Finance Special 2009 by Real World

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Contents IN THIS 2009 issue

On the cover

P12

P36

Upfront

Features

8 Strategies for success Going for that big job can put you up against hundreds of other highly qualified graduates, all just like you. Leading careers author John Lees tells you how to stand out from the crowd.

12 First find your lightbulb Could one of your ideas become the Next Big Thing? Mike Harris, founder of Egg internet bank, and co-founder of First Direct, talks to Real World about how to turn your ideas into reality.

10 Summing up Attending interviews can be nerve-wracking enough without the added stress of being asked to do sums, but thatâ&#x20AC;&#x2122;s exactly what you will be asked in a Case Study interview.

14 Money matters With the credit crunch biting deep we explore if graduates should be looking to enter this sector, and look at which areas are still in need of new graduate recruits. 16 Take it to the bank There's more to banking than the high-fliers in the City. We look at other opportunities within the banking sector, and talk to people already in banking. z 22 Insuring your future Insurance may not have a glamorous image and is often overshadowed by other areas of finance, but it can offer a steady and varied career. z 26 Going for broke Times may be hard, but people are still drawn to the excitement and lucrative career of stockbroking. Real World gives you the inside line. 28 Taking account Accountancy has shaken off its boring image and is now seen as a career with a weath of opportunities. Our case studies explore exactly what accounts do. z

36 The magic numbers What do actuaries do? If you havenâ&#x20AC;&#x2122;t got a clue, then this feature will give you the inside line. 38 Alternative jobs Our case studies demonstrate the huge variety of positions available in the sector. 40 Guarding the purse strings Corporate treasury is still a young profession, but is developing a name for itself as the fun side of finance. 44 Well Managed Management Consultants help companies maximise their potential, but do you have the skills to take this career to the max? z 50 Postgraduate study Should you invest in your career prospects by going on the postgraduate study? We explore if postgrad is really for you. z 58 Recruiter Files A round-up of engineering & technology firms with jobs on offer and universities offering courses that will help you progress in your career. Jobs in your inbox For hundreds more graduate jobs have a look at our website: www.realworldmagazine.com. Register and receive the latest jobs by email.

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1 PROGRAMME 2 QUALIFICATIONS NEWCASTLE BUSINESS SCHOOL â&#x20AC;&#x201C; MSC ACCOUNTING AND FINANCE. Developed in conjunction with ACCA, an MSc in Accounting and Finance from Newcastle Business School is not only an academic qualification, but is a fast track to an ACCA professional qualification. Other programmes in our financial portfolio are:

MSc Financial Management in Business MSc Global Financial Management For details, visit www.newcastlebusinessschool.co.uk or telephone 0191 227 4433

City &

Finance Editorial Editor Dee Pilgrim Designer Yang Ou Feature Writer Hannah Davies Online Brett Singer

Sales Paul Wade Harmesh Sansoa Terry McNally Mitul Patel

Marketing/Distribution Manager Poonam Sharma

Client Services Manager Marie Tasle Managing Director Darius Norell Real World 22-26 Albert Embankment, London SE1 7TJ Telephone: 020 7735 4900 Editorial – 020 7735 2111 Fax: 020 7840 0443 info@realworldmagazine.com www.realworldmagazine.com for job vacancies, careers advice and case studies. Copyright © 2008 Cherry Publishing. 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.

EDITOR’S LETTER

Money-wise

ith the collapse of Lehman Brothers, Merrill Lynch being sold to the Bank of America, the government’s bailout of Northern Rock, the credit crunch on everybody’s minds, and a recession looming, you may feel now is not such a good time to be contemplating a career in City & Finance. It is true certain City firms are cutting back on or even suspending their recruitment, which means competition for the few places available will get even fiercer, and only the most talented of new recruits will make the grade and get jobs. However, this could benefit those candidates. As Sam Rees-Adams, Director of Education at Financial Services Skills Council states in the introduction to this issue: ‘This is a difficult time for new employees to enter the sector…but those who do manage it, and develop quickly, wil have a strong advantage.’ When people think about the financial sector, it is the image of brokers and other big City hitters with their huge bonuses that usually comes to mind. However, with the financial landscape now changing, this most visible tip of the sector is losing its glamorous image and it is the less flamboyant roles that offer greater career stability. In fact, it is these other areas that are proving inflation-proof, offering steady employment. According to the Financial Services Skills Council (FSSC) there are staff shortages in the insurance sector, in wholesale banking, and in asset management at present. In fact, the specialist insurance division of Hays recruitment consultancy in London recently announced that despite general trends in the job market, in July this year it experienced a record month for introductions of permanent candidates into the insurance marketplace. That’s why in this issue of Real World we are exploring what really goes on in this and other less talked-about areas. Up front we’ve got advice on performing well at interview, on tackling numeracy tests, and an interview with Mike Harris, founder of both First Direct and Egg banks, explaining how you too could make it big. Finally, we’ve got loads of case studies with people already working in the financial sector, so you can see what it’s really like out there. If you haven’t visited our website at www.realworldmagazine.com yet, then you really should. Not only will you find more news, views, and those all important job advertisements. but you can also register your details with us in order to access everything from a personalised university page, to a fortnightly round-up of the latest news affecting your job hunt, and most importantly tailored job alerts sent directly to your inbox.

Dee Pilgrim, Editor dee@realworldmagazine.com

Contributors HANNAH DAVIES Hannah Davies took German and Russian at Cambridge. She stayed on to do an Mphil in European Literature before becoming a journalist. She joined the Real World team in 2007 in the position of editorial assistant, writing features and conducting case studies.

MADHVI pankhania Madhvi is an English graduate from Somerville College, Oxford. She worked for the Student Union as a sabbatical officer before joining the Press Office at Real World Magazine, working on the Real World Awards.

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strategies for success| interviews

is evidence of something I have actually done. Let me tell you how I did it and what I actually achieved.” So The Apprentice Trap is where you get people coming up with a fantastic list of adjectives, whereas what is much more important is talking about actual experiences.’

Strategies for success Job interviews are one of life’s most stressful situations. Here careers strategist and leading British careers author, John Lees, offers his advice on how to succeed at interview.

‘S

WORK EXPERIENCE ‘All the graduates I see make the mistake of underselling their work experience; they usually park it on page two of their CV. Most employers want to know what you have actualy done and even if it was just a Saturday job, talking about what you learned, and the skills you used is information you should lead with. What most employers are looking for is demonstrated motivation, because every graduate says “I am highly motivated and a self-starter”, but that is meaningless. What they are realy looking for is evidence of you actually doing something. Whether it is voluntary work, or organising a trip abroad, it does not matter. Just being able to say “I decided to do something and occupied my time fruitfully,” that’s the difference between an average and an above average candidate.’

election procedures have got more complicated and more extended, so preparation is key. Because most graduates don’t have good CVs there is far more trawling that goes on. The first ‘sift’ or rounds of interviews are very much a case of just looking at people and if you are not getting positive messages across and you are not coming over as enthusiastic in the first five minutes you are probably never going to get there.’

DUMMY RUNS ‘Get someone to run through an interview with you, asking the kind of questions you know will come up: “why did you take a gap year? Why did you decide to study this subject?” Park short, positive responses to them all at the back of your mind so you can answer immediately. If you know what you are going to say you can concentrate on getting on with the people in the room

PREPARATION

and building a relationship with them. Most definitely think about what you will answer if they ask what your weaknesses are

‘If someone has an interview and is panicking, my normal reply is to take two steps back. First thing to do is find out what you have already done right; what information you have already submitted has got you that all important interview? A lot of graduates have no idea what is already working for them. ‘The second thing is to do twice as much homework as you think is necessary on the company and the role, so you have a working checklist in your head of what you think this employer is really looking for. ‘These are the only two bits of preparation that really matter The core is what are they looking for? And have you got short, readily available answers and examples that match what they are looking for, with some real evidence of achievement.’ THE APPRENTICE TRAP ‘Too many graduates concentrate on their behaviour and not on the content of what they are presenting. All you ever see on The Apprentice TV series is people telling Sir Alan Sugar “I am the greatest”, what they never show you is people saying “and here

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because making it up on the spot can be very dangerous. The best answers are about weaknesses that are allowable in a work context, such as being a perfectionist. That’s just another way of representing a strength.’ FINAL THOUGHTS ‘You should go into every job interview as if it is the most important in the world; throw yourself into it 100 per cent. If you don’t get it remember there are lots of arbitrary reasons why employers make decisions that have nothing to do with your interview performance.’ John Lees is a leading British career coach and author of the best-selling books, How to Get a Job You’ll Love, Take Control of Your Career, and Why You? CV Messages to Win Jobs. He is also co-author (with Matthew J. Deluca) of Job Interviews: Top Answers to Tough Questions (McGraw-Hill, £9.99, July 2008). We have five issues to giveaway to the first people to send their name and address to dee@realworldmagazine.com n

Photography: © iStockphoto.com

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summing up | interview technique

summing up Attending interviews can be nerve-wracking enough without the added stress of being asked to do sums, but that’s exactly what you will be asked in a Case Study interview.

Get yourself in a numbers mode Get yourself thinking mathematically before the interview. Do some excercises to get those grey cells operating at full speed: •D o all the multiplication tables again for the numbers one through to 12. •D o some online numerical reasoning tests (there are a few free ones available on the web, such as http:// www.assessmentday.co.uk/ aptitudetests_numerical.htm) •O pen your school math books and try some of the excercises. If possible, re-learn the old paper techniques you learnt – especially for subtraction and division. If you want to go all the way, then fully surround yourself by numbers in the days before the interview.

solving skills, calculation, creativity. Not to mention your nerves. Fortunately, the

If a sum looks hard, separate it into intermediate steps that are easier. Never

guesstimate code can be cracked.’ Here are Arthur’s top tips.

let the numbers get the better of you. Also, when you find yourself taking more

Make the math easy Round up or down as much as you can.

than five steps to get to an answer, alarm bells should go off. The numbers are all precooked, and getting the answers really shouldn’t take longer than a few minutes. ‘Don’t complicate matters unnecessarily,’ Arthur advises. ‘They’re not looking for a whizzkid – they have computers and calculators to do the difficult math. If you need to know the UK population, assume 60 million. Trying to look clever by stating it’s 61 million will make you look stupid when you have to divide 61 by something.’ Put it on paper When you’re nervous, even the simplest sum will seem impossible. Putting all the

‘

the key to succeeding at case study interview is all about preparation.

’

figures on paper will help you calm down. Carefully write out all your steps – if need be number them. Double check Once you’ve done the sum on paper, go back to the start and check it again. Make sure you’re absolutely certain of the answer and the method before you give a definite number to the interviewer. Says Arthur: ‘If I had a penny for the number of times I messed up an interview due to a tiny mathematical oversight…’ Check for scale Does your number make any sense? Say you’ve just calculated there are 400 million dish washers in the UK, and carelessly use that number in further calculations. What’s the interviewer going to think? It’s important you check for scale regularly, so as to ensure your numbers conform with reality. As one graduate recruiter puts it: ‘It does not matter if you got the calculation wrong, what matters is if you notice your error, and more importantly HOW you notice your error. ‘There are no good answers, only good methods. It’s not about the actual answer it’s about the path you take in getting there.’ n

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Photography: © iStockphoto.com

anking firms and consultancies are increasingly using Case Study interviews to test candidates’ analytical skills and logical thinking capacity, and part of this process involves ‘guesstimates’. These can be both quantative and qualitive questions along the lines of ‘how many units are there in…?’, or ‘what is the market for….?’ Don’t let these leave you in a blind panic, the key to succeeding at Case Study interview is all about preparation. In his book The Complete Guide To Case Study Excellence, Arthur Krebbers, co-founder of ‘Generation 2 Generation’, states: ‘Guesstimates are an interviewer’s favourite tool. They separate the wheat from the chaff. They test you on all sorts of levels: reasoning skills, problem-

FIRST FIND YOUR LIGHTBULB Ever had a Eureka! moment when you’ve thought of an idea that could change the world? If so, and you’ve never taken it any further, read on to discover how you could turn your lightbulb into the Next Big Thing.

find your lightbulb | mike harris

Photography: © iStockphoto.com

ike Harris is used to having good ideas that ping on in his brain. He was founding CEO of First Direct, and also founded Egg – the first major UK player in internet banking. He’s currently Executive Chairman at Garlick, a web service allowing individuals to manage and protect their digital identities, but also has found the time to write Find Your Lightbulb: How To Make Millions From Apparently Impossible Ideas, which takes a practical and inspirational look at how to turn your business dream into a reality. ‘I think the world if full of ideas,’ he says, ‘but people have them and then never do anything about them. This is probably for two reasons: people don’t know where to start; and secondly not everyone has the drive, the commitment, and the stamina to make it happen.’

about getting the money to make it happen? ‘Never, ever go to banks for start up money,’ says Mike. ‘If you are designing a new product you need to go to the venture industry. A good place to start is with business angels (rich individuals who like to invest early in new ideas). Make sure you approach them in the right way; you want to ‘sell’ your idea in such a way that they go “wow, that’s different!” You will need a business plan but it doesn’t have to be that detailed. Be prepared to dilute your company; they will usually ask for ten per cent. The second route is what I call the bootstrap root – this is when people use their own money to invest in their idea, or money from friends and family, and you spend what you can raise – although this method will probably take longer to bring your idea to fruition. ‘I’m touching wood as I’m saying this but paradoxically now is quite a good time to start with a new business idea as people are still looking for new ideas, so get your foot in the door now.’

HOW BRIGHT IS YOUR LIGHTBULB? But, how can you tell if your idea is actually a good one? ‘Quite often people don’t recognise when they have had a good idea,’ explains Mike. ‘People spend a lot of money on ideas and so one of the things you have to consider is does the idea meet unmet consumer needs? There is a process you can use called Customer Insight which shows whether or not your idea meets a real need. So how do you rate just how good your idea is? You need to go out and talk to people about it. If 16 people are supportive, that seems to be an indication that it is a good idea. If you get no reaction from people that tends to mean the idea is too complicated and people don’t understand it, or that it is too simple and it is never going to change anything.’

