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What banks are REALLY looking for
17 December 2008COMMENTS
I have sat in on many 2/3 on 1 interviews with working class candidates from top academic backgrounds that just cannot articulate as well as a polished middle class private/grammar school applicant. Read all comments »RELATED ARTICLES
There are now tens of thousands of candidates chasing a couple of hundred graduate positions. So what will differentiate you from the throng? After a career in capital markets, here are my observations -
Academic excellence: Having a first or a 2:1 from a top university is assumed. Most candidates will also have a relevant Masters degree. The will also be studying for professional qualifications (SII, CFA), will work part-time, captain sports clubs, have substantial international travel experience and actively engage in campus life. If your CV doesn’t contain all these points you are unlikely to enjoy a great deal of success.
The human factor: The most common problem in interviews is the ‘human’ factor. Banks aren’t looking for Gordon Gecko. They are looking for ambitious, confident, mature, technically-able and above all personable candidates they would like to work with. Arguably this human element is more important than your technical ability - technical knowledge can be taught; relationship skills can’t.
Commitment and interest: If you make it through to interview you will need to demonstrate your commitment to a career in finance (professional qualifications, membership of University Finance Societies, solid grasp of current financial news).
Demonstrate during the interview that you’re comfortable discussing recent financial events. Put forward informed opinions and ask plenty of questions about how your interviewers are finding the current market, how the bank is dealing with the current crisis, and where they see the markets heading in the future. A lively debate or thought-provoking opinion will remain in the minds of bankers when they come to select who will progress to the next stage of the recruitment process.
Overall therefore, get busy. Your CV should be crammed with recent positions of responsibility and membership of clubs and societies - as well as excellent academic results. Whilst a ‘solid 2:1 from a solid University’ may have been good enough in recent years, current market conditions are pushing candidates to achieve a lot more before their application is even considered for a second look.
The author is a senior capital markets professional at a European bank in London.
COMMENTS
theadvocate, Compliance / Legal, Thu 18 Dec 08
I would like to cross over to a financial position from law. I don't have all those extra-curricular items you listed as I left university about ten years ago. Is it possible to substitute with somethng else?
Add your comment »G.G, Private Equity / Venture Capital, Thu 18 Dec 08
Ahahahah, ireally like this i-wish-i-was kind of stuff
Add your comment »Mr. AAT, Research, Thu 18 Dec 08
The thing is you should know to get the job done. One who can make things happen rather than waiting for the thing which is also know as making a difference. In brief you should think globally and act locally which is not natural for everyone.
Add your comment »Anonymous, Fri 19 Dec 08
Mr. AAT. You are spouting generic corporate phrases in an incoherent manner. This is neither helpful or insightful. In brief pipe down.
Add your comment »Johan, Student, Fri 19 Dec 08
Erm, this is getting crazy. Most of the people I know at LSE who are in the process of applying/attending interviews do not have all these attributes, particularly not financial qualifications...
Add your comment »Anonymous, Accounting & Finance, Fri 19 Dec 08
They don't expect you to have started your qualifications if you have just completed a bachelors degree, but if you come from a finance/banking/business/economics degree, check with the exam boards to see if you get any exemptions from CIMA/ACCA/ACA etc and then put that on your CV
Add your comment »Present and Correct, Capital Markets, Fri 19 Dec 08
I think that you'll discover as you progress through the recruitment stages that most of those actually offered positions will absolutely display the above. Excellent grades from a top university will only get you into the interview (at best). Once you're in the system, all of those being interviewed are treated exactly the same, and you can be quite sure that no interviewer will care (or probably even remember) what university you attended.
Add your comment »Present and Correct, Capital Markets, Fri 19 Dec 08
With regard to Professional qualifications - they are an excellent, though by no means necessary, additional differentiator on the CV. If you are completing a masters for example, why not pay the extra £650-£800 and complete CFA Level 1, or pay the £200 or so and complete an SII Certificate in Securities, Derivatives etc.
In my experience, interviews are heavily loaded with socially inept Maths grads who, it is clear upon meeting, will not be getting a front-office job in banking. These are also the people who are bombarding the message boards with their incredulity at not being offered a position, or even an invite to an interview.
anon, Derivatives, Sat 20 Dec 08
Another thing to focus on is 'polishedness', i.e. coming across professional and articulate in interviews. Sadly this can be largely dependent on social background or ethnicity. I have sat in on many 2/3 on 1 interviews with working class candidates from top academic backgrounds that just cannot articulate as well as a polished middle class private/grammar school applicant. These applicants are rarely progressed as many interviewers know that having the correct soft skills is viewed as critical by other front office staff. So I would say from very early on, you should try to work on your image and soft skills to develop a persona of professionalism and good articulation skills.
Add your comment »Anon, Investment Banking / M & A, Mon 22 Dec 08
Absolutely agree with the need to be 'polished'. Irrespective of any idealistic working situation or premise, virtually all (if not 100%) of those interviewing candidates after the HR stage, will be white, middle class, relatively articulate and male. Candidates need to develop the ability to 'fit in' from the outset, or quire simply, you will not progress.
If the thought of doing so sickens you to your very core, then till you get to the actual role, where doing this on a daily basis is the norm. Racism, chauvinism, sexism and a general 'old boys' atmosphere is absolutely the norm, and don't let anybody convince you otherwise....
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