1

AN INSIDE LOOK AT

2013 EDITION

Insider career info:

• In-depthcompanyprofile

s

• Firmspecificinterviewadvice

• Anonymousemployee

reviews

2

AN INSIDE LOOK AT

2013 EDITION

Insider career info:

• In-depthcompanyprofile

s

• Firmspecificinterviewadvice

• Anonymousemployee

reviewsjpmorgan.com/careers

is your opportunity.

strengthOur

J.P. Morgan is a marketing name of JPMorgan Chase & Co. and its subsidiaries worldwide. ©2011/12 JPMorgan Chase & Co. All rights reserved. J.P. Morgan is an equal opportunities employer.

Our strong position in the market has been built on the character andintelligence of our people. To maintain that strength, we are committed to recruiting and developing top talent. This means that if you want to really advance your career, you should become part of our team. It’s our goal to make sure you achieve your goals.

Graduate Deadline: 11 November 2011Internship Deadline: 11 November 2011 – Asset Management,Finance, IB Risk, Investment Banking, Sales, Trading & Research8 January 2012 – Operations & Business Services, Technology

Apply via the Europe section of our careers website:

161658g (JPM) 210.qxd:161658g 7/9/11 17:48 Page 1

4 5

Copyright © 2012-2013 Inside Buzz Ltd. All rights reserved.

No part of this publication may be reproduced or transmitted by any form or by any means, electronic or mechanical, for any purpose, without the express written permission of Inside Buzz Ltd.

Whilst every care has been taken in the compilation of this publication, Inside Buzz Ltd. makes no claims as to the accuracy and reliability of the information contained within and disclaims all warranties.

Inside Buzz, and the Inside Buzz logo are trademarks of Inside Buzz Ltd.

For information about permission to reproduce selections from this book, contact:Inside Buzz Ltd,14 Bateman Street, London, W1D 3AG+44 (0)20 7434 3600Info@insidebuzz.co.ukwww.insidebuzz.co.uk

Printed in the UK

many thanks to our sponsors

6 7

IntroDuCtIon aBout InsIDE BuZZWelcome to the 2013 edition of our guide: An Inside Look at Investment Banking Employers. If securing any job wasn’t already difficult enough, landing an internship or graduate position in investment banking following a global recession really is a tough nut to crack. Given the generous salaries, dynamic work environment and rapid career progression investment banking sits at the top of desired roles for graduates. With vacancies at a premium and more and more graduates looking, it’s vital you are not only qualified, but also prepared and well informed for the interview. This is where Inside Buzz can help you out. We’ve done the research for you and this guide will tell you everything you need to know about the top players in investment banking. In these pages you can find out exactly what it’s like to work at each bank, and what you can expect from the hours, training and working environment to the interview process and much more. In some cases, in the words of current employees. We hope this helps you to uncover the best insider tips and advice and find the investment bank that is right for you. Best of luck with your job search!The Inside Buzz team

Inside Buzz is a careers information company that puts a fresh twist on the way graduates and professionals research companies and careers.

Year on year, Inside Buzz independently surveys thousands of employees to find out what they really think of their job and the company they work for. This extensive surveying allows Inside Buzz to get the real scoop on everything from company culture and hours, to training, perks and salaries. Most importantly for graduates and job seekers, each company’s interview and selection process is revealed for all to see.

Our workplace reviews are renowned for providing an authentic inside look at what life is like at some of the UK’s leading employers. At Inside Buzz, our foremost priority is ensuring that job seekers have all the facts: the good, the bad, and everything in between.

An authority on all things careers, Inside Buzz provides graduates and professionals with hundreds of constantly updated employer profiles featuring rankings, quotes and a comprehensive interview advice section. Additionally, Inside Buzz brings job seekers the latest career advice and industry news in our popular article and advice section.

Inside Buzz also publishes print and digital career guides. These guides are updated every year before being distributed for free to eager university students across the UK.

Our 2012-2013 Career Guides include:

An Inside Look at Graduate EmployersAn Inside Look at Law FirmsAn Inside Look at Investment Banking EmployersAn Inside Look at Investment BankingAn Inside Look at AccountingAn Inside Look at Consulting

Based in Soho, Central London’s vibrant media district, Inside Buzz has been a privately owned and independently run company since it was founded in January 2010.

IntroDuCtIon

8 9

What’s In thIs GuIDE

proFILEs

Banco Santander

Barclays

BNP Paribas

Bank of America Merrill Lynch

Citi

Credit Agricole

Credit Suisse

Deutsche Bank

Goldman Sachs

J.P. Morgan

Macquarie Group

Morgan Stanley

Nomura

RBS

Rothschild

Société Générale

Standard Chartered

UBS

an IntroDuCtIon with a one liner, pros and cons, and important stats and figures to give you a quick rundown of the bank

thE BuZZ on GEttInG hIrED Tips and advice on the graduate programmes, and the application and interview process based on our research and what employees have told us

a Company proFILE that provides a comprehensive overview of the firm’s history, business structure and departments In some of the profiles you’ll see quotes from current employees on a selection of topics from hours, pay and culture to the interview and training.

This guide features insider profiles of some of the top investment banks in the UK, split into three sections:

www.insidebuzz.co.uk•1,000sofauthenticemployeereviews

•Companyspecificinterviewadvice

•Free2013careerguidesforinvestmentbanking,accounting,law,consultingandmore...

Accenture, Apple, Bain & Co, Banco

Santander, BBC, BCG, BNP Paribas,

Booz & Co, Citi, Clifford Chance,

Credit Suisse, Deloitte, Ernst & Young,

Freshfields, FSA, Goldman Sachs,

Google, HSBC, John Lewis Partnership,

J.P. Morgan, L’Oreal, KPMG, McKinsey

& Co, Morgan Stanley, Nomura, PwC,

RBS, Slaughter and May, Unilever and

more...

100sofin-depthcompanyprofilesandsalaryinfoon:

10 11

BANCO SANTANDER

As the largest bank in the Eurozone, the reach of Banco Santander cannot be overstated. Servicing over 25 million customers in the UK alone, this Spanish bank is a giant of both the personal and commercial financial sectors.

Conspros• Well organised company from the bottom to

the top• Autonomy encouraged within your position• A solid reputation within international markets

• Not a lot of opportunity for career progression• Heavy work load• Average salary

thE statsNo.ofemployeesworldwide:Approx. 180,000No.ofemployeesintheUK:25,000+

DEpartmEntsCorporate Banking • Global Banking and Markets • Private Banking • Retail Banking

LoCatIonsNo.oflocations:1,400 branches across the UK

LONDON OFFICE2-3 Triton SquareLondon NW1 3ANTel: 0845 765 4321www.santander.co.uk

GraDuatE rECruItmEnt InFoCONTACT:Email:graduate@santander.co.uk

Banco Santander offers a number of graduate opportunities in the UK with programmes in a range of areas. Candidates are only permitted to apply for one programme so it’s a good idea to think carefully about your strengths before picking the programme most suited to your particular talents.

Santander’s recruitment process starts with an online application, to which you’ll need to attach your CV. Be sure to sell yourself as best you can, taking care to highlight skills, qualities and previous experiences which are relevant to the programme you applied to.

If your initial application is successful you will be invited to complete both a verbal and a numerical reasoning test online. Scoring well on these tests will lead to a 30-minute long competency-based telephone interview. If you’ve impressed up to this point you’ll then attend an assessment centre where your interpersonal skills will be put to the test with a series of exercises before one final interview with a senior manager which may include a presentation.

Santander has a policy of getting back to both successful and unsuccessful candidates as quickly as possible after the assessment centre. In rare cases, you may be called in again for a final interview, although this only applies for candidates looking to work in certain areas.

IntErnshIpsA summer internship programme is also offered for those wishing to get a flavour of what it’s like to work at one of the UK’s top banks. Internships last 10 to 12 weeks and will give interns an insight into the inner workings of Santander as well as improving their commercial awareness and interpersonal skills. Interns who perform well will greatly increase their prospects should they go on to apply for a graduate position.

thE BuZZ on GEttInG hIrED BanCo santanDEr

12 13

Banco Santander has come a long way since its humble beginnings in the port in northern Spain from which it took its name. In the century and a half since it was incorporated it has navigated its way to the forefront of the banking world and now boasts 171,000 personnel worldwide, 14,000 branches and an impressive 90 million customers; all coordinated from a specially built complex in the Spanish capital, Madrid.

Despite being incorporated in 1857 the bank didn’t expand across Europe for well over a century; instead focusing on trading and, eventually, expansion into Latin America. As a result of this, Santander became the largest financial institution in South America, with a

presence in Argentina, Brazil, Chile, Columbia, Mexico, Puerto Rico and Venezuela.

With a thriving business across the Atlantic, Santander turned its attention closer to home and since the mid-1980s has pursued a policy of European expansion; developing its retail banking, asset management, insurance, and wholesale banking businesses in both markets.

But it wasn’t until after the turn of the new millennium that the bank started to resemble the goliath we know it as today. In 2004, Santander announced the acquisition of Abbey National plc, a merger that elevated the Spanish giants to the top of the Eurozone by market capitalisation. This remained the case until 2007, a year which saw Santander acquire subsidiaries in Brazil and Italy of Dutch banking giant ABN Amro. Then in 2010 Santander acquired parts of the retail and commercial banking side of RBS and NatWest, and is now one of the largest providers of mortgages and savings in the country.

Company proFILE

“In the century and a half since it was incorporated, Banco santander has navigated its way to the forefront of the banking world.”

Do you want to work in equities or corporate finance?Will the buy-side or sell-side be right for you?Know your DCF from your EBITDA?And your spreads from your spots?

It can all be a bit overwhelming, especially if you don’t know where to start.

But that’s where we come in:

DOWNLOAD OUR INVESTMENT BANKING CAREER GUIDE FOR FREEThis guide will tell you everything you need to know about:

• The ins and outs of investment banking• CareerPaths:thedifferentrolesanddivisions• Aninsidelookatcorporatefinance,salesandtrading,equities,fixedincome,

commodities,foreignexchangeandmore...• Thelatesttipsonapplicationsandinterviewsandanswerstotrickyinterviewquestions

14 15

BARCLAYSThis investment banking giant has offices in almost 30 countries, over 25,000 employees and is part of Barclays Bank PLC – a global umbrella which can trace its roots back to the 17th century, making it one of Britain’s oldest banks.

Conspros• Strengthened from acquiring Lehman Brothers’

US banking and capital markets arm• Solid outlook and good deal flow• Generous salaries• Real opportunity to progress rapidly

• Overly politicised (especially in regards to promotions) and bureaucratic environment

• High turnover

thE statsEmployeescompany-wide: 25,000+

GRADUATEINTAKE:Analysts: 250

startInG saLary Analysts: CompetitiveAssociates: Competitive

DEpartmEnts/BusInEss arEasDistribution • Finance • Global Markets • Investment Banking • Operations • Research • Risk • Technology

EuropEan LoCatIonsAmsterdam • Birmingham • Dublin • Frankfurt • Geneva • Lisbon • London • Lugano • Luxembourg • Madrid • Manchester • Milan • Moscow • Paris • Rome • Zurich

LONDON OFFICE5 The North ColonnadeCanary WharfLondon E14 4BBTel: +44 (0) 20 7623 2323

GraDuatE rECruItmEnt InFoGRADUATEpRoGRAmmEINFoApproximate graduate hires in 2012-2013: 250Length of grad programme: 1 yearApplicationdeadline:15 November 2012

INTERNshIpINFoApproximate intern hires in 2012-2013: 300Length of internship: Summer intership 8 to 10 weeks. Longer off cycles opportunities availableApplicationdeadline: 31 December 2012

BarCLaysBarclays hires graduates and interns on a rolling basis with applications being accepted from August each year. Applying early is certainly a wise thing to do as places tend to fill quite quickly – with only 250 European graduate roles available each year. Hopefuls should also bear in mind that Barclays looks to recruit those with strong academic credentials, business awareness, and a professional approach to work. Graduate positions at the Investment Bank are available as analysts, associates or quantitative associates while internships are also on hand.

thE rECruItmEnt proCEssThe application processes for the various graduate programmes and internships are very similar. Start with filling in an online application form that will question you on your qualities and knowledge of the investment banking industry. This will be followed by an aptitude test, designed to assess your logical reasoning and thinking performance. Make the grade and you’ll be invited to complete a verbal reasoning test. Pass both these tests – well done – and you’re through to round two.

After your application’s been screened, you’ll sit a phone interview where you’ll be quizzed on your competencies and motivation for applying for the role. Tick this penultimate box and a final assessment event awaits: you’ll meet senior management and have the chance to demonstrate your abilities through the mediums of individual and team exercises. The assessment centre is known to be long and tiring – expect questions to focus on your technical ability, your personality and career motivation. The first day will involve group exercises, a case study, and a presentation. Remember that the firm is not only interested in your skills and knowledge, but also in your persona so it’s best to be yourself during this lengthy process. Questions in the interviews involve the usual stuff from ‘Why Barclays?’ to

‘Why this position and division?’ to ‘Where do you see yourself in three years?’.

If you think the recruitment process for internships will be easier to master, I’m afraid you’re mistaken – it follows the exact same format.

GraDuatE proGrammEs at BarCLaysThere are three main graduate schemes at Barclays so if you’re dreaming of becoming an analyst, associate or quantitative associate, you can make that dream come true – provided you fulfil all the entry requirements.

Analysts need an undergrad degree, though a Master’s in a finance-related discipline would certainly help. Advanced numeracy and communication skills are also expected, as are intellectual stamina, and strong problem-solving competences. Like many roles at the firm, fluency in another language is certainly a plus point so it’s worth digging up those dusty French or German textbooks before you apply. Barclays lists specific avenues available for wannabe analysts, including compliance, risk, investment banking, operations, quantitative analytics, research, sales, structuring, trading, treasury and technology. Pick and choose carefully as the firm is keen to hear why you want to work in a specific division.

thE BuZZ on GEttInG hIrED

“hopefuls should also bear in mind that Barclays looks to recruit those with strong academic credentials, business awareness, and a professional approach to work.”

16 17

Company proFILEThis IB giant has offices in almost 30 countries and employs more than 25,000 staff – resources it mainly devotes to providing large corporate, government, and institutional clients with solutions to their financing and risk management needs.

One of Britain’s oldest banks, Barclays was founded in 1690 on London’s Lombard Street by John Freame and Thomas Gould. However, it was almost 50 years before the firm became associated with the name Barclay when Freame’s son-in-law, James Barclay, became partner in 1736. More than a century later in 1896, several banks in London and the English provinces united under the banner of Barclays and Co. This joint-stock bank became known as the Quaker bank. With 182 branches and deposits of £26 million, Barclays and Co. expanded rapidly with a strategy of acquisition, taking over major national banks at that time. In 1918, the company merged with London, Provincial, and South Western Bank to become one of the UK’s then ‘big five’ banks. Barclays and Co’s steep success was particularly reflected in the massive increase of its outlets. By 1926, the bank had established 1,837 branches across the country. With the absorption of three international banks – the Colonial Bank, the Anglo Egyptian Bank, and the National Bank of South Africa – the firm’s roving eye moved to new horizons, giving way to Barclays’s global operations. Unsurprisingly, the company’s profits catapulted with business being added in much of Africa, the West Indies and the Middle East.

However, it wasn’t until the 1980s when Barclays’s international expansion gained momentum with the launch of its investment banking operation in

1986, which eventually developed into Barclays Capital – now a major division of the Barclays Group. In more recent news, Barclays made international headlines when it agreed to buy Lehman Brothers’ US investment banking business for $2 billion in September 2008 – just one day after the struggling North American bank had filed for Chapter 11 bankruptcy. The deal included Lehman’s equity, fixed income and M&A advisory units, not to mention its NYC headquarters, two New Jersey offices and 10,000 or so employees.

Having moved from a cluster of English partnerships to a global bank represented in every corner of the world, the Investment Bank provides large corporate, government and institutional clients with a full spectrum of solutions to their strategic advisory, financing and risk management needs. Private equity also falls under Barcap’s purview, with the firm standing confidently amongst Europe’s leading mid-market PE investors. In addition, Barclays has expanded its scope over the past couple of years, and in addition to its traditional fixed income origination and trading businesses, it has built new franchises in Equities and M&A.

Barclays main divisions within the Investment Bank are global markets (e.g. fixed income, emerging markets, commodities, equities, fund solutions, credit) and investment banking (corporate finance, M&A, restructuring, global finance & risk solutions). Some of the firm’s most lucrative services within the global markets department include commodities and credit solutions while in investment banking corporate finance is doing particularly well. The

“this IB giant has offices in almost 30 countries and employs more than 24,000 staff.”

“a global umbrella which can trace its roots back to the 17th century.”

mBas anD phDsThose wanting to secure a role as an associate will have to come armed with an MBA, or at least be working towards one. In addition, you’ll need some impressive work experience on your CV and be able to demonstrate skills such as leadership, teamwork and international awareness. You also need to feel happy about being given high levels of responsibility early on. Additionally, candidates need to demonstrate a sound knowledge of project management so organisational skills are considered a definite must. The avenues available include strategic planning, investment banking, global financial risk management, research, sales, structuring and trading.

The quantitative associate is a role for the more technically-minded, involving the development of international models for trading and risk management activities. You should have gained or be working towards a PhD in a relevant technical discipline such as maths, physics or engineering. However, all is not lost if your qualifications don’t quite live up to this level of academia. You’re still within a chance if your postgrad course and analytical understanding is up to scratch, though you’ll need to gen up on numerical methods, coding, probability and stochastic calculus.

IntErnshIpsInternships are a great way to get that first insight into the company whilst also spicing up your CV with work experience. Barclays offers a few off cycle internships at the analyst and associate level although the 10-week summer internships, starting in June and aimed at penultimate or final-year students, are often the most popular. Don’t discard off-cycle internships which last for up to six months. Most internship opportunities in EMEA are available in London, but if you’re lucky you might be able to snap up a position in some of the firm’s European offices. When you apply, also keep in mind that you need to select a particular division for your placement so make sure you know which one!

sprInG proGrammEFor first year students, or those in their second year of a four year course, Barclays offer a week long insight programme (based in either Front Office or Infrastructure) giving you the opportunity to find more about the firm through presentations, training sessions, work shadowing & networking opportunities.

traInInG opportunItIEsIf you wonder what life is like at Barclays, you can get your pen and paper ready as both grads and interns will have to sit through a few training sessions. These will consist of a diverse mix of lectures, presentations and other interactive activities. Training focuses on your commercial knowledge, your technical and product skills, as well as your professional development and qualifications. The initial training programme for graduates will be particularly rigorous, lasting around five to seven weeks and is aimed at providing the newly hired with a real understanding of the business world, which is not as glamorous as you might think! Analysts and associates will also receive in-depth training on accounting, valuation, financial modelling and credit analysis. However, you’ll also have some fun in between all the studying with social events taking your minds off work.

BarCLays

18 19

company also boasts a large, dedicated research department; other functions focus on generating infrastructure funds and natural resource investment.

It is not all about business at Barclays though – the firm is also highly committed to environmental

sustainability and charitable initiatives. The company is a prominent sponsor of cultural enterprises and provides financial support to charities worldwide. Moreover, Barclays actively puts measures into place to reduce its impact on the environment, largely through its global environmental management system.

BNP PARIBASBNP Paribas is a leader in global banking and financial services with a presence in over 80 countries and approximately 200,000 employees worldwide.

