Don't rule out IT and operations
Most people who want to work in investment banking want to be M&A bankers, salespeople, or traders. But this isn't all there is to the industry. There are a plethora of roles across Operations and IT that you may not have considered. And, typically, while the numbers of graduate positions in front office areas has contracted over the past year, there are still opportunities here, both for full time positions and industrial placements.
Technology careers in investment banking
It may surprise you to learn that investment banks spend more on IT than some of the most innovative technology firms such as Google and Apple. And, the sheer breadth of roles can often surprise a graduate keen on pursuing a career in technology. What may also surprise you is that you don't necessarily need an IT-related degree - in fact, many investment banks actively seek out those who can demonstrate curiosity and drive as well as project management skills to work with internal clients, analysing and defining solutions. You don't necessarily have to have C++ to become an IT business analyst.
Of course there are more technical roles - if you want a development role where you are responsible for technical analysis and design as well as support for software applications you would need a more technical degree. Or you could work in IT risk which is an area that helps internal clients understand and mitigate the risk associated with IT infrastructure and applications.
Banks like JP Morgan offer internships and industrial placements as well as full time positions. But, companies like Hatstand Graduates offer project-type roles in the technology areas of investment banks, where you can work on discrete projects. Typically you would need an IT-related degree for a role like this, but it is certainly one way to strengthen your CV while you continue to seek a full-time position.
What about operations?
The operations department in an investment bank is responsible for the processes and work-flow that support the front office or revenue-generating areas of the bank. The range of roles is wide and if you were considering a career in management consulting for example, the skills and interests required are very similar for some roles. These departments are at the forefront of competitive advantage for firms where speed to market, process efficiency and operational excellence are critical.
An example of a role in operations could be in trade management where you oversee the lifecycle of a trade, working with the traders on the trading floor and monitoring and managing the profit and loss on a trading desk. You would need to have good numeracy skills for this role as well as being comfortable working in a fast-paced team-oriented environment.
Roles in operations and IT may not have the cachet of management consulting or investment banking but the challenges and career progression can often rival those in other sectors.
Remember though that the assessment and interview process will test for motivation and so you need to be clear on why these areas interest you - they are not a back door into a front office role. There are challenging and rewarding opportunities to be found and many firms offer rotational programs in both IT and Operations which can help you decide on the future direction of your career.
Helen Bostock is the former global head of campus recruiting for Credit Suisse.
