University finance societies - a head start
Members meet
senior and junior bank employees, discuss
how to prepare for interviews, play
trading games and learn which sectors
and companies seem right for them.
The London School of Economics
(LSE) Finance Society, founded in
October 2002, grew to 800 members in
less than a year and organised more than
30 events for students.
These included a workshop on how to
write a CV and another on understanding
corporate finance, as well as presentations
and lectures to help students deal
with the task of looking for work, and on
what to expect when you start a job in
the financial services industry.
'We teach students about careers in
finance as they can ask us questions that
they would not ask recruiters/professionals.
We facilitate networking between
students and professionals,' says a society
spokesman.
The Oxford University Investment and
Finance Society (OUIFS) also offers a
wide-ranging programme. 'We give students
the opportunity to experience at
first hand aspects of the finance world:
from trading to mergers and acquisitions
and fund management, from the perspective
of different firms,' says Anthony
Lai, an ex-president of OUIFS.
Financial services firms make good
use of the society to contact students
they may want to hire. 'Students can
talk, at length, to experienced professionals,
recent graduates and to one another,
about any topics relating to their possible
role and, more often than not, get straight
answers on work-load, expectations and
opportunities,' says Lai.
'Of course, we
cannot hope to give the same insight that
an internship offers but we can certainly
put our members several steps ahead on
the road to getting one.'
In early 2003 the LSE Finance Society
organised events with Goldman Sachs,
Morgan Stanley, Citigroup, RBS Financial
Markets, Dresdner Kleinwort Wasserstein,
PricewaterhouseCoopers, Ernst & Young,
and others. Speakers included Sir Howard
Davies, then chairman of the Financial
Services Authority.
'We work with the university
careers service, with diversity
organisations such as DiversityNow,
Sponsors for Educational Opportunity
London and the African-Caribbean
Finance Forum, as well as the World Bank
Institute, the FSA etc,' says a spokesman.
In Oxford, Lai says: 'The informal
nature of many of our events gives students
the chance to talk in-depth with
bank employees and hear about the culture
of different firms, far more than is
possible at a careers fair, or crowded
recruitment drive.'
Anthony Man, another former OUIFS
president, says: 'Some members take an
instant dislike to a sector, others are
immediate converts. I have seen people
taking the decision to apply for a position
in equities after weeks of deliberation
because they played a trading game
and realised they got a buzz out of it.
'The big name banks always pull a big
crowd, and interactive events have been
increased at the request of members.'
Personal contacts gained through the
LSE Finance Society and OUIFS, as well
as knowledge about banking, can give
members an advantage in their job
search.
Recruiters have been quick to
notice that it is within such societies that
the most dedicated and hard-working
students are often found.
'Students are much better candidates
having experienced membership with us,'
says the LSE Finance Society spokesman.
'Student societies are the 'next big thing'
according to recruiters we work with -
about 80 recruiters at 25 investment
banks, accountancies, consultancies.'
Lai says: 'I met several bankers who
were members of OUIFS and who now
help out the banks they are employed in
by coming to presentations our society
holds.
Inevitably, the challenging economic
climate has had an effect on
recruitment but our society is in a strong
position to continue to draw their interest
and inform their choices.'
