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Careers in

efnancialcareers.com/students

THE GRADUATE GUIDE TO FINDING

WORK IN THE FINANCIAL SECTOR

Banking & Finance

2010/11


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INVESTMENT BANKING FINANCIAL SERVICES EMPLOYERSGETTING IN

Careers in Banking and Finance 2010/11efnancialcareers.com/students

GettinG in

The world at your eet ................................................................... 2Graduate recruiter Q&A ........................................... .................... 6

Your CV ...................................................................................... 10Testing, testing .......................................................................... 12

Assessment centres .................................................................. 14Real interview questions ......................................... .................. 16Investment banking interviews .................................................. 20

investment bankinG

Mergers & acquisitions . ........................................... ................. 22Capital markets ......................................................................... 26Sales, trading & research .......................................................... 30Electronic trading ...................................................................... 36Compliance & risk management .......................................... .... 38Operations ................................................................................. 42

Financial services

Fund management & investment consulting ............................. 44 Alternative investments ............................................................. 48Interdealer broking .................................................................... 50Wealth management ................................................................. 52Corporate banking .................................................................... 56Global custody .......................................................................... 60Data providers & rating agencies ......................................... .... 62IT in fnance ............................................................................... 64

Insurance ................................................................................... 66 Accounting ................................................................................ 68

employers

Company profles ...................................................................... 72

Careers in Banking & FinanceMore global and more inside track. Thatswhats di erent about Careers in Banking &Finance 2010/11 , our essential annual guide orstudents. Inside track? For this years Gettingin section, weve gone straight to bankinginsiders and brought their advice direct to you.Global? Its distributed more widely across

Asia-Pacifc as well as Europe, and o ers moreglobal in ormation. Not sure i you want to workin the UK, Europe, the US or hot, hot, hot Asia-Pac? This years guide addresses the globalcontext, the opportunities and the hot spots obanking and fnance to help you decide.Weve also extended every sector article withre erences, stats and examples rom acrossthe globe.

The online Student CentreCareers in Banking & Finance 2010/11 isbrought to you by eFinancialCareers.com,the leading global website or jobs and career

advice in the fnancial markets.In addition to the latest news and trends ongraduate hiring and jobs, the online StudentCentre o ers advice and in ormation to helpstudents navigate their way into the highlycompetitive world o fnancial services. Gota question about getting into the banks?

Visit Student Answers. Need to prepare ornumeracy tests? Take our practice testsonline. Want to be sent the latest news andopportunities or students? Register or thestudent newsletter.

I youre a student looking or your frstopportunity in fnance or banking, this guideand the online Student Centre should be yourfrst port o call. Youll fnd our online StudentCentre at www.efnancialcareers.com/students

Careers in Banking & Finance 2010/11is published by eFinancialCareers Ltd www.efnancialcareers.comProject Manager: Janice ChalmersDesigner: Valerio ItalianoEditor: Sarah ButcherRegional Editor: Paul Clarke

Contributors: Nicole Degli Innocenti, Raymond Ma, Nic PatonSub-editors: Louis Pattison, Annabella Gabb

2010 eFinancialCareers LtdNo part o this publication may be reproduced without permission.

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INVESTMENT BANKING FINANCIAL SERVICES EMPLOYERSGettinG in

the world at your FeetSix reasons why you should work in Europe,Asia, or maybe even the US

Investment banking is a truly global business.There are not many other industries you canwork in where youll regularly nd yoursel

talking to people in Asia in the morning,the Middle East at lunchtime, and the US inthe evening assuming youre working to

Greenwich Mean Time!

But where should your career begin? It willalmost always be easier to apply or jobs in thecontinent youve been educated in. I youvebeen educated in the UK, you should there orebe looking to Europe; i youve been educatedin Asia, look to Asia. That said, banks will

usually accept applications rom students inmost geographic jurisdictions, and in nancialservices terms, its worth knowing what eachcontinent has going or it.

Six reasons to start yourbanking career in Europe

1. London. London (still) ranks in joint rstplace with New York as the worlds leading

nancial centre, according to the GlobalFinancial Centres Index. Londons tradingfoors account or the biggest share o oreignexchange trading (34%), as well as leading

positions in equity, bond and commoditiestrading. It is also the biggest global centre

or the over-the-counter derivatives industry(40% o turnover), which drives broadertrading fows. Over 80% o the worlds hedge

unds are based in London. London has a

well-developed in rastructure to support allthis activity, with an array o consultancy,accounting, and legal rms. Starting in amajor nancial centre with the total breadth oservices on o er is a sensible career move,says Stuart Fraser, chairman o the City oLondon Corporation.

2. Time zone. Geographically, London andContinental Europe are per ectly positionedbetween the US and Asia. They do businesswith Hong Kong or Shanghai in the morning,and with New York or Boston in the a ternoon.

Bankers in Europe, there ore, have strong linkswith Europe and the US, but also with Asia andthe Middle East.

3. Capital markets growth. Historically,companies in Continental Europe raised moneynot by selling equity or debt, but by taking outbank loans. This is changing. More ContinentalEuropean companies are seeking to raisemoney through markets, leading to growth inEuropean capital markets revenues. This isa huge shi t away rom dependence on bankborrowing, says Fraser. The crisis has shown

bank loans o er less certainty and fexibility thanthe capital markets.

4. Innovation. London in particular hashistorically been an important centre ordeveloping new nancial products, rominterest-rate derivatives to carbon permit tradingand Islamic nance.

5. Money. Despite well- ounded worries aboutharsh taxation and curbs on bankers bonuses,bankers are still likely to earn more in Londonthan elsewhere, as a study by recruitmentspecialist Selby Jennings shows. Despitethe UKs increasingly punitive tax regime, thehighest-paid bankers will still be signi cantlybetter o working in London, says managingdirector Adam Buck.

Asia appears to be the regionalwinner from the crisis.Huw van SteenisHead o EMEA banks and fnancialresearch at Morgan Stanley


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Careers in Banking and Finance 2010/11efnancialcareers.com/students 5


6. Zurich, Geneva and elsewhere.I you dont want to work in London, you couldalways try some o Europes other nancialcentres. Zurich and Geneva are specialisedin commodities trading and private banking and, increasingly, hedge unds. Luxembourg

specialises in global custody. Edinburghspecialises in und management. Paris,Frank urt and Milan are also important nancialcentres in their respective countries.

Six reasons to start yourbanking career in the US

1. Home to the big banks. Most leading

investment banks (Goldman Sachs, MorganStanley, J.P. Morgan, Citigroup, Bo A MerrillLynch) are American. All but Bo A Merrill Lynchare headquartered in New York City.

2. Increasingly home to oreign banks.The dynamic US market is persuading oreignbanks, rom Nomura to SocGen, to have biggrowth plans in the US. Career opportunitiesare there ore fourishing, not just with local USbanks, but with European and Asian banks too.

3. The buzz. The American market is the

biggest and most developed market in theworld, and this isnt going to change soon.In the rst quarter o 2010, the US generated53% o global IB revenue, up 11% on thesame period o 2009, according to in ormationprovider Dealogic. Sympathetic Mayor MichaelBloomberg is determined to get New Yorkover the shock o the nancial crisis and toencourage the growth o a new generation o

nancial services companies.

4. Big opportunities. Starting your careerin New York means youll be closer to the powerbase. US banks are also hiring again.The last ew months have been the busiesttimes I have known in my 15-year career,says Alex Alcott, New York-based head o theinvestment banking practice at executive search

rm Heidrick & Struggles. Business has pickedup across the board and our clients need thecapacity to execute their business. The bounceback has been tremendous.

5. Economic dynamism. At the time

o writing, the US economy is growing asterthan the European economy. Big in rastructuregrowth is expected, which will generatebusiness or investment banks.There is an increasingly pressing need toreplace ageing energy in rastructure in theUS, says Huw van Steenis, head o EMEAbanks and nancial research at Morgan Stanley.Financing this new in rastructure and theunderlying commodities fows will be highlyattractive or banks.

6. A great oundation. Experience on

Wall Street is an invaluable addition to any CV,and success in the competitive top league oinvestment banking is a pretty good oundation

or a stellar career.

Six reasons to start your banking career in Asia

1. Growth. Right now, Asia is where its at.This is why HSBC chie executive Michael

Geoghegan has le t London and relocated toHong Kong, and why J.P. Morgan and othersare investing heavily. Maintaining Asias highgrowth rates will require constant investment inin rastructure and productive capacity.

