I Want to Work In … Banking
- Retail Banking
- Investment Banking
- Work Experience in Investment Banking
- Retail and Investment Banking Employers
- Recruitment Agencies and Jobs Boards
- Further Information
- PRACTICE INTERVIEW for retail banking & example interview questions (separate page)
- PRACTICE INTERVIEW for investment banking & example interview questions (separate page)
- CASE Interviews (separate page)
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”, there are also specialist areas such as investment management, wealth management and risk. These may be functions within a large banking group or may be carried out in an organisation that specialises in a particular area.
Retail bankers work in “high street” banks and building societies and also for online banks and other providers of banking and financial services. They assist individuals and small businesses with financial services ranging from loans and mortgages to savings and investments.
- Job profile of a retail banker from the Prospects website
Best and Worst Things About Retail Banking
- Good work life balance.
- Seeing your work make a difference in somebody's life.
- Variety of experience
- Opportunity to build a network of contacts
- Mixture of on-the-job training and classroom training
- Poor benefits considering the pressure you are under
- Transitioning between teams and locations can be challenging
- Variety of management styles
- Job profile of a retail banker from the TARGET Jobs website
- Inside Careers: Retail Banking
- Wikijob: Retail Banking
- The Job Crowd: Retail Banking
Graduate schemes in retail banking tend to be very varied and to go beyond pure banking roles, as the following job descriptions show:
Going from team to team on rotational placements which could include roles such as Customer Planning Specialist, Digital Analyst, Planning & Performance Analyst, Process Engineer and even a Team Leader in our contact centre network or Service Manager in branch will give you a deep insight into what our customers want, need and expect from us. Each placement is designed to develop your commercial and strategic thinking, negotiation and influencing skills and understanding of how our Bank works (Co-operative Bank)
As a graduate you might work in a Regional Director office for one of our branch networks. Or, in our Wealth teams, you could be delivering private-banking and wealth-management solutions to our more affluent customers. You could also find yourself in one of our supplier functions, such as the Chief Operating Office, delivering a key piece of change for our customers and front-line colleagues, or in Group Brands and Marketing, ensuring customers understand our brands and products. Other potential opportunities include helping to design and manage our Retail products with the Retail Customer Products team, or measuring and assessing risk with Retail Business Risk.
(Lloyds Banking Group).
Best and Worst Things About Investment Banking
Investment banking relates primarily to raising capital for companies and other organisations, the provision of mergers and acquisition advice or advice on specific issues such as raising loans or stock exchange flotations.
Job roles in investment banking tend to be divided into front office (such as mergers and acquisitions (M&A), sales and trading, research, debt capital markets and equity capital markets), middle office (advising and monitoring the front office, such as compliance, risk and technology) and back office (operations).
Job profile of an investment banker from the Prospects website
Job profile of an investment banker from the TARGET Jobs website
Inside Careers: Banking and Investments
Wikijob: Investment Banking
The Job Crowd: Investment Banking
Employers include large international banks, medium-sized (“mid-cap”) and small (“boutique”) investment banks.
|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.
The vast majority of successful applicants to banking and investment graduate schemes have previously completed a relevant internship – mainly at the same institution. Typically 50% to 70% of graduate hires in banking and investment have worked for that organisation as an intern. In some cases the figure is even higher: 90% or above. (TARGET Jobs)
Almost no one secures a graduate scheme at a top bank without work experience in the finance industry. The banks want applicants with intern experience to prove the candidate is passionate about finance, and has evidence they can work in that environment. Banks will often select the best interns to be fast tracked to the graduate scheme – J.P. Morgan exclusively hires its grads from its interns (Bright Network)
In 2015, investment banks offered over 2600 paid internships and work placements. (High Fliers Research Report). In addition, many banks also run Spring Weeks and/or Insight Days to give first-year students a taste of the industry.
Summer internship programmes usually run for 8-10 weeks, from July to September. They are open to penultimate year undergraduates and to postgraduate students. It is just as hard to get an internship as it is to get onto a graduate scheme, so make sure you research the employer and take time and care over your application.
Deadlines for all these programmes can be as early as November, so start planning in good time.
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 AGR/The Times
- Student Ladder: Work Experience in Banking http://www.studentladder.co.uk/work-experience/banking.html
- First year Spring Weeks, insight programmes and alternatives in 2015-2016 – use as a guideline for applications in future years, but check current dates http://blogs.lse.ac.uk/careers/2015/11/20/first-year-spring-weeks-insights-and-alternatives-2015-16/
- Bank by bank graduate and summer internship deadlines for 2016 from efinancial careers. Again, this will give you a guideline for when to apply in later years but check for the latest information.
