank that will allow rotations





Our Focus

Your FutureGraduate careersStandard Chartered Bank –International Graduate ProgrammeStandard Chartered is focused on being theworld’s best international bank, by being theright partner to our customers and attractingand developing the best people to work

together across our global network.Our International Graduate Programme offersworld class development. It celebrates openmindedness, original thought, diversity andambition – qualities that we look for in futureleaders of our organisation.

If you are keen to find out more about our

exciting graduate opportunities and wantto join one of the world’s best international

banks please visit our website:

www.standardchartered.com/graduates

High Performance Bankingwww.standardchartered.com



DeliveryThe big banks tend to be proud of the fact that they

use their own senior bankers to deliver at least some

of their training programme to graduates. “You get

access to some of the world’s leading experts,”

enthuses Goldman Sachs’ Jones.

So, if you’re learning, say, how to value equity derivatives,

don’t be surprised to find the head of equity derivatives

standing in front of you and presenting the models. And

if it’s not senior managers then, for something that is

clearly an investment in their future, most banks are more

than happy to pay top dollar and bring in professional

training companies instead.

Breadth You want to work in fixed-income sales? Is that selling

high-yield bonds or government debt? You probably

don’t know at this stage, which is why it might be a good

idea to join a bank that will let you work in different areas.

Trying out different parts of a bank is known as rotating.

Merrill Lynch, for example, allows interns entering its

global markets division two rotations in its debt and

equity group during the summer. Morgan Stanley, too,

permits trainees in its fixed-income division to do four

six-month rotations over a two-year period. Lehman

allows trainees in its fixed income and equities division

to undertake a few three-week rotations before settling.

Buddies and mentors

Finally, ask if the bank you’re thinking of joining has asystem of buddies and mentors – most now do. Buddies

are recent trainees who answer simple questions. Mentors

are more senior people who may become your long-term

guru. After all, the banks are investing significant sums

of money in you and it is in their interest to offer as much

support as they can to get a return on that investment.

And don’t forget the future networking and guidance

potential of the trainees on your programme, either.

“Through the graduate programme you will build up a

network of contacts and relationships that will remain

with you all the way through your career,” says Richard

Moore, EMEA head of campus recruitment at UBS.

“As your career progresses, the people around you will

hopefully progress with you and you will be able to call

on an incisive network of contacts that will stand you in

good stead,” he concludes.

Ryan works as a rates sales analyst in capital markets. He joined

Dresdner Kleinwort in August last year as a graduate trainee

after completing a degree in economics at the London School of

Economics in 2005.

What does your job entail?

I sell European government bonds to institutional investors

(asset managers, pension funds, insurers). I sit on a trading

floor and spend most of my day on the phone talking to clients

and following the markets. As well as speaking to clients daily,

I usually go out about twice a week socialising with different

clients – dinner, lunch, after work drinks and so on.

What was the Dresdner Kleinwort graduate trainee

programme like?

I applied specifically to this desk; the training programme

was essentially a 10-week classroom-based crash course

in finance, covering things such as bond maths, options,

equities and accounting.

After that I had three weeks’ regulatory training to get my

FSA exams. There were about 80 of us on the graduate

programme altogether, but we were divided into classes of

20. There was also a day’s training in communication and

presentation skills where they brought in experts from the

RADA drama school. We had to do lots of role play,

which was a lot of fun.

What did you feel you got out of it?

You can only be taught so much in a classroom setting, as alot of what you learn in this type of role you learn on the job

because it happens on the trading floor.

My team is very supportive, and I am encouraged to ask

questions, but going through the graduate training programme

was invaluable because it gave me a chance to learn away

from the hectic day-to-day and to ask as many questions as

I liked. It was very intensive, and I got to speak to and question

a lot of senior people, which was a real opportunity.”.

Profile

Ryan Hearity

Analyst

Dresdner Kleinwort



15


R y a n’ s t i p s :H ave a g ood id e a o f wh y you want t o

d o t he j ob. Y ou d on’ t have t o k now

e ve r yt hin g , but you d o ne e d t o und e r s t and

t hat s al e s is d i ff e r e nt t o t r ad in g and s o on.

As k as man y que s t ions as you c an, e s pe c ial l y

f r om e x pe r t s and s e nior pe o pl e . E n j o y it !

S pe ak t o pr e vious g r ad uat e s and l ook at

what ’ s be in g o ff e r e d . A pr o g r amme o f one or t wo we e k s , f or ins t anc e , ma y not have

muc h d e pt h t o it .




Investment banking internships comes in various

guises. Some banks – such as Goldman Sachs,

JPMorgan, Morgan Stanley, Lehman Brothers,

Royal Bank of Scotland, Merrill Lynch and Credit

Suisse – offer one- to two-week long internships

to first-year undergraduate students. Many also offer

six- to twelve-month internships for IT students.

However, the most important internship occurs in the

summer holiday before the final year of your university

course. An intensive, 10- to 12-week period of work

experience, the typical investment banking summer

internship might sound like hard graft. But what

exactly is in it for you?

First of all, there’s the pay. It’s much better paid than

pulling pints in your local pub or stacking shelves in

a supermarket: summer banking internships pay

pretty good rates, normally anything from £350 to

£450 a week and sometimes as much as £650 a

week. Second, there’s the training: interns do many

of the same tasks graduate trainees do on a daily

basis. Most importantly, for those who are successful,there’s the potential of being offered a full-time job.

“Internships are the best way not only to further

your investigation of the industry but also to realise

your ambitions,” says Richard Moore, Europe,

Middle East and Africa (EMEA) head of campus

recruitment at UBS.

The real beauty of an investment banking internship

is the ‘try before you buy’ element, agrees Jonathan

Jones, EMEA head of recruiting at Goldman Sachs:

“By going on an internship we understand you are not

saying you are definitely going to commit your life to

this industry, but we do look for a certain level of

commitment and evidence of a general interest and

an intellectual curiosity about it.”

And the conversion rate from internships to full-time

positions is pretty impressive, too. At most investment

banks, at least 50% of full-time graduate vacancies are

given to applicants who took on an internship during

the previous summer. At some banks, the figure is even

higher. Bank of America, for instance, estimates that

it plans to fill around three-quarters of its 2008 full-time

positions with interns from 2007.

Similarly, around half of Goldman Sachs’ full-time

hires will have done a summer internship the year

before, says Jones. About three-quarters of trainees

normally get offered a full-time position.

Few are called…Competition for investment banking internships is

extremely fierce. There are normally hundreds or even

thousands of applicants for each place available.

Sally Whitman, head of specialist resourcing at

Deutsche Bank, estimates that the bank receives over

6,000 applications for the 190 places on its internship

programme. Hardly surprising, as for Deutsche, like

in most other banks, the internship programme acts

as a feeder into full-time positions.

In order to make their selection, banks will generally

use a combination of online application tests, multiple

interviews and numeracy tests. The selection bar,

again, will be set high, with normally the same criteria

– an expected 2.1 degree or above – as for permanent

entry-level positions and a requirement that you

demonstrate the same level of interest in a banking

career as full-time graduate hires.

If you’re one of the fortunate few to be selected asan intern, rest assured you won’t spend your summer

making cups of tea. At most banks, internships begin

with a classroom-based introduction to the industry,

after which interns are unleashed on their chosen

division, where they do real (hard) work.

“When we are planning internships we go to great

lengths to structure them so that they as closely as

possible mirror what real life is like as a full-time

analyst rather than someone who’s just on a 10-

week internship,” says Goldman Sachs’ Jones.

Most good internships will be formally structured,

with interns sitting down with their managers to create

a list of skills and experiences they would like to gain.

The nature of work an intern does can range from

producing research reports through to helping to

improve the efficiency of back-office processes.

Internships A vital part of banks’ graduate selection



16

“An internship is definitely apipeline into full-time hiring. A high

percentage of our interns would beexpected to get full-time offers”Jane Clark, Merrill Lynch

At a glance

Banks hire 50% or more of their

graduate intake via internships

Internships typically take place inyour second year of university

Banking internships pay verywell: up to £650 a week



Even fewer are called backRecruiters agree that converting an internship into

a full-time job offer is all about being proactive.

“Perform well, show initiative and get involved,”

advises Brian Hood, head of graduate recruitment

at Citi. “Securing an internship will not automatically

result in a full-t ime offer. We’re looking for people

who make the most of the opportunities with which

they are presented,” he says.

Most banks assess interns’ performance twice during

the 12-week period: once in the middle and once at

the end. This means that if you happen to do badly

during the midway assessment, you still have an

opportunity to redeem yourself.

For those who miss the boat…The first thing to be said here is, “try, try, try not to.”

Investment banking is a fiercely cut-throat industry

and simply not being able to get out of bed and get

your act together to get your application in on time

will generally not go down very well. As Richard

Moore, EMEA head of campus recruitment at UBS,

puts it: “Do not miss the deadline. It is just too

competitive an environment now.”

But if – for whatever reason – you haven’t managed to

secure an internship, don’t despair, as it need not be

the end for your planned career. Most banks are open

to receiving applications from students that have not

had an intern placement during the summer.

“A lot of candidates get hung up on the idea that theyhave to have done an internship, but it is not always

the case. Even if you’ve only done a Saturday job you

can demonstrate the skills you have picked up, such

as numeric skills, dealing with customers and so on,”

advises Esther Oxenbury, head of investment banking

graduate recruitment at JPMorgan.

However, you will be at a disadvantage without an

internship – and not just statistically. Interns, by the

fact that they have spent time in the banking

environment and will have concrete examples of

their achievements, will stand a much better chance

of doing well at an interview. As Jane Clark, EMEA

head of campus recruiting at Merrill Lynch, puts it:

“It is definitely a pipeline into full-time hiring. A high

percentage of our interns would be expected to

get full-time offers.”

Rodney joined Merrill Lynch last year after completing

a 10-week internship at the bank in 2005. He read economics

at Royal Holloway, University of London, and is currently

working as an analyst within Merrill’s European Leveraged

Finance division.

What prompted you to do a banking internship?

I was intrigued by the idea of going into banking. It had always

been something I wanted to go into, so an internship was

a really useful way to find out what it was really like. It gives

you hands-on experience.

I saw it as a win/win situation because you are getting fantastic

experience and also getting a taste of something you might

like to do when you finish your degree.

Did you intern in the department you are working in now?

Yes. It was a rotational programme so I spent two to three

weeks in different areas, such as chemicals, corporate finance

and so on. You get to try everything out and then you home in

on the one or two areas that you like best.

How was the internship spent?

They try to mimic the reality of what it’s like being an analyst.

So I was working very closely with all the different teams.

What did you gain from the internship?

I learnt that it was a very exciting job, that it was glamorous

but there was also a gritty side to it, particularly around the

long hours. But it’s a very supportive culture, and it was

a lot of fun too.There were a lot of social activities – we even had a cocktail

evening on the Merrill Lynch roof, which was fantastic. It was

clear that those who enjoyed themselves and demonstrated

the most keenness, even when you are working until 1am,

were the ones who were more likely to convert the internship

into a permanent offer.

Some interns used to leave at 6pm and did not take the

opportunity to spend time talking to their mentors or senior

directors, which I think was a real waste.

Profile

Rodney Appiah

Analyst

Merrill Lynch



17

R o d n e y’ s t i p s :De mons t r at e a pas s ion f or t he j ob,

ho pe f ul l y one t hat is nat ur al !

r y t o fi t in f r om t he s t ar t , t r y t o be c ome

par t o f t he f ur nit ur e o f t he t e am. I f it g e t s

t o t he point whe r e you ar e mis s e d whe n

you ar e not t he r e , you’ r e d oin g we l l .

E n j o y it . ak e f ul l ad vant a g e o f t he

o p por t unit ie s on o ff e r and as k as man y que s t ions as you c an.

www.efinancialcareers.co.uk/studentsFind out more about careers in finance





The word is different.

If you thought a career in banking and finance meant putting good intentions aside, look again. At Dresdner Kleinwort, we’re focused on finding those individuals who can take a wider lookat business. We’re interested in talented people from a range of backgrounds and degreedisciplines. People who are hungry to come up with the solutions that make things workbetter – for our clients, for their customers, for the world.

If you think you can bring more to banking, call us.

Spread the word.www.dresdnerkleinwort.com/graduates

Unexpected viewpoints. Radical thinking. Inspiration.

Don't

leave

conscience

your

at the door





Strictly speaking, it is more accurate to talk of MA&D

rather than M&A, as M&A covers mergers, acquisitions

and disposals. Mergers is where two companies join

as equals; acquisitions is where one company buys all

or part of another; and disposals is where a business

is selling or all part of its operation.

Most large investment banks only become involved

in the biggest deals – those worth at least $150m

(€111.5m). Lower-value transactions, those generally

worth $20m to $150m, are typically dealt with by the

M&A divisions of accountancy firms. Transactions

worth less than $20m will normally be the domain of

solicitors and high street banks.

TrendsIn 2006, European-announced M&A volumes rose

38.3% on 2005 to £35.8 trillion. In the first six months

of 2007, European M&A activity rose 57% on the same

period of 2006.

The UK is the most important country in Europe for

M&A activity. It accounted for 32% of all announced

European deals in the first quarter of 2007 – morethan France and Italy combined. However, announced

doesn’t necessarily mean completed, and while the

first three months of 2007 saw some impressive deals

announced in the UK – such as the £10bn offer by

CVC Capital Partners for Sainsbury’s supermarkets –

not all those deals came to fruition.

How will the rest of 2007 work out? Bankers are said

to be upbeat and there are several large UK deals

on the cards. Watch for the £7.5bn bid for Reuters,

a potential £3.5bn bid for brokerage firm ICAP and

a £3bn-plus takeover of EMI Music.

Key playersThe so-called US ‘bulge-bracket’ banks are generally

found towards the top of the M&A league tables

issued by Thomson Financial. Morgan Stanley, Citi,

Goldman Sachs and JPMorgan occupied the top

four rankings for total European M&A in 2006. The

situation was slightly different in the UK, with German-

based Deutsche Bank in pole position, followed by

Morgan Stanley, Citi, and, in fourth place, Rothschild,

a UK-based bank.

Roles and career paths As a rule, the more senior you become in M&A,

the more contact you have with clients.

As a junior banker, or analyst, you will spend a lot of

time working on ‘pitchbooks’ – documents outlining

a bank’s ideas for a particular transaction. Analysts in

M&A usually conduct basic research for the pitchbook

and build the financial models used to price the

companies concerned.

One notch up from analysts are associates, who overseeanalysts’ work and check their models are correct.

Further up the scale are vice-presidents, who survey the

work of analysts and associates, and often ask for the

pitchbook to be partially or completely re-written.

Vice-presidents report to directors and managing

directors, who ‘own’ the client relationship (i.e. the

main point of client contact). It is usual for pitchbooks

to come to nothing: clients decide not to go ahead

with the suggestions or engage a rival bank. However,

when a pitchbook elicits a positive response, the M&A

team see the deal through to completion.

Live M&A deals are hard work. People involved can

work nights and weekends and are at their clients’

beck and call. Once a deal is underway, junior bankers

can expect to be very busy assembling the reams of

necessary financial information and legal documentation.

Morgan Stanley 493.1 184

Citi 489.0 198

Goldman Sachs 440.1 164

JPMorgan 435.0 217

Merrill Lynch 404.9 140

Deutsche Bank 377.5 158

UBS 318.3 179

Rothschild 299.1 296

BNP Paribas 295.8 107

Credit Suisse 287.0 156Lehman Brothers 249.0 97

S o u r c e : T

h o m s o n F i n a n c i a l

European announced M&A 2006

Advisor Value ($bn) No. of deals

Mergers and acquisitions

At a glance

2006 was a good year for M&A;

2007 looks like being even better

US banks dominate theEuropean M&A scene

Be prepared for punishing hoursTe international jet set of investment banking



20

“You get to see deals at all thedifferent stages of their life cycle and

deal with a huge variety of clients.It is very client and deadline driven”Jonathan Jones, Goldman Sachs

>



The Macquarie Group is a diversified

international provider of specialist investment,advisory and financial services, with over

10,000 employees in 24 countries across

Europe, Asia, the Middle East, the Americas, Africa and Australasia. Macquarie has reported

15 successive years of record profits and

growth, including the significant expansion of our European activities.

Our success comes from supporting theideas of our people. We seek motivated,

independent thinkers, whose talent and

initiative will drive our future growth. In joiningMacquarie, you will have the opportunity to be

part of a successful team working in a dynamic

environment where your contribution is valuedfrom day one.

A breadth of graduate opportunities existin Macquarie’s growing businesses in both

Europe and the UAE.





Pay2006 was a good year for pay. Graduate trainees working

in London M&A teams earned nearly £70k on average.

Those two years above them were on six-figure sums.

However, it’s worth bearing in mind that what goes up

can go down. Bonuses for mid-ranking and junior M&A

staff were up around 20% in London in 2006 compared

to 2005. In a bad year for M&A they could just as easily

fall 20% – or more.

SkillsThe M&A sector is very popular with graduate applicants,

so banks want clear evidence graduates have thoroughly

researched the industry in advance, cautions Richard

Moore, EMEA head of campus recruitment at UBS. Within

corporate finance and M&A, UBS expects to take around

75 graduates into full-time positions this year: “Candidates

need to be resilient, robust and able to adapt to rapidly

changing circumstances,” he explains.Jonathan Jones, EMEA head of recruiting at Goldman

Sachs, adds: “You’ll need a lot of analytical skills, as a

significant element of the role is modelling and valuing

companies. A lot of it can be spreadsheet-based

modelling, but we do not expect people to be experts

the day they walk in the door.”

M&A candidates also need to be good negotiators

and a second European language is an advantage.

If you want to execute an M&A deal and prepare a

pitchbook, you’ll need to be analytical and not averse to

number crunching, says Jonathan Baines, a headhunter

specialising in M&A at Whitehead Mann. To make it to

the top you’ll need a different skillset: “You need the

communication skills and self-confidence to strike up

a genuine relationship with the chairman and chief

executive of a FTSE 100 company,” says Baines.

Marian McWilliams has been an M&A analyst at Bank of America

for just over a year. She joined in 2006 after completing a summer

internship the previous year. Marian studied economics and

politics at Trinity College, Dublin.

What does your role involve?

My job is to analyse companies’ financials, identify M&A

opportunities for them and support them through the entire

M&A process. We spend a significant amount of time valuing

companies and attempting to identify value-enhancing

opportunities, perhaps an acquisition, disposal of a particular

business or the formation of a strategic partnership.

We then present these ideas to the company and, if they decide

to pursue them, act as their advisor throughout the process,

providing services ranging from a more detailed valuation to

due diligence and launching the formal offer.

Can you describe a typical day?

I am usually at my desk by 9am which is relatively late by City

standards. I spend the first 20 minutes checking my voicemail

and replying to any overnight emails. By 10am I usually have

a pretty clear idea of how my day will pan out – typically

internal meetings about projects, valuation work and finalising

presentations to clients.

After lunch the US wakes up, so the work level intensifies.

Normally in the late afternoon there will be a client meeting,

after which there will be various follow-up tasks.

The challenge – and excitement – of working in M&A is that the

work is rarely cleared off your desk just because it’s the end of

the day. The M&A process is sometimes full of dramatic twists

to which we have to react within tight time constraints.

What kind of person do you need to be to excel in this role?

To work in M&A you need to extremely hard working and

organised, as you are often working on multiple projects at

once. As the teams for each deal are different, analysts must

manage their time carefully.

Quantitative skills are vital but, in my opinion, you don’t need to

come from a quantitative background. What is important is that

you can learn quickly and are driven to learn independently.

Profile

Marian McWilliams

Mergers & acquisitions analyst

Bank of America



23

Analyst one 36 31 67

Analyst two 44 48 92

Analyst three 49 60 109

Associate one 57 87 144

Associate two 61 107 168

Associate three 67 141 208

1st year vice-president 75 167 242

2nd year vice-president 83 221 304 S o u r c e : F e n n

e m o r e B a n k s

M&A salaries (£k)

Level Salary (av) Bonus (av) Total


M a r i a n’ s t i p s : An int e r ns hi p g ive s you t he be s t ins i g ht

int o what l i f e wil l be l ik e , and al l ows you

ac c e s s t o ot he r ar e as o f t he bank .

U nd e r s t and what you wil l be d oin g –

man y C it y j obs s e e m g l amor ous , and you

c an l os e s i g ht o f what t he j ob e nt ail s .

G at he r as muc h in f or mat ion as you c an –

s pe ak t o pe o pl e in t he pr o f e s s ion and s e t c l e ar g oal s o f whe r e you want t o be a f t e r ,

s a y, t hr e e ye ar s .

www.efinancialcareers.co.uk/studentsClick online to begin your finance future



bankofamerica.com/careers

Certain activities and ser vices provided by the business referred to above are provided by Banc of America Securities LLC, a subsidiar y of Bank of America Corporation. Banc of America Securities, member NYSE/NASD/SIPC.

Bank of America is an equal opportunity employer. Approved by Banc of America Securities Limited, which is a wholly-owned subsidiary of Bank of America, N.A. and is authorised and regulated in the United Kingdom by the

Financial Ser vices Authority. ©2007 Bank of America Corporation.

Gain responsibility early and often.

Work with prestigious clients. Seize an unparalleled career opportunity.

The fastest growing global corporate and investment bank in the industry

awaits you.

“Best Global Bank”—Euromoney 2007

Opportunity

Starts Here®



I joined Bank of America in 2005 as a summer analystin the bank’s London office, where I spent 10 weeks inthe Energy and Power team covering clients ranging from Oil and Gas companies right through to IntegratedUtilities and Waste Management companies. Having done a degree in Experimental Psychology at theUniversity of Bristol and with little finance experience,the learning curve was near vertical. However, withthe excellent training both in the classroom and onthe job, the skills and knowledge became secondnature. It definitely helped to be in a small team of

top class bankers and the support of a large bank.

Following my internship, I was fortunate enough tohave been offered a full time position for the following summer, which made my final yearat University a lot more enjoyable without the stress of having to look fora job in the middle of my final exams.The decision to return to the Energy and Power team was an easy one– I wanted to build on my experiencefrom the internship and continue

in an industry where my scientificbackground would be put to good use.

The five week training programme inNew York was simply brilliant. I wastaught the principles of corporatefinance very quickly by expert lecturersin the field, as well as getting to know the rest of the worldwide analystclass in an awesome city. The skills learnt there would prove to be invaluable once I joined my team.

Since the end of training, the learning curve isas steep as ever and is always evolving, with eachday bringing new challenges demanding new skills to overcome them. I have found that theslogan “there is no typical day in the life of ananalyst” to be true, despite my initial scepticism.

My typical responsibilities have included:

Valuation analysis: comparable company analysis, comparable transactions, discountedcash flow analysis, leveraged buyout analysisIndustry research: market analysis, including competitive and demographic trendsCompany analysis: analysis of key operating metric, financials and review for growth and synergy opportunitiesCompany information: summarising andpresenting due diligence information

Buyer analysis: Identifying buyers andcreating strategic/financial sponsor profilesNews: tracking and reviewing key industry news items to bring to the attention of my team

I’d describe my experience as‘incredibly challenging but fantastically rewarding’. I have been involved in ahuge variety of projects, based in the UK,US, Continental Europe, Yemen, Kuwait,India and even Equatorial Guineaacross the whole spectrum of Energy and Power. The experience has beenbewildering both in terms of the volumeof new knowledge and the skill sets youlearn in such a short period of time.

What differentiates Bank of Americafrom other banks on the street is theexposure and responsibility you get as a

junior analyst. As our teams in Europe tend to be smaller,the depth of interaction and involvement in projectsand level of client interaction become a function of your

aptitude, commitment, initiative and responsibility.

It’s a challenging and exciting environmentto work in and a unique opportunity to join afast moving platform with incredible potential.

Our momentum is your advantage

Imagine what you could achieve as an analyst at Bank of America, an entrepreneurial organisation that isamong the top five most profitable companies in the world. From London to New York to cities across 175countries, we are leading some of the largest, most complex deals in global corporate and investment banking today. To learn about our competitive edge and what it means for your career, visit bofa.com/careers.

Christian Huot

Certain activities and services performed by the business referred to above are provided by Banc of America Securities LLC, a subsidiary of Bank of America Corporation. Banc

of America Securities LLC, member NYSE/NASD/SIPC. Bank of America is an equal opportunity employer. Approved by Bank of America, N.A., London branch, authorised and

regulated by the Financial Services authority (FSA). © 2007





Capital markets are where traded financial products

are born. Working on the ‘factory floor’ of the financial

markets, these… er… blue collar bankers produce

financial products for companies and institutions that

want to raise money. The two main products are shares,

traded on the equity capital markets (ECM) and bonds,

traded on the debt capital markets (DCM).

Until the redemption date, the issuers of most bonds

pay regular interest to the bondholder. Because these

are a fixed-cash sum, bonds are known as fixed-income

products. Similarly, the bond markets can be known as

the fixed-income (FI) markets. As well as simple equities

and bonds, capital markets divisions also issue more

complex products (bonds that can be converted into

equities at a pre-arranged price) and derivatives.