2. Intra-regional capital fows.Economic growth is also leading to the urtherintegration o Asian economies and increasedintra-regional capital fows. Asia appears tobe the regional winner rom the crisis, saysvan Steenis o Morgan Stanley. Local-to-localbusiness has increased, and capital markets,both debt and equity, have deepened.

3. Emerging markets axis. Asiasnancial centres are ostering close links

with ast-growing emerging markets like

Brazil, India and South A rica, and using theirexpertise to drive nancial innovation in thenew economies. Asian, especially Chinese,companies will soon be among the worldslargest multinationals with a strong presencein all emerging markets, and this will create new

nancing needs at home and abroad.

4. State support. Chinas State Council hasdecreed that Shanghai must become a global

nancial centre by the year 2020. Hong Kong iscurrently consolidating its position asa ast-growing regional centre and narrowingthe gap with London and New York. TheSingapore government is actively buildingon its status as a more open and cosmopolitan

nancial centre.

5. Deregulation. As the US and Europe

tighten regulations and threaten curbs onremuneration and bonuses in the wake othe nancial crisis, Asia is set to loosenthe reins. China knows that a truly global

nancial centre needs liberalisation o capitalfows and convertibility o the renminbi. Whenthat happens, capital infows will massivelyincrease.

6. Opportunities. The Asian nancialmarketplace is hungry or skilled pro essionals.We have an open talent policy to attract thebest and brightest here, says Florence Mok

Wai Cheng o the Financial Centre DevelopmentDepartment o the Monetary Authority oSingapore. We have a broad and diverse

nancial services industry and present myriadopportunities or nance pro essionals who wantto enter the Asian market.

s g up or ours ud n w l r

or h laba k g & f a c job a d w .



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Graduate recruiter Q&aTop banking recruiters answer your questions direct

On eFinancialCareers.com, we makeit possible or students to put theirquestions directly to banks graduate

recruiters. Below, senior managers in graduaterecruitment at Goldman Sachs, Morgan Stanley,Credit Suisse and Nomura answer some o the

questions you have put so ar.

Q Whats the number one reason

why student applicants arerejected rom Morgan Stanley?

A The most basic error is lack o attentionto detail. Spelling mistakes or getting theemployers name wrong guarantees rejection,as do messy and unstructured applications.

Another major ailing is that many applicationsjust ail to make an impact. Competition to getonto our graduate programme is intense, soit is important that applications stand out romthe crowd. Graduates can do this by clearlyarticulating why they want to work at Morgan

Stanley and demonstrating that they haveresearched us thoroughly and know what weare looking or, actively matching their skill setsto our requirements and core values.

Q What are the three maincharacteristics defning yourideal graduate hire?

A Integrity we look or people who willdo the right thing and who will speakup; entrepreneurship people who will look orand grasp new opportunities, take measuredand controlled risks and want to be leaders in

their eld; and fexibility people who can adaptto a ast-moving and dynamic environment, whorespond positively to change and uncertainty,and thrive under pressure.

Q Can candidates who require

work permits apply or graduateroles at Morgan Stanley? Forexample, can a non-EU candidatestudying in France apply or aposition with Morgan StanleyLondon?

A Absolutely. Subject to being able to ul lthe UK work permit requirements, weremain open to applications rom anyone whocan demonstrate the required skill set to work ininvestment banking, regardless o nationality.

Q I a candidate has a low markin a frst degree, will it improvetheir chances o receiving an o er ithey study an MSc?

A Studying or a Masters is a personalchoice that you will need to make basedon your academic interest. Please bear in mindthat most o our programmes require a 2.1 orabove (or equivalent outside the UK).

Q So i a candidate has a lowmark in a frst degree is itpossible to start a career with aninvestment bank? Are there anyappropriate positions available ordegree students with a lower grade?Or should candidates be applying

or additional courses i they wish tostart their career in IBD?

The most basic error [in applications]is lack of attention to detail.

Stephanie AhrensEMEA head o frm-wide graduaterecruitment, Morgan Stanley

Stephanie Ahrens EMEA head o frm-widegraduate recruitment,Morgan Stanley

Jane Eccles Head o campusmarketing and events,Credit Suisse


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Sharp enough?Get in touch

www.exane.com

Cash Equi t iesEqui ty Der ivat ives

Asset Mana gement

PA R I S - L O N D O N - G E N E VA - F R A N K F U R T - M I L A N - Z U R I C H - B R U S S E L S - M A D R I D - N E W Y O R K - S I N G A P O R E


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M o r g a n

S t a n

l e y

i s a n e q u a l o p p o r

t u n i

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i v e a c

t i o n e m p

l o y e r c o m m

i t t e d t o w o r

k f o r c e

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t y .

( M / F / D / V )

2 0 1 0 M o r g a n

S t a n

l e y

M o r g a n

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i s a n e q u a l o p p o r

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( M / F / D / V )

2 0 1 0 M o r g a n

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l e y

The faster your career grows, the smaller the globe will seem. At Morgan Stanley, solving complex challenges and fueling economic growthacross continents is what we do. On any given day, you might be facilitatingand underwriting transactions, or providing liquidity and capital for a growingglobal economy. We offer you a structured path to success, which means youllquickly gain unprecedented exposure to every aspect of the financial world.Moreover, well give you the opportunity to become involved in making a realdifference. And well provide you with the training, mobility, and responsibilityto do it. If you have the perspective to face todays global challenges, wedlike to talk to you.

To find out more about career opportunities at Morgan Stanley and to hear fromrecent hires visit: www.morganstanley.com/careers

Day 1: Introductions

Day 2: The World


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A Areas o our Finance, Investment BankingOperations and In ormation Technologydepartments may accept a 2.2 grade, orequivalent, i you can demonstrate knowledgeo and a genuine interest in the department thatyou are applying or and an excellent record o

personal accomplishment.

Q Do you have a preferencefor Oxbridge and Ivy Leaguegraduates? I know you may say alldegrees are equal, but are somemore equal than others?

A There is no pre erence shown tograduates rom specifc universities. Lastyear we made hires rom over 50 schools wherewe had no marketing presence. While someareas o In ormation Technology, Fixed Income

and Equities require a specifc degree, weaccept applications rom all degree types.

Q Im studying history. Doesthis mean Im not eligible toapply for a job in sales and trading?Will I struggle with the maths thatsrequired?

A The degree itsel is by no means thesole predictor o your uture success ina markets role. The access to in ormation andtechnology that students have should allowyou to get com ortable with the language andbasic concepts o sales and trading. Beingcom ortable with numbers, fgures and using

in ormation to make decisions is key. The abilityto build relationships is also critical so, havinga history degree will give you lots o interestingthings to talk about.

Q Im thinking of applying fora position in M&A, but amuncertain about the hours that Iveheard are involved. Can you give mean idea what a working week for anM&A banker is like?

ANo week is the same. There willbe a combination o research on

products, industries or companies ollowedby contributing to marketing presentations onbusiness ideas and ultimately getting involvedwith transactions. This stage can require a great

deal o valuation and fnancial modelling work. As the pace o opportunities is unpredictable,a transaction can take seven days to sevenmonths, which is part o the excitement othe job. There are managers who ensure thateveryones workloads are balanced and diverseduring the course o the year, but there can besome long weeks. However, with everything youare learning and all the great experiences, youwont even notice!

Q Im thinking of going intoinvestment banking, or intomanagement consulting. Im a bitworried about investment bankingas I suspect it will be under a lot ofregulatory pressure in future. Is itstill a good industry to go into?

A Banking, by design, has been one o themost regulated industries in the world orhundreds o years. The pace o growth, changeand innovation means that this will continue.

Banks and regulators are required to worktogether in the interest o the public, which isboth a necessary and positive thing. The need

or e fcient and e ective fnancial serviceswill continue, which means the opportunityto come into this business, learn about everyaspect o fnancial services and value creationwill continue or many generations to come.Investment banking is still unique in terms ohow much you can see and do in such a shortperiod o time. For people who are ambitiousto acquire more knowledge, take on high levelso responsibility and make an impact on the

world around them, there is no other career thatguarantees this and more.

Q As a recent history graduate andcurrent economics postgraduatestudent, I am looking to get into thebanking industry, and am particularlyinterested in a research role. Can

you suggest some ways in which Ican enhance my CV, aside from theobvious doing an internship option?