WHAT TO DO NEXT Mike offers the following tips for all budding entrepreneurs: ‘Talk to as many people as possible and don’t get hooked on the idea as you initially conceive it because if it is going to be a success it will evolve. Don’t get bogged down by criticism. It’s not that you ignore criticism, but what you will find is the feedback you get will help you shape the idea. That means you really have to listen to what people are telling you and the more you talk about it the clearer what you need to do will become. ‘It’s also very important to express enthusiasm for your own idea and infect other people with that enthusiasm. You need to start up a network of interest in your idea. Listen very carefully to what people say and when you are ready, do something. The best thing is to find a partner, because you can’t do it on your own, it is much better to do it in pairs. Venture capitalists

WHERE SHOULD YOU BE LOOKING?

are much more interested in pairs than individuals. The reason for that is you need to find someone whose skills and strengths

Mike’s advice to graduates who don’t have experience of industry yet is to approach new ideas as consumers. ‘As

complement your own. Quite often that is one creative person and one practical person, or one marketing person and one

consumers what product doesn’t exist that they would like to see exist and many of these products will be on the web. Take, for instance, Jamie Murray Wells, who founded Glasses Direct which he started when he was still a student. He asked himself, “why do glasses cost so much?” and then he thought of a way to deliver glasses that would be cheaper. Thinking as a consumer is the way many big entrepreneurial success stories have started. ‘Another place is internet technology. Think about the phenomenal rise of the social networking sites. Also the growth of the ethical market has seen some great ideas. Both rationally and emotionally the ethical sector just makes sense. These companies are seen to have integrity. I really like the company and concept of Innocent (fruit smoothies) because not only is it a great idea, it’s also a great product.’

technical person. Ultimately, you have to have belief. What you are looking for is someone who has the vision, and then someone who can make it happen.’ Mike believes that sometime, somewhere in the next five years someone is going to have a great idea for greener energy. He himself never stops having ideas and acting on them. ‘I start thinking about my next great idea when I know the project I’m already working on is going to be successful,’ he explains. ‘I like creating something out of nothing and when it has got unstoppable momentum I don’t enjoy the process of managing the company, I enjoy creating.’ n

SHOW ME THE MONEY So, once you’ve decided your idea is great, how do you go

Find Your Lightbulb: How to make millions from apparently impossible ideas by Mike Harris is available as a paperback original to buy now, £12.99. However, we have five copies to giveaway. Just send an email entitled Lightbulb ideas with your name and address to editor@ realworldmagazine.com

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MONEY

MATTERS With the credit crunch biting deep and financial markets around the globe in seeming freefall, now may not be an ideal time to be entering the financial sector. But our modern world just canâ&#x20AC;&#x2122;t function without bankers, accountants, and dealers, and if youâ&#x20AC;&#x2122;ve got what it takes to succeed in the bad times, then you should be able to excel once the bust is over. 14 RW WWW.REALWORLDMAGAZINE.COM

FINANCIAL SECTOR | INTRODUCTION

ccording to the Financial Services Skills Council (FSSC) report The View From Europe: Productivity & Change In The UK Financial Services, the financial skills sector generates over eight per cent of UK GDP and employs more than a million people in around 35,000 companies. The industry has out-performed the wider UK economy and the wider business services sector, mostly because of superior use of technology and skills. It has consistently out-performed its European rivals and has, since the year 2000, caught up with financial services in the US. Demand for high-level qualifications (at degree level and above) has increased dramatically and consistently since 1970. By 2014, financial services could become more dependent on highly skilled staff than any other industry apart from education, in a shift that could see as many as 41,000 low value-added roles replaced through investment in high-level skills, or the use of technology. A modest estimate based on past trends would suggest in 2014, financial services will pay a larger share of its wage bill to the highly skilled (56 per cent) than any other industry apart from education. Sam Rees-Adams is the Director of Education at FSSC. She acknowledges the industry is going through a rough period. ‘This is a very difficult time for new employees to enter the sector,’ she concedes, ‘but those who do manage it, and develop quickly, will have a strong advantage. Experience of responsibility during financial crises and poor market conditions is highly prized in most financial services sectors.’ TRAINING The report acknowledges the importance of investing in training. Skills will continue to be an important contributor to growth in the industry for the foreseeable future. Investments

Photograph: © iStockphoto.com

in IT are possibly the most important driver of the demand for higher-level skills because once embedded into a company’s

advancement is as likely to be horizontal as vertical for most people. Many employers and certainly all of the larger employers, have highly structured formal training programmes in place aimed at personal development. Increasingly, companies hoping to grow their future leadership invest in fast-track schemes that take new entrants (usually graduates) through. Because of this Rees-Adams says the skills graduates need to bring to the sector are: ‘high levels of numeracy, attention to detail, strong presentation and communication skills, the ability to manage and develop client relationships, and the ability to perform under pressure, and recover from setbacks. Ultimately, employers have told us that staff attitude and commitment will be more important to the sector’s continued success than any particular technical knowledge the staff may have.’ Currently, there are staff shortages in the insurance sector, in wholesale banking, and in asset management. Apparently, many employers will poach staff from other companies and this is not helping to increase the overall numbers of professional employees. One new initiative it is hoped will increase the numbers of well-trained staff is Apprenticeships, and other ‘train while gaining’ schemes – where you train while being employed by a company. All this means that although the financial sector may be facing many redundancies, it should weather the storm. As Rees-Adams sums up: ‘It’s very hard to predict

‘

EXPERIENCE OF RESPONSIBILITY DURING FINANCIAL CRISES AND POOR MARKET CONDITIONS IS HIGHLY PRIZED IN MOST FINANCIAL SERVICE SECTORS.

’

work practices, IT innovations trigger strong investment in high-level skills. But it’s not just IT skills companies are investing

how future growth will be affected by the current credit

in. Says Rees-Adams: ‘Financial services is a specialist industry. Many of the technical skills prized by the industry require training at a very high level in order to be developed. Financial services employers generally prefer to train in-house. As with many other sectors, most of the learning going on in a given workplace is ad-hoc, but financial services employers, especially larger ones, generally tend to invest in structured training. Our estimate is that the sector spends about 3.4 per cent of its annual wage bill directly on employee training – but when all other indirect costs are factored in, the actual investment is more than three times that.’ Apparently, research by Lifelong Learning UK found staff in banking and insurance are more likely to change roles, aided by relevant training, than their counterparts in all other sectors. Financial services companies are always trying to become leaner and flatter, and thus any given step in career

crisis. Our best forecasts currently suggest that asset management and broking activities will grow fastest over the next two years, increasing employment by 3.3 per cent per year. Investment and unit trusts will follow at 1.9 per cent. The key driver in the growth of investment services is demographics, as an increasingly wealthy, ageing population seeks better returns on their savings. That said, these sectors do not employ very large numbers: the major employers, retail banks, are expected to increase employment at a more measured rate of 1 per cent per year.’ The Financial Services Skills Council (FSSC) is an independent employer-led organization set up to improve productivity and business performance by ensuring the industry is equipped with the range and level of skills it needs. www.fssc.org.uk 

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O T T I E K A T K N A B E H T

Working in the City as a high-flying banker used to be the dream for many graduates, but the credit crunch now means getting a foot in the door is almost impossible. However, the City is not the only place you find bankers, and if youâ&#x20AC;&#x2122;ve set your heart on this sector, there are plenty of other opportunities you can explore.

banking | introduction

Photography: © iStockphoto.com

any graduates have been attracted to banking, and especially investment banking, because of the high salaries they could earn. Because of this, applications for banking jobs and internships have always outstripped the supply, and so graduates had to be really determined and focused to succeed. With the recent dramatic downturn in the sector this is now doubly true. For a start, you are going to have to have an excellent academic record with most banking institutions specifying a 2.1 or higher degree. It doesn’t necessarily have to be a degree in mathematics, but graduates who have studied accountancy, law, business studies, or economics may find they have an edge over other candidates. Just as important as your academic results are your soft skills, with recruiters looking for people with excellent communication skills, numeracy, time management, and the ability to be a team player. You also need to look smart and professional. Increasingly, language skills are coming into play as the major banks look to expand their overseas business. Recruiters will also be looking for drive, determination and ambition; they want people who are hungry for success, and so you will have to demonstrate your interest and knowledge of financial

financial services fuelled, through recruitment and training, a £3.7 billion market for skills. Graduate training programmes in the banking world usually last for two years and include on-the-job training through a number of attachments at different branches and regional head offices. These are supported by in-house courses in areas such as leadership, customer services, IT training, and management. If you believe you have what it takes, then the next step is to decide which area of banking is for you.

markets. One of the best ways to do this is to read the Financial Times, The Economist

but for Managing Directors bonuses can make up 80 per cent of their total

clients are looking for is discretion and integrity from their banker and so you

and the Wall Street Journal, and keep track of what is happening with stocks

earnings. The range of typical starting salaries is £31,529 to £41,765. The average

need exceptional people skills in order to build the close relationships you must

and shares. Finally, if you don’t succeed at first, try, try again. Many people in the sector apply for several jobs before they are accepted. Once you’ve got that all-important first job, you are going to have to buckle down to even more learning as training within the banking sector is continuous. According to the report The view from Europe: Productivity and change in UK financial services, by 2014 financial services will rely more heavily on high-level skills than any other industry, except education. In 2004, the total premium paid for high-level qualifications increased by nearly £1.4 billion, and the total premium for medium-level skills increased by another £2.3 billion. This suggests that

starting salary is £36,647. This may rise to £50,000 within a couple of years. After three or more years, salaries can be in the range of £48,000 to £70,000. Those with significant experience can earn around £150,000.

have with them. Jobs in this area include client advisers and portfolio managers, who may well look after their clients’ stock and share portfolios. Relationship managers are charged with bringing in new clients and work with a team that researches and analyses data on potential investments. Hours in this area of banking tend to be longer because clients are paying a premium for your time, and so expect you to be available whenever they want you. You may also have to travel in order to have meetings with clients. Once again, pay is usually performance-related and salaries can reach £150,000. n

INVESTMENT BANKING This area was where the really big bucks in banking used to be made. Getting in has always been difficult, but now jobs in investment banking are like gold dust. Careers within this sector can be very stressful with plenty of pressure and long hours. You will have to keep up with stock market conditions and economic trends in order to deal with everything from mergers and acquisitions, to dealing with private client portfolios. You’ll be advising your clients about their investments and tailoring funds to suit them with half-yearly investment reviews. Investment bankers often work 100 hour weeks, working over the weekend when they have big deals to close. Salaries are typically made up of a basic wage, supplemented by a performance-related bonus. For new trainees the breakdown is usually 50/50

RETAIL BANKING The UK retail banking sector employs over 330,000 people and looks after 130 million bank accounts, and the range of jobs available within it continues to grow. These days it is not just about cashiers and bank managers, but also IT specialists, people with HR skills, customer service skills, and specialists in law. Retail

banking refers to the major High Street banks most of us have accounts with. People who work in retail banking look after customers’ current and savings accounts, mortgages, and overdrafts. They may advise customers on the benefits of certain of their financial products, including savings schemes and insurance. Because of this you’ll need excellent customer-facing skills to work in the sector. You also need good IT skills as so much of banking these days is automated. Retail banking tends to be less pressurised than investment banking and the hours are definitely shorter, but the rewards can still be considerable. As in investment banking, many employees in retail banking have performancerelated bonuses as well as a basic salary. Many of the retail banks’ graduate training schemes offer starting salaries of between £20,000 to £25,000, with bonuses, and access to preferential rates on the banks’ products. High level bankers can expect to earn £100,000 or more, depending on their experience and responsibility. PRIVATE BANKING Jobs within private banking mirror those at the major High Street banks, but their clients tend to be extremely wealthy individuals. They may own their own businesses and need advice on everything from their tax bill, to foreign currency deals and exchanges. What

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banking | case studies

the characters and personalities that makes my job truly enjoyable. The most challenging part of my job is constantly having to adapt and respond to new environments. I thrive on this challenge but it can be testing at times. Often new issues emerge on a daily basis and your plans for the whole day get thrown completely out of the window. This is a challenge but an enjoyable one because it makes life more interesting and keeps me on my toes. The worst part can be when I have less work to do – because I am a person who likes to be kept busy. Although, on these rare days it is a good chance to catch my breath and enjoy a more sedate pace.

Hannah Sanders Age - 22 Degree and University - University of Birmingham: Money, Banking and Finance from the Department of Economics Job Title - Corporate Graduate, Customer Service and Communications Specialist, Nationwide What does the job involve? It is a graduate scheme that lasts for two years. I am currently a year into the programme. As a Customer Service and Communications Specialist I spent eight months in Nationwide’s Press Office and will return to the Press Office for my final eight month placement. It was a very exciting placement where I was able to learn a lot about Nationwide’s wide range of products and how important brand messaging is. I also had the opportunity to meet many different Personal Finance journalists from all over the country who write for national and regional newspapers. During this middle eight month placement I am working in a department that works on special projects that stretch throughout Nationwide. What was your motivation in choosing this career? I really wanted to work for a company that sees me as a person and not just a number on a payroll slip. To me that is very important and Nationwide really does look after its employees and treat them as people and not just a number. The Nationwide Management Development Programme (NMDP) offered me exactly what I was looking for: structure, a variety of courses to develop my skills, access to many different departments to increase my knowledge of business and a choice in where I could spend a portion of my two year placement. What do you most like about your job and are there any downsides? The most enjoyable aspect about this job is the people! I am fortunate to have integrated into two fantastic teams in each of my placements. They make coming to work fun and full of laughter. I enjoy the variety of work I do but it is also getting to work with all

What advice would you give to readers considering a job in your field? If you are considering a job within the financial services, do your research. There are many organisations in the UK and around the world so decide on what you want them to give you. It is as much about you as it is the company. Fully research the departments because one organisation can provide many opportunities due to the wide variety of work it has to do in order to function as a business, from auditing, marketing and communications, to risk. Above all, apply to companies you really want to work for, it really makes a difference.

‘

be organised -there are always many things to do, so create a system with which you are comfortable in order to make your day as productive as possible.

’

Laurence Freeman

Age: 23 Degree and University: Politics and Sociology at the University of Exeter Title: Barclays Commercial Banking Graduate Scheme What do you actually do? Currently I’m on my first placement as a Commercial Banking Assistant Manager. I provide support to a Barclays Relationship Manager by helping a portfolio of clients, by providing solutions to meet their financial needs. Were you always interested in this area as a career? As a student, I never thought I’d go into financial services, but having graduated I did temporary work that whetted my appetite for banking. I made sure I took opportunities to do more work experience in the area to

increase my understanding of what financial jobs entailed. How did you find out about this particular career/job? I suffer from dyslexia and so got in contact with Employability. They sent me an email about Barclays Commercial Bank Summer Internship, for which I applied. After my interviews, the Graduate Scheme staff offered me a place on the programme and I jumped at the opportunity. What do you like most about your job and are there any downsides? The two things I really love about my job are the people and the opportunity to be part of a global organisation. However, you can get issues that are outside your remit, but as the contact point for your client, you must take ownership. This can be frustrating at times, as how ever hard you try, you are ultimately waiting for someone else to help you deliver a solution. What do you think are the most important skills/strengths you need to make a success of what you do? 1. Good people skills/networking – Whether you’re talking to a client or colleagues it is important to build relationships. It will make your working day more enjoyable and effective if you can rely on people and they in turn can rely on you. 2. Be organised – There are always many things to do, so create a system with which you are comfortable to make your day as productive as possible. 3. Up skill – Take every opportunity to learn more. Even if it seems mundane at the time, many things will pop up in the future. What would be your best piece of advice for graduates wishing to come into this sector? Do your research. Some students tend to be blinkered about what financial services encompass: it’s not all about investment banking. There is a huge range of disciplines, each with its own job opportunities. I’d suggest that graduates should be prepared to look at as many as possible to find the one that suits them best.