Conspros• Good management team• Personalised training• Good work/life balance and generous vacation

package• Very good house for derivatives• Strong, stable, and well branded bank with a

growing product platform

• Can be conservative• Could improve compensation

thE statsNo.ofemployeesworldwide:c. 200,000No.ofemployeesintheUK:c. 8,000Annualgraduateintake:VariableNo. of Internships: 200

startInG saLary LONDON 2013Graduatestartingsalary:Competitiveotherbenefits:12% pension contribution, private healthcare, employee discounts, subsidised gym on site, share options, season ticket loan

DEpartmEntsCorporate and Investment Banking • Investment Solutions • Retail Banking

LoCatIonsNo.ofofficesworldwide: 6,000

EURopEANLoCATIoNsBelgium • Bulgaria • France • Germany • Greece • Hungary • Ireland • Italy • Luxembourg • Netherlands • Norway • Poland • Portugal • Russia • Spain • Switzerland • Netherlands • United Kingdom • Turkey • Ukraine

LONDON OFFICE10 Harewood AvenueLondon NW1 6AATel: +44 (0)20 7595 2000www.bnpparibas.com/en/home/

GraDuatE rECruItmEnt InFoEmail:BNPPgraduate@alexmann.comApplicationdeadlines: 31st January 2013

Bnp parIBas

-Workedorinternedforatopemployer?-Telluswhatit’sliketoworkatyourcompany-Fillinasurveyforyourchancetowin£100

www.insidebuzz.co.uk

20 21

CuLturE“The culture is hard-working and friendly. Staff show commitment to the company and the brand and go the extra mile to achieve results. There is a strong sense of teamwork and this can often be seen in the office and also out of work, be that a picnic in Regents Park or an after work drink in a local bar.”operationsmanager,Experienced

“Often out after work and team lunches. There is a lot of duplicated work and some uncooperative people though.”RiskCreditAnalyst,Entrylevel

satIsFaCtIon WIth Work“Working with a variety of internal people from the business and functions to support them with their internal communications projects. I also work on a number of employee engagement initiatives, particularly around branding, sponsorship and philanthropic activity.”Communicationsmanager,midlevel

“I don’t have any client interaction. Typical work/day/responsibilities are completing new business request and annual reviews in relation to corporate clients. I am given my own files, however, at the beginning for each file I had a senior credit analyst who was familiar with the client and could offer me all the support/help I needed.”CreditAnalyst,Graduate

rELatIons WIth manaGEmEnt“My manager is very involved in what the team is doing. We have weekly team meetings, and send weekly summary emails. My manager always gives praise when a good trade has been executed and he is good at keeping morale high.”marketing,Graduate

“In my experience managers are approachable and take an active interest in the career path of their employees. However senior management are sometimes distant and out of touch with the grass roots.”operationsmanager,Experienced

traInInG“We had full time training for a month before we started. Then we were provided with training and study leave for the FSA exams. There are hundreds of course online available for staff to take and also numerous classroom courses which the company are happy to provide you with. I received training in Paris from S&P paid by the company.”CreditAnalyst,Graduate

“Training opportunities are excellent with a varied offering of both business and personal development courses. Every employee has a budget that they are encouraged to spend during the year. Lunchtime workshops and one off training sessions are open to all staff.”operationsmanager,Experienced

CarEEr prospECts“You need to have a good work ethic and proven capability but also you need to be visible. I think top management is slightly biased towards French men.”CreditAnalyst,Graduate

“High calibre employees are recognised and given opportunities to move internally, into local and overseas roles.”operationsmanager,Experienced

hours“On average I work 9.00am - 6.30pm. Some days I can stay till 8 or later but this is rare. I don’t work weekends ever. If I have to leave early or take a longer lunch break there is no problem coming in an hour earlier or working an hour later. In general there is a lot of flexibility when things come up that I need some extra time off for.”CreditAnalyst,Graduate

“Approx 50 hours. We don’t have flexible hours but management are flexible if you need to go early/come in late on a particular day.”Communicationsmanager,midlevel

pErks“Free tickets to Arsenal box, pension, days off for moving, private health, share options, private dental, sell/buy holiday days.”RiskCreditAnalyst,Entrylevel

“Getting the chance to buy tennis tickets before the general public. Half price gym membership.”marketing,Graduate

pLusEs“Company is supportive of the CFA program, also get numerous courses provided by the company. Opportunities are available in different teams and countries to enhance career development. Staff are friendly and helpful to graduates, I feel very comfortable asking numerous questions and I feel like my opinion is valued.”CreditAnalyst,Graduate

“There is a great work-life balance. Management are also very approachable and always free to help.”Analyst,Graduate

“A friendly environment where teams work together to achieve excellent results. With the introduction of a CSR policy and employee networks supporting women in the workplace and lesbian, gay and transgender employees, diversity is high on the company’s agenda.”operationsmanager,Experienced

mInusEs“Administration - There is a lot of administration and things can take a long time to get sorted/approved which can be frustrating at times, I wish things were more straight forward. Office politics.”CreditAnalyst,Graduate

“Heavy workload and not enough resources.”Communicationsmanager,midlevel

“The size of the organisation can make it impersonal.”Analyst,Graduate

IntErvIEW proCEss“I had an assessment day followed by a one-on-one interview with my present boss. For the assessment centre I had two individual interviews with people on my desk, a group exercise and an individual exercise. The final round interview was more relaxed.”CreditAnalyst,Graduate

“I was asked my opinion on where I thought oil prices would move in the next 6 months, was tested on my mental arithmetic and the theory I had learnt at University.”marketing,Graduate

IntErvIEW tIps & aDvICE“I think the best advice someone gave to me was to have an opinion about the market and try to make the interview into more of a chat rather than a question and answer session. BNP Paribas is looking for smart, intelligent people with passion and drive to succeed however they are also looking for personable, fun to have around people.”marketing,Graduate

“Professional candidates, usually with previous investment banking experience. Candidates should research our company profile and also the client base and the range of products offered. Candidates are required to have an in-depth knowledge of their specialist field.”operationsmanager,Experienced

What EmpLoyEEs havE to say... Bnp parIBas

22 23

rate and foreign exchange markets. If you take up a desk in global equities and commodity derivatives you’re likely to work with global corporations trading in natural resources such as oil, gas and metals. BNP Paribas’ asset liability management and treasury department specialise in managing liquidity, foreign exchange risks, and interest rate risks so organisational minds are wanted for these roles.

Investment banking would suit those keen to provide financial and strategic advice to BNP Paribas’ clients. Graduate roles can be taken up in structured finance, corporate finance, corporate transaction banking, and client coverage.

Finally, those eager to work in BNP Paribas’ functions department can choose to work in operations, information technology, as well as finance or the compliance and control team. Your role in compliance will be to control and mitigate the bank’s risks while a position in IT would suit the technically and commercially-minded. In finance you’ll provide crucial accounting and financial information and analysis to help with planning and decision making. Lastly, in operations you’ll develop and oversee the banks processes and structures, helping with anything from project managing to resolving issues or the opening of new offices.

IntErnshIp opportunItIEsAny wannabe member of the BNP Paribas fraternity would be well advised to apply for an internship at one of the firm’s global sites. While a successful internship would ingratiate you with any firm, at BNP Paribas it is considered an especially helpful launching pad for your career in investment banking.

BNP Paribas also provides placements abroad so if you fancy undertaking a summer internship in New York, London or Hong Kong the firm usually offers these on an 8 to 10 week basis. The

internships are known to be tightly structured and are specifically designed for penultimate-year students. Expect training, workshops and networking events to provide you with a real insight into BNP Paribas’ structure while figuring out whether you’re cut for investment banking.

Long-term internships for those still in higher education (or those who have graduated within a year in the UK) are also on the menu and can last 6 to11 months. Applications for these are accepted on a rolling basis, but early booking is recommended as there are around 700 places available globally – which may sounds like a large number, but doesn’t compare to the thousands of applications the firm receives for these coveted seats. Depending on the candidate, long-term internships may well lead to full-time employment so make yourself indispensable if you are keen to stay with BNP Paribas.

Those still unsure about their career choice can apply for BNP Paribas’ London Insight programme. Lasting a week and aimed at undergraduate students in their first or second year on a four year course, this programme provides an introduction and a first glimpse into the company, as well as the company’s corporate and investment banking units. Workshops and presentations, along with the social events, should help any indecisive candidate make their minds up about whether a career in investment banking is right for them.

BNP Paribas offers a mix of graduate and internship opportunities. However, be warned: with a limited number of graduate places on offer worldwide, competition is undoubtedly fierce. BNP Paribas is after the cream of the crop so make sure you come armed with top-notch grades and preferably a degree in maths, economics, business, sciences, engineering or computer sciences as the bank has a penchant for the technically-minded. Analytical gurus, quick thinkers, and people persons are also highly sought after.

thE hIrInG proCEssThe recruitment process is fairly similar for all intern and graduate programmes, beginning with an online application form, which incorporates some competency-based questions. If you are successful, be prepared for an online numerical reasoning test – it’s a good idea to do some sample tests before you apply so you know what to expect. You will have around 20 minutes to complete a set of numerical questions, these won’t be too complicated and are designed to test your analytical skills and common sense.

The next step consists of an assessment centre, comprising of a group exercise, presentation and interview. Contestants are tested on their teamwork and communication skills and assessors will closely monitor how you interact with others in these exercises – so you better show off your team spirit. Also remember to speak up during the group exercises and when preparing for the presentation, it is important to be precise and confident.

For a full-time, graduate position the assessment centre could be followed by one to two more interviews, these are designed to get to know your skills, personality and career motivation so ensure you are as self-aware as can be. Be prepared to answer questions on your strengths and weaknesses, your technical knowledge and, of course, your CV. Interviewees have in the past faced a selection of questions, some being more general than others, e.g. ‘What are you passionate about in life?’ or ‘Why do you want to work for BNP Paribas?’. More specific questions are likely to check out your technical knowledge so be prepared to answer questions such as ‘What is your view on commodities?’ or ‘What do you think a job in division x entails?’. Be quick on the trigger and don’t let your nerves get in the way. If you’re prepared and know the industry/firm then there should be nothing to worry about.

While you’re bound to be a bit panicky on the night before the assessment centre, remember that the entire process is considered collaborative and friendly. However, the firm only makes an offer with the mutual agreement of all interviewers – so be sure to impress everyone you meet!

thInkInG oF BEComInG an anaLyst or assoCIatE at Bnp parIBas?Graduates can kick off their careers as analysts in BNP Paribas’ capital markets, investment banking, and functions departments. You will have to show a keen interest in finance and business, while often an MBA is a prerequisite for associate positions at the bank (which are in New York only).

Graduates interested in capital markets can expect to be trained in fixed income, global equities and commodity derivatives, as well as in asset liability management and treasury. Sales and trading is the backbone of capital markets and will have you buy and sell securities (debt, equity, derivatives) for the bank and its clients. In the fixed income department you will work across credit, interest

thE BuZZ on GEttInG hIrED

“Be warned: with only 300 graduate places on offer worldwide, competition is undoubtedly fierce.”

“Bnp paribas is after the cream of the crop so make sure you come armed with top-notch grades.”

Bnp parIBas

24 25

linked underlyings worldwide, as well as Asian equity research & execution services.

Fixed Income brings together the research, sales, trading, origination and distribution of 3 product lines: Global Credit, Interest Rates Group and Foreign Exchange.

Structured Finance: through Energy & Commodity Finance, Asset Finance, Project & Leveraged Finance, Corporate Acquisition Finance, Global Transaction Banking and Loan Syndications, BNP Paribas combines capabilities on origination, structuring and execution of structured debt and loan syndication.

Resource and Portfolio Management: BNP Paribas manages traditional bank loans with the functions of portfolio management by structuring, executing and managing the transfer of credit risk via derivatives.

ALM Treasury focuses on the Management of liquidity and funding, balance sheet interest rate risks, and structural foreign exchange risk.

Although the firm is a permanent fixture in all investment banking markets, it is internationally revered as a leader in:

Derivatives – where BNP Paribas is one of the leading global players in rates, credit, forex, commodity and equity derivatives.

Capital markets – where it is one of the top European houses in both ECM and DCM (bond, securitization, convertibles and equity issuance).

Structured finance – where it is amongst the leaders in acquisition, export, project, energy and commodity finance globally.The investment solutions unit comprises asset management, custodial banking, real estate, insurance, online brokerage, and

wealth management activities. The firm’s asset management operations are grouped into BNP Paribas Investment Partners, with 2,400 employees in more than 70 countries, and a hefty 518 billion Euros of assets under management.

Retail banking represents BNP Paribas’ largest division, employing 59% of the group’s workforce and delivering 45% of total revenue in 2009. Although concentrating its efforts in its three domestic markets of France, Italy and Belgium, BNP Paribas also owns American subsidiary BancWest, and is heavily active within Eastern Europe and the southern half of the Mediterranean basin. Within this core business of retail banking, specialised financial services also comprise consumer credit and mortgages, corporate vehicle management services, as well as financial and operating leases. BNP Paribas has also developed other kinds of services through its subsidiaries which are widely recognised, and often represent leaders in their fields.

morE than just BankInGAlthough BNP Paribas is a global leader in banking, it is also known as ‘the bank for a changing world’. Using its international presence as a platform for funding social, environmental and economic transformation, the bank operates an interactive blog to increase awareness of the goodwill activities it supports.

BNP Paribas is a European bank with global reach. It has three core activities: retail banking, investment solutions and corporate and investment banking (“CIB”). It has four domestic markets – France, Belgium (where it has the largest share of the retail market), Italy and Luxembourg. It is rolling out its integrated retail banking model across Europe-Mediterranean and boasts a large retail network in the western part of the United States. Through its strong CIB and Investment Solutions franchises, BNP Paribas enjoys a leading position in Europe, strong presence in the Americas and a fast-growing business in Asia.

a BIt oF BaCkGrounDThis European colossus can date its ancestry back to 1872, to the founding of Banque de Paris et Pays-Bas, from which the titular Paribas is derived. A series of mergers created the firm as it is today, beginning in 1966, when several major banks joined to form Banque National de Paris (BNP). Then, following many years of French nationalisation and reorganisation, the Paribas Group was formed in 1998, comprising of the Banque Paribas, Compagnie Financière de Paribas, and Compagnie Bancaire. Just the next year, BNP received approval from the French financial market authorities to take control of the Paribas Group. The result: BNP Paribas – the largest financial institution in the Euro zone, and indeed, one of the prime leaders in European and global banking.

The BNP Paribas expansion train hasn’t stopped there though; in 2009 the firm acquired the Belgian, Luxembourg and international banking and insurance businesses of Benelux bank Fortis, boosting its capital position and making it one of the largest deposit banks in Europe. The firm doesn’t just save its efforts for this side of the pond, it’s also emerging as a force in both the US and Asia; in fact, over 43,000 of its 200,000+

employees now operate from outside of Europe. However, both of its global headquarters are on the continent, with the primary site in Paris, and the second in London.

a CLosEr Look at DIvIsIons & DEpartmEntsBNP Paribas divides its business into three operational units: corporate and investment banking, investment solutions, and retail banking. BNP Paribas Corporate and Investment Banking employs about 20,000 people in over 50 countries and services 14,000 corporate and institutional clients worldwide.

The corporate and investment banking arm is divided into the following 7 business areas:

Corporate and Transaction Banking Europe (CTBE) which delivers Flow banking products (vanilla loans, cash management, trade solutions, flow-hedging products, when available factoring, leasing and Investment Solutions products) to European and international corporate clients.

Corporate Finance offers advisory services for mergers and acquisitions and primary equity market transactions.

Global Equities & Commodity Derivatives focuses on the research, structuring, trading and sales of derivatives on equity, commodity, index and fund-

Company proFILE

“through its strong CIB and Investment solutions franchises, Bnp paribas enjoys a leading position in Europe, strong presence in the americas and a fast-growing business in asia.”

Bnp parIBas

26 27

BANK OF AMERICA MERRILL LYNCHIn September 2008, Bank of America made just about every headline in the world, announcing that it would buy the investment bank Merrill Lynch. This made BofA the biggest US bank in terms of assets, the largest of the leading investment banking advisory firms, and one of the world’s top wealth management firms.

Conspros• Generous compensation• High-level client projects• Friendly, smart team members• Solid growth opportunity, ability to transfer to

different areas• Big plans for growth in Europe• Top class facilities

• Integration issues with regards to the Merrill Lynch acquisition

• Gruelling hours and poor work/life balance• Antiquated IT systems• Too large and too political• Poor communication from management• Relatively new kid on the block in Europe

thE statsNo.ofEmployees:Approx. 283,000No.ofgraduateroles:250

DEpartmEntsCorporate Finance • Investment Banking Services • Securities Trading & Sales

LoCatIonsNo.oflocationsworldwide:6,100+

Europeanlocations:Amsterdam • Antwerp • Athens • Brussels • Channel Islands • Douglas • Dublin • Frankfurt • Geneva • London • Luxembourg • Madrid • Milan • Monte Carlo • Paris • Rome • Warsaw • Zurich

LONDON OFFICEFinancial Centre2 King Edward StreetLondon EC1A 1HQTel: +44 (0)20 7174 4000www.bankofamerica.comwww.ml.com

GraDuatE rECruItmEnt InFoContact:Tel:+44(0)2079963528

If you want a graduate or summer position with Bank of America Merrill Lynch, you must come armed with no less than a 2:1. Provided you spent more time checking out your textbooks rather than the local pubs near your campus, you can apply to any of the firm’s European locations – the most common are London, Frankfurt, Milan and Paris. Entry level applicants can choose from investment banking, capital markets, sales and trading, product services, technology, risk management and global middle office. If you’ve got three years of work experience under your belt and an MBA, then you can apply for the more advanced associate programme.

appLICatIon proCEssIf this sounds good to you and you’re keen to apply for an internship or graduate programme at Bank of America Merrill Lynch, your journey begins with an online application form, which will question you on your career choice and academic background. This will be followed by an online numerical reasoning test, which is pretty standard and will last around 30 minutes with 20 to 30 questions to be answered – if you’re not familiar with these sorts of tests you better get practicing. If you did your homework, you will be invited to a first round interview with another numerical reasoning test to pass and a 45-minute technical interview to master. The initial vis-à-vis will encompass the usual questions about your CV and employment history, but also be prepared to demonstrate your problem solving skills, your commitment and desire for a role at Bank of America Merrill Lynch.

Congratulations, you made the next round! Please make your way to the assessment centre for a half-day of case studies, interviews, tests, more interviews and group exercises. For the case study you are likely to be given a lot of information to read through in very little time so remember to stay focused. The group exercise will test your relationship building skills so make sure you play

the game and show off the team player in you.Although these activities will vary by region and office, hiring reps will observe and rate your analytical skills, teamwork and judgement. Interviews are not designed to trick you as interviewers are interested in finding out more about your personality and knowledge so try and be as engaging as possible. You’ll then have the opportunity to meet the people you hope to be working with and ask them some of your questions. You’ll also get a feel for the place and most importantly, find out if you can see yourself working there for the next few years.

Entry-LEvEL posItIonsBank of America Merrill Lynch boasts various entry level positions for graduates keen to launch their careers as analysts or associates, while those with a PhD or an MBA are also welcome to apply. However, beware that obtaining a place in one of the firm’s graduate programmes is not easy as Bank of America Merrill Lynch’s standards are high. The firm’s after unpretentious folks so there is no need to brag about how excellent a leader you are or what a great analytical brain you possess. While confidence in applicants is appreciated, don’t overdo it and stick to the truth – you might not grow a Pinocchio-style nose if you exaggerate the facts, but you’ll be found out sooner or later.

anaLystsBank of America Merrill Lynch is fairly flexible when it comes to hiring graduates for its analyst positions as the firm accepts candidates of all academic disciplines. A lot of the analyst roles are available across EMEA so a second language would certainly not do your application any harm. Graduates can apply to various divisions such as international corporate treasury, consumer and small business banking, capital markets, research, and compliance. Analyst programmes usually kick off with an induction and training programme,

thE BuZZ on GEttInG hIrED Bank oF amErICa m

ErrILL LynCh

28 29

after which you can expect to work on live transactions, provide financial advice and business solutions, and keep in touch with clients.

thInkInG oF BEComInG an assoCIatE or Quant at Bank oF amErICa mErrILL LynCh?Then you better have strong academic credentials and a fancy MBA or PhD. The global investment banking, sales and trading, and research departments have associate schemes on offer that are specifically aimed at MBA grads. These programmes are generally management-based and client-related, requiring candidates to possess natural leadership qualities. Final-year PhD students can apply for the quantitative analytics associate programme, however, a very high level of mathematical and analytical abilities are required and you need to demonstrate strong commercial awareness on top of that.

While there are fewer graduate programmes available for associates than for analysts, associates are rewarded with a trip to New York – where they will set in motion their formal training programme at the beginning of the scheme. Here you can expect an introduction to the company, the financial market, and learn more about business/analytical skills. It is not all about work though as associates will also be given plenty of opportunities to mingle with other associates from all over the world and enjoy New York’s bubbly nightlife!

IntErnshIpsBank of America Merrill Lynch offers various international internship programmes, but the most coveted is the firm’s summer placement running from June to August, and aimed at students in their penultimate year of study. During the fixed nine-week period, you’ll get a taste of what life as an associate or analyst is really like. You can intern in corporate banking and markets,

HR, risk, technology and operations, as well as in wealth and investment management so if this is something you desperately want to do, make sure you know the ins and outs of banking – and don’t even dare to apply if you don’t! Just kidding, BofA is not so much interested in your technical ability, but in your ambitions and reasons for applying, particularly if you’re not from a finance background.

You’ll face a busy schedule as an intern with a host of networking and social activities putting you in touch with some of BofA’s senior executives. Additionally, personal mentors will ensure that you don’t get swamped with work and discuss any issues you might want to raise with them.

If you’re looking for long-term placements with Bank of America Merrill Lynch, an off-cycle internship would probably suit you best. These are on hand throughout the year and can last three to nine months in total. Specific industrial placements in the technology department are also available and would particularly fit those with strong interests in business and technology solutions. While these internships can be taken up in almost any part of the world, London, Madrid, Moscow, Frankfurt and Paris are the hot spots. As always, speaking a foreign language is a definite plus when applying to Bank of America Merrill Lynch and in some cases it is even a must.

If you haven’t heard of Bank of America prior to September 2008, you’ll probably recognise them now. As Merrill Lynch stumbled, almost collapsing into bankruptcy during the financial crisis of 2008, BofA saved the illustrious investment bank by acquiring it famously in an all-stock deal worth approximately $50 billion. Overnight, BofA became the largest bank holding company in the US by assets, the second largest by market capitalisation, and the largest financial services firm in the world. The deal also saw a major leap forward in its wealth management, with the assimilation of Merrill Lynch’s almost 50% stake in US investment management firm, BlackRock. However, despite its name and headline-grabbing dealings in the US, BofA has a significant international presence, with 6,000+ offices across over 30 countries.

a BIt oF BaCkGrounDBofA’s earliest predecessor was the first bank to be formed after the Treaty of Paris recognised America’s independence in the late 18th Century. Chartered only one year after attaining sovereignty, the Massachusetts Bank was set up by a small group of Boston’s leaders in 1784, exercising their newly won freedom.

Fast forward 150 years or so, and the bank has endured depressions, wars – Anglo, civil and world – natural disasters and pretty much everything else it could have had thrown at it. In 1957, next door neighbours American Trust Company and Commercial National Bank joined forces to create American Commercial Bank. Then two years later, this newly formed entity merged with Security National Bank of Greensboro to form North Carolina National Bank (NCNB). Using a ‘hometown bank’ model – where each branch had

the autonomy to mould itself to the needs of its community – the firm expanded both aggressively and successfully. In 1979, NCNB completed two $100 million mergers, then in 1982 it bought the First National Bank of Lake City, Florida. The latter, while not a major acquisition, nevertheless represented a giant step. Using a little known provision of Florida law, the bank exempted itself from the prohibition against out-of-state banks operating there. The result: a strong provincial foothold and a consequent string of bolstering mergers.

After years of investing heavily in communities across the States, NCNB acquired Atlanta-based C&S/Sovran Corporation in 1991 and took the new name NationsBank. 1998 brought yet another acquisition, but with it, it also brought the name change: NationsBank assimilated BankAmerica and the firm finally became Bank of America. In 2004 and 2005, the firm snagged two more banks, FleetBoston Financial and MBNA respectively, before historically merging with the renowned Merrill Lynch in 2009.

a CLosEr Look at DIvIsIons & DEpartmEntsBofA and its numerous affiliates offer its clients a wide range of services, including investment banking, capital market support, equity financing, global cash management, credit card services, consumer lending, traded market products, trade finance, leasing and financial advisory services. Amongst the firm’s clients, which include corporations, institutional investors and governments, you’ll find big names in almost any industry you care to mention, such as British Aerospace and Remy Cointreau.

Since the now legendary merger of 2008, the

Company proFILE Bank oF amErICa m

ErrILL LynCh

30 31

CITICiti never sleeps: this behemoth is the largest financial services group on the planet. The bank’s global reach spans 160 countries; its network incorporates over 16,000 offices which are staffed by approximately 300,000 employees, working more than 200 million customer accounts.