A We look at all aspects o the applicationwhen we are selecting candidates orinterview. Academic achievement and workexperience are two key areas, o course, but weare also keen to see what else students havebeen involved in. Being part o fnance-related

societies at university helps demonstrate yourinterest in the industry, and any positions oresponsibility will give you great experiencesto highlight your potential. We are keen to hiresel -starters, those who show they are hungryto learn and achieve new things. Being ableto articulate in your cover letter why you areapplying to Goldman Sachs and the particulardivisions you are applying to as well as why youthink we should hire you is also really important.

Q Is it imperative to haveimpeccable academics if I wantto apply to Goldman Sachs?

A No. We look or well-rounded individualswho have many di erent strings to theirbow. We do expect candidates to have strongacademics, but it is also very important thatstudents experience other aspects o schoolor student li e. For example, joining a club orsociety, being part o a sports team, or playinga musical instrument to a high standard canall demonstrate commitment, pro-activity,enthusiasm and a desire to improve, andbroadens ones thinking and skill set.

Q What distinguishes a GoldmanSachs graduate trainee from agraduate trainee at other investmentbanks?

A In terms o Goldman Sachs analystclasses, we hire people who arebright, engaging, driven, entrepreneurial andinquisitive. We look to hire people rom awide variety o backgrounds who can bringsomething di erent to the table. Recruiting thebest people we possibly can into the frm is atop priority or us, and the most senior leadersat Goldman Sachs are actively involved. I wouldnot be able to elaborate on other investmentbanks, given that I only have limited knowledgeo their recruiting e orts.

Academic achievement and workexperience are two key areas, of course,but we are also keen to see what elsestudents have been involved in.

Sarah HarperHead of recruiting, EMEA and India, Goldman Sachs

Malcolm Horton Global head ofrecruiting andprogrammes,Nomura

Sarah Harper Head of recruiting,EMEA and India,Goldman Sachs


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your cvThe subtle art of pitching yourself on paper

Three industry insiders a top bankinggraduate recruiter, a graduate recruitmentconsultancy and a CV expert review

a real* CV selected rom those submitted bystudents to e nancialcareers.com.

* Name, dates, locations etc. have beenchanged to protect the identity of the real

student behind the CV.

Language(s)1 Right word, wrong usage. Candidates

should double check spelling correctionsto ensure that the right message is beingcommunicated e.g. George has speltNationally correctly, but the word usedshould be Nationality.

2 Typos. Errors like a change to networkinstead o a chance to network give a very

bad impression at the outset, and need tobe xed immediately.

3 In the Languages section, George lists hisFrench skills as Basic employers dontcare about languages in which a candidateis not fuent, at least to business-level, sothis should be deleted.

Education4 The student hasnt listed his/her expected

graduation date.5 Good data on A-levels both subjects and

grades received. Many students do notinclude both, which is usually a hint that thegrades werent good, or that the subjectswerent particularly relevant.

6 George has completed a gap year, butthere is nothing on his CV to suggest he didanything with that gap year. Ideally, thereshouldnt be any gaps on a graduate CV.

Work experience7 Good variety o experience internships,

summer jobs and volunteering. But thechronology and relevance o these is notclear. Irrelevant, less recent and short workexperience should be covered in less detail.

These can be elaborated on in an interview,should the interviewer ask or additionalin ormation.

8 George needs to ollow the maxim Sell,dont Tell none o the entries here ocusenough on his achievements, but are mainlytask-driven, making him sound like moreo a doer than an achiever. George also talksin various places about what his team did,but an employer is more interested at thisstage in what the candidate did and how thecandidate can contribute to their organisation again, this contributes to the impression

that George is not an achiever.9 The description o Capita work experience

is well-written it talks about actual actionsand responsibilities. It would be even betteri the candidate linked these to some resultsor outcomes. Same with volunteer work thecandidate talks about the action, but not theresult. The only time he mentions a result is

or some o the extra-curricular activity, whichactually helps those descriptions a lot.

Extracurricular activities10 The student lists a lot o extracurricular

activities, but not all o them show leadershiproles or dedication. Its better to list a ewthings where something special has beenachieved rather than a laundry list. We look

or examples o leadership or achievement.Being a member is not enough there needsto be more to it.

Format11 Clear bullet points that arent too long. Use o

bullet points is good this keeps sentencesshort, and communicates in ormation in aconcise way.

12 A CV should either appear on one or twopages, not the current one-and-a-bit page

ormat. It is likely the second page wontbe read at all, given that it has just velines on it.

[For extracurricular activities] welook for examples of leadership or

achievement. Being a member is notenough there needs to be more to it.

Lyle AndrewsHead of graduate recruitment, UBS


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testinG, testinGThe inside track on psychometric, numericaland verbal reasoning tests

Fear not! As someone whos been throughthe psychometric tests success ully onseveral occasions, I can tell you that they

arent as bad as they seem. However, they areto be taken seriously: ailure to per orm well willmean you wont make it through to interview.

A ter youve made your initial application(whether by flling in an application orm, orsending in a CV), youre likely to encounterpsychometric tests in the ollowing contexts...

a. Tests for the best candidates. Based on in ormation in the application, somebanks will ask the best candidates to sit anonline numerical test. Candidates who passthis test are then asked to take an online verbalreasoning test. Candidates who pass this toowill be invited to an interview where they may beasked to sit yet more you guessed it tests!

b. Tests for all candidates. Some bankswill expect all candidates to sit a numerical testas part o the application process. Candidateswho per orm well will be invited to sit a verbalreasoning test, and those who per orm well inthis will be invited to interview.

c. Tests for candidates who makeit to interview. Some banks only subjectcandidates to tests at interview stage, so dontbe disappointed i you dont encounter themonline initially!

Numerical test tipsOnline numerical tests usually centre aroundsimple addition and subtraction, percentages,compound interest, graph reading, analysingtables and problem-solving.They are o ten designed to catch out peoplewho dont read the question properly. Forexample, you may see a simple XY graph whereX is Year 1, Year 2, etc and Y is a numericalstatistic. The question asks what the Y fgure in

Year 3 was. Unsuspecting candidates may jumpto the graph and quickly tick an answer, missing

that the Y column was in act cumulative.The hardest element o the online tests is time.Move quickly, but accurately. Dont spendfve minutes on one question make anastute guess and carry on. Ensure youve goteverything you need to hand. Have scrap paper,

an open Excel spreadsheet, and a calculator.Take the exam when youre sharp and in a quietplace. And whatever you do, DONT miss thedeadline. You will o ten receive an email witha link directing you to a test site, asking you tocomplete it in fve business days.I youre invited in or interview, youll probablyalso come across in-house numerical tests.Beware theyre harder than the online tests,o ten touching on bond maths, di erentiation,and interest calculations. Ask HR i the in-housetests get harder as they progress i they do,make sure you get the easy ones right.

For our online practice tests, go toefnancialcareers.com/numericaltests

Verbal reasoning test tips Verbal reasoning tests are all about attention todetail. Banks want to see that, within a limitedtime rame and in a pressurised environment,you can read, digest and disseminate accuratein ormation. Youre usually provided with apassage o in ormation and required to evaluatea set o statements by stating i each is:

a. True (Does it ollow logically rom the

in ormation or opinions contained in thepassage?)

b. False (Is it logically alse based onin ormation or opinions contained in thepassage?)

c. Cannot say (Based on the passage, areyou unable to determine whether the statementis true or alse without urther in ormation?)

Practice helps, but the key is to make sure youread the statement care ully, and understandwhat its actually saying. Dont allow these teststo become an issue. Our business thrives onattention to detail and being able to maintain ahigh standard under pressure. This is what thetests are testing!

The author is a juniorbanker who aced a

barrage of psychometric testsand is currently working in asales role at a leading US bankin London.

Numerical tests are designed tocatch out people who do not readthe question properly.


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Working to improve the future.Join the EIB

The EIB, as the Bank of the European Union, is dedicated to improving thefuture of peoples lives in Europe and around the world. It achieves its goalsthanks to a diverse and highly qualified workforce, motivated to supportthe financing of sound investment projects that deliver tangible results.

Join the European Investment Bank www.eib.org/jobs


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assessment centresMore tests, interviews, role playsand then a job?

An assessor and an assessment centresurvivor share their perspectives onwhat tests and trials to expect rom an

assessment centre...

