The Unofficial Guide to Investment Banking Issued by Contents Overv

8/3/2019 The Unofficial Guide to Investment Banking Issued by Contents Overv

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The UNOFFICIAL GUIDE

to INVESTMENT BANKING

Issued by



CONTENTS

INTRODUCTIONWHY AN UNOFFICIAL GUIDETO INV ESTMENT BANKING?

O V E R V I E W O F I N V E S T M E N T B AN K I N G

M Y T H S

AN D R E ALI T I E S

F I N AN C E AS S E T M AN AG E M E N T

GLOBAL

BANKING

GLOBAL

MARKE TS

G R O U P

T E C H N O LO G Y & O P E R AT I O N S

LEGAL,

RISK &

CAPI TAL

W ORK ING

T HE PROCESS

T OP T IPS

GLOSSARY

3

4 6

12

8 10

2 2

24

28 30

16

H U MA N

R E S O U R C E S

2 0



Why an “Unofficial

Guid

e to

Investm

entBanking?”

The aim of this guide is to give you a fresh

view of investment banking. A brochure is

helpful, but can read a little like a catalog.

We think you need to know what your life

would really be like, challenging out-of-date

myths and stereotypes, so you are able to

make the most informed decision possible.

This is an honest look at investment

banking and is based on the experiences

of people just like you, who have now gone

through the graduate program and come

out the other side with blossoming

careers. It is the inside

story of investment

banking written by

analysts for graduates,and you won’t hear this

tale anywhere else.

We’re going to tell

you about all the

divisions you could

work for, what life’s

really like for analysts

and show you that there’s

more to banking than pitchbooks, power lunches and pinstriped

suits. And if you still want to go into

banking once you’ve heard the inside

scoop, we’ll tell you about how to get

there and give you practical tips on

interviews and applications. Oh and

don’t worry if you come across words

you don’t understand, you’ll find them

in the “glossary of incomprehensible

banking jargon”.

Happy reading and good luck!



brokers, commercial banks and asset

managers - investment banks now appear

bewilderingly huge.

As if the range of different businesses

wasn’t enough, within each typically lies

layer upon layer of complexity. This is, in

part, due to the fierce competition for

notoriously large fees. Without innovation

and a detailed understanding of markets

and clients, these fees rapidly disappear.

The good news is that investment banks

need both specialists and those able to

grasp the bigger picture. As the opposite

function-by-function list suggests, a mix of

responsibilities, roles and opportunities are

available to you.

OVERVIEW OF

INVESTMENT BANKING

Investment banks are among the largest

and most complex organizations in the

world. They serve many different types

of companies, institutions and

governments and play a huge role

in the financial sector.

Investment banking is

now a much broader

business than it was

even a quarter of

a century ago.

Many traditional

services

centered on

helping

corporate

clients secure

financing to achieve key strategic

objectives e.g. mergers and acquisitions.

Today, investment banks are much more

than well-connected intermediaries

between investors and chief executives:

the biggest players can meet virtually all

the financing and investment needs of

wholesale customers globally.

The industry changed because of the

successive waves of consolidation in the

finance sector. Investment banks now

trade and issue equity and debt as well as

lend directly to clients and offer a range of

investment options. Having swallowed up





MYTHSTY PE OF PERSONT h e i n v e s t m e n t b a n k i n g w o r l d i s l i k e a n u n a p p r o a c h a b l e o l d b o y s ’ c l u b – u n l e s s y o u a r e a n i v y l e a g u e / r e d b r i c k u n i v e r s i t y g r a d u a t e .

TRADERS

T r a d e r s a r e r uthl e ss d ea lm ake r s w h o o nl y c a r e

a b o ut m o n e y .

THE HOURS

T h e r e a r e n o n o r m a l w o r k i n g h o u r s i n i n v e s t m e n t b a n k i n g – y o u h a v e t o g i v e u p y o u r p e r s o n a l li f e / g i r l f r i e n d / b o y f r i e n d / f a m i l y / h o b b i e s .

T YPE OF PERSON

T h i s i s c o m p l e t e l y u n t r u e ! Y e s , a g o o d d e g r e e i s

e s s e n ti a l b u t b a n k s in v e s t a h u g e a m o u n t i n

t r y in g t o a t t r a c t a v e r y d i v e r s e r a n g e o f p e o p l e .

TRADERS

T h i s i s p a r t i a ll y t r u e – t r a d e r s m u s t b e v e r y

f o c u s e d a n d m o ti v a t e d a s th e y c o n d u c t o n e o f th e b a n k ’ s c o r e a c t i v i ti e s a n d th e r e f o r e h a v e a l o t o f r e s p o n s i b i li t y t o s h o u l d e r .

THE HOURS

No t e nti r e l y t r u e , it d o e s d e p e nd o n th e a r ea

w h e r e yo u w o r k . O n th e t r a ding f l oo r yo u w o r k

a n int e n s e 10 h o u r d a y; a nd w h e n o n a d ea l ,

in v e s tm e nt b a n ke r s c a n pull a ll - night e r s . O th e r

a r ea s g e n e r a ll y h a v e m o r e s t a nd a r d w o r k

s ch e dul e s . S t a r ting a c a r ee r in a n y indu s t r y

r e qui r e s l o ng h o u r s a nd d e dic a ti o n t o g e t

a h ea d , b a n k ing i s n o di ff e r e nt .

MYTHS AND REALITIES OF

INVESTMENT BANKING

There are many assumptions made

about investment banking, including theenvironment, work and people. Some of

these clichés are based on truth and

some are definitely rooted in

misunderstanding.

Deutsche Bank’s current

analysts considered the

myths they had heard before

they joined the bank and

whether these had turned out to be reality.

REALITY



GRADUATES

G r a d u a t e s g e t a ll th e m u n d a n e , a d m i n t a s k s

w h i l e t h e r e s t o f t h e t e a m d o e s th e f u n s tu ff .

THE SALARY

Y o u e a r n s o m u ch m o n e y; y o u c a n r e ti r e a t 30 w it h a j e t , y a c h t a n d c o u n t r y h o u s e .

THE CULTURE

T h e w o r k i n g c u l t u r e i s s t u ff y a n d c l o s e d . Y o u

h a v e t o m a k e s u r e y o u k e e p y o u r h e a d d o w n

a n d d o n ’ t a s k t o o m a n y q u e s t i o n s .

THE MATHS

Y o u h a v e t o b e a m a th e m a t i c a l g e n i u s t o a p p l y

t o b a n k i n g – a n a r t s g r a d u a t e h a s n o c h a n c e .

GRADUATES

Q uit e th e o pp os it e . G r a du a t e s a r e gi v e n a

s u r p r i s ing a m o unt o f r e s p o n s ibilit y a nd a n yo n e

w h o ’ s s k ill e d a nd w illing i s r e c o gni ze d .

THE SALAR Y

N o t q u i t e , b a n k e r s a r e n o t t h e H o l l y w o o d A- l i s t .

M o s t p e o p l e h a v e n o r m a l , d o w n t o e a r t h li v e s .

Y o u m a y e a r n m o r e th a n c o m p a r a t i v e r o l e s i n

o t h e r i n d u s t r i e s , b u t a p r i v a t e j e t m i g h t b e g o in g

a b it f a r …

THE CULTURE

T hi s i s n o t t r u e . I n in v e s tm e nt b a n k ing yo u

a r e a l w a ys l ea r ning a nd th e r e ’ s a n o p e n ,

f ee db a c k cultu r e .

THE MATHS

B e in g a b l e t o u n d e r s t a n d a n d e x p r e s s i d e a s w it h n u m b e r s i s c e r t a i n l y a n i m p o r t a n t s k i l l i n m a n y r o l e s , b u t w h a t d e g r e e y o u h a v e g r a d u a t e d w i t h i s n o t n e c e s s a r i l y t h e q u a l i f y i n g f a c t o r – i n f a c t , D e u t s c h e B a n k r e c r u it s t h e b e s t f r o m a l l d i s c i p l in e s .