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banking | case studies

Katrina Brown Age: 22 Degree and university: The University of Edinburgh, Mathematics with studies in Physics, Astronomy & Economics. Title: Trainee Management Accountant / Finance Graduate, RBS

What do you actually do? As part of the Finance Graduate programme I work in a variety of different financial roles throughout RBS. At the moment I work in Group Technology Finance and have a Decision Support role. This involves providing financial support to different areas within Group Technology, preparing and analysing financial data, and producing budgetary and forecast information on projected spend for the area. This requires attendance at monthly meetings with each division, and constant communication between teams. Why did you decide on the financial sector? I originally wanted to be a Doctor or work in the pharmaceutical industry, but a degree in maths soon changed these aspirations. It wasn’t until the end of my degree that I became particularly interested in the financial sector. The sheer scale of the different organisations and the vast breadth of opportunities which each presents really drove me to look further into a career within the financial sector. No two companies are the same, and within RBS alone the vast diversity of roles made me realise a vocation in the financial sector meant I could alter my career path as I progressed. How did you find your course? Through internet search engines, university careers service, and financial service sector presentations. Most large companies or professional education providers travel to most universities, so use this as an opportunity to find out if it’s right for you! Would you undertake further training in order to gain promotion? As part of the three-year RBS Finance Graduate Programme each graduate must complete a professional qualification in accountancy. I have chosen the Chartered Institute of

Management Accountants (CIMA) qualification, which requires three years of practical accountancy experience, and the completion of examinations. RBS offers graduates the opportunity to study for CIMA or ICAS (Institute of Chartered Accountants of Scotland) qualifications, and offers them the essential support needed to complete the examinations while working in the financial sector. What do you like the most about what you do and are there any downsides? The graduate programme at RBS is rotational, with six to nine month placements in many different areas of the business. Not only does this provide a vast variety of work and ever changing experiences through different placements, but each placement in itself provides diversity of work on a day-to-day basis. I am always working on new and interesting projects which provide me with an insight into the business and the way RBS operates. The diversity of work ensures everyday is different and challengine! It can be hard juggling full time employment with studying for professional qualifications, but RBS provides each graduate with study days and exam leave for every exam, allowing adequate time for revision but without disconnecting you from your business area.

increasingly using debit and credit cards?). This could feed into policy discussions on the future of cash and our relationship with the commercial cash industry. Or I might be working with the Bank’s cash centres on operational, helping them plan to make sure they have the capacity to store and destroy the old design £20 banknote as it is replaced with the new ‘Adam Smith’ design. I now work on the UK Forecast Team, helping to prepare the Monetary Policy Committee’s (MPC) projections for inflation and growth. I use my mathematical background to put a probability distribution around the MPC’s forecasts. The role has given me a fascinating insight into the heart of UK monetary policy.

Age: 25 Degree and university: Imperial College London, MSc in Mathematics and Computer Science Work Title: Started as a Note Issue Policy Analyst and is now Fan Chart Analyst at the Bank of England

Why did you decide to go into the Financial sector? I was drawn to the financial sector because it suited the skills I learned at university. But I also wanted to work in the public sector because the nature of the work – the chance to get involved in national policy – is very exciting. The Bank of England is a public sector organisation with a unique role in the financial sector, and so it suited me perfectly.

What do you actually do? My first job at the Bank of England was to help protect the public’s confidence in banknotes. The Bank does this by working with the commercial cash industry to make sure the banknotes in circulation are genuine and fit for use. Day to day, I was involved in a varied mix of analytical, policy, and operational work. I could be involved in anything from analysing trends in banknote usage (are people using cash more than they used to, or are people

Would you undertake further training to progress your career? The Bank offers many training opportunities. I recently went on a one-week course about banking and financial markets. But I probably wouldn’t want to leave work to do training full-time. I enjoy the excitement of my job and I wouldn’t want to be away from that for too long. And besides, I’m constantly learning as I’m working, and experience is probably the best training you can get!

Adam Brinley Codd

‘

my first job at the bank of england was to protect the public’s confidence in bank notes by making sure the notes in circulation were genuine.

’

What do you most like about what you do and are there any downsides? The Bank, compared to commercial banks, is a relatively small organisation. So as a new graduate entrant, you get given a lot of responsibility from day one. From early in my career, I’ve been involved in meetings with very senior management discussing strategies for conducting a national launch of a new banknote design, and withdrawing the old design as quickly and efficiently as possible. It is incredibly rewarding to work on a project which has a national impact, and it very easy to explain what I do to the people I meet! n

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INS YO URI FUT UR NG UR E

If you are contemplating a career in finance, but have never considered insurance, maybe itâ&#x20AC;&#x2122;s time to start doing so now. Even during times of recession, this is an area with a steady future and good finanical rewards.

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INSURANCE | INTRODUCTION

nsurance is one of the UK’s most important service industries and employs around 250,000 people. It also generated half of Britain’s invisible export earnings in the last five years, and yet it suffers from having one of the lower profiles in the finance industry. Colin Anthony is the Technical Pricing Manager at Zurich Insurance, and he says: ‘I think insurance is one area in finance that isn’t necessarily perceived as well as some of the others. Because it is such a generalised industry, it does get overshadowed by investment banking and other areas, and that is something we need to address.’

world. Some of my colleagues have worked in China, Switzerland, America, and South Africa. In that respect you have the opportunity not just to move upwards, but to experience different competitive environments, cultures, and problems. If you are working in the pricing side of the insurance industry you have to know so much about the whole process, if you are talented you can move around the world and be effective and add a lot of value.’ It can also be a very lucrative career with both underwriters and actuaries working in Insurance having the potential to earn upwards of six figures. However, you will need specialised skills to get on. You need to understand claims costs, investment, and all the legislative implications to make a success of this career. Insurance crosses all skill sets so you also need more people skills, fantastic communication skills and to be very personable, and

‘

INSURANCE DOES GET OVERSHADOWED BY INVESTMENT BANKING AND OTHER AREAS, AND THAT IS SOMETHING WE NEED TO ADDRESS.

’

commercially aware. Colin says the

what makes it a challenge. You have to apply mathematical, analytical, and

work/life balance in insurance is pretty good, with a 35 hour week as standard,

statistical techniques to solve the problems you are faced with in making the uncertain more certain. That’s the challenge we face in the industry and it makes it very exciting.’ Because the external factors can change from day-to-day, so too, can the products on offer. This certainly keeps your brain alert and is why the sector needs top class graduate recruits in order to survive. As Colin explains: ‘It can be a very steady job as it offers a good, strong career -- everybody needs insurance! If you can build on your knowledge you’ve got a career for a long time. Working for a global insurance company like Zurich is one of the huge selling points of jobs in this sector because you could end up all over the

although there may be times when you need to work longer hours. However, overall, he says he enjoys everything about his job. ‘I really do love my job; mondays are quite hard sometimes but I couldn’t imagine what it would be like to hate my job. The fact I can come in with a huge amount of experience, and a huge amount of knowledge, and yet still be learning every day from a management point of view, or a technical point of view, that’s what makes it exciting. It’s the fact you always have that challenge and that will never stop. I’m lucky enough that I have found something I really do enjoy.’  For more information go to Chartered Insurers Institute www.cii.co.uk

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Photography: © iStockphoto.com

Although generalised, there are three principle areas in insurance work: life insurance, general insurance, and reinsurance. Life Insurance is concerned with insuring people against premature death or permanent injury. Pensions and long-term investments contracts fall within the life category. General Insurance provides protection against damage to property, personal injury, and liabilities. Reinsurance is where insurers spread their risk by taking on their own insurance against claims. This spreading of risks accounts for a large proportion of the business which comes into the UK every year, and represents a growing area of insurance activity. ‘People traditionally looked at Insurance as quite boring,’ says Colin, ‘but the important thing is to realise the complexity of the products we are selling is enormous. What it provides is a real challenge to even the most mathematically-minded and intelligent individuals, because of its complexity.’ Colin says this makes it a very exciting and vibrant area to work in. ‘I’ve been in the industry 11 years and I still learn everyday, and because you have a constantly changing environment you have to keep up with what is going on in the legal world, with the weather and climate change, mortality rates, improving health. There is so much you have to keep up-to-date with it is an ever-changing environment, and that is

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insurance & finance | case studies

‘

over time you become very familiar with clients, their business, and their industry. it is fascinating to see how organisations work

’

Ben Mogford

Age: 22 Degree and university: Bsc in Economic History, London School of Economics. Job Title: Assistant Underwriter, Zurich What do you actually do? I am working towards the internal and external qualifications I need to become a full Underwriter. I work in Zurich’s Public Services division where we deal with County Councils, London boroughs, universities, police authorities and, my focus, housing associations. As an underwriter who deals direct with the customer (as opposed to through a broker) we find appropriate insurance products for our customers and analyse their particular situation when deciding on a price. Did you always want to work in finance? A job in the financial sector was a dream-cometrue; for once I’d be getting paid to sit at a desk. But it was also a chance to be a part of the UK’s most dynamic and successful sector. Banking, finance, insurance; these are what we’re good at, so it is quite exciting to be in the vanguard. How did you find out about your particular course? Most of my career research was done through the internet. I had decided I wanted to work in finance and insurance in particular quite early on in my university career. Whilst the career’s service at the LSE was good, I found that most of the information I needed was readily available online. My mother works

in the same industry as I do so most of the big players were already in my mind before I started to apply. Zurich, as one of the market leaders, was then an obvious choice and offered not only the graduate programme that I am on, but also the Global Associate Programme which offers applicants the chance to work in a variety of locations around the world giving them a macro-view of the company. Would you undertake further study to progress your career? I’m already doing it! Zurich generously pays for all of its employees to sit the exams proffered by the Chartered Insurance Institute. I am currently studying for the Advanced Diploma in Insurance which is the highest examinable qualification offered by the CII. This should take me about two years to complete and I think I will make a decision then on what further study I may require to further my career. Education has always been a large part of my life so I don’t think I could ever totally rule out some sort of continued structured learning. What do you like most about what you do and are there any downsides? My favourite feeling at work is the satisfaction of winning a new client. Tendering for new business is a time-consuming process for the entire team, whether we win it or not, so adding a new customer to the list just shows our efforts meant something. We go through very large peaks and troughs of business so the year can be a bit of a rollercoaster. However, there’s nothing like job security when you’re rushed off your feet. What skills do you need in order to succeed at what you do? These are probably what any employer would expect but you need to be a people person as you do get an alarming number of queries of a similar nature so it’s important not to get worn down by this. Analytical skills are a must too as a big part of the job will be pondering over information looking for the appropriate solution. Over and beyond all this it is important to be flexible in your thought processes as it makes your analysis more pertinent.

Stephen Leith Age: 29 Degree and university: University of East Anglia, Mathematics Work Title: Senior Manager with Grant Thornton UK LLP’s media and entertainment team. What do you actually do? We deliver financial reporting services and advise our clients on how to best grow their business. We pride ourselves on understanding our clients’ business and the sectors in which they operate. One of the main priorities of this role is developing and maintaining relationships with our clients. The ability to meet and even

exceed the needs of our clients is vital to our role and the service we provide. Another one of my priorities is growing and developing the team. There are many talented people at Grant Thornton and we ensure that training and development is available to them throughout their careers. Why did you decide to go into the financial sector? I was always interested in maths and business and so studying mathematics at university was a natural choice. While at university, I completed a number of internships at Grant Thornton to supplement my degree. I worked within a number of different capacities at the company and found that I really enjoyed the people aspect of audit and accounting and wanted to pursue a career in it. Would you undertake further training to progress your career? Absolutely, learning never ends. At Grant Thornton we have a dedicated training facility in Bradenham, Buckinghamshire, that is available to us throughout our careers. Training and development is embedded in what we do and it is vital to staying on top of your game. What do you most like about what you do and are there any downsides? Relationship building and working with clients over the long term is a part of my job that I really enjoy. Over time you become very familiar with clients, their business, and their industry. It is fascinating to see how different organisations work. There will be times when you have to work long hours but if you are committed and interested in the job and enjoy the work then it does not become an issue. The concept of work-life balance is championed at Grant Thornton, and so I am able to manage my time around other commitments in my life. What skills do you think you need to succeed? Being technically good is very important. Staying ahead of the competition and really knowing the sector you work in is also important. Again, relationship building is key, and to make it to the top you have to be a high performer in these areas. n

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GOING FOR Popular films based on the lives of prominent traders and stock brokers have given an edge of glamour and excitement to this particularly competitive career path. But you have to be prepared to put in a substantial amount of hard work and time in further studies before being in the position to buy and sell on the stock market. Madhvi Pankhania explores the sector.

here are around 13,000 stockbrokers in the UK whose job, primarily, is to manage and provide the best return for investments by trading stocks, bonds, shares and other financial products. There are typically three areas of service in the industry: Discretionary - managing client portfolios and trading on their behalf Advisory - providing clients with advice about investment options Execution only - buying and selling on instruction.

Stockbrokers can provide one or more of these services and in large companies there are roles for specialists who work in industries such as technology or finance. The environment in broking provides a unique and extremely pressurised atmosphere, rarely found in other finance jobs. The fluctuating market and the performance of companies that trade on it require brokers to communicate and analyse while making quick decisions to keep up with ongoing changes. This includes communicating with clients through the day, and updating them on market news and performance, instructing market traders, and speaking to investment analysts. Computers, along with telephones, provide the main avenues of research.

stockbroking | introduction

Photography: © iStockphoto.com

BROKE

The fast-paced nature of the job appeals to individuals who enjoy thinking on their feet. Kevin Barlow FSI, a trainee at Redmayne Bentley, one of the UK’s leading independent stockbrokers, says: ‘The main challenges are remaining calm and thinking clearly. Doing so enables you to remain focused and spot a potential investment opportunity. Another challenge is the amount of knowledge needed to be competent in your job.’ Most of those who end up in this industry and thrive enjoy the risks and challenges that stockbroking offers, and the satisfaction that earning money for a client can bring. Academic qualifications have become important markers for employers, which

they use to filter students. Most prefer a 2:1 or above at degree level, and preferably one which is finance related. Increasingly, postgraduate qualifications such as an MSc or MBA are asked for along with related work experience. Larger companies opt for a selection process which entails a series of tests and interviews. For those who go on to provide financial advice they must pass an exam offered by the Financial Services Skills Council (FSSC) and should be registered with the Financial Services Authority (FSA). Once through the rigorous selection process further training is usually given to new recruits by experienced stockbrokers to improve and consolidate analytical and numerical skills learnt at degree/post graduate level. n

‘

the main challenges are remaining calm and thinking clearly under pressure.

