city and finance special edition 2011

» Your ultimate map to a financial career P20

» The safest career in any economy P22

» Are bankers really bad? P18

geT A grAd job CAreer AdviCe grAd inTerviews CAreers fAirs reCruiTer Tips

www.realworldmagazine.com

2011Make a life, not just a living

CITY AND FINANCE SPECIAL ISSUE

Money with morals CAREERS WITH A CONSCIENCE P18

Quirky careers CITY jObS YOU NEvER THOUGHT OF P14

GREEN MONEY

caREERs GuidE

Interview: Ann Pettifor MONEY CAN SAvE THE EARTH P6

The financial sector CRISIS, COMEbACk OR CREST OF A WAvE? P9

reCessionproof

pwc.com/uk/careers

Being the one to inspire peer group envy

Helping create value through:Assurance

Consulting

Tax

Financial Advisory

Actuarial

PwC Legal LLP

You need a 2:1 or above in any

degree discipline. From 300

UCAS tariff or equivalent.

We value diversity in our people

© 2010 PricewaterhouseCoopers LLP. All rights reserved. “PwC” refers to PricewaterhouseCoopers LLP (the limited liability partnership registered in the United Kingdom), PricewaterhouseCoopers Legal LLP (“PwC Legal”, the limited liability partnership registered in the United Kingdom) or, as the context requires, the PricewaterhouseCoopers global network or other member fi rms of the network, each of which is a separate legal entity. *Texts charged at your standard network rate.

Nationwide Opportunities, Spring and Autumn 2011

Build a CV others envy. Our graduate training gives you breadth as well as depth of knowledge. Learn from expert practitioners, earn professional qualifi cations, work with great clients and experience different roles to ensure you always stand out from the crowd.

We work with our clients to measure, protect and enhance what matters most to them. So if you’re serious about a career in business we don’t think anyone else could give you a better start. Students agree: we’re proud they’ve voted us number one in The Times Top 100 Graduate Employers survey for the last seven years. To build real value into your CV, contact us.

Visit pwc.com/uk/careers. Text ‘pwc’ to 85792 to fi nd your nearest PwC event.*

028579_297x210_RWCityFinance.indd 1 20/09/2010 10:03

Make a life, not just a living

At Real World we believe you should have a job that you want to get out of bed for. You should be doing something that’s going to inspire you, reward you and challenge you for the next 50 years.

We help you do what you enjoy and enjoy what you do. We want to be the ones to tell you about the job opportunity that’ll change your life. And we want to help you to get that job and then succeed without limits.

Real World is more than just a magazine. We’re leaders in graduate employment research. We train people how to raise their game. Everything we do is about helping you understand your career, kick-starting it and developing it. After all, apart from sleeping, you’ll spend more time working than doing anything else in your life.

We want you to make a good living, but we also want you to make a good life in the process. No sugar-coating and no dry job jargon – Real World tells it like it is. Just the best facts, advice and opportunities.

Contents

WWW.REALWORLDMAGAZINE.COM RW 3

EDITOR’S LETTER

Editorial: Editor Jon Madge • Sub-editor Jen Clark • Editorial Team Tom Brookes, Sue Wareham • Designer Yang Ou / Angela Wozniak • Publisher Johnny Rich Advertising: Sales Andrea Moretti • Client Services Manager Marie Tasle • Founder Darius Norell Real World is a publication of Cherry Publishing: 20 Newburn Street, London SE11 5PJTel: 020 7735 4900 • Fax: 020 7840 0443 • E-mail: [email protected]: www.realworldmagazine.com • Copyright © 2010 Cherry Publishing

RW

UPFRONT

04 Reality Bytes06 Big Interview

The woman that warned

the credit crunch was

coming tells what the

future has in store z

REAL WORLD FEATURES

14 Beyond Banking

The quirky, the interesting

and the just plain weird

careers in finance z

16 Actuaries, actually

Actuaries: the

poker-faced players

who reckon the risks

18 When did banker become an insult? Money with morals:

working in ethical

finance z

20 City Route Finder Ever wondered where

your skills will take you?

Wonder no more with

Real World’s City

careers map

22 Recession-proof Tips and tricks to job

hunting in a recession

26 Directory

Who’s hiring and how

to get those jobs

ON ThE COvER z

No part of this publication may be reproduced or stored in a retrieval system without the written permission of the publisher. We cannot accept responsibility for unsolicited manuscripts and photographs or for material lost or damaged in the post. The views in this publication or on our website are not necessarily those held by the publisher.

It might seem like

now is the worst

time to graduate,

particularly if you’re

looking for a career in

banking or finance.

There’s the

recession of course,

not to mention a fair

whack of public

fist-shaking in the

direction of bankers. Meanwhile, competition

from your fellow graduates is as tough as ever.

That’s the bad news. The good news is that

Real World is here to help. This edition is packed

with tips to turn the recession to your

advantage and advice from graduates

already making their mark on the industry.

There’s also some handy tools to help find your

niche in finance. Turn to the centre pages to

match your skills to the finance careers on offer.

And, if the traditional routes don’t appeal, we’ve

got the lowdown on quirky finance careers

where you can leave the pinstripe behind.

Finally, don’t miss the latest industry news and

the chance to meet the woman whose ideas

about ethical finance are transforming the sector.

Jon Madge, Editor [email protected]

P20

P18When did

banker become an insult?

pwc.com/uk/careers

Being the one to inspire peer group envy

Helping create value through:Assurance

Consulting

Tax

Financial Advisory

Actuarial

PwC Legal LLP

You need a 2:1 or above in any

degree discipline. From 300

UCAS tariff or equivalent.

We value diversity in our people

© 2010 PricewaterhouseCoopers LLP. All rights reserved. “PwC” refers to PricewaterhouseCoopers LLP (the limited liability partnership registered in the United Kingdom), PricewaterhouseCoopers Legal LLP (“PwC Legal”, the limited liability partnership registered in the United Kingdom) or, as the context requires, the PricewaterhouseCoopers global network or other member fi rms of the network, each of which is a separate legal entity. *Texts charged at your standard network rate.

Nationwide Opportunities, Spring and Autumn 2011

Build a CV others envy. Our graduate training gives you breadth as well as depth of knowledge. Learn from expert practitioners, earn professional qualifi cations, work with great clients and experience different roles to ensure you always stand out from the crowd.

We work with our clients to measure, protect and enhance what matters most to them. So if you’re serious about a career in business we don’t think anyone else could give you a better start. Students agree: we’re proud they’ve voted us number one in The Times Top 100 Graduate Employers survey for the last seven years. To build real value into your CV, contact us.

Visit pwc.com/uk/careers. Text ‘pwc’ to 85792 to fi nd your nearest PwC event.*

028579_297x210_RWCityFinance.indd 1 20/09/2010 10:03

news*views*advice*strategiesrealitybytes

4 RW WWW.REALWORLDMAGAZINE.COM4 RW WWW.REALWORLDMAGAZINE.COM

Thefuture’s bright

Are Dundee and Islam the future of finance?This September, the University of Dundee will introduce an MSc in Islamic Accounting and Finance - the first of its kind in the UK.

Islamic finance does not allow

the creation of money from money

(charging interest on loans, for

example). Instead, wealth is generated

through trade and investment.

This financial system, which is based

on Sharia (or Islamic) law, has caused

a stir among financial institutions. The

University of Dundee’s new MSc

responds to this interest and has itself

attracted widespread attention,

proving so popular among both UK

and international students that it has

already been confirmed for 2011.

Speaking with Real World, Professor

Christine Helliar of the University of

Dundee said “Other courses are merely

on Islamic banking and products. We’re

looking more holistically at Sharia law

and jurisprudence and are trying to

get an overview of what Islam is all

about and how it relates to finance.”

Dr Kamla, the programme leader,

added “Not many people have that

combination of accounting and

financial knowledge and how it relates

to Islamic law, so we’re hoping to bridge

that gap.”

For further information visit

www.dundee.ac.uk/accountancy/prospstuds/postgraduate/isacc.htm

More graduates will be fighting for fewer jobs this year, according to a survey by the Association of Graduate Recruiters (AGR).

The AGR’s results show that graduate

vacancies are down by nearly 7% this

year. At the same time the number of

graduates applying for each vacancy is

set to rise from 49 to 69 in 2010’s market.

Those lucky enough to land a job

can expect an average starting salary

that hasn’t changed since 2008.

For graduates looking for a career in

finance, however, it’s not all bad news.

A survey by High Fliers Research, who

analyse trends in graduate recruitment,

suggests that graduate job prospects

in financial services and investment

banking may well improve.