Conspros• Good, approachable management team• Relaxed and cosmopolitan environment• Very diverse and international workforce• Vast global presence• Generous pay

• Unclear promotion policies• The firm could do with better formal training• Citi never sleeps, you’ll put in the hours• There can be too much bureaucracy and red

tape at times

thE statsNo.ofEmployees:300,000Approx. graduate hires in 2012: 250+Approx. intern hires in 2012: 200

DEpartmEntsConsumer Banking • Corporate Functions • Global Cards • Global Wealth Management • Institutional Clients Group (ICG)x

EuropEan LoCatIonsNo.ofofficesworldwide: 12,000

Austria • Belgium • Bulgaria • Czech Republic • Denmark • Finland • France • Germany • Greece • Hungary • Ireland • Italy • Jersey • Kazakhstan • Luxembourg • Monaco • Netherlands • Norway • Poland • Portugal • Romania • Russia • Serbia • Slovakia • Spain • Sweden • Switzerland • Turkey • Ukraine • United Kingdom

LONDON OFFICECitigroup Centre33 Canada SquareCanary WharfLondon E14 5LBTel: +44 (0)20 7986 4000www.citigroup.com

GraDuatE rECruItmEnt InFoGRADUATEpRoGRAmmEINFo:Approx graduate hires in 2012-2013: 250+Length of grad programme: 2 yearsApplicationdeadline:4 November 2012

INTERNshIpINFo:Approximate intern hires in 2012-2013: 200Length of internship: 10 weeksApplicationdeadline:Summer positions - 6 January 2013

CItIfirm’s global corporate and investment banking (GCIB) activities operate under the Merrill Lynch subsidiary and provided mergers and acquisitions advisory, underwriting, capital markets, as well as sales & trading in fixed income and equities markets. It has one of the largest research teams on Wall Street and its strongest groups include leveraged finance, syndicated loans, and mortgage-backed securities.

The global wealth and investment management arm is one of the biggest players of the US wealth managers, and has five primary lines of business: premier banking & investments, the private bank,

family wealth advisors and Bank of America specialist. But by far and away, the firm’s largest division is consumer, where it generates 90% of its revenue. Global consumer and small business banking (GC&SBB) is the largest division in the company, and deals primarily with consumer banking and credit card issuance. This business unit includes over 6,100 retail branches and over 18,700 ATMs across the length and breadth of the United States. However, BofA is not only about investment banking as corporate philanthropy is an important part of the company’s philosophy, making this global leader a diverse employer.

-Workedorinternedforatopemployer?-Telluswhatit’sliketoworkatyourcompany-Fillinasurveyforyourchancetowin£100

www.insidebuzz.co.uk

32 33

their rotation period. This is focused on your technical expertise and also reviews your personal performance so make sure you keep up with the firm’s fast pace.

No matter what division you decide to specialise in, training and career development go hand in hand during the analyst graduate programme. This usually starts off with a rigorous training course after which analysts begin work at their specific desks. In global transaction services, you’ll receive five weeks of training, aimed at broadening your knowledge of the financial markets, accounting, and firm products. Also get ready to put your party hat on and attend a host of social events aimed at improving your networking skills.

When applying for analyst programmes, keep in mind that Citi wants independent thinkers with strong problem solving skills. If you’re keen to work abroad, the firm usually requires you to be fluent in the local language so why not invest in that language course you’ve been meaning to do for ages. Some analyst programmes also involve relocations so be prepared to pack your suitcase when Citi is calling.

assoCIatEs – ComE armED WIth an mBaAssociates need to present the firm with a glitzy MBA and three to five years of work experience. They can work in similar departments as analysts, with the addition of consumer banking and corporate functions. Associate positions are very much management-based and the finance programme is one of the most coveted graduate schemes. During your hectic training period you can expect to get exposure to all of the firm’s finance divisions which include controllers, strategy and planning, treasury, M&A, and tax.

Financial management associates will have to complete three six-month rotations with an optional international rotation available. Formal training will start with an orientation designed

to introduce graduate associates to the firm. Graduates will then move on to specific industry and product training sessions, which include four weeks studying accounting, credit/risk and financial analysis. So if you think your study days are over after leaving university, you’re wrong as training is a central part of Citi’s graduate programmes.

summEr pLaCEmEntsInterested in Citi internships? The firm’s 10-week summer schemes are hugely popular with 150 places up for grabs each year. On average, 50 students apply for one post so roll your sleeves up and get ready to fend off the competition! Should you make it, you can look forward to excellent retention rates. Up to 60% of previous interns have been offered full-time positions upon successful completion of Citi’s summer scheme. Even if you are not offered a job afterwards, an internship is a great door-opener and will help you stand out from the crowd once you apply for a graduate programme at any other investment bank.

Citi offers internships in investment banking, capital markets, sales and trading, global transaction services, risk management, technology, operations and human resources. Citi’s summer placements give you a real flavour of the industry, and might even have you sightseeing the world – placements are offered in locations across Europe, the Middle East and Africa. So if you’re a keen traveller and in your penultimate year and if you’re looking for international work experience, you better not miss the mid-January deadline.

One-week business placements, which run during the spring, are also available for first-year students. While these are unpaid, they allow you to get to know the firm and vice versa – a good opportunity as you might find yourself being eyed up for a summer placement.

Landing a job at Citigroup is a hard nut to crack. First up, did you graduate with top grades? Secondly, do you hail from a top UK or European university? What, you didn’t? It’s only the cream of the crop I’m afraid, so if you did, please read on.

Citi accepts applications from candidates of any discipline from a top university, but a degree in finance, business or engineering is definitely considered useful. No matter what your background, be prepared to stand firm during the application process as Citi is bound to question your career choice – so if you’re heart’s not in it, don’t expect to bag the job or internship on offer.

thE hIrInG proCEssAlthough assessment for each business area varies, the hiring process normally involves an online application, comprising a cover letter and CV. Citi also asks you to take an online psychological test, designed to put your analytical and logical skills to the test. Those applying to operations, technology and HR will have to pass a logical reasoning test whereas applicants for the other divisions will have to master a numerical test.

The lucky few who pass this initial selection process can expect to be invited to two 40-minute business interviews, which will assess their personality, competences, relevant work experience and existing industry knowledge. It is pivotal you do your homework and know why you have applied to the specific department, as well as the firm and the industry. Also expect to take the psychometric test again on the day of the interviews and if you excel at this stage, you’re through to the final round consisting of an assessment day.

The assessment centre, held at Citi’s offices, will include more competency-based interviews, a

case study presentation and a group exercise. The process for this is likely to vary for some programmes, but it’s good to know that group exercises and presentations are often based on a business case study – here it’s important not to rush things through and cooperate with fellow candidates when tackling these tasks. The case study involves reading 10 to 20 pages of information, which you will have to analyse and present. Don’t get irritated by the random questions thrown in between the presentation and remember to stand your ground. The interviews will once again probe your motivation although questions will not solely be technical as interviewers want to find out more about your background. Expect to be quizzed on any extracurricular activities and interests outside of banking and the usual ‘tell me about yourself’ scenarios. The firm will also test your commercial awareness by asking you questions such as ‘Who is Citi’s main competitor and why’, ‘Why did you choose your division?’ and so on.

anaLysts – GEt rEaDy to FEnD oFF thE CompEtItIon For the approximately 200 graduate places on offer, Citi receives around 10,000 applications each year so be prepared to battle your way through the recruitment process. Graduates can specialise in most of the firm’s departments, including consumer banking and corporate functions, and entry roles are available internationally as associates and analysts on a two-year basis.

Analysts are placed in capital markets, corporate and investment banking, global transaction services, and sales and trading. The capital markets programme is a popular choice for graduates and involves undertaking market analysis, issue pricing, a good deal of investor communication and presentation preparation. Analysts complete four six-month seats and can expect to receive more training half-way through

thE BuZZ on GEttInG hIrED CItI

34 35

Simply put, Citi Group is the largest financial services network on the planet. The bank has over 16,000 offices spread across 160 countries worldwide. More than 260,000 people work in these offices looking after the bank’s 200 million+ customer accounts. In short, Citi is a banking behemoth. And although still referred to by many as Citibank, the firm became simply ‘Citi’ during rebranding efforts in 2007.

a BIt oF BaCkGrounDCiti Group’s history stretches back almost 200 years to New York in 1821, with its inaugural steps in Europe coming later in 1902. However, a comprehensive family tree would reveal an earlier European lineage: the founding of the Polish Bank Handlowy w Warszawie SA in 1870, whom Citibank Poland merged with in 2001.

The firm’s current structure began to take shape in 2000, when it merged with London’s Smith Barney, the UK headquarters of Salomon Brothers, and Schroder plc. The result was a colossal pan-European investment bank, which would soon become the world’s largest financial services group. Then in 2009, Citi Group effectively sold a 51% majority stake of its Smith Barney brokerage by agreeing to combine it with Morgan Stanley’s brokerage division. A matter of days later, the firm announced that it would split the entire bank into two separate operational units: Citicorp would provide retail and investment banking services; Citi Holdings Inc. would supervise the group’s high risk investments.

Internationally, Citi has a pedigree befitting the world’s largest financial services group. The firm was one of the first Western banks to step into post-communist Eastern Europe, and now provides corporate and investment banking products and services to clients in Poland, Slovakia, Bulgaria, Germany, Romania, Hungary, Czech Republic, Russia and Serbia. In 2006, Citi

announced intentions to strengthen its financial services in the Middle East and Africa, as well as in Europe.

a CLosEr Look at DIvIsIons & DEpartmEntsCitigroup’s corporate and investment banking business serves companies, governments and institutional investors, and provides capital and market access to thousands of issuer and investor clients.

The global banking arm provides strategic and financial advisory services, including: acquisitions, mergers, divestitures, financial restructurings, loans, foreign exchange, cash management and structuring, underwriting and distributing equity, debt and derivative securities. It offers these services to corporations, financial institutions and governments worldwide.

The global markets division offers its clients – corporate, institutional and retail investors – numerous services: equity, debt sales and trading platforms, institutional distribution capabilities and access to one of the biggest retail brokerage networks in the US.

As a heavyweight in underwriting and structuring, Citigroup is also renowned for sales and trading across all asset classes, including: equities, corporate bonds, government and agency bonds, asset-backed and mortgage-backed securities, syndicated loans, and structured and future products.

Lastly, the global wealth management branch at Citigroup lends its expertise to both private and institutional clients, with the significant advantage of encompassing three esteemed brands in wealth management: Citigroup private bank, Smith Barney and Smith Barney global equity research.

Company proFILE

• Getthelatestgraduate

careernews&articles

fromaroundtheweb

• Findoutwho’shiring

andstayontopofthe

latestjobs

• Connectandengage

withtherightpeople

36 37

CREDIT AGRICOLE

Crédit Agricole is today the widest and largest retail and business banking network in France. It has an investment banking branch, Crédit Agricole Corporate and Investment Bank, which operates in 70 countries. As the name may suggest, the bank has a history as a lender to the farming industry.

thE statsNo.ofemployeesworldwide:87,451 (Crédit Agricole group)No.ofemployeesworldwide:13,000 (Crédit Agricole CIB)

DEpartmEnts/BusInEss arEasCoverage & Investment Banking • Equity Brokerage & Derivatives • Fixed Income Market • Structured Finance

LoCatIonsNo.oflocationsworldwide:58

EuropeanLocations:• Austria • Belgium • Czech Republic • Finland • France • Germany • Greece • Hungary • Italy • Luxemburg • Monaco • Netherlands • Norway • Poland • Portugal • Russia • Slovakia • Spain • Sweden • Switzerland • United Kingdom

LONDON OFFICEBroadwalk House5 Appold StEC2A 2DA LondonTel: +44(0)20 7214 5000www.ca-cib.com

Crédit Agricole Corporate and Investment Bank has roles available across a range of departments, including accountancy and finance, audit, capital markets, compliance, credit risk management, coverage, distribution, investment banking, IT and project management, M&A and structured finance. With more than 160,000 personnel across 70 odd countries, options aren’t lacking for those looking to pursue a career with the French powerhouse.

The recruitment process for Crédit Agricole Corporate and Investment Bank begins with an online application. Survive the cull and at least

two rounds of interviews stand between you and a potential offer. Your interviewers will most likely be your future managers and heads of department. There’s no smoke and mirrors, just standard questions covering your past experience, academic credentials, skills, and motives for joining the bank.

The group also offers a selection of internships as well as the VIE programme (Volontariat International en Entreprise). Crédit Agricole’s VIE programme aims to provide 18 to 28 year old EU nationals with banking experience in a range of countries for between 12 to 24 months.

thE BuZZ on GEttInG hIrED CrEDIt aGrICoLE

As the name suggests, Crédit Agricole group’s history is intertwined with agriculture. The group began its story as a lender to the farming industry in the 19th century, and to this day, shareholding farmers still control a large stake in the bank.

Crédit Agricole group is today the widest and largest retail and business banking network in France, offering lending and deposit services at more than 9,000 branches throughout the country, including those of its subsidiary Le Crédit Lyonnais.

In 2004 Calyon emerged as the brand name to front Crédit Agricole’s investment banking and

financing business. It’s since changed its name to Crédit Agricole Corporate and Investment Bank and operates in 70 countries around the globe. Quite reputable in M&A, it specialises in coverage and investment banking, structured finance, equity brokerage and derivatives and fixed income services.

Through a partnership with Société Générale, Crédit Agricole has also become part owner of asset management powerhouse, Amundi. Aside from domestic control, the Group also fares well across the rest of Europe as well as in the Middle East and Asia.

Company proFILE

38 39

CREDIT SuISSEOperating 405 offices in 55 countries and employing over 50,000 people, this big Swiss cheese boasts the impressive ranking of Switzerland’s second-largest bank by revenue. A prestigious “bulge bracket” investment bank, Credit Suisse offers investment banking, private banking and asset management services to clients worldwide.

Conspros• One of the best firms for training and support• Compensation is above the norm• Thumbs up for diversity and a solid track record

of promoting women• Lots of perks and excellent on-site facilities

• Long hours and weekend work• Lack of transparency in regards to pay and

promotion sometimes• Long interview process• Communication from senior management to

junior staff could be improved• Bureaucratic and sometimes slow to adapt

thE statsNo.ofEmployees:48,300Approx. graduate hires in 2012: 275

DEpartmEnts/BusInEss arEasAsset Management • Information Technology • Investment Banking • Investment Banking Operations • Private Banking • Shared Services

LoCatIonsNo.ofoffices:57

EURopEANLoCATIoNsAustria • Belgium • Bulgaria • Czech Republic • Finland • France • Germany (HQ – Frankfurt am Main) • Greece • Hungary • Italy • Luxembourg • The Netherlands • Poland • Portugal • Russia • Spain • Sweden • Switzerland • Turkey • United Kingdom

LONDON OFFICE1 Cabot SquareLondon E14 4QJTel: +44 (0) 20 7888 8888www.credit-suisse.com

GraDuatE rECruItmEnt InFoGraduate Recruitment TeamEmail: campusrecruiting.emea@creditsuisse.com

Have you got the grades? Think of yourself as a natural leader? Do you thrive in result-driven environments? Do you possess an analytical mind? Think you’ve got what it takes to make it in investment banking? While all of this may be a good start, ability alone is often not enough to impress the big Swiss cheese. Credit Suisse hires very carefully to ensure personality and expertise fit in with its target-driven firm culture. Entry-level positions are highly sought after and the firm scouts worldwide, offering graduate and internship positions for those eager to embark on a career in this competitive industry.

thE rECruItmEnt proCEssThe recruitment process at Credit Suisse varies depending on the type of position you’re applying for. Internship candidates can expect a shorter procedure than those applying for graduate schemes.

Prospective interns will have to submit an online application form, which will be followed up by a telephone interview, an online assessment and – if you have made it this far – you’ll be invited to a structured interview. The application form will assess your qualifications and experience whereas the telephone interview will focus on competency-based questions such as ‘Give me an example of when you put your communication skills to use’. The online assessment consists of a psychometric test and if you have succeeded in all of these areas, you can expect to be grilled on you career motivation and industry-specific knowledge in the final interview.

The hiring process for grads is more prolonged, usually consisting of three parts: first, the online application; next, numerous rounds of interviews; and finally, an assessment day with even more interviews, case studies and written verbal and numerical tests.

Provided you impress with your online application, get ready for several rounds of rigorous interviews, in which you will meet everyone from senior analysts and associates, to VPs and managing directors. The firm takes interviewing very seriously, so only bankers who have been trained in the selection process can interview potential candidates. The first round usually consists of three separate interviews and these tend to be more technical in nature. Later rounds focus on whether a candidate is a good fit for the position, based on intellectual capacity, commitment to the firm and industry, logic and analytical abilities, as well as writing skills and ethical decision making.

GraDuatE proGrammEsCredit Suisse offers various graduate programmes that are aimed at Bachelor, Master, PhD and MBA graduates. Options are available in private banking, investment banking, asset management, information technology and shared services, so there should be sufficient schemes on hand to suit everybody’s interests. Typically, graduate schemes last between 12 to 18 months and are available at analyst and associate level.

anaLystsFor the firm’s analyst programmes, Credit Suisse accepts graduates of any discipline. Entry positions are available in a variety of business areas including those with a strong focus on management. Hence product, project, and relationship management are popular

thE BuZZ on GEttInG hIrED

“the firm takes interviewing very seriously, so only bankers who have been trained in the selection process can interview potential candidates.”

CrEDIt suIssE

40 41

departments for analyst roles, but equally high in demand are the consulting and research groups. The actual training period is made up of a mix of formal and informal training opportunities, geared at developing candidates’ soft skills and technical knowledge of the financial market.

assoCIatEsIf you’re more the associate type, you will need to present the firm with an MBA from a top business school – but that’s not all, you’ll also need to have a few years of work experience under your belt. Associates are active in most of the firm’s departments and will be given extensive training throughout their contracts.

Those with a Master or PhD in a quantitative field such as maths, engineering or physics, can apply to the firm-specific graduate programme for quants. In want are those with excellent analytical and problem-solving skills, which you can expect to apply from day one. Positions are obtainable across numerous areas, including credit risk management and investment services and products.

IntErnshIpsAlthough internships are not exactly long-term career options, they can certainly be a first stepping stone to landing a full-time position, and especially with Credit Suisse. If you perform well during the internship, you may find yourself being invited to an interview for one of the firm’s graduate schemes. Duties during the internship vary and can range from looking into trade ideas, conducting research, keeping orders for clients and helping directors and VPs – overall a great way to get your foot in the door if you’re hell-bent on joining Credit Suisse’s ranks.

Credit Suisse offers two kinds of internships, one running over the summer and one over the course of six months. The summer internship lasts 10 to 12 weeks and is available in various business areas such as asset management, investment banking and IT. The scheme is aimed at providing participants with a real insight into the industry and the firm, with on-the-job training and social activities thrown in the mix. Those in their second year can apply for Credit Suisse’s summer placements, but must be aware that the bank only accepts candidates with an excellent academic history and genuine career motivation.

Classic internships are also on the menu and are open to both Bachelor and Master students. Undergrads must be in their penultimate year to be eligible while all candidates need to be happy as Larry when it comes to getting results and showing off your organisational qualities. Expect to manage your own projects and be given high levels of responsibility early on – but no worries, you should be closely supervised and the training on offer will ensure your daily work runs smoothly. Past interns who have performed exceptionally well during the internship have been offered contracts for the firm’s junior career programmes. So make sure you’re in it to win it!

Company proFILECredit Suisse is the second-largest Swiss bank after UBS by revenue, and has offices in 26 countries. The firm has a history that spans more than 150 years, beginning in the mid-19th century when Alfred Escher founded Schweizerische Kreditanstalt (for our non-German readership, that’s Swiss-German for Swiss Credit Institution). The bank opened its first branch in Basel in 1905, and as World War II raged across Europe, Credit Suisse cut the red tape on its first international outpost in New York City in 1942. Over the following three decades, the bank grew within Switzerland, across Europe and internationally.

a BIt oF BaCkGrounDHaving already established itself in the American market, Credit Suisse began its ‘cooperation’ with The First Boston Corporation in the US in 1978. Ten years later it acquired a controlling stake in the firm, after which the bank was renamed to Credit Suisse First Boston. The following year, Credit Suisse Holding was established as the parent company of the group. Various mergers, acquisitions and alliances continued through the 1990s, and merged banks ultimately became assimilated into the Credit Suisse identity.

While the 20th century proved to be a success story for Credit Suisse, the start of the new millennium fostered more economic growth, and a rearrangement of the organisation’s structure. In 2002, the group famously restructured into two streamlined business units: Credit Suisse Financial Services and Credit Suisse First Boston. Two years later, in 2004, the group reshuffled again, forming

three business units: Credit Suisse, Credit Suisse First Boston (CSFB) and Winterthur. Later that year, CSFB made financial headlines as one of the principal underwriters of Google’s historic $23billion IPO. Finally in 2006, Credit Suisse did not only celebrate its 150th anniversary, but also rebranded and shifted its structure once again to an ‘integrated bank’ model, dropping the First Boston affiliation, and becoming once and for all , Credit Suisse. Since then the bank has made some clever marketing moves by announcing acclaimed tennis idol Roger Federer as its ambassador, and by regularly representing itself as a forerunner for environmental sustainability and charitable citizenship programs.

a CLosEr Look at DIvIsIons & DEpartmEntsThe firm has three central pillars to its business: investment banking, private banking and asset management. The investment banking division – which provides M&A advisory, equity and debt capital markets, private placements and leveraged finance services – is one of the world’s largest, most profitable and most renowned investment banks.

The private banking business – which provides investment counselling and asset management to high-net worth individuals – has a global footprint and is touted as one of the world’s largest private banking organisations. Within its global asset management business, the firm offers a wide range of products, including equities, fixed income, multiple-asset class products and alternative investments, such as real estate, private equity and hedge funds.

“Later rounds focus on whether a candidate is a good fit for the zposition, based on intellectual capacity, commitment to the firm and industry, logic and analytical abilities, as well as writing skills and ethical decision making.”

CrEDIt suIssE

42 43

DEuTSCHE BANKFrankfurt headquartered Deutsche Bank is the largest bank in Germany and one of the true giants of the financial world. This Teutonic behemoth employs more than 100,000 people throughout Europe, Asia and the Americas and concentrates its efforts on two core business areas: corporate and investment bank (CIB), and private clients and asset management (PCAM).