DI VERSI T Y

T h e r e i s n o t m u c h d i v e r s i t y in i n v e s t m e n t b an k in g –

t h e r e ar e f e w w o m e n an d m i n o r it i e s r e p r e s e n t e d .

THE JARGON

T h e r e i s s o m u c h j a r g o n in b a n k i n g ; i t ’ s l i k e

h a v in g t o l e a r n a n e w l a n g u a g e .

THE ATTIRE

Y o u h a v e t o w ea r a b o w ti e a nd pin s t r ip e d s uit

e v e r y d a y – it ’ s th e un s p o ke n uni f o r m o f

in v e s tm e nt b a n k ing .

YOU HAVE TO SPEAK GERMAND e u t s c h e B a n k i s v e r y G e r m a n i n th e w a y i t d o e s b u s in e ss a n d e v e r y o n e h a s t o s p e a k G e r m a n .

DIVERSITY

D i v e r s it y i s c o n s id e r e d a v e r y imp o r t a nt ,

s t r a t e gic bu s in e ss d r i v e r a t D e ut s ch e B a n k . T hi s

i s f o r t w o r ea so n s: it mitig a t e s th e r i s k th a t i s

in vo l v e d in h o m o g e n o u s thin k ing ; a nd it a ll o w s

u s t o r e f l e ct o u r cli e nt b a s e – a nd th e y a r e a

di v e r s e g r o up o f p e o pl e .

THE JARGON

T h at ’ s r i g h t ; t h e r e i s a l o t o f j ar g o n . O n c e y o u

h av e l e ar n e d i t ( o n th e e x c e l l e n t t r ai n i n g

p r o g r am s ) y o u ’ ll w o n d e r w h at y o u d id w i t h o u t

it . C h e c k o u t t h e g l o s s ar y i f y o u n e e d h e l p .

THE ATTIRE

O f c o u r s e so m e p e o pl e li ke th e o ld s ch oo l a tti r e ,

but th e b o w ti e l oo k i s r ea ll y n o t th a t c oo l

a n y m o r e …

YOU HA VE TO SPEAK GERMAN

D e u t s c h e B an k i s a l e ad i n g E u r o p e an B an k

w it h a m u l t i n at i o n al w o r k f o r c e . I t h as a s t r o n g

g l o b al p r e s e n c e w i t h o f f i c e s i n Lo n d o n , N e w

Y o r k , H o n g K o n g , S i n g ap o r e , T o k y o ,S y d n e y an d

F r an k f u r t ( t o n am e a f e w ) . An d s p e ak i n g

G e r m an i s n o t m an d at o r y !

I f y o u w a n t m o r e

i n f o r m a t i o n o n w h a t i t ’ s l i k

e t o w o r k

f o r

D e u t s c h e

B a n k

,

v i s i t

w w w

. d b

. c o m / c a r e e r s

.



ASSET MANAGEMENT

WHAT DOES THE ASSET MANAGEMENT

DIVISION DO?

Asset Management firms manage otherpeople’s money, usually belonging to

companies, institutional investors, or

private parties, by converting this money

into assets – stocks, bonds, derivatives,

and other types of investments – with

the goal of making that money, make more

money. Asset managers use a combination

of investment theory, quantitative tools,

market experience and research to pick

investments for their portfolios, rangingfrom high-risk stocks to commercial real

estate or cash accounts.

WHAT ROLES ARE THERE WITHIN ASSET

MANAGEMENT?

Asset Management is typically split into

three main areas according to investor and

investment types:

INSTITUTIONAL INVESTORSThis area specializes in providing

investment advice and products to pension

funds, insurance companies, charities and

corporates wanting to make long-term

investments of their assets.

RETAIL INVESTORS

Most investment managers don’t deal

direct with individual members of the

public, but do develop products tailored to the retail needs which are marketed

through retail banks or independent

financial advisors.

ALTERNATIVE FUNDS

This segment includes real estate and

hedge funds. Real estate enables

investors to buy into funds featuring

property types including domestic,

commercial or industrial property. Asset managers increasingly offer the

opportunity to invest in hedge funds.

Typically this is attractive to organizations

that want to diversify from traditionalinstrument types, e.g. equities (stocks) and

fixed income (bonds) to boost returns.

There are two main functions in each of

the above areas:

INVESTMENT MANAGEMENT

This function is responsible for investing

clients’ funds in specific asset classes,

such as equities and fixed income aswell as hedge funds. Portfolio managers

specialize in particular instruments and

markets and are responsible for

performance of a portfolio of fund types

(e.g. growth, value, domestic or regional).

SALES AND DISTRIBUTION

This function is responsible for creating,

positioning and selling the investment

products the bank offers. The MarketStrategy teams create the investment

products, making sure each portfolio has a

mixture of instruments that meet clients’

needs. Sales & Marketing are responsible

for explaining the products to institutional

investors. For any fund to flourish, the

sales team must first convince clients of

its attractions: without investors, there can

be no fund.



WHAT IS THE GRADUATE PROGRAM LIKE?

R o l e s i n As s e t M a n a g e m e n t a r e l e s s f l e x i b l e t h a n i n a n y o th e r a r e a o f t h e b a n k . An a l y s t s t e n d t o b e h i r e d

i n t o e it h e r in v e s t m e n t m a n a g e m e n t o r s a l e s a n d d i s t r i b u t i o n . T h e n r o t a ti o n s m a y t r a n s p i r e t h r o u g h o u t

t h e p r o g r a m t o a l l o w t r a in e e s t o f i n d t h e i r n i c h e ( u n l e s s y o u k n e w w h a t y o u w a n t e d t o d o a l r e a d y ) a n d

b e c o m e a s p e c i a l i s t .

LIFE AS AN ANALYST

O n t h e in v e s tm e n t m a n a g e m e n t s i d e , th e r e a r e f e w e r p l a c e m e n t s a n d s u c c e ss d e p e nd s o n n ic h e m a r k e t k n o w l e d g e a n d b u ild in g l o n g - t e r m r e l a ti o n s h i p s w it h c li e n t s . S p e c i a li z a ti o n i s c r uc i a l t o d e m o n s t r a ti ng v a lu e t o cl i e n t s , b u t r e l a t i o n s hi p s a nd n e t w o r k in g c a n b e j u s t a s im p o r t a nt . T h i s a d d s u p t o l o ng h o u r s , bu t a v a r i e d a n d f u l f i ll in g w o r k in g d a y . E v e nt u a l l y , y o u ’ ll b e c o m e a t r u e s p e c i a l i s t in y o u r a r e a a n d a n e x t r e m e l y v a l u a b l e t ea m m e m b e r .

I f yo u w a nt t o c r e a t e a n d s t r a t e g i z e o n p r o d uc t s , p o s i ti o n th e m in th e m a r k e t a nd w in ov e r i n v e s t o r s , b u s i n e s s

m a n a g e m e n t i s

f o

r

yo u . Y o u g e t t o b e t h e l in k b e t w ee n th e a s s e t m a n a g e r s , c li e n t s a n d C o n t r o l li ng –

i t ’ s h e c ti c , b ut y o u w i ll g e t t o k n o w y o u r m a r k e t r ea ll y w e ll . T h e r e a r e o nl y a f e w g r a d u a t e s a nd c o m m i tm e nt i s ke y – y o u c a n ’ t f o r g e a r e l a t i o n s h ip w i th a cli e nt o n e y e a r a n d d i ss o l v e it t h e n e x t .

SO, IS ASSET MANAGEMENT FOR YOU?

T h e p r o f e s s i o n r e q u i r e s e x c e l l e n t q u a n t i t a t i v e a n d a n a l y t i c a l s k i ll s , a s w e l l a s a g o o d d e g r e e . M a n y g r a d s

s t u d i e d b u s i n e s s o r e c o n o m ic s , b u t i t ’ s n o t a s e s s e n t i a l a s k e e n n e s s a n d g o o d c o m m u n i c a t i o n s s k il l s . All

a n a l y s t s h a v e t o t a k e t h e I n v e s t m e n t M a n a g e m e n t C e r t i f i c a t e ( I M C ) a s p a r t o f th e p r o g r a m a n d th i s h a p p e n s

o u t s id e o f w o r k ti m e . M a n y a n a l y s t s a l s o o p t t o t a k e t h e C h a r t e r e d F i n a n c i a l An a l y s t ( C F A ) e x a m .

