Financial trader : Entry requirements

Although this area of work is open to all graduates, a degree in the following subjects may increase your chances:

• economics;
• accountancy;
• politics;
• maths;
• business;
• sciences;
• finance.

Entry standards are high, usually requiring a minimum 2:1 degree, and the selection process is demanding. An assessment may include interviews and psychometric tests, sometimes all in one day. Foreign language skills are an advantage as banks gear themselves up for growth, not just in Europe but also in Asia and Latin America.

Entry without a degree or HND is difficult, although it may be possible to enter the industry in administrative roles, make contacts and eventually move into trader positions.

Pre-entry experience is not needed but vacation work/internships/placements give a marked advantage. The large number of lay-offs during the recession has affected the graduate labour market so that it becomes even more important to secure an internship.

Candidates need to show evidence of the following:

• strong numeracy skills;
• excellent communication and interpersonal skills;
• teamworking ability;
• physical and mental stamina;
• an interest in finance and the financial markets;
• integrity;
• decisiveness under pressure;
• ability to accept responsibility.

Networking and following up contacts can pay off. Check with your university careers service for a list of past students entering the industry who are happy to be contacted. Ask your family, friends, and associates to see if anyone can put you in touch with someone working in the field.

Competition for entry is intense. Generally, vacancies are limited and the entry standards are consistently high. Do not wait for jobs to be advertised - write speculative applications, expressing your interest and your suitability should a post arise, and enclose an informative, targeted CV. Be prepared to make a large number of well-researched and carefully thought out applications and be persistent. You must be able to promote yourself effectively and give evidence of the reasons you think you will be successful in this career. Read the financial press, attend presentations and do thorough research about potential employers and the opportunities they offer.

Major investment banks recruit graduate trainees and also offer internships or work experience, often on an annual basis. Closing dates are normally in late October and early November for opportunities starting in the following summer or autumn. Banks may start to fill positions once applications open so you are strongly advised to apply early.

For more information, see work experience and internships and search courses and research.