Continental European graduates have the right skills
Not long ago investment banks focused almost entirely on UK universities when they hired graduates to work anywhere in Europe. This is no longer the case.
Recruiting from the UK remains significant
but banks are looking further afield:
students from Germany, France, Spain,
Italy, the Netherlands, Scandinavia and
elsewhere command increasing interest.
Allison MacGuire, resourcing manager
at Citigroup, says 60% to 70% of the
bank's graduate intake in Europe comes
from Continental countries. At JP Morgan,
the proportion is 70% to 80%.
The Royal Bank of Scotland, which began recruiting
on the Continent only in 2002, now hires
60% of its recruits there.
Morgan Stanley recruits about 50% of
its European graduates on the Continent.
Rebecca Neale, head of European graduate
recruitment, says more divisions are
becoming interested in recruiting non-UK
students: 'It started as just investment
banking. Today, sales and trading also
take a lot of European recruits.'
Employees are often needed to deal
with clients in their own countries. In
sales and trading, Spanish and Italian
students typically manage Spanish and
Italian accounts. In corporate finance,
they analyse Spanish and Italian companies.
But many work in areas that are
unrelated to their own country.
Banks mainly target the same colleges,
including ESADE and CUNEF in Spain;
Bocconi in Italy; HEC and Essec in France;
the Universität St Gallen in Switzerland;
the Stockholm School of Economics; and
the Norwegian School of Economics and
Business.
However, applications are welcome
from students at all European
schools. Most banks have application
forms on their websites.
What are the attributes looked for in
Continental applicants? Good exam
results are a must. Investment banks usually
expect applicants to have the equivalent
of a UK 2.1 degree in any subject.
Although Masters qualifications are relatively
common on the Continent, they are
not a necessary entry requirement for a
graduate trainee.
Applicants should also provide evidence
of interest in financial services, and
preferably have some work experience in
the industry. Neale at Morgan Stanley
says most Continental European applicants
have done an internship or other
form of work experience, though this is
not a necessity.
Most importantly, students must take
care in completing application forms.
These are the most important tool used by
recruiters to select candidates and banks
say Continental European applicants
often underestimate their importance.
The forms contain questions about experiences
relevant to investment banking,
such as 'give an example of when you
used team work to achieve a goal'.
Answering these questions thoughtfully
and at length is crucial - most applicants
have good exam results, so these forms
are an important way of distinguishing
between candidates.
Foreign languages are a must - English,
in particular, is usually mandatory. Karen
McKinley, head of graduate recruitment at
the Royal Bank of Scotland, says all
recruits must speak English, regardless of
where they are based.
At Citigroup, MacGuire says everyone has to speak fluent
English, as well as their mother tongue
and, ideally, another European language.
