Beat the competition for investment banking graduate jobs
Interested in a graduate career in banking and investment? You’re in luck. Recent surveys by the Institute of Student Employers (ISE – formerly, The Association of Graduate Recruiters or AGR) have revealed steady growth in the numbers of graduates recruited by the banking and financial services industries. Although Brexit will affect the profession, to date, it hasn’t lessened the number of first jobs it creates. In particular, the number of technology positions has increased in some banks, notably Deutsche Bank which has doubled its annual intake of student technologists.
With average graduate starting salaries in investment banking and fund management around £38,000 to £44,000, and qualified analysts on around £50,000 and bonuses circa £28,000, it’s unlikely the level of interest in graduate banking and investment careers will wane significantly.
Competition is still stiff, but there’s plenty you can do to help your application make the final cut.
Be aware of closing dates for investment banking and investment management employers
Don’t leave it till the middle of the autumn term to check when you need to get your application in. Most graduate schemes at investment banks open in August or September, and some close in late October/early November.
Bank of America Merrill Lynch is among the banks that recruit graduates on a first-come first-served basis. But not all recruit graduates in this way; Goldman Sachs prefers to wait for its deadline before sorting through all applications at the same time. However, as this is typically the earliest banking deadline, falling in late October, that doesn't mean you can wait around.
Summer internship recruitment tends to follow a similar timetable as graduate recruitment, though some banks have later deadlines for these. Most investment banks fill the majority of graduate scheme positions via their internship schemes. Therefore, if you want a banking job you need to start applying in the month or so before you begin your penultimate year at university.
First years need to be ready too. Make a note to apply for the spring insight weeks that many employers in this sector offer as an introduction to their work. These are typically held during the Easter vacation, and will give you a head start in applying for internships. The employers usually introduce you to their different divisions and provide advice on succeeding in their recruitment process.
Deadlines for spring insight programmes are typically in January/February. You will need to apply in your first year, or second year of a four-year course. It's also a good idea to contact your university careers service and sign up for relevant events, such as campus visits from investment banking recruiters.
Treat banking internship applications as seriously as those for graduate jobs
Do plenty of research before you apply for internships. Some employers ask prospective interns to apply to a specific part of the business and interns are then assessed for a graduate scheme in the light of their performance in that area. It's essential you excel during your internship, and a spring insight programme can help to achieve that. Expect the internship recruitment process to be almost as tough as for graduate jobs.
Home in on your target employers
Find out what they offer, and work out what that means for you. This is a hugely complex sector and the range of graduate schemes on offer reflects that. For example, there are six broad career areas at Barclays UK and banking, markets and research within the investment banking arm at Barclays International.
Are you interested in quantitative analytics? Global financial risk management? Structuring? Why? How do you know? If you don’t understand the work that goes on in the sector, it’s going to be very difficult for you to know what area of business is the best match for your skills.
Recruiters are likely to restrict the number of opportunities you can apply to within their organisation. Applicants to HSBC Global Banking and Markets can apply for only one vacancy, while Nomura allows candidates to apply for a maximum of two schemes.
Brush up on your interview skills
Not all investment banks run the assessment centres, which are a typical feature of graduate recruitment. Interviews are held instead. Goldman Sachs, for example, does not hold any assessment centres. The bank invites applicants to take part in a series of up to 5 interviews and then interviewers swap notes to build up a clear, all-round picture of individual candidates.
Interviews give banking recruiters a chance to see if candidates can think on their feet and communicate confidently. As the ability to hold your own in a face to face meeting is an important aspect of recruitment in this sector, seize opportunities to brush up on your interview skills and participate in practice interviews.
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