Accountancy firms and investment

banks employed some of the highest

numbers of graduates in 2010, and are

even increasing their starting salaries

for graduates.

Martin Birchall, Managing Director of

High Fliers Research, said “With a record

number of students graduating from UK

universities, it’s great news that Britain’s

best-known and most sought-after

employers have stepped-up their

graduate recruitment substantially.”

‘ Accountancy firms and investment banks employed the highest numbers of graduates in 2010 and are even increasing their starting salaries ’

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What’s a CV worth?All the recent figures show the number of graduate applications for each job is going up. For most graduates that means applying for more jobs and handing out more CVs, which can be an expensive business.

For graduates with an eye for a

bargain, however, staples may have the

solution. The stationers are offering a

free CV printing service to all graduates.

staples Marketing Manager Louise

Rowles said, “we hope that by printing

people’s CVs for free we are least helping

to ensure they present a professional

image at no cost to them.” CVs brought

into any staples store can be printed

from a UsB memory stick or CD.

Could you make finance news?The Financial Times graduate traineeships are running for another year and open to entrants.

The traineeships offer published and

unpublished graduates alike the chance

to write for one of the world’s best-known

financial newspapers.

Applicants must

submit an original

500 word article on

a subject of their

choice, and

those who make

the cut will

spend eight

weeks training

before joining

the FT’s editorial

team in London.

Although full training can take two

years, successful entrants can expect

to be reporting the news financial news

from their first day. Kiran stacey, who

joined the FT as a graduate trainee, told

us “They dropped you in at the deep end.

The FT was great at saying ‘we’re going

to treat you like any other reporter’.”

The closing date for entries is 31st

December. shortlisted candidates should

be contacted by February. For full

information see www.ft.com/graduates

PWC insight academyHave you got what it takes?So you’re studying for your degree. You’ll be ready to take on the challenges of financial business when you leave university. But how about tomorrow, would you be ready then?

PricewaterhouseCoopers is laying

down the gauntlet for undergraduates

who think they’re ready to experience

the world of work to pick up.

The Insight Academy is a new

annual programme from the financial

giants. It will offer successful applicants

the chance to spend a week learning

from experts in the field, ending in

a project that will give a real taste

of the industry.

The entry requirements are tough,

300 UCAs points and an expected 2:1

are the norm, but students of last year’s

scheme speak say the benefits are

worth it. “The Insight Academy is

definitely a great idea for students who

have just started looking into future

careers,” said Huu Anh nguyen, who

joined the Insight Academy in 2010.

To find out more and for the latest

Academy vacancies, visit the

PricewaterhouseCoopers website at:

http://www.pwc.com/uk/en/careers/student/insight-academy.jhtml

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6 RW WWW.REALWORLDMAGAZINE.COM

THE INTERVIEW

CAN MONEY SAVE THE PLANET?

Ann Pettifor is the woman who predicted the economic bubble would burst. Now, she says the financial sector has to grow a conscience to protect everyone's future – including its own.


INTERVIEW | ANN PETTIFOR RW

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uAnn Pettifor is an expert on sustainable

development and executive director of

consultancy Advocacy International. She

is co-author of Green New Deal, which

examines the threats of the credit crunch

and climate change. Ann is often

credited with predicting the bursting

of the credit bubble after editing The

Real World Economic Outlook for the

new economics foundation.

Real World: What is the alternative to conventional finance?AP: Well I think the big alternative

is a financial system which serves

the interests of society instead of

the other way around. What we’re

hoping is we can now reconstruct the

financial sector, so that it does begin

to serve the interests of society and in

particular of the environment. If we want

to invest in wind farms or home insulation

or other alternative energies we need

a finance sector that will take the risk of

investing in those new technologies and

do it at rates of interest which would

be repayable on the basis of returns

generated by those green industries.

RW: Does the current financial system have the wrong priorities?AP: I would say yes, it has. We’ve built

a financial system which feeds on itself,

which has become parasitical on the

real economy. Making money from

money has become the most important

priority of the economy whereas

actually money should be an asset

that’s available to the productive sector

of the economy so that it can grow.

RW: One of the motivations for graduates going into finance is presumably that they want to make money. Why should they care?AP: Well, I think there are several reasons.

There’s an enormous amount of job

satisfaction from doing something you

know is useful and meaningful to society

– such as providing it with the thing that

oils the wheels of the economy: money

and credit. Someone who works in

the finance sector to achieve a more

balanced economy and a more stable

ecosystem will be doing an enormous

service to society and that’s ultimately

far more satisfying than simply making

lots of money.

RW: If you want to do good, why ethical finance and not charity work or a social work?AP: There are plenty of people doing

that and we need more people in the

finance sector working to reorganise

it so that it finds its ethical legs. My

colleague teaches Islamic finance

and he finds himself overwhelmed with

applications. In Islamic finance the

lender takes a stake in the business and

therefore shares

in the risk of the

business. The fact

that so many

students are

applying for his

course shows that

there is a yearning for that kind of ethical

work. We need those people to take

their place in the City of London and

start transforming the way it operates.

RW: Should graduates about to start working in the City see now as a time of crisis or an opportunity?AP: It’s a time of crisis and they are

certainly players in resolving that crisis,

and I don’t think the crisis is over yet by

any means. The banks are still in a very

fragile position; they still have enormous

liabilities and exposure to debt which

looks to me as if it won’t be repaid. The

banks are behaving as if nothing has

happened, nevertheless there are going

to have to be changes. That’s both a

challenge and a huge opportunity to

rebuild the finance sector for a world of

climate change which is going to be

quite terrifying in the scale of its impact.

It could be life changing, both in terms

of your own experience but also in terms

of what you could be doing for society.

RW: Can you really make a difference by getting into finance?AP: Yes. We went through this period from

the 1980s onwards, where the theme was

‘look after yourself’ - and ‘loadsamoney’

was what you had to have. What that did

‘ If you want to make a difference to society now is a very, very good time to join the finance industry ’


RW INTERVIEW | ANN PETTIFOR

was to drive up consumption. So people

went shopping and we consumed

beyond our means and beyond the

capacity of the ecosystem to absorb

the emissions that were generated by

churning out all of this stuff in China

and consuming it in the West. That was

partly driven by greed and the fact that

we like shopping but it was also driven

by the fact that we had easy credit.

That’s how fundamental credit is to the

ecosystem. It’s the thing which drives

consumption, which in turn drives

emissions. If we manage credit properly

we can manage emissions at the end.

RW: Is now a good time to join the industry?AP: I think I would be telling fibs if I said it

was a good time to go into finance. The

1980s must have been the best possible

time because it was a kind of gambling

and if you were good at gambling you

could make a fortune. If you simply want

to go in to gamble then perhaps it’s not

the best time because quite soon

governments, whether they want to or

not, are going to have to put the clamps

on speculation in the financial system. If

you want to make a difference to society

it’s a very, very good time because we’re

going to need people who want to

change and who will be courageous

enough to go along with those changes

and to understand the bigger picture.

RW: What do you think of how the current government has dealt with the financial crisis?AP: I would sum it up by saying the

government has been captured by

the finance sector. We have several

political bankers running the Treasury.

The bankers have fought very hard to

defend their corner and to dissuade

government from doing anything

which restrains their activities.

I think that’s counter-productive.

The finance sector depends on stable

government, on a healthy economy

and on social and political stability and

we’re going to lose all of those if this

financial crisis plays itself out. Before, they

were gambling with their own money.

They’re now gambling with taxpayers’

and believe that whatever happens the

taxpayer is going to bail them out. Well,

actually, the taxpayer is about to go

broke too so that’s not going to happen.

RW: You support breaking up the ‘too big to fail banks’, why?AP: Precisely this point that currently

the taxpayer is guaranteeing not just the

deposits of ordinary people who put their

savings in a bank, but also the gambling

and speculation of young men fooling

around on desks not quite knowing

what they’re doing.

‘ The taxpayer is about to go broke so they are not going to bail out the financial sector now ’RW: What would happen if they were broken up?AP: Well it would mean there would be

two kinds of bank to go and work in: the

more straightforward bank that takes

deposits and manages savings, and the

speculative bank. That’s often depicted

as being the boring banks versus the

exciting banks and that’s not true. If we

split them up like that we would have

banks that would act responsibly, that

would be looking to society’s needs

and would be providing funding for

productive investment.

‘ The big alternative is a financial system which serves the interests of society instead of the other way around ’

RW: If finance has to change what can graduates do to prepare for that?AP: I think it’s a matter of mindset, isn’t it?