Conspros• Solid training and self-development with plenty

of responsibility from the start• Good benefits scheme• Opportunity to grow and move into new

departments and areas• Dynamic atmosphere, with good access to

management• Very strong name, especially in FX and fixed

income

• Diversity efforts could be stronger, especially higher up the food chain

• Uncompetitive compensation• Can be a political, bureaucratic machine• Promotions can be based on who you know, not

what you know• Doesn’t always smell like team spirit:

communication is not always consistent

thE statsNo.ofEmployees:80,456No.ofoffices: Locations in 72 countries

DEpartmEnts/BusInEss arEasAsset Management/DWS • Corporate & Investment Bank • Global Banking (Corporate Finance & Global Transactions) • Global Markets • Management • Private & Business Clients • Private Clients & Asset Management • Private Wealth

LoCatIonsNo.ofofficesinEurope: 22

EURopEANLoCATIoNsFrankfurt am Main, Germany • Austria • Belgium • Bulgaria • Czech Republic • Finland • France • Germany • Greece • Hungary • Italy • Luxembourg • The Netherlands • Poland • Portugal • Russia • Spain • Sweden • Switzerland • Turkey • United Kingdom

LONDON OFFICE1 Great Winchester StreetLondon EC2N 2DBTel: +44 (0)20 7545 8000www.db.com

GraDuatE rECruItmEnt InFoGRADUATEpRoGRAmmEINFo:Approx graduate hires in 2012-2013: 700+ (globally)Length of grad programme: Dependent on divisionApplicationdeadline:Dependent on division or country. Refer to site.

INTERNshIpINFo:Length of internship: 8 - 10 weeks. Germany, 8 weeks - 6 months.Applicationdeadline:Dependent on division or country. Refer to site.

DEutsChE Bank

ovEraLL satIsFaCtIon“Excellent access to deal flow; management is also approachable and ready to help, which is a big plus for such a big bank. In London the prestige of working for a bulge bracket firm is a definite plus; it’s a great name to have on your CV and has opened a lot of doors.”Associate,Globalmarkets

What DoEs your typICaL Day at Work InvoLvE?“In sales in global markets, I call my clients to suggest them some products that we are able to offer and that I think will suit their needs. If their needs are complicated then you need to create a relationship with the clients so that they share information with you. With this info I go talk to the relevant ‘structurers’ and we think about ways to solve the client issues. Also, very often the client will call to ask for prices and here the sales will check the price from the traders and communicate it to the client.”Associate,Globalmarkets,London

CuLturE“Many people are given great liberty to try and develop new business and new relationships. The drawback is that it can create some conflicts and overlaps when more than one people/team wants to do the same things. Deutsche Bank do not really try to stop this. In fact it can be seen as a way to see who can best do the job. This leads to a lot of politics, polluting the job. That said, even as a junior I have been given freedom to call new senior clients and work directly with very senior members of DB on some projects.”Associate,Globalmarkets,London

“The culture at the bank is relaxed, and employees get the opportunity to take on as much responsibility as one can handle.”Associate,Assetmanagement

“It can be very competitive.”Analyst,InvestmentBank

FormaL traInInG“Two months classroom training for graduates so you can network. No real further training provided as you move along the years. There is special coaching by very senior people once you reach VP stage, but over my three years past the grad program I have not really been formally trained. You need to rely on your boss and your team. Most are helpful, although in sales you are responsible for your own P&L therefore people are not really incentivised to involve you in what they do.”Associate,Globalmarkets,London

hours“The hours differ significantly depending on the division and desk you work on.”Analyst

“11 hours a day, starting at 7:45am with no lunch break, rather satisfied given the salary.”Associate,Globalmarkets,London

pLusEs“Saying ‘done’ when you do a trade!”Associate,Globalmarkets,London

mInusEs“The flow of business can be very repetitive and you don’t feel like you’re learning new things. In sales you have to be careful not to just be an intermediary between the clients and the traders, in which case you would be adding no value at all.”Associate,Globalmarkets,London

What EmpLoyEEs havE to say...

44 45

Deutsche Bank consistently seeks the cream of the academic crop – high grades from top universities and a range of extracurricular interests are prerequisites for any candidate interested in joining the DB ranks. However, what this bank really wants to see is real career motivation and enthusiasm for the firm. Drive, a strong work ethic, and a global mindset are must-haves when applying to Deutsche Bank, so if you’re up for a challenge, get ready for a tough recruitment process.

thE hIrInG proCEssIf you decide DB is for you, expect the hiring process for the graduate and internship schemes to vary by region and programme, but generally speaking, applications should be sent out between September and December. The online application form is quite detailed and allows you to attach a CV, covering letter, references and a record of your academic history so make sure to wow at this stage so you can make it to the two rounds of interviews.

Before seeing off the first round, candidates have to handle a challenging 30-minute numerical test. You’ll be faced with around 30 questions that will probe your knowledge on ratios, percentages, exchange rates, graphical analyses and arithmetic. You’re best advised to practice, practice, practice – Deutsche Bank’s numerical tests are notorious for their intricacy.

Take a breath and gather your thoughts, you’ve made it to the interview stage! This could comprise several competency interviews with senior member of the firm grilling you on your leadership, creativity and teamwork skills. You’ll be asked the usual ‘tell me a time when...’ questions, which are pretty much industry standard. More pertinently, it’s vital you have strong answers prepared for why you want to work for Deutsche Bank and the specific division

you’ve applied to. Interviewers expect you to have done your homework on the firm so you’ll need to demonstrate a thorough knowledge of the bank’s business structure and operations. This may all sound rather intimidating, but while the interviews are formal, they’re also friendly – no sign of the good cop/bad cop routine implemented by some of the industry’s other players.

If you’re a wiz and make it through to the second round, there’s little respite. You’ll be met with three 30-minute interviews by three separate heads. Each tête-à-tête will be chiefly technical, and be prepared for a sprinkling of competencies here and there. It’s also a good idea to read the FT regularly as the commercial questions could well focus on current prices for commodities, the current state of the markets or any stock that caught your attention lately. Hence the second round has a bit of a reputation for being both tough and intense; so prepare for more probing questions such as: ‘Why Deutsche Bank and not Goldman Sachs?’, or ‘What’s going to be the most determining factor in the next financial year?’. Get the picture? Then you better start preparing for this selective recruitment process.

GraDuatE sChEmEsAt Deutsche Bank, graduates can choose to launch their careers as analysts or associates. Analyst positions are available in asset management, corporate and investment banking, finance, technology and operations, HR, private wealth management, as well as the conjoined legal, risk and capital group. Programmes will vary, but some are known to involve rotational seats while others train graduates in one specific area only.

Programmes for newly hired analysts usually kick off with a global orientation event that takes place in either London or New York. Get prepared to take part in teamwork challenges as well as

thE BuZZ on GEttInG hIrED DEutsChE Bank

appLICatIons, IntErvIEWs & assEssmEnts “The interview was rather formal but friendly. It was split into a competency-based interview and a numerical test. I must say, the numerical test was the hardest one I have sat at any bank.”Insider

“The second round of interviews was by far one of the hardest round of interviews I have faced at any bank; I had three separate interviews with three different heads of desks. The questions were very technical and involved, talking about oil and bonds prices, and deriving their relationships.”Trader

“I met with interviewers that worked in the division I applied to so they wanted to know why I had selected this area, and allowed me to ask questions about the division and the work involved.”Analyst

tIps & aDvICE“Show your motivation! Show that you have tried to understand the main different jobs on the floor. And know yourself while remaining honest. Try to link what you know about you with what you understand from the markets, that’s the way to show that you know why you would be adding something.”Associate,Globalmarkets,London

“It’s very important to demonstrate how badly you want the position.”Analyst

Checkonlineforcompanypro-files,articlesandinsiderinter-viewadvicein:• Accounting• Banking• Consulting• Law• And more...

WWW.InsIDEBuZZ.Co.uk

46 47

classroom-based training, aimed at broadening your technical skills, understanding your division, and getting to know your peers. Once you have returned to your home office, you’ll be expected to put theory into practice and get your hands dirty from day one. Your life as an analyst will be varied so don’t assume a strict routine. Tasks will, of course, depend on the business area; in corporate finance this could involve creating financial models, whereas HR analysts are responsible for providing employee advice. You’ll also get to collect a few air miles here and there with Deutsche sending you off to the odd business trip.

mBasWhile analyst positions are open to graduates of all disciplines, Deutsche Bank’s associate programme requires candidates to hold an MBA and previous work experience. Like trainee analysts, associates will be sent to an orientation event, which will be followed by a division-specific induction programme lasting two to seven weeks. Expect to be assessed during this initial training period with tests, presentations and exams. Associate positions are available in asset management, corporate finance and markets so your role will involve a clear client-focused approach, best suited for the more gregarious.

Associate internships are also known to provide a pipeline to a full-time position at Deutsche Bank. Yet, be warned as the firm only hires the most talented MBA students around. As an associate intern you’ll be given assignments on a daily basis and will also have to handle a project for which you will be given full responsibility. A presentation about this will round up the placement and with various social events on offer, interns will be able to quickly network their way around the banking industry. In fact, most associate interns join Deutsche Bank after successful completion of the internship.

IntErnshIpsThe magic key to the DB lock is work experience. So don’t miss the opportunity to undertake one of the firm’s internship programmes. DB offers two main placements, lasting 8 to 10 weeks each. Positions are available as analysts and associates, albeit for the latter you’ll need to be studying towards an MBA and ideally have several years of experience under your belt.

Analyst internships are highly competitive and candidates need to present an excellent academic track record. Life as an intern at Deutsche Bank is no walk in the park and you can expect to be involved in live projects and take responsibility right from the beginning. Interns can choose from business areas such as asset management, corporate and investment banking, finance, group technology and operations, HR, private wealth management, as well as the legal, risk and capital group. Make sure you pick the unit that really reflects your interests best as you’re likely to be asked about your choice during the hiring process. Mentoring, on-the-job learning and formal training will supplement your internship experience and if your supervisors like what you’re doing, don’t be surprised if you’re offered an interview for the firm’s analysts training programme.

If you would like to get a first glimpse of the firm, then the Spring Into Banking Scheme, running for a week over spring, would offer you the perfect opportunity to do so. You will be given an introduction to Deutsche Bank and shadow division managers. Day 5 of your placement will have you interview for an analyst internship. This short and sweet scheme is open to first-year students only and applications should be made early.

Company proFILEFrankfurt headquartered Deutsche Bank is the largest bank in Germany and one of the true giants of the financial world. And while its name would suggest otherwise, the majority of its staff operate from outside the motherland – to quantify, around 50% of its 100,000+ employees are spread throughout the rest of the Europe, Asia and the Americas. This Behemoth’s two core business areas are corporate and investment bank (CIB), and private clients and asset management (PCAM).

a BIt oF BaCkGrounDFounded in Berlin in 1870 by private banker Adelbert Delbruck, and a politician named Ludwig Bamberger, Deutsche Bank quickly spread across Germany and arrived in London as early as 1873. Before the turn of the century, not only had it become the largest domestic bank, but it also had investments scattered all over the globe. However, the firm didn’t last the Second World War unscathed: it closed all offices in Soviet occupied regions and was broken up into provincial outposts during Germany’s occupation.

Against the odds, the firm endured these difficult post-war years, emerging as the Deutsche Bank AG – an amalgamation of a number of German banks – and branched out into retail banking. The following forty years were marked by a number of mergers with European banks and financial services firms. Then in 2001, the firm went public on the New York Stock Exchange. Since then DB has strengthened its presence in the US and Europe with a series of acquisitions and mergers – this formed part of the company’s general growth strategy, which has seen a surge of profits in recent years.

a CLosEr Look at DIvIsIons & DEpartmEntsDeutsche Bank operates with two main revenue streams – CIB and PCAM – while a management board controls their resource allocation, strategy, account and disclosure, and risk management. The firm’s corporate and investment banking arm (CIB) is split into two subdivisions: corporate banking and securities, and global transaction banking. Corporate banking and securities controls the firm’s capital markets operations, including debt, equity, asset finance, leasing and commercial real estate, corporate advisory, corporate lending and transaction banking. Global transaction banking handles the firm’s trade finance, cash management and trust and securities businesses.

Deutsche Bank’s second branch, private clients and asset management (PCAM), is also comprised of two subdivisions: asset and wealth management, and private and business clients. Asset and wealth management provides its institutional clients with a myriad of services, including traditional asset management, alternative assets, sophisticated absolute return strategies and real estate asset management. The private wealth management division services high-net-worth individuals, offering them both traditional and alternative investments, risk management strategies, lending, wealth transfer planning and philanthropic advisory, among others services. The private and business clients department focuses on offering SMEs in Europe and Asia numerous services, such as loans, current accounts, deposit and payment services, securities, mutual funds and portfolio investment advisory.

“Deutsche Bank is the largest bank in Germany and one of the true giants of the financial world.”

DEutsChE Bank

48 49

GOLDMAN SACHSOver the years, Goldman Sachs has held the helm in the world of banking. Considered “king of the hill” on Wall Street, Goldman Sachs has an extensive history of long-term success rooted in a distinct business culture with the accolades to prove it.

Conspros• Great name to have on your CV• Some of the best deals and most prestigious

clients, and solid training• Good opportunities for career advancement• Working alongside very smart people• Good benefits

• Very competitive• Not all interns receive a full-time offer• Pressure to perform consistently

thE statsNo.ofemployeesworldwide:33,000+ GraduateIntake:c.300

DEpartmEnts/BusInEss arEasAsset allocation • Asset management • Bank deposits • Bank loans • Clearing services • Closed ended investments • Debt financing • Environmental markets • Equity capital markets • Execution services • Fund administration pensions, endowments & foundations • Global investment • Lending • Mergers & acquisitions • Mutual funds • Prime brokerage • Private equity • Private wealth management • Products • Research • Securities lending programs • Securitised derivatives • Transition services

LoCatIonsNo.ofofficesworldwide: 62

EURopEANLoCATIoNsFrance • Germany • Ireland • Italy • Monaco • Poland • Russia • Spain • Sweden • Switzerland • United Kingdom

LONDON OFFICEPeterborough Court133 Fleet StreetLondon EC4A 2BBTel: +44 20 7774 1000www.gs.com

GraDuatE rECruItmEnt InFoWhENToAppLY:NewAnalyst:28 October 2012Summer Internships: 2 December 2012Workplacements:6 January 2013springprogramme:6 January 2013

GoLDman saChs

A history of long-term success and a well-established, distinct business culture have always enabled Goldman Sachs to attract and retain the brightest candidates. Goldman recruits from all the top universities. In the UK, the bank has a strong penchant for top tier university students, but also seeks out talent from other universities. Luckily, degree discipline is not all that important: the firm will consider graduates with a degree in business or history and everything in between, provided you’re very sharp and have a keen interest in financial markets.

thE rECruItmEnt proCEssIt comes as no surprise that Goldman Sachs runs a competitive recruitment process for both internships and graduate programmes. If you make the cut, brace yourself for a challenging interview schedule that incorporates multiple interviews.

Candidates that impress in their online application will go through at least two rounds of interviews. One round followed by another more specific and technical round within the department, which will allow you to meet with a good number of employees with whom you may end up working.

You will be asked to talk about your achievements and experiences and demonstrate that you are bright, articulate and genuine about your interest in Goldman Sachs. You will also need to display good commercial awareness and a general knowledge about the marketplace in which Goldman Sachs operates, so make sure to brush up on current events shaping the financial world.

proGrammEs: GraDuatEs anD mBas WantED Goldman Sachs is a hub for graduates with the firm’s analyst and associate programmes drawing masses of wannabe professionals to the banking fortress. Competition is fierce as the firm is notorious for hiring only the best of the best. Yet, a financial background is not necessary if you want to embark on a career as an analyst at the firm, although it is likely to give you an advantage. Analysts inevitably deal with clients so if you’re into this kind of relationship building thing, you’re probably the sociable and outgoing character the firm is after. Commercial focus and strong problem solving skills are also wanted and while these are not the only qualities you should come armed with, you stand a good chance if you possess these basics.

Analysts serve as busy bees in all of the divisions. Training will depend on the business area, but generally all new analysts will start their training programme with a firm-wide orientation. This will equip grads with an induction to the firm’s structure, products and services, as well as the social events on offer. Goldman Sachs has its own university that forms a central part of the firm’s divisional training programme. Expect to receive training on job-specific strategies and products while also learning about sales, technical and client service skills. New hires are well looked after through the firm’s mentoring programme so – although you’ll be given high levels of responsibility – a helping hand is never far away.

If you’re keen to establish yourself as an associate at Goldman Sachs, you need to have an MBA and two to five years of work experience on your CV. Associate training follows a similar format as the one for analysts and is aimed at expanding professional, technical and interpersonal skills. Remember, big brother is watching you so be prepared for the scrutiny you’ll have to face throughout the training period as new associates are regularly assessed on their performance.

thE BuZZ on GEttInG hIrED

“If you make the cut, brace yourself for a challenging interview schedule that incorporates multiple interviews.”

50 51

GoLDman saChs

IntErnshIpsGoldman Sachs has long represented the number one destination for graduates with serious ambitions about a successful career in banking. Hence a bit of work experience will come in handy when applying for a full-time position at the firm – and you can count yourself lucky as Goldman Sachs runs several types of internships. However, all prospective interns will have to bring a real appetite for the firm and the industry and demonstrate leadership skills, team spirit and academic excellence.

Summer internships are amongst the most popular and are offered globally across the firm’s prime locations and core divisions including finance, internal audit, investment management and operations. Both summer analyst and summer associate positions are available; the former is open for those pursuing an undergraduate/postgraduate degree, and the latter for students working towards an MBA or a more specialist degree. Summer internships kick off with a firm-wide orientation that is aimed at providing novices with an introduction to the firm’s culture and the kind of responsibilities interns will have to take on during the 10 weeks spent with Goldman Sachs. This initial induction is then followed by more formal division-specific training.

There are also more long-term internships on offer that, depending on the business area and region, can last three, six, and even 12 months.

They are offered on a rolling basis so it’s worth keeping an eye open for these. In Europe, positions for one-year placements are usually filled in Frankfurt, Moscow, Paris and Zurich so if you’re keen to go abroad, you better bring some good language skills with you. Initial training for the year-long industry internship is provided in the firm’s London office with continuous training opportunities available throughout the internship.

If you’re two years away from graduation, then the two-week internship at Goldman Sachs running in April is probably better suited for you. Pick a division – global investment research, investment banking or technology, to name just a few – and be prepared to learn about the industry and sector. Spring internships are also a good way to secure a summer placement if you’re serious about a career in banking.

“all prospective interns will have to bring a real appetite for the firm and the industry and demonstrate leadership skills, team spirit and academic excellence.”

Goldman Sachs was founded in the US in 1869 when Marcus Goldman, who emigrated from Europe, embarked on a small enterprise to provide an alternative to expensive bank credit. Little could founding father Goldman have known that his company would become one of the biggest names in banking. Headquartered in New York, the firm today has a large global footprint and employs over 30,000 people across all major financial centres worldwide.

a BIt oF BaCkGrounDGoldman’s first international office opened in London in 1970. Today, this office is home to over 5,000 professionals and serves as the hub of Goldman Sachs’s European activities – a real force in UK investment banking and securities.

Over the years, Goldman Sachs has held the helm in the world of banking. The bank was pivotal in establishing the IPO markets of the early 1900s. In the 1950s, Goldman Sachs played a lead role in establishing the municipal bond market and 20 years later the investment bank was the first to create a specialised mergers and acquisitions group. During the 1980s, the firm gained a shiny reputation as a white knight of M&A by advising clients on how to avoid hostile takeovers. Then in the late 1980s, Goldman Sachs ranked as the first and only North American bank in the top 10 table of M&A volume in the UK. Goldman also became one of the first companies to recruit a large number of MBAs from leading business schools worldwide, a practice which still runs to this day.

Goldman Sachs going public and raising just under £2 billion in the process created quite a stir and made all the financial headlines in 1999. In the fall of 2008, as Congress worked on a $700 billion relief package for the big banks of Wall Street and the markets witnessed the abrupt bankruptcy of Lehman Brothers and the quick sale of Merrill Lynch’s to Bank of America, Goldman Sachs requested to become a bank holding company.

a CLosEr Look at BusInEss DEpartmEntsGoldman’s business is divided into three sectors: 1) investment banking, 2) trading and principal investments, and 3) asset management and securities services.

The investment banking business serves clients in the industrial, consumer, natural resources, health care, financial institutions, real estate, special products, technology, media and telecommunications industries. The investment banking sector is further sub-divided into two groups: Investment Banking and the Financing Group.

The trading and principal investments business – the largest of the three segments and the company’s profit centre – has three categories: fixed income, currency and commodities, and equities and principal investments.

The asset management business is split into two categories: asset management and private wealth management. This sector generates most of its revenue through management and incentive fees, providing investment advisory and financial planning services and offering investment products to institutions and individuals worldwide.

Company proFILE

“headquartered in new york, the firm today has a large global footprint and employs over 30,000 people across all major financial centres worldwide.”

52 53

J.P. MORGANThe international banking powerhouse known as J.P. Morgan Investment Bank is a subsidiary of J.P. Morgan Chase & Co, one of the oldest financial services firms in the world. It also encompasses J.P. Morgan Cazenove, a joint venture that created one of the UK’s heavyweight investment banks.

Conspros• Very focused on training and development• Work hard, play hard atmosphere• Strong M&A house• Management is rated very highly• Firm-wide diversity is given high priority

• Bureaucracy leads to unpredictability of work flow

• Could improve compensation• Sometimes stuffy, overcrowded offices with

little privacy• Promotion policies are still not completely

meritocratic (time-served rather than on ability)

thE statsNo.ofemployeesfirm-wide:Approx. 226,623

DEpartmEntsAsset Management • Finance • IB Risk • Investment Banking • Operations • Private Bank • Sales, Trading & Research • Securities Services & Clearing • Technology • Treasury Services

LoCatIonsNo.ofoffices:60+

EURopEANLoCATIoNs:Austria • Belgium • Denmark • Germany • Finland • France • Italy • Luxembourg • The Netherlands • Norway • Spain • Sweden • Switzerland • United Kingdom

LONDON OFFICE25 Bank StreetLondon E14 5JPwww.jpmorgan.com/careers

jpmorgan.com/careers

is your opportunity.

strengthOur

J.P. Morgan is a marketing name of JPMorgan Chase & Co. and its subsidiaries worldwide. ©2011/12 JPMorgan Chase & Co. All rights reserved. J.P. Morgan is an equal opportunities employer.