Fixed-income capital markets are much larger than

equity capital markets. In 2006, for instance, Dealogic

calculated that the value of bonds issued in Europe,

the Middle East and Africa was $2.25 trillion, while

the value of equities issued in the region in the same

period was just $267.5bn.

TrendsLike most areas of investment banking, capital

markets experienced a boom in 2006. The amount

of equity issued on stock exchanges in Europe, the

Middle East and Africa rose 19% compared to 2005,

while the amount of debt issued rose 13%.

One of the biggest stories of recent years has been

the number of companies floating on the Alternative

Investment Market, or AIM. AIM is part of the London

Stock Exchange (LSE) and its regulatory standards can

be easier to satisfy than those of the LSE’s main market.

The number of companies listing on AIM doubled from

2003 to 2006. Many came from overseas, particularly

from emerging markets such as Russia and China.

However, as AIM and other European listings have gone

through the roof, US markets such as Nasdaq have lost

out. In January 2007, a report commissioned by the

mayor of New York suggested the city risked losing its

status as the world’s leading financial centre – largely

due to stringent regulations such as the Sarbanes Oxley

Act, which deterred companies from listing on American

stock exchanges. By comparison, London’s AIM, in

particular, has been accused of being too lenient.

Key playersIf US banks dominate the European M&A league tables,

European banks do a little better in the capital markets

arena. In 2006, Barclays Capital was the leading advisor

on European debt issues by value, followed by Deutsche

Bank, with UBS the leading equities issuer. However,

US banks followed closed behind, particularly in the

equities market, with JPMorgan, Goldman Sachs and

Morgan Stanley in second, third and fourth places.

Roles and career pathsIf you work in the capital markets division, you could

find yourself doing anything from originating (bringing

in business), to structuring (assembling complex

derivatives products) or syndicating (preparing for

the sale of finished products to investors).

Origination specialists are usually senior capital

markets bankers. It’s a job that involves a lot of travel:

originators spend their time meeting clients in an effort

to gain insight into their financing needs and persuade

them to deliver up their business. By comparison,

structurers are distinctly desk-bound. They spend their

Barclays Capital 187.7

Deutsche Bank 164.5

Citigroup 149.3

Royal Bank of Scotland 132.6

ABN AMRO 119.

HSBC 113.0

Top DCM banks (Europe, Middle East and Africa) 2006

Bank Bond issues $bn

Capital markets

At a glance

Capital markets bankers issue

shares (ECM) or bonds (DCM)

Capital markets boomed in 2006

Top originators can

earn around £1mGet in on the ground floor



26

“Clients’ appetites are more complex now, so you need technical andmathematical skill. But you also needgood relationship management skills”Richard Moore, UBS UBS 22.8

JPMorgan 21.6Goldman Sachs 20.8

Morgan Stanley 20.4

Deutsche 20.4

Top ECM banks (Europe, Middle East and Africa) 2006

Bank Equities issues $bn

S o u r c e : D e a l o g i c

S o u r c e : D e a l o g i c

>





OPENING DOORS EARLIER

AT A GLANCE

Royal Bank of Canada

• US$500 billion in assets

• 70,000 staff

• One of the highest credit ratings of

any financial institution*

• Canada’s largest financial

institution as measured by market

capitalisation and assets

RBC Capital Markets

• One of the world’s top 17

investment banks†

• Top 19 global FX banks

(Euromoney 2006)

• Top 15 global bond underwriter †• 3,700 staff through

75 offices in 15 countries

*Moody’s Aaa, Standard & Poor’s AA -†Bloomberg

At RBC Capital Markets, we won’t leave you feeling like you’re on a

graduate scheme for long. With a distinct emphasis on progressing

talent fast through the organisation, our graduate training programme

takes you through each of our five capital market businesses, ensuring

you pick up everything you’ll need to contribute fully to our global

successes. It’s not unknown to have ‘Vice-President’ on your door while

you’re still in the early stages of your career.

Your training will be here in London, the thriving centre of our

expanding European business. After just 17 weeks, your training

programme finishes and you’ll be heading for a challenging, demanding

and rewarding role in one of the world’s leading international corporate

investment banks. You’ll help us serve clients in some 30 countries

around the world, and will join an extended family of 70,000 employees

in the wider Royal Bank of Canada.

Career prospects are excellent and the remuneration is everything you

might expect from an organisation of our standing.

To find out more or to apply, or if you’re interested in one

of our summer internships for undergraduates, please visit

www.rbccm.com/careers



time creating esoteric financial products that suit

a company’s financing needs, as communicated by

the originators. It’s up to the people on the syndication

desk to prepare the ground for the sale. They calculate

the best price range for the products concerned, assess

how many people will want to buy them and make sure

the correct documents are in place.

PayTop capital markets bankers aren’t paid as much

as top derivatives traders, but they still do very, very

well. In 2006, average total pay for a managing director

originating debt deals for a top investment bank was

around £875k, according to headhunter Napier Scott.

By comparison, pay for analysts in debt capital markets

can be anywhere between £45k and £88k.

SkillsDebt and equity capital markets jobs are highly sought

after and the increasing complexity of financial products

means you will need a strong academic record to

get in, advises Richard Moore, EMEA head of campusrecruitment at UBS: “The appetite and awareness of

clients for financial products is more complex now,

so you need to have a good degree of technical and

mathematical skill. But you also have to have good

relationship management skills,” he explains.

Sally Whitman, head of specialist resourcing at

Deutsche Bank, says: “You need to look carefully at

what it is you want to do. Some areas can be very

analytical and there we might look for someone with

a PhD. But, for most areas, problem solving skills as

well as strong communication are essential.”

Julian Bell, a director a headhunter Sheffield Haworth

and former director of equity capital markets at Société

Générale, agrees: “You’ll need to be deal oriented, to

know how markets work and to understand why a deal

can or can’t be priced in a certain way,” he says.

Catherine is an analyst on the equities side of the global capital

markets division at Morgan Stanley. She joined the bank full-

time last autumn after completing a summer internship in 2005.

Catherine studied economics at Cambridge.

What does your job involve?

Corporate broking is an equity product team that specialises

in providing advice to UK corporates. This would include, for

example, investor feedback and shareholder analyses, while

advice would cover transaction structuring and execution as

well as technical advice and help with investor relations.

What have you been working on today?I’ve been dealing mostly with a presentation for one of our clients,

which has involved a lot of researching and number crunching.

It’s a shareholder targeting piece so I’m looking at possible areas

where the client could look to improve the quality and quantity

of investors interested in the stock. I also have to keep one eye

on the market in case there are any significant events which we

should be informing our clients of. I’ll try and speak to a few of

our traders later if it looks like there has been some significant

trading activity in any of our clients’ stocks – it’s always good to

get a feel for why interest in the stock is heightened.

Why did you choose to work in capital markets?

To be honest, before I did the internship I did not know that

much about it. But I found the finance-raising side really

interesting. You get to deal with a lot of varied people and have

a wide variety of clients, even at a relatively junior level.What’s good and bad about your job?

The best bit is the variety and the fact I am surrounded by people

of all different levels. We all sit together so it is great to hear what

is going on. The worst? Having to get up early.

What skills do you need to thrive in this area?

You have to be good at time management because there is

always a lot going on at the same time. You also have to have

good attention to detail and be able to deal with all sorts of

people, including very senior people. You have to be able to

communicate with them confidently.

Profile

Catherine Gunn

Analyst in global capital markets

Morgan Stanley



29

Managing director 130 745

Executive director 100 460

Director 80 235

Associate director 60 115

Associate 45 100

Pay: Debt Capital Markets – origination, top-tier banksTitle Base salary (£k) Bonus (£k)

S o u r c e : N a p i e r S c o t t


C at h e r i n e’ s t i p s : r y and g e t s ome hand s -on e x pe r ie nc e ,

ot he r wis e you’ l l ne ve r k now i f it is f or you.

S pe ak t o pe o pl e who ar e al r e ad y d oin g

it . Y ou ne e d t o k now what it e nt ail s

be c aus e t he hour s c an be l on g , and you

ar e g oin g t o have t o c ommit t o it .

R e ad t he ne ws pa pe r s , e s pe c ial l y t he F .

Y ou have t o be awar e o f what is g oin g on in

t he mar k e t s . Bank s wil l l ook f or s ome one

who’ s s howin g int e r e s t and pot e nt ial .



RWE Trading – More than energy

What links speculative trading with capital investments, the political climate

in the Middle East with emerging economies in Asia, and the temperature in

Germany with the time of day in the UK? Simple. Energy Trading



www.rwe.com

Since competitive energy markets emerged in Europe in the late 1990’s,

RWE Trading has become a driving force behind energy trading.

“The professional calm that pervades results from three underlying

factors: our people, our successful business model and our market

positioning.”

Success in the dynamic and complex energy trading business

would not be possible without professionals from a wide variety

of disciplines. From risk management procedures to the impact of

weather conditions on energy supply and demand, RWE traders

not only deal with commodities such as power, gas, coal and oil,we also actively trade physical and financial derivatives.

No one knows what the markets will really be like in twenty years

time. What we can say is that the European power market, a rela-

tively young market with fast growth rates, will undoubtedly have a

decisive influence on the integration of the European economies.

Your opportunity – Join RWE Trading and prepare to excel. From

day one our unique approach to your development will uncover and

nurture your true potential. We are seeking talented people within

every area of our business. If you want to make a difference in the

markets of the future, RWE Trading wants to hear from you.

Send your CV and covering letter to [email protected]

“You‘re at the centre of everything at RWET” Klaus Dribusch, Trader Short Term Position Management (STPM) – Essen

Power Trading United Kingdom

RWE Trading has been at the forefront of efforts to stimulate

liquidity, both through trading outright power and also through an

active spread trading function, trading the relationship between

power, coal, gas and carbon.

Coal Trading

RWE Trading is on the fast track to becoming a key player in the

international trading and marketing of coal. In recent years new

fundamentals have emerged in the coal market. The rapidly r ising

demand from China and India and the renaissance of coal-fired

power generation in Europe have caused signi ficant increases in

ocean freight rates and coal export prices. RWE Trading is already

a significant player in the physical coal and freight trading markets,

the value of these activities is enhanced by our active involvement

in coal and freight financial der ivatives.

Environmental Trading

RWE Trading is a strong supporter of the European Emissions

Trading Scheme. Trading CO2 allowances is a vital part of hedging

commodity risks and has already become a new fundamental of

our business.

“At RWET the world is your market place” David Matthews, Structurer – London

Gas Trading

Enormous regulatory changes are creating an open, competitivegas market. A new and exciting situation is evolving that challen-

ges every gas trader to make full use of the value chain

Structuring and Valuation

The S&V team bridges the gap between the worlds of academia

and trading in order to attain higher levels of energy trading busi-

ness excellence. The team delivers cutting-edge financial methods

and tools to quantitatively assess and manage all types of energy

commodity prices and energy risks. In order to stay ahead of the

constantly changing markets, we permanently question the status

quo and develop new methods and products at a high pace.

Analysis

Energy markets are influenced by a multitude of drivers that areoften interdependent. The analysis team interprets those vast

amounts of data and turns it into useful information. The team

analyses fundamental data, performs time series analyses and

publishes market reports.

Power Trading Continental Europe

The power market is on the verge of becoming a truly European

market that reaches from Spain to Scandinavia. Power wholesale

markets have been growing rapidly across Europe; on the German

market alone, traded volumes are expected to be eight to ten times

the actual domestic electricity consumption.

“It’s a dynamic fast moving environment” Sonia McCorquodale, Cruise Desk Head of Biofuels – Swindon

Risk management

Our risk management expertise provides a structural framework that

supports traders and helps us to make the best possible use of market

opportunities. One of RWE Trading‘s key functions is to monitor, analy-

se and balance risks. We are the energy wholesale risk pool and risk

manager for the RWE Group. We support the management of the

generation asset and retail portfolios owned by our sister companies

across the RWE Group by taking on and pooling inherent commercial

risks arising from movements in the power and fuel markets.

Oil Trading

Trading in oil is a global challenge. Relying on the expertise of its

traders and r isk managers, RWE Trading deals in both physical

and derivative markets and takes full advantage of the structure

of its business model and group-wide synergies





The aim of the secondary markets is to buy and sell

‘used’ financial products to make a profit – or at least

to avoid a loss. This compares to the ‘primary market’,

where institutions issue new financial products to raise

money. Every day, millions of financia l products are

traded in the secondary markets. Sales people, traders

and researchers advise on and carry out these sales.

Traders: these are the people who actually buy and sell.

They get up early to be at their desks when the markets

open at 8am and spend their day in front of computer

screens with hundreds of other traders on the ‘trading

floor’. The screens are a window onto the financial

markets and show movements in the prices of shares,

bonds, commodities and other financial products.

At the touch of a button, traders can buy and sell

the products they’re tracking.

Sales people: sales people work the phones, calling

clients – rich individuals, pension funds and institutional

investors – from the moment the markets open. They

take orders for financial products which they pass on

to flow traders, who buy the products. Midway between

the sales people and traders exists a hybrid – the ‘sales

trader’. Like sales people, they call clients to recommendsecurities; like traders, they can also trade the securities.

Research: researchers, also known as analysts, report on

trends in company share prices, industry sectors or the

prices of bonds or other assets. Sales people use the

information to advise clients on investing in that sector.

Researchers spend their time scouring companies’

balance sheets and talking to company directors.

TrendsSales, trading and research people at investment

banks are being buffeted by distinctly different trends.

In sales, the emphasis is on selling complex derivative

‘solutions’ which have been created specifically to fulfil

clients’ needs – rather than simply selling bog-standard

equities or bonds. At the same time, banks have begun

beefing up with people who can sell products into hedge

funds – hedge funds trade more frequently, so

there’s more money to be made selling to them!

Traders, meanwhile, have been on something of a roll.

At Goldman Sachs, traders account for the bulk of

revenues – 74% of first-quarter 2007 profits at the

bank were derived from trading and principal (private

equity style) investments. And banks are now trading

a broader range of products – commodities are the

latest hot favourite. Researchers have had a harder

time. Brokers selling equities must now reveal how

much of their commission covers research costs –

and buyers don’t always want to pay up. As a result,

equity researchers in banks are increasingly forced

to justify their existence. Some have opted to join

independent research houses instead.

Key playersIf Goldman is the king of proprietary trading, UBS

wears the crown in equities trading and research.

In 2007, it won the Thomson Extel Award for pan-

European equity research for the seventh year running;

Citi came second and Merrill Lynch came third.

What UBS is to equities, Deutsche Bank has traditionally

been to European fixed income, but the German bank

is increasingly being challenged by newcomers such

as Barclays Capital. At the same time, Deutsche has

followed Goldman down the trading path – 41% of first

quarter 2007 revenues came from trading activities.

Roles and career pathsThere are two fundamental types of trader:

proprietary traders and flow traders. Most traders are

flow traders – they buy and sell financial products on

behalf of the bank’s clients. Sales people tell flow

traders what clients want to buy and sell; flow traders

tell sales people whether a particular trade is possible

at a particular price.

A handful of elite traders – the so-called proprietary

traders – trade on behalf of the bank itself. Their aim is

to buy low and sell high, an achievement that requires

both judgement and luck. Proprietary traders can make

stupendous profits – and also stupendous losses.

Progression in sales and trading is all about performance.

“Following the graduate training programme, promotion

is very much based on ability to perform,” says Sally

Whitman, head of specialist resourcing at Deutsche Bank.

Sales, trading and research

At a glance

Trading is the best paid of the

sales, trading and research trio

Researchers are strugglingto pay their way

Top trader reportedlyearned £50m in 2006

Te multi-millionaire ‘second hand’ market traders



32

“You have to have genuine interestand curiosity in the markets, theirdynamic and what makes them tick”Jonathan Jones, Goldman Sachs

>







PaySuccessful proprietary traders are some of the best-paid

people working in investment banks. When the 2006

bonuses were paid out, rumour had it that one

foreign exchange trader made £50m.

In the sales space, derivatives sales roles are the most

lucrative – particularly those that involve selling to

hedge funds. Pay figures from headhunter Napier Scott

suggest that the very top salespeople in the hedge fund

space made £1.35m in 2006. Few researchers make

those amounts nowadays, by comparison

Skills“You have to be analytical. You have to have genuine

interest and curiosity in the markets and how they work;

their dynamic and what makes them tick,” says Jonathan

Jones, EMEA head of recruiting at Goldman Sachs.

“You need also to have a sense of risk and reward,

in the commercial sense, and the ability to keep calm

under pressure. The hours will normally be reasonably

civilised but the deadlines tend to be moment to moment

rather than a few days.”To work in research, candidates need excellent

interpersonal and communications skills and very strong

written and analytical skills. Strong quantitative skills

are also important and fluency in a second European

language helps, says Veronica Elder, equities graduate

recruitment manager, Europe at Credit Suisse.

All this holds true in sales trading too but, because it’s a

more client-facing role, you also need the ability to build

and maintain relationships. “The markets can move fast

so you need to be quick thinking, extremely organised,

excellent with numbers, be able to work well under

pressure and multi-task,” Elder explains.

Richard Moore, EMEA head of campus recruitment

at UBS, agrees: “Whether your clients are internal

or external, you will need to have the ability to build

relationships, listen and interpret accurately.”



Director 90 490


Associate 65 85 S o u r c e : N a p i e r S c o t t

2006 pay (£k), credit traders, top-tier banks

Title Salary Bonus

Andreas joined Bank of America’s graduate programme in June

last year after completing an MSc in economics and finance at

the Stockholm School of Economics. After a six-week introduction

course and two weeks of studying for his regulatory exams, he

took up his current position on the rates trading desk.


Mostly quoting prices to clients, executing trades and managing

risk. I also take proprietary positions where I see opportunities

in the market. The size of the trades varies a lot depending on

the type of product, whether it is a client or proprietary trade

and market conditions. A lot of time is also spent finding and

analysing information by following the news being published,

talking to brokers and so on.


I usually arrive shortly after 6:30am to read up on overnight news

and market developments. I then re-evaluate my positions and

decide if anything needs to be changed. On a busy day, the rest

of the time is spent executing and hedging trades while trying to

identify opportunities for proprietary positions. On a slow day I

spend a lot of time reading research reports and discussing trade

ideas with my colleagues. If the market has been quiet, I usually

leave around 5:30pm, but after a busy day there might be a

backlog of admin to do.

Why did you choose your division, as opposed to,

say, corporate finance?

I was attracted to the everyday excitement and challenge of themarket and the fact that no two days are the same. Decisions

must often be made in a matter of seconds but you still always

have to be mindful of how they will affect your relations with

clients and brokers in the long run.

What kind of person do you need to be to excel in this role?

You need to be able to think rationally and perform well under

pressure. You must also be able to process and analyse

information quickly and be confident enough to make fast

decisions based on this analysis. Numeric skills and an

understanding of the economy as a whole are also important.

Profile

Andreas Ohlsson

Analyst, rates trading

Bank of America



35

A n d r e a s’ t i p s :P l an your t r ad e s and be d is c i pl ine d . W he n

im por t ant d at a is r e l e as e d , it c an g e t he c t ic

and , i f you d o not have a we l l t hou g ht

t hr ou g h pl an, mis t ak e s c an e as il y be mad e .

N e ve r al l ow your s e l f t o g e t e mot ional about

a t r ad e . Al wa ys bas e your d e c is ions s ol e l y

on r at ional r is k / r e war d c al c ul at ions .

Le ar n about t he mar k e t s . M ak e s ur e you f ol l ow c ur r e nt d e ve l o pme nt s and r e ad

bus ine s s ne ws pa pe r s .

www.efinancialcareers.co.uk/studentsGet the latest on internships & grad programmes






In the world of finance, FX (or foreign exchange)

is a hugely important, highly charged area. It is

all about predicting the likelihood of one currency

falling (depreciating) or rising (appreciating) against

another. If a depreciation is deemed likely, the bank

will advise its clients to sell and will itself sell that

currency and buy one that’s appreciating. To

complicate, many products traded on the foreign

exchange markets are not actual currencies, but

bets on the future direction of foreign exchange

price movements, or so-called futures.

TrendsIf you work in the world of foreign exchange, the big

news for some years has been the dollar – when,

and by how much, will it decline? But not everyone

is pessimistic – there’s a school of thought that the

US economy is so productive and innovative that

its currency may have become undervalued.

The other big news is carry trades. These occur when

investors borrow money in currencies with low interest

rates (e.g. the Japanese yen) and invest in currencieswith higher interest rates (e.g. sterling). Because yen are

sold on the open market during these trades, it’s argued

that the value of the yen has been kept artificially low.

Key playersIf US banks dominate M&A activity, European banks rule

the foreign exchange trading roost. In 2006 all but one of

the five top players (Citi) originated in Europe.

Roles and career pathsRoles in foreign exchange are similar to those in sales,

trading and research, except that you will be trading

currencies and their derivatives. FX trading jobs are

usually split between ‘vanilla’ trading, where products

are simple and trades are easy to execute, and more

complex ‘exotic’ derivatives trading. As in other product

areas, sales jobs in FX are usually divided between

different client types, with some sales people specialising

in hedge funds, while others may only sell to companies.

FX researchers produce reports that are used by sales

people to keep clients informed of what’s happening in

the FX markets. FX structurers assemble complex exotic

derivative products for clients.

PayTop foreign exchange traders can make a packet

– particularly if they work with derivative products.

According to headhunter Napier Scott, managing

directors trading exotic foreign exchange options can

make more than £1m. But you won’t make as much

as this if you work with vanilla products, where the

maximum is a mere £700k.

Skills“Successful foreign exchange professionals need to

thrive on action, markets and informed risk-taking,” says

Vincent DeLorenzo, EMEA head of FX at Bank of America.

“You should be comfortable with probability concepts

and be able to analyse macroeconomic data and events

accurately and quickly,” he adds.

A highly maths-focused degree, particularly pure maths,

is a must, whether at undergraduate or postgraduate

level, agrees Simon Head, executive director of Akamai

Financial Markets. “You need to be able to see numbers

and be very hot on numerical analysis. But at the same

you need to be a very confident, polished and articulate

sales person,” he says.

1 Deutsche Bank 19.3

2 UBS 14.9

3 Citi 9

4 Royal Bank of Scotland 8.9

5 Barclays Capital 8.8 S o u r c e : E u r o m o n e y

Top FX houses by % market share 2007

Ranking Market share (%)

Foreign exchange

At a glance

FX professionals make a living

out of changes in currency prices

Underlying factors suggestthe dollar is on the way down

European banksdominate FX trading

A career for world news junkies


C a r e e r s

i n F i n a n c i a l M a r k e t s 2 0 0 7 - 0 8

36

“You should be comfortable withprobability concepts and be able toanalyse macroeconomic data andevents accurately and quickly”Vincent DeLorenzo, Bank of America



Director 110 400


Associate 65 S o u r c e

: N a p i e r S c o t t

FX exotic options trader – London (top-tier bank)

Title Base pay (£k) Bonus (£k)



uropean Investment Bank • European Investment Bank • European Investment Bank • European Investment Bank • European Investment Bank

Financing

Europe’s future

Profiles sought:

LENDING/CREDIT SPECIALIST

To identify lending opportunities in l ine with set priorities (for lending operations in

and outside the E.U.) lead, assess, structure and execute transactions; analyse private

and/or public borrower’s performance, financial position, prospects and investment

decisions; draft financial reports and recommendations; and follow up key clients/

borrowers.

University post-graduate degree in Finance/Economics; 3 years’ relevant professional

experience within the banking industry (notably in credit risk analysis and documenta-

tion), preferably with international and/or developing countries exposure.

SECTOR ECONOMIST/ENGINEER

To assess the technical, environmental, economic and financial viability of capital

investment projects and programmes; prepare sector studies (i.e. Transport: rail/road/

urban/water, Energy, Environment, Industry, or Human Capital) and contribute to the

Bank’s strategy; assist in identifying and developing new investment opportunities.

Advanced academic qualifications in Engineering/Economics; minimum of 5 years’professional experience covering the feasibility, design, development and supervision

phases of projects. Experience with the preparation of environmental impact studies

is also desirable; international exposure including developing countries.

CREDIT RISK OFFICER

To provide independent credit opinions on proposed operations and follow the

credit quality of a highly diversified corporate and public portfolio in accordance

with the Bank’s Credit Risk Policy Guidelines (CRPG). Contribute to the development

and implementation of CRPGs procedures to ensure that risks assumed by the Bank

are in line with approved policies.

University degree, preferably in Finance or Business related fields at post-graduate

level, if possible. Minimum of 5 years’ recognised professional experience in banking,

particularly in a credit function. Proficiency in analysing the credit risk of corporate

and public entities. Experience with credit risk assessment methodologies and rating

agency criteria. Knowledge of risk-pricing techniques would be an advantage.

100, Bvd Konrad Adenauer L-2950 Luxembourg

3 (+352) 43 79 1 –5 (+352) 43 77 04

www.eib.org – U [email protected]

The European Investment Bank (EIB), the

European Union’s financial institution, based

in Luxembourg offers the opportunity to work

for Europe in a truly international environ-

ment. The Bank’s mission and the diversity of

cultures, languages and professional back-

grounds of its staff make it a dynamic and

exciting place to work.

The EIB is seeking to recruit talented, well-

qualified professionals, with excellent knowl-

edge of English and/or French and knowledge

of other European languages.