’

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TAKING ACCOUNT

If you want a career that gives you the opportunity to work in pretty much every industry sector, have a real influence, be challenged, have qualifications that are recognised worldwide, and receive good pay, then accountancy is worth considering.

eing a chartered accountant opens up a wide range of career opportunities â&#x20AC;&#x201C; not just in the UK but around the world. Accountants used to be seen as number crunchers but there is much more to it than that, and there is a whole range of specialist areas within the profession, whether

you end up working in an accountancy practice or in business. Mark Protherough, is the Head of Operations, and Director of Learning and Professional Development, at The Institute of Chartered Accountants in England and Wales (ICAEW), which has more than 130,000 members around the world. He says a recent survey shows just how dynamic the sector is with nearly 40 per cent of ACAs in business operating at board level, while

ACCOUNTANCY | INTRODUCTION

onto working in business,’ says Mark. ‘The roles held by accountants in business are very diverse and it’s common to move between them throughout your career.’ ‘The need for qualified accountants both in the UK and internationally is increasing, partly due to the recent introduction of more international accountancy standards and rules,’ says Mark. This has resulted in a ‘war for talent’, with companies aggressively pursuing the best candidates, and has pushed starting salaries for entry level positions up by nearly 21 per cent between 2006 and 2007. However, it also means companies are setting the bar ever higher in terms of what they are looking for in their employees. Mark says you need to have business awareness, numeracy, the ability to work as part of a team, good communication, leadership and networking skills, and great technical skills to be successful. ‘You need to be determined and a hard worker,’ he expalins, ‘and you should see your qualification as a gateway to a career at the highest levels of business.’ For more information on ACA go to www.icaew.com. ACCA (the Association of Chartered Certified Accountants) is the largest and fastest-growing global professional accountancy body with 296,000 students and 115,000 members in 170 countries. It offers a highly respected route into accountancy. To find out more visit www.accaglobal.com/theview CIMA (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. For more information go to www.cimaglobal.com 

Photograph: © iStockphoto.com

accountants holding an ACA qualification on average receive a basic salary of £79,000, with an average bonus of £29,000. So it’s not surprising he is so enthusiastic about the profession. ‘In addition to job satisfaction and the opportunity to specialise in a field of particular interest – for example forensic accountancy, auditing, corporate finance, or tax – being a chartered accountant also means there are great opportunities for ongoing development,’ he says. While you might think the downturn in the global economy will result in fewer accountancy jobs, many believe the recent turmoil will result in the opposite: that there will be a greater need for skilled accountants as regulations become stricter and rules more international. Apparently, the number of accountancy students is growing worldwide by nearly seven per cent every year, and research by the Centre for Economics and Business Research (CEBR) last year showed the number of jobs for accountants and financial executives was due to increase from 338,400 to 342,000, with 2,800 new jobs being created in the accountancy sector. Within the sector there are plenty of growth areas, including forensic accounting as Mark explains: ‘Forensic accountants are expert witnesses who combine their accounting and auditing knowledge with investigative skills to help lawyers, insurance companies, and other clients to resolve disputes. They must be able to communicate financial information in a clear and concise manner in the court, so presentation skills are also key.’ There is also plenty of room to move sideways. ‘It’s quite common to start working for one of the ‘Big Four’ accountancy firms (KPMG, PwC LLP, Deloitte, and Ernst & Young) and to move

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THE DESIGNER. THE STYLIST. THE PHOTOGRAPHER. THE ACCOUNTANT. The ACA. Vital to keeping fashion labels in the black How can you be sure that you’ve got what it takes to achieve your dream career? The ACA qualification from the ICAEW gives you access to so many amazing opportunities. Chartered accountants are business advisers and experts that are pivotal to the success of an organisation. If you’re looking for a qualification that puts you at the forefront of business and gives you the cutting edge, look no further than the ACA.

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

accountancy | case studies

my career. I am fully supported within my workplace, by both Hodgsons and my colleagues, and therefore feel prepared for any issues I may face. What do you think are the most important skills/strengths you need to make a success of what you do? Naturally, the qualification provides the foundations to my career in the accountancy profession. However this needs to be coupled with the ability to communicate effectively with both colleagues and clients. The further I progress with my training, and the more client contact I have, will enable me to advise clients commercially on their business needs.

Lindsay Griffin Age: 28 Degree and university: Plymouth University, BSc (Hons) Sociology with Criminal Justice. Job title: Trainee Accountant, Hodgsons. What do you actually do? I prepare financial statements for a range of clients such as limited companies, partnerships and sole traders. As part of the preparation of the accounts I draft tax computations for the relevant entities. I also undertake audits for our larger clients. Were you always interested in finance/ accountancy as a career? I left college wanting to join the Navy as an Officer, so was advised to go to university and gain a degree to help my chances within this career. Whilst at university I reconsidered my options and decided I wished to start a career in accountancy. How did you find out about this particular career/job? Further to my ambition of becoming an accountant I researched the profession and the various training routes to the differing qualifications. I then applied for a training position that was advertised in the local paper, and to my delight Hodgsons welcomed me as part of their growing organisation. Would you undertake further study in order to gain promotion? At present I am concentrating on passing my current exams to complete this stage of my career and further enhance my practical experience. Once I have achieved this level of qualification I would like to progress further within both Hodgsons and the profession itself. What do you like most about your job? I always like to have targets and within accountancy everyday poses a new challenge. The diversity of the work I undertake ensures a well rounded knowledge of accounts, and there are always opportunities for me to stretch myself and constantly learn about new issues. Are there any downsides to what you do? I don’t feel there are any negative aspects to

What would be your best piece of advice for graduates wishing to come into this sector? This profession is extremely rewarding, however, it requires dedicated individuals to undertake the extensive training qualifications. Therefore, any potential graduate considering this career needs to appreciate the intensity of the studying they will have to face.

Paul Brand Age: 23 University and degree: Loughborough University (BSc. Hons.) Sport & Exercise Science Work title: Finance Graduate at the AA What do you actually do? Currently I’m working in a business planning role, consolidating the group’s accounts and preparing monthly forecast packs. However, the graduate scheme involves rotating placements, so I have also worked in Management Accountant roles in our Road and Insurance business, and will soon be moving into a Financial Reporting role. Were you always interested in accountancy as a career? No. But to be honest I didn’t really think about a career until I was 20 anyway! I never had my mind set on a particular career when I was at school, and the last thing I wanted to do was decide on a career that I ended up not liking. I therefore chose to go to university and let the career sort itself out – fortunately, I ended up

house-sharing with friends who were doing business and accounting degrees, and they got me interested in finance. How did you find out about this particular career? I was actually working across the road for an insurance company trying to build my work experience (all I’d done beforehand was temp jobs on breaks from uni). I was busy applying to graduate schemes at lots of accounting practises ranging from the Big Four to small private practices, when a friend who worked at the AA told me that the finance department were setting up their own graduate scheme, and that it sounded similar to what I was applying for. He gave me the information pack, I did my research, applied and the rest is history!

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i believe you can never stop learning. further study gives you the chance to stand out and perform your work to a higher level.

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Would you undertake further study to progress in your career? Yes definitely. I believe you can never stop learning – I am also a qualified Personal Trainer & Aerobics Instructor, which I do in my spare time, and if you stop learning there you’ll get stuck with old practises and never be able to really help your clients. I guess I take that attitude with me into my day job – further study gives you the chance to stand out and perform your work to a higher level. The business world changes so fast and so regularly that if you’re up to date with study I think you have more chance of earning that promotion. I’ve opted in to ACCA’s opportunity to do a research project through Oxford Brookes University as part of my qualification – so we’ll see where that takes me! What do you like most about what you do and are there any downsides? From a finance perspective, it is being an integral part of the business. You value your role because people come to you for advice, support and guidance, and finance support is highly valued. I also like the graduate role because I get to see so many areas of the business that I wouldn’t do if I was doing an ordinary role. In 15 months I have worked in Road, Insurance and Planning, visited two of our call centres, and spent three months on secondment at our Birmingham office. You never stop learning about the business because you get to speak to so many different people in different areas – which is vital for my development and the start of my finance career.

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accountancy | case studies

Emily Tam Age: 25 Degree and university: University of Cambridge, Economics Job Title: Investment Management Audit executive at Ernst & Young What do you actually do? I provide support to the audit team in efficiency and productivity of managing a client engagement. My role involves overseeing the running of the engagement, contributing to effective team work, providing on-the-job training and helping to develop auditing skills for graduate trainees, and providing expertise in accounting frameworks and financial reporting matters.

valuation audit area visit to Madrid in my second year with the firm. Early on, I was given responsibility to take on a role usually performed by a qualified executive. Although I was put outside my ‘comfort zone’, the support from more senior staff made the experience easier. As well as developing important analytical skills, I learnt to work under pressure and adapt to other working cultures quickly. After all, siesta suits most people! Assurance services have busy seasons between January and April (and sometimes June when the client has a 31st March year end accounting date). It may become difficult to be away on holidays during this period. Skiing holidays would have to fit in at the end of December! What skills do you believe you need to succeed? Employers are interested in enthusiastic, motivated, self-driven individuals. When working in accountancy, it is important to demonstrate your ability to work with people as the job is often team orientated. I would say there are three key aspects to focus your personal development on: 1. Establish good relationships with colleagues and clients 2. The quality of work 3. The growth ambitions of the company

Why did you decide to go into the financial sector? Having grown up in Hong Kong, a business hub in Asia, I have always been exposed to the fast moving business environment. Having read economics at university, I decided to pursue a career in the financial sector where I would be able to apply some of my knowledge and skills in real life. I was interested in working in London as it is the focal point of the UK financial services sector. Working in the financial sector will provide me with opportunities to work in different major financial cities around the world. I believe Ernst & Young offers me this choice.

What advice would you give graduates wishing to come into this sector? I would advise the graduates to take every opportunity to meet people in your chosen field. The best way to learn about an organisation and the type of work is through an internship. They are invaluable in terms of experience. Work experience will help prove your enthusiasm and can also enable you to discover the roles and organisations that are

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the best way to learn about an organisation and the work they do is through an internship. They are invaluable.

Would you undertake further training to progress your career? Ernst & Young provides regular training programmes to ensure that we are up to date with the constantly changing rules and regulations, and financial accounting standards. For example, the investment management sector provides specific training on sectors such as private equity, hedge funds, unit trusts, and investment trusts.

James Shrimpton

What do you most like about what you do and are there any downsides? I enjoy working with talented people in a global firm and the opportunity to drive my own career. I have also enjoyed the variety of work during my three year graduate training contract. I had the opportunity to be involved in a

Were you always interested in accountancy as a career? Not always. I studied accountancy and management at university because I excelled in these areas during my A-levels and wanted to play to my strengths. I became interested in a career in accountancy during my third year, when I

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Degree and university: University of Reading, Accounting and Management Work Title: Audit ACA Trainee, UHY Hacker Young

began to consider what direction I might take after university. How did you find out about this particular job? I spoke to other students on my course who had already lined up graduate jobs in the profession with some of the Big Four firms. I then did my own further research to learn the exact requirements of the job and learn about the companies offering places. My cousin had also recently qualified to become a chartered accountant in the City so naturally he gave me some useful insights. What do you like most about your job and are there any downsides? I like the intimate team-based style of working during audits and having the opportunity to work closely with different kinds of people on different audit jobs. There is also some good variation in the different audit clients we visit in different areas. I like the idea of having a tangible goal to achieve (ACA qualification), and the mix of academic and on-the-job training. Some of the tasks we have to perform as auditors can be particularly monotonous. Another downside is the fact that some sacrifices have to be made in terms of personal time. I am interested in fitness and love to be active so I find it difficult to balance work, commuting, and ACA study with the activities I enjoy most outside of my career. What skills do you think you need to succeed in this sector? I think you need to be motivated, diligent, professional, and have good interpersonal skills. It is important to communicate well with both your audit team and the client. I think a person should be ambitious, energetic, and have the capacity to learn quickly, and think decisively. What advice would you give graduates coming into this sector? Research the job well and carefully consider what you want from your job. I think the latter is crucially important due to the constraints work and study put on the time you would like to dedicate to activities outside of work. If you want to work in the City, gain a well respected qualification, and learn crucial business skills that would serve you well for the future, then I would recommend this sector.

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accountancy | case studies

it’s really like to work there. Attending events is a great way to gain inside knowledge about what kind of people work there, what they like about their jobs, what opportunities there are, and how the company works for them. Ultimately, thinking about what you want to achieve, what you want out of a job/career, and thinking ahead to where you think the job can take you is the best advice. It is also important to remember that if you are going to choose a career where further study is required you should be willing to make a commitment to this.

Chetan Sharma Kamaljit Nagpal Age: 27 Degree and university: BSc Business Information Technology, London South Bank; MPhil Management Studies, Darwin College, Cambridge Year of graduation: 2002, 2004 Occupation: Consultant, Deloitte What do you do in your job? I am an IT auditor and I work in Enterprise Risk Services which forms part of the Audit service line. This means that I support the Audit department by providing assurance over IT. Some of our clients rely heavily on IT and I assess how IT works within the company, basically trying to make sure everything is running smoothly and that we can rely on the systems that impact the financial statements. What was your motivation in applying? Quite simply everything that Deloitte offers made me want to apply. It’s a fantastic place to work because it is one of the ‘Big Four’ accountancy firms and has a great reputation as well as amazing training opportunities. Deloitte make a huge investment in you and train you on everything you need to know for your job. I am training to become a Chartered Accountant, and the opportunity to do that was one of the main reasons I applied. The opportunity to work with a variety of interesting clients, on the client site, in order to see first hand how the client’s business works, was also a big factor.

Age: 23 Degree and university: Economics, University of Leicester Work Title: Audit Department, KPMG What do you actually do? My role involves going to a client’s site and helping the audit team to validate the information provided in the financial statements, and ensure the information is reliable. This is done by liaising with various departments within a firm, such as the sales team or finance team, and performing certain audit tests so that I can be comfortable that the information stated in the company’s financial statements is accurate. Why did you decide to go into the financial Sector? I chose to begin my career in finance as I believe that it can lead to many career opportunities, and it is an industry which has so many facets. Working in finance doesn’t necessarily involve being an accountant; there are so many other roles one can take up and that is extremely appealing to me. How did you find out about your particular career? I looked at online graduate resources, and used the careers service at my university. I also attended several graduate careers fair to get an idea of what other options were available to me. In the end, I decided to apply for roles where I thought I would be enhancing myself and my career. Would you undertake further education to enhance your career? Yes, I would

undertake further training. In the future I would like to complete an MBA from a highly regarded institute. I feel this will help me when I reach a position of management. What do you like most about what you do and are there any downsides? I enjoy meeting lots of different people at the clients I visit. The good thing with my role is that I get to meet the client every six to 12 months which means I can develop a good relationship with them. Working with so many clients also means that I am able to expand on my business knowledge and financial awareness. The major downside to my job is the long hours that are required to be worked on some occasions. This usually occurs during the busy periods of the year which, in the first few years, will be three to six months of the year. You are rewarded for working hard though – there are many occasions to socialise with colleagues and clients during the year all at the company’s expense.

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some of our clients rely heavily on it and i assess how it works within the company, ensuring everything runs smoothly.

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What skills do you need to succeed at what you do? You need to be naturally curious and inquisitive as the role demands that you ask questions and learn about the auditing process, and develop your knowledge of your clients’ business. You should also be confident and friendly so that you are able to speak to new people, and develop relationships quickly. A key attribute is integrity – the role demands this skill as a lot of trust is put on the work that you do as it can be seen by potentially millions of people.

What do you enjoy about your job? I really like the people I work with. They’re all interesting and fun people and we have a laugh outside of work as well as working well in a team at work. I enjoy the exposure I get to lots of different clients, seeing how different clients in different industries work, and particularly because I work in IT, how different clients use IT in varying ways. In addition, the support the firm offers is a really great feature of the job. They really care about you and your development.

What advice would you give graduates wishing to come into this area? The best thing graduates can do is to research the sector thoroughly so they are aware of the different aspects and areas of the sector. The industry is competitive so you must be able to stand out from the crowd. Prior to an interview be sure you know how you will answer questions – above all do not lie during an interview as the interviewer will be able to spot this from a mile away.