If you go into your new career thinking

“I’m going to go in there and gamble

and make as much money as I possibly

can overnight and I’m only going to think

about number one” then your mindset

is going to produce the kind of chaos

we’ve had. But if there is any sense

among the establishment within the

banking sector, they will want people

now who are more open-minded.

How you go about doing that, of course,

will require some subtlety, but I think

having people that are more open to

these ideas is going to be helpful to the

bankers and to the system ultimately,

even though it might be difficult for

anyone going into the sector.

RW: You’ve been credited as one of the people who predicted the credit-crunch. What do you see happening next?AP: Well I happen to be quite gloomy

actually, and I hate being gloomy

because I’m a natural optimist. The thing

is, what I did was what so few bankers

do, which is look at the fundamentals.

Anyone going into the finance sector

from now on should understand the

tectonic plates that underpin the

financial system and look out for a

tsunami or a volcano or an eruption.

That’s not hard to do but it really requires

standing back and looking at the big

picture. When you stand back what you

see is a mountain, no, a mountain range

the size of the Himalayas of debt.

There’s more debt out there than can

be reconciled with assets, therefore

some of that is going to be written off.

RW: What advice would you give to any graduate looking to work in finance?AP: I would say the finance sector and

economics has been dominated by an

ideology over the last 30 years. So my

advice to anyone going in to the finance

sector is to open up your mind. If you

have a closed mind you’re not going

to be able to see the crisis coming,

you’re not going to be able to give

good advice to your clients and you’re

not going to be able to give good

advice to your employers.


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Crisis, com

eback or crest of a wave? T

imes are tough, so does

that mean the finance sector's in trouble? O

r do rough seas

just create opportunities for anyone willing to sail them

?

We ask the industry experts.


‘ Graduates will always be needed in the financial sector and they have the advantage of being up to date ’

‘ I don’t think it is possible, nor necessary, to be “100% right” in one’s first job choice ’

Alastair Constance, Director of Foreign Exchange Trading from Ethical Currency Ltd (and supporter of the Robin Hood Tax campaign)

Is now a good time to get a career in the finance sector? Absolutely.

As the global economic recovery

gathers pace the financial sector will

continue to expand and with new

regulatory frameworks there is change

afoot along with expansion. New

models of doing business will

undoubtedly rise from the ashes of the

financial sector near meltdown and

that promises new opportunities.

Do you need graduates? Yes,

particularly in light of the new regulatory

frameworks graduates will always be

required in the financial sector. Graduates

also have the advantage of being up to

date with recent changes so that they

enter the sector up to date.

How will the sector change over the next two years? There will be greater

and more extensive regulation and

Alon, Senior civil service economic adviser at HM Treasury

Is now a good time to get a career in the finance sector? Yes, especially

when taking a wider look at the sector.

There are, for example, finance positions

in the civil service, in companies like GE

capital or in organisations like the EBRD.

Jobs in these places are often

rewarding and help develop key

skills to grow in the sector.

Do you need graduates? Graduates

play an important role in many financial

organisations alongside more

experienced professionals. Recruiters in

the sector don’t just recruit finance

graduates but instead seek candidates

with broader competences including

analytical, quantitative and people skills.

perhaps a slightly different outlook on

how financial business is conducted.

I believe that consumers have more

power than was the case previously

and this offers the financial sector

a rare chance to mould to consumer

requirements. I also think that the

green and ethical fronts will expand

to match global business trends.

What one bit of advice do graduates entering this sector need to know?

That change is afoot and that changing

regulations have made the sector more

accountable. Consumers are also

dictating business practices to a greater

degree than in the past. The financial

sector is not very popular at the moment

so some faith needs to be won back.

How will the economy change over the next few years? The financial

sector will continue to expand globally,

and therefore in the UK, as more citizens

access the capital markets and the

banking infrastructure. The ongoing

economic rise of China and other

developing nations will also offer

fantastic opportunities for global

growth and access to new markets.

This should excite any potential

entrants to the financial sector.

Given the chance, would you do it all again? Undoubtedly yes.

How will the sector change over the next two years? I’ve noticed interesting

developments in the sector, such as the

increased role of financial regulation and

risk management. Such trends could

open up new types of job opportunities

in banks, government and consultancies.

What one bit of advice do graduates entering this sector need to know?Instead of focusing just on the “sexy jobs”,

candidates should look for positions that

suit their strengths and interests and

should take into account the future

opportunities offered by their first job:

trading for example may be lucrative

but might not offer as many transferable

skills as a research analyst position.

Given the chance, would you do it all again? I don’t think it is possible,

nor necessary, to be “100% right” in

one’s first job choice. I regard my first

experiences as building blocks that

helped me acquire key skills and

helped me better understand the

specific career path that suits me. »

RW CITY AND FINANCE | STATE OF PLAY


CITY AND FINANCE | STATE OF PLAY RW

‘ Enjoy the journey and don’t obsess about the final goal ’

‘ There is never a bad time to carve out a career in the financial sector. I can’t think of any business that doesn’t need it ’

Catalin Breaban, Senior Private Equity Advisor at HNWI Family Office

Is now a good time to get a career in the finance sector? The finance sector

is cyclical, so every 7-8 years you have

some sort of crisis happening. The last

one was in early 2000, with the burst of

the dot com. The peak of the cycle was

around 2006. It’s obviously easier to get

jobs at the peak and more difficult at

the bottom. We are coming out of one

of the hardest recessions so it is easier

to get a finance job than last year, but

compared to 2006 it is much harder.

As the economy improves, the number

of finance jobs will increase. If you don’t

get a job in the finance sector now,

you can still make a switch in the next

few years.

Do you need graduates? Most finance

sectors need graduates or young

professionals. The private equity sector

offers very few jobs in general, but the

reality is that one could get in at an

early stage in his/her career, as an

Analyst or senior Analyst for example,

or much later, as a Director or Partner.

It is more difficult to get a private

equity job somewhere in between.

How will the sector change over the next two years? Regulation is expected

to play a bigger role in the future, which

may have a negative effect on the

sector. Also, due to performance, many

of the lower tier funds will not be able

to raise new funds and will disappear.


Do enjoy the journey and don’t obsess

about the final goal. If you put enough

passion and hard work, with a bit of luck

your goals may happen. But in the

meantime you have a life to live.

How will the economy change over the next few years? The gradual

recovery will hopefully continue. It will

also be interesting to watch the growing

importance of the emerging markets.

Given the chance, would you do it all again? Definitely.

David Kuo, Director of financial website ‘The Motley Fool‘ (www.fool.co.uk)

Is now a good time to get a career in the finance sector? There is never

a bad time to carve out a career in

the financial sector. Money is the

lifeblood of any economy. I can’t think

of any business that doesn’t need it.

Additionally, as global economies

become increasingly more complex

there should an appropriate rise in

demand for financial experts.

Do you need graduates? The Motley

Fool is unique insofar as we are investors

writing for investors. You don’t need a

degree to be a good investor – you just

need a degree of common sense.

How will the sector change over the next two years? The changes are

already taking place. Increasingly more

people will be required to take charge

of their own financial destiny, which

means more financial products to cater

for more financially engaged investors.


Candour. If something looks wrong then

be prepared to stand up and say so.

Warren Buffett, probably the world’s

greatest investor, was brave enough to

speak out against derivates at the turn

of the Millennium when he called them

financial weapons of mass destruction.

He’s certainly looking like the cat that

got the cream now.

How will the economy change over the next few years? As one of the

world’s leading industrialised countries,

it is hard to see how Britain’s economy

can change appreciably despite

efforts by the coalition government to

rebalance it. Finance and the service

industry accounts for around two-thirds

of the economy. If anything, the UK,

with the help of the UK government,

must re-double its efforts to stop the

East from raining on the parade.

Given the chance, would you do it all again? Absolutely. Only this

time I would have started earlier.


RW

‘ Graduates need to differentiate themselves – it could make all the difference ’

‘ We're expected to have one of the slowest post-recession recoveries ever ’

Kevin Telfer, BSc FFA (Fellow of the Faculty of Actuaries), Asset Management’s Fixed Income Product Specialist at AEGON

Is now a good time to get a career in the finance sector? There’s never

really a bad time to get into the

financial world. Yes, there are times

such as now when recruitment levels

are low and, in theory, remuneration

levels too. But strong candidates

should always find a rewarding job

and it’s probably only the investment

banking and hedge fund sectors

which have taken a significant hit

in take-home pay.