For further details or to apply, please go to

www.eib.org/about/jobs and click on the relevant

reference number.

The EIB offers attractive terms of employment and

remuneration with a wide range of benefits and isan Equal Opportunity Employer.

All current vacancies can be found on our website

www.eib.org/about/jobs.



Corporate banking, as its name suggests, is the

broad term given to the different banking services that

corporate institutions need in order to function. Also

known as business or commercial banking, it spans

the relatively simple business of issuing loans, to more

complex matters such as helping to minimise tax paid

by overseas subsidiaries or managing changes in

foreign exchange rates.

Corporate bankers might also arrange an international

payment or put together ‘trade finance’ packages to

ensure a company is paid by its foreign customers.

In many cases, there’s an overlap between corporate

banking and capital markets. Bankers working in capital

markets help companies raise money by issuing equities

or debt. Corporate bankers typically help clients raise

money through loans, but they will bring in their capital

markets colleagues if necessary. Increasingly, corporate

banking requires an understanding of some of the more

complex financing methods.

Trends

2006 was a good year for corporate bankers. Low interestrates and low default rates conspired with corporate

acquisitions and leveraged buyouts to drive companies’

demand for loans to record levels. In December 2006, the

global value of syndicated loans (loans which are made

by a group of banks rather than just one) rose to a record

£1,690bn – up 8% on the year before. Loans to finance

infrastructure projects, such as bridge and road building,

rose particularly rapidly.

The infrastructure boom continued in 2007, with Barclays

Capital, Dresdner Kleinwort, HSBC and RBC Capital

Markets clubbing together to issue a £4bn loan to back

the takeover by Macquarie of German power utility RWE.

As the volume of corporate loans has grown, questions

have been raised about the likelihood of defaults on

repayments. At the time of writing, this has yet to happen.

But there are indications that the market expects an

increase in defaults soon – the market for ‘loan credit

default swaps’, which allow investors to trade the risk

of a loan defaulting, is growing fast.

Key playersWhen it comes to assets, Barclays is by far the biggest

force in Europe, with over €1.5 trillion behind it. And

Barclays may be about to become bigger – in April 2007

it launched a takeover bid for ABN AMRO of Holland,

which if successful (and not gatecrashed by Royal Bank

of Scotland) will see its assets swell to nearly €2.5 trillion.

Roles and career pathsIf you opt for a career in corporate banking, you may

well start as a credit analyst, or selling products to

corporate customers. Credit analysts look at companies’

balance sheets and work out whether to issue loansto them. It’s not always seen as the most exciting role,

but it gives you the tools of the trade and is a crucial

barrier to help stop the bank losing money.

From there, you could, for instance, progress to being

a relationship manager, lending money to a handful of the

bank’s customers. This is where things get interesting:

as you progress, you’ll decide whether to lend to

customer X or customer Y. It requires an intimate

understanding of the company’s strategy and a keen

appreciation of the risks of default. Most relationship

managers are winers and diners: they spend a lot of

time meeting company FDs and CEOs in an effort to

win and keep their business.

If you don’t fancy the relationship management side of

corporate banking, you could always go into risk/credit,

product, operations or treasury management. Corporate



Corporate banking

At a glance

Corporate banks provide banking

services to large and SME firms

Barclays is the biggestcorporate bank in Europe

Loans made to Europeancompanies have been rising fast

Banking to the big boys



38

“Candidates will need to be numerateand analytical, be able to developtrusted relationships and have strongcustomer outlook”Hannah Field, Barclays Group

>

Barclays 1,478

BNP Paribas 1,439

HSBC 1,409

Royal Bank of Scotland 1,293Crédit Agricole 1,260

Deutsche Bank 1,123

ABN AMRO 9

Société Générale 956

HBOS 877

Banco Santander 800 S o u r c e : T h o m s o n F i n a n c i a l

Top European banks by assets

Name Total assets (€bn)





Creative, flexible and always open to fresh thinking, BNP Paribas

is a global investment bank that likes to do things its own way. That's why

we give our graduates so much responsibility so early on. We want to hear

what our future leaders have to say sooner rather than later, so you'll be

doing a real job and making genuine commercial decisions from the outset.

You'll also be encouraged to draw inspiration from colleagues across the

business as you share your ideas and work in a team to generate new ones.

And with a training plan that's bespoke to you, you'll have a true say inhow you progress.

To learn more about a career with an investment bank that's not like all

the rest, go to www.graduates.bnpparibas.co.uk

It’s not business as usual

It’s for putting your ideas on

Not getting your feet under

The bank for a changing world



banks also have an array of operational positions,

including IT and HR. Various banks, including Barclays,

Lloyds TSB, Royal Bank of Scotland and HSBC, offer

training in corporate banking.

PayIf you become a corporate banker you may not become

as impressively rich as an investment banker or trader,

but you’ll still do ‘quite well’ and have a life! According

to recruitment firm Morgan McKinley, senior relationship

managers earned a maximum of around £130k in 2007.

SkillsCorporate bankers need to be friendly types with a

cool and calculating streak – it’s no good befriending

clients and lending them money if they can’t pay it back.

Equally, it’s no good being an expert at analysing the

risk of clients defaulting if you can’t also build client

relationships, unless you want to remain a credit analyst,

of course. As a result, banks tend to have relatively

generic requirements of their corporate banking trainees.

“Regardless of the area, candidates will need to be

numerate and analytical, be able to develop trustedrelationships and have strong customer outlook. Only

after you have spent some time with us can you make

an informed decision about which area is most suited to

you,” says Hannah Field, head of graduate recruitment

and development at Barclays.

But you must research well, she advises: “It doesn’t

matter if you don’t have an economics degree, but

candidates need to make sure they have opinions

about the financial services and corporate banking

sector before coming to interview.”

Stephen Smith, HR director at Lloyds TSB Wholesale

and International Banking, adds: “Our senior executives

look for the golden combination of exceptional academics,

with maths, science and analytical capability being an

absolute must, coupled with the ability to build strong,

long-lasting client relationships.”

Hugh joined the Royal Bank of Scotland as a graduate trainee

in 1981 and moved into the corporate banking division. Since

then, he has covered shipping clients, healthcare clients and

professional services firms, as well as charities and local

government. Hugh originally graduated in English Literature

and Language from Liverpool University but also has an MBA

from Warwick University plus an ACIB (Associateship of the

Chartered Institute of Bankers) award.

Why corporate banking?

You get to meet the decision-makers and owners of large

companies and to discuss the strategic drivers of the business.

We deal with companies with a turnover of £20m to £1bn.

What does managing the charities team involve?

I lead a team of nine relationship managers who work with

charities and local government. Our role is not just about helping

our clients to borrow money; we also aim to make them more

efficient in terms of the way they manage their money and receive

payments. For example, we provided all the credit card payment

services for the Comic Relief Red Nose Day. There were around

a million transactions to process.

Does charity work differ from normal corporate banking?

It’s a bit different because they don’t operate in the commercial

sector – charities are governed by boards of trustees, which

adds a layer of complexity when you’re working out how much

they can afford to borrow. Local authorities have their borrowing

limits regulated under a separate act of Parliament. But charitiesand local government clients still expect fast decisions and

excellent service when they want to borrow.

The best and worst aspects of corporate banking life?

The best thing is seeing people’s businesses succeed and feeling

you’ve contributed to making it happen over a period of time.

The worst is finding that clients have got into difficulties through

a change of circumstances that’s often beyond their control.

What about the legendary long lunches?

Talking to people, understanding how they operate and what’s

important to them is vital. It often helps to do that in a relaxed

atmosphere, so lunches are involved. But if you’re going into

the real detail of a company’s finances and projections of their

business, this is not best achieved over food!

Profile

Hugh Biddell

Manager

Charities and local government team, RBS



41

Credit analyst 30-40 35-50 40-80Bonus 0-40 0-60 0-70

Relationship manager n/a 40-55 55-80

Bonus n/a 0-60 0-70

S

o u r c e : M o r g a n M c K i n l e y

Corporate banking salaries (£k) and bonuses (%) 2007

Title Junior Intermediate Senior


H u g h’ s t i p s :E n j o y what you ar e d oin g , be c aus e i f

you d on’ t , you won’ t pe r f or m we l l .

Be pos it ive .

G o t he e x t r a mil e – d on’ t j us t pr ovid e t he

s ol ut ion you’ve be e n as k e d f or , but l ook at

what t he bus ine s s want s t o ac hie ve ove r al l .

www.efinancialcareers.co.uk/studentsTake our online numerical tests





Fund managers invest money on behalf of their clients

– which include pension funds, institutional investors,

insurance companies, unit trusts and others – with a

view to making it grow. There are two basic kinds of

fund: Passive funds: also called ‘index trackers’. Fund

managers select a portfolio of assets whose value will

track that of a financial index. A fund that tracks the

FTSE 100 index, for example, will aim to follow the value

of the UK’s 100 biggest companies. The investment

decisions of passive funds are typically made using

computers, meaning fund managers working on them

have a relatively easy life.

Active funds: active fund managers buy and sell

financial products in an attempt to outperform the rest

of the market. Active fund managers are what most

people’s ideas of what fund management is: they invest

in products they hope will rise in price, to sell at a profit.

Fund managers invest in everything from shares, bonds

or real estate to commodities such as oil, wheat or

aluminium. Some funds offer fast growth and high

risks; others offer slower growth and smaller risks.

Trends2006 was a good year for Europe’s money managers;

strong markets saw assets under management rise

for the third year running.

Headline figures alone disguise the fact that the market

is evolving, however. Scratch the surface, and the asset

management market starts to look very different to

the way it did only a few years ago.

One of the biggest issues has been a shift out of

traditional investment houses into more specialist

funds, such as hedge funds, quantitative funds and

emerging markets funds. Between 2003 and 2005,

research by the European Social Investment Forum

(SIF) found that investment in socially responsible

funds increased by 36% to £706bn. Bond funds,

however, look set to have a tough time in 2007 as

rising interest rates and inflation help depress bond

prices, creating a danger that bond investors will

lose money. However, uncertainty surrounding the US

economy means equities may also be on the way down.

Key playersEurope’s top fund managers include Swiss-based UBS,

the UK’s BGI and Allianz of Germany. Some big US fund

managers, such as Fidelity Investments or State Street

Global, are also active in Europe.

Roles and career pathsWorking as a fund manager used to involve everything

from analysing and investing in products to persuading

new clients to put money into the fund. Today, however,

fund managers focus on managing money, while other

people are employed to do the rest.If you don’t fancy being a fund manager, you could work

as a marketer, research analyst or operations expert.

Fund management marketers wine and dine potential

clients; they also manage relationships with existing

clients, meet investment consultants and play a role in

developing new products.

Analysts working in fund management help steer fund

managers in the right direction when it comes to

choosing assets to invest in. They scrutinise companies’

results and meet with management to discuss strategy.

They then write lengthy reports detailing their conclusions.

Operations staff working for fund managers do everything

from working in IT to settling and reporting trades, project

management and customer services. However, many

funds have outsourced the administrative aspects of

their operations to global custodians.

UBS AG 2,016

Barclays Global Investors 1,513

Allianz Group 1,493

State Street Global 1,441

Fidelity Investments 1,422 AXA Group 1,26

Capital Group 1,166

Credit Suisse 1,128

Deutsche Bank AG 1,027

Vanguard Group 958 S o u r c e : P e n s i o n s a n d I n v e s t m

e n t s

Top European fund managers, 2006

Institution Assets under management ($bn)

Fund management

At a glance

Fund managers invest money

for institutional and retail clients

Specialist funds arebecoming more popular

Pay can reach £140k plus bonusfor senior fund managers

A game of patience, profits and pension funds



42

“Fund management is moreabout qualitative than quantitativeresearch, making it good forgraduates with any sort of degree”Richard Barry, Baillie Gifford

>







PayTraditional fund managers don’t make quite as much

as traders working in investment banks, but they

don’t do too badly either. Hedge fund managers can

make considerably more than anyone else – but

they’re a special case.

Fund manager pay is rising. Research by recruitment

firm Morgan McKinley suggests top performers in the

sector can now earn salaries of £140k, plus a bonus

which can be several times higher, depending upon

their performance over several years.

SkillsThe attributes required for a career in fund management

vary according to the role. Laura Everingham, graduate

recruitment manager at Fidelity International, says:

“Researchers will need an enquiring mind, an avid interest

in the stock market and a passion for finding out what

makes a good or bad investment.”

Richard Barry, HR manager at fund management firm

Baillie Gifford, agrees: “Fund management is very different

to investment banking; it is more about qualitative rather

than quantitative research, making it good for graduateswith any sort of degree,” he says.

“We look for lateral thinkers and people who are naturally

inquisitive. We want really bright people who are going

to come up with winning ideas that will work, although

you do still have to have some numeracy skills and have

a good academic record.”

Fund managers need to be able to assimilate large

quantities of information and then identify the key points

to make investment decisions, stresses Shane Kelly,

head of international graduate recruitment at fund

management firm BlackRock, formerly Merrill Lynch

Investment Managers: “In asset management we

generally look for potential – passion, ambition and

enthusiasm for our business – rather than specific traits.

But good quantitative, numeric and communication

skills are a must.”

Anna joined Baillie Gifford in September 2002 after a summer

internship the year before. After spending time on rotation in

emerging markets and the European team, she now works in

the UK small equities team as an investment manager based

in Edinburgh. Anna read chemistry at Cambridge.

What made you choose a career in fund management?

The internship was the thing that did it for me. In those eight weeks

I got to see so many different parts of the firm and integrated into

the life here. I also like the fact you get to make decisions. You

are not just a hamster on a wheel, you feel you are actually doing

something meaningful for the client’s funds.


I get in between 8:00am and 8:30am and check the company

news – I am responsible for all the companies in several different

sectors. I will probably then have meetings either directly with

a company’s senior management to get a feel for the long-term

strategy of the business, or with sell-side analysts. While at my

desk, I’ve always got a report on the go on a company, either

to recommend buying shares for our clients, or to sell if the

investment case has changed. There may also be meetings

to discuss reports on stocks covered by others in the team. At

4:30pm we have a daily meeting where you report to the rest of the

team on any movements in your sector. I tend to leave around 6pm.

What are the best and worst elements of your job?

The best is getting exposure to so many different companies

and people. I enjoy finding out what makes companies tick.There isn’t really a worst element, although one thing that separates

us from others in the financial world is that everything we do is fairly

long term – investors are typically looking at three to five years.

This means you don’t instantly know if a decision you have made

is the correct one or not. It has a longer burn to it.

What do you think makes a good fund manager?

You have to have the conviction of your beliefs once you have

made a decision. You have to be able to assimilate a lot of

information and reach a coherent conclusion. You must have

the ability to defend your ideas, but also be prepared to

accept if you are wrong.

Profile

Anna Sloan

Investment manager

Baillie Gifford



45

Fund manager 38-45 42-85 60-140

Research analyst 30-45 38-80 60-120

Marketing exec 28-34 30-60 50-80 S o u r c e : M o r g a n M c K i n l e y

Fund management salaries (£k) 2007

Title Junior Intermediate Senior


A n n a’ s t i p s :H ave an inquis it ive mind . Y ou ne e d t o

have a g e nuine int e r e s t in t he mar k e t s

and t he s t r at e g ie s o f c om panie s .

r y t o d o an int e r ns hi p; it is inval uabl e

in g ainin g e x pe r ie nc e .

R e s e ar c h t he j ob t hor ou g hl y and d on’ t be

a f r aid t o as k l ot s o f que s t ions .





Hedge fund managers are the maverick outsiders of

the financial services world. Most are highly successful

former traders or fund managers who have decided to

go it alone. The name ‘hedge fund’ comes from the idea

that money managers can hedge their bets to ensure

they make money – whether the market goes up or down.

What distinguishes a hedge fund from a traditional

fund is its willingness to push the boundaries of normal

investment techniques to achieve unusually high returns.

Most hedge funds follow a particular investment strategy.

The most popular strategies are:

• Short selling: a short seller borrows stocks that

they believe are overvalued and sells them on.

When the price (hopefully) falls, they buy the stocks

back at a lower price and return them to the lender;

• Global macro: global macro funds operate a

strategy similar to that used by short sellers. But

they focus on global trends rather than movements

in particular stocks;

• Event driven: event-driven funds try to profit from

one-off events, such as mergers and acquisitionsor bankruptcies. For example, if one company decides

to buy another, it will usually to pay more than the

current market price for the shares.

TrendsIf you want to work in a hedge fund, London – or more

particularly, Mayfair – is increasingly the place to be.

According to the Financial Times, hedge fund assets

are growing at a rate of 63% annually in the UK, and just

13% annually in the US. At the same time, London now

plays host to 12 of the largest hedge funds in the world,

up from just three in 2002, while New York has seen its

share of the biggest funds dwindle from 28 to 18.

Wherever they are based, hedge funds are exempt

from normal financial services regulation, partly

because the minimum investment is high (typically

$1m) and regulators believe the rich do not need

the same protection as investors of average means.

Figures from Hedge Fund Research suggest investors

put a monumental $127bn (€98bn) into hedge funds

in 2006, almost three times more than in 2005.

However, even big funds can come unstuck very quickly.

Vega Asset Management, formerly one of Europe’s larger

funds, saw its assets under management plummet from

$10.1bn in 2004 to $2.7bn in 2006, for example.

As more and more hedge funds pile into the market,

it’s becoming harder for established funds to make

good returns. As a result, funds are investing in ever

more obscure areas – such as art, wine and Hollywood

films. Some funds have also begun to behave like

banks and lend money directly to clients .

Key playersWho are some of the biggest boys in the European

hedge fund universe? Look no further than the likes

of Brevan Howard, with a total of $12.1bn under

management; Cheyne Capital with $11.2bn under

management; or BlueBay Asset Management, with

$9.6bn under management. But while the big hedge

funds get all the headlines, there are also plenty of

small funds. In 2006, $100bn of London’s hedge fund

assets were managed by firms with less than $1bn under

management, according to HedgeFund Intelligence.

Roles and career paths

Jobs in hedge funds tend to fall into four categories:• Analysis – analysing the companies, markets

and financial products a hedge fund invests in;

• Sales and marketing – liaising with investors

and helping sell the merits of the fund;

• Trading – executing the investment strategy and

buying and selling financial products according

to analysts’ recommendations;

• Risk management and back office – settling trades,

working out a hedge fund’s risk exposure and making

sure everything flows smoothly. In many small funds

this is outsourced to ‘prime brokerage’ divisions in

investment banks.

Most roles are distinct: if you join as a risk manager the

chances of graduating to become an analyst are slim.

However, it’s not unknown for analysts to become traders.

The bad news is that, as a new graduate, you will be lucky

Hedge funds

At a glance

Working for a hedge fund

could make you very rich

Few hedge funds employuniversity leavers

After several years of growththe sector may yet implode

High risks and high rewards for the lucky few



46

“It’s not necessary to have done anMSc or a PhD in a mathematicalsubject, but we would generallyexpect some maths at degree level”Dermot Coleman, Sisu Capital

>



When you’re dealingwith $1.8

trillionWe base our actions on rigorous analysis of data and the expertise of our people. There’s no ‘secret sauce’ at

Barclays Global Investors – just a scientifically informed,

consistent and rational approach to managing the largest

collection of assets in the world *. It’s a friendly, supportive

and balanced workplace, with world-class graduate

and internship programmes. A career in the science of

investment could be waiting for you. Find out more at

www.bgigraduatecareers.com

*Source: Global Investor, 31.12.06

Barclays Global Investors is authorised and regulated by the Financial Services Authority.

in assets, instinct isn’t enough.



Towards the goal of diversifying the finance industry, SEO London offers training,

mentoring and 10 week paid internships at leading investment banks in the City of

London. Based on this support, more than 80% of eligible SEO interns have received

full time job offers from sponsor banks following their internships. 169 students interned

through SEO in 2007 and more than 200 front office (IBD/Capital Markets/Asset

Management) and technology internships will be available for Summer 2008.

The programme is open to penultimate year undergraduates (or final year students

going onto complete a Masters degree) from ethnic minority groups currently

under-represented in the City, specifically from Black or Asian backgrounds.

The sponsor banks for 2008 include

• Bank of America • Goldman Sachs • Morgan Stanley

• Barclays Capital • HSBC IB • RBS GBM

• Citigroup • JP Morgan • UBS

• Credit Suisse • Lehman Brothers

• Deutsche Bank • Merrill Lynch

“SEO offered me the opportunity to enter a challenging and demanding industry,

supporting and encouraging me to attain my highest potential. The exposure that I got

throughout the summer was unparalleled and the friendships made were unforgettable.

It welcomed me into a close knit family of which I am truly proud to belong to.”

Ling-Chih Chang, SEO Intern

Ethnic minorities ininvestment banking

To learn more about

the opportunities available

and to make an online

application please visit

www.seo-london.com.

The deadline for applications

is January 14th 2008 but

students are encouraged

to apply as early as possible.

Alternatively you can

contact Pip Beaton,

Operations Manager: Email

[email protected]

Tel 0845 450 7830

‘one internship,infinite opportunities’

Interested in a summer internship at a top investment bank?Then why not apply through SEO London?



to walk into a hedge fund. Most are small organisations

without the time or resources to train graduates

themselves. Instead, they prefer to recruit people

with a few years’ experience from investment banks.

Pay According to a survey by US-based Alpha Magazine,

the 25 highest-earning hedge fund managers earned

an average of $570m in 2006, up 36% on 2005. More

to the point, the top three hedge fund managers each

took home more than $1bn.

Not everyone earns such sums. A salary survey by

Morgan McKinley suggests a lowly junior fund manager

can expect a salary of £38k to £45k, plus an unspecified

bonus. Hedge fund traders earn the most – after a few

years, salaries are £80k plus and bonuses are unlimited.

Skills“For bright, numerate graduates who are strong at

financial analysis and spreadsheets, and who have

honed their skills in an investment bank, the leap can

be made,” says David Howell, managing director of

E-M Financial Services. “But you do have to have provedyourself in the investment bank community. If you go to

one of the top-tier banks you can use it as a springboard

to any number of different options, normally in around

two years,” he says. Hedge funds like people who are

communicative, innovative and numerate and have a

good academic record from a leading university, says

John Capaldi, a managing director and head of product

development at Financial Risk Management.

“Financial markets and hedge funds are dynamic, so

adaptability and creativity are key attributes,” he adds.

Dermot Coleman, a partner at event-driven hedge fund

Sisu Capital, says quantitative skills tend to be paramount.

“To work for us, it’s not necessary to have done an MSc or

a PhD in a mathematical subject, but we would generally

expect some maths at degree level. That could come as

much from engineering as economics.”

As an equity analyst, most of David’s day is taken up generating

investment ideas for trades. This involves researching companies

about to engage in mergers and acquisitions or restructuring

activity and coming up with suggestions on stocks that might

rise ahead of a merger. It also involves having discussions with

company management, bankers and fellow analysts. David has

a BA in economics from Cambridge and an MSc in economics

from the London School of Economics.

How did you come to work for a hedge fund?

I took an unusual route into the hedge fund industry.

After taking my MSc in economics at LSE, Sisu was looking

for a junior analyst, so I applied and got lucky. Most funds

recruit analysts with several years’ experience in an investment

bank or somewhere similar.

Why the hedge fund sector?

A booming M&A environment and strong equity markets have

allowed exceptional returns for many alternative investment

strategies. As a result, the hedge fund sector is continuing to

receive large capital in-flows, and the importance and influence of

hedge funds continues to increase. There are now more jobs and

more opportunities to become involved than ever before.

You also have more independence than in an investment bank.

Here, you are involved in everything from day one. There’s more

freedom in terms of the products you can invest in and the

positions you can take. And it’s a much flatter hierarchy:

there are 25 people in this office and I sit next to two partners.

What’s the most exciting thing you’ve got coming up?

Currently, I am active in a number of large and involved

M&A situations, which are always very exciting.

And the least?

That would probably be number-crunching company

accounts to create comparable company valuations.

What’s been the hardest part for you so far?

I’d studied plenty of economics, but not much pure finance

or accounting. It was a bit of a struggle to start with: I spent

the first month working all hours of the day.

Profile

David Mills

Equity analyst

Sisu Capital



49

Fund manager 38-45 42-75 65-120

Research analyst 30-45 38-70 60-120

Marketing executive 28-34 30-42 50-65

Hedge fund trader n/a 45-60 60-80 S o u r c e : M o r g a n M c K i n l e y

Hedge fund ex-bonus salaries (£k)Title Junior Intermediate Senior


D a v i d ’ s t i p s :G e t an und e r s t and in g o f what d i ff e r e nt

he d g e f und s d o, not j us t t he g e ne r al is at ions

wr it t e n about t he ind us t r y in t he pr e s s .

S t ud y har d . I t ’ s c om pe t it ive , and a

pos t g r ad uat e qual i fi c at ion or r e l e vant

wor k e x pe r ie nc e wil l he l p you s t and out .

Tink about j oinin g an inve s t me nt bank

– t he y have we l l -s t r uc t ur e d g r ad uat e pr o g r amme s and ac t as a f e e d e r int o t he

mor e s pe c ial is t he d g e f und s e c t or .

www.efinancialcareers.co.uk/studentsGet ahead: start your job hunt early





Private equity and venture funds exist to help raise money

for companies by offering cash in return for an ownership

stake. As a result, they become co-owners or even sole

owners of the companies in which they invest.