Do you have any advice for graduates coming into this sector? Research is very important. It is essential you know about what a company does and what

Would you like to add anything? Apply early because you do not want to lose the option of applying to certain firms as they have filled all their spaces.

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accountancy | case studies

Matthew Tillett Age: 25 Degree and university: Economics and Economic History, Bristol University, 2002-05 (First class). Masters degree: International Political Economy, London School of Economics and Political Science, 2005-6 (Distinction) Job Title: Research Analyst, Allianz What do you actually do? I am an equity research analyst, with particular responsibility for European media companies. The primary purpose of my job is to research and analyse stocks and then make investment recommendations to our in-house fund managers. The research process involves a mix of qualitative and quantitative analysis – building financial models, conducting fundamental analysis, speaking to the company management, their suppliers and customers, talking to other investors, monitoring news flow, etc.

independently minded to really enjoy the job. It is not the kind of job where one gets a lot of direction from senior employees. For some people, especially those who prefer more hierarchical work environments, this could be a downside. What skills do you think you need to succeed? I think the most important attribute for this job is curiosity. Most of the people I work with are all naturally very inquisitive. They are driven by a desire to gain a deeper understanding of what is driving the financial markets and the wider economy. Of course, no one can ever fully understand the financial markets, but what matters is enjoying the process of trying. What advice would you give graduates coming into this sector? Before making any applications, do as much practical research as possible: run a fantasy stocks and share portfolio; read some of the investment classics; talk to anyone you know in the business. This is not only essential to find out if you will actually enjoy the job, it will also radically improve your chances at the interview stage. Is there anything you would like to add? Try to avoid the mistake of not being totally clear, both with yourself and with potential employers, about what it is you want from your job. Where do you derive your energy from - intellectual challenge, prospects for rapid career advancement, or financial gain? I found that once I had answered this question, the process of actually finding the right job was much easier.

Sam Tao Why did you decide to enter the Financial sector? I am someone who enjoys anything that is intellectually challenging. This had always been the case at the university. Therefore, I sought a career that would allow me to develop this part of my character. The financial markets are a hive of curiosities, anomalies and paradoxes - perfect for someone of my disposition. Would you undertake further training to progress your career? Yes – Indeed, I am currently studying for the Chartered Financial Analyst exams (CFA). What do you most like about what you do and are there any downsides? Most of all I enjoy the freedom the job gives me. I have the scope to explore any investment idea within my sector that I think could be of interest to the investment platform. I can use the company’s huge resources to collate research and data from as many sources as possible. I enjoy the ownership I have over this process, the ability to follow an idea right through from inception to actually implementing it as a trade. The flip side is that you need to be fairly

Degree and university: Chemistry Masters, Oxford. Work Title: Executive, PricewaterhouseCoopers, Business Recovery Services, London Can you describe exactly what it is you do? The work that I do varies from project to project. For example, ensuring that the creditors are paid correctly in an administration, and monitoring the processes of the agent which we employ to perform the administration. I’ve also worked on building financial models that indicate what creditors may get paid back in a

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i think the most important attribute is curiosity. most of the people i work with are naturally very inquisitive.

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bankruptcy. I also help out with marketing which involves preparing pitches to deliver to clients, and researching potential companies which may benefit from our services through analysing their finances and their latest news. Would you ever do more qualifications to further your career? Yes – although not at the moment, as I’ve only just completed my Chartered Accountancy qualification! What do you most like about what you do and are there any downsides? I like the variety the most and the fact that each client is different and that your role will be slightly different on each project. You also get to work with lots of different people; both within PwC (as more of our work now involves other PwC departments) and outside PwC, be it lawyers or other advisors, and stakeholders. There is also a lot of client contact which makes the job more challenging and interesting. As the work is project based, there are peaks and troughs in terms of how busy you are. If steady, defined hours are the environment that you are looking for then what I do probably isn’t most appropriate. Where do you ultimately see yourself going in this career? Difficult question – in the short – medium term, I see myself developing my experience and skills further as your career really begins once you qualify (prior to that, your focus is really on your exams). What qualities do you think you need as a person to make a success in this business? Flexibility to adapt to different circumstances (as each project is different and you may be working with different people), being able to build good relationships with people (this is important as we can work with so many different people on a project), and real enthusiasm for getting involved with not just the project work that we do, but also the other work that we do internally such as training courses, marketing, organising social events etc. n

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TH3 M4GIC NUMB3R5 For those graduates with really outstanding mathematical skills and an ability to think logically and problem solve, then the role of actuary could be an ideal career choice.

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actuarial | introduction

ctuaries operate in the area of risk management, using their keen analytical skills and knowledge of statistical theory to solve problems and forecast financial futures. Their role is complex; they work with very detailed and complicated mathematical models, and they are essential to many areas of the financial sector. In pensions they work out projections on payouts; in life assurance they calculate what the premiums are, how long people are going to live, and how much they will need to pay in; and in general insurance they calculate premium prices, and what reserves are needed. Trevor Watkins is the Head of Education for the Actuarial profession and he says: ‘40 per cent of members in the profession are in the pensions’ area, but we will see a change in that in the future because so many final payment pension schemes are now closing. However, until they all close they will provide a lot of work for actuaries. But in the longer term they will move into other areas such as product development, especially in the insurance market.’ As the financial sector develops, so too do the skills needed by those working within it. Increasingly, actuaries need good IT skills, especially in the area of interpreting spreadsheets. Coupled with that are good communication skills because actuaries need to explain to non-specialists the mathematical models they use, and in pensions they must explain the sums behind any figures that are reached. Because of the complexity of what they do, training to be an actuary is hard and takes between three and six years to complete. Training begins when you join a firm and then work to become a qualified member of the Institute of Actuaries in England (or the Faculty of Actuaries in Scotland). The training is split between practical experience gained in the office working with clients, and academic study for the professional exams. Trevor Watkins says most companies looking for actuarial trainees will not even consider anyone with less than a 2:1. ‘Some universities do specialised courses in Actuarial Science, but

Photograph: © iStockphoto.com

companies are increasingly looking for people with maths, physics and engineering degrees. There is a well established hierarchy between taking the exams and moving up the career ladder. Also, as in the rest of the financial sector, there is a well established training procedure with companies normally paying for the training and for the exam fees. Companies will usually give trainees one day off a week in order to study and are spending a lot of money on developing highly talented actuaries.’ Once trained however, the rewards can be sweet. For a start, the wide variety of roles available is one of the sector’s biggest attractions. Then there are the financial rewards, which can be significant, rising from approximately £30,000 to well over £100,000. There is also the possibility of travelling the world as British-trained Actuaries have no difficulties working overseas. Also, this is a role that is almost recession-proof because, as Watkins attests: ‘too few people understand the calculations, and being able to analyse and interpret the calculations is everything.’ n For more information on the Institute of Actuaries and the Faculty of Actuaries go to www.actuaries.org.uk

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alternative jobs | case studies

say this is necessarily a downside and you do get used to it. As I live on the opposite side of town to my office, I think the early starts have been a challenge in the past!

Andrew J. Chrysostomou Age: 24 Degree and university: BSc in Real Estate Finance and Investment at Cass Business School. Job Title: Andrew has worked in the Corporate Finance team at Cushman & Wakefield for three years and is a member of the Royal Institution of Chartered Surveyors, specialising in Property Finance and Investment. Why did you decide upon a career in Finance? I was interested in finance at university. It was there I selected a number of property based modules and thoroughly enjoyed them. At the end of my second year I realised that a crossover between finance and property existed, both in learning material and also in the work place, and applied for an internship in Cushman & Wakefield’s Advisory Group. I spent time understanding not only the physical fundamentals of a property, but also how property investors may view an asset as income stream.

What do you think are the most important skills/strengths you need to succeed in your job? Like any industry, I think you will need to be hard working, a good team player, enthusiastic, innovative, and hungry for success to be a good professional. Unlike many other industries, I think you need to keep an open mind. You will be exposed to different people, different working styles, and more importantly, different departments very early on in your career which appear unrelated. It is only after a couple of years that you realise that there is a degree of crossover in all these departments. Understanding how all these departments work in conjunction with each other is what makes a good surveyor. What would be your best piece of advice for graduates considering a career in property? Be prepared for a long and exciting journey. You will rotate departments up to three times in your first two years of joining the firm. You may not always be put in your first choice, but try and soak up as much as possible. Property is a knowledge and contact based industry. Stay in contact with all your friends from university who may be working at rival firms. Also be early for meetings and always get a business card.

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Why did you decide to go into the financial sector? My aspiration was to become a physiotherapist, however, due to the current lack of employment in that area, I decided to look at a career that could offer me a challenge as well as the financial security that I was craving. Financial services is a huge industry and a major area of employment within Edinburgh. I decided that I wanted to work for a local company that could offer me further training along with a competitive package, and found that financial services far outweighed any other industry with regards to both. Would you undertake further education to gain promotion? I am learning every single day and I have been on many courses since commencing my employment with Standard Life Investments, all of which have benefited me greatly with regards to my development. As part of the graduate programme, I am also required to study for the Investment Administration Qualification (IAQ) and Investment Management Certificate (IMC). This is a fantastic opportunity for me to gain industry recognised qualifications, and to help me develop my knowledge of an industry that I knew very little about prior to working in it. I hope to continue learning and undertaking further training throughout my entire career as I believe it is vital to my development.

What type of work are you doing? I work in the Corporate Finance team which sits within Cushman & Wakefield’s Capital Markets Group. I specialise in raising finance for property investors to acquire commercial real estate. Once I understand what my client’s main driver is, I proceed to speak to a number of different banks to source the most competitive loan terms. Most of my work is numbers based, comparing different offers and analysing potential returns for my client. What do you enjoy most about your job and are there any downsides? My job allows me to interact with all relevant professionals involved in completing a property transaction. I am exposed to a wide range of skill sets which help me to understand the key drivers for each party. I obviously spend a lot of my time discussing the deal with the bank and my client. As the deal progresses I will also liaise with the valuer, and both legal advisors for the vendor and purchaser. The finance arm of a property advisory firm usually works slightly longer hours. I wouldn’t

eight month placements and my previous role was in the Finance Department, where I worked in a business performance team learning about financial forecasting, budgeting and planning. I was also involved in several projects. My current role is within the Risk and Compliance Department. I am currently responsible for ensuring that relevant people are aware of their responsibilities with regards to their dealing authorities. I also ensure that when new dealing authorities are requested, that they are signed off and filed to ensure that we have an audit trail. I am also involved in projects including updating and improving the current dealing authority process, monitoring the Standard Life Investments website to ensure that it is compliant with the Financial Services Authority guidelines, and I will soon be co-ordinating a secure workplace initiative.

Rhiannon McComb Age: 30 Degree and university: Studied Sport and Exercise Science at Napier University, Edinburgh Work title: Investment Operations Trainee, Standard Life. What do you actually do? I am a graduate trainee on the Investment Operations programme. The programme involves three,

What do you like most about what you do and are there any downsides? I like the people that I meet daily, the approachability of my colleagues, and the relaxed atmosphere of the office. Sometimes the workload along with studying can be overwhelming, but with good organisation and communication with my manager/ colleagues this can be managed. What skills do you need in order to succeed? The responsibility is yours to complete your projects and work, gain your qualifications, and drive your career in the direction that you want it to go, therefore organisation and self motivation are key.

alternative jobs | case studies

Stephen John Ratcliffe Age: 26 years Degree and university: University of Edinburgh – Business Studies MA (Hons) Work title: Graduate Trainee, sales and marketing for Standard Life Investments’ Distribution & Client Services (D&CS). What do you actually do? I circulate around the D&CS area every six months. Currently I am a Trainee Project Manager, working in the company’s Change Dept. In this role I am working on my own project, which is to analyse a certain area of the business, present the results, investigate and propose solutions, and finally to plan the implementation of the solution. It is an excellent opportunity - I have a lot of responsibility and get to liaise with many areas of the business. Prior to this role, I have also been a Market Research Analyst and a Business Development Analyst, and I am soon to become a Trainee Product Manager. The aim of the programme is to provide us with a strong all-round knowledge of the D&CS business area, forming solid foundations for us to progress our career. Why did you decide to go into the financial sector? The financial sector had not always appealed to me, but saying that, I had no set preferences for any industry. I think it was more the company than the actual industry that made me enter the financial sector. Standard Life Investments is a top investment house with international operations, and it has an excellent reputation and is known to invest considerably in its employees’ development and wellbeing. The graduate programme seemed like a superb opportunity. Would you undertake further study to progress your career? Yes. My degree was excellent in opening doors, but unfortunately I believe it only gets you so far these days. I am currently working on a couple of investment qualifications, which will help progress my career in the short-term. In the long-term, I hope to achieve an MBA and perhaps further investment qualifications.

What do you most like about what you do and are there any downsides? There are many ups to being part of the graduate programme at Standard Life Investments, but what I like most is the fact that we are placed into actual roles as opposed to just shadowing fellow colleagues. In every placement, we are expected to add value and take on considerable responsibility. It makes you feel that you are a valued member of the team and are contributing to the success of the company. The only downside I can think of is that as soon as you settle into your role you are moved onto the next placement. However, when you consider the overall scope and benefits of the graduate programme it is a small price to pay... Moreover, it means that you rarely become uninterested in what you are doing and the days fly by! What skills do you need to succeed? The ability to listen and learn from those around you is essential. Although everyone is there to help and there is a comprehensive training programme, the motivation to work on your own initiative is also key. Generally, a good down-to-earth, hard working attitude will put you in good stead in whatever placement you are in. What advice would you give other graduates coming into this sector? Do your research into the industry and company, but most importantly be honest and be yourself in the interview stages.

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you have to be very precise, but still sufficiently fast in your analysis. you need to be sharp when communicating.

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What do you actually do? I work in a team to evaluate opportunities for our clients, such as acquisitions or mergers with other players in the same sector, disposal of non-core divisions, potential listings for private companies, and de-listing of companies which are poorly valued by the market. Were you always interested in the financial sector as a career? I have always been fascinated by financial markets and the mechanisms behind them. In particular, I wanted to learn how to value a company and what the drivers were behind stock performances. I admired the dynamic global profile of financial markets and the people working in them. Would you undertake further study to gain promotion? I would consider it in order to further increase my knowledge. However, at present, my job is a continuous and sufficient source of learning. What do you like most about what you do and are there any downsides? The opportunity to get to know the industry and develop a strong understanding of corporate finance. Also, the international atmosphere you experience working with people from every corner of the planet, from Argentina to Australia, and the dynamic working environment. The downsides are the multi-tasking and working long hours! You have to learn how to balance your work and social life.

Luigi Brambilla Age: 24 Degree and university: Master in International Management at Bocconi University, Milan and ESADE University, Barcelona. Bachelor in Economics at Bocconi University, Milan. Semester Abroad at Emory University, Atlanta, USA. Job Title: Investment Banking Analyst – Mergers and Acquisition, Italian Coverage, Barclays

What skills do you need to succeed at what you do? You have to be very precise, but still sufficiently fast in your analysis. You need to be concise and sharp when communicating; you really have to get straight to the point. You must be open-minded and embrace cultural differences and maintain a positive attitude. Finally in this sector you must be organised and methodical. Also, you must never lose your sense of humour! What advice would you give graduates wishing to come into this sector? Self-assess your skills and interests and, above all, find out what really motivates you. Gather as much information as you can, ask questions and speak to alumni, friends, and professors. Make a reasoned and passionate decision and work around obstacles - be persistent! n

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GUARDING THE PURSE STRINGS WHY TREASURY COULD BE THE CAREER FOR YOU

Corporate treasury is a young profession that allows you to build on your finance skills and is developing a name for itself as the fun side of finance.

