Features: A banking role against the odds

For graduates hoping to secure work in investment banking, the future may seem bleak. However, while it's certainly true that banking and finance employers are recruiting in significantly lower numbers, there will still be openings in the coming years for graduates who can prove that they are a cut above the rest.

To be considered in this climate, you need to have an outstanding academic record but you also need to be seen as exceptional and prove that you already possess the skills needed for much of the role. For this reason, you should be thinking about how you can improve the quality of your application long before you come to apply for roles.

Get out there

Investment banking is all about relationships. In corporate finance, for example, your relationships with big corporate customers, lawyers and people elsewhere in the bank will be core to your role. For this reason, at interview, you need to be able to build rapport easily and come across as credible and confident. So, a long time before the interview you need to put yourself in situations where these skills will be developed and honed: make presentations, be part of the debate team, or host speakers to your universities so that when you are in the interview you can communicate in a way that demonstrates you are at ease. 

Another key element that will help prove you’re a cut above the rest is a willingness to go out and make contacts within the investment banking industry, so that you can build your understanding of the sector. It’s vital that you begin doing this as early as possible, so make use of tutors, friends and other relevant contacts to build relationships wherever you can. When you come to apply for roles, this will give you a competitive edge not only in terms of who you know, but also in terms of the networking and relationship-building skills required to achieve this.

A good place to start networking is at careers fairs held at your university. When you attend, make sure that you dress smartly and approach your target firms with pre-prepared ideas to voice about that company and recent events in the market. Aim to collect names and business cards and be friendly and proactive to ensure you make a positive impact. 

See inside

Another excellent way to demonstrate your interest in investment banking whilst building a strong skill base is to undertake a summer internship with a top firm whilst at university. If you excel during such a placement, you may be offered a slot on their graduate recruitment scheme for when you finish university. Even if this doesn’t happen, an internship will still stand you in excellent stead when it comes to the graduate recruitment process.

Of course, the competition to take part in these internships can be fierce and the application process very similar to that for grad recruitment schemes. The companies you want to get into are likely to run company presentations at your university for interested undergraduates and attending and shining there is one route onto an internship.

After that, ultimately whether you are able to successfully break into the world of investment banking will depend on the amount of effort you put into preparing for the role.

Acquire knowledge

During the recruitment process, you will be expected to have a good knowledge of the firm’s activities and be able to give an informed answer when asked why that company is the one you want to work for. You should also be well versed on the state of the market, which means reading the Financial Times every day, watching the news and following industry developments. Just as vitally, it means reflecting on what you have read so that you are able to comment on issues and give opinions, not just recite facts. Similarly, you must be prepared to give a credible reason for wanting to join the investment banking industry and demonstrate passion and understanding in your answer.

It’s often assumed that you must have a ‘numerate’ degree to get into investment banking, but this is not always the case. However, you will need to ensure you have an understanding of investment terms such as ‘fixed income’, ‘net asset value’ and ‘bonds’. While it is unlikely that you will be tested on these terms directly in the interview, they will be used in questions, so if you don’t understand you’ll be stumped. If you’re studying on a non-numerate degree and want to get into investment banking, it’s wise to do a numerate module such as economics to get a grounding in the subject and to demonstrate your commitment to that direction.

It’s true that a graduate career in finance is harder to secure now than  it has been in many years, but if you work hard to make yourself stand out, then it is still very much a possibility for those who are prepared to put in the effort to achieve their goals.

Lindsay Hanson is an HR and graduate recruitment specialist and director of 1st-Step.

More about the sector

• The rise of Islamic banking - it's crunch resistant
• Costing the bail-out - is it real money?
• Becoming an actuary - what does the future hold?
• Risk managers - we need you
• Succeed with soft skills - people for finance
• Forensic accounting - crime-busters with spreadsheets
• Auditor in training - inside business