In an ideal situation, they invest in an underperforming

company, turn it around and sell their stake at a profit

some years later. However, they also occasionally engage

in the unpopular practice of asset stripping, or breaking a

company up and selling its assets to make a profit.

The money invested by private equity funds is frequently

used for management buy-outs (MBOs) where a

company, or a division of a company, is bought

by its managers. Alternatively, it may be used for a

management buy-in (MBI), where managers from outside

take over a company.

‘Venture capital’ and ‘private equity’ are often used

interchangeably. But, strictly speaking, venture capital

refers to the provision of funds for new and fast-

developing businesses, while private equity is more

usually associated with MBOs and MBIs.

TrendsPrivate equity is big business. Research by the magazine

Private Equity International suggests the industry globallyhas raised $551bn in capital over the past five years

– with the biggest funds such as Carlyle Group, Kohlberg

Kravis Roberts (KKR) and Goldman Sachs Principal

Investments each raising more than $30bn each.

And it’s getting even bigger. 2005 was out-gunned by

2006, as the value of all European private equity deals

rose another 40% to €178bn, according to data provider

Initiative Europe.

At the same time, deals are getting bigger and funds are

getting larger. In 2006, the value of the average European

buyout was €136m, up from €117m in 2005. And in April

2007, Goldman Sachs Principal Investments revealed it

had raised the largest buyout fund ever – $20bn.

The good times look set to continue, with private equity

participating in some headline deals in 2007, such as

US giant KKR’s $450m investment in the Boots chain.

However, success brought some unwanted attention,

with bosses heavily criticised in the UK for paying too

little tax and for taking a short-term approach to their

investments in order to enrich themselves.

The credit crunch has also created uncertainty for the

private equity industry, with many banks unable to sell on

the loans they made to clients to help finance deals.

Key playersMajor US funds such as Carlyle, KKR, Goldman Sachs

Principal Investments (part of the bank) and Blackstone

increasingly dominate the private equity industry in

Europe. However, funds with European roots such

as Apax Partners and Permira also made it onto the

top ten in 2006.

Roles and career paths

People who work in private equity benefit from the kindof job security most investment bankers can only dream

of. But don’t count on finding a job easily – the industry

hires very few juniors and none straight from university.

There are two main entry points to private equity or

venture capital. First, two to three years after university,

having spent time in strategy consulting, investment

banking (in other words M&A or leveraged finance),

or accountancy (deal-based disciplines only).

Second, within two to three years of graduating with

an MBA and having spent time in one of the industries

mentioned above.

Occasionally there is a later entry point, when a fund

needs a senior expert, for example an experienced

industrialist to help shape the portfolio companies,

or a specialist leveraged financier to help structure

the best debt packages at the investment stage.

Kohlberg Kravis Roberts 25,027

The Blackstone Group 19,159

Alpinvest

Apax Partners 11,907

Permira Advisers 11,721

Providence Equity Partners 11,117

Carlyle Group 8,697

Hellman & Friedman 7,329

Goldman Sachs Capital Partners 5,966

Thomas Lee Partners 5,950

Top 10 investors in European private equity deals, 2006

Investor Value (£m)

Private equity

At a glance

Private equity funds buy stakes

in companies to sell for a profit

Few take students straightfrom university

Partners make millions,but only when funds close

A sector to aspire to after a few years’ experience



50

“Raw graduates don’t get intoprivate equity – almost never”Guy Townsend, Walker Hamill

S o u r c e : I n i t i a t i v e E u r o p e



Venture capital funds typically hire people from high-

tech industries, finance-related or consulting jobs.

Entry-level staff are typically number crunchers who

scrutinise the accounts of companies in which a fund

is thinking of investing.

On the next rung are principals, who appraise whether

a deal is worth pursuing and, if it is, do anything from

arranging legal documentation to negotiating the

right price. Originators are usually a fund’s partners

who find new companies to invest in. They oversee

the deals and make the most money if an investment

is sold at a profit.

PayPrivate equity is a long game, but very lucrative.

The most senior people make most of their money

out of carried interest – or ‘carry’. This is equivalent

to around 25% of the profits above a specified rate

and can be very lucrative – particularly on very large

funds, where a handful of partners and principals

could easily share $200m every six years or so when

funds are closed. Pay at junior levels is, predictably,

less generous, but still not to be sniffed at. A junior

(analyst) can expect to make a salary of £45k to

£55k, plus a 40% to 80% bonus.

SkillsTo work in private equity, you’ll need to be an academic

and professional wunderkind; ideally in the top 10%

to 15% of your peers. And don’t think you’ll be ableto walk-in fresh from graduation.

“Raw graduates don’t get into private equity, almost

never. After university you need to spend time in

accountancy, M&A, strategy consulting or leveraged

finance, probably around two to three years. Then

you can try to interview for private equity,” says

Walker Hamill’s Guy Townsend.

Private equity firms look for people who are highly

analytical, commercial, team players, confident,

outgoing – and a foreign language never goes amiss.

Most junior hires come from investment banking

or strategy consulting and former bankers need

experience in one of three areas: corporate finance and

mergers and acquisitions; financial sponsors (dealing

with private equity firms); or leveraged finance (funding

involving a higher proportion of debt than usual).

Simon has been with Candover, a private equity fund that has

invested more than €25bn in the past two decades, for three and

a half years. After graduating from Cambridge University with a

BA and MEng in manufacturing engineering, he joined a strategy

consultancy that advised private equity funds. After four and a

half years, he decided to apply to most leading funds directly,

and registered with specialist private equity executive search

companies. He got offers from two funds. Candover was the

obvious choice.

Why private equity?

I studied manufacturing engineering at Cambridge University,

and always believed that I had some entrepreneurial skills.

It made me wonder where I’d get money from if I ever had the

‘big idea’, which led me in a roundabout way to the private

equity sector. Private equity is basically venture capital scaled

up massively to a level where we can buy and sell 100% of a

company’s share capital with a view to growing the business.

What distinguished you from other candidates?

I think it would be a good track record with branded

consultancies, financial experience and qualifications (Securities

Institute diploma), decent Excel skills, a genuine interest to learn

new things and, hopefully, above-average interpersonal skills.

What have you worked on recently?

I completed two deals during 2006: UPC Norway, a triple-

play cable company based in Oslo (subsequently rebranded

to GET) for €450m; and EurotaxGlass’s for €485m.I have a quasi-board role in both companies, and Candover

developed business plans for both businesses, which requires

structural and operational change over three years, resulting

in a close relationship with executive management.

I’ve also spent time on new deal origination, working on a

range of investment ideas including premium spirits,

sailing clothing, funeral homes and market research.

What’s the worst aspect of your job?

Tight timescales. Doing a deal is hugely rewarding, but you

have to be prepared to discard your personal life for a few weeks.

That’s never easy if you’re letting people down at the last minute.

Profile

Simon Holden

Investment manager

Candover



51

S i m o n’ s t i p s :Te r e ar e g r e at j obs in pr ivat e e quit y, but

you ne e d t o k now what you’r e a p pl yin g

f or and what d i ff e r e nt iat e s t he f und s .

Y our a p pl ic at ion ne e d s t o s how t hat you’ ve

g ot t he r e quis it e s k il l s and k nowl e d g e ,

as int e r vie ws ar e ine vit abl y t e c hnic al .

Le ar n whe r e f und s ar e in t he ir inve s t me nt

c yc l e , what s e c t or ( s ) t he y d o d e al s in and what t he ir r e c r uit me nt r e quir e me nt s

mi g ht l ook l ik e in t he ne x t f e w ye ar s .





Investment consultants advise pension fund

trustees on what to do with their money. They help

trustees decide which mix of assets to invest in

and with which fund management firms. They try to

predict fund managers’ future performance from

how they performed in the past.

TrendsDriven by an ageing population and the need to

make good corporate pensions funds, demand for

investment consultants’ services is rising. Consultants’

appetite for staff is rising too – Watson Wyatt alone

increased headcount 40% between 2004 and 2006.

At the same time, however, investment consultants are

coming under pressure from investment banks, which

have set up their own lucrative pensions advisory units

– and are poaching consultants’ staff.

Key playersThe European investment consulting market is

dominated by two key firms – Mercer and Watson

Wyatt, which together account for around 50% of themarket. Each is part of a larger network of consulting

groups, which advise on everything from staff benefits

to computer systems. Alongside these market leaders

are numerous smaller firms – Aon Consulting, Hymans

Robertson and Hewitt Associates, for example.

Roles and career pathsJobs usually fall into one of two main categories:

1) Asset allocation: asset allocation specialists advise

clients on whether to invest in equities, bonds, private

equity funds or alternative asset classes. It is a complex

role using mathematical models to analyse such factors

as interest rate changes, as well as the timing of the

pension fund’s liabilities and the likely risks and returns.

2) Fund selection: fund selection specialists spend a lot

of time analysing fund managers and questioning their

investment strategy. Days are spent scrutinising

pension funds and reporting on their strengths and

weaknesses; most firms rank fund managers by

their likely future success. There are also roles for

relationship specialists, who are the true consultants

and are usually more senior.

Most large investment consultants take on a few

graduates: Mercer, Watson Wyatt and Aon offer

structured graduate programmes, with Watson Wyatt

hiring some 25 this year for its UK investment practice.

Once hired, you will typically study for a professional

qualification, either as an actuary or as a chartered

financial analyst (CFA). Actuaries work more on asset

allocation, while CFA candidates work in fund selection.

Pay As investment banks compete for staff, investment

consultants are being forced to make their roles more

lucrative. In 2006, pay in the sector rose around 8%.

Average pay for student actuaries is now £30.5k.

Skills“Being able to cope with studying and working

simultaneously is important, as is displaying evidence of

skills associated with consulting, such as communication,

project management and team working. However,

equally key is having a genuine interest in investment

markets and conditions,” says Jo Kleanthous of Mercer’s

graduate recruiting team.

“Effective communication of often complex concepts

and subjects in a simple and well-reasoned manner is

vital to being a successful consultant. Anyone regarding

investment consultants as quiet, dispassionate backroom

professionals is quite mistaken,” says Mark Powley,

a senior investment consultant at Aon Consulting.

Chief actuary 156

Senior function head 137

Function head 108

Department manager 89

Section manager 66

Section leader 56

Senior actuary 48

Actuary Student actuary 31

S o u r c e :

R e m u n e r a t i o n E c o n o m i c s

Median actuarial salaries 2007

Job title Pay (£k)

Investment consulting

At a glance

Investment consultants help

pension funds invest money

Mercer and WatsonWyatt dominate

It helps to be good at maths A kind of ‘Which? Guide to fund managers’



52

“Anyone regarding investmentconsultants as quiet, dispassionatebackroom professionals isquite mistaken”Mark Powley, Aon Consulting





53


Global custodians once had large filing systems for

their core work – storing certificates of share ownership

for their clients. Today, these certificates are stored

electronically, making custody much less space-

intensive. Custodians levy a fee (typically up to 0.08%)

of the assets they’re managing.

TrendsGlobal custody is big business and is growing fast.

In 2006 the top ten custodians held over £36 trillion

in assets – up 40% on 2005. But the industry is

consolidating – for example, 2006 saw the merger

of Bank of New York and Mellon Global.

Custodians are also pushing into new areas, notably

servicing hedge funds. To save money, some have

shifted UK operations out of London to regional cities.

Key playersJPMorgan had the most global custody assets by

value in 2006. However, the top slot is now occupied

by the merged Bank of New York and Mellon.

Roles and career pathsMuch of the work is administrative and repetitive,

but the role of custodian has widened to a range

of other services. These include income collection

(for example collecting dividends from clients’

investments), performance measurement

(calculating the returns clients’ investments have

made over time), trade support (ensuring trades

are settled properly) and proxy voting on behalf

of clients at shareholder meetings. Custodians

specialise in a particular area, so what you do

will depend on where you work. Custodians also

offer more client-focused and technical jobs.

Relationship managers, for example, work with

clients to reassure them that their assets are safely

maintained. Emily Ayre, a custody specialist at

recruitment firm Morgan McKinley, says graduates

typically move into these more interesting positions

after a few years and can be fast-tracked into

these roles. Few global custodians offer graduate

training programmes, so it’s worth sending in your

CV speculatively.

PayGlobal custodians are paid fairly modestly – six figures

are rare. But according to Morgan McKinley, pay for

some junior custody jobs has risen by around 20% in

recent years. A junior sales and business development

professional can expect a salary of £30k to £35k, plus

a small bonus. The best-paid people working in

custody are relationship managers and product

development specialists.

SkillsEmily Ayre at Morgan McKinley says people going

into areas such as settlements and corporate

actions may not need a degree: “They will , however,

need to be organised, process-driven and able to

work under pressure. Once people have gained a

grounding in settlements or corporate actions, they

will be equipped with the skills to allow a move to

other areas within operations or an internal move

within custody,” she adds. Scott Dickinson, global

relationship manager, BNP Paribas Securities Services,

says people going into relationship management

need two to five years’ operations or client services

experience in the financial sector.

“Candidates should be able to demonstrate strong

communication, planning and selling skills,” he adds.

JPMorgan 7,012

Bank of New York* 6,558

State Street** 6,003

Citi Global Transaction Services 5,246

HSBC Securities Services 2,306

Mellon Group*** 2,305

BNP Paribas Securities Services 2,251

Northern Trust 1,766

Société Générale Securities Services 1,501

Caceis Investor Services 1,178 S o u r c e : F T M a n d a t e R e s e a r c h

Top banks by global custody assets 2006

Bank £bn

Global custody

At a glance

Many jobs are admin-driven

compared to other areas

Relationship managersearn the most

It can be easier to landa job in this sector

Keeping the paperwork for other people’s assets

“Once people have a grounding insettlements or corporate actions, theywill be equipped with the skills toallow an internal move within custody”Emily Ayre, Morgan McKinley

*Pre-Mellon merger **Pre-IFS merger ***Pre- Bank of New York merger





As their name suggests, private wealth managers

help very rich people to manage their money. They

fall into two categories:

• Private bankers, who 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 clients develop a strategy for charitable

giving and advise them on bequeathing their wealth.

• Private client brokers, who assist their clients to buy and

sell financial products, particularly equities or stocks.

They also advise on the best products to invest in.

Private banks typically look for clients with at least

$1m (£503k) to invest, but many deal only with clients

whose financial assets (so not their houses or yachts)

are worth more than $30m.

TrendsPrivate banking is a growth business. The number

of rich people in the world just keeps on growing:

at the last count in mid-2006, there were 2.8m ‘high

net worth’ individuals (people with more than £500k

in financial assets living in Europe), and their numbers

were rising at a rate of 5% per year.

Private banks have cashed in on customer demand.

A study by Scorpio Partership, a consultancy workingin the sector, found assets under management rose

18% in 2006, to over £4.3 trillion worldwide.

As the industry grows, its profile is changing. Whereas

in the past, private banks would turn their noses up at

anyone with less than £10m in liquid assets, they are

increasingly courting the £1m club and below. Kleinwort

Benson, for example, will open its doors to people with

a mere £500k to invest.

The new focus on the merely wealthy as opposed to the

mind-bogglingly rich is creating demand for a new breed

of private banker, and for plenty of them. “If you’re looking

after someone with £10m, you’ll still need to be a very

civilised cosmopolitan type who speaks 10 languages

and has great table manners,” says one recruiter.

“But if you’re looking after someone who has £500k,

you’ll just need to be affable.”

Key playersIn strict private banking terms, Swiss companies such

as UBS and Credit Suisse are the world’s leading

bankers to the very rich. However, in broader ‘wealth

management’ terms, which includes private client

broking, the big US brokerage houses such as

Citi and Merrill Lynch are heavy hitters too.

Roles and career pathsIf 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.

People working on the investment side of private

banking either invest their clients’ money themselves

or offer their clients detailed advice to help them

invest their own money. They are typically productspecialists, who are expert in a particular asset class,

including fixed income, equity, structured products

of any kind or investments in the private equity and

hedge fund sectors.

People working on the relationship side are sales

people. This can involve a lot of travelling and close

contact with interesting, unusual and demanding

people. When a relationship private banker has

established a client’s needs, investment specialists

are brought in to put a more detailed solution together.

Banks such as Coutts (now part of Royal Bank of

Scotland), Goldman Sachs, HSBC and UBS all run

graduate schemes for private bankers. If you don’t

find a place on a graduate training scheme, then

it is possible to move into private banking with a

background in corporate finance or, more particularly,

1 UBS 1,319

2 Citi 1,310

3 Merrill Lynch 1,100

4 Credit Suisse 559

5 Morgan Stanley 374

6 HSBC 348

7 JPMorgan 313

8 Wachovia 309

9 Bank of America 228

10 Deutsche Bank 199 S o u r c e : S c o r

p i o P a r t n e r s h i p

Leading global wealth managers 2006

Rank Bank Assets under management ($bn)

Wealth management

At a glance

Jobs are increasing as the

number of rich people rises

The Swiss banks, UBS andCredit Suisse, lead the field

Senior wealth managers canexpect to make around £250k

Combining diplomacy with product knowledge



54

“We want all-rounders... we look forthe Freddie Flintoffs of graduates” Andrew Butler-Cassar, Williams de Broe

>



Think about who you are, about where you really want to go,about what you want to do with your life.

You are about to choose a career.

Don’t do it lightly.

Take a long hard look at Rothschild:

Top-tier international

investment bank

Objective relationship-based

corporate adviser

Excellence in our chosen markets

Athens Beijing Birmingham Dubai Frankfurt Hong Kong Johannesburg Kuala Lumpur Leeds Lisbon London Madrid Manchester MelbourneMexico City Milan Montréal Moscow Mumbai New York Paris Perth São Paulo Singapore Stockholm Sydney Toronto Warsaw Washington

✓

✓

✓



Lazard is a premier financial services firm committed to excellence,

independence, intellectual rigour, integrity and creativity for our clientson a global scale.

Lazard is a global firm, with a team of over 2,000 individuals operating across 16

countries. We solve complex financial challenges for a client base that includes

corporations, partnerships, institutions, governments and high-net-worth individuals.

We are an independent firm, free of the conflicts that can arise at other financial

institutions, and we maintain long-standing relationships with business leaders and

decision makers around the world.

Our intellectual capital is our strongest asset. The superior intellect, enterprise, and

commitment to excellence of our team guide everything we do.

We are recruiting summer interns and full-time analysts to start in 2008. You will

possess a passion for business and a genuine interest in investment banking, along

with well-developed interpersonal skills and a sense of individualism and identity.

A strong academic track record is a must. Most importantly, we want individuals withthe commitment and flair to succeed within our organisation. Apply online today at

www.lazard.com/apply

Please direct all enquiries to The Cornell

Partnership on 0207 959 3124 or at

[email protected]

The Cornell Partnership is retained by

Lazard as its entry-level recruitment

advisor for 2007/2008 Cornellpartnership



fund management. There are two types of private

client broker: those working on discretionary mandates,

in which wealthy clients state their general investment

strategy and the broker buys and sells the products

they think appropriate; and those working on advisory

mandates, in which the broker advises the client what

to invest in, but needs their permission before making

a move. Junior brokers are more likely to work on

advisory mandates. However, making the first move

can be challenging, with few brokerage firms offering

graduate training courses.

PayLike investment bankers, private bankers are paid a

combination of a base salary and a bonus – but not

quite as big. According to Morgan McKinley, salaries

for managers in private banking roles (typically with

around eight years’ experience) start at around £80k;

total pay is around three times that.

SkillsIt’s no good going into private banking if you have a taste

for gossip or celebrity intrigue. Private bankers stressdiscretion and an understanding of client confidentiality

as key attributes in this sector, argues Sam Anderson, HR

business partner, UK wealth management at RBS.

“You don’t necessarily need to have a finance-related

degree but a background in law or accountancy can

sometimes help. But you do need good relationship

management skills. We don’t just want people who are

product pushers, we look for people who can provide

unsurpassed client service,” she explains.

Languages are also increasingly sought after and

attention to detail and an understanding of companies

and what will make them successful also helps. “We want

all-rounders who are good at dealing with people at all

levels, from industry leaders to lottery winners. We look for

the Freddie Flintoffs of graduates,” says Andrew Butler-

Cassar, executive director at Williams de Broe.

As head of family business and philanthropy at Coutts & Co,

Mark advises private clients on matters such as managing

succession and effective giving to charity. He also runs various

education and networking events, and helps design new

products and services. Mark studied Arabic and Hebrew

at Exeter University.

What makes a great private banker?

Someone who can develop a trusted relationship with

clients. You need to be able to listen, empathise, ask the

right questions, anticipate issues and understand the

specific needs of the client to deliver the right solutions.

Is it all about lunching with rich clients in Monte Carlo?

Lunch is sometimes involved but Coutts has first class dining

rooms, so there’s no need to go all the way to Monte Carlo!

It’s all part of getting to know clients personally.

What does a typical week involve?

One minute I am helping a client to set-up a charitable

foundation; the next, considering different charitable

projects to support in India – and the next, I am making

a presentation at a charity conference on raising funds

from high net worth individuals.

At the same time, I might also be talking to a family business

owner about setting up a family council, appointing a non-

executive director or raising liquidity from the company and

resolving a family conflict.

When I am not doing all that, and in between running variousroundtable discussions on philanthropy and family business

matters, I am managing the Coutts Prize for Family Business

– the industry’s Oscars.

What’s the most interesting thing about your job?

Bringing private clients, professional advisers, social entrepen-

eurs and charities together to make the world a better place.

And which part could you life without?

Anything to do with administration and paperwork.

Profile

Mark Evans

Family business and philanthropy

Coutts & Co



57

Junior n/a

Intermediate 45-60

Senior 55-100

Manager 80+ S o u r c e : M o r g a n M c K i n l e y

Private banking salaries

Title Pay (£k)


M a r k ’ s t i p s :S ur f as man y pr ivat e bank

we bs it e s as you c an.

r y t o g e t a s umme r int e r ns hi p at

a pr ivat e bank .

Tink about whe t he r you pr e f e r mana g in g

c l ie nt s , d e s i g nin g pr od uc t s or d e al in g wit h

s ys t e ms . I f you want t o be g ood at your j ob,

it is im por t ant you e n j o y it .






Go to any campus banking presentation and very quickly

you’ll come across the words ‘back office’ and ‘front

office’. When people talk about the back office, they’re

talking about operations. Unlike the traders, sales people,

capital markets and corporate financiers of the front

office, people working in operations don’t liaise with

customers 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 business of operations covers everything from

IT to human resources, accounting (finance) and risk

management. Its functions are so broad that operations

specialists typically specialise in only one of these areas.

At its centre is the core function of clearing and settling

trades. Clearing trades involves looking at the records

made by other banks’ traders when they buy and

sell shares or other financial products and checking

that they match the records kept by people from

whom or to whom the shares were bought or sold

(the counterparties). People who work in settlements

‘settle’ trades – or ensure that stocks or shares boughtand sold by the bank’s traders are exchanged for the

correct amount of money. ‘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.

TrendsThe operations division may not make money for

investment banks, but as a cost centre it certainly

has the potential to erode their profitability. Banks are

acutely aware of this and are doing their best to ensure

their back offices run as efficiently as possible.

This isn’t always good news for the people who work at

the lower-skilled end of the operational continuum. Roles

such as transaction processing are being shifted to low-

cost countries such as India. Goldman Sachs is said by

the Financial Times to employ 1,200 people in

Bangalore, for example, while in April 2007 Citi

announced plans to shift 9,500 roles to cheaper

locations such as India and Poland.

At the same time, however, there’s a need for more

strategically-oriented staff who can help automate

as many processes as possible. Where once trades

were settled with reams of paper, they are now settled

electronically through facilities such as Euroclear and

Clearsteam, which hold securities electronically and

transfer them from one owner to another.

In this context, one of the biggest challenges for

operations divisions is finding a way of automating

the settlement of complex derivatives trades, many

of which are still settled manually.

Key playersIt’s harder to quantify ‘key players’ in operations than

in other sectors – all banks have operations divisions

and success isn’t just down to the number of people

who work in them and the number of trades they process.

However, research company Z/Yen does its best to rank

operations departments on the basis of client satisfaction

and core processing abilities. On these measures,

ABN AMRO and Morgan Stanley were the key players

for equities and fixed income respectively in 2006.

Roles and career pathsElectronic systems have vastly increased the speed

with which simple trades are processed. One example

was the introduction of electronic trading on the London

Stock Exchange in 1986, when it replaced floor trading

as part of a series of measures known as the ‘Big

Bang’ that made the City of London more competitive.

But derivative trades are often too complex to be

settled electronically and tasks are still done manually:

trades are often confirmed by fax, for example. The

large number of documents required for derivatives

transactions creates roles for documentation specialists.

Whether you work with derivatives or not, most operations

S o u r c e : Z / Y e

n L t d .

