Shock, I've got a traineeship! What now?

Most of us know what it takes to find a job in financial services, but what level do graduates start at? And what is the career path like?

Your first steps

Credit Suisse and J.P. Morgan, for example, offer two programmes at entry level: an analyst programme for those pursuing a BA or MA, and an associate programme for MBA or PhD students.

"We are moving towards recruiting most of our full-time hires through our internship programme, which is aimed at students in their penultimate year. Interns join for 10 weeks and have an opportunity to receive a full-time offer for the following year upon completion of their degree," says Amie Wiseman Asia Pacific campus relations manager at Credit Suisse.

When graduates apply, candidates are asked to indicate the area of the bank they want to work in. Within that, there are potentially different teams and desks.

Rebecca Liew, VP Asia Pacific, campus recruitment at J.P. Morgan, says the bank will try to accommodate candidates' specific request, but it also considers the job match and the needs of the business.

"At interview stage, if the individual has proven to be good for two business groups, the firm would then decide where to best place them," explains Liew.

Climbing that ladder

At Credit Suisse, it usually takes two to three years to progress from analyst to associate, then the same again to VP level. Much depends on the individual and the business area, with exceptional candidates potentially getting fast tracked, reveals Wiseman.

"The responsibility that an employee is given depends on the business area, but also on the skill set and work performance of the individual. In Credit Suisse's entrepreneurial environment, juniors are given as much responsibility as they can assume at an early stage in their career," she adds.

As employees move up the career ladder, responsibilities can vary from becoming a specialist in a particular area, to senior-level roles involving overseeing a large number of people, says Wiseman.

Making it to management

And just how many do make it to senior management?

Wiseman says it is difficult to quantify, but quite a number of her firm's senior staff started as analysts and are now managing global businesses. "Our goal is to hire candidates who can move forward and build long careers at Credit Suisse. We look for leadership in every seat in the bank, including the junior level."

Liew says that at J.P. Morgan a significant portion of employees go up to higher management. "In terms of promotion, one needs to drive your own career."

Internal transfers to other sections of the same bank are another career option. "We value talent and believe skills are transferable - this is evident in our high number of successful internal transferees. We see employees moving not only geographically or across products, but a combination of both as well," says Wiseman.

Liew adds: "We do evaluate moving within the bank on a case-by-case basis. It all depends on how open-minded both parties are."