Our strong position in the market has been built on the character andintelligence of our people. To maintain that strength, we are committed to recruiting and developing top talent. This means that if you want to really advance your career, you should become part of our team. It’s our goal to make sure you achieve your goals.

Graduate Deadline: 11 November 2011Internship Deadline: 11 November 2011 – Asset Management,Finance, IB Risk, Investment Banking, Sales, Trading & Research8 January 2012 – Operations & Business Services, Technology

Apply via the Europe section of our careers website:

161658g (JPM) 210.qxd:161658g 7/9/11 17:48 Page 1

j.p. morGan

54 55

j.p. morGan

ovEraLL satIsFaCtIon“Interns are given the opportunity to work on real deals and we often meet with clients from the start, quickly shouldering quite a lot of responsibility. The internship allows you to learn a tremendous amount and offers a taste of what the actual work entails.”Intern,InvestmentBanking

“I’ve so far thoroughly enjoyed my role, and look to stay with the company for a long time.”Associate,InvestmentBanking

CuLturE“The people here are friendly and helpful, and though it is a professional environment, people are relatively relaxed and constructive.”Vicepresident,Assetmanagement

“The firm is extremely international and the atmosphere fairly relaxed.”Vicepresident,operations

“I’ve never experienced the concept of face time and I have always felt comfortable approaching even the most senior manager. I think the people are ultimately the key competitive strength of the firm.”Associate,Assetmanagement

“People have a lot of patience and are eager to help, especially when you’re new.”Intern,InvestmentBanking

rELatIons WIth manaGEmEnt“As is the case with every large company, some managers are better than others and have more respect and time for juniors. But my immediate boss has always been encouraging and provides me with regular feedback.”Associate,operations

“Management is friendly and treats us with respect, which is great in an industry where managers tend to be too formal and short on patience.”Analyst,Assetmanagement

“Feedback and appraisal is welcome in both directions.”Director

FormaL traInInG“A lot of focus is placed on training, with both the graduate scheme and your own line of business providing training in soft and more academic skills.”Associate,Assetmanagement

“The firm offers a comprehensive online library of courses, which cover a large range of technological and financial subjects.”Analyst

DIvErsIty“I especially like the emphasis on hiring and retaining women. It’s something the firm takes very seriously.”Vicepresident

“There is a LGBT (lesbian, gay, bisexual and transgendered) networking group within the firm that is openly advertised.”Associate,operations

“It’s something the firm is very focused on, but given the nature of the Ibanking industry, there is still room for improvement when it comes to having minorities and women at the top.”Analyst

oFFICEs & DrEss CoDE“Some groups, especially the ones that have a lot of contact with clients, are always formal.”Intern,InvestmentBanking

“Dress code varies hugely across the bank by business area. Suit with tie or not tie, depending on style. Certainly no jeans or chinos – and always smart for client contact.”Analyst,InvestmentBanking

hours“Face time does not exist.”Associate,Assetmanagement

“The hours fluctuate and depend heavily on the team you’re working in.”JuniorAnalyst,InvestmentBanking

“In corporate finance 80 to 100 hours is normal, with frequent trips to the office on the weekends.”Director,InvestmentBanking

saLary & pErks“Starting salaries are on par with the industry average.”Analyst

“Relocation allowances.”Insider,InvestmentBanking

“Meal allowances for working late and on weekends.”Insider

appLICatIons, IntErvIEWs & assEssmEnts“You will be asked to give presentations and perform group exercises.”Analyst

“The firm tests everything from analytics to teamwork, and places a strong emphasis on communication skills.”Associate,InvestmentBanking

“Candidates are reviewed and tested in multiple rounds by members of different business areas. Finally, senior management judges all applicants during an assessment day.”Analyst,InvestmentBanking

tIps & aDvICE“My summer internship was a fantastic experience because it enabled me to really understand which division of the bank I wanted to work in.”Insider,InvestmentBanking

“Rigorous, which means that candidates hired are of a very high calibre.”Analyst

“Competition is fierce but fair.”Intern,InvestmentBanking

What EmpLoyEEs havE to say...

Goonlineforin-depthprofilesandthelatestinterviewadvicein

• Accounting• Banking• Consulting• Law• Other Industries

WWW.InsIDEBuZZ.Co.uk

56 57

j.p. morGan

Landing a job at J.P. Morgan Chase is no walk in the park. The firm is very discerning and the rigorous hiring process ensures that only candidates of the highest calibre get their foot in the door.

With international opportunities on offer, the firm recruits graduates and students from top universities across the UK and the continent. The global structure of J.P. Morgan involves working with clients and colleagues worldwide so speaking a second language could be a real deal maker. Also keep in mind that all candidates, whether they are applying for graduate schemes or internships, need to be analytically minded and possess a good understanding of the financial markets, with advanced numeracy skills considered a given. It’s good to know that a business or finance degree is not considered a must, while a bit of creativity and entrepreneurial spirit will help you score during the application process.

thE rECruItmEnt proCEssThe recruitment process for internships and graduate schemes varies by department, but all applicants can expect to fill in an online application form that will assess your educational background, motivation, previous work experience and any extracurricular activities. If you make the cut, you may be asked to complete an online numerical test that lasts for about 20 minutes and assesses your analytical and logical thinking. Most people will have to practice in advance to pass so ensure you have a look at some sample tests beforehand.

If you’ve got the X-factor, you will be invited to an assessment centre that will include a number of interviews – which can be competency-based, technical or both – along with another numerical reasoning test, group exercises, a case study, and a presentation. This stage is known to differ by division so while the assessment day will be the

final round for some applicants, other candidates applying for asset management or technology roles will have additional interviews in between.

J.P. Morgan will test candidates’ knowledge and qualities thoroughly so expect to be not only intellectually stretched, but also be pushed on an interpersonal level. Group exercises are designed to examine your teamwork skills and it’s also important to get yourself noticed by speaking up. The presentation will examine your ability to process information concisely so staying focused is the secret ingredient to success here.

Interviewers will test your motivation and knowledge hence be prepared to be grilled on your strengths and weaknesses, as well as your choice of career and firm. Now is the time to sell your skills so don’t be shy and show off what you’ve got – from your leadership skills to your commercial awareness. The wait won’t be long afterwards as the firm is fast in getting back to successful candidates with offers known to be made within a few days.

GraDuatE anD postGraDuatE posItIonsMost graduates eager to launch their careers at J.P. Morgan will start out as interns. In particular, all graduate roles in Investment Banking and Sales, Trading and Research divisions are filled exclusively by those that have completed an internship with the firm. Elsewhere, graduate

thE BuZZ on GEttInG hIrED

“the global structure of j.p. morgan involves working with clients and colleagues worldwide so speaking a second language could be a real deal maker.”

opportunities are available in the same business areas as internship positions with the addition of private banking which is only offered in the European offices.

While analysts can take their pick from the eight departments on offer – Asset Management, Finance, IB Risk, Operations, Securities Services and Clearing, Technology and Treasury Services – they need to fit the trainee profile, which consists of a mishmash of various factors such as tenacity, commercial awareness, academic excellence, stress resilience, and analytical aptitude.

Analysts in IB risk, investment banking or sales, trading and research will start their formal training in the UK before being flown out to New York to complete the initial training programme, which is aimed at expanding participants’ international mindset and basic knowledge of finance. However, all new recruits can expect to kick-start their training with an intense induction in August with desk-specific learning opportunities available throughout the graduate schemes. J.P. Morgan encourages graduates to formally qualify in their chosen area of expertise, so for instance, if you’re a finance grad you can work towards the Chartered Institute of Management Accountants qualification.

Postgraduate roles are available for quantitative researchers with a PhD or Master’s degree in a relevant discipline. Quants will join analysts in New York, where they will complete a dedicated two-week training programme that will prepare the new recruits for the tasks that lie ahead – such as developing mathematical models, evaluating quantitative methodologies or implementing risk measurement models.

MBA students are advised to apply for J.P. Morgan’s London-based MBA summer programme where they will experience life as an associate whilst also participating in an intense training scheme.

IntErnshIps For EvEryonE: unDErGraDuatEs, mastErs/phDs anD mBasJ.P. Morgan offers internships for those keen to experience what’s going on behind the scenes. Think this is a piece of cake? Wrong – internships come with real responsibilities and if your supervisors like you, you might even be offered a full-time position. Indeed, J.P. Morgan fosters a culture of retention with most graduate positions – such as in investment banking – only being filled by former interns.

Wannabe analysts, associates, and quants can all apply for a summer internship at the firm, but make sure that you are eligible and fulfil all the necessary requirements: analyst internships are mainly aimed at penultimate year students, while those keen to embark on a summer internship in investment banking ideally need to be proficient in a European language. Associate internships are designed for MBA students from leading business schools and quantitative research placements are suitable for candidates with a PhD or advanced Master’s degree.

Internships, which are also offered on an off-cycle basis, can be taken up in various business sectors including asset management, sales, trading and research, investment banking, operations and technology. You can expect summer internships to give you in-house training at the start of the time that you will spend with the firm. Tasks will depend on the division, but analysts are usually busy reporting results, researching or working on transactions. Associates, on the other hand, will put their leadership qualities to use while quants are given a full project to work on. All interns, however, can expect to work alongside major J.P. Morgan bankers and big clients, including CFOs and CEOs, so if you want to boost your CV, you better apply soon.

58 59

The international banking powerhouse, J.P. Morgan Investment Bank, is a subsidiary of J.P. Morgan Chase & Co, one of the oldest financial services firms in the world. It can trace its ancestry back to 1838 when an American by the name of George Peabody established a merchant bank in London, humbly designating it George Peabody & Co. In 1854, Junius S. Morgan joined as partner, and the firm became known as J.S. Morgan & Company. Seven years on, Junius’s son, J. Pierpont, established J.P. Morgan & Company: a New York sales office for securities, underwritten by his father. Operating both sides of the Atlantic, the Morgans brought capital from Europe that was crucial to U.S. growth. In 1895, five years after Junius’s death, J. Pierpont consolidated the family businesses under the J.P. Morgan name.

a BIt oF BaCkGrounDThe ‘House of Morgan’, as it came to be known, grew in leaps and bounds and secured some of the most lucrative deals around: it financed the formation of the United States Steel Corporation; supplied the United States’ government millions in gold to float a bond issue and restore the treasury surplus; and at the turn of the 19th century financed and secured a spot as a dominant railroad transporter in the US.

J.P. Morgan’s growth continued unimpeded until the enactment of the Glass-Steagall Act in 1933. This edict imposed barriers between commercial and investment banking, triggering deep structural changes within J.P. Morgan and prompting several of its partners to jump ship to form another investment banking giant: Morgan Stanley.

J.P. Morgan Chase, in its current structure, is the result of a combination of several large U.S. banking

companies, formed over the last decade. When the world was hit by the 2008 recession, J.P. Morgan played a significant role in helping to manage the crisis by the acquisition of global investment bank Bear Stearns and has come through almost unscathed – in 2011 the firm has recorded a 47% profit jump for the full-year of $17.4bn.

a CLosEr Look at DIvIsIons & DEpartmEntsToday, J.P. Morgan is a diversified financial services firm and the J.P. Morgan brand encompasses six key business areas: investment banking, worldwide securities services, private banking, asset management, one equity partners and private client services.

February 2005 brought big news on the Ibanking side: J.P. Morgan combined its UK investment banking business with London-based Cazenove Group’s investment bank to create a jointly owned and highly respected company – J.P. Morgan Cazenove, an entity that provides investment banking advice and services to clients in the UK and Ireland.

The investment banking division at J.P. Morgan is divided by teams: industry, M&A and capital markets. Industry teams include consumer health care and retail, diversified industries and transportation, natural resources, financial institutions, metals and mining, real estate and technology, media and telecommunications.

The firm’s research unit is divided into three main groups: equity, economics and global markets. J.P. Morgan’s equity research unit, which has approximately 600 equity analysts, operates primarily out of North America and Europe, but also has significant operations in Asia. Economics offers views on markets around the globe, and global markets covers fixed income, credit, derivatives, emerging markets, FX, structured finance, technical and bond index research.

Company proFILE

“In 2011 the firm has recorded a 47% profit jump for the full-year of $17.4bn.“

Do you want to work in equities or corporate finance?Will the buy-side or sell-side be right for you?Know your DCF from your EBITDA?And your spreads from your spots?

It can all be a bit overwhelming, especially if you don’t know where to start.

But that’s where we come in:

DOWNLOAD OUR INVESTMENT BANKING CAREER GUIDE FOR FREEThis guide will tell you everything you need to know about:

• The ins and outs of investment banking• CareerPaths:thedifferentrolesanddivisions• Aninsidelookatcorporatefinance,salesandtrading,equities,fixedincome,

commodities,foreignexchangeandmore...• Thelatesttipsonapplicationsandinterviewsandanswerstotrickyinterviewquestions

60 61

MACQuARIE GROuPAustralia’s leading investment bank and M&A advisor, Macquarie Group (Macquarie) is no longer just a domestic powerhouse success from Down Under; the firm’s income from international activities now accounts for more than half of the worldwide revenue.

Conspros• Young and unstuffy culture• Hours aren’t too bad• Driven to expand further internationally

• In need of a stronger presence and recognition in European feel like an all boys club at times

• Internal communication can improve• Can feel like an all boys club at times

thE statsNo.ofemployeesworldwide:14,200+No.ofemployeesinEmEA:1,300+Londonsenioremployees:David Fass, CEO EMEAChairman: Kevin McCann

DEpartmEnts & sErvICEsMacquarie Capital (investment banking group) • Macquarie Securities Group (MSG) • Fixed Income Currencies and Commodities (FICC) • Macquarie Funds Group (MFG) • Corporate and Asset Finance (CAF) • Banking and Financial Services group (BFS) • Risk Management Group (RMG) • Market Operations and Technology (MOT)

LoCatIonsNo.oflocationsworldwide: 70 offices in 28 countries

EURopEANLoCATIoNsAustria • France • Germany • Ireland • Luxembourg • Netherlands • Russia • Spain • Sweden • Switzerland • UK

LONDON OFFICERopemaker Place28 Ropemaker StreetLondon EC2Y 9HDTel: +44 (0)20 3037 2000www.macquarie.com

GraDuatE rECruItmEnt InFoGRADUATEpRoGRAmmEINFo:Approxgraduateanalysthiresin2012-2013:40salary:CompetitiveBenefits:Macquarie is well known for its performance-based pay structure. In addition to competitive salaries and local market benefits, many roles across the Group share in the firm’s profitsToapply:http://www.macquarie.com/mgl/com/global-careers/emea/gradrecruitment

INTERNshIpINFo:Approximate intern hires in 2012-2013: 35Toapply:http://www.macquarie.com/mgl/com/global-careers/emea/gradrecruitment

ContactGraduate Recruitment TeamTel:+44(0)203 037 2266Email:emeagraduaterecruitment@macquarie.com

maCQuarIE Group

Macquarie hand-picks its grads for roles in all of its key business areas, which include corporate advisory and capital raising, financing, research, as well as trading and hedging. The bank looks for the usual attributes, most notably motivation, communication skills, friendliness and discipline. A touch of entrepreneurial spirit and good interpersonal skills also wouldn’t hurt. Macquarie has the process of finding individuals with these qualities down to a fine art – a balance of applications, interviews and psychometric testing, which can last for up to three hours and are taken in between interviews. Here you can expect a mix of numerical, verbal and logical reasoning sections so make sure you practice beforehand.

Beginning with an online application, those that make the grade on paper will continue the process with an interview held by a member of the graduate recruitment team, lasting about 40 minutes. While the first interview will be predominantly competency-based, the second is largely technical – focussing on the particular

position you’ve applied for. For successful candidates, the next stage is psychometric testing before further meetings and interviews with the business. Some candidates may well be invited for an informal chat over coffee with recent hires; this allows the applicant to learn more about the role directly from those in the know. On occasion, the lucky ones might have to attend a third interview in which candidates meet with group heads.

IntErnshIpsIn addition to its graduate recruitment, Macquarie runs several summer internship programmes in London and Frankfurt, providing both comprehensive training and hands-on experience. As with most large firms, internships provide a great opportunity to orientate yourself in the role and company culture; and those who do well on the scheme are often taken on in a full-time capacity – so do your best to impress!

thE BuZZ on GEttInG hIrED

Check online for company pro-files, articles and insider inter-view advice in:• Accounting• Banking• Consulting• Law• And more...

WWW.InsIDEBuZZ.Co.uk

62 63

Australia’s leading investment bank and M&A advisor, Macquarie Group (Macquarie) , is no longer just a domestic success; the firm’s income from international activities now accounts for more than half of the worldwide revenue. Headquartered in Sydney, Macquarie is staffed by over 14,200 people across 28 countries.

a BIt oF BaCkGrounDContrary to popular belief, Macquarie’s heritage is in fact English. London Merchant bank Hill Samuel & Co established a subsidiary branch in 1969 in Sydney, the originally titled Hill Samuel Australia (HSA). As a result of the deregulation of the financial markets in the ‘80s, HSA procured a license in 1985 and subsequently changed its name to its current moniker. This Antipodean IB giant took its name from Australia’s most successful early governor, Lachlan Macquarie – famous for establishing the country’s first bank and introducing the first coinage, the Holey Dollar. The story of the Holey Dollar provides an apt frame for the bank’s philosophy. In 1813, Governor Macquarie came up with an innovative approach to overcome a currency shortage in New South Wales. Purchasing Spanish silver dollars, which were worth five shillings, she had the centres punched out, creating two new coins: the Holey Dollar, valued at five shillings, and the “Dump”, valued at one shilling and three pence. This move doubled the number of coins in circulation and increased their total worth by 25%, prompting the firm to use the coin as the basis for the company’s logo. Macquarie entered the European market in the late ‘80s, running business from its Continental HQ in London. Throughout the ‘90s the bank grew rapidly, and in 1996, it was listed on the Australian Stock Exchange (MQG).

In 2006, Macquarie teamed up with international business school INSEAD to launch a Master of

Finance program to train its investment banking managers. Jointly designed by Macquarie and INSEAD, the course provides the opportunity for new analysts to train whilst they’re working.

Since then Macquarie has opened up new branches across the globe with its Seoul office expanding into the Asian market in 2010. The firm’s international growth is also reflected in Macquarie’s acquisition of various financial groups – no wonder the firm recently announced an increase of full-year net profit after tax of $A730m in 2011/2012.

a CLosEr Look at DIvIsIons & DEpartmEntsThe firm’s business is divided into six key operating groups: Macquarie Capital, Macquarie Securities Group (MSG), Fixed Income, Currencies and Commodities (FICC), Macquarie Funds Group (MFG), Corporate and Asset Finance (CAF) and the Banking and Financial Services group (BFS). Macquarie Capital (MacCap) offers its clients numerous services, including M&A, takeover and corporate restructuring advice; equity and debt capital management and raising; specialised funds management; debt structuring and distribution; private equity placements; and principal products. In Europe, Macquarie Securities operates as a specialised institutional cash equities broker whereas In the Asia Pacific region, it provides a full-service institutional cash equities broker. It is the 9th largest research house globally covering over 2,400 stocks.

Company proFILE

“the firm’s income from international activities now accounts for more than half of the worldwide revenue.”

FICC offers a variety of products and services related to commodities, futures, debt, interest rate and credit derivatives, foreign exchange and emerging market bond broking. In EMEA, FICC specialises in commodities with expert capabilities in physical and financial trading.

Macquarie Funds Group is a full-service fund manager, offering its clients a diversified range of funds-related products and services. Corporate and Asset Finance (CAF) specialises in leasing and asset finance, tailored debt and finance solutions and asset remarketing, sourcing and trading.

And last but not least, Macquarie’s Banking and Financial Services group provides banking services to its roster of private and corporate clients.

morE than just BankInGAs well as winning scholarly points, Macquarie is also committed to giving back to the societies in which it operates. The Macquarie Group Foundation was established in 1985 to formalise Macquarie’s community support programme and to provide a leadership role in corporate philanthropy. Macquarie has provided support to over 1,300 community organisations, focusing on the key areas of education, the arts, health, welfare and the environment. In the UK, the foundation has worked on numerous causes, including establishing a partnership with the Princes Trust, supporting the East London Business Alliance, and working with the Streetwise Opera.

maCQuarIE Group

-Workedorinternedforatopemployer?-Telluswhatit’sliketoworkatyourcompany-Fillinasurveyforyourchancetowin£100

www.insidebuzz.co.uk

64 65

MORGAN STANLEYIn the perpetual competition of the securities industry, Morgan Stanley consistently ranks as one of the world’s premier financial institutions and packs a heavy punch in institutional securities, global wealth management and investment management.

Conspros• Very prestigious• Great IT platform and training• Excellent diversity policy• Clear, open communication from senior

management

• Extremely competitive• High pressure• Long hours

thE statsNo.ofemployeesworldwide:62,211No.ofemployeesintheUK:5,000Gradanalysthiresin2012-13:350Associate hires in 2012-13: 20-30Intern hires in 2012-13: 400-475Approx.no.ofapplications: 20-25,000

DEpartmEntsAsset management • Capital markets • Global wealth • Management • Investment banking • Sales & trading (equity & fixed income)

LoCatIonsNo.ofofficesworldwide:600

EURopEANLoCATIoNsFrance • Germany • Hungary • Italy • Netherlands • Russia • Spain • Sweden • Switzerland • Turkey • United KingdomAustria • France • Germany • Ireland • Luxembourg • Netherlands • Russia • Spain • Sweden • Switzerland • UK

LONDON OFFICE20 Bank StreetCanary WharfLondon E14 4ADwww.morganstanley.com

GraDuatE rECruItmEnt InFoGRADUATEpRoGRAmmEINFo:Approx. graduate hires in 2012-2013: 350-400 full-time analysts and up to 20-30 associate MBA/quantitative PhD positions.Length of grad programme: Typically 12 monthsApplicationdeadline:See website

INTERNshIpINFo:Approx. intern hires in 2012-2013: 350-450Length of internship: N/AApplicationdeadline:See website

morGan stanLEy

CuLturE“The atmosphere can be formal and a bit rigid, but I work alongside some great people.”Analyst

“Friendly and hard-working.”Intern

“A lot of colleagues who have worked at other banks say that the culture at Morgan Stanley is the main reason they are staying on.”Analyst

FormaL traInInG“The firm invests heavily in new hires.”Analyst

“I learned about the various divisions within the firm via lunch sessions, and by networking with employees and other interns.”Insider

oFFICEs & DrEss CoDE“Business casual, but plenty of people adopt the more formal look.”Insider

hours“Very long hours at times, which can lead to a poor work/life balance, though they are quite flexible over time off.”Analyst

“You stay until you’ve finished all your work.”Insider

saLary & pErks“The base salary is very good.”Analyst

“The excellent compensation package.”Analyst

appLICatIons, IntErvIEWs & assEssmEnts“They tried to see what I was most interested in, capable of and whether I was good fit.”Associate

“Interviews were quite relaxed and I didn’t feel like they were trying to destabilise me. I was made to feel relaxed throughout the assessment process.”Analyst

tIps & aDvICE“The firm places a lot of importance on how enthusiastic you are about working there.”Insider

What EmpLoyEEs havE to say...

