Banking, investment and insurance: Entry and progression

search for » job vacancies in finance and management consultancy

How do I find a job?

• Search job vacancies for graduate schemes.
• Contact your university careers service.
• Many attend careers fairs or give presentations either on campus or at their premises.
• Network in every occasion including your university's events as well as employer presentations.
• Deadlines for applying to investment banks and insurance companies are mostly in the autumn term and some will deal with applications as soon as they are received so it is advisable to apply early.
• Smaller organisations might advertise their vacancies throughout the year. Details for applications can usually be found on the company website.
• Get some work experience by doing a summer internship. Competition for internships is fierce but completing one may secure an entry level job.
• Consider a finance scheme in a fast moving consumer goods (FMCG) company such as Mars or Tesco.
• Most applications are online. Some also ask for a CV or résumé to be sent along with the form.
• You might be asked to complete a numerical test together with your application.
• Some organisations give advice on preparing your CV and practice test questions.

What skills do I need?

• Most companies welcome applications from all subject disciplines, although a numerate subject such as economics, finance or mathematics can be particularly relevant.
• An IT degree is usually required for technology graduate schemes.
• Most employers ask for a minimum of a 2:2, and will sometimes also specify UCAS points/grades.
• Employers look for a genuine interest in and understanding of the profession so it is important to keep informed and up to date on market developments.
• You will need to demonstrate personal qualities such as leadership, commercial awareness, initiative, drive, motivation and team-working. Innovation and integrity are equally important.
• Languages are viewed as increasingly valuable as the whole sector operates in a global market place and roles may often involve working with colleagues and clients in different countries.

Where can I find work experience?

• Many companies now offer work experience and internships to students in their penultimate year.
• Internships are increasingly seen as an important entry step to a graduate programme, with many employers aiming to make employment offers at the end of the internship.
• Internships can be a great way to gain valuable experience and insight into both the company and the industry, and can often be paid.
• Target Graduate Trends Survey 2006/7: Banking and Investment reports that 85% of banking and investment organisations plan to offer internships in 2007.
• Competition for internships is fierce and will often involve an interview process.
• Most companies advertise schemes on their websites.
• You might also obtain an internship by networking with people who already have contacts in the sector.

Is postgraduate study useful?

• Although a postgraduate qualification is not essential, if your undergraduate degree is in a non-vocational discipline, you can study for a vocational Masters degree to enhance your knowledge and prospects.
• There is a wide range of courses available in specialised subjects such as investment management, financial risk management, capital markets regulation and compliance, accounting and finance.
• Regardless of your degree, you will be expected to pass a regulatory threshold qualification within six months of joining, depending on your role.
• You will be expected to keep your knowledge up to date through continuing professional development (CPD).

How can my career develop?

• Graduate schemes are usually very structured so that progression and development within the company are clear.
• Graduates enter as trainees, and for those that can demonstrate commitment, dedication and results, the sector offers great opportunities for fast progression to senior managerial positions.
• Schemes offer rotations around various functions and departments so that graduates can experience different areas before choosing their specialism.
• There is no typical career path and movement across the sector is common.
• There are increasing opportunities for career development internationally, particularly in emerging markets such as Asia.