Photograph: © iStockphoto.com

treasury career means you will be involved in ensuring that your company always has the necessary cash available for it to run its business successfully, while managing its financial risks and funding structure. Treasury has strong links with business strategy, how this strategy will affect the flow of funds, and how it adds shareholder value. Treasury encourages you to be forward thinking and to influence your organisation’s future strategy. Your day will be varied and will allow you to extend your skills in disciplines such as analysis, problem-solving, persuasion, negotiation and leadership, adding value to your role. You will maintain relationships with shareholders, banks, other investors and ratings agencies, and

while for larger companies department size is typically three to six people. Core treasury responsibilities include cash and liquidity management, capital markets and funding, corporate financial management, and risk management. You are likely to begin your career investing cash, dealing with foreign exchange, or developing financial/risk models. You can expect a minimum starting salary of £25,000. However, qualified treasurers with experience can expect a salary of £100,000 plus with additional higher earning opportunities. Entry into treasury can be achieved through a general finance graduate programme, requests for secondment to the treasury department, or by side-stepping through tax, financial control, legal or accounting functions. Direct entry may also be possible by approaching the treasurer directly. Continual professional development (CPD) – attending

you will almost certainly be dealing with sums of money running into the millions, even billions.

professional training courses, and the completion of internationally recognised professional qualifications, such

Finance professionals are drawn towards treasury because of its focus on the future, its variety, and its career prospects. Ian Chisholm, Group Treasury Operations Manager of Shell International Ltd explains: ‘Treasury stands at the financial heart of a company, managing its cash and risks, with an external perspective on the global financial markets and the world economy. As a treasurer it’s often easier to see the results of your actions than with other finance roles. The benefits of a career in treasury are the deep professional skills that you gain and the great variety of experiences that it gives you, which allow you to progress in a variety of ways.’ The treasurer is often free from the rigid perceptions associated with more established corporate roles, and has scope to develop their own brief according to the strategic aims of an organisation or company. Even in times of recession the treasury function is vital in all business sectors, including banks, global companies, and even non-profit organisations. Within smaller organisations the treasury function may lie with the finance director or even the accountant,

as the Association of Corporate Treasurer’s (ACT) AMCT Diploma in Treasury – is important to advance your knowledge, and differentiate you from your peers. This is especially true of accountants who find that AMCT broadens their skill set. For graduates who would like a more interactive role within finance James Lockyer, Director of Education at the ACT, advises: ‘consider treasury as an alternative to an accountancy qualification; if you’re doing an accountancy qualification then make sure your training gives you exposure to treasury’. The treasury profession is not limited to finance, or business graduates – established treasurers include law and engineering graduates. John Grout, Policy and Technical Director at the ACT, and former Finance Director of the global confectionery division of Cadbury Schweppes, says: ‘the great thing about treasury and corporate finance is that it includes both practical and operational and strategic/policy matters. The work is exciting, important and rewarding.’ n For information on ACT and treasury careers go to www.treasurers.com/careers

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treasury | introduction

‘

treasury stands at the financial heart of a company, managing its costs and risks.

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Become ACT-qualified and gain internationally recognised professional qualifications Did you know that treasury is involved with future business strategy and that its role in the company is so vital that all finance careers will in some way lead to treasury? ACT qualifications will enable you to develop your specialist skills in treasury, risk and corporate finance and accelerate your career.

Stand out in the finance crowd Here are three things you can expect in your future treasury role

• You will be challenged daily and be instrumental to your organisation’s business strategy • You will manage millions and must be ready to react quickly to a sudden change in the global market

• You will always learn something new and will continually develop your skills Treasury is the fun side of finance For more information about the ACT, a career in treasury, risk and corporate finance and the qualifications you need to succeed visit www.treasurers.org Email mycareer@treasurers.org for your free information pack.

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treasury | case studies

careers fair and was attracted by their qualification and different focus.

Christopher Wright Age: 30 Degree and university: Joint Honours Degree in Law and Economics at Keele University, Staffordshire, UK. Job title: Group Treasurer, SSP Group Ltd What do you actually do? SSP Group Ltd is an international food and beverage concession business that runs restaurants, catering outlets, and convenience stores in travel locations in 30 countries throughout North America, Europe, the Middle East, and Asia Pacific. SSP was formally a division of a large FTSE 100 listed group but was sold to a Private Equity buyer in June 2006 in a deal primarily funded by debt (a ‘leveraged buyout’). It is my role to ensure that we continue to meet our obligations under this debt facility; to use cash as efficiently as possible within the group, to ensure the various operating businesses remit cash back to the centre to meet our interest obligations, to ensure that the business is not exposed to movements in interest rates or FX rates, and to provide advice to the various subsidiaries regarding their retail banking requirements. Did you always want to work in this sector? At the time I applied for university I was interested in studying law but was unsure as to whether I would enjoy it enough to make a career out of it. I had enjoyed studying economics at A-Level so decided to study both to broaden my options. Looking through the UCAS guide, I saw that many universities offered dual honours courses where you could initially study both subjects before majoring in one of them, but only a small number offered a true joint honours course, allowing you to study both subjects in full, so I focused my attention on these, selecting Keele as my first choice. By my final year of university I had decided that I wanted to go into the retail/FMCG business and started investigating a number of graduate schemes with large companies. I had decided that traditional accountancy (i.e. auditing) was not for me, but saw The Chartered Institute of Management Accountants (CIMA) stand at our university

Would you undertake furhter study to gain advancement? I already have. After graduating from university, I joined the Finance Graduate Management scheme at Safeway PLC, undertaking a number of management accounting roles whilst completing my CIMA (management accounting) exams. Having completed the scheme I was offered the permanent role of Treasury Accountant, and as I had no previous experience in Treasury I persuaded my employer to pay for me to study the Association of Corporate Treasurer’s (ACT) core qualification – the AMCT Diploma in Treasury. Over the past six years I have focused on building up my practical experience, but do intend to take the MCT Advanced Diploma, the ACT’s full membership level qualification in the next couple of years. What do you most enjoy about what you do and are there any downsides? What I enjoy most is the sheer variety of the work that comes across my desk and the interaction with and opportunity to influence the most senior members of SSP’s management team. The opportunity to travel to our various subsidiaries around the world is also a bonus. Due to the variety of work that I get involved in, and the pace at which we operate, I find myself being much more of a generalist than I would naturally like to be, but have been able to overcome this by recruiting a strong team

Mairi Gemmell Age: 29 Degree and university: Strathclyde University, Glasgow Accountancy & Finance Job title: Treasury Front Office Manager, Scottish Power Limited What do you actually do? Treasury is responsible for protecting the group from interest rate and foreign exchange exposures, and for managing the group’s cash flows. As Treasury Front Office Manager I am responsible for ensuring all trades are undertaken to close out known

‘

Treasury is responsible for protecting the group from interest rate and foreign exchange exposures, and for managing cash flows.

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group exposures. On a day-to-day basis this mainly involves foreign currency trading and cash management. Foreign exchange management includes trading a wide range of currencies to meet business requirements. I speak regularly with contacts throughout the business to identify exposures, such as foreign currency contracts, and provide hedging advice and solutions to ensure compliance with group policies. Group cash management involves ensuring there are adequate funds available for group activities. This includes cash flow forecasting and regular discussions with business contacts regarding forthcoming projects. I am responsible for initiating, developing and maintaining close bank relationships. I work very closely with the banks on a daily basis to develop new treasury ideas that will benefit the group. The treasury team role has changed dramatically since the takeover by Spanish company, Iberdrola. This has been an exciting time and has provided many new challenges. Developing a relationship with Iberdrola has introduced the treasury team to new techniques, and a different culture. Would you undertake further traning in order to progress your career? Yes, to date I have gained qualifications with the Chartered Institute of Management Accountants (CIMA), Association of Corporate Treasurers (ACT), and Institute of Internal Auditors (AII). What do you like most about what you do and are there any downsides? There are not many downsides, but the role can be demanding with tight time constraints. As the market can move so quickly it is important to react, particularly regarding financial exposures.The role of the treasurer is affected by so many internal and external factors. For example, it is important that I am aware of group activities, including major acquisitions and contracts to ensure there is adequate cash available, and that any interest rate or foreign currency exposures are managed. Externally, a volatile market provides a particularly interesting time for treasurers. n

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well managed They are certainly dynamic, high powered and highly paid, but most people donâ&#x20AC;&#x2122;t have a clue what management consultants actually do. One of the reasons for this is their brief covers such a wide range of activities, but basically they exist to help companies maximise their potential and improve their performance.

consultancy | introduction

reg Mrkusic is the Director of Risk Analysis, at Capital One Consultancy, and he explains the role of management consultants as: ‘Providing companies with evaluation, analysis and recommendations that help them to make informed decisions. Depending on which company you work for there is wide variation on what consultants do specifically, so in some companies, such as McKinsey or LEK, consultants may be making strategic decisions, while others will focus more on operational decisions. Ultimately all of them make informed decisions through analysis.’ Those decisions are based on hard facts and data that already exist. consultants gather this information and analyse it, working out what that means to a specific company. ‘You may be working for a client that is thinking of buying a company, or

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a lot of people who enter at graduate level choose to do an mba.

’

looking to merge with another company, or to change the product they offer,’ says Mrkusic. ‘So you look at the markets and gather information like is the market growing? Will it be profitable in the future? Who is the major competition? Is this a decision the company should be making, or are there reasons for concern? You can also gather the information by talking to customers, and reading reports on the industry. It’s a highly specialised role in the sense of analysing the information you gather, but otherwise quite generalised in that consultancy can take place in any industry, and can also be involved in any business decision.’ SKILLS This is not a sector for everyone, it is only for the brightest people, and so you need to have very good academic qualifications in order to get in (almost certainly a 2:1). Also, you need to be very numerate and you do need exceptional analytical skills, but as Mrkusic explains, soft skills are equally as important. ‘You need to be able to interact with a wide variety of different people from the shop floor up to management level, and you need to be very industrious. You need those skills before you even enter consultancy, but what you will learn in the industry is how to consolidate these skills and gain experience in areas such as profitability modelling, how to influence management into making decisions, and how to translate those skills into deriving business decisions.’ What you’ll get in return is a very powerful skill set and the opportunity to work with very bright, very energetic people. Consultancy covers such a wide variety of problems within different industries there’s little chance of getting bored, and even as a very recent graduate, you get to work on exciting problems and have ownership of that problem. People in the sector tend to move up the career ladder quite quickly and salaries are pretty competitive to start with. The normal progression is to enter as a junior consultant, normally on a salary of £35,000 plus, and move up through the following positions: senior consultant, project manager, principal/ associate partner, to partner, where salaries start at around £115,000 plus bonus, to upwards of £160,000. ‘As your experience builds promotion tends to happen quickly,’ says

Photograph: © iStockphoto.com

Mrkusic. ‘You can move to senior levels or you can choose to change to different industries. A lot of people who enter at graduate level will choose to do an MBA, and most companies will give employees time off to undertake them. In many consultancies, new graduates will work for three years before doing their MBA, that’s the norm. It’s then about another five years before they become partners and many partners are still in their mid 30’s. However, not everyone chooses to take that path because it is highly pressurised. Many consultants can typically work between 50 and 80 hours a week. If, after three years or so, you decide not to do an MBA you are in a great position to move into exciting jobs in other industries, because the skill set consultancy work gives you is valued by so many companies.’ Take a look at out case studies to see what it is really like to work in this sector. The Institute of Business Consulting (IBC) was formed in April 2007 by the merger of the Institute of Business Advisers and the Institute of Management Consultancy. It provides a development path for the profession. For more information go to www.ibconsulting.org.uk

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www.CapitalOne.co.uk/careers

consultancy | case studies

passionate about their work, which is definitely true of my current role. I love that I can define my own project agendas and really take ownership from conception to implementation, which means I get to learn a huge amount about a variety of business functions, and feel real satisfaction from seeing my ideas through to fruition. Because you are in control of your own workload, it is easy to become completely immersed in a project, so it is important to make sure you don’t take your work home with you too much.

Age: 23. Degree and University: BSc in Economics from Warwick University. Title: Senior Business Analyst working for Capital One’s UK business

What are the most important skills you need to succeed at what you do? It really helps to have strong focus on what you are working on, and have the ability to structure your thinking so that you can break down some pretty substantial problems into solvable chunks. You will also be working with a wide range of people across different business functions, so communication and teamwork skills can have a huge impact on the success of your projects.

What do you actually do? The Business Analyst role serves as our internal consultancy function, assessing ways that we can optimise our marketing, products, and way we operate to maximise profitability. Examples of projects would include building statistical models to identify different types of consumers and which products would appeal to them or how risky we believe they will be over a period of time, or pulling together a long term strategy on how and where we should spend our marketing budget to attract the volume and type of customers we need to build and sustain our successful portfolio.

What advice would you give graduates coming into this sector? Visit company open days and talk to people actually in the role at careers fairs as you shouldn’t underestimate how different roles can be across different companies. Think hard about whether you are ready to undergo specialist training straight out of university, or if you would rather gain a broad business education for a few years to find out what you really enjoy. Any work experience is obviously a bonus, and don’t worry if it isn’t an internship – you can gain a lot even from temping jobs with the right attitude.

Kathryn Baker

Why did you decide to go into consultancy? After my degree, I was looking forward to working in a role that had genuine responsibility and where my ideas and work would lead to tangible outcomes and have impact from the start. I didn’t want to be held back by a lengthy graduate scheme working on endless low-profile projects. In this sector, you tend to be thrown in at the deep end and gain exposure to a tremendous variety of business areas early on, which means you quickly find out what you enjoy and where you excel. Would you undertake further study to progress in your career? The financial and business sectors tend to be quite flexible about training requirements, so how much or how little you do comes largely down to personal preference. Breadth of experience is certainly worth a great deal, and whilst further qualifications aren’t necessary for success, I think that in a few years I will consider supporting my experience with an MBA. What do you most like about what you do and are there any downsides? I really enjoy working in an intellectually stimulating environment, with colleagues who are

‘

because you are in control of your own workload, it is easy to become completely immersed in a project, so it is important to make sure you don’t take work home with you too much.

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responsible for deciding which sub-prime applicants to accept on our credit card products, how much credit to give them upfront, and how best to alter their line during their time as a customer. It’s my job to identify which opportunities we should pursue and driving improvements in our strategy and processes. Why did you decide to enter the financial sector? The financial benefits were attractive and I was attracted by the highly analytical nature of the work. How did you find out about your course? I found it in the prospectus while browsing through different courses. I was attracted by the range of modules covered in the course and the practical nature of the subject. Would you undertake more training to further your career? If it was appropriate, yes. I’m keen to undertake an MBA at some point in my career. What do you most like about what you do and are there any downsides? I enjoy the problem solving aspect of my job, identifying a new way of doing something that hasn’t been thought of before, that really improves the way we run our business Sometimes things can get hectic, especially approaching deadlines. The highly analytical culture here can at times be frustrating when you are keen to get a piece of work signed off and implemented.