1. ABN AMRO 1. Morgan Stanley

2. Liquidnet 2. ABN AMRO

3. UBS 3. JPMorgan

Overall operations performance 2006

Equities products Fixed income products

Operations

At a glance:

Operations staff work to ensure

transactions run smoothly

Pay for operations staff is lowerthan for client-facing staff

Banks are offshoring someoperations roles to India

Te unsung heroes of investment banking



58

“You have to be able to solve

problems but also be very client-orientated. It is all about the qualityof the experience for the client”Richard Moore, UBS



jobs also have a strategic element – banks use

operations staff to analyse ways of making processes

more efficient and project managers implement their

suggestions; the more senior you become, the more

likely is that you will be assigned to this kind of strategic

or project management role.

PayIf you work in operations, you won’t get the gargantuan

bonuses of the front office. On the other hand, you’ll

probably leave before 8pm most nights.

According to recruitment firm Morgan McKinley,

the best-paid operations staff help settle the complex

derivative trades mentioned above. It says the average

salary for a senior trade support professional was

£60k to £90k in 2007, plus a 40% to 80% bonus.

SkillsOperations employees need to be attentive to detail,

have good organisational and time management skills

and be creative. Hiring has been buoyant in operations

during 2007 and there is strong demand for people

with the right skills and attitude, particularly business

analysts and project managers, says Martin Killeen,manager of Morgan McKinley’s banking operations

division: “We have seen a continued increase in

demand for individuals to work within prime brokerage

as more banks take on new business and break into

this lucrative market,” he adds.

Operations is a pivotal role, says Richard Moore,

EMEA head of campus recruitment at UBS. “The trade

is only done when operations has validated, cleared

and executed it. There is a convergence of skills –

you have to be able to solve problems but also be

very client-orientated. It is all about the quality of the

experience for the client in that execution,” he says.

Operations people need to be able to demonstrate

they have good interpersonal and communication skills,

work coherently and effectively within a team, manage

their time well and have good attention to detail.

Ronak joined Lehman Brothers’ graduate training programme

last autumn after completing a computer science management

degree at Warwick University. He now works in a team of

two within the equities mid-office region of the bank’s global

portfolio trading support.


It is all about handling the bookings and confirmations for

portfolio equity trades and sorting out any discrepancies or

difficulties. As soon as it leaves the desk and the front office,

we take it under our wing. We are the centre point after the

trade leaves the floor.

What prompted you to go into operations?

All the way through school and university, numbers have always

been the thing I have been strong on, so it was a logical step.

I was also attracted to the problem-solving aspect of it. We are

encouraged constantly to look at ways of improving how we work,

to automate things more.

What does a typical day for you involve?

I get in at 7:30am and will check my emails from New York

or Tokyo, and make sure everything has been properly booked

out from yesterday. I’ll then move on to the Asian bookings.

You have to keep on top of the bookings during the day.

You tend to get a lot of queries from London, New York and

elsewhere, so it can get very busy. It is very reactive; there are

new problems to solve every day, but if the front desk is quiet,

then we can have a quiet day too.Solving endless problems each day – isn’t it frustrating?

No. It means every day is completely different, it is very dynamic.

But it also means we are often under a lot of pressure from

the traders and sales managers, as we are the first point of

contact for them. You need to be able to handle it and you need

to be good at dealing with people, something that is not often

associated with operations.

Profile

Ronak Patel

Analyst, global portfolio trading support

Lehman Brothers



59

S o u r c e : M o r g a n M c K i n l e y

Trade support 28-38 10-20

Settlements 26-38 10-20

Business analyst/projects 28-40 10-20

Salary and bonus, junior operations staff, 2007

Title Salary (£k) Bonus %

R o n a k ’ s t i p s :

r y and l ook at how t he r ol e fi t s int o t he

whol e s c he me o f t hin g s , how it a ff e c t s t hin g s d owns t r e am and how you mi g ht

be abl e t o im pr ove t he fl ow.

Don’ t be a f r aid t o as k que s t ions . N o one

e x pe c t s you t o be abl e t o d o t he j ob s t r ai g ht

awa y, and t hat ’ s t he onl y wa y you ar e e ve r

g oin g t o l e ar n.

r y t o g e t s ome wor k e x pe r ie nc e or g e t on

a g r ad uat e t r ainin g s c he me . E ve n i f it ’ s

j us t t e m pin g in an o ffi c e , s e l l t hin g s l ik e how you’ ve d e al t wit h c us t ome r c om pl aint s

or hand l e d your s e l f on t he phone .





Voice of caution or spoilsport? Risk managers act

as a restraining influence on a bank’s risky activities.

They ensure a bank is not over-exposed to plummeting

stock markets, or stop huge loans being made to

companies on the verge of bankruptcy. They also

ensure business continues as normal in the event of

operational problems, such as computer system failure

or disasters such as a hurricane or terrorist attack.

The risks faced by financial institutions come in

several forms, including:

• Market risk: the risk that a whole group of traded

financial products (for example stocks, bonds or

commodities) falls in value simultaneously because

of outside events, such as rising oil prices or terrorist

bombs. Also known as ‘systemic risk’.

• Credit risk: the risk that a particular company or

an individual will default on their obligation to

repay their debts.

• Operational risk: the risk that something might go

wrong in the day-to-day running of the bank – from

computer failures and floods to employee fraud.

• Reputational risk: the risk that something will happento damage a bank’s name, such as a high-profile

court case against it or damage by association with a

client who has done something wrong; it is sometimes

considered a sub-sector of operational risk.

TrendsRisk has become increasingly complicated thanks to

an explosion in the use of credit derivative products –

in the first half of 2006, the value of credit default

swaps outstanding globally rose 50% to £13 trillion.

Using derivative products such as credit default

swaps (CDS), banks are able to quantify the risk that a

client might default on a loan by selling it on – buyers

purchase the right to receive repayments on the loan,

but if the borrower defaults, the CDS holder will itself

have to pay the amount outstanding back to the lender.

Growth in the use of credit derivatives has led to

claims that global financial markets are now less

susceptible to risks such as the implosion of a major

hedge fund. But sceptics say the system remains

as precarious as ever and that many of the buyers

of credit derivative products don’t understand the

riskiness of their purchases.

Following the failure of Amaranth, a US hedge fund

which lost $6.5bn on bad bets on natural gas prices

in 2006, the system seemed to bear up. But with

several banks said to be nursing large losses, it also

showed the need to properly assess the risk of doing

business with some trading partners.

Roles and career pathsMarket risk specialists use mathematical ‘value at

risk’ models to work out the maximum amount of

money the bank would lose in the case of an extreme

event, or chain of events, within a particular timeframe.

They also work closely with traders to calculate the

risk associated with specific trading transactions

and typically sit on, or close to, the trading floor.

Credit risk specialists scrutinise company balance

sheets and meet company directors in order to

determine the organisation’s financial health.

As well as looking at a company’s profit and loss

accounts, they analyse how a particular transaction

affects the company’s solvency.

Operational risk experts review the likelihood of

particularly risky events taking place and formulateplans in case they do. If you work in operational

risk, you could find yourself doing anything from

ensuring the computer backup systems work properly

to conducting post-mortems on how well the bank

dealt with disastrous events in the past.

Reputational risk specialists endeavour to manage

a bank’s image. Few banks employ reputational risk

specialists per se: the role is typically dealt with by

the public relations department, the human resources

department and/or the legal team.

If you want to follow a career in risk management,

it’s a good idea to join a bank’s graduate training

scheme. At some banks, risk training is covered by

the IT or operations department. Deutsche Bank,

Dresdner Kleinwort and UBS are among the banks

that offer risk-specific training to graduates.

Risk management

At a glance

Risk increasingly involves

traded derivatives products

Some banks now offer risk-specific graduate training

Risk professionals working nearthe trading floor earn the most

Te professionals who stop bankers acting too rashly



60

“We look for people who can identifythe problem from the confusion,model it and then improve thedecision-making around it”Julian Shaw, Permal Investment Management



PayPay for risk professionals rises in relation to their

proximity to the trading floor and their involvement

with complex derivative products. According recruitment

firm Morgan McKinley, a junior risk professional working

on a quantitative finance (read complex derivatives)

team can command over 60% more than his or her

counterpart in basic credit risk.

Skills You’ll need strong mathematical skills and a cool

head, according to Sally Whitman, head of specialist

resourcing at Deutsche Bank. “You’ll need to be able

to come to conclusions under pressure quickly

and accurately,” she says.

Above-average common sense and strong

communication skills are other key attributes, agrees

Julian Shaw, head of risk management and quantitative

research at Permal Investment Management.

“You need to have good applied maths skills and

an understanding of differential equations as well as

financial modelling skills. But it’s not just about solving

the problem. We look for people who can identifythe problem from the confusion which surrounds the

business decision, model it and then improve the

decision-making around it,” he adds.

Adrian Marples, risk management specialist at

recruitment firm Sheffield Howarth, says market risk

specialists often have a first-class degree in physics

or an MA in mathematics. By comparison, he says:

“Credit risk people need to be inquisitive and able to

extract information from clients about their strategy

and financial position.”

“If you are looking to start a career within a more

technical area, market risk could be the choice.

Generally, banks will be looking for strong academics

(2.1 or above) followed by a BSc and MSc in a numerate

subject,” adds Craig McNicol, a consultant on the risk

management desk at recruiter Joslin Rowe.

Credit risk 32-45 20

Market risk 35-50 40

Operational risk 32-40 20

Quantitative finance 45-60 60 S o u r c e : M o r g a n M c K i n l e y

Junior risk manager pay and bonuses 2007

Title Salary (£k) Bonus %

Jo is currently on the risk management graduate trainee

programme at Dresdner Kleinwort. She has recently completed

her first six-month rotation in the credit risk control team in

London, and is now working in the local risk control team

in Sao Paulo. She graduated with a BSc in natural sciences

(mathematics and physics) from the University of Durham.

What does credit risk control involve?

Our concern lies with the ability of the counterparties we are

trading with and the issuers of the securities we are dealing in

to pay their obligations when they fall due. The main function

of the credit risk control team is to monitor and report our credit

risk exposures. Aside from our daily tasks, we work on several

smaller projects, many of which are to improve the functionality

of our current risk systems.

How does your work in local risk control differ?

In contrast to the London office, where each team will focus on

specific areas and tasks in managing and controlling the bank’s

risk, the small size of the Sao Paulo office means we work as

one team covering all areas of risk relevant to our location. I can

find myself working on credit risk, market risk, operational risk

and liquidity risk, all in the space of one day.

What skills do you view as necessary for working in risk?

When starting out, it is important to be flexible, enthusiastic

and keen to learn. The particular skill set necessary will depend

very much on the area of risk you are working in, but you will

need to be highly numerate, analytical, and have goodcommunication skills.

Is there much international exposure in risk?

Risk is a global function and, as such, it is not unusual for

me to be communicating with teams from around the world,

including Frankfurt, New York and Tokyo, on a daily basis.

Profile

Jo Farries

Graduate trainee

Dresdner Kleinwort



61

J o’ s t i p s :

U s e your unive r s it y hol id a ys c ons t r uc t ive l y,

and t r y t o g ain s ome r e l e vant wor k e x pe r ie nc e . Tis wil l al l ow you t o g ain a

be t t e r id e a o f what a c ar e e r in bank in g

wil l be l ik e and whe t he r it is r i g ht f or you.

Don’ t wor r y i f you d on’ t have a mat hs

or fi nanc e -bas e d d e g r e e . Al t hou g h you

d o ne e d s t r on g nume r ic s k il l s , al l d e g r e e

s ub j e c t s ar e ac c e pt e d .

al k t o an y c ont ac t s you have t hat ar e

al r e ad y wor k in g in t he ind us t r y t o l e ar n mor e about what t he var ious

ar e as invol ve .





If you want to work in compliance, you’ll need sound

judgement and a respect for rules and regulations.

Compliance professionals interpret the rules set by

state regulators and ensure banks operate within

them. As well as interpreting the complicated and

ever-changing external rules that these regulators

lay down, the compliance function creates a system

of internal rules to apply the regulations. It then

communicates those to employees and makes

sure they abide by them. The compliance function

is usually split into teams. These include money

laundering specialists, training specialists, monitoring

specialists and advisory and product specialists.

TrendsCompliance departments already carry a big stick and,

thanks to new regulations and a series of scandals,

the stick is getting bigger.

First, the regulations: in 2007 the word is ‘MiFID’, or

the Markets in Financial Instruments Directive. This is a

complex piece of legislation designed to create a single

European financial market, due for implementationin November 2007. However, an April 2007 poll by

Handysoft, a business software group, suggested

only four out of 10 firms would be ready in time.

When it comes to scandals, one of the big issues of

the day is insider trading. In March 2007, the Financial

Services Authority (FSA) said there was evidence of

insider trading in nearly a quarter of company takeovers.

Anti-money laundering is also a hot topic, with banks

and asset managers hiring specialists to ensure clients

aren’t up to anything untoward.

Striking the right balance between regulation and

laissez-faire is tricky. In the US, legislation in 2002 known

as Sarbanes-Oxley tightened many compliance rules.

Many bankers believe that New York’s financial services

industry suffered as a result, while the City benefited from

the perception that its regulatory regime is less onerous.

Roles and career pathsJobs in compliance vary, depending on the area in which

you work. If you opt for money laundering, you’ll spend

your time on the look out for suspicious transactions.

Money laundering teams check the identity of the parties

involved and ensure the money came from a known

and reasonable source. When the circumstances seem

suspicious, money laundering officers report their doubts

to the National Criminal Intelligence Service (NCIS).

The job of compliance training specialists seems tame

by comparison. Training teams preach the compliance

message to the bank’s employees. They create and

present courses explaining what the rules and regulations

are and why bankers need to respect them.

Monitoring specialists check that employees are

behaving themselves. Traditionally the realm of junior

staff, this role has seen much of its remit taken over

by computers. As the head of compliance at one

European bank points out: “Our staff send and receive

about three billion messages every day. They could

never be monitored by humans, but they are monitored

by intelligent computer programmes that can spot

unusual activities, such as dormant trading accounts

that suddenly resurrect themselves.”

If monitoring is the least exciting category of

compliance, working as a compliance advisor is the

most exciting and usually pays the most. Compliance

advisors interpret and apply the intentions of the

regulator. An increasing number are product specialists

who are situated on or near the trading floor. They telltraders whether or not a particular trade can go ahead

and suggest alternatives that will be satisfactory to the

client. Some, but not all, are ex-traders.

Compliance-specific graduate training schemes

used to be rare, as were entry-level jobs. But banks

such as Barclays Capital, Goldman Sachs and UBS

now offer compliance training and more are likely to

follow. If you don’t get on to a bank’s compliance training

course, there are a few other options. One is to train

with the FSA, which hires around 40 graduates a

year for its two-year training programme. Another is

to work for the compliance consulting arm of a

Big Four accountancy firm. Alternatively, you could take

a further degree: for example, London Metropolitan

University offers an MSc in financial regulation and

compliance management.

Compliance

At a glance

Compliance is becoming more

important as regulations increase

Some banks offer compliance-focused graduate training

Compliance pros who sit nearthe trading floor earn the most

Banking’s equivalent of the health and safety brigade



62

“We need people with the confidenceto stand up to people in the businessand remind them of their duties.This can be difficult”

David Kemp, ABN AMRO



PayThe best-paid compliance professionals are those

who sit near the trading floors and advise on the

issues associated with trading particular financial

products. Salaries in this area rose 25% between

2006 and 2007. Hedge funds are also notoriously

generous to their compliance staff, with compliance

pay in the hedge fund sector rising 30-40% in the past

two years alone. A compliance officer with one to two

years’ experience can now earn between £35k and

£45k in salary working in a hedge fund, plus a bonus

of somewhere around £14k.

SkillsIn the past 12 months competition has increased

dramatically. This means you’ll have to work harder

to stand out from the pack. You can enhance your CV

by studying with organisations such as the Securities

and Investment Institute, where you can get a diploma

in investment compliance. Another certificate is the

Investment Management Certificate.

“The most important thing when you are at interviewis how to really show your true potential. Having

confidence without arrogance and a determination to

succeed will be vital. You will also need to demonstrate

a willingness to undertake the mundane tasks as you

gain your experience,” explains Zoë Breadman, managing

consultant, compliance, at recruiter IMS Selection.

You’ll need to be intelligent, methodical and not afraid

to speak your mind, David Kemp at ABN AMRO points

out: “We need people with the confidence to stand up to

people in the business and remind them of their duties.

This can be difficult. For example, when an investigation is

being conducted, compliance staff might sit in judgement

of people on the next desk.”

At the FSA, Jessica Adams on its recruitment team

suggests that, while graduates from any degree discipline

are welcome to apply, you will need a 2.1 or above.

Senior compliance manager 5-8 45-95

Junior compliance manager 3-6 40-70

Senior compliance assistant 2-3.5 45-95

Compliance assistant 1-2.5 26-42

Compliance administrator 0-1 20-32 S o u r c e : R o b e r t W a l t e r s

Investment banking compliance salaries 2007

Role Experience (yrs) Salary (£k)

Stephen joined Barclays Capital as global head of compliance

three years ago. He previously worked for Credit Suisse in

New York in a global compliance role and at Bankers Trust

and JPMorgan. Originally qualifiying with an LLB (Hons) from

Leicester University, Stephen moved into compliance in 1987,

when the profession was just getting established and banks

used lawyers and accountants to get compliance advice.

What makes a good compliance professional?

A strong understanding of a firm’s business, products and

strategy; a strong understanding of market regulations;

and strong communication and decision-making skills.

You also need to be able to think on your feet – the regulatory

environment is continuously changing, and what’s right one

day might not be right the next.

Compliance is for people who like following rules. Right?

Wrong. Compliance increasingly requires significant judgement.

We often operate in a grey area in which things are rarely simply

right or wrong. It’s up to the compliance professional to decide.

Surely rules are rules?

Regulations aren’t always clear. Plus, we typically have to

comply with rules in different countries and sectors at once.

There’s often potential for significant deliberation about the best

course of action. And even if we do conform with regulations,

there’s always reputational risk to consider – we can follow the

rules, but still do wrong in the eyes of clients and the public.

How have things changed since your career began?These days compliance is more centred on reputation

management and the rights and wrongs of particular transactions.

We see an increasing number of sales people and traders moving

into compliance. Firms such as Barclays Capital have begun

training compliance professionals in-house, as there’s no ready

supply of people with the right experience.

What’s the biggest challenge for the compliance function?

Consistently striking the right balance between being

commercially oriented and risk and control focused.

Profile

Stephen Morse

Global head of compliance

Barclays Capital



63

S t e p h e n’ s t i p s :De ve l o p a br oad k nowl e d g e o f t he bus ine s s

ar e as – c om pl ianc e f unc t ions c ove r al l

as pe c t s o f t he inve s t me nt bank in g bus ine s s .

F amil iar is e your s e l f wit h bus ine s s e t hic s

– c om pl ianc e is inc r e as in g l y a que s t ion o f

r e put at ional as o p pos e d t o r e g ul at or y r is k .

R e ad u p on t he l e g al and r e g ul at or y

e nvir onme nt – t he r e ar e pl e nt y o f s pe c ial is t

publ ic at ions s uc h as C om pl ianc e R e por t e r ,

C om pl ianc e M onit or and C om pl ine t .c om.

www.efinancialcareers.co.uk/studentsFind out more about careers in finance





Rating agencies assign credit ratings to organisations

and governments after calculating the likelihood of them

defaulting on their traded debt products (companies

issuing debt products pay the agencies for the privilege).

Ratings are issued in a coded form, making it easier

to make comparisons between one organisation and

another. So a company rated AAA is adjudged almost

100% likely to pay on time; If a company is rated C, the

risk of not being paid on time is high.

Different rating agencies use slightly varying codes

for their ratings. On the whole, however, bonds ranked

BAA, BBB or above are considered ‘investment grade’,

meaning investors are likely to get their money back.

Anything ranked below this is known as ‘speculative

grade’, where repayment is less certain. While rating

agencies help banks and their clients by calculating the

likelihood of a default, data providers, such as Reuters,

Thomson Financial (which are now merging to become

Thomson-Reuters) and Bloomberg provide real-time

information on the changing prices of financial products.

They also offer a wealth of other data, including news

analysis and information on company accounts.

Trends As the number of financial products to be rated expands

to include not just company bonds, but derivative

products based on those bonds, rating agencies are

being kept increasingly busy. Moody’s, for example,

made £456m from analysing and rating the structured

finance sector in 2006 – more than 40% of its income.

But while business may be growing, rating agencies

are under fire. This is particularly the case in the US,

where they failed to predict problems in the sub-prime

mortgage market. Many of these were re-packaged and

sold in the form of structured ‘mortgage-backed bonds’,

which were given favourable ratings, only subsequently

to default or see their rating downgraded. Critics claim

that because rating agencies receive most of their money

in charges paid by bond issuers, they are not always

as impartial as they might be. For their part, the agencies

point to their codes of transparency that they claim

address these criticisms.

This hasn’t stopped rating agencies piling into another

growing area – the analysis of the operational risk of

hedge funds. More and more hedge funds have begun

issuing bonds, which offer a more stable source of

financing than money from banks and individuals.

Data providers operate in a different and very competitive

universe, providing banks’ traders with data faster, more

cheaply and on ever-fancier screens. In May 2007 the

world of financial information providers underwent a

seismic shift when Thomson Financial put in a bid of

around £9bn for Reuters. If Thomson’s bid succeeds,

the new company will be called Thomson-Reuters.

Key playersThe financial information world has long been dominated

by Bloomberg, which accounts for around 33% of the

market. But if ‘Thomson-Reuters’ becomes a reality, a

new behemoth will challenge for the top position – the

combined companies are expected to have a 34% share.

Similar to the financial information market, the rating

agency sector also hosts three key players, but there

are no signs of consolidation. Standard & Poor’s and

Moody’s vie for first and second places and account for

around 80% of the total of market; Fitch comes in third.

Behind them are a number of other operators, such as

Egan-Jones Ratings, which are miniscule by comparison.

Roles and career pathsIf you work for a rating agency, you’re likely to start as

a research assistant, helping an analyst. Analysts

typically specialise in particular product types.

Not all rating agencies have graduate recruitment

schemes. Moody’s offers internships to students and

recruits graduates on an ad hoc basis. Fitch takes

around eight graduates a year in the UK into a two-

year rotational programme, where trainees rotate

between corporate finance, structured finance and

financial institutions. S&P recruits on an ad hoc basis.

Roles at information providers are more varied and cover

everything from data analysis to technology, journalism

and business development. Reuters, for instance, runs a

European graduate training scheme that runs for around

Data providers

and rating agencies

At a glance

Rating agencies assess how likely

companies are to pay their debts

Data providers offer live datato traders and salespeople

There are only a few keyplayers in each sector

Heroes or villains, depending on what they report



64

“Another language will make youan attractive proposition. We are

particularly looking for people withArabic and Russian”Maren Josefs, Standard & Poor’s

>



Bloomberg is a proudEqual Opportunity Employer.©2007 Bloomberg L.P.All rights reserved.25567331 0807

careers.bloomberg.com

Join the company at the forefront of finance and technology.

Bloomberg provides information to business leaders around the world.

Our employees have a passion for excellence, no matter what theirexperience is. We foster that passion and encourage growth anddevelopment in every way possible.

We have opportunities in Financial Sales, Data Analysis, SoftwareDevelopment, News and many more areas. Bloomberg is the idealplace for you to develop your knowledge and enthusiasm for the

financial markets.

MOVE THE MARKETS.Innovate from the front.



informazione pubblicitaria

At Fitch Ratings, we appreciate original thinking. Innovation and

initiative are valued and rewarded. The work is dynamic and challenging.

The culture inspires professional growth and an entrepreneurial spirit.

Fitch is an international rating agency built on local expertise. Ourratings and products are market-leading, our teams award-winning.

We are commited to the concepts of objectivity and independence of

opinion, as well as integrity and transparency.

IF YOU ARE A RECENT GRADUATE with a strong analytical background

and solid communication skills, Fitch Ratings can provide you with

unique training opportunities and a chance to gain experience in the

world’s credit markets.

new ideaswelcomed

To learn more about careers at Fitch Ratings, visit fitchgraduatesuk.com

Application deadline is 31 January 2008.

here



two years, with the potential to try varying roles and

work in different offices globally.

PayRatings agencies have traditionally paid a lot less than

investment banks, particularly when it comes to bonuses.

But as more and more of their staff leave for the structured

finance desks of banks, they have been trying to make

amends. Bruce Wheelan, a consultant at recruitment firm

Anderson’s, says bonuses in the sector were previously

capped at 35% of salary, but this has recently risen to

50%, with senior staff even getting 70%. At the same

time, he says, salaries have risen 10-15%.

According to Wheelan, a credit ratings analyst can now

expect to earn a base salary of £45k to £65k plus

a bonus of up to 40%. ITjobswatch says the average

salary for an IT specialist with Bloomberg knowledge

is currently somewhere between £52k and £56k.

SkillsGraduates with good quantitative skills will always

be in demand, says Maren Josefs, associate director

at Standard & Poor’s (see her profile on the right),

particularly as data providers and rating agencies are

fishing from the same relatively tight pool of talent.

“Another language will also make you an attractive

proposition. We are particularly looking for people with

Arabic and Russian, as they are growing markets for us.