DO YOU WANT TO...

• B e c o m e a n e x p e r t i n a s p e c i f ic s e ct o r o f

t h e f in a n c i a l in d i c e s

• W o r k w i th a n d in f l u e n c e t h e w o r l d ’ s

b ig g e s t i n v e s t o r s

• U n d e r s t a n d h o w d i f f e r e n t f in a n c i a l

in s t r u m e n t s b e h a v e • D e a l w i t h l o n g t e r m in v e s tm e n t s

( s o w o r k i s n o t a s d e a d l in e d r i v e n )

• H a v e a g r e a t o p p o r tu n i t y t o s h i n e –

o n l y a f e w g r a d s a r e t a k e n o n a n n u a ll y

BUT BEW ARE...

• Lo t s o f n e t w o r k i n g i s r e q u i r e d • F o c u s i s k e y i n t h i s d i v i s i o n – y o u n e e d t o b e c e r t a i n o f y o u r c h o i c e o f c a r e e r • I t s n o t a s f a s t - p a c e d a s G l o b a l M a r k e t s • H o u r s c a n b e l o n g • I t s v e r y

c h a l l e n g i n g

– k n o w i n g y o u r s p e c i f i c s e c t o r i s h a r d w o r k

• Y o u a r e r e q u i r e d t o t a k e p r o f e s s i o n a l e x a m s

“Working with Alternative Investments is

a bit like being party coordinator between the

portfolio managers and the underlying funds(fund of funds). You get to know Controlling and

many other aspects of the bank.”



WHAT DOES THE FINANCE DIVISION DO?

For any company, integrity is crucial to its

ability to do business. When a company’s

regul

ato

ry compli

anc

eor int

ernal cont

rols

fallshort, we’re all aware of the scandal that can

ensue (think WorldCom or Enron).

For banks, as financial intermediaries, it’s

doubly important that there is a robust

framework to establish control and ensure

integrity.

The Finance division at Deutsche Bank does

just this. It is a bit like a police force for the

bank. It enforces the external laws that govern

the financial industry and sets the internalcontrols to ensure the bank conducts

its business effectively and

profitably.

WHAT ROLES ARE THERE

WITHIN FINANCE?

Finance is split into four areas:

BUSINESS AREA CONTROL (BAC)

When traders are doing deals, they don’thave much time on their hands. They are there

to make money for the bank and don’t have

time to check the fruits (or foibles) of their daily

trading activity. For each business area, BAC

calculates, analyzes and reports risk and profit

and loss (P&L) to the trading desks and senior

management daily, often using numerical

models to tally these figures against what the

traders ‘think’ they made that day. BAC are key

partners with the traders when it comes to

setting up new products and business streams,designing and implementing infrastructure

changes and in providing information for them

to manage their businesses in the most

profitable and scaleable manner. BAC also

interfaces with Legal Entity Control and Risk

Management / Group Risk Control to ensure there

is accurate and fair

information in the firm’s

financials and Value at

Risk (VaR) respectively.

LEGAL ENTITY CONTROL (LEC)

LEC is responsible for reporting the financial

results to Corporate Centre and for statutoryreporting to regulators, such as the UK’s

Financial Services Authority (FSA) and the

Federal Reserve in the US. All regional Finance

functions report on a monthly and annual basis

on the managerial and financial aspects of the

business. This function is also tasked with

making sure Deutsche Bank’s reporting

structure makes the best use of technology.

GROUP RISK CONTROL (GRC)

GRC is the centre of competence within

Deutsche Bank for risk measurement

and reporting. GRC teams work

closely with Legal, Risk & Capital to

implement risk methodology. GRC’s

role includes the measurement,

analysis and reporting of Credit,

Market, Operational, Investment,

Business and Liquidity Risk. In GRC

you will be responsible for quantifying

risk and ensuring the quality and integrity

of risk related data.

GLOBAL VALUATION GROUP (GVG)

This department makes sure that all those

exciting and exotic investment products are

priced correctly. The GVG uses industry standards

as well as complex mathematics to support its

own pricing models. Some new investment

products being created these days are so new

that there is no industry standard, so

it’s important to assess pricing. Thisgroup is also responsible for

making sure that trading desks

globally have their pricing

tested on a regular basis.

Finance interfaces with the

Group Technology and

Operations functions regularly,

ensuring that systems are able

to cope with its requirements.

Finance and Operations are also in

charge of the ledger and making sure that themoney is in the bank after a hard day of trading.

FINANCE





GLOBAL BANKING

WHA T DOES THE GLOBAL BANKING

DI VISION DO?

Jus t like your local bank pro vides you wi th an

accoun t, loans and in ves tmen t oppor tuni ties,

companies need someone to manage their

finances too. Large, t ypicall y mul tina tional

corpora tes rel y on in ves tmen t banks because

o f the scope o f ser vices required.

Pre viousl y, in ves tmen t banks pro vided

corpora tes wi th ad vice and

in troduc tions to in ves tors, ra ther

than lending their o wn funds like a

commercial bank. Banks no wada ys,

in order to mee t increased demands,

ha ve broadened their range o f

produc ts and ser vices. Tha t is

cer tainl y the case a t Deu tsche Bank.

Global Banking consists of Corporate Financeand Global Transaction Banking.

Corporate Finance comprises the complete rangeof integrated investment banking produc

ts andindustry sector coverage, enhanced by extensive

country and local market knowledge.

Products and services delivered across acohesive global platform include Mergers &Acquisitions Advisory, Equity Capital Markets,Leveraged Debt Capital Markets, CommercialReal Estate, Asset Finance & Leasing andcorporate lending services.

Corporate Finance at Deutsche Bank employsapproximately 4,250 professionals in 37 countries. ( June 2007)

Equally,within Global Transaction Banking thereis a complete range of Cash Management, TradeFinance, Trust & Securities Services and CapitalMarket Sales available making Global Bankingone of the most diverse businesses at DeutscheBank. All the various services within DeutscheBank are dedicated to fulfilling the completefinancial needs of companies.



WHAT ROLES ARE THERE WITHIN

GLOBAL BANKING?

Because of the wide range of client needs

catered for by Global Banking, there is a great

variety of specialist and generalist roles.

A common distinction is between client

coverage and product teams:

CLIENT COVERAGE

Client coverage involves senior professionalswith specialist experience looking after clients

designated by geography or by industry sector.

This provides clients with access to an

extensive skill and knowledge base built on

a deep understanding of their market and

industry from which they can leverage.

When coverage bankers have identified

specific needs, they will call on product

specialists to provid

e furth

er advic

e andservices while continuing to act as a bridge

between the client and product specialist to

ensure client satisfaction is maintained.

PRODUCT TEAMS

So that our clients get a comprehensive,

integrated service from Deutsche Bank,

Global Banking: Corporate Finance has been

structured to offer:

Asset Finance & Leasing – AFL is a global

provider of structured financing solutions as

well as comprehensive advisory and arranging

services for long-living, high-value assets such

as: aircraft, ships, real estate, infrastructure,

renewable energy and alternative assets, like

patents and private equity.

Commer cial Real Estate – Pr ov ides f inancingser v ices to or ganizations owning or acquir ingcommer cial r eal estate assets includingar r anging debt f acilities and supply ing liquidity to r eal estate institutions. Deutsche Bank is aglobal leader in Commer cial Real Estate withan ex tensiv e team of pr of essionals based inthe US, Eur ope and Japan.

