What banks are REALLY looking for

17 December 2008

2 minute read

There are now tens of thousands of candidates chasing a couple of hundred graduate positions. So what will differentiate you from the throng? After a career in capital markets, here are my observations -

Academic excellence: Having a first or a 2:1 from a top university is assumed. Most candidates will also have a relevant Masters degree. The will also be studying for professional qualifications (SII, CFA), will work part-time, captain sports clubs, have substantial international travel experience and actively engage in campus life. If your CV doesn't contain all these points you are unlikely to enjoy a great deal of success.

The human factor: The most common problem in interviews is the 'human' factor. Banks aren't looking for Gordon Gecko. They are looking for ambitious, confident, mature, technically-able and above all personable candidates they would like to work with. Arguably this human element is more important than your technical ability - technical knowledge can be taught; relationship skills can't.

Commitment and interest: If you make it through to interview you will need to demonstrate your commitment to a career in finance (professional qualifications, membership of University Finance Societies, solid grasp of current financial news).

Demonstrate during the interview that you're comfortable discussing recent financial events. Put forward informed opinions and ask plenty of questions about how your interviewers are finding the current market, how the bank is dealing with the current crisis, and where they see the markets heading in the future. A lively debate or thought-provoking opinion will remain in the minds of bankers when they come to select who will progress to the next stage of the recruitment process.

Overall therefore, get busy. Your CV should be crammed with recent positions of responsibility and membership of clubs and societies - as well as excellent academic results. Whilst a 'solid 2:1 from a solid University' may have been good enough in recent years, current market conditions are pushing candidates to achieve a lot more before their application is even considered for a second look.

The author is a senior capital markets professional at a European bank in London.

AUTHORAnonymous

Insider Comment

JA
JACK,
6 April 2009
why is it that the most import commnets are from anonymous???
Wonder who you are...
Reply
nN
nNick
18 January 2009
They teach wrong theories in financial universities, cant see for that reason how 'top of the tops' graduation can be seen as a good merit. Good knowledge of financial markets should on the other hand be seen as a merit. The one can learn these tricks by own hand, if a person is ambitious enough. The problem is that there is no top university where you can go to take a graduation and get your 'know how' confirmed after you have by own hand learned how markets works..
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Pr
Present and correct
13 January 2009
Futures Grad,
Now is not the time to demonstrate a lack of commitment to the role you find yourself in. I'm in the same position myself - just wait until the 'better' times have returned and then you can take more control of your career path.
If redundancies are announced at your firm, then you could be quite sure that your manager isn't going to protect you knowing that you wish to be elsewhere - so step carefully (and take solace in the fact that a) you have a FO role in the current market, and b) that there are others out there who are in the same boat).
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La
Lady IQF
12 January 2009
The comments of Anonymous are brilliant. It could be true that the recruiters are asking for super human while they are not. This is similar to those judges for selecting future stars when they can't even sing or dance themselves.
If the industry is full of top grad from top univeristies, does it mean grad from other unis with less higher ranking has no chance?
And other comments about sexism in the industry, is it really hard for a female to survive or even entry?
Reply
An
Anonymous
12 January 2009
Im not being funny....but no matter how much banks bang on about meritocracy this and meritocracy that...its all down to who you know....which is really unfair. Its the same with oxbridge applicants...why do you need to state whether your father/mother etc is alumni or not? It might be a meritocracy when you get there but before that lets face it most of them are middle classed, public school white boys..how did they get the job..? Daddy..obviously.
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