The assessor All graduate assessment centres, irrespectiveo the specifc role you have applied or, orinstitution type (investment bank, hedge und,trading house or even a commercial bank), arerun along broadly similar lines. Be prepared or:

Another interview. At least one interview

is inevitable; three separate 30-45 minuteinterviews are not unheard o .

A presentation. Youll be given some actsor fgures and asked to make a presentationaround them. This will be ollowed by a generalgrilling rom a number o interviewers. I youwant to do well in the presentation, youll need

to analyse. Dont just regurgitate fgures andstatistics; show that you can think.

A group exercise. This will usually be inthe orm o either a business case study or atreasure hunt scenario. This is one o the most

important parts o the assessment centre. Thekey here is to participate, not dominate. Donttry to control the proceedings; dont stay in thebackground. Find the middle ground and drivethe group orwards insist that decisions areintelligently made and move on.

A test. This might be a numerical or verbalreasoning test. I you have applied or a tradingrole you may well be tested on some orm otrading simulator, too.

A drinks and networking event. At the

end o the day, most banks will provide somesnacks and drinks. I you are applying or asales or broking role, this could be the mostimportant part o the day banks will want tosee that you are sociable and able to ormrelationships. Dont drink all the ree alcoholand demonstrate the drinking prowess youvedeveloped during university li e!

The assessor is asenior capital markets

professional at a Europeanbank in London.

The assessment centre I attended at aninvestment bank in London ran rom9am to 4pm. Twenty- our candidates

started the day, but only 12 fnished: a ter amorning session comprising a numerical testand two group exercises, hal the attendeeswere eliminated!The frst group exercise was very interesting.We were given a selection o di erentoccupations (teacher, investment banker,cosmetic surgeon, armer, lawyer, etc)

and asked to build a society. The keyto success in this exercise was to make

several assumptions at the start that wouldclari y the situation. For example, were webuilding a society on a desert island or ina city? We had 20 minutes to discuss, andmade a presentation to the assessors at theend. Since we were put into relatively largegroups o eight, it was necessary to speakup and voice your opinion clearly. Success ulcandidates try to make a logical attempt totackle the problem.The second exercise took place a ter a10-minute tea break and was much morebusiness ocused. The group o eight wasasked to analyse our di erent frms andsuggest one o them as a potential merger oracquisition target or the fctitious companythe candidates worked or. We started out by

working in groups o two or 10 minutes inorder to analyse each di erent company, and

then made a presentation back to the groupon the relative strengths and weaknesses oeach company under consideration. Attentionto detail was crucial or example, one o thecompanies had a best-selling bike, but it had

ailed to pass a sa ety test.I managed to survive the elimination o halthe candidates at lunchtime, and in thea ternoon there was a round o interviews.They werent nearly as technical as Idexpected them to be, and were basedlargely around ft and competency. Whatthey seemed most interested in was why Iwanted to work in M&A, and why at that bankin particular. They were really riendly andgenuinely seemed to want to fnd out what Iwas like!

The group exercise is one ofthe most important parts of theassessment centre. The key here isto participate, not dominate.

The candidate is aformer student who

successfully completed anassessment centre to land a

job in M&A at a leading bankin London.


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real interview QuestionsTricky and trick questions candidateshave faced

Fellow students rom around the globehave been sharing the questions theyve

aced at interviews via our online StudentCentre. Heres our pick o the best, arranged inalphabetical order o bank. We cant vouch ortheir authenticity, but hope theyll prove a use ul

resource or anyone aiming or an entry-levelposition in an investment bank.

Barclays CapitalSales (internship) How well would you rate yoursel at sales,

rom one to ten? Its Christmas and Im looking or presents.

Sell me an Easter egg. How many petrol stations are there in the

USA? What is the square root o 79?

Debt capital markets (graduate) Tell me about a time when you had to take

a risk. Why do you want to become a greedy

banker?

CitigroupGlobal markets, sales and trading(internship) There is a chessboard with 1 grain o rice on

the rst square, 2 on the 2nd, then 4, 8, 16,32 up until the last square. I I add up allthe grains o rice on the chessboard, whatis the last digit o this sum? So or examplei the sum was 127, then the answer wouldbe 7.

Give me an example o when you had to thinkoutside the box to solve a problem.

Investment Banking (IBD) (internship) what is 100 divided by 12.5 (no paper)?

I a company has cash fows o 50, 0, +50billion, what is its rough value?

Why IBD and not, say, consulting?

Credit SuisseProduct control (internship) What do you know about product control? Explain how to per orm the ollowing Excel

unctions Lookup, I , Sumi , Pivot Tables, etc). What is a swap? Where does product controller t (in the

process drawn by the interviewer) and whatdoes this unction entail? At which pointscould possible errors arise?

Deutsche BankPrivate wealth management(graduate) Who would you say are our main competitors,

speci c to PWM? What skills make you suited to a position in

PWM? How would you persuade a team that the

decisions they are making are wrong?

Goldman Sachs IBD (graduate) Is there anything about your work or studies

that you havent enjoyed? Tell me about a time when youve disagreed

with team members. Tell me about a time when you worked with

someone to achieve a common goal. Whatwas the result?

Operations (graduate) Why GS? Why a career in investment banking? Tell us about a time when you had to work to

a tight deadline but didnt make it

IBD (internship) Give me an example o a time when you have

personally ailed. How many people in the US own tennis balls?

J.P. MorganFinancial analyst (graduate) How do you keep in ormed about the

nancial markets? What do you know about the role o a

nancial analyst? Why are you interested in the nancial analyst

programme?

Never go to an interview withoutsome questions for your interviewerup your sleeve.Sarah ButcherEditor, efnancialcareers.com


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Lazard, one of the world's preeminent financial advisory andasset management firms, operates from 40 cities across 26countries in North America, Europe, Asia, Australia, Central andSouth America. With origins dating back to 1848, the firmprovides advice on mergers and acquisitions, strategic matters,restructuring and capital structure, capital raising and corporatefinance, as well as asset management services to corporations,partnerships, institutions, governments, and individuals.

We are an independent firm, free of the conflicts that can ariseat other financial institutions, and we maintain long- standing

relationships with business leaders and decision makersaround the world. Our intellectual capital is our strongest asset.The superior intellect, enterprise, and commitment to excellenceof our team guide everything we do.

We are recruiting summer interns and full-time analysts to start in2011. You will possess a passion for business and a genuineinterest in investment banking, along with well-developedinterpersonal skills and a sense of individualism and identity. Astrong academic track record is a must. Most importantly, wewant individuals with the commitment and flair to succeedwithin our organisation.

Apply online today at www.lazard.com/applyPlease direct all enquiries to Shelley Chappell [email protected] or 020 7187 2215.

Lazard is a premier financial services firm committed to excellence, independence, intellectual rigour,integrity and creativity for our clients on a global scale.

Independent Thinking on a Global Scale


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IBD (graduate) How do you respond to change? You are advising a CEO on a possible

merger. However, you do not believe that themerger will be good value. The CEO tells youthat he is only doing it to improve his status

and that he will be gone in a ew years time.What do you do?

Whats 12 divided by ve? Whats 11 dividedby nine?

Operations (graduate) Who do you see as a role model? Can you

give me an example o someone you thinkhas huge infuence in the world?

Trading (internship) How many barrels o oil does OPEC produce

a day? Give an example o a time when you showed

leadership skills. What is Greeces budget de cit?

Credit Risk (graduate) Would you rather be respected or respect ul? Describe a risky situation youve been in. Tell us something you read about recently

in the nancial press that you ound ointerest.

Morgan StanleyEquity research (graduate) Tell us about yoursel . Why so interested in equity research? Whats the biggest challenge that youve

aced so ar? Do you like music? What instrument do

you play? Do you invest in stocks? I so, which

and why? How do you value stocks? Is RFID a disruptive technology? How do

you de ne disruptive technology?

NomuraGlobal markets (internship) Do you agree with the thinking that in a

positive economic environment the yenwould be likely to appreciate againstthe dollar?

What is contango and backwardation? What do you know about Nomura? I you end up working long hours and your

manager has no time or you, as he thinksyoure a burden, how would you copewith this?

DCM (graduate) Tell me about a time when you received un air

criticism. Why did you think it was un air, andhow did you react?

Tell me about a time when you had to go outo your com ort zone.