66 67

morGan stanLEy

Morgan Stanley offers both full-time and internships programmes across the globe. Future analysts, associates and quants can take up positions in the firm’s major business areas across Europe including finance, investment banking, investment management, operations and research.

While career opportunities at Morgan Stanley vary, the firm’s standards do not. All applicants need to fulfil a fixed set of criteria, so make sure your academic achievements are up to scratch and you can demonstrate your genuine interest in the firm and the industry. Many roles involve client interaction, and even if they don’t, you still need to be a confident talker with a poised writing style on top of that. While leaders are very sought after, you’ll also have to be a team player and in fact, you need to be both in order to live up to the firm’s expectations. Don’t assume the list of most wanted ends here, as those with analytical minds and an overflow of motivation and enthusiasm are also the ones Morgan Stanley is after. Oh, and should you have some foreign languages under your belt, you’re likely to be on the winning side (for some of the roles.)

thE hIrInG proCEssUnsurprisingly, the hiring process at Morgan Stanley is tough, and while it varies by programme and division, all applicants need to fill out an online application form or go to one of the many recruitment events that the firm provides. Provided your online application is successful, you

will then be faced with a telephone or face to face interview.

If you are invited to a first round of interviews interviewers will question your suitability, drive and technical/analytical knowledge. If you’ve impressed, this will be followed by an assessment day. In the assessment centre, you will be grouped with other candidates and taken through several rounds of interviews with senior bankers. During the interview, senior managers will not only test your interest in the firm and the industry (‘Why do you want to work for us?’, ‘What does the operations and finance division do?’, ‘Who are our clients?’, ‘What is the main function of an investment bank?’), but also on your logical skills. Random hypothetical questions could include scenarios such as ‘If I gave you a list of 5 things to do and if you couldn’t finish all of them by the end of the day, what would you do?’. No matter what’s thrown at you, it’s important that you demonstrate a genuine interest in the role. Note: the firm pays close attention to enthusiasm levels.

Along with the expected numerical and verbal reasoning tests (don’t worry, nothing too difficult but you will have to prepare), case study and group exercise, Morgan Stanley also asks its candidates to review a list of 40 pairs of data and say whether they are alike or not. The case study is simple and involves a business situation where various alternatives for the seller have to be evaluated. It is essential that you ask the interviewer plenty of questions and that you prepare a good structure for your analysis. For the group exercise, you and the other candidates will be divided into two small groups. Each

thE BuZZ on GEttInG hIrED

“many roles involve client interaction, and even if they don’t, you still need to be a confident talker with a poised writing style on top of that.“

“no matter what’s thrown at you, it’s important that you demonstrate a genuine interest in the role.”

www.insidebuzz.co.uk•1,000sofauthenticemployeereviews

•Companyspecificinterviewadvice

•Free2013careerguidesforinvestmentbanking,accounting,law,consultingandmore...

Accenture, Apple, Bain & Co, Banco

Santander, BBC, BCG, BNP Paribas,

Booz & Co, Citi, Clifford Chance,

Credit Suisse, Deloitte, Ernst & Young,

Freshfields, FSA, Goldman Sachs,

Google, HSBC, John Lewis Partnership,

J.P. Morgan, L’Oreal, KPMG, McKinsey

& Co, Morgan Stanley, Nomura, PwC,

RBS, Slaughter and May, Unilever and

more...

100sofin-depthcompanyprofilesandsalaryinfoon:

68 69

group is expected to lead a group discussion on a business scenario, which is then followed by another meeting involving both groups. During this role play, make sure you pay attention to the information provided and definitely get involved early.

GraDuatE sChEmEsAt Morgan Stanley full time graduates schemes are tailored by the departments and are available to people of varying levels of experience, from those with little or none, to applicants armed with an MBA and several years at rival firms.

anaLyst posItIons arE opEn For GraDuatEsThe firm’s analyst scheme is open to all candidates: those with an accounting, finance or economics degree will fit in nicely while humanities or social sciences grads should not shy from applying as the firm also actively recruits those from a less traditional background.

Analysts can pick the division they wish to work for and opportunities range from corporate treasury and financial control, to real estate, research, to prime brokerage and credit risk. Graduate schemes usually start with an orientation, with desk-specific and on-the-job training. Expect your days as an analyst to revolve around preparing reports, using analytical tools and creating financial models.

mBas anD phDs WantEDAssociates at Morgan Stanley flock the investment banking, REI (Real Estate Investing) and GCM (Global Capital Markets) departments so make sure you have a real interest in these areas when you apply for a grad scheme. Like the analyst programme, associates are trained over a three-year period and are also able to undertake a rotation on request. Five weeks of training in London will kick-start the associate programme, and one year into the scheme, you will usually start specialising in an industry, region or product. Work will be very much management-based and you are likely to find yourself in the middle of executing transactions, providing financial and strategic business analysis, as well as dealing with clients on a regular basis.

Morgan Stanley also offers a quantitative finance programme in strats and modelling, which focuses on providing risk analysis, trading strategies and structuring of products amongst other things. This scheme is suitable for PhD or Master candidates who have a strictly quantitative academic background. Programming and mathematical geniuses with a keen interest in the finance industry are most likely to be successful in the application process.

“It is essential that you ask the interviewer plenty of questions and that you prepare a good structure for your analysis.”

“this scheme is suitable for phD or master candidates who have a strictly quantitative academic background.”

IntErnshIpsIf you’re looking for an internship in investment banking, you’ve probably come to the right place as Morgan Stanley offers these for prospective analysts and associates via their ten-week summer schemes. Many companies claim internships to be a stepping-stone to landing a full-time position, and Morgan Stanley is no exception – so long as you are well-versed in the art of making yourself indispensable.

You should be able to get ahead of the game by undertaking a summer analyst internship running from June to September. Only second-year students can apply for these positions, although you’ll be glad to hear that candidates of all disciplines are accepted. Those equipped with a business, economics or maths degree inevitably have an advantage. Interns start off the summer internship with a classroom-based week of training, aimed at introducing you to the firm and broadening your technical skills. You can expect to spend the rest of the summer in your chosen division – of which there are a total of ten available including finance, investment management, private wealth management, and technology. Be prepared to put your analytical skills to good use and expand your financial expertise by working on a range of transactions and projects in your division, alongside some of Morgan Stanley’s pros. Those with more work experience on their CVs can apply for the summer associate programme, which is open to candidates studying towards an MBA. In EMEA, divisions include investment banking and Global Capital

Markets with business sectors covering private equity, merchant banking and real estate. You can expect to carry out the same work as full-time associates so get prepared to think on your feet and be given lots of responsibility right from the beginning. One week of training in the London office should put you at ease, fully preparing you for what lies ahead.

Other programmes include 12-month industrial placements in finance, HR, operations, prime brokerage, and technology. First-year students can also benefit from the spring insight programme running for a week in either March or April. These, while giving you a quick glimpse of the firm without going into too much detail, are still worth a shot as you never know who might eye you up for more fruitful positions at the firm.

“many companies claim internships to be a stepping-stone to landing a full-time position, and morgan stanley is no exception – so long as you are well-versed in the art of making yourself indispensable.”

morGan stanLEy

70 71

In the perpetual competition of the securities industry, Morgan Stanley consistently ranks as one of the world’s premier financial institutions, conducting its business through three revenue streams: institutional securities (capital raising, corporate lending and financial advisory services), global wealth management (brokerage and investment advisory services) and investment management. The mother ship may be in New York, but the firm has outposts across the globe in 28 countries with over 600 city locations including Amsterdam, Athens, Budapest, Dublin, Frankfurt, Geneva, London, Luxembourg, Madrid, Milan, Moscow, Munich, Paris, Stockholm and Zurich. The firm’s first European foray was in Paris, although today it is the firm’s London office that leads the way on the continent, with over 5,000 employees.

a BIt oF BaCkGrounDMorgan Stanley traces its roots to the former securities operations of J.P. Morgan. In 1933 – after the passage of the Glass-Steagall Act, which prohibited firms from operating both commercial and investment banking businesses – two J.P. Morgan partners (Harold Stanley and Henry S. Morgan, grandson of J.P. Morgan) split from the bank and formed Morgan Stanley. The new firm was formed to concentrate on the securities business, while J.P. Morgan remained a commercial bank. Eminent events in the firm’s history include its admission to the New York Stock Exchange in 1941 and its IPO in 1986.

A major shakeup occurred in September 2008, following the collapse of the global financial markets: Morgan Stanley changed its status from investment bank to bank holding company, and gave a £4.5 billion stake of its business to Mitsubishi UFJ Financial Group, Japan’s largest bank. The firm’s management was intent on sailing Morgan Stanley to safer grounds. For decades the bank had thrived by taking bets with its own money, often using large amounts of debt to increase profits, with little

outside oversight. It would now lower borrowing substantially, shut down its proprietary trading desk, and triple its deposit base – a safer source of capital. By becoming a bank holding company, Morgan Stanley also agreed to tighter regulations and much closer supervision from government agencies (rather than only the Securities and Exchange Commission). Now, Morgan Stanley looks more like commercial banks, with more disclosure, higher capital reserves and less risk-taking.

Furthermore, in a major departure from the firm’s history, investment banking was de-emphasised as the driver of Morgan Stanley’s profits. This strategy was completed with the purchase of a majority stake in Salomon Smith Barney’s brokerage division in 2009, which immediately turned Morgan Stanley into the largest brokerage house in the US. On non-financial matters, the firm celebrated its 75th anniversary in 2010, and has continued to demonstrate its dedication to its Global Citizen Program into the new decade. The banking giant ranks especially environmental sustainability, children’s health and education, and community affairs high on the agenda.

a CLosEr Look at DIvIsIons & DEpartmEntsToday, Morgan Stanley is an institutional securities business which provides advisory and capital raising services, including investment banking, sales and trading, principal investing and research. Its investment management business is one of the largest around; its global wealth management delivers financial advice and brokerage to individuals as well as foundations; its financial services group provides consumer credit reports. Besides these strong divisions, Morgan Stanley has one of the largest retail brokerages in the US, and offers its clients mutual funds, equities, fixed income products, alternative investments, separately managed accounts, banking, mortgages, insurance and annuities.

Company proFILE

• Getthelatestgraduate

careernews&articles

fromaroundtheweb

• Findoutwho’shiring

andstayontopofthe

latestjobs

• Connectandengage

withtherightpeople

72 73

NOMuRA

Cons

Nomura is an up and coming banking heavyweight that boasts a full range of securities and investment banking services. Although best known domestically as a retail bank, the firm’s international operations were boosted by the headline-grabbing acquisition of Lehman in 2008. In recent years Nomura has expanded its international presence with its 26,000+ employees across 30 countries.

pros• Friendly culture and fairly flat hierarchy• A great platform for innovation and progression• Lots of responsibility early on with a great

support structure• International exposure• Strong momentum, especially in fixed income,

structured credits and M&A• Excellent diversity initiatives

• Still in the phase of redefining a corporate identity

• Lack of communication between different levels of the business

• No scope for junior team members to have input in company decisions

• Lacking brand recognition

thE statsNo.ofemployeesworldwide:26,000No.ofemployeesintheUK:4,500

DEpartmEntsAsset Management • Global markets • Global Research • Investment banking and Corporate Infrastructure • Retail • Wholesale including Global Markets

LoCatIonsNo.ofofficesworldwide:48 in 30 countries

EURopEANLoCATIoNsAmsterdam • Frankfurt • Geneva • Helsinki • Istanbul • Luxembourg • Madrid • Milan • Moscow • Paris • Rome • Stockholm • Vienna • Warsaw • Zurich

LONDON OFFICE1 Angel LaneLondon EC4R 3ABwww.nomura.com/careers

GraDuatE rECruItmEnt InFoLength of grad programme: 2-3 yearsApplicationdeadline:18 November 2012

INTERNshIpINFo:Length of internship: 10 weeks or 3-6 months

AppLICATIoNDEADLINE:Winterintake- 4 November 2012;springandsummerintake- 6 January 2013;Insightprogrammes(women’simmersionandexplore) - 13 January 2013;Regional- ongoing

nomura

CuLturE“People are friendly and easy to talk to. Work culture is relatively relaxed, but everyone still works very hard. Teams are very integrated, and work well together. There is a lot of scope for a junior to join the desk and add value. People do take the time out to teach you. There is a flat structure, and you might even find yourself sitting between the VP and MD.”Intern,Analyst,FixedIncome&Equities

“Collegial and collaborative. Easy-going but focused on success. After-hours easy to get to know team on a more personal level at the nearby pub where it seems the entire office goes after work. Titles exist but structure nearly flat as it is easy to speak to anyone higher/lower in seniority.”Intern,Associate,FixedIncome

satIsFaCtIon WIth Work“My responsibilities range from simple admin tasks like scanning and printing, all the way up to production of important presentations and running liquidity checks which are a legal requirement for the firm. Some days are busier than others, but I’m never left bored with nothing to do!”Intern,Analyst,CorporateInfrastructureFinance

“On a daily basis, my responsibilities involve supervising the global DCM SSA deal flow and keep track of the deal list updates. Most of time, I am involved with building and exhaustive database of DCM clients and investors. Also, liaising with the analysts of the team and assisting them in building presentations for pitches.” Intern,Analyst,InvestmentBanking

traInInG“The main training was “on the job”. However, we had a formal training before joining our desks, covering the basics of banking and financial products. We were given regular presentations about other business lines and had unlimited access to the online-training platform throughout the internship.” Intern,Analyst,Equities

“Access to online tutorials, and seminars on Bloomberg, Excel, and Reuters helps provide the basics, the rest is up to the intern to go deeper as it relates to his rotational desk. You are likely to come away as an Intermediate user if you’ve never had proper exposure in the past.”Intern,Associate,FixedIncome

rELatIons WIth EmpLoyEEs“We are each assigned a buddy, and a mentor, along with our line manager. The buddies are helpful, and usually in your team to aid you and help you with any immediate problems. Mentors are someone who is a bit higher up who can help with problems that your buddy cannot. They also help with networking and getting you to meet people. This is a really good idea, as it means you have more than one person you can turn to.”Intern,Analyst,CorporateInfrastructureIT

“My managers took out a lot of time for me, they involved me as much as possible in the day-to-day activities of the desk. They made sure that my learning from the desk was supplemented with practical learning from relevant projects and assignments.”Intern,Associate,FixedIncome

What EmpLoyEEs havE to say...

74 75

nomura

IntErvIEW proCEss“I had a two round interview. First round was with three interviewers back-to-back at the Amsterdam office. Second round was with four interviewers back-to-back at the London office. The questions ranged from technical, motivational, and competence-based questions. Not very different interview methodology from what exists at other bulge bracket I-banks.”Intern,Analyst,Equities

“The interview questions that I was asked were very quantitative - lots of math questions and brain teasers. I also had a presentation on a stock after reading some research reports and then had to answer questions about that.”Intern,Analyst,Equities

IntErvIEW tIps anD aDvICE“Focus on the basic stuff and understand it very well. Don’t worry about saying “I don’t know” if something gets too difficult, they don’t expect you to be an expert but you have to understand what you are talking about.”Intern,Analyst,InvestmentBanking

“Do some research on the company, especially how the company is doing in everyday affairs. Do some practice interviews. Have some standard answers prepared, or situations for teamwork, leadership, initiative, etc. ready so that you know what to say!”Intern,Analyst,CorporateInfrastructureIT

DIvErsIty“I have been very impressed with the company’s attitude to diversity. As a woman one of the reasons I applied was because of the group ‘Women in Nomura’ that specifically supports women in the workplace. There are also very many employees of all kinds of ethnicity.”Intern,Analyst,CorporateInfrastructureFinance

“Nomura is very keen to be fair and equal to all employees. You would never feel disrespected here.”Intern,Associate,CorporateInfrastructureoperations

hours“I work from 8.00am to 9.30pm on average, (7.00pm on Friday). I spend 65 hours per week at the office on average.”Intern,Analyst,InvestmentBanking

“I work 80-100 hours per week (with weekend work expected), depending on business need, (deal flow and team capacity). Very long hours, but compared to other banks in line with average.”Intern,Analyst,InvestmentBanking

pErks“Free sushi and taxi home for those working after 7:30pm. Free City golf and drinks for interns as a mid-term event.”Intern,Analyst,Equities

“I attended a huge investment banking conference for Nomura at the Hilton hotel in London and could network extensively. Furthermore, there is ongoing training inside the company which employees can attend, (e.g. cultural awareness workshops for certain cultures).”Intern,Analyst,InvestmentBanking

pLusEs“There is a really good atmosphere amongst my team and the whole building. You feel like you can approach anybody to ask question.”Intern,Associate,CorporateInfrastructureIT

“Being given genuine responsibility and being involved in projects which will actually have impact across the firm.”Intern,Analyst,CorporateInfrastructureoperations

“It is a happy and positive environment to work in and good opportunities to work your way up to senior roles. The cafeteria is also excellent!”Intern,Associate,CorporateInfrastructureoperations

mInusEs“The bank is struggling to define its corporate identity – the Lehman acquisition has left it in between BigBank and niche. This does make me a little apprehensive about the bank’s future.”Intern,Analyst,FixedIncome

“Strong focus on Asia, less on Europe.”Intern,Analyst,Equities

“Very steep learning curve, hard to keep up sometimes.”Intern,Analyst,CorporateInfrastructureIT

Checkonlineforcompanypro-files,articlesandinsiderinter-viewadvicein:• Accounting• Banking• Consulting• Law• And more...

WWW.InsIDEBuZZ.Co.uk

76 77

thE BuZZ on GEttInG hIrEDPre-recession Nomura was a tough cookie to land a job at; unfortunately, post-recession Nomura is looking even harder to break into. Don’t be dissuaded though, as it’s not completely impassable; like all the top banks, it’s simply selective. The firm recruits from the usual array of top ranked UK and European institutions including Oxbridge, HEC, INSEAD, Bocconi, etc., seeking diversity with 70+ nationalities working in its London office. Candidates need to demonstrate strong communication skills, numeracy and collaboration if they want to succeed with their applications. However, the cultural fit is as important as ability, so no matter how well prepared you are, you won’t be offered a place if the firm doesn’t believe you’ll fit in.

thE rECruItmEnt proCEssApplications are accepted on a rolling basis so it’s best to apply early. The process varies, but usually begins with a standard online application that will look into your academic background, previous work experience and relevant qualities. Here it’s good to note that Nomura assesses its candidates by their analytical sharpness, their quantitative ability, as well as their organisational skills.

Those applying for investment banking or global markets roles will then have to face a first round of interviews. For internships these consist of two one-on-ones, whereas full-time positions require you to undergo three interviews. The final round comprises more interviews with senior reps, i.e. directors or above. Corporate infrastructure roles involve an assessment day with competency-based interviews, numerical tests, group exercises and case studies to keep you busy.

Nomura is known for its interview etiquette so while you may experience a lot of formality, interviewers are not keen to trick you. Instead they want to get to know you as a person and potential employee so be relaxed and most of all, be honest. You can expect the traditional ‘tell us about

yourself’ questions to quiz you on your background and personal interests. You are also very likely to be grilled on your career motivation and you better have a good answer ready for the ‘Why banking? Why Nomura?’ scenarios. The firm is also keen to assess your problem solving skills and it’s best you come armed with a host of examples to all the probing competency-based questions such as’, ‘What do you do when you can’t solve a problem?’ or ‘Give me an example of when you were creative’.

Group exercises (for the corporate division only) are as always designed to test how well you work with others so it’s good to keep that in mind. For the case study you will have 30 minutes or so to read through a stack of info which you will then be questioned on. Role plays are also not unheard of and while this may be more difficult to prepare for, one thing you can certainly practice for are the logical and numerical tests. These are fairly standard and will test you on your analytical, numerical and logical skills.

GraDuatE sChEmEsNomura is after high calibre grads so if you’re thinking of applying for the analyst or associate graduate schemes you need to be on top of your game. The firm will scrutinise your academic track record and only those with a minimum of a 2:1 degree need apply. Due to the international nature of the firm, many candidates come equipped with language skills so buy that Rosetta Stone CD sooner rather than later!

thInkInG oF BEComInG an anaLyst or assoCIatE at nomura?Nomura lures would-be analysts into their realm by offering them the prospect of reaching associate status within three years – but it’s certainly not an easy mission and you’ll need to put a lot of hard work and time into it. However, if you’ve got a flashy MBA and at least three years of work experience boosting your CV, you can start out as

nomura

an associate straight away.

Analysts and Associates work in the firm’s main departments including investment banking, global markets, and corporate infrastructure, with the latter covering the subdivisions of finance, technology and operations. These programmes usually start with two to six weeks of training after which you will return to your desk and work on a variety of projects. Depending on the unit, this can entail running your own transactions, dealing with clients, or producing financial analysis. Supervisors keep a close eye on you so make sure you don’t lag behind.

Those with wanderlust need look no further: Nomura offers international programmes in the Asia-Pacific region for both associates and analysts. Starting with a classroom-based training, this programme can have you travel around Hong Kong, Singapore, Korea, Japan or Australia. Language skills are definite must-haves!

IntErnshIpsIn your penultimate year of uni? Then Nomura’s ten-week internship programme for both wannabe analysts and associates may be for you. The placement covers investment banking, global markets, IT and operations, schooling you comprehensively in financial markets. The majority of full-time employees have trodden this path, so perform well during the programme and you could very well be offered a permanent position.