Do you need graduates? It’s fair

to say graduate recruitment will be

lower than previous years. But it’s

cyclical; it was low when I graduated

in 1995. However, we’ll always need

insurance and pensions, and the

profession is expanding into wider

areas, for example, enterprise risk

management, health and care,

social policy. Graduates just need

to sell themselves well, given the

competition they’ll face.

How will the sector change over the next two years? The consolidation

in the traditional sectors will continue,

but hopefully the actuarial profession

will continue to diversify.


Graduates need to differentiate

themselves - actuaries need to have

exceptional communication skills

(arguably it’s more important than the

maths) and showing this in interviews

could make the difference. Also, be

flexible; if there are few jobs in the UK,

be willing to travel.

How will the economy change over the next few years? The billion

dollar question! We’re not going to

be booming for a while as we’re

expected to have one of the slowest

post-recession recoveries ever. The

demographic and knock-on economic

impacts of the recession are unclear.

High unemployment, lower graduate

salaries, higher taxes and education

costs, the difficulty of getting credit and

sticky property prices could combine

to have profound impacts on career

choices, birth rates, home ownership

etc. We may have a created the mirror

image of the affluent baby boomers

from the sixties.

Given the chance, would you do it all again? On the whole, yes – unless

the gambler in me triumphed and led

me into investment management!

Most of my friends comment that I’m

one of the few people who is well paid

and having fun at work.

My job is very varied and could take

me in almost any direction I want,

which is ideal. The financial sector has

been challenging, stimulating and very

rewarding (financially and otherwise).

Tim Hopgood, Head of Emerging Talent at Lloyds Banking Group

Is now a good time to get a career in the finance sector? The banking industry

remains a great sector to work in and

offers exciting opportunities for people

who are serious about their careers.

Do you need graduates? Recruiting,

retaining and developing talented

people continue to be high priorities

for Lloyds Banking Group. We think

ahead, so we’re recruiting almost 150

people into our Graduate Leadership

Programme every year to build a strong

and diverse pipeline of talent for the

years to come. Our focus has been

on attracting top talent into the

organisation who have the potential

to become senior business leaders

of the future.

We have introduced a ‘customer facing’

element to the main programme so

that all our graduates gain core banking

‘front-line’ experience and have now

expanded the foundation element to

include a Risk placement so that our

graduates get firsthand experience in

financial services control processes.


The best bit of advice I can offer

graduates is to get a summer internship

and find a company that they would fit

in with; cultural fit is crucial if you want a

long and successful career in finance.

CITY AND FINANCE | STATE OF PLAY

With the ACA the whole world’s calling.

To find out more: +44 (0)1908 248 040icaew.com/careers

The ACA. QuAlified To suCCeed.At home or abroad, the ACA opens up a world of career opportunities.

The ACA is a business and finance qualification from ICAEW, a world leader of the accountancy and finance profession and is highly respected in all industry sectors around the world.

With the ACA you’ll be able to work in any business, accountancy practice, not-for-profit organisation and the public sector – your career choices are endless.

If you’re looking for variety, opportunity, and the best preparation for a career as a business leader, choose the ACA.

You’ll be guaranteed a great reception anywhere in the world.


BEYOND BANKING | UNUSUAL CITY JOBSRW

BEYONDBANKING

Like a first-born child, some jobs in finance get all the attention, pushing others out of the limelight. Real World went in search of the younger siblings of finance: the exciting, the unusual and the just plain quirky.


BEYOND BANKING | UNUSUAL CITY JOBS RW

You’ve finished uni now, it’s time to

forget everything you’ve learnt (and

quite enjoyed) over the last three

years and get on with work. Right?

Not necessarily. If you want to work in

finance but be constantly learning,

mixing number-crunching and writing

reports (which are like essays but with

nicer folders) then a job in Financial

Consultancy might be for you.

Financial consultants are the people

who make all those numbers make sense

to ordinary people and are often called

on to be expert witnesses in criminal trials.

If, as Danny Ryan, Managing Director of

consultancy LECG, says, “Essentially

economics is a framework for

understanding human behaviour, why

[people] make particular actions and

how to predict the actions that they

will make”, then financial consultants

are the ones with crystal balls.

“To be a good forensic accountant,

you must be a detective and think like

a criminal” says D. Larry Crumbley,

Professor of Accounting and author of

New Accountant. Forensic accountants

are the financial sleuths that help crack

fraud cases and solve other financial

crimes, they also help settle divorce

and do valuations.

Forensic accountancy is the CSI

of finance, so you’ll need an obsessive

eye for detail, good deduction skills

and a lot of perseverance to do this job.

As Crumbley puts it, “Finding fraud is

like herding cats or putting frogs into

a wheelbarrow.”

Fighting to get those prestigious city

jobs can be stressful, and that’s before

you’re put in charge of someone else’s

money. So, why not calm things down

and be your own boss. There are loads

of long-standing companies (like

Knowledge to Action and Amplify

Trading), and a few new kids, that can

give you the training and tools to trade

stocks, bonds and currency for yourself.

Trading your own money can be risky

but it can also be a great way to make

some extra cash or create a new career

for yourself; one where you get to decide

when to lie in or knock off early, and

swap pressure for control.

ThE up-sIDEForeign travel, high profile work

and a cool job title.

ThE flIp-sIDELoads of paperwork and you

have to read every page.

WhAT DOEs IT pAY? Higher than most financial jobs,

with starting salaries up to £30,000

ThE up-sIDEThe decisions, the skills and

the profits are all yours.

ThE flIp-sIDEThe risk, the losses and the

responsibility are all yours.

WhAT DOEs IT pAY? It depends on what you invest,

but one graduate made £4,000 in

two months starting with just £500.

ThE up-sIDEYou’ll constantly learn about new

businesses and types of finance.

ThE flIp-sIDE: Tight deadlines mean it can

get stressful.

WhAT DOEs IT pAY?£15,000–£20,000 for graduates

and promotions can come quickly.

Be a Broker from your bedroom

Financial Consultancy

Forensic Accountancy

" Finding fraud is like putting frogs into a wheelbarrow "

" You decide when to lie in or knock off early "


RWCITY AND FINANCE | CAREERs

Be ready for anythingWhatever the future brings

It’s virtually impossible to predict the future. But whatever it may be, it’s an actuaries job to help

businesses prepare for it. Their highly valued skills and ability to assess risks are instrumental in helping

organisations around the world plan for what may be around the corner.

Find out more atwww.be-an-actuary.co.uk

Why be an actuary?Because they’re needed by so many

different areas, being an actuary is a

good way to get wide experience and

set yourself up for future jobs.

Then there are the financial rewards

– and ‘rewards’ is the right word. A recent

survey by XpertHR showed that even

student actuaries earn, on average,

£31,303 a year. senior partners,

meanwhile, were pulling in more than

six times as much. It’s a good career

for forgetting about student loans.

Perhaps the best thing about the

job is the responsibility. Everyone else,

insurers, investment bankers, pension

investors, uses your figures to do their

jobs. As an actuary you get to set the

value of the things right at the core

of the financial industry.

Is It the perfect job?There is a lot to be said for becoming

an actuary. It can be an interesting job

that’s rewarding, in both of experiences

and cash, but it isn’t for everyone.

Actuaries need to have a real head

for numbers and be able to express

complex problems clearly. They also

have to deal with a job that’s rarely

the same from one day to the next.

If none of that has put you off, then

a career as an actuary might just be

for you.

For more information about be coming an actuary, visit www.realworldmagazine.com or www.be-an-actuary.co.uk

“ Finance is a bit like baking because both are about making dough”


When did 'bankeR' become

an !nsu£t

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Why does a job in finance mean

wearing a pinstripe suit and

not giving a damn about anyone else?

Actually, it doesn’t.


CITY CAREERS | ETHICAL FINANCE RW

T he ‘ethical finance’ industry is

all about cash careers with

a conscience. The idea is

that financial investment should be

sustainable and responsible – with the

industry keeping a weather eye out for

potential negative impact on issues

like governance, the environment and

the economy. Responsible finance may

sound like an impossible holy grail, but

the ethical finance industry is growing

– and it’s looking for graduates.

“WhERE CAn I fInd An ‘EThICAl’ job In fInAnCE?”Traditionally, finance work for charities

has been the popular ethical choice

for finance graduates. However, current

economic conditions haven’t favoured

the graduates with an eye on the third

sector, as charity finance departments

reorganise duties among current staff

to avoid taking on new recruits.