Beyond that, you need to be a good communicator with

solid analytical skills, be opinionated and be able tospeak with authority to senior executives.”

Lynne Smith, vice-president of HR for Europe, the Middle

East and Africa at Moody’s, also stresses communication

skills: “As well as a solid academic background and

sound analytical ability, we want graduates who are strong

communicators capable of listening to others, as well

as formulating and articulating their own opinions.”

Reuters looks for different attributes across its business

areas, but also specifies communication skills as

mandatory. Anne Bowerman, global head of learning

and development at the company, says graduates

entering its business programme need to be fluent in at

least three European languages: “Applicants to Reuters’

journalism division need to be able to express complex

issues simply, work unpredictable hours and be will ing

to accept international postings,” she says.

Maren joined the insurance practice division of Standard &

Poor’s three years ago from the capital markets team at risk

management consultancy Aon. She is a graduate in European

business administration from the European Business School in

London and has an MSc in finance from London Business School.

Why the switch to a career in credit ratings?

At Aon, I was structuring and pricing catastrophe bonds, which

help insurers transfer the insurance risk of natural catastrophes

such as earthquakes and hurricanes to the capital markets. It

was interesting but mostly technical, and I didn’t have as much

access to clients. At Standard & Poor’s I have regular access

to senior company management, I’m dealing at a much more

strategic level, and have access to the ‘big picture’ side of things.

What does your current job involve?

A lot of preparation goes into issuing a rating – I meet with

senior executives at client companies, and talk through the

structure of their proposed credit products. When I’ve analysed

the transaction and reached a decision about which rating

to suggest, I’ll write a paper that is reviewed by our voting

committee before the rating is allocated. I also spend a lot of

time talking to investors about ratings we’ve already issued

and the rationale behind them.

What’s the most challenging aspect of your role?

Issuing a rating isn’t just a question of knowing about the

company in question – you also need to know about the

market, so you can never do too much research. When aclient is downgraded, it can also have big implications for their

business and they can become confrontational. It’s difficult to

deal with but we’re trained to handle these situations.

What kind of person makes a good ratings analyst?

You need to be opinionated, analytical and to enjoy interacting

with people at all levels. You also need to be independent

and able to get things done autonomously.

Profile

Maren Josefs

Associate director

Standard & Poor’s



67


M a r e n’ s t i p s :

G e t a g ood fi nanc ial f ound at ion be f or e

a p pl yin g – m y M S c in fi nanc e was an e x c e l l e nt pr e par at ion f or d e al in g wit h

t he c om pl e x fi nanc ial pr od uc t s t hat

und e r pin r at in g s .

r y t o buil d pr ac t ic al e x pe r ie nc e in t he

ar e a in whic h you’ d l ik e t o wor k fi r s t –

m y pr e vious e x pe r ie nc e at Aon e nabl e d me

t o und e r s t and t he mar k e t I ’ d be r at in g .

Lan g ua g e s k il l s ar e hi g hl y val ue d – an

anal ys t wor k in g in t he Lond on o ffi c e c an c ove r c om panie s he ad quar t e r e d in E ur o pe

and t he M id d l e E as t , f or e x am pl e .





Think of insurance and the first thing that may spring to

mind is waiting on hold for a quote for insuring your car or

your holiday. But the insurance industry is about far more

than just car insurance or hanging on at call centres.

Insurance is big business. In 2005, according to the most

recent figures available from insurer Swiss Re, global

insurance premiums were worth more than $3.4 trillion

(£1.7 trillion), with the UK worth £166.7bn, according to

the UK Chartered Insurance Institute (CII). This is hardly

surprising, given that – alongside personal insurance for

cars, homes and holidays – insurance companies cover

commercial risks on everything from industrial buildings

to power stations and ocean liners.

The insurance industry can be split into three sectors:

• Insurers: the companies that provide the

insurance packages.

• Reinsurers: companies that insure the insurers.

• Brokers: companies that sell packages on

behalf of insurers.

Whether you work for an insurer, a reinsurer or a broker,

a career in the City will put you at the more exciting end

of the insurance spectrum. The London insurance marketcentres on international projects and big commercial

clients and provides cover to a diverse range of risks

– from North Sea oil platforms to celebrities insuring

their body parts. What this means is that you could

be designing anything from a risk management and

insurance programme for a big international company

such as British Airways right down to working with

small start-ups and entrepreneurs.

TrendsThanks to global warming and international terrorism,

we live in risky times. But while the insurance industry

has good reason to be concerned about potential

claims arising from another September 11th or Hurricane

Katrina, most of its business is a lot lower key. The

last time the Association of British Insurers (ABI) counted

(back in 2005), the UK’s general insurance industry (not

counting the huge life insurance and pensions sector)

faced a total £20.6bn in claims,

of which nearly 40% related to motor vehicles. While

events such as 2007’s severe flooding in England

may make the headlines, insurers are equally likely to

be kept awake by trends in motor vehicle vandalism.

UK insurers are also vexed by problems attracting staff.

In 2005, the CII commissioned Cass Business School

to conduct a study into students’ attitudes to insurance

careers: 90% said they wouldn’t go into the industry.

Since then, insurance has gone all-out to make itself

appear alluring to university leavers. “Insurance just

hasn’t been seen as sexy,” says Alex Thompson,

a spokeswoman for the ABI. “It’s seen as men in

grey suits doing paperwork.”

You can see insurers’ new image at

www.insurancecareers.cii.co.uk. It seems to be working

– the site had 30,000 hits in the first six months.

Key playersThink of the London insurance market and the first

name that springs to mind is likely to be Lloyd’s. But

Lloyd’s isn’t an insurance company – it’s a market made

up of member companies, specialising in property and

catastrophe insurance. By comparison, most of the UK’s

biggest insurers operate in the huge area of life insurance

and pensions – Aviva International is the top provider of

life and pensions products in Europe.

Roles and career paths Apart from the usual operations functions such as

human resources, finance and information technology,

insurance offers a number of specialist careers.

1 Aviva International 3,858

2 Royal and Sun Alliance 3,150

3 XL Re 2,748

4 Axa Insurance 2,373

5 Zurich UK (Br) 2,349

6 Norwich Union 1,886

7 BUPA Insurance 1,725

8 Transatlantic Reinsurance 1,497

9 Direct Line 1,328

10 Allianz Cornhill 1,305 S o u r c e : I n s u r a n c e P o c k e t B o o k 2 0 0 7

Top UK insurance companies 2005 (£m)

Ranking Insurance company Premium income

Insurance

At a glance

The industry is divided into

insurers, reinsurers and brokers

40% of general insurance relatesto motor vehicle claims

Insurers are doing their best toincrease graduate applications

Offers stable careers and less competition for jobs



68

“We are looking for people that arepassionate about insurance and

want to learn; we very much lookfor future potential”

Debbie Crew, Allianz



These specialist careers include underwriting, broking,

actuarial roles and risk assessment.

Underwriting is the job most typically associated with

the insurance industry. These are the people who look at

risks and price them for insurance purposes. So, if you’re

a driver with a history of crashes it will be the job of an

underwriter to charge you more for your car insurance.

Like the broking companies they work for, it’s the job of

individual insurance brokers to sell insurance to clients.

Actuaries analyse the financial consequences of risks

the insurance company is taking and ask questions

such as whether the company has enough reserves

to cover future payouts. Risk managers work with the

insurers’ clients to help make payouts less likely.

In the past it was common to specialise in one of the

above areas, but industry insiders says it’s becoming

easier to move between roles. In particular, companies

such as Allianz and Axa run trainee programmes in

which you will be given exposure to various roles.

Allianz runs seven different graduate training schemes,

taking on around 30 graduates a year, with about

10 going into the management programme, says

graduate development manager Debbie Crew.

Axa, meanwhile, runs three graduate programmes:

an actuarial training programme that takes on between

six and eight graduates, a leadership programme with

places for about 23 graduates and an IT programme

for 20 graduates.

Skills“We are looking for people that are passionate

about insurance and want to learn; we very much

look for future potential,” says Debbie Crew of Allianz.

Among the practical skills required are numeracy,

‘emotional agility’, drive and ambition.

“To be successful in this industry, you must have

the capability to handle lots of information, analyse

the data and make accurate decisions from it. You

most also be prepared to focus on achieving

professional qualifications, normally outside your

working hours,” Crew adds.

“We are looking for graduates with a 2.2 degree

(2.1 for actuarial programme) or above who have

excellent interpersonal skills, leadership potential

and high levels of energy and drive,” says Jasbir

Sennitt, Axa UK graduate resourcing manager.

Thomas is a key account developer at Allianz. He studied

business economics at Liverpool University before joining the

company’s corporate management scheme in September 2003.

What does an account developer do?

I help manage relationships with our affinity partners. These are

brand names such as Dixons, the Telegraph and Royal British

Legions, with whom we work to provide insurance products

under their brands. My role is about attracting new partners,

retaining existing partners and ensuring that their agreement

with us is profitable.

I’ve had four placements with the company. As a graduate trainee

I’ve spent time in commercial lines underwriting (working out the

risks and premiums attached to insuring commercial property

and fleets), time in the change department of the claims division

and in the engineering insurance division.

What attracted you to a career in insurance?

I was interested in a career in financial services, and the

insurance sector stood out. I was impressed by its scale and

variety. It also seemed to be an area that had been overlooked by

many university students.

The concept of taking risks for a living is an exciting prospect,

and that’s what insurers do every day – taking educated risks

about what to insure and at what price.

What do you think makes a successful insurance graduate?

There’s been a greater ‘specificity’ within the insurance sector,

meaning that insurers, brokers and even re-insurers in manycases are looking for more specific skill sets. Insurers are

increasingly looking for people with financial skills and another

skill, such as e-marketing or statistics.

Therefore don’t be put off by a job title, look at the job description

and what it involves and match it against your skills (and,

importantly, against whether you’d enjoy doing it). If you’ve done

a joint honours degree, great; if not, look at the relevant modules

you’ve done and sell these to any potential employer.

Profile

Thomas Needham

Account developer

Allianz



69

T h o m a s’ t i p s

Te qual it y o f t he pe r s on mat t e r s mor e

t han t he d e g r e e s ub j e c t . P e o pl e in t his ind us t r y have d e g r e e s in e ve r yt hin g

f r om his t or y and g e o g r a ph y t o mat hs

and e c onomic s .

Do your r e s e ar c h about whic h c om pan y

you want t o j oin. M an y c om panie s have

e x c e l l e nt g r ad uat e s c he me s , al t hou g h t he

c om pan y br and name ma y not be as hi g h

as it s pr o fi l e .

Te r e is a var ie t y o f r ol e s in t he ins ur anc e ind us t r y. F ind a s c he me t hat g ive s you t he

c hanc e t o e x pe r ie nc e and c ons id e r t he m al l .




EmployersIT in FinanceBanking & Financial Markets Accounting in the City


If you want to be an accountant in an investment bank,

there are two main entry routes. You can join straight from

university or you can gain an accountancy qualification

elsewhere and then move to an investment bank.

Accounting roles in the City are not for the faint-hearted.

The work is well-paid but fast-paced. Expect to work

long hours in a highly-charged environment.

There are several varieties of financial services firm

to choose from. The most important are fund

management firms, which invest money for pension

funds, insurance companies and individual investors;

hedge funds, which invest money for private investors

using complicated trading strategies; and investment

banks, which are financial services power houses

that do everything from trading financial products to

helping companies execute M&A deals. The best-paid

accounting jobs are in investment banks, but retail banks

and insurance companies also need accounting talent.

Trends“There’s never been a better time to consider a career

within banking or financial services while studying

towards a professional accountancy qualification”says Sarah Williams, associate director at recruiters

FSS. “The pace at which these already buoyant markets

are developing means that demand is exceptionally

strong – and is likely to continue to be so.”

Demand is so high that many banks – while not

compromising on the calibre of person they take on

– are more prepared to be flexible when considering

candidates’ backgrounds: “Employers now realise the

importance of employing candidates from practices

other than the Big Four,” says Tanya Sharma, an

investment banking consultant with Joslin Rowe.

“They’re not as concerned if the people they take on

have no financial services audit experience.”

Accountants have evolved from number-crunchers to

business advisers, says Steve Carter, managing director

of Nigel Lynn. “What the financial institutions look

for today are finance professionals who are highly

proficient technically – but who can demonstrate a

broader range of wider commercial skills.”

Key playersIf you want to work for a bank, there’s no shortage

of employers around. The world’s largest financial

institution, according to US magazine Fortune, is

US-based Citi, followed by Fortis, the Benelux-based

insurance group, France’s Crédit Agricole and

London-based HSBC.

These giant institutions all have investment banking arms.

But they also have retail banking networks, through which

they take deposits from consumers. ‘Pure’ investment

banks, such as Goldman Sachs, Morgan Stanley and

Merrill Lynch, are small by comparison.

Roles and career paths At fund managers and hedge funds, accountancy

roles are typically for ‘fund’ accountants who provide

ongoing reports on the value of the fund’s assets and

liabilities, check that all funds received are properlyaccounted for and help prepare for end-of-year

reports and submissions to the Inland Revenue. But

in investment banks, accountants are more diverse.

In the front office, accountants are hired into corporate

finance, raising money for companies involved in M&A

deals, or into equity research, advising on the future

of companies’ share prices. Accountants working in

the front office are typically ACA-qualified. For more

information on these roles, see page 72.

In the back and middle offices, accountants occupy

a number of roles:

Product controllers work with traders to monitor and

restrict the risks the bank is exposed to. Like traders,

they specialise in a particular class of financial product.

Management accountants provide information on

the state of the bank itself. This enables managers

1 (1) Citi 66.1

2 (2) Fortis 56.7

3 (7) Crédit Agricole 55.9

4 (3) HSBC Holdings 47.1

5 (4) BNP Paribas 43.2 S o u r c e : F o r t u n e , G l o b a l 5 0 0

World’s leading banks by revenues 2006Rank (2005 rank) Bank Revenues (£bn)

Accounting City careers

At a glance

No sign of let-up in

the pace of growth

Accountants are now expectedto show commercial acumen

Increasingly tight regulatoryframework governs their work

alented, ambitious finance professionals will go far



70

“Candidates need to be hard-working

but smart with it and have an ability towork with people at all levels”Andrew Garratt, Fidelity International



to formulate strategy based on knowledge of risks

and budgetary constraints.

Financial reporters produce monthly and year-end

accounts and meet the reporting needs of the

Financial Services Authority (FSA).

Technical accounting specialists help banks ensure

they meet the needs of regulators, such as the FSA,

and adhere to requirements such as International

Financial Reporting Standards (IFRS).

PayMoney is what induces many accountants to switch

to banking. Basic salaries are up to 40% higher than

in private practice and there can be substantial bonuses

on top. The best-paid jobs are for product controllers

working with derivatives. According to Joslin Rowe,

product controllers (who are currently most in demand)

with between two and five years’ post-qualification

experience (pqe) can earn a basic of up to £68k

plus a 50% bonus.

Skills All-round skills are called for, says Andrew Garratt

of Fidelity International: “Attention to detail, an

understanding of the big picture, calmness under

pressure are required,” he says. “They need to be

hard-working but smart with it – and have an ability

to work with people at all levels and gain respect from

the management team.” Recruits must also be able

to meet the demands of a complex environment.

Regulatory demands have changed accountancy,

says Steve Carter of Nigel Lynn: “With Sarbanes-Oxley

and Basel II impacting on how companies organise

their financial reporting, as well as how they assess

risk, individuals must have with a clear understanding

of these developments and how they impact on the

business’s infrastructure.”

A qualified ACCA, Heather Larkins works in the finance team

which accounts for the performance of the fund management

business units within M&G. She prepares budgets and cost

forecasts and carries out variance analyses to understand why

costs may be higher or lower than expected – and ultimately to

help management make key business decisions.

Describe the route to your current job

I joined M&G after graduating (in mathematics) in a fund

accounting role, preparing financial statements for the various

unit trusts, OEICs (open-ended investment companies) and

investment trusts managed by the company. I chose to study

ACCA as I felt it was a flexible qualification that would allow me

to keep my options open. After four years I moved to my current

position – I wanted a new challenge and was keen to take on

more of a management accounting role – something more

forward-looking.

What made you decide to go into financial services?

Although I was interested in finance, I knew I didn’t want to

work in an accountancy practice – the investment sector seemed

more exciting. M&G had a good reputation in fund management

and as an employer – they were willing to pay for me to gain

a professional qualification.

How did you get your job?

I applied via a recruitment agency. They told me their client

was looking for someone with a good academic background

but who also had the right personality – team fit is important,as everyone has to be willing to pitch in when the pressure’s

on. I had to be able to demonstrate good communication skills,

as the job involves liaising with heads of departments.

What skills are needed to do well?

Numeracy is absolutely critical. You’re required not just to

produce reports but also to question and interpret them for

others – including people who are not necessarily schooled

in finance. Attention to detail is paramount, as you have to

be able to identify errors in income forecasts or spot where

invoices have been calculated incorrectly. And the ability to

work to tight deadlines is critical.

Profile

Heather Larkins

Financial analyst

M&G Investments



71

Financial controller 70-100 20-100

Product control director 90-110 20-100

Product control mgr

(5 yrs+ pqe) 55-68 0-50

Project manager 70-95 0-100

Regulatory reportingaccountant (just qualified) 45-50 10-20

S o u r c e : J o s l i n R o w e

Accountancy salaries in financial services 2007

Job title Basic pay (£k) Bonus (%)

H e at h e r’ s t i p s :Do your r e s e ar c h be f or e int e r vie ws , s o

you have s ome und e r s t and in g o f how t he

c om pan y you’ r e a p pl yin g t o mak e s mone y.

R e me mbe r t he e nd us e r – t he j ob is n’ t j us t

about c hur nin g out numbe r s : pe o pl e r e l y

on t he in f or mat ion you pr od uc e t o he l p

t he m mak e im por t ant s pe nd in g d e c is ions .

S pr e ad s he e t s wil l fi g ur e in a l ar g e pr o por t ion o f your wor k l oad – i f you d on’t

l ik e E x c e l , t his j ob pr obabl y is n’ t f or you.

www.efinancialcareers.co.uk/studentsTake our online numerical tests



EmployersIT in FinanceBanking & Financial Markets Accounting in the City

If you’re planning to gain an ACA qualification after

leaving university but can’t face a lifetime of jokes about

boring accountants, then think banking. Investment

banks employ ACA-qualified staff in plenty of non-

accountancy guises – the most popular of which

are situated in the thick of it – in the front office.

“Moving to the front office is not for the timid,” says

James Lloyd-Townshend of recruitment firm Hays

Accountancy & Finance. “You need to be fairly robust;

the working environment can be highly pressurised

and a cool head is needed at all times. People who’ve

worked closely with the front-office team in a main-

stream accounting role are more likely to have their

potential identified and be offered opportunities.”

These opportunities could involve working in roles with

greater interaction with the banks’ clients – and the

potential to earn vast sums of money.

Corporate finance/M&ACorporate financiers and M&A bankers are two

sides of the same coin. Corporate financiers working

for investment banks advise client companies

(corporates) on how to raise money, often to financeacquisitions. M&A bankers advise the banks’ clients

on which companies they should acquire and how

to fund their acquisitions. As such, corporate financiers

and M&A bankers are often one and the same person.

“Like most front-office positions, you need to be able

to deal with the cut and thrust of the environment

and stand on your own two feet,” says Hugh Shields

of Barclays Capital. “You need gravitas and

commercial acumen.”

Sophie Spencer, banking consultant at recruiters

Witan Jardine, says: “Ideally, accountants who move

into corporate finance should already have some kind

of exposure to work such as due diligence or company

valuations in their current firm – or even been part of

a team which has helped a client to list on the AIM.

But most importantly, they must have a genuine desire

to move into corporate finance and be able to articulate

this. They’ll be up against people who read the financial

press, know what the big deals are and can talk

knowledgably about them – demonstrating a long-term

interest, not just a fleeting desire.”

Equity researchEquity researchers scrutinise companies’ accounts and

contemplate their strategic direction before pronouncing

whether their shares are likely to rise or fall.

James Heath, managing director of Greenwich Partners,

which specialises in moving newly qualified accountants

into front-office jobs in banks, says strong analytical skills

are required: “You have to enjoy research projects, as

well as writing up the results of your work,” he says.

“But you also need to have the confidence and presence

to back up your findings and recommendations in a

client-facing capacity. Qualified accountants can make

good equity researchers if they can complement their

technical ability with the right personality.”

Other banking optionsIf you don’t fancy making your career in corporate finance

or equity research, you could opt for equity capital

markets, which involves helping companies to raise

money by selling their shares on the financial markets.

Or how about going into corporate broking, where

you will be helping companies manage their share price?

Or perhaps trading?

Keeley Quinlan, finance recruiter at UBS, says thatvisibility in the front office can provide the perfect

opportunity for accountants to shine – and be plucked

from a mainstream accounting role into a more

glamorous position: “There’s always the chance that if

they impress the people they’re speaking to, they’ll be

given the opportunity to switch across.”

However, one City recruiter suggests it may be wise

for newly-qualified accountants with client-facing

aspirations to play their cards close to their chest: “Line

managers won’t want to take on and train up someone

who clearly wants to shoot off to the front office as soon

as possible,” he cautions. “Not only does that represent

a potential wasted investment of time and resources, it

may also imply that the candidate considers the straight

accounting role inferior – a stopgap, or a stepping stone

to something more rewarding.”

Front-office careers

At a glance

Personality and team fit

are critical for progression

Be prepared forpressure and stress

Private equity is adestination of choice

Dynamic types enjoy a host of possibilities



72

“You need to be able to deal with thecut and thrust of the environment andstand on your own two feet”Hugh Shields, Barclays Capital



Private equity Another possibility is a job in private equity. Private

equity funds are the kings of the capitalist system.

With hundreds of millions, and often billions, of pounds

to invest, they specialise in buying out large established

companies, improving them and selling them on.

Giles Derry, director at Dunedin, says: “A lot of the

role is sales-focused. As well as meeting company

management teams to size up a potential investment,

you also have to convince that team that you’d be a

good partner for them. You have to give them a degree

of comfort that you can help them deliver their business

plan and grow their organisation significantly.”

Guy Townsend, joint managing director at Walker

Hamill, believes personality is critical to succeeding

in private equity: “Many qualified accountants tick

certain key boxes – having the technical know-how

to understand the industries in which they invest and

analyse each opportunity, as well as the transaction

skills to complete deals.

But it’s the ability to build strong networks internally

and externally and get on with different management

teams – generating immediate empathy and rapport

– that differentiates the best candidates.”

Not for everyoneBut don’t imagine that the front office is for everyone.

“Front-office positions are sometimes seen as the holy

grail by accountants in banking,” says Jenny Steedman

of Poolia. “But these days, there are many support rolesthat carry kudos in banking, as accountants enjoy a

high profile within the business and play key roles in

helping to enhance value for shareholders.”

While many of the traders and others in front-office

positions have come via the sales route, your

accountancy qualifications may have a positive

impact on your eligibility for admission: “There are

several accountants in the City’s relationship manager

community,” says James Pritchard of Lloyds TSB.

“Their qualifications are well-received, especially as

client contact is often with corporate treasurers,

who may be accountants themselves.”

Finally, it’s also worth asking yourself whether you’re

prepared to commit to working long hours. It may not pay

as well or be as exciting, but a life in financial control or

auditing will at least mean your weekends are your own.

An ACA who trained with Arthur Andersen’s financial markets

practice, Giles Derry initiates investment opportunities at Dunedin,

named in 2007 as the BVCA/Real Deals’ private equity firm of the

year. He specialises in the financial services and leisure sectors.

He has a degree in natural sciences from Durham University.

How did you get into private equity?

I found auditing too retrospective; my interest lies in what

drives business forward. I tried to get in directly from audit but

employers wanted relevant experience. I moved into my firm’s

corporate finance arm, and from there into private equity.

What do you like about the work? Your relationship with management teams is ongoing, not

transitory. Corporate financiers collect their fee and their job is

done – but in private equity, that’s just the beginning. You own

the business and have to help steer its management, from

acquisition through development over three or four years – always

adding value – to profitable realisation of your investment.

What do you enjoy most?

Watching management teams mature and cope with some of the

difficult challenges and dynamics that arise is hugely rewarding.

Also, most private equity firms are relatively small, with collegiate

management styles – big decisions get made and actioned

quickly, which is fantastic.

What does the work involve?

There’s no such thing as a typical day. I could be discussing

pricing strategies, hiring a sales director, finding more money tobuy other businesses, working on legal documents or helping

with tax structuring. I get bored if I’m doing the same thing for

too long – I love the variety.

What skills are essential in order to excel?

You’re dealing with people from all walks of life and business

backgrounds, many of whom are excellent – you can’t think you

know it all. You have to be able to identify what will translate into

value creation, which means understanding and maximising

cashflow, as well as looking at long-term strategic development.

Profile

Giles Derry

Director

Dunedin



73

G i l e s’ t i p s :Te be s t r out e t o pr ivat e e quit y is via

t r ans ac t ion s e r vic e s or d ue d il i g e nc e ;

l e ad ad vis or y or c or por at e fi nanc e ; or

ins ol ve nc y or c or por at e r e s t r uc t ur in g .

