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Off the record: the insider take on getting into banking

COMMENTS

Will future employers me more inclined to judge me on where I did my degree or where I am doing my Masters?  Read all comments »

Forget the official line – here's what it really takes to land that job in the City.

Names of contributors, who all have first-hand experience of applying to and/or working for the banks, have been removed, for obvious reasons!

Be bullish about your abilities

Most banks ask for candidates with a 2.1 and, to be honest, most of us know whether or not we're on our way to achieving that by the time graduate recruiting season comes round. One graduate knew she was going to get a 2.2 and she knew the bank would pick someone with a first or 2.1 ahead of her. But she put '2.1' onto the application form anyway, without lying. How? Well, the forms ask for your expected grade, so always be bullish and predict a top grade for yourself. The graduate managed to scrape a 2.1 in the end, but she knew of others in her intake who got in with 2.2s who did the same thing. Its all about getting in front of someone – but make sure you blaze the interview and assessment centre.

Emulate winning applications

A strategy that helped one applicant was getting friends who already had offers or had been on internships to let her look at their application forms. If your grades are good but you're not the best at writing – because, for example, you did a degree with a high mathematical content – you may have difficulty producing a polished application form. So, our applicant copied things from her friends' forms but changed the examples to fit her own experiences. She got quite a few interviews – and her current job

Name friends and influence people

Name-drop people at the bank on your application form and in interviews. Not only does this show you have been researching the bank, it shows you have gone to a greater effort than many candidates, who will just have read the website like so many others.

Perhaps Google the bank and the relevant department to find appropriate names – and then call them. Even if you don't speak to the person for very long, you can say you have spoken to them about the bank and the role, and that can impress recruiters and interviewers, especially as they are likely to know the people in the team.

Go straight to the powers that be

Many graduates are lumbered with poor A-level grades, but they may subsequently step up to get a 2.1 degree or masters. However, to make your life easier and to increase your chances of the bank taking a second look, it is always useful before applying to get the name of a decision-maker or another person with clout working in the department you want to work in.

One graduate, on completion of his masters, realised that he may not be accepted onto the graduate programme of his target bank because of his disappointing A-level results. He found out from a current graduate the names of several people supervising the programme and was able to arrange a meeting over the phone to plead his case.

After convincing them that, despite a few bad years, his academic performance had improved and that he only wanted a chance, he was allowed to progress to the interviews and assessments centre and was eventually offered a job.

Find whatever means possible to explain or plead your case to the appropriate people. After all, it's just like buying a lottery ticket – the odds may be against you, but if you never buy a ticket, you will have no chance at all.

Blitz the tests and you're hired

Unfortunately most graduates only start practising for aptitude tests weeks before their assessments – mistake! What many people do not know is that, in most cases, even if you have a bad first interview, you will be asked back for the second round if your initial test scores were well above average. Investment banks want the smartest people and aptitude tests are one of the best ways for them to assess this. So start practising the aptitude tests at least five or six months before – maybe once a week to begin with, but as you approach crunch time crank it up to three or four times a week.

Learn from the horse's mouth

One resourceful graduate's wheeze to help him get through the assessment centre was to make sure he got there early so he could get the gist of what to expect. Although the group he was assigned to was being assessed in the afternoon session, he got to the building a few hours early while other groups were having theirs.

All the candidates being assessed were sat in the same common room, which our graduate infiltrated – everyone just assumed all were in the same morning session. After completing their tasks, candidates would come back and talk about what had happened and, by joining in, our graduate was able to find out what the presentation was about, the nature of the group exercise and the tough questions the interviewers were asking. The result? He got the job.

COMMENTS

Anonymous, Student,  Wed 30 May 07

True about the math tests! I have a math degree, and said they are far too easy for me, I won't bother practicing...and did so bad! My advice is PRACTICE THEM, and PRACTICE PRACTICE again and again! you wont regret the effort.



As for the assessment centres, they are the crappiest thing ever, honestly, some of them just dont make any sense.



My advice: just do what you are told, and if you think it's silly (i even had guessing exercises!) dont worry,  just do your best and you will get there in the end!

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Anonymous,  Wed 30 May 07

Yes, true about the numeracy tests, also in group exercises make sure you constantly contribute and are frequently discussing the topic at hand. Don't just come out with one amazing point and sit there expecting to dazzle the recruiters, you need to constantly be engaging other people in the room with quality ideas and if someone challenged you, you need to defend your idea.

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Jerry,  Wed 30 May 07

I DISAGREE with the 'Learn from the Horse's mouth' section. Remember that everyone in that room is COMPETING with you to get a place on the programme...why would you give someone an advantage over you by giving a heads up on what to expect?



I would suspect that the sharper candidate would feed some false info to make other candidates a bit nervous or give them false sense of security! After all, you'd be kicking yourself if by helping another candidate get a place, you didn't. Assessment centres aren't there so that you can make friends.

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Benedict, Student,  Wed 30 May 07

I get the idea that occasionally it’s okay, in this industry, to bend the truth.



How serious is lying about your A Level grades? I ask because I am aware that a lot of candidates are filtered using these grades. Also, in reference to the article, not everyone has contacts in the industry, so it would seem somewhat more "plausible" to lie.



Finally what are the potential repercussions of such action?

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Stones-Throw, Debt / Fixed Income,  Wed 30 May 07

I agree with both the Anonymous contributors above. Make the test practice something that is part of your life leading up to submitting applications. Complete 1 or 2 a day, it only takes an hour max.



I did it so much I got familiar with all the free ones available online so built one using a macro in Excel that randomly generated different numbers each time. This let me practice specific 'types' of questions (e.g., table, bar graph, pie chart etc.) until it figuring out what you need to do to get the answer become second nature.



This removes so much of the stress and increases performance, which in turn as mentioned, gives you some measure of insulation from having a bad interview etc.

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Andy, Student,  Wed 30 May 07

Does anybody know any good (relevant websites) apart from efinancialcareers in order to practice these numerical tests?  Also, how often do you change these tests on efinancial careers?



Many thanks

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Anonymous, Investment Banking / M & A,  Thu 31 May 07

I am not a math genius. All you need to be able to do is divide, add, subtract and multiply.



I scored above 95 percentile in all test i ever did because I can touch type on the calculators. It helps if you bring your own calculators to the tests (they provide you with one but I liked mine because I was used to it). Otherwise if you can learn how to eliminate obvious wrong answers the tests are easy.



Finally for the assessment centres remember the thing most students struggle with is the group exercise. It is a very fake environment and depending on the bank can be very very agressive as everyone is trying to get his ideas across and show the recruiters he can take charge and lead.



Be confident, be patient and no matter what happens make sure you can mention your ideas. If you have to walk all over someone else so be it. It is a jungle out there and you gotta watch your own!



Good luck

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Anonymous,  Thu 31 May 07

Lying about A' Level is not a good idea! If you are accepted you they will do a background check.

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Placement Student, Risk Management,  Thu 31 May 07

A word of advice for would-be Goldman Sachs interviewees - you don't get a calculator for their numerical assessments. Boo hiss!

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xx, Debt / Fixed Income,  Thu 31 May 07

If you have another second language put it down. But bare in mind that Recruiters are less interested in French as there is less demand for it as there was. Russian , Mandarin, Japanese and Arabic are far more sought after.

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