Equities (graduate) What have you done to prepare or this

interview? Can you describe a situation in which you

worked as a member o a team to achieve agoal?

When have you shown initiative by doingsomething original to solve a problem?

What is your greatest achievement and why? Do you have any questions?

RBSGlobal restructuring group (graduate) Emerging Markets have di erent

challenges and opportunities to rst-world economies and countries. With thecurrent economic pressures and globalrealities in mind, what do you regard as anunrealised opportunity and/or unidenti edrisk associated with nancial institutionsoperating within emerging markets?

Global markets sales (graduate) How did you research the bank? Tell us about a time when you had to

convince people to agree with your view. What do you know about the bank? What do you like about the bank?

Corporate banking (graduate) What do you expect rom banking, other than

a prosperous career? Which qualities do you have which you

think would make you t the position youveapplied or?

How will you bene t rom RBS and how doyou think the bank will bene t rom you?

Sales and trading (internship) Tomorrow the ECB is meeting. I you expect

rising short-term interest rates, what kind ozero-duration structure could you advise toclients, and how do you calculate P&L orthis structure?

I I were a pension und manager, what wouldyou tell me i you were selling a structuredport olio strategy?

UBSDCM (internship) Can you draw me a typical yield curve

or a bond? Who pays or the US de cit?

Equitt research (Grad) Why do you think you will be able to research

companies in Europe when you are rom theUS? What sort o credibility can you have iyou dont know the culture?

Why did you go to University A instead oUniversity B?

IBD (graduate) What makes you think youd be good at

the transactional work o a junior investmentbanker, but also able to operate as asalesman as you progress in your career?

Have you truly considered the li estyle andwork environment o an investment banker?

Sales and trading (internship) Do you pre er sales or trading? How will you allocate a und o money?

Wealth management (graduate) How would you explain volatility to

a customer? What nancial markets do you know? Can you give us a market wrap-up?

v our o ls ud c r opo your ba k g

r w qu o

a d a w r a do h k ou h

la qu oa k d by h ba k .


Tell me about a time when youreceived unfair criticism. Why did youthink it was unfair, and how did you

react?


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investment bankinGinterviewsThe top 10 questions to prep

Here, an industry insider gives her takeon the top 10 questions you must beable to answer be ore going or an

interview in investment banking.

1. What is corporate fnance?

Corporate fnance hirers will expect a basicunderstanding o fnance and the corporatefnance industry. Corporate fnance is theadvisory service that assists companies inraising capital and acquiring and disposing obusinesses. It includes divisions re erred to asM&A, ECM and DCM, and Corporate Broking.

2. What work is carried out incorporate fnance? Pitching presenting to potential clients. Advisory providing nancial and strategicadvice.

Project management managing the dealteam o lawyers, accountants and PR.

3. What do you think you will be doingas an analyst?

As an analyst you will help the senior bankersput together presentations or existing andpotential clients. Initially you will be responsible

or company and sector research, but youwill quickly be required to carry out fnancialanalysis and ultimately complete wholecompany valuations.

4. How do you value a company?The key to pitching and advisory is valuation. Beprepared to explain how the ollowing valuationtechniques work discounted cash fow (DCF) ;comparable companies analysis ; comparabletransaction analysis .

5. What are the main di erencesbetween debt and equity unding? Equity confers ownership; debt does not. Debt is always repaid; equity is generallynever repaid.

Debt is often secured on the companysassets; equity is unsecured. If a company becomes insolvent, debt rankshigher than equity.

6. Choose an industry. What are the

drivers and current trends in thisindustry?Make sure you have a couple o industriesthat you can talk about my tip is to choose aconsumer-type industry to which you have hadexposure. Think about how a business in thatsector makes money and where it pays outcosts. Then think about how a combination otwo businesses in that sector might enable themto make even more money and reduce costs.

7. Tell me about a recent deal youveread about

Study at least one deal in depth. Find out thetimeline o the deal. I you have selected adeal involving a public company, make sureyou check how the share price has movedand what premium the acquirer paid. Mostimportantly, look into the strategic rationale orthe transaction.

8. Why do you wish to pursue acareer in corporate fnance?Most corporate fnanciers are motivated bydoing the deal and not by the money, sodefnitely bear this in mind. The better answers

I hear include an interest in the strategy ocompanies and the public markets along witha desire to have a job that requires you to keeplearning throughout your career.

9. Why did you apply to thisorganisation?Here, you have to understand the organisationsstrategic positioning and their culture. Thinkabout your skills and personality and thereasons why you think you would succeed inthis organisation.

10. Have you any questions or me?Have a ew genuine questions preparedthat will help you in your career choice andto understand the organisation you areinterviewing with.

The author, HazelScofeld, is ounder

o Smith Howard, anindependent graduaterecruitment consultancy,and was previously an

M&A analyst at a leadingindependent investmentbank in London.

Most corporate fnanciers are motivatedby doing the deal and not by themoney, so defnitely bear this in mind.Hazel ScofeldGraduate recruitment consultant,Smith Howard


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Leading international advisorOwnership and banker stabilityRelationship-driven perspectiveRobust, objective adviceCreativity and rigour

Leading in fnancial advice, worldwide

To apply for our Graduate Programme, Summer Internship Programme orLong Term Internship Programme, please submit your online application form atwww.rothschild.com/careers


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2010 Citibank, N.A. All rights reserved. Authorized and regulated by the Financial Services Authority. Citi and Arc Design is a trademark and service mark of Citigroup Inc., used and registered throughout the woCiti, Citi Never Sleeps, and Arc Design are service marks of Citigroup or Citibank, N.A. Citi is an equal opportunities employer.

OPPORTUNITYNEVER SLEEPS.

In Paris, after a hard day studying, Jens

finally ready to rest. Six time zones away,

in New York, Lisa Jens future mentor

is shaking hands on funding for an

irrigation project in Western Africa.

Meanwhile, half a world away, Investment

Banking Associate Rajid is returning

from a meeting with government officials

in Kazakhstan.

At any moment, someone in our global

firm is opening new markets. Someones

closing deals. Someones gaining skills to

pass on to the next generation. A career

with us is full of variety and challenge.

Because Jen isnt working for us yet, but

weve already been working for her. Thats

why, at Citi, opportunity never sleeps.

oncampus.citi.com

Opportunities in: Investment Banking, Capital Markets Origination, Sales & Trading,

Global Transaction Services, Private Bank, Risk Management, Human Resources,

Operations and Technology

Application deadlines:

Full Time Analyst Programme 7th November 2010

Summer Analyst Programme 2nd January 2011


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25

investment bankinG FINANCIAL SERVICES EMPLOYERSGETTING IN

A key di erence between an analyst and anassociate is that the associate will take moreownership o the project. Typically, associatescan take on more projects because they willnot always be doing the tasks themselves,but they will oversee the work and take

responsibility or it.

Pay and bonusesGovernment crackdowns on investmentbanking bonuses which would traditionallycomprise the largest proportion o overallcompensation have dominated headlines orsome time now. Many banks mitigated againstthis by increasing base pay, as well as tyingbonuses more closely to per ormance, whichmeans longer de errals, a greater percentagebeing paid in stock and the potential or the rmto claw back payments i a prede ned return

on equity is not met.

Skills soughtGiven that youll be working on complex nancialmodels or valuing companies and piecingtogether presentations to clients, numericaland analytical skills are essential. Additionallanguages are valued or working with overseas

clients, as are stamina and attention to detail.In order to be success ul long-term,a junior pro essional should also striveto understand the big picture o everytransaction they work on. This is crucial

or M&A because o the strategic natureo deals. It is also important to learnabout the legal and regulatory issuespertinent to the jurisdiction that thepro essional works in, says ElizabethWang, COO o investment banking atMorgan Stanley Asia-Paci c.Jan Skarbek, deputy head o UK

investment banking at Citigroup, adds:

You need to have a reasonable degree ocom ort with numbers, be prepared to work hard,have an appetite to learn, and be prepared towork as part o a team. You will also need goodsocial skills and fexibility. O ten in M&A you needto be a jack o all trades, so we generally look or

people with diverse interests and skills.

Tim ColsonGraduate analyst, M&A advisory, Barclays Capital

Tim graduated rom the University o Western Ontario in 2008 with a degree inbusiness and nance. He joined the Barclays Capital Graduate Programme inM&A in September 2009.

