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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

Pete, Student,  Fri 01 Jun 07

Why are Mandarin and Japanese more sought after than French? I suppose this rule only applies to Emergent Markets right? I still believe French is more useful for Investment Banks in UK in general.

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anon, Asset Management,  Fri 01 Jun 07

A note about the lack of calculators in GS interviews, and general numerical tests:



You have to get used to doing some mental arithmetic for any numerical test. If you rely on your calculator for everything (e.g. very simple maths such as addition) you will waste too much time.



Get used to estimating – if you know that 634/310 is about 2, and you know that 89/17 is more than 90/18 then you can get on much quicker.



Get to know how to do percentages (I know it sounds easy) – questions such as: “Which company, 1, 2, 3, 4 or 5, had the largest percentage increase in profits from year A to B” are very frequent. If you can quickly see (by estimation) that three of the companies obviously had lower percentages than the other two, and the two remaining have percentage increases that are very close to each other, you will only need to do the calculation on your calculator twice rather than five times.



The reason GS make you do the tests without calculators is that they want to see if you can estimate accurately – any idiot can use a calculator.

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HT, Student,  Fri 01 Jun 07

I dont agree with the blitz the test thing.  I had that ABLE Financial Appraisal Test at one of the Bulge Bracket banks and scored in the 99th percentile.  They said that it was really impressive, however it did not count towards the overall score they give for the assessment day.



When I tried to voice the opinion that surely all tasks should be counted towards the final outcome, they suggested the task is only there to test you have the minimum standard in mathematical and analytical skills and anything scored over the required standard is irrelevant.  They also said that other banks use the same system and they believe it is the most effective method.

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anon, Student,  Sat 02 Jun 07

If your contract stipulates getting a 2.1 (for grad scheme) I was under the impression tha IB's were quite rigid in sticking to this...Do the usually allow people who achieve 2.2 onto their grad scheme if they have been made an offer, but were required to achieve a 2.1?

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Davide, Investment Banking / M & A,  Sun 03 Jun 07

Hi,


does anyone knows some books or internet sites to practice with numerical test?


Thanks!!

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Anonymous, Investment Banking / M & A,  Tue 05 Jun 07

Reply to "Davide, Investment Banking":



One way of getting some real practice is to actually register for recruitment (I mean apply) with a false name and then do copy-screen for the actual test. It needs a bit of work, and it is not possible at all banks, but at some it is. Me and my friends got a lot of real tests in this way. The questions repeat and once you will get a good look at them, you will realise they repeat and have the same idea. It is not rocket-science!



You will also find a real SHL test at :
http://assessment.monster.co.uk/4414_en-GB_p1.asp . This is very good, it has both numerical and verbal, plus a feedback report from SHL afterwards. It is provided in various languages too.



The section of data interpretation questions for GMAT and GRE tests are as close as the tests used in investment banking as well. Otherwise, I found all the tests in books and online far more easy then the real ones.



Good luck!

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anon, Derivatives,  Tue 05 Jun 07

I think the tests dont count as much as the uni you have been to. If you are from an average uni your chances are much less than if you are from a top 5 uni.

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Anonymous, Investment Banking / M & A,  Wed 06 Jun 07

Agree with above. Candidate selection is most of the times made by former graduates working there. So, the likelihood they would pick candidates from same university they attended is high. Plus that banks are in high proportion with people from top uni-s in UK and abroad.



Bottom line, if they have two candidates equally good on the online application, they will invite first the one from the top uni. This is fact, told by recruiters themselves. But, having said that, if you get invited and dont come from a top uni, nothing stops you from doing your best at the interview, because there it is not down to the name of the uni, it's all about you!

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Sarah, Editor, eFinancialCareers,  Fri 08 Jun 07

Hi



In response to Andy, and his question about our numerical tests, they're still live on the site (see http://students.efinancialcareers.co.uk/numerical_test.htm). We have no plans to update them at the moment...

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Sudent, Southampton,  Fri 08 Jun 07

I didn't go to a one of the top 5 universities but went to a borderline one and achieved a 1st in Mathematical Finance. Getting this grade helped me get into CASS to study Investment Management, will future employers me more inclined to judge me on where I did my degree or where I am doing my Masters?

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