Equity Capit

al Mar k ets

– A globalpr ov ider of pr imar y equity

pr oducts lik e IPOs, block tr adesand r ights issues and innov ator innew pr oduct dev elopments.

m a p s i n t e r n a t i o n a l

. c o

. u k



GLOBAL BANKING continued

Leveraged Debt Capital Markets – This team uses

innovative and complex structures to supply

finance to organizations with limited access to

traditional capital markets. DeutscheBank has been involved in more

high yield new issuance than

any of its competitors over the

last six years (Source:

Thomson Financial, 2001-

2007 YTD) and is a leader in

jumbo leveraged buyouts.

Mergers & Acquisitions

(M&A

) –

Buying anoth

erfirm is a critical moment in

any company’s development and they are willing

to pay high fees for high-quality advice on the

choice of financing options available. Deutsche

Bank’s M&A bankers have the ability to enable

their clients to achieve their strategic objectives as

they can place the most powerful product platform

and network of relationships at their service.

Within the Transaction Banking section of Global

Banking, services relating to the movement ofcash and securities have been split into three

main areas:

Cash Management – Large corporates often have

thousands of bank accounts and hundreds of

banking partners. This can make it very hard to

keep track of (and use!) all of the cash within the

firm. The Cash Management team provides

services to help consolidate cashflows and invest

them short-term to maximize liquidity.

Trade Finance – This team offers comprehensive

solutions along the client’s trade value chain by

combining international trade risk mitigation

products and services with custom-made

solutions for structured trade and export finance.

With Deutsche Bank as a trading partner, clients

can seamlessly manage documentary collections,

letters of credit and trade guarantees alongside

their risk management and structured export

finance. The Trade Finance team uses industry-

leading technology across its global network

to increase the efficiency of cross-border

trading.

Trust & Securities Services – This team looks

after the administration of securities

transactions once they're closed. Clients are

either the issuers of

stocks and bonds or theasset managers who buy them and require

them to be held securely. This group also

maintains relationships with investment

bankers, lawyers, rating agencies and other

third parties.

Capital Market Sales – This team provides

clients with asset, liability and risk management

solutions across a wide range of different

asset classes, such as foreign exchange,

interest rates, equities, commodities and credit.

“You need to be dr iven andambitious. You have to be abl e towor k with l ots of dif f er entpeopl e inter nall y and ex ter nal ly –

and be pr epar ed to tr avel and wor k with dif f er entcultur es. As l ong as y ouar e har d wor k ing,

analy tical and smar t,y ou’ ll go f ar .”

“Our relationship with

the Global Markets tea m

is really interesting.

We can ask the m for

infor m ation on the

m arket, but they can’t

ask us for infor m ation

on deals because

of client

confidentiality.”





GLOBAL MARKETS

WHAT DOES THE GLOBAL MARKETS DIVISION DO?

Global Markets is what most people think ofas investment banking (along with corporatefinance). Although until relatively recentlymany roles dealing in the capital and moneymarkets were performed by smallerspecialist institutions.

The trading floor has also changed dramatically in recent years, with phones,then computers gradually replacing openoutcry trading in most markets. However it still performs the same function – tradersbuying and selling financial instruments (e.g. equities and bonds) with the aim ofturning a profit either directly for the bank orfor clients (with the bank earning commission).

Investors deal in the markets for a number ofreasons: as well as those that deal for theshort term (using their market expertise to‘beat the market’) and the long term (‘buy andstick’ investors who wish to achieve a returnover a given period), many also trade as partof a risk management strategy (dealing inparticular instruments to offset a predictedfinancial risk). As such, clients may includeasset managers, hedge funds, other banks,

mortgage institutions and corporates.

The pace of life is infamous; those that workon the trading floor need that legendarystamina to think and act as quickly as requiredthroughout their day.

W HAT ROLES ARE T HERE IN GLOBALMARK ET S?

Global Mar k et s is split up int o desk s cov er ingspecif ic mar k et s and r egions. T her e ar edif f er ent r oles but all r ev olv e ar oundpr esent ing and ex ecut ing new inv est ment oppor t unit ies t o client s:

SALESSales is r esponsible f or mak ing sur e t hat client s ar e of f er ed oppor t unit ies and t r adingst r at egies t hr ough liaising w it

h t he t r ader s andr esear cher s on w hat t hey hav e on t heir book sand t heir k now ledge of t he mar k et . Sales isalso r esponsible f or r aising capit al on behalf of companies and gov er nment s by placing t heir new ly issued bonds and shar es w it h inv est or s.

T RADING T r ader s mak e pr ices, book t r ades and manager isk on behalf of client s. T hey gener ally liaisew it h t he sales t eam on t heir desk

t o under st andw hat client s w ant , w hat ideas Sales andResear ch ar e pushing t o client s and w het her t hese ar e r ealist ic accor ding t o mar k et pr ices.



RESEARCH

Depending on the desk, researchers are of ten

clien t facing wi th Sales, presen ting their

research and ideas on how differen t marke ts

will perform. This migh t include anal ysis of a

compan y or indus tr y sec tor’s financial

performance, or an opinion on the Gross

Domes tic Produc t (GDP) grow th prospec ts of a

par ticular coun tr y.

STRUCTURING

These are the people who crea te the more

complex, over- the-coun ter ins trumen ts, the y

have their own desks and in terface with clien ts.

There are hundreds of trading desks globall y

in large inves tmen t banks, bu t the y can be

spli t in to some ke y areas:

EQUIT Y

These desks handle inves tmen ts in various

companies across the world. Inves tors

t ypicall y bu y and sell equi t y in companies

based on expec ta tions of future profitabilit y.

The Research function pla ys an impor tant par t:

anal ys ts examine compan y performance,

inves tiga te indus tr y trends and scru tinize an y

issues impac ting the companies’ finances.

Traders pa y close a tten tion to resul ts

s ta temen ts, bu t an y informa tion tha t could

affec t fu ture financial performance of a

compan y will resul t in swif t bu ying or selling

ac tivi t y. If the news impac ts a large firm or

group of firms, the Dow Jones or FTSE 100

ma y also fluc tua te in response.

DE BT Al so k now n a

s f i x ed i ncome, many bank s buy and sel l debt ( t y pi cal l y bonds ) i ssued by gov er nment s, i nst i t ut i ons and cor por at es.Or gani z at i ons i ssue debt i nst r ument s i n or der

t o secur e f unds f or a f i x ed t er m, per haps 5-10y ear s. I nv est or s buy bonds f or t he r egul ar i nt er est pay ment s t hey r ecei v e bef or e ani nst r ument mat ur es and t he debt i s r epai d.Debt i s somet i mes consi der ed l ess f ast -pacedt han equi t i es due t o a hi gher pr opor t i on of l onger -t er m i nv e

st or s.



“It’s not all about

m aking i m m ediate

trading decisions at

a fast pace – I’ m on

a flo w desk and so m e

of m y trade ideas

m ight be for six m onths or t wo years

in debt m arkets.”

GLOBAL MARKETS continued

MONEY MARKETS & FOREIGN EXCHANGE

Money market desks typically lend and borrow

large amounts for very short-term periods(usually from a day to three months). Trading

in foreign exchange (FX) also varies according

to the time horizon. Banks do

provide currency to clients for

immediate use (the spot

market), but most currency is

bought and sold for future

needs. Typically, clients want

to buy currency at a

guaranteed price, say, sixmonths in the future, in order to

meet a financial commitment in this

currency (e.g. a payment to a supplier). Clients

use FX to offset risk, but banks trade for profit.

DERIVATIVES

These are complex instruments based on the

performance of an underlying asset, e.g. debt

or equity. For example, you may want to buy

100 Company X shares, but current markettrends mean that share price will likely rise in

6 months, so you buy the option (not an

obligation) to purchase them in 6 months’

time at the current price. If you’re wrong, you

don’t have to buy the shares; you simply sell

the option.

Derivatives are a way of dealing in a particular

financial instrument in the future under

specific circumstances, so they are often used to manage risk. One high-profile example

is the credit derivative. These instruments are

a kind of insurance policy that allows financial

institutions to offset the risks of lending

(i.e. extending credit) to corporate clients. A

bank might buy a credit derivative that permits

it to sell on its exposure to a borrower in

specific circumstances.