While competition may be on the up

within the charity sector, it doesn’t mean

there are no jobs on offer. What it does

mean is that there are alternatives in the

world of ethical finance. ‘Ethical’ banks

such as the Co-operative Bank and

Triodos operate like conventional banks,

but have strict rules about where their

money comes from and where their

profits go. Neville Richardson, Chief

Executive of The Co-operative Financial

Services, explains, “The Co-operative

Bank is different from other banks as

it has no shareholders. Any profit is

re-invested in to the business for

the benefit of its members.”

Triodos’s ethical credentials, on

the other hand, mean investing solely in

projects that are socially responsible, and

making sure their customers know exactly

which companies they lend money to.

Both Triodos and the Co-operative

Bank have retail, corporate and finance

divisions offering insurance, pensions,

!nSu£T

investment banking and everything in

between. So whichever side of finance

grabs you, there’s an ethical alternative.

There are ethical jobs beyond banking

too. UKSIF, the Sustainable Investment

and Finance Association represent

ethical finance companies in everything

from pension funds to investment

consultants and Think Tanks like the

New Economics Foundation work with

businesses and the government to

find new ways to make finance ethical.

“WhAT’S In IT foR mE?”For almost every job in conventional

finance, there’s an ethical alternative.

But do employees reap the rewards?

Salary expectations within charity

finance are “somewhat lower” than in

the private sector says Tracey George,

“although superior benefits and a

better work-life balance do help to

make up the shortfall”. Those benefits

include flexible working hours,

generous holiday allowance and

great opportunities to train.

Working ethically doesn’t always mean

‘ Compared to the private sector, charity finance careers can offer superior benefits and a better work-life balance ’

losing out financially. Employees in the

Co-operative Bank’s high street branches

are paid at the same rates as they would

be in other banks. The difference is that

when the company does well, its

employees get a slice of the pie.

Some ethical banks can offer

increased job security too. Neither

Triodos nor the Co-operative Bank was

hit very hard by the recession because

of the way they borrow money. With

careers in cash being so uncertain,

one big plus is that the ethical banks

aren’t going anywhere.“It’s very much

a growing area”, says Penny Shepheard

at UKSIF. “Ten years ago it was very much

a niche field, now it is very much part of

the mainstream. Within the next ten years

it will become a normal requirement for

providers of services that they can

demonstrate they integrate environmental

and social issues.” With such a promising

future, ethical finance can be a great

way to make a difference to the world,

advance your career and be a banker

without the abuse. You don’t even have

to take a pay cut.Ph

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'GREEd IS Good', claimed Gordon Gecko – the archetypal bad-banker-in-braces

– in Oliver Stone's Wall Street, the classic 1987 diatribe aganst a banking system that

had lost sight of its social and moral responsibilities. Two decades later, the money

men have again become objects of loathing – and, sure enough, Gecko has

returned to the big screen in the sequel Wall Street: Money Never Sleeps.

A

c

b

D

E

F

1 42 53

1 42 53

5

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Yes

No

No

No

NoNo

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caReeRs map | 2011RW

The huge range of careers in Finance and the City make finding your way to that perfect job somewhere between impossibly difficult and just plain impossible. Luckily Real World knows a short cut and here it is: your map to financial careers

city route finder

Do you want to work in

finance?

Yes Yes

Yes Yes

No

Are your communication skills the talk of the town?

Are you part of the IT crowd? Do you excel at Excel?

Do you have a head for digits and can you figure out figures?

Can you spot the little details and turn them into the big picture.

Can you get along with

anyone?

Do you have the number skills to make you number one?

Are you interesting in

languages and open to cultural

differences?

Your ideal job is in Accountancy and

Finance

Numbers and computer

skills are the heart of finance, and brushing up on your maths or mouse

skills could open up new careers.

Then these pages aren't for you, but check out

realworldmagazine.com for loads more jobs

An eye for the details and an ear for other people's ideas are both great skills

for any career path.

Good

communication skills are essential

for any job in finance

Start here

5

5

A

c

b

D

E

F

75 86 9

75 86 9

No

No

No

No

No

No

No

Yes

Yes Yes

No

No

No

Yes

No

No

Yes

Yes

Yes


caReeRs map | 2011 RW

a lot of the information for this map was provided by the lovely people at Directions. For more info click on http://www.fssc.org.uk/129_13.html?i=&l1=true

Yes YesYes

Yes

Are you good at arguing your case and finding a compromise?

Faced with a problem, can you research, create and present solutions?

Could you take responsibility for your actions and someone else's needs?

Are you a people person?

Do you find foreign languages fascinating?

Would you enjoy getting to know customers and finding

out what they want and need?

Are you confident and cool as ice when the pressure's on and everyone else is hot under the collar?

Can you be trusted with someone else's money, whether it's a fortune or a fiver?

Do you want to help others get what they want?

Could you be confident, even when the clock's ticking, clients are worrying and the pressure's on?

Can you think outside the box? Are you the one who asks 'why?'

when the rest just agree?

Your ideal

job is in Banking

Your ideal job is in Financial

Planning

Your ideal

job is in Insurance

You've got most of the skills finance employers want but brushing up on your lateral

thinking or people skills could turn you from a

maybe into a definite yes.

Trust, good communication and problem-solving

skills are essential in this field. Sounds like you need more experience to build your confidence in these areas. Why not take a look at what you do in your

spare time to see if you can develop these - perhaps by learning or language or joining a team.

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Fierce competition, fewer jobs and less money affect both the financial sector and the graduates who want to join it. More than ever, first jobbers will need to protect themselves against economic bad weather. To help, here’s Real World’s guide to making yourself...

RECESSION PROOF

Be yourself, and Build a personal BrandAs far as the job market is concerned, you’re more than a person. You’re a brand, which can be marketed successfully just as any company brand can. Clive Rich, CEO of RichFutures.co.uk says that knowing your worth to a company is one of the best ways to make employers realise it, “One thing graduates can do is think ‘What aces do I hold? Have I got unique expertise, or access to powerful information or a desirable network?” Your personality is what makes you stand out most, on paper or in an interview, so you don’t try to hide it. Instead, think about what you can bring to a role that other people can’t, and make sure you demonstrate this in your CV.

CAREER SKILLS | RECESSION PROOFRW


CAREER SKILLS | RECESSION PROOF RWIll

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And finAlly......be adaptable. Hopefully you’ve a spectrum of experience, in the world of work or in other fields. Use it to your advantage by tailoring your CV to each job you apply for.

BE SAfE: STAy UP-TO-dATEFinance has been a big hitter in the world’s newspapers and it pays to pay attention. A genuine interest in the economic landscape will make for interesting interview discussions. A lack of knowledge, on the other hand, spells lack of interest to most employers.

gET gOOd AT rElATiOnShiPS And dEvElOP yOUr inTErcOUrSESkillS

Outside university, a career in finance can be as much about people as it is about numbers. Knowing how to relate complex ideas to someone who doesn’t know a hedge fund from hat-stand is a vital skill.

Andrew Willetts, Finance Director at Lloyds Pharmacy, said “it is important that any graduate is able to speak in the language of commerce but also be able to translate it to a non-financial audience.”

gET TO WOrkThere are more graduates than ever to choose from, so to land the best jobs you’ll need more than just a good degree. Extracurricular activities have always looked good on a CV but employers are now looking for signs that graduates have made considerable personal investment to improve their stock outside the lecture theatre. Will de Lucy runs Amplify Trading, a training scheme that lets graduates invest their own money to gain practical experience of the markets. For him, impressive graduates are those who have got their hands dirty in the world of work.

“Do something that makes you look different, that shows your desire to get into the field; volunteer at an investment bank if you can, shadow a friend or relative in the industry.” Spending your own time or money on getting new skills shows employers that you’re committed to your career, which will make them feel the same way. “If you can get some kind of extracurricular experience, that will be on your CV all the time,” said de Lucy.

Keep a record of projects you’ve worked on, whether that’s an internship, work experience or university committee. If you worked out the budget for a university event, make a note of how successful it was. Did it make a profit? What was the turnout? What skills did you learn? You may need to draw on some of these examples in an interview. They’re also what set you apart from the crowd.

Enterprise Management Training ProgrammeIf you’ve got your sights set on becoming a big name in business, you shouldcome and see us. After all, with a global turnover of more than $12 billion, plus3,400 people in the UK and Ireland alone, we’ve plenty of tips and pointers tohelp get you off to a flying start.

Upon joining, you’ll be assigned to a branch to learn all about our business.We’ll make sure you’re given an excellent level of training and support as youdevelop management skills across all areas, from sales and marketing tocustomer service and finance. Throughout, we’ll give you plenty of opportunityto show your stuff as we evaluate your growing skills, and recognise and rewardyour development with pay increases and all sorts of opportunities for promotion.