- SEO London http://seolondon-careers.com/industry-areas/bankingassetmanagement Provides outstanding undergraduates from backgrounds under-represented in the City with the opportunity to gain first year insights, summer internships and graduate roles at some of the most prestigious investment banks.
- Grad Diary: 4 Truths about Investment Banking Internships www.graddiary.com/careers-advice/investment-banking-internships-reality
- Bank of America Merrill Lynch http://campus.bankofamerica.com/about-bank-of-america/global-presence/europe-middle-east-and-africa
- Barclays Bank http://joinus.barclays.com/emea/graduate-opportunities
- BNP Paribas www.graduates.bnpparibas.com
- Citi https://www.citi.com/oncampus/index/#
- Co-operative Bank www.co-operativebankjobs.co.uk/careers/graduate-careers
- Credit Suisse www.credit-suisse.com/us/en/careers/campus-recruiting.html
In order to get a loan, you first need to prove that you don’t need it.
- Deutsche Bank www.db.com/careers/en/grad
- Goldman Sachs www.goldmansachs.com/careers
- HSBC Group www.hsbc.com/careers/students-and-graduates?WT.ac=HGHQ_Careers_Home_StuGrad1.1_On
- J.P. Morgan http://careers.jpmorgan.com/careers
- Lloyds Banking Group www.lloydsbankinggrouptalent.com
- Mitsubishi UFJ (MUFG) http://muscampus.com/programs/what-we-look-for/analyst-program
- Morgan Stanley www.morganstanley.com/people-opportunities/students-graduates
- Nationwide www.nationwide-jobs.co.uk/careers
Goldman Sachs discourages weekend work
Goldman Sachs is encouraging its staff to stop working at weekends to maintain a healthy work life balance. A email to Goldman Sachs US staff said: “All analysts and associates are required to be out of the office from 9pm on Friday until 9am on Sunday.” The email also tells staff to take all 3 weeks of their holidays. They are discouraging junior staff from working excessive hours and all night. There has been a focus on the work-life balance of bankers after a young intern died after working until 6am for 3 consecutive days at Bank of America Merrill Lynch in London.
- Nomura www.nomura.com/europe/careers
- Rothschild www.rothschild.com/en/careers/students-and-graduates/programmes
- Royal Bank of Scotland Group http://jobs.rbs.com/pages/graduate-and-early-careers Includes NatWest and Coutts.
- Santander www.santanderearlyincareer.co.uk/graduates
- Schroders www.schroders.com/en/people/starting-out/graduate-programme
- Societé Generale https://careers.societegenerale.com/about-us/your-career-at-societe-generale/opportunities-for-graduates
- Standard Bank http://graduate.standardbank.com/standimg/Graduate
- UBS www.ubs.com/global/en/about_ubs/careers/graduate-and-intern/graduate-talent-programs.html
- Banking Jobs UK www.bankingjobsuk.co.uk/jobs/investment-banking/graduate
- Hays Banking www.hays.co.uk/job/banking-jobs/index.htm
- Michael Page www.michaelpage.co.uk/our-expertise/banking-and-financial-services-recruitment
- Reed Graduates www.reed.co.uk/jobs/banking
- Randstad Financial and Professional www.randstadfp.com financial recruitment specialists
- Agency Central list of banking recruitment agencies in London www.agencycentral.co.uk/agencysearch/banking/countysearch/england/london.htm
- eFinancialCareers http://news.efinancialcareers.com/uk-en/students/graduate job news, employer information and careers advice for graduates
- InsideCareers www.insidecareers.co.uk/professions/banking Banking and Investment careers section with employer information and graduate vacancies
- TARGET Jobs – Investment Banking & Investment Career Sector https://targetjobs.co.uk/career-sectors/investment-banking-and-investment
- Canary Wharfian www.canarywharfian.co.uk lots of useful information about investment banking careers.
- WikiJob www.wikijob.co.uk/wiki/list-investment-banks list of banks, including mid-cap and boutique firms
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.
- The Gateway Online http://thegatewayonline.com/investment-banking
- Unofficial Guide to Banking and Jargon Buster from Deutsche Bank www.unofficialguidetobanking.com
- Business Insights: Banking and Investment (Kent Business School) http://blogs.kent.ac.uk/kbs-employability/business-insights/banking-and-investment
- Banking and Investment Resources from LSE
- University of St Andrews Investment Banking and Investment Management Wiki www.st-andrews.ac.uk/careers/wiki/Investment_Banking_%26_Investment_Management
- Institute of Financial Services www.ifslearning.ac.uk professional training in banking and financial services
- How to Become an Investment Banker www.girlbanker.com/blog.html
- 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
- All About Finance Careers www.allaboutfinancecareers.com focuses on advice for undergraduates and graduates looking for careers in finance, from accountancy to actuarial.
Last fully updated August 2016