I Want to Work In … Banking
There are many different roles within banking, which are not always clear-cut. Although banking can be broadly divided into “retail banking” and “investment banking”, these functions can often be found within the same organisation – the large “High Street” banks, for example, also have corporate and investment banking operations.
covers the financial services provided by the "High Street" banks for individual personal customers and small businesses through their branch network, especially: safe custody of money, transmission of money between accounts, provision of loans, foreign exchange, etc., provision of financial advice, provision and marketing of financial services e.g. insurance, mortgages, stockbroking. Employers include UK clearing banks, building societies, foreign banks with a UK branch network and finance houses.
The work involves: responsibility for the overall management of staff, work and resources of a branch, advising customers on business and personal finance, authorising loans and overdrafts within bank's guidelines, developing contacts with the local community and businesses. You will be expected to meet targets and promote the bank’s products and services. The work therefore involves elements of human resource management and marketing as well as banking.
Qualities required include good inter-personal skills, leadership, persuasiveness, integrity, adaptability and business awareness. Some banks expect management staff to be completely mobile throughout the U.K. although others only demand mobility within a limited geographical area.
The financial services provided by the High Street banks for personal customers & small businesses through their branch network, especially: Safe custody of money. Transmission of money between accounts. Provision of loans, foreign exchange, etc. Provision of financial advice; provision & marketing of financial services e.g. insurance, mortgages, management of staff, work & resources of a branch. Advising customers, authorising loans & overdrafts, developing contacts with the local community. Whilst training you are quickly moved through a branch, then to a lending centre then to a business centre - to experience larger business lending. The next move might be into corporate or international lending.
Staff development; business generation; customer relations
Top Reasons for Applying to Investment Banking
|Excellent starting salaries
|Prestige of the jobs||38%|
|Interested in content of work||35%|
|Work is intellectually demanding||35%|
|Good long-term career prospects||26%|
|Chance to work overseas||22%|
|Able to use your degree subject||20%|
|Quality of training and development||18%|
|Availability of jobs||
|Jobs are located where you want to work||
Source: The UK Graduate Careers Survey 2010 AGR/The Times
covers the provision of specialised financial services and advice to industrial, commercial and government clients.
It involves corporate finance - mergers, acquisitions, Stock Exchange quotations for new issues, arranging loan facilities for governments and corporations, financing large international projects, large-scale foreign exchange dealings, negotiating acceptance credits, loans, export guarantee credits and investment management.
Employers include not only large international banks but also the large UK clearing banks, which may have separate graduate recruitment schemes for retail and investment banking. There are also a number of medium-sized (“mid-cap”) and small (“boutique” ) investment banks
Qualities required include: a very good academic record (2.1 min in any degree subject, plus good grades at A-level or equivalent) excellent interpersonal skills, good written and verbal communication skills and numeracy, resilience and confidence and business interest.
There are relatively few vacancies and fierce competition for places – you need to start planning early! A number of employers run insight programmes and mini-internships for first year students: deadlines for these are usually in January but may be even earlier. Longer summer internships will be advertised in the first term of your second/penultimate year and most banks use these as their main source of graduate recruits. You can obviously still apply for graduate schemes (deadlines will be in the first term of your final year) if you haven’t done an internship at that bank but your chances will be greatly improved if you do have such experience – especially in the current financial situation (July 2012)
Satisfactions: Challenging and stimulating work. Completion of a successful transaction, particularly when market is difficult. Well-paid.
Negatives: Long and unpredictable hours – typically between 70 – 100 hours a week. Very demanding & aggressive environment.
Tips: Competition is fierce for graduate training programmes – consider getting a professional qualification, such as accountancy or law, and then using this to move into investment banking.
Researches financial information about companies and gives this information to fund managers to help them manage investment portfolios. This will involve analysing information, meeting with company representatives to question them about the finances of the company, checking for political, economic and business developments that may influence the financial markets, and producing reports.
looks after institutional, corporate or private clients’ investment portfolios. Buys and sells shares on the stock exchange to give the maximum return. May also deal in securities, money and financial products. Works in a team with investment analysts. Researches information about equities. Advises clients. Much of the trading takes place by phone and increasingly via the web.
Carrying out primary research on financial institutions (banks & insurance companies) in several countries; managing research projects from conception to delivery; reading financial press, visiting city business library & other online sources; designing spreadsheet based models; liaising with clients.
|We really want people who want to work for our bank to know a lot more about us rather than just applying for all of the banks.
I think it’s the additional skills, really having that hunger, to be motivated to work, especially in global banking. It is very long hours and it is very hard work; so they really must want to put as much effort in as possible and be able to see the picture.
- Banking, Insurance and Investment Overview www.prospects.ac.uk/industries_banking_overview.htm
- eFinancialCareers http://news.efinancialcareers.com/uk-en/students/graduate/ job news, employer information and careers advice for graduates
- Inside Careers www.insidecareers.co.uk Banking, Securities and Investment careers section with employer information and graduate vacancies
- TARGET Jobs – Banking & Finance http://targetjobs.co.uk/banking-and-finance-graduate-jobs
- SEO London www.seo-london.org/investment-banking not for profit organisation that provides opportunities for outstanding undergraduates from ethnic minority groups under-represented in the City to gain insights, summer internships and graduate roles at some of the most prestigious investment banks in the UK at all stages of their degree;
- Directions www.directions.org.uk/careers the Financial Services Skills Council careers website. Includes job profiles and advice on job-hunting;
- WikiJob www.wikijob.co.uk/wiki/list-investment-banks list of banks, including mid-cap and boutique firms
- Institute of Financial Services www.ifslearning.com professional training in banking and financial services
- Vitae www.vitae.ac.uk/researchers/423331/Investment-banker.html Advice for research postgraduates interested in investment banking
- One minute interactive introduction to banking careers
- Barclays Bank http://group.barclays.com/about-barclays/careers#campus-recruitment
- Barclays Capital http://graduate.barclayscapital.com the investment banking arm of Barclays Bank, focusing on financing and risk management
- BNP Paribas www.graduates.bnpparibas.com “the number one bank in the eurozone (‘Forbes Global 2000’, 2011) and a major player at the international level”;
- Citigroup http://careers.citigroup.com
- Credit Suisse www.credit-suisse.com/uk/en
The cooks are French,
the policemen English,
the mechanics German,
the lovers Italian,
and the bankers are Swiss.
The cooks are English,
the policemen German,
the mechanics French,
the lovers Swiss,
and the bankers are Italian.
- Deutsche Bank www.db.com/careers
- J.P.MorganChase http://careers.jpmorganchase.com
- Lloyds Banking Group www.lloydsbankinggrouptalent.com
- Morgan Stanley www.morganstanley.com/about/careers/index.html
- Nationwide www.nationwide-jobs.co.uk/graduate-schemes
- Nomura www.nomura.com/europe/careers
- Royal Bank of Scotland Group www.jobs.rbs.com/uk/graduatesfinancial services group including NatWest, Coutts & Co and Direct Line
- Schroders www.schroders.com/global/careers/for-graduates
- Societé Generale http://careers.societegenerale.com/sgcib/en/home.html
- Standard Bank http://graduate.standardbank.com
|In order to get a loan, you first need to prove that you don’t need it.|
- GRCH Smith Howard www.thegrch.co.uk recruitment for smaller investment banking organisations. The site includes lists of employers and advice on applications and interviews for investment banking.
- Hays Banking www.hays.co.uk/job/banking-jobs/index.htm recruitment consultancy specialising in permanent, temporary and contract banking jobs.
- Reed Graduates www.reed.co.uk/jobs/graduate?parentsector=banking often carries banking-related vacancies
- Randstad Financial and Professional www.randstadfp.com financial recruitment specialists
- Financial Job Spot www.financialjobspot.com job listings website specialising in finance jobs. Vacancies within accountancy, banking, financial services, and insurance.
- Cititec IT Recruitment www.cititec.com financial IT recruitment for investment banks
- Twenty Recruitment Group www.twentyrecruitment.com
- How to Become an Investment Banker www.girlbanker.com/blog.html
- How to write a CV for Banking http://careers.guardian.co.uk/careers-blog/banking-cv?CMP=
- Simon Dixon www.simondixon.org Blog by the author of 'Student To CEO: 97 Ways To Influence Your Way To The Top In Banking & Finance'
- Banking Blog www.guardian.co.uk/profile/joris-luyendijk “looks at the world of finance from an anthropological perspective”
- AskIvy www.askivy.net created by a team of bankers, private equity and venture capital professionals to provide advice on careers in these fields
- Inside Buzz www.insidebuzz.co.uk/investment-bankingDownload “An Inside Look at Investment Banking Employers” from www.insidebuzz.co.uk/downloads
Last fully updated 2012