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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

Alex, Investment Banking / M & A,  Thu 14 Jun 07

Pete. Your comment about French left me dumbfounded. French really is not that useful anymore....look around London, French people in finance speak impeccable English. In China however this is not necessarily the case, and generally the level of English is considerably lower across the board. Get to a mandarin class....now.



p.s Japan is not an 'emerging market'..

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Anonymous, Student,  Thu 14 Jun 07

Could anyone tell me what background check involves? Thanks

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Annon_Man,  Fri 15 Jun 07

Soton Student, 70-80% or more of positions are taken by the top 6 universities, and Soton is not one of them. Following on from the first tier, you have universities like Nottingham, Bristol, Durham etc, and Soton again doesn't fall in this tier. Therefore, it is in third tier, whether you like or not.

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Soton Student, Student,  Wed 20 Jun 07

Annon_Man, Fri 15 Jun 07



Nope, you must be mistaken. Soton is a top 20 uni. They ask typically AAB, for 95%+ of the courses, as entry grades like Nottingham, Bristol, Durham and UCL. How can Soton be a third tier uni? Not possible. If it is a third tier uni, they might ask something like BBC. End of arguement.



Look at Oxbridge Advantage article. The author names example of top unis. Soton is a top uni even it is not named. The article also states that 70-80% positions are taken by target unis. This includes Soton. JPMorgan, Morgan Stanley, Deutsche Bank and Merrill Lynch target Soton for FO, MO and BO positions.

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n, HR & Recruitment,  Wed 20 Jun 07

Soton is not a third tier uni. That's a myth. Guardian even sometimes place Brunel above Bristol in some years. Annon_Man, you must be loking at Guardian league tables from previous years.

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Annon_Man,  Sat 23 Jun 07

Soton Student and n,




The Guardian tables are rubbish. They are clearly not accurate tables; last year they rated Southampton third for Maths, yet this year they are not even in the top 50 - how can this be?! Seriously, the Guardian tables are not even worth looking at.




Soton, for the last time, is not a target uni for the big banks for FO positions. It may well be in the radar for small bank FO positions, or big bank MO/BO positions, but not FO. The target universities are: Oxbridge, Imperial, LSE, Warwick and to some extent UCL. Nottingham, Bristol, Durham, Cass, King's College, I would call second tier. If you don't like what you are hearing, just go have a look at the recruitment figures for top banks, and come back to me with what you find.

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n, HR & Recruitment,  Sun 24 Jun 07

It's not they don't like what they hear. They're telling the truth. You said on Fri 8 Jun 07 'with a few being given to the likes of Birmingham, King's College, Durham, Nottingham, Soton, etc.' implying that Soton  is also a second tier uni then on a few days later said that Soton is a third tier uni. Seems like you have chnaged your mind regarding this?




If Soton is not a target uni for some of those big banks then why JPMorgan, Morgan Stanley, Deutsche Bank and Merrill Lynch target Soton for FO, MO and BO positions by attending careers fairs, do mock interviews, give presentations and more?




Seems like Soton is an under-rated uni.




Look at 'Oxbridge Advantage' article. 70-80% of positions go to target unis such as those named. There are many more target unis like all those in the Russell Group and Aston so the author can't be asked to type in all of them.




At the end of they day, top unis helps but you need the right qualities and packed CV.

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B, Investment Banking / M & A,  Mon 06 Aug 07

Due to start University Sep 2007- to study Eco.. Any diff between Manchester Business School & Kings College London?

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Capital Markets grad, Trading,  Thu 09 Aug 07

It doesnt matter what the topic of conversation is originally, it always reverts to a discussion about whether University X is well respected or not.

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Vale,  Sun 12 Aug 07

Hi, these tests do not work! I can not see the question. Please, help out. Thanks.

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