Why did you choose M&A? At university I rowed or Canada, but un ortunately a broken rib orced me towithdraw rom the selection process or the Beijing Olympics. I spent that summerthinking about li e a ter rowing. I wanted a career that challenged and ul lled mein the same way that competitive sport did; which demanded hard work, completecommitment and determination, and was also ast-paced and competitive.

What has it been like so ar?It is an exciting time to be in M&A as, ollowing ouracquisition o Lehman Brothers US business in 2008,we have been expanding our advisory business globally.The programme started with a classroom-based periodalongside graduates rom other divisions in Europe and

Asia. It was a great opportunity to get to know a lot opeople, as well as getting up to speed with everything Ineeded to know be ore joining my team.

What are the main elements o your job?There is a great deal o background work that can range

rom mundane act-checking to complex leveragedbuy-out analysis. I do a lot o chasing down relevantin ormation and documentation, which allows me to workwith many di erent departments. And, o course, I get to meet clients pitchinga new deal is the adrenalin- uelled thrill an investment banker lives or!

What have you been working on today?I am currently working on an energy deal in the Middle East with a new client. Asit is in its initial stages, I have spent most o today liaising with compliance andthe client to ensure we have the required documentation or the rigorous internalclient screening processes. This evening I will urther re ne the teaser documentwhich we will send to potential investors or our sell-side mandate.

What makes you good at your job? You need to be good at research and analysis, able to assimilate enormousamounts o data and summarise these into the story. You also need to be able tothink laterally and be able to put yoursel in the clients shoes.

Role Base Bonus Change*

1st year analyst 80-90 40-60 25%

2nd year analyst 90-100 60-80 30%

3rd year analyst 100-110 60-80 30%

1st year associate 110-120 80-120 25%

2nd year associate 120-130 150-180 30%

3rd year associate 130-140 180-225 30%

Vice-president 150-200 350-500 35%

Director 200-250 500-700 30%

Managing director 300-400 1,200-1,600 35%*Change measured as a percentage increase on 2008 bonus fgure.

Source: Options Group Intelligence Unit. Figures are a global average.

Average global investment bank pay 2009 ($USk)

I get to meet clients pitchinga new deal is the adrenalin-fuelled thrill an investment

banker lives for!


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EXPECT TO GO PLACES

YOU NEVER EXPECTED.

Graduate careers ininvestment banking

Here at Barclays Capital, well help you ful l yourhighest ambitions in the most unexpected ways.For instance, we think the best way for you to getto the top is to learn from the people who are

already there. Thats why our senior managersare intrinsically involved in training our graduates

and why you can look forward to extraordinaryinsights and top- oor views from day one.Its time to raise your expectations. Visit ourwebsite to nd out more.

barcap.com/expectexcellence

ssued by Barclays Bank PLC, authorised and regulated by the Financial Services Authority and a member of the London Stock Exchange, Barclays Capital is the investment banking division of Barclays Bank PLC, which undertakes US securities business in the name of i ts wholly-owned subsidiary Barclays Capital Inc., a FINRA and SIPC member. 2010 Barclays Bank PLC. All rightseserved. Barclays and Barclays Capital are trademarks of Barclays Bank PLC and its af liates.

Expect Excellence


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J.P. Morgan is a marketing name of JPMorgan Chase & Co. and its subsidiaries worldwide.2010 JPMorgan Chase & Co. All rights reserved. J.P. Morgan is an equal opportunities employer.

Career opportunities in Europe andAsia Pacific

We have offices and opportunities across the globe. We worktogether to mobilize the best financial products and deliverthe best solutions to meet our clients needs, whereverthey are in the world. And that starts with building the

most talented team in financial services, wherever weneed to be. No matter where you join us, you can expectto work with some of the finest minds, solving the mostexciting challenges in global finance. Be part of it.

To apply for intern and graduate roles in Europe and theAsia Pacific region, visit:

jpmorgan.com/careers

Global.

Go


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Analyst Programmes 2011More opportunities.More than an investment bank.

Our position as a pioneer in emergingmarkets combined with our truly globalpresence means there has never been abetter time for graduates to join HSBC:

Global Banking and MarketsGlobal Asset ManagementGlobal Private BankingGlobal Transaction Banking

So capitalise on this moment and visit ourwebsite to find out more.

www.hsbcnet.com/campusrecruitment

Hitting new heights, MalaysiaLeading lights, Turkey New energy sources, Brazil

Capitalise onthe momentThe new centre of the world.Todays China is generating

enough economic activity to driveneighbouring emerging markets

and to sustain developed economies

during the current slowdown. HSBC

is acting as the bridge to the rest

of the world for this emerging giant.

Driving investments, India Charting a new course, UAE Building strong foundations, Peru

T h i s a d v e r t

i s f o r r e c r u i

t m e n

t p u r p o s e s o n

l y


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G a m e

f o r a c a r e e r

i n B r o

k e r a g e ?

I t b e g i n s a t

K e m p e n

& C o - a s a

T r a d e r ,

A n a l y s

t o r

S a l e s

A c c o u n t

M a n a g e r . W

e a r e

o n e o t h e l e a d i n g B r o k e r a g e f r m s i n E u r o p e

. W e v e b e e n g e n e r a t i n g w i n n e r s s i n c e 1 9 0 3

. W i t h c h a l l e n g i n g p o s i t i o n s

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

K e m p e n & C o , w e o s t e r a n d r e w a r d t h i n k e r s a n d d o e r s . S o w h e n o n e s i n g l e e v e n t s o m e w h e r e i n t h e w o r l d t h r o w s

t h e m a r k e t a a s t b a l l

, a d y n a m i c S e c u r i t i e s t e a m

c a n s w i n g b a c k w i t h e v e n s t r o n g e r

, s w i t e r i m p a c t . T h e e x a c t s a m e

s e r v i c e o u r c l i e n t s h a v e b e e n e n j o y i n g s i n c e t h e b e g i n n i n g .

A r e y o u o u r n e w s t a r p

l a y e r ? C a l l o u r R

e c r u i t m e n t d e p a r t m e n t a t + 3 1

( 0 ) 2 0 -

3 4 8 9 5 0 5 t o l e a r n a b o u t o u r s t a r t e r

p o s i t i o n s

, o r g o t o o u r w e b s i t e

. E v e r y

t h i n g y o u c a n e x p e c

t f r o m

a M e r c

h a n

t B a n

k .

w w w . k

e m p e n . n l .

E v e r y

t h i n g

b u

t ,

a l l w o r

k n o p

l a y


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Highly developed analytical skills are alsointegral or research roles, but thats not all.One minute you could be discussing orpresenting the latest market or company trendswith the banks clients, the next per ormingin-depth nancial and qualitative analysis, says

Matthew Overy, vice president and regionalbusiness manager o global markets researchat Deutsche Bank, Hong Kong.As a research analyst, you need to possess atremendous depth o knowledge in your chosensector, coupled with the communication andpresentation skills to convey the salient pointsin a way that is o relevance to the clients.

And i you want to make your career in sales? Again, youll need to be numerate and technicalby nature, but youll also need to be good atdealing with people.

I you are selling, you are the keypoint o contact or clients, believesDavid Hansson, managing director

or sales and trading, and heado Asia ex-Japan equity derivativesmarketing at J.P. Morgan.

He adds that knowledge o yourclients is key. You will need tounderstand what the clients objectivesare, what they are looking or andhow best the bank can solve theseissues or them.You will need to have a keen interestin the nancial markets and soundknowledge in prevailing markettrends, as well as proven academicper ormance at university and goodmathematical ability.

Kaya EndoAssociate, equity derivatives strategy, Citi

Kaya studied international economics and management at Bocconi University inItaly, ollowed by an MSc in nance. She now works as an associate on the equityderivatives strategy desk at Citi, having joined the banks graduate scheme in

August 2007.

Why equity derivatives?Its such a challenging environment and everything changes very rapidly. I love the

atmosphere when you are on the trading foor and speaking to and dealing with somany hugely intelligent people every day. I did an internship with Citi in 2006, andone o my rotations was derivatives-based which got me into it.

So, what does your job involve?First, its about trade idea generation on a daily basis,writing short brie ng notes and then sending themout to clients. We also do a lot o analysis and makepresentations internally and to clients. Second, Illconsult with clients, analysing and sorting out problemsand working with the sales team, o ering solutions orproducts that will suit their needs or views. Finally, Iminvolved in educating our interns and graduates.

What have you been working on today?Ive been writing up a note on a trade idea to send outto a client. Ive also been stress-testing a tool or optionsprices and working on a presentation to interns. Wenormally have our rst meeting at 6.45am so I need to getin a bit be ore that to sort out any notes or presentations Ineed to do. The day usually ends around 7pm.

What makes you good at your job? Attention to detail. When you are building tools or tradersthat could a ect their P&L, you need to be absolutely surewhat you are sending out has no errors in it. The samegoes with when you are dealing with clients, particularlyon issues such as risk.

What are the best parts o your role?No two days are the same. One day I can be meeting clients in Italy, the next

teaching options theory to a room ul o interns or working on a new tool.Any bad bits?Sometimes it can be extremely ast-paced, which means you have to be ableto think on your eet and work well under pressure.

Title Base Bonus Change*

Associate 75-100 70-110 35%

VP 105-145 400-500 35%

Director 150-200 600-750 40%

MD 250-350 1,100-1,600 40%*Change measured as a percentage increase on 2008 bonus fgure.

Source: Options Group Intelligence Unit, fgures are a global average.

Equity sales pay 2009 (US$)

Title Base Bonus Change*

Associate 75-100 80-120 40%

VP 105-145 500-600 40%

Director 150-200 650-800 40%

MD 250-350 1,500-2,000 45%*Change measured as a percentage increase on 2008 bonus fgure.

Source: Options Group Intelligence Unit, fgures are a global average.

Equity trading pay 2009 (US$)

No two days are the same. Oneday I can be meeting clients inItaly, the next teaching optionstheory to a roomful of internsor working on a new tool.


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RWE Supply & Trading is a leading Europeanenergy trader. We act as the hub for all RWEstradable commodities such as power, gas, coaland oil in their physical and derivative forms.

Why RWE Supply & Trading is a great place to kickstart your career We trade across a wide range of commodities Were Europe-wide so youll gain international

experience straight away.

Join our Graduate ProgrammeWere looking for graduates with a sharp commercialfocus who want to learn the mechanics of the energytrading business by working across a range of functions.

If youre looking for fast career progression, youllnd our focus on personal development refreshing.

We provide on-the-job training, professional careercoaching, networking opportunities and access tosome of the top experts in the industry.

RWE Supply & Trading Graduate DevelopmentProgrammeKey DetailsDuration: 8 monthsRotations: 3 rotationsBusiness area: Analysis, Risk Control, Structuring &Valuation, IT, Finance, Back Of ce and Trading Support Start date: March or SeptemberWhere: Rotations are possible in Essen, London,Swindon and Geneva of ces.

What were looking forYoull need a quantitative degree in mathematics,physics, economics, engineering, businessadministration or subject directly related to energytrading, as well as solid IT skills. Work experienceor an internship in a trading environment is abonus. Fluency in English is mandatory; pro ciencyin German is a de nite plus.

THE RWE GRADUATE SCHEME IN SU& TRADING: Hands-on experience in the

energy business.

Apply online atwww.rwe.com/rwest-careers

There are two application periods: Nov/Dec and April/May.Final assessments will take place in Jan/Feb and July respectively.


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Our energy has

Your energy shapes the future

E.ON Energy Trading is oneof Europes leading energytrading businesses and thecommercial heart of E.ON,one of the largest investor-owned power and gas companies in the world.

With over 800 employees from more than 45 countries, were an international businessspecifically designed to meet the challenges of the worlds dynamic energy markets.

Are you ambitious, creative and ready for the challenge of working in one of Europesmost exciting industries? Were looking for people with potential who are able to developduring our 18-month trainee program. You can enter the program twice a year, May/Juneand November/December.

Apply for the Trading Qualification Program today at www.eon-energy-trading.com

no borders


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AMBITIOUS

When you think of ambition do you think of using your talents to rise to new heights in thefast-moving global markets? We do.BNP Paribas Corporate & Investment Banking is an innovative provider o sophisticated nancial and strategic solutions to largecompanies and nancial institutions around the world. Creativity, entrepreneurialism and a relentless ocus on our clients goalshave allowed us to grow into a leading European bank with a strong global presence. Our strong risk management and nancialstability have enabled us to continue growing and to help our clients grow even in the most challenging o times. Now we arein a position to pursue bold strategies or expansion around the world.

We have a tradition o doing things diferently here, pursuing our own ideas and working collaboratively to achieve exceptional resultsor our clients. I youre interested in joining an international team and launching an exciting career in the ast-moving nancial

markets, then nd out where you could t in at BNP Paribas.

Careers in Corporate & Investment Bankingwww.graduates.bnpparibas.com


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Where we make the connections, we make the deals.

Our intelligent connections deliver innovative fnancial solutions that beneft emerging markets.So we used our global experience to develop groundbreaking fnancial structures or the Gautrainproject in South A rica.

Join us and youll soon be making rewarding connections oyour own. http://graduate.standardbank.com/efnancial

Moving Forward


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Pay and bonusesThe heightened ocus on risk and compliancemeans many teams are expanding, but thishasnt really translated into higher salaries.Risk managers and compliance o cers whowork alongside salespeople and traders

typically earn the most.On the risk side, this means high-earningmarket risk specialists. In compliance, salesand trading compliance pro essionals whospecialise in the latest hot product can expectthe biggest pay packages.

Skills soughtPerhaps slightly surprisingly, one o the keyattributes banks look or in their risk andcompliance recruits is good communicationskills and an ability to build relationships.

By its nature compliance involves a lot ointeraction with di erent areas not just internalmanagers, sales, traders and so on but alsopeople externally, such as regulators, saysSeung Earm, executive director o complianceat Goldman Sachs.

Even i you know one skill set or product, iyou cannot develop a rapport with the peopleyou are speaking to, that is going to be a hugechallenge.For entry level, the typical person would havereceived some academic training in law, nanceor some other business discipline, adds MikeNewby at Morgan Stanley.Junior-level candidates with some workexperience usually have some orm o trainingin legal, auditing, consulting, and regulatory anden orcement.

Ong Bi HuiMarket risk controller, DBS Bank

Ong Bi Hui graduated rom the National University o Singapore in 2007 with abachelors degree in applied mathematics, and le t Columbia University with amasters degree in 2008. She joined DBS Bank the same year.

What does your job involve? As market risk controllers, we ensure that the banks market risk exposures arecorrectly refected and do not exceed the limits allocated. Trading book positionsare dynamic and dependent on current market conditions. The risks have to bemanaged so that the bank is not caught o -guard by sudden or large movementsin the market. At the same time, changes in trading strategies and regulationsrequire the market risk department to evolve constantly to stay on top o the game.

Why did you pick this team?I decided to work in market risk as it provided me withthe opportunity to leverage my background in nancialengineering. In Asia, market risk management is stillconsidered a new and developing area. Working ina niche market that is developing constantly meantthe learning curve would be steep and the areas ocontribution would be signi cant.

How did you end up in your current position?I joined the team in September 2008, a ew days a ter

Lehman Brothers led or bankruptcy, but I would saythere was never a better time to join. This was the pointwhere market risk in rastructures were put to the test.Challenging market conditions required the team to revisitexisting market risk models, and design new measuresto keep up with the changing perceptions on trading, inparticular derivatives trading. I was assigned to monitor traded credit risk, whichwas caught in the eye o the storm. I had to work quickly to understand the bankscredit trading positions as well as how our market risk models were reacting tothe shocks in the market. In a short space o time, I had the chance to change thevalue-at-risk model used by the bank.

Whats the best part o the job?There are many opportunities to make your mark in this area. There are always newideas coming up, new rules to ollow, better solutions to be ound. It is never dull.

What do you think makes you good at your job?It is good to be inquisitive and take the initiative. You can learn many things bybeing curious. At the same time, having the initiative and the ability to ollowthrough can get you anywhere.

G h lgr du d

r h p

progr w .


There are many opportunitiesto make your mark in this area.There are always new ideascoming up, new rules to follow,

better solutions to be found.The job is never dull.


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As you work your way up the operationshierarchy you will progress to more strategicroles, looking at issues such as how tostreamline the exceptions process or which

unctions should be moved o shore.

Pay and bonusesSince its not revenue generating, people in theoperations divisions will never receive bonusesas substantial as those enjoyed by theircolleagues in the ront o fce. On the plus side,your working hours will be shorter youre notlikely to spend most o your li e camped at yourdesk like someone in M&A.

Skills soughtWhen flling operations roles, banks look or acombination o problem-solving, interpersonal

and time management skills. In a role whereaccuracy and consistency are key, attentionto detail is also a must.Working in operations requires a diverserange o skills rom project, business andpeople management through to documentation

skills, technological capability, control,regulatory knowledge and client service,says Bromley.Good communications skills are also important.It is not just about speaking to people; itis about building relationships and earningrespect, says Steve Morgan, global head oequity middle o fce at Citi. The back o fceand middle o fce are the cogs right at the hearto the wheel. We are responsible or takingin ormation, processing it, and disseminating itacross many di erent plat orms.

Ginny ClaytonAnalyst, operations, Goldman Sachs

Ginny graduated with a degree in business administration rom Bath Universityin 2008. She joined Goldman Sachs in September o the same year.

What was the appeal o operations?I wanted to be in operations because it involves such a broad range o skills youhave client contact with traders and are always on the go. You need good peoplemanagement skills and you need to be able to work well as part o a team.

What are the main elements o your job?I work on the sales side, supporting sales traders. So they execute a trade, andwe deal with it a terwards. Ill be liaising with clients, confrming the detail o thetransaction and then getting it out o the door and managing the trade. We alsohandle a lot o the risk.

Talk us through an average day.Ill normally get in at 8.30am, at which point I catchup on what has been handed over rom other regionsovernight. There are certain things that have to be doneeach day, but there will also o ten be things that are moreunpredictable, depending on what trades are being done.Ill normally be settling trades throughout the day but, orexample, this morning Ive also been learning about anew product and have gone through all the trades or it.

I tend to fnish at around 6pm but some days you willwork later or leave earlier.

Some people would say that operations is the lessexciting area o investment banking. Presumablyyou wouldnt agree?It is exciting, because you are working closely with tradersand they are relying on you. You have to manage a highdegree o risk, and it can be challenging. You will also be involvedin di erent projects and be working with di erent people all the time.

What are the best parts o the job?There are parts o the day when you are trying to resolve issues in just a ewminutes it can give you quite an adrenalin rush. You have to be organised andable to manage your time well because you o ten do not know what is going tobe chucked at you next.

Any bad parts?Because you are coming into an environment that is very data-heavy you do haveto be accurate and conscientious. There is never much time or switching o .

F d ouwh ch c orr ll h r g.


It is exciting, because you areworking closely with tradersand they are relying on you.You have to manage a highdegree of risk, and it can bechallenging.


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smartestOur

investment is you

One of Europes largest independent investment managers,

founded in 1934 234 investment professionals with an average of 14 years

investment experience1

Operating globally and investing in core asset classes, equity,xed income and alternatives

60.3 billion of assets under management2

Approximately 930 employees in Europe, the US and Asia-Pacic Listed on the London Stock Exchange and the Australia Securities

Exchange with a market capitalisation of US$1.7bn3

Hendersons strength lies in its diversity the assets we manage

and the clients we invest for across the globe. We select peoplewith exceptional talent and entrepreneurial minds. At Henderson,you will be recognised for your achievements. We will support youto obtain the qualications you need to progress your career.Come to Henderson and discover a breadth and quality ofexperience thats hard to nd elsewhere.

If you are passio nate about investment and aspire towork for one of Europes largest investment managers,nd out more today at www.henderson.com/graduates

Henderson carries our heritage, our values and our corporate strengthGlobal is our reach, outlook and our futureInvestors are our focus and investing is our specialisation

Source: Henderson Global Investors. Number of employees at 31 May 2010.2 Source: Henderson Global Investors. Assets under management at 30 March 2010.3 Source: Henderson Globalnvestors. Market capitalisation at 31 December 2009. Henderson Global Investors is the name under which Henderson Global Investors Limited (reg. no. 906355), Henderson Fund Management

plc (reg. no. 2607112), Henderson Investment Funds Limited (reg.no. 2678531), Henderson Investment ManagementLimited (reg. no. 1795354), HendersonAlternativeInvestmentAdvisor Limitedreg. no. 962757), Henderson Equity Partners Limited (reg. no. 2606646) (each incorporated and registered in England and Wales with registered ofce at 201 Bishopsgate, London EC2M 3AE

and authorised and regulated by the Financial Services Authority) provide investment products and services. Telephone calls may be recorded and monitored.HGI42240/0710

Graduate Investment Management Opportunities


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To nd out more and to apply please visit bailliegifford.com

BALDERDASH,gobbledygook.

Were not one of those investment management firms that will bombard you with financial jargon.Quite the opposite in fact, well keep it simple because we want to attract the best graduates fromany degree background. What wed really like to talk about is development. We were one of the firstinvestment management firms awarded the national 'Investors in People' standard. This speaks volumesabout the quality of our graduate training programme. Do you understand what were saying?


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47

INVESTMENT BANKING Financial services EMPLOYERSGETTING IN

Pay and bonusesMuch like other areas o fnancial services,pay is under scrutiny. Traditionally, bonuseswould have been based on individualper ormance and could be many multipleso base salary. Now, however, bonuses are

being more closely aligned to companyper ormance, and can be de erred overa number o years.In the US home o the worlds largest assetmanagement industry senior und managerscan bring in base pay o US$175-250k,according to the Robert Walters salary survey.

An analyst/AVP should expect US$80-110k.Experienced port olio managers in the UKearn up to US$220k, according to fgures romrecruiters Michael Page. Junior investment

analysts can bring in US$60-95k. In Singapore,senior salaries come in at US$136k+,according to Robert Walters.

Skills soughtTo be a und manager, youll need to be

passionate about investing and an expert atfltering large quantities o data.Its an incredibly stress ul job, says Douglas Eu,CEO, Asia at Allianz Global Investors Asia-Pacifc.You have days o , but you are always working.

You are never really on vacation because youhave a lot o responsibility. You are managingsomebodys money as a fduciary. Its like beinga student taking a test every single day and thegrade is published every day in the newspaper.What attributes help you get a oot in the door?

Getting to grips with annual reports,company balance sheets, broker analysis andper ormance indicators obviously means adecent level o numeracy is important, saysRichard Barry, HR director at Baillie Gi ord.That said, generic research skills, which are

o ten demonstrated in more humanities-basedrather than mathematical and fnancial degreesare highly desirable in und management.

And again, good communication skills are vital.You might be speaking to a room ul o brilliantlyintelligent bankers, or asset managers, trusteesor lay people and youll need to be able toparticipate in discussions about complexfnancial situations while ensuring clients ullyunderstand, says Paul Deane-Williams, seniorconsultant at Towers Watson.

Beata HarasimAnalyst, fxed income, BlackRock

A ter completing an MA in fnance and banking at Warsaw School o Economics,Beata joined BlackRock in the autumn o 2008. She works as an analyst in thecompanys European Rates, Sovereigns and Currencies Investment Team, workingwithin the Fundamental Fixed Income Port olio Management Group and with a

ocus on currencies and CEE rates markets.

What was the appeal o fxed income?I have always been ascinated by the complexity o global fnancial markets, andfnd the fxed income market particularly appealing because o its close connectionto macroeconomic undamentals as well as its sheer size and depth.

What does your job involve?I have a very broad set o responsibilities ranging rom port olioconstruction to trade idea generation. This translates intodaily monitoring o trade positions across our port olios andadjusting them as necessary. I also provide a steady stream oresearch, which enables port olio managers to have the edgewhen making investment decisions.

What have you been working on today? As a part o my research, I recently went to Budapest tobroaden my insight regarding the current macroeconomicenvironment in Hungary. The in ormation acquired during thetrip combined with a proprietary macro view enabled me to

produce recommendations which will hope ully enable ourclients to proft rom the uture price action.

What is the best part o the job?Being at the very centre o markets and actively participatingin the investment process is defnitely the most appealingpart o this job. Every day port olio managers need to makesure client assets are correctly positioned or the expectedenvironment.

Any downsides?It really is di fcult to fnd any downsides. Work in asset management o ers abalance between an enviable pro essional career and private li e.

What makes you good at your job?I think that my fnancial background together with a quantitative skill set means

Ive been able contribute to my teams investment process rom a very early stageo my career. I also believe my passion or the markets, especially fxed income,means Im naturally enthusiastic about everything I do. I strive or continuousimprovement in my work and am also building up my pro

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