Ace those applications: FAQs

Everything you need to know about applying for jobs in banking and investment. Find out about deadlines and take advantage of practical tips on how to apply successfully for jobs in this competitive sector.

A student researches banking and investment jobs.

Q. I want to apply for graduate jobs in banking and investment: what’s the schedule?

Employers in this sector usually start accepting applications for their graduate programmes in September or October, so be prepared to apply early in the first term of your final year. Deadlines may be in November or December – but don’t leave it until the last minute to apply, because recruiters usually make offers as applications come in.

It’s even better if you can get started in your second year. Completing an internship at this stage will certainly help you to start a career in this sector and could even lead to a graduate job offer – application deadlines for internships are usually in January or February. Read more below...

Q. What are internships and why are they so important?

Internships are ‘tasters’ of working life, usually aimed at students in the summer before their final year of university. As an intern you’ll be given structured training and then expected to participate (rather than just observe) from day one. Internships generally run for eight to ten weeks between July and September, although some organisations now offer shorter internships during the Easter break.

Internships allow you to learn more about the organisation and particular areas of work. An internship can also give your career a head-start: many banking and investment employers will take on more than half of their summer interns permanently. So if you play your cards right, you could find yourself returning to your final year at university with a job offer. On the other hand, you might discover than an area of work or an organisation is not right for you – and it’s much better to discover this during an internship than after you’ve accepted a permanent offer.

Q. Do I still have a chance if I didn’t do an internship?

Simply put, yes. Internships are helpful but not essential in the hunt for a graduate job in banking and investment. One important question to ask yourself is why you didn’t do an internship. If you applied for internships but were rejected, think about why this was. If you got any feedback on why you were unsuccessful, make sure you address it in your applications for graduate positions.

You can strengthen your application by making sure that you show evidence of genuine interest in banking and investment. You can give examples of academic achievements, involvement in university societies or work experience you’ve done in another sector – just make sure that you explain how your experience and achievements are relevant to the position you’re applying for.

Q. What qualifications do I need?

Banking and investment employers can afford to be picky because there are so many applicants for graduate jobs in this sector. To help them narrow down the field, many organisations ask for at least a predicted 2.1 degree and some also filter applications based on UCAS points. It’s worth checking what a particular organisation’s requirements are.

People from any degree background can apply for (and be successful in) jobs in banking and investment. An interest in financial markets is crucial, however, and you should be comfortable with numbers.

Q. How will I be selected?

The selection process begins from the moment you meet recruiters. If you attend on-campus presentations or meet representatives at careers fairs, remember that this is your first chance to make an impression – so make sure that it’s a good one. Students often forget that this is part of the selection process, but recruiters definitely don’t and they are likely to be making notes of candidates who are particularly impressive (appropriately dressed; asking intelligent, engaging questions) or off-putting (arrogant; tipsy after drinking excessive quantities of free wine).

Obviously how you apply will depend on the organisation you’re applying to, so make sure that you check out their application instructions and follow them to the letter. You might be asked to submit a CV and covering letter – but most banking and investment recruiters now use online application systems, so be prepared to get online and apply.

If an employer likes what they see then you may then be invited for a first round interview, which could lead to an assessment centre day. At an assessment centre you will be asked to take part in a variety of exercises and you could also face further interviews. At some stage in the process, you could be asked to complete various tests, such as general ability, numerical or verbal reasoning tests, aptitude tests and psychometric tests.

Q. Any quick practical tips for filling in application forms?

Print off the form and read it through thoroughly so you can see exactly what’s involved. Then start to scribble down a few ideas that you can build on.
Application forms are designed to extract the right amount of information needed to select or reject you. At first glance those spaces might seem far too small – this is because employers want to test your powers of précis. The size of the space is an infallible guide as to how much detail an employer is looking for.
Faced with a large space that asks for ‘information to support your application’ panic may set in. However, this gives you the freedom to write freely. Good structure is important, so use headings to organise your material: for example, why you are interested in the job, the qualities you can bring to it, any work experience or coursework that is relevant and any technical skills you might have. Now all you need to do is a nice summary and that scary space is filled.
Prepare any long answers beforehand, spell-check the document, then copy and paste it into the application form.
If you have the option to register your name, save your work, then go away and have a coffee and a chat with friends. When you return to finish the form later, you’ll be more likely to spot errors. If this option isn’t available you’ll have to sit it out – and pray that the computer doesn’t crash before you finish.
Print out the completed copy. Proofread it yourself, try to find a fresh pair of eyes to check it too, and, assuming everything’s perfect, keep it for future reference. If you get invited for interview, you’ll need to remind yourself of what it was you wrote that convinced them to talk to you.
When you are ready and happy with your application, hit the send button and keep your fingers crossed.

Q. What is a stress interview?

The stress interview is designed to put you under pressure so that the interviewer can see how you handle yourself. This type of interview isn’t used often but it does happen occasionally in the banking and investment sector so it’s important to be aware of it. A stress interview could include the interviewer behaving in an uninterested or hostile way (eg looking out of the window or doing something else while you’re talking) or an unexpected panel interview with people shooting questions at you without waiting for full replies.

The best way to handle this type of interview is to stay calm. Stress interviews are deliberately constructed to provoke emotional responses, so if you realise that you are in a stress interview then you are in a good position to deal with it constructively. Just remember that it’s not actually personal – the person opposite you is playing a role and you will need to as well. Stay calm and be tactful, while answering any questions as accurately and naturally as possible.

Q. What competences do banking and investment recruiters want?

Communication skills: When you are talking to a client, or presenting your ideas in a team meeting, clear, professional, effective and timely communication is extremely important. Recruiters look for applications that are well written and accurate – and answers that make best use of the word count.
Teamwork: Build and maintain positive working relationships; share information with others; support others and show respect for alternative views.
Commercial awareness: Demonstrate knowledge of the business you work in and the sectors you work with, know your employer and its competitors; understand key business issues.
Perseverance and motivation: Show determination to achieve an end result; demonstrate optimism and enthusiasm when things get tough.
Problem solving: Display a logical and analytical approach to problem solving; view problems from a number of angles.
Leadership potential: Consider and identify what motivates others; lead by example.
Flexibility: Be prepared to listen to others’ views and able to change your opinion; embrace change as an integral part of business success.
Creativity: Think laterally to generate ideas and implement innovative solutions. Analytical thinking: Methodical approach to breaking down processes and problems.

Print this article |

This article has been viewed 911 times.
Rating: 0 / 5 (0 votes cast for this article)
Rate this article: