Careers and Employability Service

I want to work in Banking

Job roles

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 investment management and 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 Banking
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.


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.


Wealth management
Wealth management (also known as private banking) is usually understood as investment management on a personal level: providing investment management services, financial advice and planning to individual, high-net-worth clients. These clients can range from business leaders to musicians and sportspeople.

If you're a student thinking of going into banking, the Financial Times has got some truly scary statistics to share with you. They say that getting a first job in financial services is a difficult business; the success rate is often less than 1%.. Efinancialcareers How to get into banking when there are 100+ students chasing each job (2018)


Gaining experience
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.

Retail Banking

    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.


    Graduate schemes in retail banking tend to be very varied and to go beyond pure banking roles, as the following job descriptions show:
    Co-operative Bank
    Going from team to team on rotational placements which could include roles such as:
    Customer Planning Specialist
    Digital Analyst
    Planning & Performance Analyst,
    Process Engineer
    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

    Lloyds Banking Group.As a graduate you might work in:
    a Regional Director office for one of our branch networks.
    Wealth teams, you could be delivering private-banking and wealth-management solutions to our more affluent customers.
    supplier functions, such as the Chief Operating Office, delivering a key piece of change for our customers and front-line colleagues
    Group Brands and Marketing, ensuring customers understand our brands and products.
    helping to design and manage our Retail products with the Retail Customer Products team,
    measuring and assessing risk with Retail Business Risk.

 

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

    Work Experience in Investment Banking

    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 2018, investment banks offered over 1900 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.

Investment Management and Wealth Management

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 2018, investment banks offered over 1900 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.

 

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Last Updated: 10/04/2019