We won’t expect you to do it alone, either. You’ll be part of a team of like-mindedpeople in the branch, each of whom will want to meet targets just as much asyou. And while the challenges can be tough, we believe in having fun too.Because when you feel good, we know you learn more and progress faster.

Start getting ahead of yourself by visitingwww.enterprisealive.co.uk/RealW2010 or calling 0870 850 1232.

With training and support ascomprehensive as ours, it’s easyto start getting ahead of yourself.

071010S1 297 x 210 7/10/10 12:13 Page 1


caReeRs DIRecTORY | 2011RW

PROfessIOnal bODIes

Institute of financial accountants (Ifa):Formed in 1916, the Institute of Financial Accountants was one of the first professional bodies for accountants in the United Kingdom. This year is its 90th anniversary year, we have achieved a lot during the past 90 years and I believe the IFA is well positioned to serve its members for the next 90.

consultative committee of accountancy bodies (ccab):The major accountancy professional bodies in the UK and Ireland joined together in 1974 to form the Consultative Committee of Accountancy Bodies.

financial services skills council:The Financial Services Skills Council is licensed by the UK government to work in partnership with employers to provide strategic and responsible leadership for training, education and development for the industry in the UK, the world’s leading international financial services centre.

chartered Institute of Management accountants (cIMa):CIMA - The Chartered Institute of Management Accountants - is a leading membership body that offers an internationally recognised professional qualification in management accountancy, which focuses on accounting for business.

IcaeW:www.careers.icaew.com/

acca:www.accaglobal.com/ukgraduates/

accOunTancY anD fInance

Whether a school, hospital or multinational corporation, everyone needs to know what they’ve got, what they can spend and where they’re going. Accountancy and Finance careers, from audit to consultants to forensic accountants, are in every industry.

baker Tilly:www.careers.bakertilly.co.uk/graduate-

and-trainee-recruitment/

ernst & Young:Their graduate recruitment programme begins on the 3rd of the September and is a 3 year course. It covers careers associated with accountancy, including: audit, tax and corporate finance.www.ey.com/UK/en/Careers/Students

Deloitte:www.careers.deloitte.com/united-

kingdom/students/studentgrad.aspx

Grant Thornton:www.grant-thornton.co.uk/careers.aspx

Continued P28

DIRecTORYTHe

Here’s Real World low-down on the big

employers in the financial sector,

where to contact them and the details

of some of the most promising

recruitment schemes for students and

graduates. Enjoy.

Enterprise Management Training ProgrammeIf you’ve got your sights set on becoming a big name in business, you shouldcome and see us. After all, with a global turnover of more than $12 billion, plus3,400 people in the UK and Ireland alone, we’ve plenty of tips and pointers tohelp get you off to a flying start.

Upon joining, you’ll be assigned to a branch to learn all about our business.We’ll make sure you’re given an excellent level of training and support as youdevelop management skills across all areas, from sales and marketing tocustomer service and finance. Throughout, we’ll give you plenty of opportunityto show your stuff as we evaluate your growing skills, and recognise and rewardyour development with pay increases and all sorts of opportunities for promotion.

We won’t expect you to do it alone, either. You’ll be part of a team of like-mindedpeople in the branch, each of whom will want to meet targets just as much asyou. And while the challenges can be tough, we believe in having fun too.Because when you feel good, we know you learn more and progress faster.

Start getting ahead of yourself by visitingwww.enterprisealive.co.uk/RealW2010 or calling 0870 850 1232.

With training and support ascomprehensive as ours, it’s easyto start getting ahead of yourself.

071010S1 297 x 210 7/10/10 12:13 Page 1

www.teachfirst.org.uk

Question: A class in a challenging school has 32 pupils. 13 of them are eligible for free school meals. How many of them will go on to attend university?

Answer: Just 2.

Is that ok with you? It’s not with us – and we’re doing something about it. Over 2,500 outstanding graduates – people like you – have joined us and become exceptional teachers and leaders, and transformed the life chances of young people in challenging schools.

Now it’s your turn.

Join in, stand out, Teach First.

Registered charity no:1098294

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Jasonarthurenglish

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TF1974 Realworld Magazine A4 Portrait Advert.indd 1 30/9/10 14:58:04


CITY & fInanCe | CASE STUDIES RW

Emily Taylor

Catalina Secreteanu

‘ I work in an area I strongly believe in ’

‘ Find out if the organisation is the right fit for you... otherwise you won't be happy ’

01

Degree: Cambridge University, Ba (Hons) in natural Sciences, 2009; fourth year in managementJob: Graduate trainee at Lloyds Banking Group: roles have included Group Procurement, branch Sales Manager and Risk

What do you actually do? as an assistant Category Manager I was responsible for interacting with suppliers at a Group level. It was an absolutely wonderful role. I’m now working at a local branch where I’m managing a small team of personal bankers – I’m responsible for their performance and delivery on target. I also have my own small sales target. What skills do you need to do your job? People skills are crucial in my role. You have to be eager to get involved and interact with others. It’s then important to build upon them, through developing negotiation and influencing skills.

How did you know you wanted a career in finance? I’ve always been fascinated with how organisations work and how businesses are run. a large organisation like a bank gives you million opportunities to discover this and joining the finance industry during a credit crunch is an interesting time to learn. Would you undertake further training to further your career? Lloyds Banking Group offers a lot of training and development opportunities. Since I started, I’ve been doing training in leadership, coaching and soft skills. I’m also studying towards an IfS Diploma in financial Markets and Management; it’s perfect for someone like me without a financial background. What are the high and low points of your job? What I really like about Lloyds Banking Group’s graduate scheme is that you’re given a chance to prove your worth quickly as you’re given responsibility early on.

Degree: University of nottingham, Business School, Ma in Corporate Social Responsibility Job: Information Officer What do you actually do?I work for the UK Sustainable Investment and finance association that is a membership association for sustainable and responsible financial services. In my role I support the organisations member only programme of events, and our seminars for sustainable investment analysts on topics like Sustainable forestry, nanotechnology. I also write our monthly newsletter, that’s more of a digest of everything that’s happening in the green and ethical investment space, which really helps keep on top of everything our members do, new pieces of research launched in the industry, or new indexes that rank the sustainable performance of companies. What skills do you need to do your job?first of all I think you need to really be committed and understand the cause of sustainable investment, which I think translates into enthusiasm on a day to day basis. for my role you need to be a good communicator, have really good writing skills to be able to write up reports/summaries but as well to have a sort of personal effectiveness when dealing with the organisations members that come from different backgrounds and have different interests within the area.

How did you know you wanted a career in finance? My career is in a specific area of finance, which is sustainable finance. I am interested in this area because sustainable investments allow individuals to have a positive impact on the environment and society, while making a good return on their investments. Sustainable investments and sustainable banking is an area of finance that’s in a continuous development and Meeting and exceeding targets is very

rewarding. It’s also a great pleasure to see happy customers satisfied with great customer service. It might be challenging to move between the roles every six months just when you start feeling comfortable in your position, but at the same time it’s a great opportunity to discover what else is available to you.

What advice would you give graduates who want a career in finance? I’d definitely recommend doing an internship, even if only a short one. It not only boosts your CV, but you can find out if the organisation is the right fit for you. and that’s very important as otherwise you won’t be happy in your job. I did my summer placement in Lloyds TSB and at the end of it I had an additional interview, after which I secured a permanent position. So during my last year at the university I could focus on studying instead of worrying about looking for a job.

gives me the opportunity to be part of growing movement.

Would you undertake further training to further your career? I am definitely considering undertaking further training, as I see it as a very good way in my career progression. I’m not considering a specific course at this stage, but it’s something I am looking to do in the next couple of years.

What are the high and low points of your job?for me the high point of my job is that I work in an area I strongly believe in

What advice would you give graduates who want a career in finance? My advice for graduates who are considering finance is to seriously consider a career in sustainable finance, rather than just any finance path.

02


caReeRs DIRecTORY | 2011RW

KPMG:Their careers programme is running now – vacancies are still available for the 2010 programme, which will begin in September, and there are also many vacancies left for the 2011 programme, next September. The length of the programme depends on the course which will be taken, with these areas catered for: Audit, Tax, Pensions, Risk and Compliance Technology, Transactions and Restructuring. The location of the programme can vary depending on the different roles.www.kpmgcareers.co.uk/graduates/

Pricewaterhousecoopers:Their 3 year graduate careers programme starts both in early April and early September. www.pwc.com/uk/en/careers

BDO stoy Hayward:www.bdo.uk.com/careers

RsM Tenon Group:www.rsmtenon.com/en/Careers/

Student-Careers/Placements-and-

Internships.aspx

smith & Williamson: www.graduates.smith.williamson.co.uk/

PKF (UK):www.pkf.co.uk/pkf/careers/

graduate_trainees/home

BanKInG

We all know retail banks: the ones in the high street that for some reason have all our money. Then there are

corporate banks (company bankers) and wholesale banks (the super-bankers who do look after governments’ money, for instance). Between them, the careers range from customer service to trading to economic analysis.