Darren Carlile Age: 25, Degree and university: Operations Management at the University of Nottingham Title: Business Analyst Manager What do you actually do? I look after the Underserved Credit Policy team. My team is

What skills do you need to succeed at what you do? I think you need to be a fast learner, not just about the industry and history of the company, but also in how to communicate effectively, influence people, and work in teams. Those skills are something not taught at university and sometimes neglected by new graduates but are critical to succeeding in business. What piece of advice would you give to others wishing to enter this sector? Make sure that you have a passion for numbers and solving problems. n

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IS POSTGRAD FOR YOU? As you will have seen in the introduction to this issue, there is a lot of investment in training within the financial sector because many of the technical skills prized by the industry require training to a very high level. Because of this, financial services employers generally prefer to train in-house, so why, then, should you opt for a postgraduate financial course? Read on to discover why, in difficult times, postgraduate study could boost your employability.

you must decide which postgraduate programme is for you. You could opt for a full-time taught Masters, which will usually take a year to complete, although part-time MBA, MSc and MA programmes, taking approximately three years, are now also available. But, what is really important is choosing a course of postgraduate study that actually has some relevance to the career you wish to pursue. This becomes obvious when you look at the hundreds of programmes available; there’s no point in doing a Risk Management MA, if what you really want to do is work in IT, in which case you could opt for a Computer Systems Auditing MSc. FUNDING Funding is one of the key issues when considering postgraduate study as fees, along with living expenses, can run into thousands of pounds. However, the good news is there are more sources of funding available than you may realise. The various Research Councils across the UK offer grants and scholarships; various institutions (such as the Royal Society) and charities provide bursaries, scholarships and other awards; you may be able to find an employer who will sponsor you through your postgraduate course; or you could finance yourself by applying for a Career Development Loan. The thing to remember is that competition for funding is extremely fierce and there are strict eligibility rules, so the key is to apply as early as possible. That said do bear in mind that according to the Association of MBAs in the UK (AMBA), people with a Masters earn an average salary of over £65,000.

Photograph: © iStockphoto.com

ecause postgrad study can be so expensive, before you embark on a postgrad degree you should ask yourself ‘will it boost my potential future earnings enough to pay for itself?’ If you think you can move up the career ladder more quickly and earn more by actually being at work rather than studying for at least another year, then postgraduate study may not be the course for you. However, if you have taken a degree in a subject unrelated to this sector, then a postgraduate degree in finance will help you to build up the specialised skills you will need. Alongside this, the more independent way of studying at postgrad level also nurtures and builds on transferable skills such as organising, managing, analytical thinking, and interpersonal skills. You may wish to gain a specific postgrad qualification such as an MSc Accountancy & Finance because you have decided to pursue a very specialised branch of finance. With the current credit crunch, another reason for considering doing a postgraduate programme is the fact the financial outlook may be a lot brighter when you have finished your course than is currently the case, with competition for jobs in the sector subsequently easing (although competition is always fierce), and more positions actually available. Finally, it may be you just love number-crunching and the world of finance so much, you want to learn as much as possible in an academic setting before joining the workforce. Once you’ve decided this is really what you want to do, then

postgraduate study | introduction

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postgraduate study | case studies

investigation into the company and what they could offer me. After reading the company website and speaking to some people who work in finance, I quickly realised that I could see myself working there so applied and got the job! It was the first intake to the scheme for a couple of years so there wasn’t much publicity about it but I believe it can now be accessed via the careers services or prospects website.

Allan Ferguson Age - 25 Degree and university - Strathclyde University, Undergraduate = Law, Postgraduate = MSc Finance Work Title – Associate, Specialist & Acquisition Finance, Clydesdale Bank What do you actually do? I work within the Specialist & Acquisition Finance team in the Glasgow Financial Solutions Centre (a one-stop shop with access to a whole team of local banking specialists and credit facilities all in-house at one location). We are not so active in day-to-day relationship banking, but instead work on a deal by deal basis. For example, we provide funding for companies wishing to make acquisitions of other businesses, or for management teams wanting to buy out the shareholding of a departing owner. My role as associate is to assist the directors within the team with funding decisions, which may require me to research a company and the industry it operates in. A key part of our job as providers of funding is maintaining strong relationships with other professionals such as lawyers and accountants. To that end, my role also requires me to co-ordinate events whether for social or business purposes. Were you always interested in the Financial sector? I have always had an interest in business and finance in a general sense even from my time at school as it is pretty fundamental to our everyday life, even though we may not realise it. For example, we all have a bank account, know someone that runs their own business or have worked for a company, so business and finance surrounds us and influences our lives. The financial sector appealed to me as it can offer a safe and structured career path while also providing excitement and a good standard of living if you work hard enough. How did you find out about this particular scheme? I first came across the Clydesdale Bank graduate scheme whilst at the Careers Fair at Glasgow’s SECC. An initial chat with one of the representatives there got me interested enough to carry out further

Would you undertake further training in order to gain promotion? Further training is something which I am currently doing and I actually think is very important. Everybody on the Graduate scheme is automatically enrolled on the Chartered Institute of Bankers Scotland (CIOBS) course. It is a fairly new qualification, but as it is backed by one of the world’s oldest institutes it is well-regarded within the financial sector. The advantage of the course is the flexibility it offers as it allows the student to choose the majority of the modules and the timing of the exams, so you can finish within a couple of years or take longer if necessary. What do you most like about what you do and are there any downsides? The best bit about my job is working within a specialist team in an innovative and fun company. From the top down there is a friendly yet hard-working atmosphere which helps make your day more interesting, challenging, and ultimately rewarding. I also get the chance to go out to various events and meet a number of people

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be organised -there are always many things to do, so create a system with which you are comfortable in order to make your day as productive as possible.

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course? For me, the possibility of doing a specialized master’s degree in Finance was very attractive. In my first degree I developed an interest in financial matters and at MMU I could get further develop my skills in this field and study in much more detail. What did your degree entail? Could you mention specific modules you took? My degree included technical accounting subjects such as International Corporate Reporting or Accounting for Management Control, but also broader management areas such as Understanding Organization or International Business Environment. Did you write a dissertation and if so, what was it on? I wrote my dissertation about a management accounting topic. The research project was about implementation issues of the Balanced Scorecard in a supplying company. I conducted a placement and spent four weeks in Germany to raise primary data and write a case study. What was the biggest challenge you have faced in studying for your postgraduate degree? I think that the biggest challenge was to cope with large amounts of information and try to prioritise in order to separate the important from the less important. If you are doing a master’s degree, you will need to study topics in great depth and critically evaluate information from many different sources. I found this both challenging and interesting.

Frank Bachman Degree and university: MSc Finance & Business with distinction, MMC Work Title: Assistant Management Accountant at Salford Primary Care Trust

How did you fund your course? My course was funded by savings that I kept back for my education

Why did you decide to study a postgraduate degree? My main reasons were to improve my employability and gain valuable experience in a foreign country. I also wanted to make international friends and find out more about different cultures and mentalities

In what ways do you hope studying for your degree will help you with your career? My degree has already helped me to find a job in one of the biggest organizations in the UK and I experience a lot of interest from employers and job agencies. It will also help me to get exempted from many exams of an accounting qualification such as CIMA or ACCA.

What most attracted you to this particular

What advice would you give anyone thinking

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FAIR

Two Specialist National Fairs For graduate careers and student work experience 0ver 170 employers offering thousands of jobs Free entry and free Fair Guide Students and graduates from all institutions welcome Your opportunity to talk to over 170 graduate recruiters Find out about vacancies available in a wide range of areas from marketing to consultancy and construction to IT

@Manchester Central (formerly the G-MEX Centre) 10.30am - 4.00pm each day

For full details check out our website at:

www.manchester.ac.uk/careers/fairs or call the Fairs Team on 0161 275 2828 Organised by the Careers Service

In association with The Independent

CMY

DIVER

FA IR Organised by the Careers Service

s/fairs

Make personal contact with representatives from a wide range of national and multi-national organisations that are committed to developing a diverse workforce.

SITY

Students and graduates from universities across the UK welcome. Free entry and free fair guide.

WEDNESDAY 8 OCTOBER 2008 11:00am - 4:00pm

FOR G

THE RRADUATE CAREE THE U ENOLD BU RS AND STUD www.NIVERSITY ILDING, SAECNT WORK EXP OF MA KVILLE ERIENCE tel: 01 manch N 61 275 e STREE C s H t e E 2828 r.ac.uk STER M T /caree 60 1QD r

TETHHNE IC

An information and jobs fair aimed at Black and Asian students and graduates.

In association with The Independent

For full details check out the website at: www.manchester.ac.uk/careers/fairs

In partnership with

Careers Fairs PLUS+ 145 organisations including - KPMG, Teach First, British Council, Goldman Sachs, GSK Seminar programme, events & presentations throughout the day Face-to-face interaction with top graduate employers Improve your CV Open to all degree levels & disciplines

Add value to your career! National partner

Pre-register at:

Dates & Locations Aston University

Thurs 6th Nov

University of Birmingham

Thurs 30th Oct

Cardiff University

Fri 17th Oct

City University

Thurs 26th Feb 2009

University of Edinburgh

Thurs 20th Nov

Loughborough University

Tues 11th Nov

University of Manchester

Thurs 16th Oct

Newcastle University

Mon 27th Oct

University of Nottingham

Mon 20th & Tues 21st Oct

Queens University Belfast

Tues 25th Nov

University of Reading

Mon 24th Nov

University of ShefďŹ eld

Mon 17th Nov

University of Southampton

Thurs 13th Nov

University of Strathclyde

Tues 18th Nov

University of Warwick

Thurs 13th Nov

www.careersfairs.org

BRUNEL UNIVERSITY

If you’re thinking about postgraduate study . . .

THINK BRUNEL A masters degree from Brunel Business School will put your career on the right track • AMBA accredited MBA • MSc Corporate Brand Management • MSc Global Supply Chain Management • MSc Human Resources and Employment Relations • MSc Human Resource Management • MSc International Business • MSc Management • MSc Marketing Conveniently located campus with excellent facilities close to Heathrow Airport and central London To find out more: Tel: +44 (0)1895 265278 Email: joinbbs@brunel.ac.uk

www.brunel.ac.uk/bbs

133461 0808

Build your career in management.

Enhance your chances for employment. Create yourself more options.

General Masters

Specialist Masters

MSc Management MSc Marketing Management MSc E-Business Management MSc International Business Management MSc Tourism Management MSc Accounting & Financial Management MSc Sustainability Management MSc Human Resource Management

MSc Management Science MSc Management Science & Operational Research MSc Management Science & Data Modelling MSc Management Science & Logistics MSc Management Science & Performance Management MSc Management Science & Applied Environmental Modelling MSc Value Chain Management MSc Applied Environmental Economics MSc Agricultural Economics

www.kent.ac.uk/kbs/postgraduate

Tel: ++44 (0)1227 827726 Email: KBSadmissions@kent.ac.uk

“I wanted to enhance my

career prospects. That’s why I chose ESCP-EAP.”

ESCP-EAP European School of Management is the management school for Europe. Ranked 1st in the UK for its Master in Management programme (Financial Times, 2008), it is the only business school located in five major European cities: Berlin, London, Madrid, Paris and Turin. As a recent university graduate, you are keen to develop your potential for a career in business. You are ready for professional responsibility and international mobility. Enhance your CV with company internships and launch your international business career.

Master in European Business Master in Management Specialised Master in Finance Specialised Master in Marketing For further information and admissions contact: T: +44 20 7443 8800 E: ukadmission@escp-eap.net W: www.escp-eap.ac.uk

RECRUITER FILE | 2009

ACCA

COMPANY PROFILE COMPANY DESCRIPTION ACCA, the Association of Chartered Certified Accountants, is the global body for professional accountants. COMPANY PROFILE ACCA is the largest and fastestgrowing global professional accountancy body. Both our reputation and influence are respected worldwide by employers, governments and the profession itself. The ACCA Qualification will help your career progress in any organisation. It is an established route to professional status and you get to use the ‘ACCA’ letters after your name on successful completion. Globally, employers will understand and respect your qualification. You will be in demand for your finance and accounting knowledge and skills worldwide, regardless of employment sector. FLEXIBLE CAREER OPTIONS ACCA’s study options and training are designed to be as flexible as possible – offering you the freedom

ACCA IS THE LARGEST AND FASTESTGROWING GLOBAL PROFESSIONAL ACCOUNTANCY BODY, BOTH OUR REPUTATION AND INFLUENCE ARE RESPECTED WORLDWIDE BY EMPLOYERS, GOVERNMENT AND THE PROFESSION ITSELF.

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to gain work experience in the private, public or corporate sectors and the ability to change employer and sector should you desire a broader base of experience. The ACCA Qualification links practical experience to the syllabus, reinforcing that any capabilities – developed through the exam process – have a clear application in whichever accounting work

environment you work. The syllabus is unique in offering specialist papers, ensuring that you gain a solid foundation of financial knowledge, as well as a firm grounding in the broader-based business skills that will prepare you for senior financial and management positions. It represents the ultimate in integrity, flexibility and true vocational opportunity. PRESTIGIOUS EMPLOYMENT OPPORTUNITIES ACCA has strong relationships with a range of employers who offer ACCA training opportunities. These include: Nationwide, Tenon, BDO Stoy Hayward, KPMG, Sainsbury’s, Tarmac, Abbey and Bentley Jennison. APPLY NOW: www.accaglobal.com/graduates

RECRUITER FILE | 2009

Capital One

COMPANY PROFILE FUTURE LEADERS WANTED

MAKE A DIFFERENCE FROM DAY ONE

Everyone says it’s tough at the top. But

As soon as you start, our specialised

with Capital One, getting there doesn’t

development programmes will give you

have to be. In our dynamic, collaborative

close contact with senior managers who’ll

work environment, you’ll be given

fast-track your business knowledge and

strategic and managerial responsibilities

get you involved in our entrepreneurial

from day one, and have the opportunities

culture. From there, you’ll be given as

to get where you want to go. Fast.

much responsibility as you can handle,

Capital One is one of the largest

and be heavily involved in making the

financial services companies in the world,

decisions that will steer our business. And

with over 50 million customers worldwide.

best of all, you’ll be enjoying it.

The market we work in is highly competitive, and we rely on the insight and expertise of

WHO WE’RE LOOKING FOR

our Business Analysts to constantly drive our

For us, personality is just as important as

business forward. Right now we’re looking

performance. So to join Capital One,

for 15 exceptional graduates to fill these

you’ll need to be someone who can get

roles and join our award-winning teams in

on with everyone from the CEO to the

Nottingham or London.

receptionist. We also look for people with leadership potential, and the passion and

THE ROLES

enthusiasm to get things done. On the

Business analysts are thinkers and

academic side, you’ll need a 2:1 or

strategists. So your role will be to identify

above in a numerate subject and A, B, B

ways to optimise our business and come

grades at A-Level (or equivalent),

up with ideas that’ll shape the future of

preferably including Maths.

our industry. To do that, you’ll have access to in-depth information about customer

SALARY AND BENEFITS

behaviour, and support from some of the

Our competitive base salary starts at

brightest senior people in the industry.

