Why banks don't do diversity

1 August 2007

4 minute read

I've just graduated from the London School of Economics (LSE) with the intention of working in an investment bank. Despite several final-round interviews, strong academics and a summer internship, I haven't got an offer.

Why do I want to be a banker? It's a kind of 'Hollywood story'. I went to a state school that involved travelling two hours each way out of my borough and got three As at A level and Bs at AS level. At year 10, I got taken on a 'gifted and talented' event; the aim was to convince people like me that going to uni and being academic might be a good thing. At the time, I didn't know what a bank was - let alone an investment bank. That event inspired me to go to LSE and once I was there I was shown the City and the top IBs - JPMorgan, Citi, Goldman etc. I got hooked and couldn't believe that anyone could earn this sort of money legitimately. I saw it as my way to dig myself and my family out of poverty. I fell in love with the dream - i.e hard working, entrepreneurs, meritocracy etc. etc.

I decided I wanted to get into trading and did an internship at a fixed-income trading desk - no graduate offer though. During my final year I applied for various other graduate roles. Out of the 11 banks I applied to I got five final-round interviews and three initial interviews which I couldn't push further. But no job.

I understand the competition and I understand there are top grads out there. I also understand that I am not a superstar candidate i.e. I am not that good that I could walk through the application process and get six or seven offers. For example, my numerical test scores might not have a wow factor, or I might not be the best at the technical jargon etc. However, feedback suggests nothing significant let me down - except one place where the numeric test did get me. Fair play.

I was so mad at not making the cut and so unwilling to listen to the bland excuses coming out of HR, that I got in contact with a vice president and senior head of desk at two of the places which gave me final-round interviews. Both came out with what amounted to the same thing: I was just too different (one called it the 'flamboyant shirt theory'). I was a proper 'ghetto kid' desperately trying to make it. HR might talk up diversity, but the final top men in the firm who actually do the hiring think one thing: "Why take this risk?"

I think my rejection is mainly to do with the culture and 'class thing.' I'm an entrepreneur and earn money through various small businesses. I was aware going in that this might harm me - so played it down, but maybe this was a concern. I also day trade and told interviewers this - maybe that was trying too hard?

What's my next move? I don't have one, to be honest. I could do what's known at LSE as 'Doing a Harrison': paying a guy called Peter Harrison 7k to get into the 'dream'. But seeing as that figure amounts to around 70% of my entire family's current income, it's not gonna happen.

For the moment, I guess I'll try temping and be bitter and twisted and full of self pity. I could just re-apply, but I'm so down on the whole thing I don't have much more to give right now. That's not to say I'm giving up - I'm just taking a step back before trying again.

So if anyone out there is going for this 'dream' just remember - keep going, and never give up. It's easy to settle and go with the flow, its hard to be great. And that's that - it's that brutally simple and clinical.

A quote to end with: "Know what you want and all the universe conspires to help you achieve it." Paulo Coelho, The Alchemist.

AUTHORAnonymous

Insider Comment

Mr
Mr Dias
5 January 2008
Hi
Make it happens, you ll get a break somewhere, after all the Dean of Havard Business School once said that statistically White foxes are the losiest of bankers compared to other ethnic group, what courage????
Hone your skills, go after it
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An
Anonymous
24 October 2007
If you really want it you won't working the hours. I want it so bad, i was advised to try more junior role. I just think after the many hours spent in the libarary.I am now applying for role that only require A levels qualigication!!!
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An
Anonymous
17 October 2007
What a whining, arrogant young man! How can you claim to be an 'entrepreneur' if you have only 10k to your name, and maybe nobody will employ you because you insist on espousing this 'hollywood story' rubbish.
I'm also from a relatively disadvantaged (diverse if you like)background, and also went LSE (am now at Durham doing a masters and going through the Milkround process), but have no sympathy for you. I read this article with a friend and we both cringed fr perhaps 30 mins.
A tip to finish; try getting a job at Sainsburys - they will pay you roughly 13k a year. Idiot.
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Ha
Harish
11 October 2007
I've just completed a summer internship at Morgan Stanley. I'm also at the London School of Economics and from what the ignorant may call a "ghetto/state school", though real world background..Oh yes and I'm Asian.
My advice to you is the following:
There are other ways to make money...investment banking is probably the worst way to become rich..look at the world's richest people and tell me how many of them are bankers?
Also our "background" puts us in a position to use our education in a very positive way...we are able to think outside the box; so why become down trodden at not being forced to work like a dog for a 100 hours a week...there are people starving in the world and yet what the main concern seems to be is how to become a millionaire so you can drive around in flash cars and wear tweed jackets and live in a fabulous mansion..
come on! wake up and use your intellect/education!..the desperation for the job seems to be coming more from your "deprived" background rather than a true love for the job!..the feeling of being rich comes from the inside and not the outside!
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De
Dee
9 October 2007
I feel for you geez, I come from a similar comprehensive school background but never made the grades at A level, made sure I got a 2:1 at uni then went on to study ACCA. I am living the dream, I knew what I wanted and I knew what they were looking for but took a different route about getting there. IB is competitive, so go in through Asset Management or as a product controller etc. Show you have the skills and banks are all about retaining staff and career progression etc.
Finally, if you're getting feedback you're too ghetto, play it down a little. Although I don't agree with it, but the interview is a short period of time to get your point across and make an impression. If you know what they're looking for, show them you're it. Once you get the job you can be yourself. First impressions count. You're obviously what they're looking for on paper as you got called for an interview. Good luck and don't give up. We're all in the Pursuit of Happiness - like Will Smith.
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