Bank of america:They currently offer internships where applicants will work with their business associates and engage in tasks which fit the criteria. Internships uptake is from July to August. The programme lasts for nine weeks, Deadlines are in December. Programmes can also last for three years.www.careers.bankofamerica.com/

campusrecruiting/

Bank of england:They have internship programmes for experienced professionals and graduates. The course lasts for three years, normally offering 20-30 graduate vacancies. www.bankofenglandjobs.co.uk/

opportunities/graduates/

Barclays:Barclays graduate recruitment scheme opens in September each year, taking on graduates in all areas of Banking and Finance and offer internships and placement schemes.www.barclays-graduates.com/

HsBc:As RealWorld goes to press, HSBC have filled their graduate programme for the year. It will reopen in October for applications for 2011. They take on graduates in most areas of banking and offer internships and placements.www.jobs.hsbc.co.uk/graduates/

Fsa:The Financial Services Authoritywww.fsagraduates.com/

Lloyds Banking Group:Lloyds have schemes for graduates and undergraduates, the undergraduate scheme last ten weeks. Application is open now.www.lloydsbankinggrouptalent.com/

nationwide:They currently have a graduate recruitment programme, beginning in September. It lasts for a two years. They offer both general and specialist careers, covering all aspects of the profession. www.nationwide-jobs.co.uk/

home/graduate

RBs:The Royal Bank of Scotland Offer graduate scheme. www.makeitrbs.com/uk

santander:Offers Graduate schemes but are now closed for 2010 graduates’ application.www.santanderukgraduates.com/

appselection.asp

Bank of america (Bank of america Merrill Lynch):www.careers.bankofamerica.com/hr/

www.careers.bankofamerica.com/

campus.aspx

Barclays capital:www.graduate.barclayscapital.com/

location/emea/internships

Continued P31

DIRecTORYTHe


Joe Southwart

Jonathan Long

03

04

Degree: B.A. Mathematics, University of OxfordJob: Accord Trading Accountant What do you actually do? Accord is the trading branch of Centrica, responsible for buying and selling commodities on the market. This is in order to meet customer demand for gas and power and also to make proprietary trading profits. I am responsible for preparing the financial accounts on a monthly basis. This involves reporting Accord’s activity in the month, forecasting for future periods, and ensuring there are controls in place to mitigate risks that our financial results may be incorrect. What skills do you need to do your job?The key skills for me to succeed in this role include being confident working with numbers, a logical, analytical way of thinking, and also a keen eye for detail.

How did you know you wanted a career in finance? Having always been strongly numerical, a career in finance was a logical choice for me. I enjoy working with numbers and subsequently I enjoy my work. I was also aware that financial experience opens many doors and is almost a necessity for those wishing to work in senior management during their careers. Would you undertake further training to further your career? As part of the Centrica graduate finance scheme, I am studying for the CIMA accountancy qualification. Whilst essential for a career in accounting, it also has modules on management which I believe will help me progress my career. I would consider any further training which would aid my career, and will look to gain further qualifications with Centrica in the future.

Degree: BSc in Banking, Finance and Management, Loughborough University (2009)Job: Graduate trainee in the Customer Support Workstream, Lloyds Banking Group

What do you actually do? My first role of my two-year graduate scheme took me to Cardiff where I worked for six months in Community Banking. I was supporting the Regional Director responsible for managing the branch network across Wales. I’m now doing my second placement in Brussels working on the

What are the high and low points of your job? The high point has been having ownership of the three-year financial forecast for Accord. This opportunity allowed me to develop my forecasting ability, and also gain a more thorough understanding of how the whole business fits together. Working within a trading environment requires an understanding of some very complex concepts, but I have thoroughly enjoyed the challenge.

Sometimes my job can be somewhat rigid but each month I aim to take on more responsibility and increase my accounting experience and knowledge of the business.

What advice would you give graduates who want a career in finance? I would encourage graduates to consider whether they wish to work for a large audit firm, or out in industry. Auditing is a good way to learn about the world of finance and to see many different businesses. Personally however, I enjoy the rewards of working as a finance graduate in industry because of the level of responsibility I have for completing my own work rather than reviewing somebody else’s. The Centrica graduate finance scheme also offers me the opportunity to work in many different areas of finance within a short period, providing great experience and learning opportunities.

integration project. Lloyds TSB and HBOS merged in January 2009 triggering an integration process that’s now being implemented overseas as well. I’m working in a team responsible for harmonising IT processes, websites, people policies and property. My next role, starting in September 2010, will take me to the Risk division.

What skills do you need to do your job? I deal with many stakeholders, so negotiation and communication skills are definitely crucial. I’ve discovered that being flexible helps a lot. Project management is something I have to be good at, but accurate reporting and logging are also key.

How did you know you wanted a career in finance? This area has always been of interest – that’s why I chose economics and business studies for my GCSEs. But it was my one-year industrial placement at Lloyds TSB that sealed the deal. I got to know the organisation and I was hooked.

Would you undertake further training to further your career? Lloyds encourages us to do as much relevant training as possible and I’m very keen. I’m now studying for my CFA level 1 exam in December 2010. It’s a globally recognised qualification with a broad-based curriculum of investment principles and professional conduct requirements. I hope to build on my understanding of the investment field and global markets. The great thing about the CFA is that, unlike many postgraduate programmes, you can carry on working.

What are the high and low points of your job? It might be challenging to work with a lot of stakeholders and things often take time, but it’s really rewarding to see something that has been completed and then share it with senior colleagues. The graduate scheme itself is brilliant and very exciting.

What advice would you give graduates who want a career in finance? I’d definitely recommend doing an industrial placement or summer internship – it not only makes applying for a permanent position easier, but you can also test the water and find out if it is something you really want to do. A career in finance might not be for everyone, so it’s really important to be sure that you’ve tested it and found an organisation that will be right for you.

‘ financial experience opens many doors ’

CITY & FInAnCE | CASE STUDIES RW

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BNP Paribas: www.bnpparibas.co.uk/en/careers/

careers.asp?Code=MLOR7TQCT7&Titre

PageNav=Careers opportunities

citigroup: www.oncampus.citi.com/

credit suisse:www.credit-suisse.com/careers/

campus_recruiting/en/americas/

index.jsp

www.credit-suisse.com/careers/en/

popup_applynote_cr.jsp

Deutsche Bank:www.db.com/careers/content/en/

students_graduates.html

Goldman sachs:www.goldmansachs.com/careers/

index.html

HsBc:www.jobs.hsbc.co.uk/graduates/

JPMorgan chase: www.careers.jpmorgan.com/student/

jpmorgan/careers/europe/graduate

www.careers.jpmorganchase.com/

career/careerhome

Morgan stanley:www.morganstanley.com/about/careers/

online_ap.html

Nomura: www.nomura.com/europe/careers/

graduate_intern_opportunities/

index.shtml

RBs:www.jobs.rbs.com/uk/graduates

société Générale:www.careers.socgen.com/groupe/en/

home.html?

UBs:www.ubs.com/1/e/career_candidates/

graduate_and_intern/grads_interns.html

INsURaNceInsurers have the difficult task of keeping everyone happy if something goes wrong, whether it’s damage to property, a natural disaster, the non appearance of a musical act, or even the health an individual. They usually work as a team of specialists, each supporting the others, making communication skills an absolute must.

aXa UK:There is a graduate programme that includes a range of careers from Actuarial, to Marketing, to Finance. Whilst they have a lot of schemes they normally only recruit a small number of graduates for each.www.jobs.axa.co.uk/graduates/

index.html

Lloyds Market:Lloyds is a group of 80+ Insurance employers. They have graduate schemes in a range of areas. www.graduatesatlloyds.com/

scottish Widows:They take on graduates for jobs in all kinds of Insurance. As part of the Lloyds Banking Group they also have jobs in most other areas of Banking and Finance.www.lloydsbankinggrouptalent.com/

Towers Watson:Their 6 week internship is aimed at penultimate-year students. Recruitment starts in September – December and the internship takes place in August – September the next year.www.towerswatson.com/careers/

INvesTMeNT aND PeNsIONs‘Money is like manure,’ so the old saying goes, ‘spread it around and watch things grow’. Well, jobs in investment and pensions are the ones that do the gardening. They include everything from stock broking to accounting and data management.

