No finance degree? That's no problem.
Jobs in banking and investment are open to graduates from any degree background. Many people working in this sector have finance-related qualifications, but arts graduates can also start highly successful careers in banking and investment. Just prove to recruiters that you've got what it takes by being enthusiastic and showing your desire to learn.
Employers in this sector look for graduates from all degree disciplines. After all, a degree in any subject gives graduates a good grounding in logical thought, analysis, presentation and communication skills. And once you start on a graduate training scheme, you’ll find that everyone is in a similar position: although graduates with related degrees may have more theoretical knowledge, putting it into practice will be a new step. Whatever your degree subject, the initial training will give you the knowledge and skills that you need to do the work.
Think outside the degree box
Don’t let your preconceptions stop you from applying for roles in banking and investment.
Employers aren’t going to rule you out because of your degree subject, so don’t let your preconceptions prevent you from applying for roles in banking and investment. Many companies even run recruitment events targeted at arts students, who can bring a range of useful skills to the finance world. Non-technical ‘soft skills’ such as good communication, presentation and writing skills are increasingly valued – and arts degrees are a great place to acquire these.
Enthusiasm for the sector, combined with an ability and desire to learn new things, will help you to prove to recruiters that you have what it takes. A basic level of numeracy is necessary but you might be surprised at how many people with arts degrees do possess this. Think beyond your degree subject: if you’ve done maths at A level, this will definitely stand you in good stead. You may also have other relevant experience that proves your ability to work with numbers: a position as treasurer for a university society, a summer job as a cashier at a shop, or any other project where you’ve had to deal with finances or work with numbers.
Show your interest
Like any other applicant, you’ll need to demonstrate that you’ve done your research into the role, company and industry. As Jane Lefever (a history graduate now working in banking - look for her graduate profile below!) points out, your covering letter is a great place to show that you have a real interest in finance even if you don’t have the evidence on your CV. It can be an ideal place to tell recruiters why you want a career in the sector, tell them how your skills are relevant to the role, and demonstrate that you’ve done your research and have a good level of relevant knowledge.
Getting to know you
An internship is a great way to explore the sector and decide whether a career in banking and investment is right for you.
The vast majority of employers in banking and investment offer work experience. This is usually in the form of ten-week internships. Whatever your academic background, internships offer a real opportunity for you to get to know all about banking – and for employers to get to know you. Your degree subject won’t be as important as the other qualities that you can bring to the internship, such as enthusiasm, interpersonal skills, determination and teamworking ability. You’ll also find that an internship can be a valuable tool to explore the different divisions and roles in the sector and therefore help you make a decision about what area of work you’re interested in – and, just as importantly, whether a career in banking and investment is right for you.
The modern languages graduate
Fiona Davy studied modern languages at the University of Cambridge (2002). She is now an equity research associate at Fidelity International.
I knew that I’d spend years studying at university, so I went where the passion was and chose to read modern languages. During the holidays I worked as a dispenser in a pharmacy and decided that I would like to work in some capacity for a big pharmaceutical company. I took a job in market research, focusing on pharmaceutical companies and planning to use it as a springboard into the industry. Instead, I became interested in looking at companies from a financial angle – and this led naturally to equity research.
From modern languages to equity research
I wasn’t straight out of university but nevertheless I joined my current employer’s graduate scheme as an inexperienced hire. I found it helpful to read financial publications: even if I didn’t completely understand the viewpoint, I could get used to the vocabulary. I also asked a lot of questions in order to learn. I’m now responsible for consumer stocks: I talk to companies, gain an in-depth understanding of their press releases, share information with portfolio managers and write formal summaries. I make recommendations to our portfolio managers on whether they should buy or sell. I often lead meetings with senior management to gain a better understanding of the company. My communication skills are stronger for having done my degree, and I enjoy chatting with representatives of French and German companies in their native languages.
My advice to arts graduates
Don’t be afraid to apply in the first place – but take it seriously and do your homework. The best places to prove your interest are in your interview and covering letter, where you can really tailor your application to the company, demonstrate familiarity with the vocabulary and show your enthusiasm.
The history graduate
Jane Lefever studied history at Newcastle University. She is now a manager of corporate clients at ING Bank NV.
I’d always enjoyed studying history and felt that it wouldn’t close any career doors because it was a good, solid subject. At university, I became interested in banking and did an internship with my current employer to see what working in the City was like – I really enjoyed it. After the internship, I was offered a place on the graduate scheme.
From history to banking
I found it fairly easy to get used to working in a bank. It helped that I had an A level in maths and am quite numerate, but the graduate training scheme was comprehensive and taught me everything I needed to know. After all, even economics graduates haven’t worked at a bank; they may be more comfortable with the theory but won’t have tried it out in practice, so everyone is learning together. I spent a year on the training scheme, which included three months in the classroom and several rotations. I now work in relationship management with corporate clients. I take care of a number of telecoms, media and technology companies who are predominantly FTSE 100 clients. I deal with any day-to-day queries and issues that the client has, as well as cross-selling our products into the relationship. I’ve found that coming from an arts background can even be an advantage when writing reports and advice.
My advice to arts graduates
Employers are open to looking at arts degrees, so don’t be put off – it’s the quality of your degree that matters most, and you will be trained thoroughly when you start. Before applying, get some work experience to check that it’s really what you want to do and then do your research before applying.
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