While internships have three annual intakes – spring, summer, and winter – Nomura’s summer placements are the most popular. Analysts in Europe can intern in global markets, investment banking and operations. In the markets division you’ll rotate through the fixed income and equities seats hence be prepared to quickly adapt to the new desks. All internships provide training and networking opportunities so make sure you bleed these dry! Undergrads of any discipline are

welcome to apply, and don’t be put off if you’re not a finance or business student.

Associate internships are available in global markets and investment banking so if you are keen to expand your knowledge in these areas you better be studying towards an MBA or advanced degree. Like the analyst internships, associate schemes kick off with a week of training, which should get you ready for the work you’ll undertake – this can be anything from working on transactions, restructuring and projects with your communicative side coming in handy for the high levels of client interaction.

Nomura also hires penultimate-year students eager to spend a six or twelve-month industrial placement with the firm in the operations, IT and finance divisions. If this sounds like something you should do, keep an eye open for the placements that pop up sporadically during the year.

First-year students who have 300 UCAS points under their belt can apply for a three-day programme running over Easter. This should give you a first peek at the firm and the industry – while you can’t expect to get involved in heavy workload, you may be able to land an internship later on. First year female university students (or second year in a four-year course) looking for first-hand experience in investment banking should consider Nomura’s Women’s Immersion Program. This two week programme (generally held over Easter) will have you spend real time with a specific desk as well as attend numerous presentations and skills training and of course work and mingle with bankers at all levels. A great way to get a feel for the industry and get a first foot in the door. Not surprisingly, positions are coveted so you’ll not only need to demonstrate initiative, leadership and teamwork but also master English and preferably have a second European language under your belt.

78 79

Nomura is an up and coming banking heavyweight that boasts a full range of securities and investment banking services. Although best known domestically as a retail bank, in recent years Nomura has expanded its international presence, now employing 26,000+ staff across 30 countries, with 18 outposts in Europe and the Middle East. The firm’s international operations were certainly boosted by the headline-grabbing acquisition of Lehman Brothers in 2008. Nomura secured the fallen banking star’s equities and investment banking operations in Asia, Europe and the Middle East.

a BIt oF BaCkGrounDToday, Nomura operates out of Tokyo, but like many Japanese conglomerates, its origins trace back to Osaka. Founded by Tokushichi Nomura II in 1919, the firm was built on the model of Japan’s first private bank, Mitsui zaibatsu, and on Christmas Day 1925, Nomura Holdings was established as Nomura Securities. Just two years later, the firm made its first step to becoming an international powerhouse, with a subsidiary opening for business in New York.

In 1946, its head office made the aforementioned 300 mile move east to Tokyo, and in the early Fifties, Nomura began managing investments. The ensuing years were marked by international expansion, with the firm joining the swinging epoch of London in 1964. Jump forward forty years or so, and Nomura changed to a holding company structure, with the firm being listed on the New York Stock Exchange in December 2001.

The past decade has seen concerted efforts in gaining a continental foothold, a tactic which has brought some success. In 2005, Nomura’s alliance with Rothschild strengthened cross-border M&A advisory opportunities between Japan and Europe, leading to a strategy of distributing Japanese and Asian products into Europe.

Then, in 2008, came the acquisition of Lehman Brothers, a deal that was subsequently plastered across newspapers and TV reports worldwide. But amongst the dollar signs and business conjecture, was the direct human effect, with the move preserving thousands of bankers’ jobs and bolstering Nomura’s ranks by over 8,000. The firm not only inherited a dedicated workforce, but 20 offices in Europe and the Middle East, and Lehman’s impressive roster of FTSE 100 clients.

a CLosEr Look at DIvIsIons & DEpartmEntsNomura offers its clients a full range of securities and investment banking services; these include asset management, merchant banking, corporate advisory, derivatives, foreign exchange, sales and trading, research and capital raising. On the continent, the firm’s focus is on securities brokerage services, underwriting, M&A advisory and asset management.

Company proFILE

“nomura has expanded its international presence, now employing 26,000+ staff across 30 countries, with 18 outposts in Europe and the middle East.”

RBSWith over 30 million customers using The Royal Bank of Scotland’s financial services across the globe, the RBS Group is one of the largest companies in the world. Based in Edinburgh, the firm is divided into six main operating arms, which in the UK include the Group’s corporate, insurance and personal division. Global Banking and Markets (GBM) represents the investment banking arm of the RBS Group.

Conspros• Good work/life balance and flexible working

arrangements• Friendly and supportive working environment• Compensation is competitive• Good training opportunities

• Long working hours and high pressure in some business divisions

• Lack of transparency and direction from the top

thE statsNo.ofemployeesworldwide:120,000+Approx. grad hires in 2012-13: 700 across the RBS GroupApprox. intern hires in 2012-13: 600 across the RBS Group

DEpartmEnts & sErvICEsBanking • Business & Commercial Banking • Business Services Leadership • Corporate & Institutional Banking • Corporate Head Office • Global Restructuring Group • Global Transaction Services • Markets • Markets and International Banking • Operations • Procurement Services • Property Services • RBS Communications & Marketing • RBS Finance • RBS Group (Leadership and Professional) • RBS Risk • Security & Risk • Technology • Technology Services • UK Retail • Wealth management

LoCatIonsWorldwide Locations:Australia • Austria • China • Denmark • Germany • India • Indonesia • Italy • Jersey • Korea • Luxembourg • Mexico • Romania • Slovakia • Taiwan • United Kingdom • United States

LONDON OFFICE:250 BishopsgateLondon EC2M 3AAUnited Kingdomwww.rbs.co.uktel: +44(0)20 7085 5000

GraDuatE rECruItmEnt InFoGRADUATEpRoGRAmmEINFo:Approx. graduate hires in 2012-2013: Approximately 700 graduates across the RBS GroupRelevantdegreedisciplines:All academic disciplinesLength of graduate programme: 2 year programme in GBM Markets, Technology and Operations and a 3 year programme in GBM BankingApplicationdeadline:13 November 2013

INTERNshIpINFo:Approx. intern hires in 2012-2013: Approximately 600 across the RBS GroupRelevantdegreedisciplines:All Academic DisciplinesLength of Internship: Easter Insight Programme: 1 week | Summer Internship: 10 weeksDates of Internships: Easter Insight Programme: April 2013 | Summer Internship: July – September 2013Applicationdeadline:Easter Insight Programme: 31 January 2013 | Summer Internship Programme: 31 January 2013

rBs

80 81

rBs

In the UK, the Royal Bank of Scotland Group offers 30 graduate programmes within its Leadership and Professional arm. There is a vast number of opportunities ranging from private banking & advice, global transaction services, security & risk, to communications, wealth management, property services and finance. If you add internship positions on top of that, the Group provides well over 30 schemes for recent graduates and current undergrads. Within GBM, intern and graduate opportunities exist within each of the four business divisions; Banking, Markets, Operations and Technology.

The entry requirements vary by programme, but you will generally have to make sure that your grades live up to the firm’s high expectations. It’s good to know that academic discipline does not matter as much as having a keen interest in finance and business. Apart from a solid academic background, RBS Group is also keen to employ those with strong analytical and organisational competencies. Soft skills are also important and in particular communication, numeracy, negotiation, language and presentation skills.

thE hIrInG proCEssThe application process varies between GBM programmes and non-GBM programmes but irrespective of which scheme you apply to, an online application form will kick proceedings off. The application format varies slightly from one programme to another.

With the initial application complete, all applicants should be prepared for psychometric testing – either a reasoning or numerical test, and in some cases both. Sometimes tests can be completed online, but some candidates – including GBM Banking hopefuls – may also be invited to an ability centre where they will have to take these aptitude tests in person. Reasoning tests are designed to check out your problem solving skills whereas numerical tests will probe your ability to work with anything number-related – so you better familiarise yourself with percentages, graphs, tables, etc.

For some programmes, including M&IB Technology, applicants are required to first pass a telephone interview before being invited to an assessment day. The 35-minute telephone interview will screen your motivation levels for the role and questions could focus on your achievements and passions e.g. ‘What are you proud of?’, ‘Tell me of a recent achievement’ or ‘What are you passionate about in life?’

Now it’s time to give yourself a pat on the back – you’ve made it to the assessment centre! This consists of a mix of psychometric tests, situational interviews, group exercises and individual tasks, such as giving a presentation or getting involved in a role play.

For the group exercise, you will work with four to five other candidates and present a proposal to the team which will then be discussed. It’s really

thE BuZZ on GEttInG hIrED

“the interviewers will be keen to find out about some of your core competencies such as your leadership, decision making, teamwork and communication qualities.”

“there is a vast number of opportunities ranging from private banking & advice, global transaction services, security & risk, to communications, wealth management, property services and finance.”

important to demonstrate your team people skills here. The presentation will give you 25 minutes to read through a longish case study which you will have to summarise and present on a flip chart in 10 minutes to an assessor – expect some gruelling questions afterwards! Role plays are often based on a business scenario and will see you deal with problems such as having to manage a troublesome colleague.

M&IB Banking and M&IB Technology candidates can breathe a sigh of relief, there’s no final interview! The rest of you unfortunately can’t relax just yet… The final stage is a competency-based interview, which is likely to start with asking you about your career motivation so expect the usual questions such as ‘Why do you want to work for RBS Group?’, or ‘Why have you applied to this particular division?’. The emphasis will be both on the technical and commercial so make sure your business acumen is up to scratch and you know about the firm’s structure. The interviewers will be keen to find out about some of your core competencies such as your leadership, decision making, teamwork and communication qualities. Make sure you come with a long list of examples of when you have led a team and had to deal with a problem, or when you did not manage to stick to a deadline, etc.

GraDuatE anD IntErnshIp proGrammEsWithin M&IB, three of the four graduate programmes last for two years (including Markets, Operations and Technology), however the Banking programme is a three year programme. Each scheme involves a certain number of rotations which you will have to complete within the firm’s various departmental functions. The graduate programme within Markets however is not rotational.

M&IB Internships for penultimate year students run during the summer months for 10 weeks and offer great insight into the business and a head start if you are trying to secure a graduate role ahead of your fellow students. There are also opportunities available for first year students, through RBS’s Spring Week programme. Lasting a week, interns will gain first-hand experience of the bank’s inner workings, and if you make a good impression, you may even be offered a place on the summer scheme the following year! The deadline for both internships is 31st January 2013, and like the graduate schemes, you can apply for positions in one of the four M&IB divisions; Banking, Markets, Technology and Operations.

RBS run a similar programme for their Group Leadership and Professional programmes, main difference being that these internship opportunities close a little later 31/12/2012

“role plays are often based on a business scenario and will see you deal with problems such as having to manage a troublesome colleague.”

82 83

With over 120,000 employees worldwide and some of banking’s biggest brands under its umbrella, the Royal Bank of Scotland Group has come a long way since being founded by Royal Charter over 280 years ago. Although RBS group accepted bailout funds in the wake of the 2008 financial crash, the group today pulls in global revenues in excess of £30 billion thanks to its six primary operating arms and subsidiaries.

a Look at DIvIsIons & DEpartmEntsAs the investment banking hub, RBS M&IB (Markets and International Banking) provides financial services and solutions throughout the globe. The Group’s M&IB arm specialises in debt financing, risk management, investment and advisory services, and transaction banking. M&IB provides these services to corporations, governments and financial institutions, servicing its clients from financial centres in six of the world’s regional hubs: London, Stamford, Hong Kong, Singapore, Tokyo and Sydney. M&IB is subdivided into four major business divisions; Banking, Markets, Technology and Operations.

UK Corporate is the largest provider of banking, finance and risk management services to domestic corporate and commercial customers – from SMEs to UK-based multinationals with global transaction services as its key subsidiary.

The Group also has an EMEA retail and commercial division, similar to its US arm. RBS Group’s products and services are disseminated across Ireland through the Ulster Bank, while the

RBS brand takes on these duties in Europe and the Middle East. The Group has a particularly strong presence in Romania, the UAE and Kazakhstan.

Personal Banking is made up of its household retail and business banking names – including its namesake the Royal Bank of Scotland plc, National Westminster Bank (most commonly known as NatWest), Ulster Bank, Drummonds, and Coutts & Co – as well as its wealth management services.

RBS Insurance plays an important role in the RBS machine, with its status as the UK’s number one home and motor policy provider. This division comprises some of the industry’s most recognisable names, including Direct Line, Churchill and its vehicle recovery business, Green Flag.

The Citizens Financial Group and Charter One Bank distribute the Group’s products and services across the US. The former is the 8th largest bank in North America, meaning that US retail and commercial is a vital branch of the RBS tree.

a LIttLE BIt oF hIstoryAfter operating from one Edinburgh site for the first 50 years, RBS opened a second branch in Glasgow in 1783. Yet, it was only when the bank established a site in London that it began to really expand during the 1870s. RBS first merged with a number of English banks and while London was beginning to swing in 1960, the bank set up a post in New York. The bank continued to acquire, culminating in Britain’s biggest bank takeover with the buyout of NatWest in 2000. RBS then went to smash the record for the world’s biggest bank takeover in 2007, with the acquisition of ABN AMRO. The next year, the bank’s fortune changed and with the financial crisis biting at it heels, RBS Group recapitalised and announced that the British Government (HM Treasury) would take a stake of the Group.

Company proFILE

“the group today pulls in global revenues in excess of £30 billion thanks to its six primary operating arms and subsidiaries.”

rothsChILD

ROTHSCHILDFor centuries, the Rothschild name has been synonymous with art, culture, great wines – and, of course, finance. Today, The Rothschild Group is the world’s largest independent merchant and investment bank, not to mention one of the most prestigious.

Conspros• Excellent reputation in Europe• Stable company, especially in light of the recent

crisis• You’re able to gain a lot of experience very

quickly• Very low staff turnover• Reasonable hours and friendly working

environment (compared to other banks)

• Eurocentric, with a limited US presence• Sometimes misses out on the biggest deals

because of a smaller balance sheet• Can be pretty hierarchical from time to time• Diversity initiatives don’t take centre stage

thE statsNo.ofEmployees:Approx. 3,000

DEpartmEntsAsset Management • Corporate Banking • Growth Equity • Investment Banking • Merchant Banking • Private Banking & Trust • Venture Capital

LoCatIonsNo.ofoffices: 49

EURopEANLoCATIoNs:Amsterdam • Athens • Barcelona • Birmingham • Brussels • Bucharest • Budapest • Frankfurt • Geneva • Guernsey • Istanbul • Kiev • Leeds • Lisbon • London • Madrid • Manchester • Milan • Moscow • Paris • Prague • Rome • Sofia • Stockholm • Warsaw • Zurich

LONDON OFFICE1 King William StreetLondon EC4N 7ARTel: +44 20 7280 5000www.rothschild.com

GraDuatE rECruItmEnt InFoGRADUATEpRoGRAmmEINFoApprox graduate hires in 2012-2013: 30-35Length of grad programme: PermanentApplicationdeadline:3 November 2012

INTERNshIpINFoApproximate intern hires in 2012-2013: 50-60Length of internship: 10 weeks to 6 monthsApplicationdeadline:See website

84 85

satIsFaCtIon WIth Work“I’m satisfied with working at this firm. Work is challenging and would regard what I do as high-standard. Clients expect high-quality work, and thus lots of thought is put into each presentation.”Analyst,InvestmentBanking,m&A

“Extremely. I have been involved in a range of interesting projects and live processes – this has provided a variety of learning opportunities. The highlight of working for Rothschild is the exposure to leading businesses.”Analyst,m&A

“I am very happy with the learning opportunities I am provided with and exposure across sectors/valuation techniques.”Analyst,Entrylevel

CuLturE“Office culture is quite relaxed, yet fairly traditional. The juniors are all quite relaxed around each other but the more senior bankers are less visible and enjoy significant respect within the firm. Teams go out often, even if it’s just for a pint after work on Friday in the next-door pub.”Analyst,InvestmentBanking,m&A

“The hours are long, but Rothschild ensures you are rewarded for your efforts.”Analyst,m&A

“My team is very sociable – we have been on a few events outside of the office. There are more opportunities to socialise across the teams as well. On this front Rothschild is very good.”Analyst,Entrylevel

hours“I could be spending less hours in the office, although the hours I am in the office kind of fly by. It is not so much un-enjoyable to be spending so much time in the office, it is more the fact that you don’t have much time in the evenings to cook, play sports, etc.”Analyst,InvestmentBanking,m&A

“Satisfied. I expected to work long hours and do. It is less common to work weekends which provides a welcome balance.”Analyst,m&A

“You need to understand that in your first few years you will work a lot. My experience confirmed my expectations.”Analyst,Entrylevel

tIps & aDvICE“Please be realistic about the job, ask people you know who are doing this job what it’s like and be honest in your interview. No one will believe you when you say that you’ve wanted to be a banker since you were 5 years old and can’t wait to do 4 all-nighters a week. Be critical, ask the right questions back in your interview and know your stuff well.”Analyst,InvestmentBanking,m&A

“My only advice – you need to understand what distinguishes Rothschild from other banks in the City, as most probably the interviewers will expect you appreciate unique business model, as well as the difference in culture and learning curve.”Analyst,Entrylevel

What EmpLoyEEs havE to say...pLusEs“Favourite part: Exposure to firms and people within those firms when you work on transactions; you get to know a lot about the inside workings of the firms you work with.”Analyst,InvestmentBanking,m&A

“Working with intelligent people. Client interaction. Fast-paced, demanding environment. Working with leading businesses.”Analyst,m&A

“The feeling that I learn every day.”Analyst,Entrylevel

mInusEs“Least favourite: The hours.”Analyst,InvestmentBanking,m&A

“Dealing with the numerous IT issues.”Analyst,m&A

“Dealing with conflicting deadlines.”Analyst,Entrylevel

rothsChILD

-Workedorinternedforatopemployer?-Telluswhatit’sliketoworkatyourcompany-Fillinasurveyforyourchancetowin£100

www.insidebuzz.co.uk

86 87

Making the cut at Rothschild is difficult, in large part due to a low staff turnover – attributed to the fact the firm only recruits candidates who are interested in building an extensive career there. Rothschild wants bright, energetic graduates, enthusiastic about the company, global financial advisory – as this is the sole area the bank offers graduate schemes in – and the investment banking industry in general. Strong A-levels and a top degree are expected of all applicants, although the discipline doesn’t necessarily have to be based in business or finance. However, candidates must possess strong numeracy skills and be analytical masterminds.

Rothschild’s ideal candidate is not solely defined by these favourable characteristics. You also need to be driven and have lots of ambition to make it in investment banking. How best to do this, you wonder? With plenty of common sense, an eagerness to learn and a strong work ethic. Rothschild expects its graduates and interns to be fully integrated into the team so you need to feel confident about the amount of responsibility you will be given. However, there is no need to get all boastful as the firm is after down-to-earth folks who will fit in with Rothschild’s company culture.

thE hIrInG proCEssThe firm tends to hire 20 to 25 graduates each year and the hiring process starts off with an online application form. Expect to fill in gaps with the usual stuff such as academic background, skills, career motivation etc. Keep in mind that only a relative small number of applicants will be invited to interview so make sure you spend enough time on this first stage.

A successful application will be rewarded with an initial 30-minute interview, accompanied by verbal and numerical tests. These will ask you to

interpret data from a table, graphs, and charts – so familiarise yourself with rations, fractions, currency conversions, percentages etc. An understanding of inflations and rebasing will also come in handy.

You’re likely to be interviewed by two people and can expect to be grilled on your technical knowledge. The firm is also keen to find out how much effort you’ve put into researching Rothschild so make sure you keep track of recent events and deals. A typical question would be ‘How is Rothschild different from other firms?’. Interviewers may also ask you to comment on company market values and profits so you better know the answer to these questions. The first stage will be heavily competency-based as well so you should come armed with a list of examples on how you’ve demonstrated your teamwork, communication or leadership skills. Don’t forget to familiarise yourself with numerical reasoning tests as you’re not likely to pass this stage without previous practice!

If you’ve done well in the first interview you’ll be asked back for more. There should be at least two rounds of panel interviews. Now, if you think the first stage was difficult – think again. This is where things get tough and the firm will seriously stretch your knowledge about the financial markets and throw in very precise and detailed questions such as ‘How do you compute a valuation?’, What is a P/E ration?’ or ‘Why is industry x doing better than industry y?’. It’s challenging, but interviewers will want you to perform well and you can impress with honesty and making the interview engaging. You may also have the opportunity to meet up with some recent graduates currently training at the firm and find out what work is really like at the firm.

thE BuZZ on GEttInG hIrEDproGrammEs For GraDuatEs, mBas anD phDsAt Rothschild graduate schemes can be taken up primarily at analyst level. Hence PhD or MBA candidates interested in associate roles are advised to apply for one of the company’s experienced hire programmes.

Graduates are placed in Rothschild’s global financial advisory division, and as a new recruit you will join one of the teams in M&A, equity advisory, or debt advisory and restructuring. The firm’s services cover a number of sectors such as property, consumer products or healthcare so you will gain exposure to most of these during your training period.

However, don’t expect a break from studying when you join the Rothschild clan as your graduate programme will start off with six weeks of training in London where the firm’s new hires from across the globe will get to meet each other. The first week will introduce you to Rothschild and its structure whereas the remaining five weeks will be spent in the classroom – this is made up of intensive training, teaching the fledgling banker the ins and outs of financial analysis, investment banking and related financial markets and legal issues. Those from a non-finance background should have nothing to worry about as this rigorous training will help you catch up – and you can always look forward to the teambuilding weekend in a fancy countryside location rounding up the training programme.

After this, graduates are seconded to their chosen office and allocated to a number of different teams, with the prime objective of immersion in ‘real’ work. Responsibility is placed upon graduates from the offset. The majority of tasks will include research, analysis and financial modelling, and a steep learning curve and long hours go hand in hand with this. International opportunities will also crop up during your time at Rothschild although they are likely to be very competitive.

IntErnshIpsIf you want to get to know Rothschild’s ethos, you better sign up for one of the firm’s associate or analyst internship schemes. Ten-week summer internships for students in their penultimate year are on offer, and like the grad schemes, these are only available in the global financial advisory division. You can expect to spend your first week at Rothschild undertaking a training programme, which covers subjects such as accounting, financial analysis, computer training and data research. Although you will be working in one division, you will still get an understanding of the firm’s other business areas that include corporate banking, private banking, and asset management.

Long-term internships lasting three to six months are also on hand and would suit both graduates and second-year students. It’s good to keep an eye open for these placements as they are offered all year round. You’re likely to work on transactions and marketing projects and should also be prepared to do some research and analytical tasks.