More complex still are structured products–derivatives based on multiple, market factors.

E.g. an investor might use a structured

product to protect its investment in a

wheat producing firm against the multiplefactors affecting the price of the grain,

such as oil prices, currency market

movements, global warming and local

production costs. These instruments are

often tailored to very specific needs and as

such require a detailed knowledge of

market dynamics and risk modeling to

make the structured product attractive to

the client and profitable for the bank.

“Becoming a trader is alifesty le choice – y ou have to

work hard and play hard, true

despite being a cliché! I do

have trading screens set up at

home, but my work is so

interesting I like to have

access to the markets

whenever I want.”



WHAT IS THE GRADUATE PROGRAM LIKE?

E v e r yo n e a tt e nd s a gl o b a l cl a ss r oo m t r a ining p r o g r a m , thi s e quip s yo u w ith th e

b a s ic s yo u ’ ll n ee d o n th e t r a ding f l oo r a nd yo u m ee t yo u r f utu r e c o ll ea gu e s f r o m

th e o th e r r e gi o n s . Mos t g r a d s g o int o a g e n e r a li s t p oo l w h e r e yo u r o t a t e in di ff e r e nt

a r ea s ( p r o duct s li ke c r e dit , c o mm o diti e s , r a t e s; a nd f uncti o n s li ke s a l e s , t r a ding ,r e s ea r ch a nd s t r uctu r ing ) b e f o r e d e ciding o n a p e r m a n e nt h o m e . I f yo u ’ r e hi r e d t o

a s p e ci f ic d e s k yo u ’ ll a l so h a v e th e o pp o r tunit y t o r o t a t e in so m e r e l e v a nt a r ea s .

LIFE AS AN ANALYST

G l o b a l M a r ke t s i s a t o ugh e n v i r o nm e nt a nd r e qui r e s a n in s a ti a bl e a pp e tit e t o l ea r n .

I n th e f i r s t y ea r th e d e m a nd s m a d e o n g r a du a t e s a r e g r ea t a nd yo u w ill b e w o r k ing

l o ng h o u r s in a high s t r e ss e n v i r o nm e nt ( th e r e i s a l o t a t s t ake ! ) – a ll di ff icult

ci r cum s t a nc e s in w hich t o l ea r n th e r o p e s . As a t r a d e r , yo u w ill b e gi v e n yo u r o w n

p o r t f o li o t o t r a d e , but yo u w o n ’ t b e put in ch a r g e o f a $5 billi o n b oo k s t r a ight a w a y .

Lea r ning i s c o ntinu o u s but ch oos e yo u r tim e t o a s k qu e s ti o n s c a r e f ull y; tim e i s th e s c a r c e s t c o mm o dit y o n th e t r a ding f l oo r .

I f yo u h a t e g e tting up ea r l y , thi s might n o t b e th e c a r ee r f o r yo u . T r a ding r e qui r e s yo u t o

b e in b e f o r e th e m a r ke t s o p e n a nd thi s m ea n s yo u c a n b e a t w o r k f o r 12 h o u r s a d a y s t a r ting a t

6 .30 a m . R e s ea r ch a nd s a l e s a n a l ys t s w o r k t o d ea dlin e s a nd th e p r e ss u r e i s high . Y o u m a y e v e n

b e t e mpt e d t o kee p a n e y e o n m a r ke t m ov e m e nt s ov e r th e w eeke nd .

T h e r e a r e ch a ll e ng e s w o r k ing w ith yo u r int e r n a l c o ll ea gu e s a s w e ll . R e s ea r ch e r s c a n b e

f r u s t r a t e d a t cli e nt s n o t bu y ing int o th e i r id ea s , a nd S a l e s c a n f ind it di ff icult i f th e y c a n ’ t g e t

w h a t th e i r cli e nt w a nt s b e c a u s e m a r ke t ci r cum s t a nc e s m ea n th e t r a d e r i s un a bl e t o d o th e d ea l .

SO, IS GLOBAL MARKETS FOR YOU?

M a n y t r a d e r s a nd s a l e s p e o pl e h a v e bu s in e ss o r e c o n o mic s r e l a t e d d e g r ee s , but th e r e a r e

a l o t o f hum a niti e s g r a du a t e s t oo . I f yo u li ke th e so und o f th e s t r uctu r e d p r o duct s d e s k ,

yo u w ill h a v e t o b e a kee n m a th e m a tici a n . But m os t imp o r t a nt i s a ttitud e : yo u mu s t b e

quic k t o l ea r n a nd e nthu s i a s tic in o r d e r t o m ake a g oo d imp a ct du r ing yo u r int e r n s hip o r

g r a du a t e p r o g r a m .

DO YOU WANT TO...

• W o r k in a d e m a nding e n v i r o nm e nt

• Lea r n f r o m highl y s k ill e d c o ll ea gu e s

• D ea l in f in a nci a l in s t r um e nt s w o r th $milli o n s

• C r ea t e c o mpl e x , cutting e dg e

in v e s tm e nt id ea s

• P l a y a p a r t in a ff e cting th e

w a y m a r ke t s b e h a v e

BUT BEWARE...

• T h e h o u r s a r e o f t e n l o ng w ith

ea r l y s t a r t s

• I t i s h e ctic o n th e t r a ding f l oo r

• Y o u h a v e t o b e c o n f id e nt , a ss e r ti v e a nd

quic k t o l ea r n

• Y o u n ee d t o b e a n a ll - r o und e r : int e ll e ctu a l ,

so ci a bl e a nd thic k - s k inn e d !



HUMAN RESOURCES

WHAT DOES THE

HUMAN RESOURCES (HR) DIVISION DO?

The banking industry is highly competitive.

The key to a bank’s success is having the best

people. HR partners with the different business

areas to hire,motivate and retain the best

talent. But you may not be aware just how

sophisticated and varied the HR role within

banking has become.

WHAT ROLES ARE THERE IN HR?

The roles within HR are pretty diverse. There is

room for both generalists and specialists.

HR covers:

• Advisory – relationship managers who advise a

designated division of the bank, they manage

issues such as change management, strategic

planning, compensation reviews, leadership,

career development and employee relations.

• Diversity – help make the bank truly diverse

by supporting groups through community

outreach and employee networks.

• Compensation – design and deliver

employee compensation and benefit systems

that can be applied across all functions of

the bank around the world. They also handle

international projects and assignments,

advise on issues like tax and immigration –

and of course they also make sure we

get paid!

• Resourcing – responsible for the overall

design and strategic direction of the

employer brand, recruiting and workforce

management.

• Development – design and deliver a

curriculum that covers the skills that people

need to develop in their role and reach their

full potential, as well as tailored and

specifically designed innovative solutions for

business teams.

• Management Information Systems – provide

analysis on employee data, produceanalytical reports to support decisions on

the future of the Deutsche Bank workforce.

“I was surprised at

the opportunities available

to take part in interesting,

important projects that really

make a difference to the

bank.”





GROUP TECHNOLOGY

& OPERATIONS

WHAT DO TECHNOLOGY &

OPERATIONS PEOPLE DO?

Technology and operations form the backbone

of Deutsche Bank, managing all infrastructure

and IT requirements. Today’s financial

services industry is characterized by evermore complex trading methodologies and

instruments, and growing legislation and

regulation; all coupled with a need to reduce

cost and risk, while improving client service.

Having the right technology and infrastructure

in place is key to banks meeting these

challenges and gaining and

maintaining that all

important competitive

edge.

WHAT DOES TECHNOLOGY DO?

Technology has allowed Deutsche Bank to

become one of the largest global competitors

in the financial markets.

As the pace of change has increased,

technology has allowed us to not only stayleaders in markets where margins have been

squeezed but also to compete in markets

where millisecond execution times are critical.

The face of Deutsche Bank’s technology team

is also rapidly changing as we leverage the

skills of a global workforce. Technology is no

longer a place where programmers work in

isolation but one where communication and

innovation allow us to provide an unbeatable

service to our clients.

WHAT DOES OPERATIONS DO?