£32,000 (Nottingham) or £35,000 (London). And that’s just for starters. We

OUR CULTURE

also offer a generous £10,000 signing on

Lateral thinkers thrive in a collaborative,

bonus, an annual performance-related

open and relaxed culture. And that’s

bonus, great non-contributory pension

exactly what we provide. Our dress code

benefits, free medical insurance, 25 days’

is casual and we encourage

holiday, share purchase option schemes

individualism. So from the very start, you’ll

and quarterly teambuilding trips.

be managing your own workloads and schedules in the way you think is best. But

APPLY NOW:

because there’s plenty more to life than

For further information and

just work, we’ll also give you time off for

to apply online please visit

team trips, themed events and

www.capitalone.co.uk/careers

volunteering activities too.

IN OUR DYNAMIC, COLLABORATIVE WORK ENVIRONMENT, YOU’LL BE GIVEN STRATEGIC AND MANAGERIAL RESPONSIBILITIES FROM DAY ONE, AND HAVE THE OPPORTUNITIES TO GET WHERE YOU WANT TO GO. FAST.

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RECRUITER FILE | 2009

CHP Consulting

COMPANY PROFILE CHP Consulting is a leading provider of software and consulting services to the global asset finance industry. Established in 1990, CHP has grown steadily and had a turnover of over ÂŁ25m in 2007. Our clients include top banks, equipment manufacturers and finance companies, such as Bank of America, Commonwealth Bank of Australia, HBOS, ING Lease, National Australia Group, Nissan Finance, Royal Bank of Scotland and Textron Financial. CHP was named in The Sunday Timesâ&#x20AC;&#x2122;s Best 100 Small Companies to Work For in 2005 and 2006, and received the Best Companies Accreditation in 2007 and 2008.

AS A JUNIOR CONSULTANT, YOU CAN EXPECT TO BE WORKING ON THE CLIENT SITE WITHIN FIVE WEEKS OF JOINING.

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as well as the finance department at our client sites provides an exciting challenge for our consultants. Client interaction means, of course, that we are seeking people with excellent communication and interpersonal skills. We also expect our consultants to contribute their own ideas on a daily basis, so having the confidence to put these forward is imperative.

As a Junior Consultant, you can expect to be working on the client site within five weeks of joining. You will typically start off in a development role and progress through the different areas of the project lifecycle during your first few years with the company. The majority of our work is carried out with the client,

On the fun side, clubs such as football, rugby, squash, surfing and running are all organised and driven by staff. Company events are also arranged throughout the year to keep motivation high and allow opportunities to get to know your fellow CHPers. Our annual conference is usually a three-day trip, held either abroad or in luxurious surroundings in the UK. Company meetings take place every eight weeks and give employees the opportunity to present to the UK company or train on areas in which they excel. A favourite

so you will need to be willing to work at different locations around the country.

event in the calendar is our annual client go-karting and golf competitions,

Your challenges will include being face-to-face with different levels of

at which CHPers get to mix socially with client personnel. Project teams also get

client personnel. It takes a certain skill to be able to converse in one minute with someone at the top of the company, but in the next with an administrator who needs you to see things from his or her point of view.

to have their own celebrations for reaching milestones or meeting deadlines. In the past, many teams have gone off for winter sports, lounging in the sun or swimming with dolphins.

The job encompasses technology and finance and, whilst experience is by no means essential, a passion and enthusiasm for these areas is a must. Talking in depth with the IT department

APPLY NOW: www.chp.co.uk/careers

Are you looking for graduate finance opportunities? Go to

www.realworldmagazine.com/finance

• latest jobs • employer profiles • graduate case studies • further study • tips from the top Get a great graduate job

RECRUITER FILE | 2009

Ernst & Young

COMPANY PROFILE

WE’LL GIVE YOU EVERYTHING YOU NEED TO GROW, AND TO DEVELOP YOUR CAREER. YOU’LL GET FIRST RATE TRAINING. AND YOU’LL HAVE A DEDICATED COUNSELLOR TO LOOK OUT FOR YOU.

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DAY ONE: START AS YOU MEAN TO GO ON At Ernst & Young we’re committed to helping our people, our clients and our wider communities achieve their potential. It’s how we make a difference. Day one at Ernst & Young is the day you start working towards these goals. Every subsequent day, you’ll be building the relationships

most of the support we offer.

and gaining the expertise that will help you develop, both personally and professionally. Ernst & Young is 130,000 people, in 700 locations across 140 countries around the world. We help our clients with Assurance, Tax, Corporate Finance and Advisory. So you’ll be dealing with real business issues, working with people to overcome the challenges they face, and helping them get the most from their business. From your very first day you’ll have access to an unparalleled breadth and depth of experience, to help you achieve your potential.

develop and express the potential we first saw in you. That’s because our business thrives on the diversity of the individuals within it. Our clients want to engage with interesting people, not clones. So as long as you work to the high standards they expect, you’ll have the flexibility to make your working life fit with your life outside work.

BE YOURSELF Whether it’s a professional qualification you’re after, or broader business skills, or a career that takes you to different locations, as long as you put the work in, we’ll help you get what you’re looking for. We’ll create the environment for you to be yourself, to

IT’S YOUR CAREER

MAKE A DIFFERENCE Really, that’s what it boils down to. Making a difference - in everything you do. From your first day that will be your focus and the challenge we set you. If we can help you achieve your goals, then you’ll be helping us

We’ll give you everything you need to grow, and to develop your career.

achieve ours. If you’re not looking for a graduate

You’ll get first rate training. And you’ll have a dedicated counsellor to look

position just yet, but still want to find out more about how we do things,

out for you, plus a senior mentor to help you with the issues that really

think about taking part in our Work Experience Programme, Summer

matter to you. You’ll have early responsibility and opportunities to contribute, constant challenges, projects to manage, and specific roles within a team. But you’ll be in charge of choosing the direction your career takes, and of making the

Internship Programme or Industrial Placement Programmes. And if you’re ready now to get your career started, get in touch. APPLY NOW: www.ey.com/uk/careers

RECRUITER FILE | 2009

KPMG

COMPANY PROFILE KPMG is a leading professional services firm offering over 20 challenging and high-quality graduate career paths in audit, tax and advisory. One of the leading graduate employers, KPMG provides challenging and high-quality career opportunities to ambitious people from a wide range of academic disciplines.

course and mock exams, in addition to individual and group tutorials for help in difficult areas.

SUPPORT NETWORKS AT KPMG As you might expect from the winners of The Sunday Times ‘Best Big Companies to Work For’ 2008, the support network at KPMG in the UK is as strong as it is extensive. A recently qualified trainee will be your mentor for your first few years, while a counselling manager will take direct responsibility for your development by helping to set objectives, monitoring performance and advising on any problems. In addition, a partner will supervise your long-term progress to ensure you are realising your full potential.

Supported by our dedicated career development team, you may also wish to develop language skills, study for an Executive MBA or even embark on a secondment within an overseas KPMG member firm or in another organisation.

CAREER DEVELOPMENT Your development programme will reflect your individual needs, take account of your strengths and place emphasis on areas that you most need to develop.

WHY KPMG? This is an exciting time to join us. The recent merger between our UK, German, Swiss and Spanish firms allows us to offer you wide exposure to international clients and a unique, engaging opportunity to experience business the length and breadth of Europe.

QUALIFICATIONS Many of our career paths also lead to

ENTRY REQUIREMENTS

professional qualifications which are valued the world over. While we expect

Our career opportunities are available to ambitious people with good

you to work hard to gain your professional qualifications, we will also

communication skills, a real interest in business and a proactive approach to

give you all the support you need - from providing professional tutors to paying

your professional development.

exam fees and supplying course books. Our exam assistance includes full-time exam training managers, tutors, mentors and a senior manager who will follow your exam progress. We’ll also equip you with a practical toolset with which to prepare yourself for your exams; you’ll be able to take advantage of a revision

APPLY NOW: To apply you will need grade A GCSE mathematics, at least 300 UCAS tariff points (or 24 UCAS points), and be on course for a 2.1 degree in any discipline. For full details of entry requirements and to apply, visit www.kpmg.co.uk/careers.

A RECENTLY QUALIFIED TRAINEE WILL BE YOUR MENTOR FOR YOUR FIRST YEAR, WHILE A COUNSELLING MANAGER WILL TAKE DIRECT RESPONSIBILITY FOR YOUR DEVELOPMENT.

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RECRUITER FILE | 2009

LECG

COMPANY PROFILE LECG is an economic and financial consulting firm that provides objective analysis to companies, law firms, industry regulators and government bodies. WHO WE ARE LECG has offices in London, Brussels, Paris, Madrid and Milan and throughout the Americas and Asia Pacific. Our team includes experts in finance, chartered accountants, leading professional and academic economists and econometricians, MBAs and industry specialists. We help our clients solve complex, unstructured problems across a range of practice areas including: • Economic & Financial Regulation • Valuation & Intellectual Property • Claims & Disputes • Competition Policy • International Arbitration • Carbon & Climate Change Underpinning all our work is a rigorous, analytical approach to problem solving, a desire to understand the fundamental value drivers of the business or markets we are considering, and a commitment to providing our clients with objective advice of the highest quality.

GRADUATE JOINERS ALSO HAVE THE OPTION TO PURSUE FURTHER QUALIFICATIONS. THIS INCLUDES THE UNIQUE OPPORTUNITY TO BECOME A CHARTERED ACCOUNTANT (ACA).

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LEARNING AND DEVELOPMENT LECG provides graduate joiners with a comprehensive training programme as well as the option to pursue further qualifications. These augment the development that

graduate joiners experience through their day-to-day involvement in challenging and interesting projects. The programme develops both technical skills (such as financial modelling and business writing) and soft skills (such as time management and communication styles). Graduate joiners also have the option to pursue further qualifications. This includes the unique opportunity to become a chartered accountant (ACA) in a consulting environment or support for the chartered financial analyst (CFA) programme. APPLY NOW: Recruitment Manager, LECG Ltd, Davidson Building, 5 Southampton Street, London WC2E 7HA, Tel: 020 7632 5064, Email: careersuk@lecg.com Website: www.lecg.com/careers/

RECRUITER FILE | 2009

Morgan Stanley

COMPANY PROFILE ABOUT MORGAN STANLEY

Morgan Stanley’s pioneering role in the

Morgan Stanley is a leading global

global expansion of the finance services

financial services firm providing a wide

industry, together with our geographic

range of investment banking, securities,

scope, deep understanding of markets

investment management and wealth

and long experience meeting client needs

management services. The Firm has over

have not only made us “World Wise,” but

45,000 employees in more than 600 offices

also give our recruits an unrivalled global

in 33 countries, serving clients worldwide

platform for their careers.

including corporations, governments, institutions and individuals. Services

A COLLECTION OF TALENT

offered include: investment banking

While Morgan Stanley’s people come

advice on mergers and acquisitions,

from a wide variety of backgrounds, all

privatisations and financial restructuring;

are high achievers who share integrity,

debt and equity underwriting; sales and

intellectual curiosity and the desire to work

trading in all the world’s major markets;

in a collegial atmosphere. We give our

and market leading research. Morgan

people responsibility early, so they can

Stanley also manages more than $700

soon make an impact on our business and

billion for institutional and high net worth

the world at large.

investors across a broad range of asset

Individuality is prized and people are

classes, from traditional equity and fixed

encouraged to be themselves. Diversity is

income through to hedge funds, private

fundamental to our corporate culture, as

equity, real estate and infrastructure.

evidenced by our award-winning recruiting and career development programs. We

A POSITION OF LEADERSHIP

place special emphasis on opening up

Since its foundation in 1935, Morgan Stanley

opportunities for talented women, who

has been at the forefront of innovations

hold many senior positions at our firm.

which helped to shape the course of

Morgan Stanley people “think like

modern finance. From historic underwritings

owners,” taking pride in our worldwide

for General Motors, IBM and the World Bank

reputation and entrepreneurial culture

in the 1950s, to the Apple IPO in the 1980’s

that keeps us at the head of a fast-

and Google in the new millennium, the firm

moving industry.

has understood important trends and developed new markets.

A SENSE OF COMMUNITY

Today those include premier positions

Morgan Stanley seeks to give something

working with hedge funds (as the worldwide

back to the communities where we live

leader in prime brokerage), leadership

and work, and to use our talents and

positions in emerging markets, such as

resources responsibly in the world at large.

Russia, China, and the Middle East, and our

In short, we believe that work should be not

acclaimed approach to commodities

only financially rewarding but also

investing, including our presence in the

interesting, challenging, enjoyable, and

physical commodities markets through oil

socially worthwhile.

tanker and power plant ownership.

Apply to: Online application only www. morganstanley.com/careers/recruiting

MORGAN STANLEY PEOPLE “THINK LIKE OWNERS,” TAKING PRIDE IN OUR WORLDWIDE REPUTATION AND ENTREPRENEURIAL CULTURE THAT KEEPS US AT THE HEAD OF A FAST-MOVING INDUSTRY.

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RECRUITER FILE | 2009

RCM

COMPANY PROFILE When it comes to the fine art and science of investment management, there can be few more capable, imaginative and dynamic firms than RCM. A global equity investment management organisation, we are critical to the success of Allianz Global Investors’ asset management business and have close to 120 billion of assets under management. We work alongside our partners within the Allianz family to deliver an insightful approach to investment management. Our success as an organisation is rooted in widely acknowledged core strengths. We pride ourselves on our strong track record in global and regional equities, commitment to primary research and the depth of our global resources. All of this, of course, would be nothing without our focus on a defined and disciplined investment process and exceptional client care.

WE EMPLOY MORE THAN 450 EMPLOYEES WORLDWIDE INCLUDING 229 INVESTMENT PROFESSIONALS ACROSS OUR NETWORK OF PRIMARY OFFICES IN FRANKFURT, LONDON, SAN FRANCISCO, HONG KONG, TOKYO AND SYDNEY.

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We employ more than 450 employees worldwide - including 229 investment professionals - across our network of primary offices in Frankfurt, London, San Francisco, Hong Kong, Tokyo and Sydney. Together they draw on over 15 years’ experience to offer a complete array of sophisticated strategies and services through a truly integrated global infrastructure. We welcome candidates from all academic disciplines provided you have achieved at least an Honours degree (Upper Second or above or

equivalent). A fluent reader, speaker and writer of English, you will also need an above average level of numeracy. Graduates who have lived or gained some practical experience overseas, in our view, tend to have the wellrounded approach to life and work we’re looking for, hence an international background is a distinct advantage. And you don’t have to be a newly qualified graduate either. We also welcome applications from people with up to two years’ relevant work experience. Above all, however, you will need to be totally committed to a career in investment management. We take a close look at your personal and intellectual qualities to assess what you can bring to our business and what we can offer you in return in terms of support and development. If you have what it takes, you can look forward to a very bright future. APPLY NOW: www.rcmgraduates.com

Will youĂ&#x2030; Do something different? Accelerate your career? Put something back? Inspire a generation? Change lives? Take a lead? Whatever you do, Teach First.

www.teachĂ&#x17E;rst.org.uk

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