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GUEST COMMENT: I'm sorry, but banks' graduate recruitment practices aren't fair

If you're reading this, I know you'll probably think I'm just another student who wanted to get into investment banking, but didn't make the grade. That may be the case, but as far as I'm concerned I'm more than good enough to get into banking - it's banks' recruitment practices that are the problem.

I'm an Ivy League student and have been applying for jobs at banks in London. At Citi, I made it through to the final round for a graduate position. On the day of the assessment centre I was the only one of five candidates who was asked to sit an additional test and go through an additional interview. In the end, I didn't get the job and I'm gutted.

I feel that I was unfairly treated. I also get the impression that I'm not the only one who feels this way.

For your information, I have very strong academics, both at university, and A-Level (A* and A only). At A level, for example, I achieved four As (Economics, Politics, Maths, Further Maths).

I have always been interested in Economics and Mathematics, and so a career in the Financial Services was the natural choice.

In addition, I have always thought 'out of the box', chosen the unknown path, because I wanted to prove myself.

When I was in Lower 6th, I decided I wanted to apply to an Ivy League school in the USA. For that, I had to work extremely hard and prepare for the British A-Level exams, while studying for the American SATs. Anyone will tell you that these two types of examinations are totally different in the way they assess and measure knowledge and intellectual ability. Furthermore, Economics and Politics are not on the SATs subject list, as they are considered 'regional', and therefore 'unmeasurable'. So, I had to up my Physics in order to take it at SAT level.

Despite this, my results were exceptional and I was offered a place to go to a US Ivy League University.

These were my SAT results out of 800:

SAT I - 1525 - Math: 760 / Verbal: 765

SAT II - Math IIC: 780, Physics: 740, Writing: 760

Nevertheless, I find myself rejected from the one bank which took me through to the final round - and with little indication of their reasoning. To my mind this is unfair. I'd appreciate hearing from anyone else who's bemused about banks' recruitment practices as I am.

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AUTHORAnonymous Insider Comment
  • Ox
    Oxon
    16 April 2010

    here here

  • Ja
    James R, Oxf
    15 April 2010

    The wealthiest and most influential groups of society all have strong connections with Oxford or Cambridge (most of them were students there). Hedge funds, Asset managers, private wealth clients have a high proportion of Oxbridge educated persons.
    If they have to choose between a jolly clown 'who is great at presentation and soft skills' or an intelligent guy who was playing rugby with them in Oxford, which one would they choose?

    Oxbridge graduates have an inevitable edge over others in their social network when it comes to getting clients, independently of the division. When I interned last summer 60% of the clients of the Oxford educated banker I was shadowing was from his personal Oxford-Cambridge network.

    My rugby teammates' fathers are all CEOs or fund managers or just simply high net worth.

  • Ja
    James R
    15 April 2010

    Soft skills are important but can not be detected during a silly AC exercise. Being great in simulated situations may not mean anything. Also, anyone can become excellent at presentations once they hadspent a few weeks in the industry.

    If presentation skills and group exercises are that crucial why did Goldman Sachs stopped doing them? Interesting, the best performing bank does not do presentation and group exercises or funny trading games at assessment centres.

    Why is it that Goldman Sachs has the greatest proportion of Oxbridge students as graduates and employees?

    Why doesn't Goldman Sachs use presentation and group discussions anymore?

    Which was the investment bank which outperformed all the others?

    The one which had the best selection process.

    Some of the most successful hedge funds are full with Oxbridge students and they were not chosen on the basis of a silly presentations.

    Re: Clients. Clients prefer honest, smart and intelligent bankers/traders and they rarely fall for presentation skills when money is on the table. Don't forget that the largest companies in the UK have mostly Oxbridge people on their boards.

  • no
    not only good grades
    7 April 2010

    James R,

    U cant really fake soft skills all that easily, at least not in assessment centers. To the ones I've been too some a lot of whiz kids didnt get through because they were mumbling during presentation and couldnt share their opinion with clarity and confidence. U should understand that these skills are directly relevant and crucial to the job, especially in IB's where u might interact with clients. good degrees and good grades mean they can quickly train u on the mathematical models, the financial intricacies etc.. however teaching u soft skills is a lot trickier and time consuming, and good grades certainly dont guarantee that u'll ever develop those skills to the required level. Therefore u should have them to begin with.

  • Ja
    James R
    24 March 2010

    I definatley wouldn't work for/with anyone dumb enough to conclude that:

    he writes few comments on an internet forum in his free time = talks too much at work

    You had been taken for your soft skills back in the days and not for your sharp mind.

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