The popular image of investment

banking is one of slick, fast-

moving dealmakers. But dealscan only work if the right

processes and people are in place to

back up the deal making.

That’s why Operations is often described as

the engine room of the bank. It’s a fast-

paced and diverse division that makes

sure trades are settled, risk is minimized

and clients are satisfied; and that’s just

the star

t.

22

Operations is the backbone of the

business. Without us, the rest of

the organization wouldn’t be able

to stand up properly!

“

”





24

L EGAL, R IS K

& CAP I TAL

W HA T DO E S T H E L EGA L

, R I S K &

CA P I TA L D I V I S IO N DO ?

E ve r y compan y in e ve r y indus t r y mus t manage

t he r is ks to t he i r bus iness. Bu

t some r is ks a re

d is t inc t to in ves tmen t ban ks. C re

d i t losses,

vo la t i l i t y o f ma r ke t p r ices, l iqu id i t y s ho r tag

es,

and regu la to r y and lega l ma t te rs can a l l h

a ve

an impac t on a ban k ’s cap i ta l and

repu ta t ion.

Fo r Deu tsc he Ban k to gene ra te re venue and

ma ke a p ro f i t, cap i ta l needs to

be used and

r is k ta ken. T he re is no re wa rd (p ro f i t ) w i t

hou t

r is k. Ho we ve r, i t is c r i t ica l to ba lance t

he

r is k / re wa rd equa t ion aga ins t a ban k ’s capac i t y

to a bso r b t he do wns ide to r is k ( t

rad ing and

lend ing losses ). Deu tsc he Ba

n k a lso s t r i ves to

ma in ta in i ts repu ta t ion as a lea

d ing p ro v ide r o f

f inanc ia l so lu t ions. T hese a re

t he u l t ima te

o bjec t i ves o f Lega l,

R is k & Cap i ta l (L

RC ).

WHAT ROLES ARE THERE IN LRC?

There are five distinct hiring streams:

CHIEF OPERATING OFFICE

The Chief Operating Office is responsible for the

control and management of all credit data across

Deutsche Bank globally. Its remit also includes the

management of headcount, costs, and

outsourcing projects across LRC. It also provides

operational support functions within the division.

These functions include business management,

communications and credit and market operations.

COMPLIANCEFailure to comply with the regulations can cost

a bank its business. That’s why Compliance’s

work of identifying and managing regulatory

risks is so critical. Compliance advances lawful

and ethical business conduct and prevents and

detects violations of law, helping to protect and

maintain Deutsche Bank’s integrity and

reputation.

CREDIT RISK MANAGEMENT

Credit Risk Management (CRM) is the independent

credit approval and monitoring function for the

whole of Deutsche Bank. CRM represents

Deutsche Bank’s centre of competence for all

counterparty risk related matters. The division

uses its expert local knowledge from around the

globe to maximize Deutsche Bank’s risk-adjusted

rate of return. It provides structuring advice and

credit approval on transactions, manages the

credit exposure of Deutsche Bank’s derivative

and foreign exchange portfolios, actively ensures

the recovery of impaired loans and makes sure

that the global risk and management reporting

systems are timely and accurate.



25

perform the complex risk analyses that are

crucial to inform their business decisions.

Investment Risk Management (IRM) looks at all

risk-related aspects of potential acquisitions

and is res

ponsible for ov

ersee

ing the int

egration

of their risk processes. IRM also reviews

Deutsche Bank’s principal investments. These

include, for example, when the bank takes an

equity stake in a company or project that it has

been involved in from an advisory perspective.

Treasury & Capital Management (TCM) is

responsible for the capital, liquidity, and

balance sheet of Deutsche Bank on a global,

regional, and local basis. TCM manages these

resources with a view towards shareholder and

bondholder value, as well as regulatory

requirements and other external influences.

OPERATIONAL RISK MANAGEMENT AND

CORPORATE SECURITY & BUSINESS CONTINUITY

Threa

tsas div

erse as product li

abiliti

es,

information security, IT system failure, frauds,

and even natural disasters fall within the

remit of Operational Risk Management.

The division raises awareness of these

threats, performs value adding analysis, and

sets and monitors loss and capital targets

used within Deutsche Bank.

Corporate Security & Business Continuity

ensures Deutsche Bank’s critical businesses,

data, and functions can recover after an adverse

event, and provides rigorous assessment of the

global security situation and business-specific

risks. It applies a fully integrated approach to

risk intelligence gathering, staff safety, threat

analysis, and application of protection measures.

MA R K E T R I S K MA NAG E M E N T, I N V E S T M E N T

R I S K MA NAG E M E N T, A N D T R EA S

U R Y

& CA P I TA L MA NAG E M E N T

Ma r ke t R i s k Managemen t ( M R M ) ana l y se s an

d

agg rega te s ma r ke t r i s k, to

en su re Deu t sc he

Ban k op t im i ze s i t s r i s k- re

wa rd re la t ion s h ip

and i s no t e xpo sed to unaccep ta b le l

o s se s.

M R M ha s a s t rong focu s on t he

ac t i v i t y on t he

dea l ing f loo r s and wo r k s

c lo se l y w i t h, and on

be ha l f o f, t rade r s and sen

io r manage r s to



WHA T IS THE GRADUA TE PROGRAM LIKE

?

T h e n at u r e o f t h e w o r k an d t h e s k i l l s r eq u i r ed ar e d i f f er en t d ep en d i n g o n t h e d

i f f er en t s t r eam y o u w o r k i n .

Y o u s h o u l d k n o w w h i c h ar ea y o u w an t t o g o i n t o b ef o r e y o u ap p l y . Al l ar eas h av e t h ei r o w n t ai l o r - mad e

p r o g r ams t h

at p r o v i d e ex p o s u r e t o a v ar i et y o f b u s i n es s es , as w el l as t h e o p p o r t u n i t y t

o c o mp l et e an

i n t er n at i o n al r o t at i o n .

26

LIFE AS AN ANAL YS T

W i t h s o man y d i s t i n c t ar eas , l i f e as an an al y s t w i t h i n LR C v ar i es w i d el y . Y o u c o u l d b e man ag i n g a c l i en t

p o r t f o l i o t h at en t ai l s d ai l y mo n i t o r i n g o f i n d u s t r i es an

d f i n an c i al p er f o r man c e, o r an al y z i n g t h e r i s k s t ak en b y

t r ad i n g d es k s an d t h e i mp ac t o f d ay - t o - d ay mar k et mo v emen t s o n D eu t s c h e B an k ’ s ex p o s u r e.

Y o u m i g h t f i n d y o u r s e l f e v a l u a t i n g t h e b a n k ’ s a c q u i s i ti o n s , b o t h p o t

e n t i a l a n d a c t u a l , a n d t h e i r i m p l e m e n t a t i o n ,

o r r e v i e w i n g s e cu r i t y r i s k s w i th in a p a r t i c u l a r l y h o s t i l e c o u n t r y a n d e n s u r i n g t h a t a n y s t a ff m e m b e r s v i s it i n g

t h i s c o u n t r y a r e a w a r e o f th e s i tu a t i o n .

Al t e r n a t i v e l y , y o u c o u l d b e c o n d u c t in g a d e t a i l e d a n a l y s i s t o i d e n t i f y t h e b a n k ’ s k e y s y s t e m s , a n d e n s u r e

a p p r o p r i a t e p r o c e d u r e s a r e i n p l a c e t o a l l o w o p

e r a t i o n s t o

b e s w i t c h e d s e a m l e s s l y i n t h e e v e n t o f a p o w e r

o u t a g e o r e v a c u a t i o n . Y o u c o u ld a l s o b e r e s p o n s i b l e f o r a d d r e s s i n g r e g u l a t o r y r u l e c h a n g e s o r i n v e s t i g a t i o n s

t h a t c o u l d r e s u l t in n e w o r e n h a n c e d c o n t r o l s f o r D e u t s c h e B a n k .

