Job applications and interviews

Graduate recruitment at many investment banks is a three-stage process:

1.On-line applications which request CV information are now common. There is often a numerical reasoning test, a personality questionnaire, and an essay question.

2.First-round interview with representatives from relevant business areas. This is where the competency-based interviewing comes in. Interviewers are trained to look for key abilities such as communication, problem-solving, leadership and self-development.

Heidi Plant, head of campus recruiting Europe for UBS Warburg says, "One of the key competencies is team-working ability. Candidates will be asked to give examples of when they worked in a team and how they contributed to achieving team goals."

3. Assessment centre - this involves a further interview plus a group exercise, case study and presentation.

Questions are tailored towards the business area applied to and may revolve around a case study of a realistic situation. A glossary and background information are provided but a good understanding of the basic concepts is required.

Depending on the potential job, you may need to demonstrate understanding of accounting concepts such as gross margins and liquidity ratios, business theory, and company valuation techniques.

Tom Briggs, a trainee trader at JP Morgan Chase, was asked few technical questions but adds, "It helps if you at least know the various product areas whentraders tell you what they do - if you look blank when they introduce themselves as 'an interest rate derivatives trader' you are not going to do yourself any favours. Lots of enthusiasm goes down well too."

Questions may include:

What is the greatest challenge you have faced?

Provide an example of a time when you defuseda difficult situation between colleagues.

Describe an occasion when you persuaded someone to do something they did not want to do.

Of which accomplishment are you most proud?

In which activities have you been involved at university?

Why do you want this position?

Thedirector ofthe recruiting division at a global accountancy firmsaysthe new FSA requirements for competency-based interviewing have made it more important todemonstrate confirming examples.

'Competencies are clusters of knowledge, skills and behaviour which underlie performance in the role. Structured competency-based interviews work on the assumption that past behaviours are indicative of future ones.'

The route to a successful interview, he says,even for graduates, is to identify the competencies required for a position and then to draw up a list of experiences that demonstrate them.

Lesley Wilkinson, head of resourcing at Citigroup, says: 'At graduate level, we look for core competencies including: analytical skills; relationship building; self-awareness; team-working; and a global mindset.'

At ABN Amro, Lisa Pickup, head of graduate recruitment, says the bank's structured interview process is also based around a set of core competencies: 'Prepare stories from your CV. If you have limited work experience, think through your extra-curricular activities. If you were a sports captain, it is not enough to give just a title - think what your real role was, the problems you overcame, for example, how you motivated people.'

Beware, however, of over-preparation. Kamini Persaud, in graduate recruitment at Bank of America, says: 'Textbook answers are the worst thing and they are quickly revealed when further questions on the subject fail to elicit a response. It is not so much about market knowledge and experience but motivation, team-work and inter-personal skills.'

Plant says, "Interviewers are not trying to trip-up candidates but those who fail to give examples and follow them through will not be successful. Candidates need to show they are passionate to learn our business. Confidence is important but tempered by the humility to appreciate that they still know less than the rest of the team when they join."

Briggs says, "Interviews are to find out about you. They know you have the technical skills [he has a 2.1 in Economics Management from Oxford University] but they need to know you are going to fit in." He recommends reading as much as you can about the industry before going for interviews.

So, the keys to success are:

preparation - searching for recent news about the company; looking at the organisation's own website; and talking to current employees;

. and remembering that enthusiasm and motivation will get you a long way.