P e r s onal it y is k e y – have t he wr on g

a p pr oac h and you won’ t g e t on. Te

r i g ht pe o pl e c an ac quir e t he s k il l s .

Don’ t as s ume you k now it al l – you’ l l r e l y on e x is t in g t e ams f or t he ir e x pe r ie nc e

and mar k e t k nowl e d g e .



EmployersBanking & Financial Markets Accounting in the City IT in Finance


Banks use computers for just about everything – from

communicating with staff and storing information on

clients to running complex models to price financial

products. They are known for having some of the world’s

cutting-edge computer systems, especially for the

trading floor, where financial products and commodities

are bought and sold electronically.

TrendsBanks are big spenders when it comes to IT systems.

According to an estimate by Celent, a research company,

financial institutions’ global IT spending stood at a huge

$318bn in 2006, up 8% on 2005.

Banks have been spending big money on IT because

the effectiveness of systems used to trade everything

from simple (‘vanilla’) equities to exotic derivatives is an

increasingly important source of competitive advantage.

At the same time, computers play an ever more important

role in the trading process itself via algorithmic trading

models, which automatically place trades based on

parameters set by mathematicians.

It’s not all good news for technologists in investment

banks, however. Along with increased spending on coresystems, the other big trend of recent years has been to

shift many programming and non-core IT roles to lower-

cost locations, both out of London to other regions of

the UK and also further afield. JPMorgan has been

adding to the number of programmers it employs in

Glasgow, for example, while Citi has been transferring

programmers to Belfast. Both banks – and most other

banks – are also offshoring IT roles to India.

Roles and career pathsJobs in the IT departments of investment banks tend to

fall into one of four categories: development, business

analysis, project management and technical support.

If you become a developer, you could be responsible for

writing the programmes that help the bank do everything

from pricing and booking trades to calculating risk. The

main programming languages used by banks are

usually C++, Java and Microsoft’s .NET.

While developers write the programmes banks use,

business analysts look at the way technology is used

in the bank and analyse opportunities for making it

work better. They help identify the potential for making

changes to a bank’s technology systems. Once big

changes have got underway, responsibility for

managing them often passes to project managers

who plan, structure and fulfil IT projects, or liaise with

third-party providers.

Technical support staff, meanwhile, require good

technical skills and the thickest of skins to handle not

only the technology problems, but the temper tantrums

of irate traders. It’s a role that carries a lot of responsibility

– a computer problem on a trading floor lasting a few

minutes could cost the bank millions of dollars. It’s up

to the technical support staff to identify and resolve any

glitches as soon as possible.

IT staff in investment banks also usually specialise in

the IT requirements of a particular business area. While

many IT staff work on the trading floor, others are based

in private banking, fund management and operations, or

deal with core infrastructure requirements.

“While there seems to be an almost endless supply of

IT ‘foot-soldiers’ in the City, there’s a definite shortage of

people who really make things happen,” says Satnam

Brar, managing director of specialist ERP recruiter

Maximus. “The major banks and their integrators are all

focusing on individuals who’re not just good technicians.Many current systems have grown organically and now

need fundamental change. That has to be undertaken

by people who don’t just understand the system,

but also the business behind it. Finding that duality

of expertise is not easy.”

PayIT is not the place to be if you want to earn a multi-million

pound remuneration package. However, IT salaries

in investment banking are solid, with the possibility of

earning bonuses of up to 20%.

“Graduates start on as much as £35k, depending on

their background and technical knowledge,” says Louise

Clarke, head of IT recruitment at consultants Robert

Walters. “Bonus potential depends on the area they go

into and the length of their graduate programmes, which

Information technology

At a glance

Banks are spending large sums

upgrading trading systems

Several banks hire graduatesas technology trainees

Non-essential IT roles arebeing shifted to India

echnologists help banks do big business



74

“We don’t hire people whose abilityis purely technical but who have

limited interpersonal skills”Derek Walker, Barclays Capital



can be three to 18 months. The sooner you can get

into a core business environment, the sooner your

bonus potential will increase.”

SkillsTechnical skills are obviously important: “Most IT

graduate schemes in the City won’t hire without academic

experience of software,” says Robert Walters’ Louise

Clarke. “They want evidence of good computer skills

already, although they’ll also take people on with strong

science, engineering or maths degrees.”

But technical ability is not enough. ‘Soft’ skills are also

necessary: “People need to demonstrate good written

and oral communication, as well as presentation,” says

Derek Walker, head of campus recruitment at Barclays

Capital. “We don’t hire people whose ability is purely

technical but who have limited interpersonal skills. We

need them to be technically smart but also able to talk to

people throughout the business in a down-to-earth way.”

“A key asset is to be able to explain technology to the

business in terminology they will understand,” agreesLaura Everingham, graduate recruitment manager at

investment company Fidelity International.

Project managers need to be able to multitask and

work on several things at once, according to Matt O’Hare

of recruitment consultants Hays City: “As project manager,

you’re the central coordinator – controlling the budget,

looking after all the stakeholders, smoothing the continuity

of each project and ensuring they hit key milestones.”

This often involves working alongside and overseeing

more than one set of people, according to Gurdev Sihre

of M&G: “You need to be a team player, understand

where everyone is coming from,” he says. “Project

managers initially work with a team of analysts, then the

developers and testers, then the users. Each has different

priorities, but they’re all valid.”

Program manager 80-120

C# developer 40-80

C++ developer 40-80

Application support analyst 40-60

Business analyst 70-120

Project manager 70-120 S o u r c e : H a y s C i t y

Basic salaries IT in financial services 2007

Job title Basic salary (£k)

A computer science graduate from Birmingham University,

Gurdev joined M&G in 2006. His role involves helping the

implementation team, where his main objective is to coordinate

and successfully implement tightly correlated projects into the

business, working with project managers and acting as point

of contact for technical service and change management teams.

He also solely manages a number of smaller projects.

How did you get your current job?

I’d been personally trading in shares since college. Computer

science was my forte, so this job allowed me to combine

those interests. Although I don’t do any coding, I still need theknowledge gained from my degree, as I have to identify and

mitigate risks; having a technical understanding helps me

pre-empt them and build them into project plans.

Why do you like financial services?

I love the pace. Things change quickly; you need to stay

up to date with what’s happening, especially regulatory issues.

I also like seeing how financial markets interact with and influence

the rest of the economy. To play a part in all that is fantastic.

What do you like about project management?

It’s all about seeing things through from start to finish. I’m

involved in the initial project brief, and I’m still there when it

materialises as a real-life working application that reduces the

effort required by people or processes, or saves us money.

That’s really rewarding.


Communication is critical. You’re dealing with projects involving

significant sums of money. Everything must be watertight –

from the written reports, through the way you walk people

through the roll-out stages of a project, to setting criteria for

post-implementation, end-user sign-off testing.

Profile

Gurdev Sihre

IS implementation team

M&G



75

G u r d e v’ s t i p s :

Tink about t he r ol e you want – it ’ s s uc h

a vas t ar e na and t he r e ar e s o man y pat hs – s u p por t , d e ve l o pme nt , t e s t in g and

pr o j e c t mana g e me nt ar e j us t a f e w.

K now what e ac h pot e nt ial e m pl o ye r d oe s

and how it fi t s in wit h t he r e s t o f t he

fi nanc ial s e c t or – and und e r s t and how

t he F S A wor k s , as it wil l im pac t

on muc h o f your wor k .

N e t wor k wit h as man y pe o pl e as pos s ibl e

– g e t out and about , s t a y e nt hus ias t ic and t ak e on as muc h as you c an. But d on’ t

f or g e t , you al s o have t o have a s oc ial l i f e .

www.efinancialcareers.co.uk/studentsGet the latest on internships & grad programmes



EmployersBanking & Financial Markets Accounting in the City IT in Finance

So you want to work in IT in investment banking.

Where do you start? Which route will your career take?

What are the possibilities for the future?

Starting outThe easiest and most direct way to work in

investment banking IT is to find a bank that will take

you on as a graduate trainee. Banks such as JPMorgan,

Deutsche Bank, Goldman Sachs and Barclays Capital

recruit hundreds of graduates into their technology

divisions each year.

The advantage of joining a bank directly from university

is that you will be trained in the application of technology

in financial services and gain a solid understanding

of financial products. Not everyone who aspires to

working in banking technology will achieve a position

as a graduate trainee, however. Banking is notoriously

competitive, with around 60 applications for every

position. Although IT is less competitive than other

areas, it remains heavily oversubscribed. The good

news is that if you do not immediately land a technology

position, there are several other routes into the industry

for technologists. These include blue-chip companies,particularly multinationals in the telecoms sector,

software houses and consultants

Getting in“A good starting point is to join one of the software

vendors whose products are used to trade instruments

within the banking sector,” says Lee Chapman, director

of IT Financial Recruitment. “These companies will be

looking for exceptional academic backgrounds and

have a preference for scientific degrees, such as

computer science.”

You’ll be able to move into banking if you have spent

two or three years training at the likes of IBM, Oracle or

Microsoft. Financial software providers such as Murex

and Beauchamp Financial Technology also take on

graduates, with Beauchamp employing around 30 a year.

Many major banks seek good IT graduates at the

‘second jobber’ stage from companies outside financial

services, according to Louise Clarke of recruiters Robert

Walters: “Sectors such as telecoms, defence and artificial

intelligence are classic breeding grounds for candidates,”

she says. “The banks actively search from there, as

people are likely to have been trained in the raw basics

but without the pre-moulding they might have if they’d

started out in another bank.”

Matt O’Hare of Hays City says that, while standards have

in no way dropped, employers are less likely to dismiss

a candidate simply because they have no previous

banking experience: “We’ve seen graduates from

pharmaceuticals companies and even the public sector

cross over successfully into banks,” he says. “If similar

technology has been rolled out in two organisations,

then people may well have the ability to support the

same volume and usage in another big company.”

Roles and career pathsOnce you’ve got your foot in the door at an investment

bank, opportunities are plenti ful. You could work on

technology for the trading floor or build the technology

that underpins mathematical models used to price

financial derivative products. Or simply manage a

project to update payroll systems.

There are two broad routes available to technologists

who work in investment banks: technical and managerial.

With the managerial route, you’ll start out as a

programmer or business analyst, working on a particularsystem. From there, you’ll move on to managing a small

team of similar analysts or programmers, becoming a

program team leader with responsibility for a particular

area of a technology program and, ultimately, a project

manager with responsibility for an entire project.

Many organisations like to give their trainees a taste of

what’s on offer throughout the IT function, with a view to

identifying potential skills, as well as allowing recruits the

chance to find out what it is that they really enjoy.

“Graduates are a key pipeline for future technology

leaders or technology experts within our organisation,”

says Laura Everingham, graduate recruitment manager

at investment company Fidelity International. “Where

you want to specialise will depend on you and your

strengths. As we have a rotational graduate scheme,

project management skills are essential. These could

IT careers

At a glance

Banks value experience from

outside financial services

Rotational programmes give youthe chance to find your niche

No room for ‘anoraks’ –business awareness is critical

echnology opens more doors than you’d think



76

“Graduates are a key pipelinefor future technology leadersor technology experts”Laura Everingham, Fidelity International



have been displayed during a team project at university

or a final-year assignment – alternatively, you could have

led a team to raise money for charity or embarked on a

round-the-world trip.”

One way of staying in close contact with technology is to

become a systems architect. They make decisions about

combining the individual programs to make a coherent

whole and need an understanding of the entire system.

Another way is to work on cutting-edge technologies such

as those used to price derivative products. This path is

open only to the very best technologists, however.

Where next?From a career in investment banking IT, you may find

it possible to move into a role in banking operations,

according to Lee Chapman of IT Financial Recruitment:

“For candidates wishing to ultimately work within the

business itself, there are roles available within operations

which will involve acting as an interface between IT,

operations and the business,” he says. “These will require

you to support the management of credit and risk,

often including major elements of IT infrastructure.

These roles will make you far more visible within the

business, which in itself opens up further opportunities

for those who excel.”

Technologists are also increasingly valued in the trading

arena, says Chapman: “Strong front-end developers

should consider a move to a role within the sales

environment – this is where you’re likely to pick up

exposure to the latest and most advanced electronictrading systems.”

The one thing you can’t count on if you work as a

technologist is moving into the front office in a purely

client-facing role as a trader or salesperson. Indeed,

if you join the bank with this intention, you won’t get very

far. “In IT, it’s rare to cross over into a solely revenue-

generating role,” says Andrew Keene, director of banking

technology recruiter Thomson Keene. “Quantitative

analysts might become traders – and some of those

may come from an IT background – but they’ve probably

always been working in the front office. Developers of

web-enabled products, such as those that support credit

derivatives, may move into relationship manager-type

roles, working alongside their sales colleagues and

explaining the technology aspect of products to clients.

It’s pretty exceptional though.”

After graduating last year from Imperial College with a

Masters in mathematics, Simon joined Barclays Capital in

an IT development role for the f ront office.

Can you describe what you do at the bank?

I work in a development team supporting one of the trading

desks. We act as the middle man between the people who do

the pricing mathematics and the traders; we write the software

used to price and book trades.

How did you get your current job?

I worked here on a summer internship in 2004, after which I was

offered a place on the graduate programme. Although in-depthtechnical knowledge wasn’t required, I had to explain at interview

how I’d go about analysing and solving various scenarios.

Why do you like financial services?

I knew that banking would involve maths-related work, which I

like. And as I’d always played around with computers to come

up with new ways of applying different ideas, this job combined

both interests. I could have applied to software houses but that

wouldn’t give me the close contact with end users that I enjoy

in an in-house team. Our clients are internal, so we get to see

and speak to them virtually every day.

What do you like about your role?

When you’re presented with new work or something to fix,

you’re able to investigate different ideas and try out and learn

new technologies. From there, you progress to the project plan,

move forward on that and send the software out into the system.Traders on the desk are always encouraging, and will happily

come back with good feedback, which is rewarding.


We’re extremely busy and have to be responsive to the desk.

Good communication skills are essential, as the work involves

analysing each problem and bouncing ideas off technical experts.

Profile

Simon Pascoe

Software developer

Barclays Capital



77

S i m o n’ s t i p s :

F ind out whe r e your j ob woul d s it –

t hat he l ps you mat c h your own s k il l s t o t he j ob’ s r e quir e me nt s and d e mons t r at e s

g ood pr e par at ion – a k e y s k il l whe n

pl annin g a ne w s o f t war e pr o j e c t .

S ome k nowl e d g e o f fi nanc ial s e r vic e s

is ne e d e d : what var ious pr od uc t s and

s e r vic e s ar e and how t he y fi t wit hin

t he c ont e x t o f t he bus ine s s .

Y ou ne e d t o be abl e t o c o pe wit h mor e

t han one t hin g at onc e – t he r e wil l al wa ys be hi g h d e mand s on your t ime , and

c ons t ant pr ior it is in g wil l be ne c e s s ar y.



Banking & Financial Markets Accounting in the City IT in Finance Employers

e F i n a n c i a

l C a r e e r s . c o m

C a r e e r s i n

F i n a n c i a l M a r k e t s 2 0 0 7 - 0 8

78


ABN AMRO

Company snapshot

ABN AMRO is a prominent international

bank, with a history going back to 1824.

We’re ranked 8th in Europe and 13th in the

world based on total assets, and have over

4,500 branches in 53 countries, a staff of

over 107,000 full-time equivalents and total

assets of €1,054.6bn (as at 31 March 2007).Our strong corporate culture is based

on integrity, teamwork, respect and

professionalism, which enable us to make

more possible for our clients and our people

alike. We believe it’s a unique culture in the

financial sector. It’s a culture where people

who are open to new ideas, who aren’t

afraid to voice their opinions and who

are prepared to listen to other people’s

views will thrive. For more information

see our employer profile on

www.efinancialcareers.com

Graduate programme info

Approx. no. of graduate hires in 2007-08:

150 worldwide.

Divisions offering vacancies:

Mergers and Acquisitions, Equity or Fixed

Income Capital Markets, Structured Finance,

Trading, Sales and Research, Derivatives,

Risk Management, Asset Management and

Technology.

Typical duration of graduate programme:

12 to 18 months, depending on programme,

with six weeks of intensive training at our

exclusive academy in Amsterdam.

Application deadline:

2008 London graduate development

programme: 4 November 2007.

Apply via: www.graduate.abnamro.com

Please see our website for deadlines in other

regions as these will vary by location.

Internship programme info

Approx. no. of intern hires in 2007-08:

100 worldwide.


As above.

Typical duration of internship programme:

10 to 12 weeks during the summer.


2008 London summer internship

programme: 27 January 2008.

Apply via: www.graduate.abnamro.comPlease see our website for deadlines in other

regions as these will vary by location.

Baillie Gifford

Company snapshot

Baillie Gifford is one of the leading privately

owned investment management firms in

the UK, and currently has over £50bn under

management or advice. It is also one of the

fastest growing firms in the sector, helped

by an impressive investment performance

record, an exclusive focus on investmentmanagement and an effective partnership

scheme. The culture is one where

individuals can flourish while benefiting

from the support of a strong team-based

structure. We are looking for applicants

with or expecting a 1st or 2.1 degree in any

discipline. We also welcome applications

from those seeking an early change in their

professional career and from PhD students.



10.


Investment management departments.


3-year training programme.


30 November 2007.

Apply via: www.bailliegifford.com



7.


Investment management departments.


8 weeks in July and August.


31 January 2008.

Apply via: www.bailliegifford.com

Bank of America

Company snapshot

Bank of America serves clients in 175

countries and has relationships with 79%

of the Global Fortune 500. The bank’s

international growth strategy is to build a

profitable universal bank with global markets

as a core competency. Bank of America

targets European clients with strong USinterests and issuer and investor clients

with whom the bank already has a strong

relationship in the US. The company’s

Global Corporate and Investment Banking

group (GCIB) provides innovative services

in M&A, equity and debt capital raising,

lending, trading, risk management, treasury

management and research.



120.


Global Investment Banking, Global &

Capital Markets, Risk, Treasury Services,

Technology & Middle Office.


2-3 years depending on line of business.


Global Corporate & Investment Banking:

14 November 2007.

Global Technology & Operations:

2 December 2007.

Apply via: www.bankofamerica.com/careers



120.


Global Investment Banking, Global &

Capital Markets, Risk, Treasury Services,

Technology & Middle Office.


10 weeks.


16 January 2008.

Apply via: www.bankofamerica.com/careers



The Financial Job Marketplace

Practice makes perfect

Numerical Tests are the latest tool brought to you by eFinancialCareersto help you prepare for the demands of the application process.

Visit our Student Centre on www.efinancialcareers.co.uk/studentsand start practising now!

www.efinancialcareers.com/students




e F i n a n c i a


C a r e e r s i n


80

Barclays Capital

Company snapshot

Barclays Capital is the investment banking

division of Barclays Bank PLC, which has

an AA long-term credit rating and a balance

sheet of over £996bn (€1.4 trillion). With a

distinctive business model, Barclays Capital

provides large corporate, government and

institutional clients with solutions to theirfinancing and risk management needs.

Barclays Capital has offices in 26 countries,

employs over 13,200 people and has the

reach and distribution power to meet the

needs of issuers and investors worldwide.



600 globally, 300 in London.


Compliance, Corporate Communications,

Corporate Real Estate Services, Finance,

Global Financial Risk Management, Global

Marketing, Human Resources, Information

Risk Management, Investment Banking and

Debt Capital Markets, Legal, Operations,

Operational Risk Management, Quantitative

Analytics, Research, Sales, Strategy and

Planning, Structuring, Technology & Trading.


N/A.


Please see website for details.

Apply via:

www.barclayscapital.com/campusrecruitment



600 globally, 300 in London.


Compliance, Corporate Communications,

Corporate Real Estate Services, Finance,

Global Financial Risk Management, Global

Marketing, Human Resources, Information

Risk Management, Investment Banking and

Debt Capital Markets, Legal, Operations,

Operational Risk Management, Quantitative

Analytics, Research, Sales, Strategy and

Planning, Structuring, Technology & Trading.


10-week internship.


The deadline to apply for summer

internships is 31 January 2008, although it isadvisable to apply early.

Apply via:

www.barclayscapital.com/campusrecruitment

Bloomberg

Company snapshot

Bloomberg is the leading provider of real-

time financial news, data and analysis.

Leading corporations, news organisations,

financial professionals and individuals in

over 127 countries rely on Bloomberg.

Available 24 hours a day, to more than

250,000 financial professionals worldwide,the ‘Bloomberg Professional’ service

seamlessly integrates data, news, analytics,

multimedia reports and trading capabilities

into a single sophisticated platform.

We have many areas in which you can

shine. You can work for our core business,

the Bloomberg Professional service, or

the teams of our media products. We

offer opportunities in finance, sales, IT,

programming, project management, news

and summer internships.

Visit careers.bloomberg.com



400+ in the UK.


Financial Sales, Data Analysis, Software

Development, Information Technology,

Project Management, News.


Graduates join as permanent employees

with real responsibility from the start.


Recruitment is ongoing with no

application deadlines.

Apply via: careers.bloomberg.com



120 in the UK.


Financial Sales, Data Analysis, Software

Development, Information Technology,

Project Management, Marketing, Accounts,

HR and News.


10 weeks.


Internship applications close at the end of

February 2008.

Apply via: careers.bloomberg.com

Company snapshot

Barclays Global Investors (BGI) is one of

the world’s largest asset managers and

a leading global provider of investment

management products and services. From

inventing the world’s first index fund in 1971

and the first quantitative active strategy in

1978, we have pioneered change and ledinvestment innovation. Today we manage

more than $1.86 trillion (£950 billion) worth

of assets for over 2,900 clients throughout

the world. We’ve developed a unique

approach to equity and fixed income asset

management, combining quantitative

scientific analysis with human ingenuity to

become creators and inventors in our field.



65.


Active Equities, Indexed Equities, Fixed

Income (active/indexed), Business

Development, Technology.


18 months.


14th October 2007.

Apply via: www.bgigraduatecareers.com



40.


Active Equities, Indexed Equities, Fixed

Income (active/indexed), Business

Development, Technology.


12 weeks.


January 2008. Please see website.

Apply via: www.bgigraduatecareers.com

Barclays Global Investors



e F i n a n c i a


C a r e e r s i n


81

Credit Suisse

Company snapshot

Credit Suisse provides investment banking,

private banking and asset management

services to clients across the world. Active in

50 countries and employing 45,000 people,

this bank is a true pioneer in global finance.

In 2006, Credit Suisse celebrated its 150th

anniversary and launched an integratedbanking platform delivering comprehensive

financial solutions across a diverse

global client base. There are exceptional

opportunities for further growth in new

product areas and emerging markets; there

are equally exceptional opportunities for the

people who can deliver that growth.

Credit Suisse offers intellectual challenges,

high rewards and global development

potential for individuals who share an

enthusiasm for business-critical innovation.


Approx no. of graduate hires in 2007-08:

200 graduates.


Asset Management, Investment Banking,

Fixed Income, Equities, Finance, Private

Banking, Information Technology and other

support functions.


Dependent on programme.


2008 London graduate development

programme: 4 November, 2007.

Full-time opportunities: 23 November, 2007.

For other deadlines, please see our website.

Apply via: www.credit-suisse.com/careers


Approx no. of intern hires in 2007-08:

245 summer interns.


Asset management, investment banking,

fixed income, equities, finance, private

banking, shared services & information

technology.


Dependent on programme.


Please see our website for specific dates

Apply via: www.credit-suisse.com/careers

Citi

Company snapshot

BNP Paribas is a global leader in banking

and financial services, ranking amongst the

world’s top 15 banks by market capitalisation

and total assets. Our corporate and

investment banking division is one of our

core businesses – with over 14,000 people

and a presence in 85 countries acrossfive continents.

At BNP Paribas, we like to do things our own

way. We don’t offer standard three-month

rotations for graduates. You will come in to a

real job from day one, which means a more

intense experience, earlier responsibility and

greater opportunity to develop.



500 global vacancies.


We have global opportunities in Fixed

Income, Equity Derivatives, Coverage,

Corporate Finance, Technology, ECEP,

Structured Finance and Functions.


Minimum 1 year.


See website for details.

Apply via: www.graduates.bnpparibas.co.uk



Varies by programme.


As per above.


Summer: 8-12 weeks.

Long term: 4-11 months.


See website for detail.

Apply via: www.graduates.bnpparibas.co.uk

Company snapshot

Citi is the most complete financial partner

to corporations, financial institutions,

institutional investors and governments in

the world. As a global leader in banking,

capital markets, and transaction services,

with a presence in many countries dating

back more than 100 years, our Marketsand Banking division enables clients to

achieve their strategic financial objectives

by providing them with cutting-edge ideas,

best-in-class products and solutions, and

unparalleled access to capital and liquidity.



250.


Investment Banking, Corporate Banking,

Sales and Trading, Capital Markets, Global

Transaction Services, Investment Research,

Technology, Operations and HR.


Varies by area, see www.careers.citigroup.

com for more details.


Full time programme: 4 November 2007.

Apply via: https://www.citi.gtios.com



250.


Investment Banking, Corporate Banking,

Sales and Trading, Capital Markets, Global

Transaction Services, Investment Research,

Technology, Operations and HR.


