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.
I know a Soton uni friend who got an internship this summer at Deutsche Bank within Fixed Income (a front office position) so they do favour Soton students as well as LSE and et al of top unis.
Deutsche Bank is not the only one. Also, JPMorgan, Morgan Stanley and Merrill Lynch and et al.
At the end of the day, being at a top uni helps massively but one must also have a packed CV to really outshine other applicants and do well in interviews and assessment centres.
If they think that Soton is a poor uni then they think it's Soton Solent (Solent is poor, no offence) and they're making a mistake. Why some people make this assumption wihtout thinking carefully? I know there is a bias towards Oxbridge in IB.
In response to Soton Student, just because DB has picked a Soton student for an internship, doesn't mean that they 'favour' Soton students like you have put it. The top 5 still get the majority of FO positions, with a few being given to the likes of Birmingham, King's College, Durham, Nottingham, Soton, etc.
Add your comment »I am 32 years of age who has recently completed a first degree in construction management. Will my age and my first degree be obstacle to the success rate of achieving a banking job?
Add your comment »These jobs are entry level ones so despite the new age discrimination legislation your chances are probably next to nothing. Your co-workers would be 10 years younger while those your ages would by that stage be VPs going on MDs so it would be a weird situation anyhow.
I agree with practice for the maths test. I know I did very well on them as they are very easy once you are 100% at ease with them. I don't know how much they helpde in getting me offers but every little thing counts.
As for which uni - unfortunately if you aren't oxbridge/lse/possibly imperial your chance is less and you have to have a more impressive CV to make the grade. There are however many ways of going about that so if you truly are good you are in with a chance.
If you are not from a target university, then the best thing to do is aim for the first and then master at Oxbridge/LSE/Imperial or Warwick in finance/business. That is probably the only way you can get a recruiter to see you as equally as the AAA + 2.1 student from a top 5 uni.
Add your comment »Responding to Annon_Man, Fri 08 Jun 07
Soton is a target uni for these banks as mentioned. They advertise themselves, run events, mock interviews and much more on campus. So they do favour them. I know that top 5 unis get most FO positions.
Soton Student,
If the top 5 get the majority of positions, and we're talking much more than over half, then how is Soton a favoured university? The 'favoured' ones are Oxbridge, LSE, Imperial, UCL and Warwick. Soton falls under the third tier, behind King's, Notts, Durham, Bristol etc.
I will be 27 when I graduate because I hit a bad patch in life. - I look at least 5 years younger. I'm aware of everything going against me to get into the industry. (UCAS points, age, university). However, I'm not entirely put-off. - I'm piecing my life together and am determined and realistic, I can find little I won't do to get my foot & arm through the door. I've even built up a personal portfolio of stocks which help fund uni. Some people reckon I've still a good chance of getting in. - I want to hear from people who know. I've no baggage whatsoever, from now it's all about me. What do you guys think? I can take honesty, however harsh. Any advice would be appreciated. - I'm aware of The City being a 'jungle'. I'm 25 now & ready to get what I want. Any opinions/advice on my current situation? Any suggestions? I'm capable, I just don't know how to show it. - I don't know where to start. Much thanks.
Add your comment »No Annon_Man, Tue 12 Jun 07, Soton is not a 'third tier' as you like to put it. I mean that all unis in Russell Group and other top ones take up 70%-80% of positions in IB with few from other ones.
Most people who have a clue say that Soton is one of the top ones in this country.
Can someone comment on whether banks consider candidates who have retaken A Levels? Is this an issue in applications?
Add your comment »