W h ic h e v e r LRC f u n c ti o n y o u ’ r e in , y o u w i ll b e w o r k in g cl o s e l y w i th n u m e r o u s o th e r p a r t s o f t h e o r g a n i za ti o n a nd w il l g e t a g o o d g r o u nd in g i n h o w t h e w h o l e b a n k w o r k s t o g e t h e r .



“I have been presentedw ith

m ultiple careeropportunities since Ijoined LRC. A fter sixm onths into the program ,I’ve gained exposure to ahuge variety of corporates,banks, sovereigns, fundsand securitizations.”

27

“LRC is a great m ix of the

big and the s m all world, a

m elting pot of corporate

finance and econo m ics. Youneed to kno w the s m all

world, kno wing your

counterparty in detail, but

also the big picture such as

m acroecono m ics.”

SO, IS LEGAL, RISK & CAPITAL FOR YOU?

Alt h o u g h y o u d o n ’ t n e e d t o b e a m a t h e m a ti c a l g e n i u s f o r a l l t h e r o l e s , a p a s s i o n f o r n u m b e r s a n d a n

a n a l y ti c a l m in d h e l p s . LR C a p p e a l s t o h u m a n i ti e s g r a d u a t e s t o o – b e c a u s e y o u ’ ll b e l o o k i n g a t w i d e r i s s u e s

in c o m p a n i e s a n d m a r k e t s t h a t a f f e c t t r a d in g . G o o d p e o p l e s k il l s a r e e s s e n t i a l a n d s e c o n d l a n g u a g e s a r e a

b o n u s b e c a u s e o f t h e i n t e r n a t i o n a l n a t u r e o f t h e r o l e s .

LR C i s a n ‘ a r t , a s w e l l a s a s c i e n c e ’ . C o m m o n s e n s e a n d m a r k e t i n t u i ti o n i s n e e d e d j u s t a s m u c h a s

a n a l y ti c a l a b il i t y .

BUT BEW ARE...

• Y o u m i g h t h a v e o n l y a s m a l l i n f l u e n c e o n b i g d e c i s i o n s a s a g r a d u a t e • Y o u w i l l d e a l w i t h d e m a n d i n g c l i e n t s • T h e r e c a n b e a l o t o f p a p e r a n d d a t a b a s e w o r k • H o u r s c a n b e l o n g

DO YOU WANT TO...

• B e p a r t o f a f a s t - p a c e d , g l o b a l t e a m ?

• B e a t th e c o r e o f t h e b a n k ’ s b u s in e s s ?

• G e t a n i n - d e p th u n d e r s t a n d in g o f c o m p l e x m a r k e t s ?

• G e t a c l o s e v i e w o f c li e n t s ’ f in a n c e s a n d s t r a t e g i e s ?

• H a v e a f u n d a m e n t a l u n d e r s t a n d in g o f t h e b a n k ’ s

p r o c e s s e s a n d a s s o c i a t e d r i s k s ?



“My internship w asinvaluable. They w erereally im pressed w ith m y initiative, plus itm eant I already had a realundersta

nding of how m y division w orks on a practical level and w hat I w anted to do.”RESEARCH THE INDUS TR Y AND

FIRM

H av in g an u n d e r s t an d i n g o f t h e f in an c i al

p l ay e r s i s ad v i s ab l e an d y o u s h o u ld at l e as t

k n o w t h e e s s e n t i al s ab o u t D e u t s c h e B an k –

e s p e c i al l y t h e ar e a y o u ar e ap p l y i n g t o .

ATTEND EV ENTS

At t e n d a n c e a t r e c r u i t m e n t e v e n t s w i l l h e l p y o u g a i n a b e t t e r u n d e r s t a n d in g o f t h e w o r ld y o u a r e a b o u t t o e n t e r a n d h o w i t w o r k s . I t w i l l a l s o g i v e y o u a g o o d i d e a a b o u t t h e p e o p l e y o u w il l w o r k w i t h . H e l p f u l t i p s a n d t e c h n i q u e s f r o m r e c r u it e r s w i l l b e a v a il a b l e , a s w e l l a s g r e a t o p p o r t u n i t i e s t o n e t w o r k w i t h r e p r e s e n t a t i v e s f r o m t h e b u s i n e s s d i v i s i o n s – w h o y o u c a n l a t e r

m e n t i o n o n y o u r a p p l i c a t i o n f o r m .

BE PREPARED

N o t o n l y f o r t h e q u e s t i o n s a t t h e i n t e r v i e w s t a g e b u t f o r y o u r f u t u r e l i f e s t y l e . A f e w l a t e n i g h t s a n d h e a v y s c h e d u l e s m a y b e a h e a d .

ASK QUES TIONS

T al k t o f e l l o w g r ad u at e s an d y o u r u n i v e r s i t y

al u m n i ab o u t w h at a c ar e e r in an i n v e s t m e n t

b an k i s r e al l y l i k e . T al k i n g t o p e o p l e at an e ar l y

s t ag e c an h e l p y o u r r e s e ar c h p r o c e s s an d

h o p e f u l l y y o u r d e c i s i o n p r o c e s s .

WORKING THE PROCESS

AND TOP TIPS

First and foremost, you need to have a realinterest in this field; the process is rigorous, the

work is challenging. If you’re only interested in

the financial rewards, this is not the right

industry for you.

PREPARATION IS THE NEXT STEP TO SUCCESS

As analysts, we know

what a daunting task

it can be to make asuccessful application.

So to help you have the best

possible chance of getting

through the application

and interview process,

here are some practical

steps you can take:



COMPLETING THE APPLICATION FORM

As w i t h r e s u m e s o r C V s , a b a d l y w r it t e n a p p li c a ti o n f o r m w i ll n o t g e t a s e c o n d g l a n c e . T h i s i s a n

im p o r t a n t s t a g e o f t h e r e c r u it m e n t p r o c e s s . B e s u r e t o p u t e ff o r t in t o p r o d u c i n g s o m e t h i n g o f h ig h q u a li t y .

T r y t o h ig h li g h t t h r o u g h o u t y o u r a p p l i c a t i o n , w it h e x a m p l e s , w h a t y o u r t a l e n t s a r e , f o r i n s t a n c e t e a m w o r k ,

a t t e n t i o n t o d e t a il , d r i v e , p r o b l e m s o l v i n g , c o m m u n i c a t i o n s k il l s e t c .

Al l D e u t s c h e B a n k a p p l ic a t i o n s a r e m a d e o n l in e , a n d w il l t a k e a n y w h e r e f r o m 15 t o 6 0 m in u t e s t o

c o m p l e t e d e p e n d i n g o n t h e c o u n t r y y o u a r e a p p l y i n g t o . I t i s a g o o d i d e a t o p r i n t t h i s o u t t o b e g in w i t h

a n d w r i t e a r o u g h v e r s i o n b e f o r e y o u s u b m it t h e f i n a l v e r s i o n . G e t s o m e o n e t o c h e c k it b e f o r e y o u s u b m i t

i t ; y o u r c a r e e r s s e r v ic e m a y o f f e r t o h e l p w it h th i s . M a k e s u r e y o u d o a s p e l l c h e c k t o o – o n c e s u b m i t t e d

y o u r a p p l i c a t i o n c a n n o t b e c h a n g e d .

C h e c k t h e D e u t s c h e B a n k w e b s i t e o r y o u r c a r e e r s s e r v i c e o ff ic e f o r a p p li c a ti o n d e a d l i n e s . W e s t r o n g l y

r e c o m m e n d y o u a p p l y e a r l y b e c a u s e i n s o m e r e g i o n s w e in t e r v i e w o n a r o l li n g b a s i s t h r o u g h o u t t h e

r e c r u i t m e n t p e r i o d , s o t h e e a r li e r o n y o u a r e i n t h e p r o c e s s th e m o r e p o s i ti o n s w il l b e a v a il a b l e .

BE FOCUSED

S h o w an d p r o v e y o u r en t h u s i as m f o r y o u r f u t u r e

c ar eer , t h i s w i l l mak e y o u s h i n e.