10 weeks.


Summer programme 20 January 2008.

Apply via: https://www.citi.gtios.com

BNP Paribas




e F i n a n c i a


C a r e e r s i n


82

Dresdner Kleinwort

Company snapshot

Dresdner Kleinwort is the investment

banking division of Dresdner Bank AG and

a member of the Allianz Group, one of the

world’s leading financial services providers.

With headquarters in London and Frankfurt

and an international network of offices,

Dresdner Kleinwort provides a wide rangeof investment bank products and services to

European and international clients through

its Global Banking and Capital Markets

business lines.



100.


Global Banking, Capital markets – Sales,

Research, Trading and Structuring, Risk

Management and Information Technology.


8-week training programme.


Graduate deadline:

8 November 2007.

Apply via:

www.dresdnerkleinwort.com/graduates



100.


Global Banking, Capital Markets – Sales,

Research, Trading and Structuring, Risk

Management and Information Technology.


10 weeks: 1 week’s training followed by a

9-week internship.


Summer internship deadline:

8 February 2008.

Apply via:

www.dresdnerkleinwort.com/graduates

Deutsche Bank

Company snapshot

Deutsche Bank has been a global player

for more than 135 years, from financing the

building of the Baghdad railway in the 19th

century to being the first German bank to list

on the NYSE in 2001. Today it is a financial

services provider, top executor of M&A

deals, Europe’s number one fund managerand the global leader in securities trading.

At Deutsche Bank ‘A Passion to Perform’

is more than just a claim – it’s the way it

does business, attracting the brightest

talent to deliver an unmatched franchise.

It is committed to being the best financial

services provider in the world. Its breadth

of experience, leading-edge capabilities

and financial strength create value for all its

stakeholders: clients, investors, employees,

and society as a whole.



Over 250 graduates in the City of London.


Asset Management, Finance, Global

Banking, Global Markets, Human

Resources, Legal, Risk & Capital,

Operations, Private Wealth Management,

and Technology.


18 months.


Analyst programme deadline:

1 November 2007.

Apply via: www.db.com/careers



Over 200 positions in the City of London.


Asset Management, Finance, Global

Banking, Global Markets, Human

Resources, Legal, Risk & Capital,

Operations, Private Wealth Management

and Technology.


9-10 weeks.


For Global Banking, Global Markets, Asset

Management and PWM: 15 January 2008

For Finance, Group Technology &

Operations, Human Resources, Risk, Legaland Capital: 15 February 2008.

Apply via: www.db.com/careers

Company snapshot

The European Investment Bank was created

by the Treaty of Rome in 1958 as the long-

term lending bank of the European Union.

The task of the bank is to contribute towards

the integration, balanced development

and economic and social cohesion of the

EU member states.The EIB raises substantial volumes of

funds on the capital markets which it lends

on favourable terms to projects furthering

EU policy objectives. The EIB continuously

adapts its activity to developments in

EU policies.

The EIB, based in Luxembourg, offers the

opportunity to work for Europe in a truly

international environment.

The bank offers professional and managerial

jobs at different levels, covering a wide range

of professions. These positions require a

university degree and an adequate level

of relevant experience.


The EIB offers a limited number of

internships for university graduates with less

than one year of professional experience

who wish to acquire an understanding of the

work of the bank. The internships normally

last between one and five months, and they

cannot be extended beyond the maximum

length of five months. Most are based at the

EIB’s headquarters in Luxembourg.

Apply via: www.eib.org/about/jobs

European Investment Bank



e F i n a n c i a


C a r e e r s i n


83

Fitch Ratings

Company snapshot

Fitch Ratings is a leading global rating

agency committed to providing the world’s

credit markets with accurate, timely and

prospective credit opinions. Built on a

foundation of organic growth and strategic

acquisitions, Fitch Ratings has grown rapidly

during the past decade gaining marketpresence throughout the world and across

all fixed income markets. Fitch Ratings

is dual-headquartered in New York and

London, operating offices and joint ventures

in more than 50 locations and covering

entities in more than 90 countries. Fitch

Ratings is a majority owned subsidiary of

Fimalac, S.A., an international business

support services group headquartered in

Paris, France.



25.


Structured Finance, Corporates,

Financial Institutions.


18-24 months, depending on

the programme.


To be confirmed for 2008.

Apply via: www.fitchgraduatesuk.com



20.


Across the business.


Typical duration is 3 months. Ranges from 2

to 6 months.


Rolling applications.

Apply via: www.fitchgraduatesuk.com

Fidelity International

Company snapshot

Fidelity* is an investment management

company managing more than $280.7bn

for millions of private and institutional

investors around the world. Through

combining a global reach with a local focus,

we have become the UK’s largest mutual

fund manager and the European leader inpan-European equities. The independence

we enjoy as a privately owned company

enables us to concentrate on developing

innovative products and providing the

highest levels of customer service.

*Fidelity means Fidelity International Limited

(FIL), established in Bermuda, and its subsidiary

companies. Assets and resources as at

30.03.07 are those of FIL. Source IMA based on

institutional and retail funds under management

as at April 2007.



28.


Accounting & Finance, Investment,

Operations, Risk Management &

Compliance, Sales & Marketing (European

Rotation Programme) and Systems.


Varies by business area, typically two and a

half years.


1 December 2007 for investment,

31 December 2007 for all other

programmes.

Apply via: www.fidelityrecruitment.com



6.


Accounting & Finance, MultiManager and

Sales & Marketing (European Rotation

Programme).


Summer internships of 10 weeks.


31 January 2008.

Apply via: www.fidelityrecruitment.com

HSBC

Company snapshot

HSBC provides a comprehensive range

of financial services to over 125 million

customers worldwide. HSBC’s Corporate,

Investment Banking and Markets (CIBM)

is an emerging markets-led and financing

focused business that provides tailored

financial solutions to major government,corporate and institutional clients worldwide.

Managed as a global business, CIBM’s

dedicated offices around the globe serve

the subsidiaries and offices of our clients in

more than 60 countries and territories.



150 globally.


Corporate Banking, Global Markets,

Global Capital Markets, Investment

Banking, Infrastructure (Global Markets

Operations, Finance, Compliance and

Credit Risk Management), Research,

HSBC Investments, HSBC Amanah,

Private Banking.


Varies depending on business area.


End of November 2007.

Apply via: hsbcnet.com/ibcareers



70.


Corporate Banking, Global Markets,

Global Capital Markets, Investment

Banking, Infrastructure (Global Markets

Operations, Finance, Compliance and

Credit Risk Management), Research,

HSBC Investments, HSBC Amanah,

Private Banking.


10 weeks.


End of February 2008.

Apply via: hsbcnet.com/ibcareers




e F i n a n c i a


C a r e e r s i n


84

Lehman Brothers

Company snapshot

Experience Lehman Brothers. Make an

impact. Engage your passion. Realise

your potential.

An innovator in global finance, Lehman

Brothers serves the financial needs of

corporations, governments and municipalities,

institutional clients, and high-net-worthindividuals worldwide. Founded in 1850,

Lehman Brothers maintains leadership

positions in capital markets (including equity

and fixed income sales, trading and research),

investment banking, and investment

management (including private investment

management, asset management and private

equity). The firm is headquartered in New

York, with regional headquarters in London

and Tokyo, and operates in a network of

offices around the world.



300.


Investment Banking Division, Capital

Markets Division (Equities, Fixed

Income & Prime Services), Investment

Management Division, Private Equity,

Corporate Divisions (including IT, Operations

specialist programmes and a Corporate

rotational programme).


2-3 years.


Deadlines vary. Check with your careers

service or graduate recruiting contact.

Apply via: www.lehman.com/careers



300.


Investment Banking Division, Capital

Markets Division (Equities, Fixed Income &

Prime Services), Investment Management

Division, Private Equity, Corporate

Division (Corporate Advisory, IT, Finance,

Operations, Risk Management).


10-12 weeks for internships.

6-12 months for industrial placements.

Application deadline:Deadlines vary. Check with your careers

service or graduate recruiting contact.

Apply via: www.lehman.com/careers

Company snapshot

Lazard is a premier financial services firm

committed to excellence, independence,

intellectual rigour, integrity and creativity

for our clients on a global scale. Lazard

is a global firm, with a team of over 2,000

individuals operating across 16 countries.

We solve complex financial challenges fora client base that includes corporations,

partnerships, institutions, governments

and high-net-worth individuals. We are an

independent firm, free of the conflicts that

can arise at other financial institutions, and

we maintain long-standing relationships

with business leaders and decision makers

around the world.



15.


M&A advisory, Financing (ECM & DCM

advisory) and Restructuring.


3 months’ training.


Analysts: 16 November 2007.

Apply via: www.lazard.com/apply



25.


M&A advisory, Financing (ECM & DCM

advisory) and Restructuring.


7 weeks.


Interns & 1-year placement: 1 February 2008.

Apply via: www.lazard.com/apply

Lazard

Company snapshot

The Macquarie Group is a diversified

international provider of specialist investment,

advisory and financial services, with over

10,000 employees in 24 countries across

Europe, Asia, the Middle East, the Americas,

Africa and Australasia. Macquarie has reported

successive years of record growth and profitsfor the past 15 years and has seen its presence

in the European market increase significantly.

Our success comes from supporting the

ideas of our people. We seek motivated,

independent thinkers, whose talent and

initiative will drive our future growth.

In joining Macquarie, you will have the

opportunity to be part of a successful

team working in a fast-paced and dynamic

environment where your contribution is valued

from day one.

Graduate opportunities exist within the

Investment Banking Group (Corporate Finance

Advisory and Banking Funds) the Treasury &

Commodities Group, the Financial Operations

Division, the Risk Management Group, the

Equity Markets Group and our Information

Technology Division in both Europe and

the UAE.

To apply please visit our website:

www.macquarie.com/eu



85.


Investment Banking Group, Treasury &

Commodities Group, Equity Markets Group,

Information Services Division, Financial

Operations Division and Risk

Management Group.


Permanent.


5 November 2007.

Apply via: www.macquarie.com/eu



50.


Investment Banking Group.


10 weeks. Application deadline:

11 January 2008.

Apply via: www.macquarie.com/eu

Macquarie



e F i n a n c i a


C a r e e r s i n


85

RBC Capital Markets

Company snapshot

Every investment bank can promise

challenge and responsibility to its

graduates. The question is, how long

might you have to wait for those doors of

opportunity to open?

With RBC Capital Markets, they’ll open

very quickly. That’s precisely because we’renot the world’s biggest investment bank.

We’re ranked in the global top 17, which

means we’re big enough to be a serious

player in the financial markets, yet small

enough to offer our people really early

responsibility. There are no waiting rooms,

no hiding places. If you’re good enough,

we’ll trust your ability to dig deep and

deliver the goods.



10-12


We also take a small number of graduates

into the middle office.


Unique 17-week programme (rotating

across fixed income sales & trading,

debt capital markets, structuring, foreign

exchange, commodities & infrastructure

finance).

Skills required:

Minimum 2.1 or equivalent degree.

Genuine interest in finance with a strong

desire to progress quickly.

Additional languages an advantage but by

no means a prerequisite to applying.


23 November 2007.

Apply via: www.rbccm.com/careers



20.


Capital Markets (Front Office, Middle Office

and Operations), Investment Banking,

Global Financial Institutions, Global

Wealth Management & IT.


8-10 weeks.


8 February 2008. Apply via: www.rbccm.com/careers

Merrill Lynch

Company snapshot

Merrill Lynch is a leading wealth

management, capital markets and advisory

company, with offices on six continents and

client assets of more than $1.6 trillion. The

company is a global trader and underwriter

of securities and derivatives across a

broad range of asset classes and servesas a strategic advisor to clients. Through

its two core businesses – Global Markets

& Investment Banking and Global Private

Client – Merrill Lynch provides a range of

services for individuals, small and mid-size

businesses, corporations, institutions and

governments. Merrill Lynch owns just under

half of BlackRock, one of the world’s

largest publicly traded investment

management companies.



250.


Investment Banking, Global Markets,

Research, Technology, HR and

Global Private Client.


2 years.


Full-time programme: November.

Apply via: www.ml.com/careers/europe



200.


Investment Banking, Global Markets,

Research, Technology, HR and

Global Private Client.


9 weeks.


Summer programme: December.

Apply via: www.ml.com/careers/europe

Morgan Stanley

Company snapshot

Morgan Stanley is one of the world’s largest

diversified financial services companies,

with a reputation for excellence in advice

and execution on a global scale. The firm

serves institutional and individual investors

and investment banking clients, including

corporations, governments and other entitiesaround the world. We offer new ideas and

effective execution, creating opportunities

and insightful solutions to complex financial

problems. Our 45,000 employees across

31 countries provide underwriting, sales,

trading and research for almost every

financial instrument, as well as merger

and acquisition advice, privatisation and

financial restructuring, foreign exchange,

commodities, and real estate finance.



250.


Investment Banking, Sales & Trading,

Investment Management, Credit Risk

Management, Technology and

Finance & Operations.


2-3 years.


11 November 2007.

Apply via:

www.morganstanley.com/careers/recruiting



150.


Investment Banking, Sales & Trading,

Investment Management, Private Wealth

Management, Technology and

Finance & Operations.


10 weeks.


31 December 2007.

Apply via:

www.morganstanley.com/careers/recruiting




e F i n a n c i a


C a r e e r s i n


86

Rothschild

Company snapshot

Rothschild is a top-tier international

investment bank with offices in cities in

over 30 countries, including London, Paris,

Frankfurt, Milan, New York, Toronto, Hong

Kong, Singapore, Sydney and Beijing. We

have over 2,000 employees worldwide.

We provide objective relationship-basedadvice and services to our clients worldwide

and work with them to achieve their strategic

and financial goals.

Rothschild’s principal activities are

Investment Banking (M&A, Debt Advisory

and Equity Capital Markets, the latter of

which is conducted through our joint venture

with ABN AMRO), Corporate Banking and

Private Banking.



30.


Investment Banking (M&A, Debt Advisory

and Equity Capital Markets) and

Corporate Banking.


Graduates complete a four-month training

programme, which includes formal

classroom training as well as rotations

through our principal divisions.


Graduate programme: 5 November 2007.

Apply via: www.rothschild.com



Summer interns: approximately 30.

Long-term interns: various.


In the UK, we offer a summer internship

programme in our Investment Banking

and Corporate Banking divisions. We also

take long-term interns into our Investment

Banking division.


Our summer internship programme lasts for

10 weeks from early July to early September.

Our long-term internship posts run for

periods of between three and six months.


Summer internship programme:

7 January 2008.Long-term internship programme:

ongoing.

Apply via: www.rothschild.com

Royal Bank of Scotland

Company snapshot

The Royal Bank of Scotland is the third

largest bank in Europe and the tenth largest

in the world by market capitalisation. With

over 150,000 employees, we now serve

more than 36 million customers globally. We

continue to grow rapidly.

Global Banking & Markets is a leadingbanking partner to the world’s corporations

and financial and governmental institutions,

providing an extensive range of debt

financing, risk management and investment

services. UK Corporate Banking is the UK’s

number one corporate bank. Together, we

have relationships with 95% of the FTSE 100

and 80% of the Fortune 100.



375.


Global Banking & Markets – Debt Markets,

Treasury & Investor Products, Asset and

Portfolio Management, Sector Corporate

Finance, Corporates, Financial Institutions,

Risk, Finance, Specialised Lending

Services, Technology, Operations.

UK Corporate Banking – Corporate

Banking; Commercial Banking; Domestic

Banking Services; International Banking

Services; Lombard; RBS Invoice Finance;

Chief Administrative Office; Corporate

and Institutional Banking; Corporate and

Structured Finance.


12 months.


Please refer to our websites.

Apply via: www.rbs.com/gbmgraduates

www.rbs.com/ukcbgraduates



240 worldwide.


Global Banking & Markets.

UK Corporate Banking.


UK: Easter Insight Programme (2 weeks).

Worldwide:

Summer Internship Programme (10 weeks),

10-20 Internships (6-12 months). Application deadline:

Please refer to our websites.

Apply via: www.rbs.com/gbmgraduates

www.rbs.com/ukcbgraduates

Company snapshot

We are a leading player in the European

energy markets. As an asset-backed energy

trading company RWE Trading has a keen

understanding of the forces driving the

markets. At RWE Trading we trade not only

the typical energy commodities gas, oil, coal

and power both UK and continental, butalso a range of financial derivatives. We

are also a major player in the emerging

environmental markets.

RWE Trading runs trading floors in London

and Swindon in the UK, as well as Essen

in Germany. We combine all the skills and

expertise of any major investment bank,

with the excitement of working within the

energy markets.



We typically look to recruit six graduates per

year, though we will always have positions for

talented individuals.


We offer our talent the opportunity to

experience several different areas of our

business: Risk, Front Office, S&V

– or specialise in just one or two.


Our Talent Pool scheme typically lasts for 18

months.


We are always recruiting and are keen to

receive CVs all year round.

Apply via: [email protected]

Placement programme info

Approx. no. of placement hires in 2007-08:

8-12 (UK only).


Risk, Analysis, Change Management, IS,

Short Term Position Management, et al.

Typical duration of placement programme:

12 months.


Jan-Feb 2008.

Apply via: [email protected]

RWE Trading



e F i n a n c i a


C a r e e r s i n


87

Standard Chartered Bank

Company snapshot

At Standard Chartered we have an ambitious

vision supported by dynamic values. We’re

one of the world’s most international banks

leading the way in Asia, Africa and the

Middle East. We are at home in a variety

of cultures and offer the best of all worlds

by combining our international expertisewith local insights. We are looking to attract

highly ambitious, intelligent, creative and

achievement-orientated graduates who want

to broaden their horizons and have a desire

to build an extraordinary career in banking.



370 globally.


Wholesale Banking, Consumer Banking,

Finance, Human Resources, Group

Technology, Operations, Legal & Compliance

and Assurance and Corporate Real

Estate Services.


2 years.


International graduate programme:

February 2008.

Apply via:

www.standardchartered.com/graduates



60 globally.


Wholesale Banking, Consumer Banking,

Finance, Human Resources, Group

Technology, Operations, Legal & Compliance

and Assurance and Corporate Real

Estate Services.


10 weeks.


Internship deadline: March 2008.

Apply via:

www.standardchartered.com/graduates.

Tradition FinancialServices Ltd.

Company snapshot

Founded in 1985, Tradition Financial

Services (TFS) is a market leader in the

brokering of financial and non-financial

products. With offices worldwide, the

company covers currency options, equity

derivatives, freight, precious metals,

energy, property derivatives and pulp &paper markets. TFS Energy brokers a full

spectrum of OTC energy and energy-related

physical and derivative products – including

electricity, natural gas, crude oil and refined

products, coal, environmental products

and weather derivatives – and exchange-

traded futures and options. TFS is a

subsidiary of Compagnie Financière

Tradition (CFT), one of the world’s top

three interdealer brokers in financial and

commodity-related products.



No fixed number, but average is 4 per year

in London.


This could be in any of our London

departments: Equities, Energy or

Currencies, depending on positions

available.


The broker training programmes are

usually 6 to 8 weeks.


Please refer to our website

www.tfsbrokers.com and our adverts on

www.students.efinancialcareers.co.uk

around April / May.

Apply via: www.tfsbrokers.com

and www.efinancialcareers.com



Ad hoc.


Ad hoc.


Variable.


N/A.

Apply via: www.tfsbrokers.com

UBS

Company snapshot

UBS is one of the world’s leading financial

firms, serving a discerning international

client base. Its business, global in scale, is

focused on growth. As an integrated firm,

UBS creates added value for clients by

drawing on the combined resources and

expertise of all its businesses.UBS is the leading global wealth manager,

a top tier investment banking and securities

firm and one of the largest global asset

managers. In Switzerland, UBS is the market

leader in retail and commercial banking.



500+ across Europe.


All.


18-24 months, depending on the

programme.


London: 4 November. Please check our

website for details.

Zurich: year-round; no deadline.

Apply via: www.ubs.com/graduates



500+ across Europe.


All.


London: 10 weeks (placements

up to 12 months).

Zurich: 3-6 month placements.


London: 27 January 2008.

Zurich: year-round; no deadline.

Apply via:www.ubs.com/graduates



e F i n a n c i a


C a r e e r s i n


88


www.structuredproductsonline.com

About this site: Structured Products online.

Key figures: 8,000 unique visitors a month.

Typical/target audience: Wholesale market

for derivatives-based products.

Product offering: Covers the market for

guaranteed equity products, structured

notes, index products, alternative

investments and funds of funds; equity, fixed

income. News, features, regulatory data,

comment and profiles. Analysis of new deals

and coverage of regulatory and tax changes.

Structured Products Extra daily news alert.

Sectors covered: Finance, alternative

investments, derivatives, capital guarantees.

Countries/languages covered: Published

in English; coverage includes UK, Europe,North and South America and Asia.

Most known for: News, product reviews

and 11 global events

Best bit for students: News, product

reviews and searchable on-line archive.

For more information, here is a selection of our partner sites:

www.creditmag.com

About this site: Credit magazine online.

Typical/target audience: Senior execs in

pension funds, mutual funds, insurance

companies, banks, brokerages and hedge

funds specialising in credit.

Product offering: Latest thinking incorporate bonds; market sentiment; how

developments affect your peers, your

competitors and your own institution.

Topics include: Analysis and comment on

key issues, developments and trends.

Sectors covered: Corporate bonds,

derivatives, structured credit and

leveraged finance.

Countries/languages covered: Published

in English but with global coverage

including UK, Asia, Europe, North and

South America.

Most known for: News, moves, opinion.

Best bit for students: News, product

reviews and searchable on-line archive.

www.watersonline.com

About this site: Controlled circulation

monthly magazine; updated weekly online.

Key figures: 10,263 qualified subscribers.

Typical/target audience: Chief information

officers, analysts, chief technology officers,

market data executives.

Product offering: Feature led articles on

technological issues facing the buy- and

sell-sides. Monthly & weekly news alerts,

breakfast briefings.

American Financial Technology Awards host

Annual rankings survey.

Sectors covered: Exchanges, software/

hardware/market data vendors, Buy-side:

institutional investors, pension funds,

insurance companies, hedge funds, fundsof funds, investment trusts, energy firms.

Sell-side: securities firms, broker/dealer,

investment, merchant banks.

Countries/languages covered: USA,

UK and parts of Europe and Asia.

www.risk.net

About this site: Latest issue and archive to

2002; Risk training courses & conferences.

Key figures: 11,500 copies printed monthly.

Typical/target audience: Investment and

asset management; hedge and pension

funds; banks; governments; supranationals;

consultants; insurance; accountants;

lawyers; software vendors; recruiters.

Product offering: Features, technical

papers, columnists, profiles, guest articles,

guides and handbooks, special reports.

Countries/languages covered: English,

Italian Spanish, German, French, Japanese,

Chinese and Korean.

Sectors covered: Derivatives; risk

manage-ment; Basel II, insurance; hedgefunds; structured products; commodities;

pensions; CDOs; IAS 39; corporates.

Most known for: Monthly magazine for risk

management and derivatives industry.

Best bit for students: Wide coverage.

www.hedgefundsreview.com

About this site: Monthly print publication,

daily email newsletters and online bulletins.

Key figures: Readership of 10,000.

Typical/target audience: Investors, fund

managers and service providers.

Product offering: News, opinion andanalysis; fund managers’ views; strategy

reviews; performance analysis; fund

closures, litigation and mandates; trading

tips, academic papers and special domicile

supplements; news and five-year archive.

Sectors covered: Hedge fund manage-

ment, investing in hedge funds.

Countries/languages covered:

Distribution: 60% Europe, 30% North

America, 10% Asia-Pacific/rest of the world.

Most known for: Objective analysis in a

market full of subjective publications.

Best bit for students: Views from actual

hedge fund managers – find out what it’s

really like rather than reading the theory.

www.opriskandcompliance.com

About this site: Online and monthly in print.

Key figures: Readership c. 8,000 monthly.

Typical/target audience: Heads of

operational risk and compliance, chief risk

officers, heads of IT and those responsible

for operational risk or compliance strategies.Product offering: Information on regulation

changes and initiatives, including Basel II,

Sarbanes-Oxley, and MiFID; news on

operational risk and compliance software

and consulting services; coverage of

money laundering, financial crime, business

continuity, corporate governance, and other

hot topics; monthly surveys on various

topics; in-depth features on new regulations;

articles by prominent industry experts.

Countries/languages covered: Global

distribution, published in English.

Most known for: Providing up-to-date

information on important regulation,

implementation and technology issues.



Just going with a name. Going where you’ll

make a name for yourself.

© 2007 Citigroup Inc. Authorised and regulated by the Financial Services Authority. Citi and Arc Design and Let’s Get It Done are service marks of Citigroup Inc. Citigroup Inc. is an equal

opportunities employer.

- Investment Banking

- Corporate Banking

- Capital Markets

- Sales & Trading

- Global Transaction Services

- Technology

- Human Resources

- Operations

What do you want to accomplish? An impressive title, or

something more? Last year one of our colleagues helped

broker a deal that helped an African country reduce its debt

portfolio through payment restructuring — only six months

after graduation. Call us when you’re ready to make your mark.



Financial Careers

Documents