eFinancialCareers

If you want to work in an investment bank, you probably haven’t considered the public sector as an alternative. But if you can’t get a job in an investment bank, it might be worth considering what the government has to offer. Experience in the right public sector organisation will look good on your CV and could ease your way into banking in future. We strongly suggest you look at….

The Bank of England

What is it? The UK’s central bank.

How many grads do they hire? About 30 a year across several departments, including banking services, markets, financial stability and stats.

What do they want? 300 UCAS points and a 2i degree in a numerate or analytical discipline.

Anything else? “The Bank’s pitch is a bit different to the commercial or investment banks. We want people with a real interest in being at the centre of things and in doing things for the good of UKPlc,” says a spokesman.

What’s the deadline? Not yet fixed but probably January 2009 for a summer 2009 start.

What will it lead to? An economist job in an investment bank. “Whenever I turn on the radio I hear an economist from one of the banks who used to work here,” says the spokesman.

Recruitment website: Click here.

European Bank of Reconstruction and Development

What is it? An investment bank funded by various Western governments that invests in emerging economies, especially in the former Soviet Union, with the aim of assisting the development of a market economy

How many grads do they hire? The main way in for graduates is via an internship and the EBRD takes on about 50 interns a year, typically on three to six-month assignments. About 25% of interns go on to get a job in the EBRD, says head of recruitment Esther Harlander. (There’s also a graduate training scheme that normally runs every two years, but is open only to nationals of investment-recipient countries who then work in their respective regions.)

What do they want? Usually a Master's in Finance or another relevant higher degree. “We might take a really good Bachelor's candidate sometimes,” says Harlander. Miraculously, there are no formal requirements for UCAS points or degree class.

Anything else? You must be a national of an EBRD member country to work for the bank. Having done an internship, especially if it involved financial modelling, is attractive. Speaking Russian, or another language relevant to the investment regions, is also a plus.

What’s the deadline? Ongoing.

What will it lead to? “I can only assume that the interns we don’t hire go on to jobs in investment banks or other international finance organisations,” says Harlander.

Recruitment website: Click here.

European Central Bank

What is it? The central bank for the eurozone, based in Frankfurt.

How many grads do they hire? About 10 a year onto a two-year programme. Subsequent employment is not guaranteed.

What do they want? Typically a postgraduate degree or preferably a PhD in economics, finance and markets, statistics, financial/commercial/EU law, business administration or political and social science or information technology, plus an excellent academic record prior to that.

Anything else? Must have good written and spoken English, plus a working knowledge of one other EU language – but no need to speak German.

What’s the deadline? Not yet set. Probably March 2009 for a summer 2009 start.

What will it lead to? You may stay there forever. The programme only started in 2006 and 80% of the first year’s intake stayed on at the ECB.

Recruitment website: Click here.

Financial Services Authority

What is it? The main regulator of the UK financial services industry.

How many grads do they hire? About 50 next year, mostly onto a generalist graduate development programme, but a handful onto three specialist schemes for lawyers, management accountants and actuaries.

What do they want? 300 UCAS points and a 2i degree in any discipline.

Anything else? “We need real all-rounders who we can place in any part of the organisation and who can communicate with a very wide client base. They should be able to hold their own in a conversation with a CEO in an investment bank or be able to go out to schools and talk about opening a bank account. Motivation is key as is understanding what we do, because we are a unique organisation. Candidates really need to have thought about the ethical side of finance and be motivated by the public good,” says graduate recruitment and marketing manager Hannah Longden.

What’s the deadline? Applications open on 13 October and close on 23 December 2008 for a summer 2009 start.

What will it lead to? “We do lose people to the investment banks, especially in compliance roles and risk management,” says Longden. “But we also get the opposite – people from banks applying to us.”

Recruitment website: Click here.

HM Treasury

What is it? The UK government’s finance department.

How many grads do they hire? Unspecified. Most come via the Civil Service Fast Stream, which recruits for all government departments. The Treasury also hires economists, policy analysts and other roles on an ad hoc basis.

What do they want? Fast Stream requires a 2ii in any degree discipline.

Anything else? You usually have to be a UK national to join Fast Stream and a UK, Commonwealth or EEA national for the internships.

What’s the deadline? 15 September-3 December 2008.

What will it lead to? Treasury economists regularly get snapped up by the banks, according to a Treasury spokesman.

Recruitment website: Click here or here, or even here.