Features: Banking on it

For those students wishing to enter the banking and finance sector there’s good news and bad. The bad is that no matter which sector you wish to work in, without work experience, your chances of gaining employment are slim.

However, those of you hoping to break into this sector can breathe a (slight) sigh of relief. According to a report by High Fliers almost a third of all placements available in 2011 are at investment banks.

So, what’s the really good news? The annual report revealed that banking and finance was among the top three sectors for work experience positions in 2010/11, with the industry offering a fifth more places than the previous year. What’s more, the other two sectors offering the highest number of placements were investment banking and accounting and professional services.

Taking a placement or two is a great way for students to build on their skills and knowledge. But competition for places is still tough - the report announced that one leading accounting firm received more than double the number of graduate applications in the early months of the 2010/11 recruitment round, compared with the year before.

Student placement manager at Aston University, Carolyn Keenan, stresses the need to apply early and take your time. ‘Some employers in this sector open their placement schemes as early as July, with popular locations such as London seeing placements filled by November.

‘Competency-based questions on application forms can be complex, so take your time. Try to use examples from your life and not just your time at university. But be careful not to dig too deep into the past, keep them recent,’ she says.

Cynthia Richings is a placements officer at Plymouth Business School. She knows how students can gain invaluable experience from work placement opportunities, which will help them on the finance career ladder.

‘A placement year in an accountancy organisation may enable a student to commence their professional examinations early, and there may be an offer of commitment to return to the organisation as a graduate.

‘Placements can also result in sponsorship during a student’s final year at university or an invitation to a graduate assessment centre for the organisation,’ she adds.

So with work placement opportunities in this sector on the up, make the most of it by gaining plenty of on-the-job experience to add to your CV. As well as boosting your profile, work experience gives you a chance to test your skills in real-life situations; explore career options and gain a clear insight into an organisation or specific career path.