GET EX P ERIENCET h e m o r e e x p e r i e n c e a n d k n o w l e d g e y o u h a v e ,t h e b e t t e r y o u r c h a n c e s , a n y w o r k e x p e r i e n c e c a n b e r e l e v a n t i f y o u h i g h l i g

h t w h y i t r e l a t e s t o y o u r a p p l i c a t i o n . A l s o , a s u m m e r i n t e r n s h i p i s a n a d v a n t a g e .

ATTENDING INTERV IEWS

D o u b l e c h e c k t h e d a t e , t im e a n d v e n u e : a r r i v e i n p l e n t y o f t i m e , t u r n i n g u p l a t e a l w a y s l o o k s b a d a n d w i l l l e a v e y o u f e e l i n g f l u s t e r e d a n d u n p r e p a r e d .W e a r a s u i t : b u s in e s s a t t i r e i s a l w a y s a s a f e b e t , m a k e s u r e y o u h a v e a w e l l i r o n e

d s h i r

t a n d c l e a n s h i n y s h o e s .S m i l e : w h e n y o u m e e t y o u r i n t e r v i e w e r a n d g i v e a f i r m h a n d s h a k e .B e c o n f i d e n t a n d e n t h u s i a s t i c : y o u n e e d t o s e l l y o u r s e l f – b u t d o n ’ t b e a r r o g a n t , n o o n e w a n t s t o w o r k w i t h a s h o w o f f .

H a v e s o m e q u e s t i o n s p r e p a r e d : a s k a b o u t t h e b a n k , t h e d i v i s i o n o r t h e p r o g r a m – q u e s t i o n s a b o u t s a l a r y a r e n o t a d v i s a b l e a t t h i s s t a g e .T a k e y o u r t i m e t o a n s w e r q u e s t i o n s : y o u r i n t e r v i e w e r i s a s s e s s i n g y o u r a n a l y t i c a l t h o u g h t p r o c e s s e s , l o n g r a m b l i n g a n s w e r s w i l l n o t d o y o u a n y f a v o r s .M u c h m o r e i n f o r m a t i o n o n t h e g r a d u a t e p r o g r a m a n d i n t e r n s h i p s a t D e u t s c h e B a n k , a s w e l l a s t h e o n l in e a p p l ic a t i o n , c a n b e f o u n d a t w w w .d b .c o m / c a r e e r s

G o o d l u c k o n t h e r o a d t o a c a r e e r i n b a n k i n g !











PROPRIETARY TRADING

W h e n a b a n k t r a d e s in th e f in a nci a l m a r ke t s w ith it s o w n

c a pit a l t o m ake m o r e m o n e y f o r th e bu s in e ss

PUT OPTION

T h e r ight t o s e ll s h a r e s a t a n a g r ee d p r ic e o n a f utu r e d a t e

( s ee c a ll o pti o n )

RIGHTS ISSUE

T h e i ss u e o f e quit y t o cu rr e nt s h a r e h o ld e r s in o r d e r t o

r a i s e c a pit a l f o r th e c o mp a n y

RISK MANAGEMENT

T h e m ea s u r e m e nt o f th e p oss ibilit y o f l os ing o r n o t g a ining

v a lu e a nd s t r uctu r ing r i s k s a t a n o ptim a l r i s k / r e w a r d r a ti o

SARBANES OXLEY (SOX)T h e S a r b a n e s O x l e y Act ( J ul y 2002 ) int r o duc e d a s e r i e s o f

c o r p o r a t e r e f o r m s in a n a tt e mpt t o r e s t o r e in v e s t o r c o n f id e nc e a nd p r e - e mpt f utu r e c o r p o r a t e s c a nd a l s

SECURITIES

C o ll e cti v e n o un f o r b o nd s a nd s h a r e s

SECURITIES EXCHANGE COMMISSION (SEC)U S r e gul a t o r y b o d y f o r th e f in a nci a l s e r v ic e s indu s t r y

SECURITIZATION

A f in a nci a l t e chniqu e th a t p oo l s a ss e t s t o g e th e r a nd , in

e ff e ct , tu r n s th e m int o a t r a d a bl e s e cu r it y

SELL SIDEU s e d t o d e s c r ib e b r o ke r s w h o s e ll s e cu r iti e s t o cu s t o m e r s

a nd th e r e s ea r ch d e p a r tm e nt s o f b o ke r a g e f i r m s th a t

m ake r e c o mm e nd a ti o n s t o th e i r cli e nt e l e . S ee a l so Bu y S id e

SETTLEMENT

T r i a l s t a g e o f a t r a n s a cti o n a f t e r cl ea r ing . I n vo l v e s m ak ing

p a y m e nt a nd t r a n s f e r ing o w n e r s hip / d o cum e nt a ti o n

SHARESA c e r ti f ic a t e i ss u e d b y a c o mp a n y f o r g e n e r a l pu r ch a s e

e ntitling th e h o ld e r t o o w n e r s hip r ight s including di v id e nd s f r o m a n y p r o f it s th e c o mp a n y m a y m ake

SPREADT h e di ff e r e nc e b e t w ee n th e p r ic e a t w hich a f in a nci a l

in s tituti o n w ill bu y a s e cu r it y a nd th e p r ic e a t w hich it

w ill s e ll

STOCKBROKER

T h os e w h o a d v i s e p e o pl e w h o w a nt t o bu y / s e ll s e cu r iti e s

STOCK

An o th e r w o r d f o r s h a r e s a nd e quiti e s

STRESS TEST

A t e s t u s e d b y r i s k m a n a g e r s t o s ee w h a t th e imp a ct

w o uld b e o n p a r ticul a r s t o c k s , c o mp a ni e s o r m a r ke t s in

e x t r e m e h y p o th e tic a l s c e n a r i os

STRUCTURED PRODUCTS

A t a il o r - m a d e in v e s tm e nt so luti o n c o mbining b o nd s w ith

o pti o n s o n e quiti e s a nd / o r o th e r a ss e t cl a ss e s , c r ea t e d

u s ing c o mpl e x m a th e m a tic a l m o d e ling t e chniqu e s

SWAP

T h e e x ch a ng e o f o n e a ss e t o r li a bilit y f o r a s imil a r a ss e t

o r li a bilit y f o r th e pu r p os e o f l e ngth e ning o r s h o r t e ning

m a tu r iti e s , o r r a i s ing o r l o w e r ing c o up o n r a t e s t o

m a x imi ze r e v e nu e o r minimi ze f in a ncing c os t s

TOMBSTONE

U s u a ll y Lucit e ( pl a s tic ) bl o c k s d e t a iling a cl os e d

t r a n s a cti o n th a t b a n ke r s c o ll e ct o n th e i r d e s k s t o s h o w

h o w s ucc e ss f ul th e y h a v e b ee n

TRADERP e r so n w h o bu ys a nd s e ll s in s t r um e nt s in th e f in a nci a l

m a r ke t s , a l so k n o w n a s th e s e ll s id e

TRADING A ‘BOOK’

An indi v idu a l t r a d e r ’ s t o t a l p os iti o n s in th e m a r ke t b o und

b y s p e ci f ic r i s k limit s

TRADING FLOOR

W h e r e a ll t r

a ding d

e s k s s it

w ithin

a n in v

e s tm

e nt b

a n k

UNDERWRITING

T h e gu a r a nt ee ( w hich i s o ff e r e d b y a b a n k in r e tu r n f o r a

f ee ) t o bu y o r t o f ind th e bu y e r s f o r a n e nti r e i ss u e o f

s t o c k s a nd s h a r e s

VALUE AT RISK (VAR)A m ea s u r e o f th e p o t e nti a l ch a ng e in th e p o r t f o li o v a lu e

f o r a gi v e n c o n f id e nc e int e r v a l a nd s p e ci f i e d tim e - h o r i z o n

F o r f u r th e r d e t a il s , s ee th e D e ut s ch e B a n k w e b s it e a nd

B ARRO N ’ s “ D icti o n

a r y o

f F in a nci

a l a nd

I n v

e s tm

e nt T

e r m s

”

www .db .c o m / c a r ee r s





Expect the better career.

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