Baillie Gifford:Baillie Gifford are one of the biggest Investment companies in the UK. Their graduate scheme, for each year, closes on 30th November of the previous year.www.bailliegifford.com/pages/generic/

Careers/GraduateCareers/Investment/

Investment.aspx

schroders:Schroders offer graduate programmes and a ten week summer internship.www.schroders.com/graduates

standard Life Investments:They recruit throughout the year. The positions available change throughout the year too.www.standardlifeinvestments.com/

careers/graduate_opportunities/

index.html

DIRecTORYTHe


CITY & fInanCe | CASE STUDIESRW

Sarah Laughton

Marisol Hernandez Salazar ‘ If there are more lows than highs it’s because you are doing something wrong or you’re not in the right company ’

05 Degree: 2:1 Sociology Ba Hons – University of Bristol Job: Credit Coordinator

What do you actually do? I have just started a new role in Triodos Bank’s business banking department as credit coordinator. I sit within the credit team which, as well as overseeing all the Bank’s lending, looks after any high risk accounts.

I attend the weekly credit committee meetings where all our lending is agreed. It’s part of my role to manage the lending side of the Bank’s liquidity reporting, completing annual customer reviews to see how our lending customers are doing, as well as putting together some smaller new lending proposals.

I am also the UK branch’s representative for an impact assessment project which involves looking into ways that we can measure the positive social and environmental impact of our lending. as a sustainable bank, it’s key that we can quantify the wider benefits to people and the planet of the money we lend.

I’ve worked at Triodos Bank for nearly two years now. My first role at Triodos was in the customer services team, following by a year working as maternity cover for the business banking assistant, which gave me the skills and experience I needed to get my current role.

What skills do you need to do your job? as Triodos is a strongly values based organisation all co-workers need to have a strong affinity with the ethical nature of the Bank. for my role specifically, basic credit analysis skills, good inter-personal skills and ability to deal with customers from a wide variety of backgrounds are essential skills. accuracy, attention to detail and a systematic approach to organising workflow are key to the role.

How did you know you wanted a career in finance? I didn’t actually intend to pursue a career in finance. When I left university the only thing I knew was that I wanted to work for an ethical organisation that I could be proud to be part of. Having done voluntary work throughout my time at university I

wanted to work in the third sector as, at the time, I thought this was the area where real social change happened. But with little to no graduate training schemes on offer from these types of organisations I registered with an ethical recruitment agency who put me in touch with Triodos. Would you undertake further training to further your career? When I moved to business banking I went on a credit analysis course to learn the basics of understanding and analysing customers’ accounts. as I am still so new to working in finance there is still so much that I can learn, both through on the job training from those I work with and external training.

Degree: MSc financial engineering, Birkbeck College (University of London), currently taking a PhD Student in economics (Risk Management), (Birkbeck College University of London)Job: fund analyst What do you actually do? I work for a Consultancy firm, as a part of the fund’s research team; we do due diligence and hedge funds rating for institutional clients. What skills do you need to do your job? To like the job and enjoy it every day, have a positive attitude and open to learn, even from your mistakes.

How did you know you wanted a career in finance? The experience in finances is a means to an end, I am very interested in ethical and SRI (Socially Responsible Investments).

How rewarding it would be if every investment we make will give you not only a profit, but also it would make a life difference to others?

Would you undertake further training to further your career? I only take courses that I know they add value to what I want to do in life, that’s why I am so pleased to have taken the amplify course, it has helped me in my career by giving me work experience in exactly the right environment employers are looking for.

What are the high and low points of your job? I enjoy and celebrate the high points, if there are more lows than highs are because:• You are doing something wrong• You are not in the right company• There is something more to learn

and improve

What advice would you give graduates who want a career in finance? finance offers a broad range of options. focus in the area that most interests you, get experience in that area and have a clear goal to where would you like to go, believe in yourself, check for the companies who can offer you valuable experience and learn from the best ones, we need more people who can make the difference.

What are the high and low points of your job? I really enjoy the contact I have with customers, who share my commitment to social and environmental change. I like finding out what our customers are achieving with the money we lend and the difference that it is making. My previous role involved a lot more administration, which isn’t as enjoyable. What advice would you give graduates who want a career in finance? I would say that with graduate jobs getting scarcer, consider going for jobs for companies you want to work that maybe aren’t exactly what you want to do longer-term. It will still provide you with good experience and will get a foot in the door to progress further.

06

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CITY & fInanCe | CASE STUDIESRW

Soteris Nicolaou

Stuart Hutchinson

‘ As I am a recent graduate, I want to get hands on experience and me role is offering me plenty of that ’

‘ The high points of my job are lots of private equity, prestige and the travel ’

07

08

Degree: Ba in Computer and electrical engineering, The University of athens; MSc in Mathematical Trading and finance, City University London Cass Business SchoolJob title: Derivatives analyst What do you actually do? I am a member of the Credit Vanilla Tactical Team in Soc Gen in London. as a team we provide front office support and solutions to the credit derivatives desk. What skills do you need to do your job? Besides the obvious, good programming skills, good communication is vital and financial understanding is crucial. as we have to work under tight deadlines and a stressful environment being able to stay focused and providing reliable solutions is very important. How did you know you wanted a career in finance? I knew that I wanted to do IT. But the finance part came half way through my undergraduate degree. I had taken a couple of finance modules offered through my course program and I really enjoyed them. Since then I was

Degree: economics, aberystwythWorked for: Cambridge associatesJob title: Consultant What do you actually do? I analyse and produce investment reports for large institutional clients. What skills do you need to do your job? analytical skills – an understanding of markets and investments, an understanding of private equity, as well as stocks and bonds. Very analytical and market based. How did you know you wanted a career in finance? an end of university. I always had a passion in economics and markets. Lead to investment management and finance. Would you undertake further training to further your career? I would undertake further training with amplify Trading and the Cfa, chartered financial analyst qualifications. What are the high and low points of your job? High’s: working with such sophisticated institutional investors, lots of private equity, very prestigious and the travel, going to Washington DC Low’s: none at the moment. What advice would you give graduates who want a career in finance?• Get as much hand on experience

as possible• Read industry trade magazines• Books on the industry• Immerse themselves in the industry• Get into it at an early stage• Get internship• Found them through a financial

careers web site.

planning to get an IT job in finance. I find the financial markets very interesting and from my job point of view someone could really use his skills and innovation to make a difference. Would you undertake further training to

further your career? at the moment I don’t plan to take any training.

as I am a recent graduate, I want to get hands-on

experience and my role is offering me plenty of that. What are the high and low points of your job? Working long hours is the major setback but on the other hand sitting on the trading floor

you get lots of exposure to the financial

markets which you could potentially use for a career

path change in the future. You also get satisfaction from

the fact that a tool that you have developed is ‘”making” for the bank. What advice would you give graduates who want a career in finance? In my opinion, identifying what exactly it is that you want is the first step. The finance career market is huge so graduates need to focus on a smaller range of potential career paths. I chose to do IT in Investment Banking.

Secondly, solid finance knowledge and understanding is very important (both, at recruitment process and at your job). So, I would advise that students targeting careers in finance to consume every available finance resource offered by their undergrad or postgraduate courses.

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New perspectives on finance

If you’re interested in a career in � nancial services, why not consider the regulatory perspective? As we emerge from the biggest � nancial crisis in recent history, the need for strong regulation has never been greater.

The Financial Services Authority (FSA) is the UK’s main � nancial services regulator. Our remit is to maintain the stability of the � nancial system, protect consumers and support the wider economy. It’s a tough job, but incredibly fascinating – and you’ll be joining us at an exciting time as regulation undergoes signi� cant change.

Our graduate schemes will give you a thorough insight into the regulatory framework and the evolving � nancial services sector. Bene� ting from extensive training including

a number of rotations across our organisation, you’ll very quickly see how your work safeguards the interests of consumers, influences the way financial institutions operate and champions fair markets.

As well as a general Graduate Development Programme, we offer specialist Actuarial, Management Accounting and Prudential Risk schemes. In all cases, we look for a 2:1 or above in any subject, an analytical and results-driven approach, commercial awareness and the skills to build e� ective working relationships. Undergraduate summer internships/placements and MBA internships are also available.

Take a closer look at � nancial services regulation. Go to www.fsagraduates.com/rw from where you can apply.

Graduate Schemes

city and finance special edition 2011

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