Long-term internships are probably more fruitful than summer internships when it comes to retention – long-term interns are often offered a bespoke place on Rothschild’s graduate scheme. Nonetheless, the firm is still after high calibre candidates for both of their internship programmes as you will need to be an academic highflyer and outgoing professional.

Gap year students can apply for a six-month placement taking off in September or March. This is based in London and after an initial training period, you will get to start work straight away. The firm only accepts people who have a keen interest in the financial and economic markets so if you’re planning to embark on a business-related degree, you will stand a good chance of being accepted.

rothsChILD

88 89

rothsChILD

Rothschild is the investment banking branch of family-owned N.M. Rothschild Group – the largest independent merchant and investment bank. For two centuries, the firm has been providing financial services to governments, corporations, and wealthy individuals through its 49 offices in over 34 countries worldwide.

Rothschild has a strong reputation in M&A advising, with its strength centred in Europe. Despite an excellent international reputation, Rothschild has sometimes struggled to keep pace with the larger pace setters and remain independent. The bank went through a notable reshuffle in September 2002 whereby 13 separate private banking units were aggregated into a single worldwide private banking business. Then in December 2002, the retail and institutional asset management businesses were sold to Insight investment management, the fund arm of British bank HBOS. This redistributed the power so that both English and French sides of the family would have an equal stake in the firm. This was effective in mitigating cross border relations throughout Rothschild’s complex private network.

Rothschild offers corporate finance advise across a wide range of sectors including property, financial institutions, consumer products, transportation, health care, natural resources, industrials, business services, oil and gas, infrastructure, media and technology. The business is structured around 3 main areas:

The bank’s investment banking provides financial advice and execution expertise in mergers & acquisitions, debt advisory, restructuring, and equity advisory.

Its Corporate Banking arm includes include lending, treasury, asset finance, offshore banking and investor relations, while private banking and Trust business offers independent advice on strategic planning, trust and fiduciary services, investment management and credit solutions services to wealthy individuals, families, trusts and charities.

Rothschild also has a stake in other business areas including venture capital, asset management, and growth equity.

Company proFILE

Doyouwanttoworkinequitiesorcorporatefinance?Willthebuy-sideorsell-sideberightforyou?KnowyourDCFfromyourEBITDA?Andyourspreadsfromyourspots?

It can all be a bit overwhelming, especially if you don’t know where to start.

But that’s where we come in:

DoWnLoaD our InvEstmEnt BankInG CarEEr GuIDE For FrEEThis guide will tell you everything you need to know about:

• The ins and outs of investment banking• Career Paths: the different roles and divisions• An inside look at corporate finance, sales and trading, equities, fixed income,

commodities, foreign exchange and more...• The latest tips on applications and interviews and answers to tricky interview questions

90 91

SOCIéTé GéNéRALE

Cons

Société Générale is one of the oldest banks in France and, over the course of the last 150 years, has grown into a domestic powerhouse with a strong international presence. In the UK, the bank offers a number of financial services for both corporate and private clients.

pros• Reasonable hours• Friendly office environment• Great ethnic and gender balance• Strong remuneration packages

• Tight budgets and tough deadlines• Management dominated by French based

employees• Lack of communication between departments

thE statsNo.ofemployeesworldwide:160,000No.ofemployeesintheUK: 2,300Annualgraduateintake:1,000 from all around the world

DEpartmEnts & sErvICEsAccounting & Finance • Capital Markets • Information Technology • Investment Banking & Global Finance • Operations

LoCatIonsUKLoCATIoNsCambridge • Edinburgh • Leeds • London • Manchester • Milton Keynes • Southampton

LONDON OFFICESG House41 Tower HillLondon EC3N 4SGTel: +44(0)207 676 6000www.societegenerale.com

soCIété GénéraLE

thE BuZZ on GEttInG hIrEDSociété Générale Corporate & Investment Banking Global Graduate Programme offers a 2 year financial course to approximately 1,000 graduates from all over the world every year. Programmes take place in the following business disciplines: Capital Markets, Investment Banking & Global Finance, Accounting & Finance, Operations, Information Technology.

As part of the grad scheme, you will receive support and ongoing development in a variety of different forms; from on-the-job training to a mentoring scheme. A degree in business or engineering is a must and candidates who have both experience within the banking industry and a second language at their disposal will be at a distinct advantage.

The application process begins with a form covering academic history and personal interests before a telephone interview probes a little deeper into candidates backgrounds; looking at experience and skills relevant to the graduate scheme. While the phrasing may vary, expect questions along the lines of, ‘What skills make you outstanding?’, ‘What are your long term career goals?’, ‘When have you worked well under pressure?’, and ‘When have you demonstrated good teamwork?’ The final phase of the process will be an assessment centre which is likely to be held in London.

Company proFILEFounded in May 1864, Société Générale has developed into a commercial powerhouse in France and beyond; boasting a significant international presence. Now employing more than 160,000 people around the world, the bank is highly client focused and caters to the needs of a variety of customers, from individuals all the way up to multi-national corporations.

Société Générale’s UK operations are divided into four business areas: investment and corporate banking, private banking, financial securities services and, finally, specialised financial services. In the UK, Societe Générale employs almost 2,300 people who are split between the bank’s head office in the City of London and offices across the length of the country from Southampton to Edinburgh.

Nicknamed ‘SocGen’ in the financial world, the bank was nationalised following World War II and the French government remained the bank’s only shareholder until 1987 when the bank was privatised.

Although the bank has been involved in a number of high profile acquisitions, alliances and mergers since its incorporation almost 150 years ago, the most recent was in 2009 when Société Générale formed an alliance with fellow competitors Crédit Agricole, agreeing to combine their asset management operations. Although Crédit Agricole hold the lion’s share of the business, (70%), the combination of the two banking heavyweights means that the new entity, Amundi, is the fourth-largest asset manager in Europe and ninth internationally.

The years since the start of the global financial crisis have been uneven times for the bank to say the least. As well as being affected by the crisis, the bank lost €4.9billion following allegedly fraudulent trading by Jérôme Kirviel, a junior trader with the bank. SocGen appeared to re-find its footing in early 2011 but ended the year with its shares losing over 50% of their value after unfounded rumours that the firm was headed for bankruptcy were circulated in the press and online. SocGen successfully sued the Mail on Sunday for damages for their part in this.

92 93

STANDARD CHARTERED

Cons

Driven by a desire to be ‘the world’s best international bank’, Standard Chartered is a bank with big ambitions. Currently operating in more than 70 countries around the world, with a special focus on Asia, Africa and the Middle East, this London-based bank employs 2,000 people in the UK.

pros• Flexible working conditions• Employees are encouraged to take

responsibility• Good for personal development

• Average pay and bonuses• Lack of direction from management

thE statsNo.ofemployeesworldwide:87,000No.ofemployeesintheUK:2,000

DEpartmEnts & sErvICEsConsumer Banking • Wholesale Banking

LoCatIonsBranchesworldwide:1,700Countries: 70+

EURopEANLoCATIoNs:Austria • France • Germany • Guernsey • Ireland • Italy • Jersey • Russia • Sweden • Switzerland • Turkey • United KingdomLONDON OFFICE1 Basinghall AvenueLondon EC2V 5DDTel: +44(0)20 7885 8888www.standardchartered.com

stanDarD ChartErED

thE BuZZ on GEttInG hIrEDThe Standard Chartered International Graduate Programme is made up of three main sectors: Consumer Banking, Wholesale Banking and Specialist Functions. Within these streams there are a number of sub categories to which graduates can apply.

All graduates on the Consumer Banking scheme will complete the same programme which lasts for 18 months and includes four rotations. This

begins with the mandatory International Induction Programme (IIP), present in all schemes, and is followed by academic programmes in Kuala Lumpur and Singapore.

Those wishing to apply for the Wholesale Banking programme must choose one of four areas to concentrate on: Coverage & Corporate Finance, Financial Markets, Principal Finance or Transaction Banking. During all of the 12-month programmes,

Company proFILECreated by the merger of the Standard Bank of British South Africa and the Chartered Bank of India, Australia and China, Standard Chartered PLC now employs over 87,000 staff in 70 different countries. Since being listed on the London Stock Exchange in 1969, the London-based group has continued to expand by making a number of high profile acquisitions, including the American Express Bank in 2008, and has thus firmly established itself as one of the top-20 companies in the FTSE 100 by market capitalisation.

Standard Chartered has a presence in 13 European markets and is now one of the UK’s largest banks, employing 2,000 people here. The bank is also likely to be a familiar name to football fans as Standard Chartered has been the main sponsor of Liverpool Football Club since July 2010. Despite a global

presence, Standard Chartered has a strong focus on emerging markets in Asia, Africa and the Middle East with 90% of its operating profits coming from these regions.

Standard Chartered is committed to sustainable business development, and dedicated to a number of altruistic ventures. From supporting women in business to running an HIV and AIDS awareness programme, and promising to cut its carbon emissions by 2020, Standard Chartered is proof that a company with a strong moral compass can still be a successful business. In fact, back in 2010 the bank was named Global Bank of the Year in the Bank of the Year awards run by financial affairs magazine, The Banker.

candidates will learn on the job as well as having the opportunity to earn their Chartered Financial Analyst (CFA) qualification.

Within the Specialist Functions programme, graduates can select from one of three areas: Corporate Real Estate Services (CRES), Group Internal Audit (GIA) or Human Resources. For the 18 month duration of these programmes you will be supported by a Graduate Development Manager and receive frequent feedback on your progress.

appLICatIon proCEssAs with most grad scheme applications, the process starts with an online form where you’ll outline your personal information, academic background and previous employment history. After the application has been filled in, an online assessment testing your numerical and reasoning abilities awaits you. Next up is either a telephone or face-to-face interview lasting around an hour. Expect to be

asked about your strengths, achievements and why you would be well suited to the specific scheme you’ve applied to.

If your initial interview goes well you’ll be asked to attend an assessment day. Expect the interview which kicks off this final part of the recruitment process to be a step up from the previous one. As well as fielding competency-based questions, you will be expected to showcase your communication skills and prove to assessors that you have the skills necessary to adapt to work within Standard Chartered.

Interviewers also need to get a sense of how well individuals work in a team and their ability to handle pressure, so you should expect a group exercise. The day will conclude with a presentation on a topic given to you earlier that day.

94 95

uBS

Cons

This financial powerhouse employs approximately 65,000 people across more than 50 countries, and provides wealth management, investment banking and asset management services to a long list of top clients.

pros• Lots of responsibility from an early stage• Solid pay and benefits• Hours aren’t too bad• Good opportunities to advance your career

• Reputation has suffered because of financial crisis

• Sometimes poor internal, corporate communication

• Very large firm so personal input can feel insignificant

• Promotion structure can be unclear

thE statsNo.ofemployeesworldwide:65,000Approx. grad hires in 2011-12: 300

DEpartmEntsAsset management services • Investment banking • Wealth management

LoCatIonsNo.oflocationsworldwide: 50+ countries

EURopEANLoCATIoNs:Austria • Belgium • Birmingham • Cyprus • Czech Republic • Edinburgh • France • Germany • Greece • Hungary • Ireland • Italy • Jersey • London • Luxembourg • Manchester • Monaco • Netherlands • Newcastle • Poland • Russia • Spain • Sweden • Switzerland • Turkey • UK • Ukraine

LONDON OFFICE: 3 Finsbury AvenueLondon EC2M 2PPwww.ubs.com

GraDuatE rECruItmEnt InFohowtoapply:www.ubs.com/graduates

uBs

• Getthelatestgraduate

careernews&articles

fromaroundtheweb

• Findoutwho’shiring

andstayontopofthe

latestjobs

• Connectandengage

withtherightpeople

96 97

with the team. Finally, the second interview will be a bit like the first, with more competency-based and some technical questions mixed together.

proGrammEs For GraDuatEs anD mBasUBS’s graduate programmes are available in all four of its business arms – investment banking, global asset management, wealth management and the corporate centre. Hence you can take your pick and choose from all the business units on offer, which also include equities, risk, HR, operations, IT and equities. The firm’s global asset management department is one of its biggest, providing real estate investment advice to clients. Graduate schemes invariably last between 18 and 24 months. Each one is broken into modules on financial markets, general business topics, and UBS products.

For analyst positions, UBS hires grads from all disciplines whereas aspirant associates need to come armed with an MBA. Training usually takes place in either London or New York and you better get ready for the five to eight weeks of studying that lie ahead with classroom instruction, case studies, presentations and practical exercises.

Role-specific training will also be provided on the job and you can expect to get a taste of ‘real-world’ finance with some typical day-to-day and on-the-job-training. If this sounds a little daunting, don’t fret – you’ll receive support from your managers or perhaps even be assigned a mentor, depending on the department.

Once you have completed the UBS graduate scheme you can look forward to good international prospects. The firm has almost 80,000 employees in 50 offices worldwide and as long as you’ve got the language skills and the perseverance, you should be able to compete for one of these roles.

assoCIatE anD anaLyst IntErnshIpsLike many large firms, there’s no better way to get your foot in the door than through an internship. In fact, many interns at UBS are taken over as full-time employees if they master the final assessment at the end of the placements so keep on the ball.

The firm offers both analyst and associate internships although you need to be a first or second-year MBA student to qualify for the latter (the former is typically open to undergrads in their second year). Summer internships last 10 weeks and start with a three-day orientation and training programme that lines out the basics, giving you an introduction to the firm and preparing you for the internship in general.

Winter internships are also on hand, these are usually of a 12-week duration and – like the summer internships – can be taken up in the firm’s main business areas, which include asset management, finance and investment banking.

Expect to shadow various team members, learning the role as you go before eventually taking on some of the job’s responsibilities. Interns are also given the chance to attend sports days and events, internal training courses and breakfast meetings, with the latter designed to educate about all areas of UBS business and show the career options available at the firm.

If an industrial placement is more your cup of tea, you should expect to stick with UBS for six to 12 months and have a strong interest in IT, risk, derivatives and global asset management. Like internships, industrial placements can be a springboard to a career at UBS, but by no means a guarantee.

If you’re still uncertain about a career in investment banking, you should probably participate in the week-long UBS insight programme that takes place in the firm’s London office in March and April. Should you like what you see and vice versa, you may have the chance to get fast-tracked into the firm’s summer internship.

uBsthE BuZZ on GEttInG hIrEDUBS actively recruits from the top universities throughout Europe, taking on graduates as analysts and MBAs as associates. Undergrads can also apply for various internships, but landing a job at UBS is no walk in the park and entry requirements are tough for all applicants. The firm is after candidates who can demonstrate excellence in the core competences needed to make it in investment banking.

This sounds rather intimidating so let’s try and get some of the myths out the way: Do you need to be an expert in all things financial? No, but you must be very commercially aware and have proven knowledge of and interest in the investment banking industry and UBS in particular. Do you need to be analytically sharp and keen on solving heavy problems? Definitely! The firm is after people who possess a logical approach to work and it’s important you come across as such. Do your leadership qualities have to outweigh your teamwork abilities? Not, really. UBS wants people who are both good leaders and communicative team players. Being interpersonal and sociable is a must!

What about all this talk on being innovative and creative? Well, investment banking is not as conformist as you may think and the firm is genuinely keen to hire those who are adventurous enough to come up with new ideas and approaches. How organised do you need to be? The answer is, very! In fact you do not only need to convince with managerial aptitude and initiative, but also with sound decision-making skills. Above all though, you need to be driven and committed to your career choice and have the intellectual aptitude UBS is after. Strong academic credentials are as always a given so make sure you keep up with the grades.

thE hIrInG proCEssWith European recruitment broken into three geographical areas – the UK and Ireland, Switzerland, and continental Europe – the process differs, but usually begins with the now seemingly ubiquitous online application. After submitting the online application form, you will have to pass an online numerical test, which will be timed and includes around 25 to 30 questions testing your logical ability. Wow at this stage and further tests, interviews and an assessment centre lie in wait.

However, first up is an initial interview that will primarily be competency-based. Make sure you come prepared with a multitude of examples showing off your teamwork, communication skills, motivation and so on. Questions could include anything from ‘Why should we select you?’, ‘What are your strengths?’ to ‘How is UBS different from other banks?’. Interviews tend to be informal, with the emphasis placed on finding individuals that will fit with the UBS culture. Also expect to face another numerical test, which is likely to consist of 40 questions for which you will have around 35 minutes.

If you’ve done your homework for round one, you’ll be back for round two, an assessment centre consisting of another numerical reasoning test, a presentation, a group exercise and of course a further interview. The presentations will be based on a case study and, with a specific question to answer, you’ll have to prepare a 10-minute presentation within 45 minutes. Expect to be criticised and bombarded with questions, but don’t get irritated and make sure you argue constructively and concisely. The group exercise will see you work in a team of 8 or so and have you read and discuss a business-related scenario. This should take no longer than 20 minutes, which doesn’t sound like much, but you’ll be closely watched all along so make sure you interact well

98 99

The Big Swiss cheese has had its fair share of troubles of late, but despite the uncertainty, UBS AG still remains a giant of global banking. A market leader in retail and commercial banking in its homeland, UBS serves its international list of clients in wealth management, investment banking and asset management. Headquartered in Zurich and Basel, this financial powerhouse really is a global player, employing approx. 65,000 people worldwide across over 50 countries.

a BIt oF BaCkGrounDThe result of a merger between the Union Bank of Switzerland and the Swiss Bank Corporation (SBC) in 1998, the new firm was originally supposed to be named the United Bank of Switzerland. However, the gods of financial fate took the reins; officials instead opted to call the firm simply UBS, because of a name clash with the United Bank Switzerland – a part of the United Bank Limited’s Swiss subsidiary. In 2000, the reborn bank listed its shares on the New York Stock Exchange, underscoring its plans for expansion and US acquisitions. And the firm certainly didn’t disappoint: UBS bought PaineWebber for a staggering $11.8 billion. Initially, the business was given the divisional name UBS PaineWebber, but in 2003, the 123 year old appellation Paine Webber disappeared when it changed to UBS Wealth Management USA. This renaming was part of a company-wide rebranding effort. Out went UBS the acronym; in came UBS the brand – simultaneously consolidating all activities under one streamlined umbrella. The firm did retain the three keys of its logo – vestiges of its SBC days – representing confidence, security and discretion.

However, huge financial losses in 2007 threatened the integrity of these symbolic keys, with UBS forced into turning to the Government of Singapore for fresh funding. In fact, the sovereign wealth fund

established by the Government of Singapore is still the largest shareholder of this Swiss behemoth. Unfortunately, the losses didn’t stop there. In 2008, shareholders voted to accept financial aid from the firm’s own Swiss government to restore trust in the shaken brand. Despite the need for monetary assistance, UBS remains one of the best capitalised banks in the world.

a CLosEr Look at DIvIsIons & DEpartmEntsToday’s UBS operates as a unified global entity, through four business divisions:

UBS Investment Bank – provides securities, other financial products, and research in equities, fixed income, rates, foreign exchange, precious metals and derivatives. Employing 15,000 across over 30 countries, it also advises and provides access to capital markets for corporate and institutional clients, governments, financial intermediaries, alternative asset managers and private investors.

UBS Global Asset Management – offers investment products in equities, fixed income, global diversified portfolios, alternative investments, quantitative investments, real estate, infrastructure and funds of funds to its roster of private clients, financial intermediaries and institutional investors.

UBS Wealth Management – employs more than 27,500 personnel in 44 countries, offering high net worth individuals a range of advisory and investment products and services, supported by the firm’s underwriting and research.

UBS Swiss Bank – provides the Swiss market with a complete set of retail banking services, including checking, savings, credit card and mortgage products, for individuals and cash management and commercial banking services for small businesses and corporate clients.

Company proFILE

many thanks to our sponsors

100 101

aCknoWLEDGEmEntsthE InsIDE BuZZ tEamThomasNuttis the founder of Inside Buzz and previously worked for Vault in both New York and London. His years of recruitment publication expertise keep the rest of the Inside Buzz team running smoothly and working hard. hannahmaltby is in charge of editorial at Inside Buzz, which means she is the one who makes sure the surveys are sent, employee quotes are collected and posted on the website, and that all articles and company profiles are written and edited perfectly.

Daniellemay helps in editorial and makes sure students and universities know about Inside Buzz. She’s a natural and loves chatting to students about careers and the importance of doing a bit of research before sending out their CVs.

GavinWoods has a keen interest in corporate journalism and currently juggles a Masters in English with writing and editing for Inside Buzz.

GabriellaBuonassisiis an editor and writer, proofreading profiles as well as contributing several articles to the Buzz Board.

Rebekashaid,editorial intern extraordinaire, makes sure our content’s up to scratch and works hard to gather the latest buzz on companies. VeroniqueFoulon helps to bring home the bacon. When not engaged with employers, Vero is usually jetting off to an exotic location for a little R&R. Arthur Guy is our web developer and master of the Buzz-matrix. And ZoëColes our design and Production guru... she adds the final magic touch to makes our guide and website look good!

DownloaD our guiDe:

an insiDe look at graDuate employersFind out which career is the right one for you.In this guide you will find:

• 1,000s of reviews from current employees and interns• Company specific interview advice• In-depth employer profiles and salary info

Get the latest Buzz on:

Capgemini

Hogan lovells

J.p. morganDeloitte

JoHn lewis partnersHip slaugHter anD may

Boston Consulting group

kpmg

tHales

golDman saCHs

nomura

...anD muCH more!

AN INSIDE LOOK AT

2013 EDITION

102

In my first 6 months I’ve been able to work on two “live” transactions, have been on many client calls with extremely senior decision makers at PE firms and corporates, and have also attended client meetings. Associate, Investment Banking, M&A, Nomura

GEt thE LatEst BuZZ on Barclays CapitalBNP ParibasGoldman SachsJ.P. MorganMacquarie GroupMorgan StanleyNomuraRBSRothschildUBS

...and more!

In thIs GuIDE you WILL FInD:• In-depthcompanyprofilesandsalaryinfo• Companyspecificinterviewadvicefor

eachbank• Reviewsfromcurrentemployees

Office culture is quite relaxed, yet fairly traditional. The juniors are all quite relaxed around each other but the more senior bankers are less visible and enjoy significant respect within the firm. Teams go out often, even if it’s just for a pint after work on Friday in the next-door pub. Analyst, Investment Banking, M&A, Rothschild

AN INSIDE LOOK AT

www.insidebuzz.co.uk