City and Finance Special Edition 2011

» Your ultimate map to a financial career P20

www.realworldmagazine.com

get a grad job Career Advice grad interviews Careers fairs recruiter tips

» T he safest career in any economy P22

2011 PAGE 15

a Make a life, not just

RECESSION PROOF »A re bankers really bad?

P18

living

GREEN MONEY Interview: Ann Pettifor

MONEY CAN SAVE THE EARTH p6

Money with morals

CAREERS WITH A CONSCIENCE p18

careers guide The financial sector

crisis, comeback or crest of a wave? p9

Quirky careers

city jobs you never thought of p14

CITY AND FINANCE SPECIAL ISSUE

pwc.com/uk/careers

Being the one to inspire peer group envy

Helping create value through: Assurance Consulting Tax Financial Advisory Actuarial PwC Legal LLP

You need a 2:1 or above in any degree discipline. From 300 UCAS tariff or equivalent.

We value diversity in our people

Nationwide Opportunities, Spring and Autumn 2011 Build a CV others envy. Our graduate training gives you breadth as well as depth of knowledge. Learn from expert practitioners, earn professional qualifications, work with great clients and experience different roles to ensure you always stand out from the crowd.

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

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

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

EDITOR’S LETTER

On the cover

z

UPFRONT 04 Reality Bytes 06 Big Interview The woman that warned the credit crunch was coming tells what the future has in store z

REAL WORLD FEATURES 14 B eyond Banking The quirky, the interesting and the just plain weird careers in finance z 16 Actuaries, actually Actuaries: the poker-faced players who reckon the risks 18 When did banker become an insult?

Money with morals: working in ethical finance z 20 C ity Route Finder Ever wondered where your skills will take you?

Wonder no more with Real World’s City careers map

I

t might seem like now is the worst time to graduate, particularly if you’re looking for a career in banking or finance.

There’s the recession of course, not to mention a fair whack of public fist-shaking in the direction of bankers. Meanwhile, competition from your fellow graduates is as tough as ever.

That’s the bad news. The good news is that Real World is here to help. This edition is packed with tips to turn the recession to your advantage and advice from graduates already making their mark on the industry.

There’s also some handy tools to help find your niche in finance. Turn to the centre pages to match your skills to the finance careers on offer.

And, if the traditional routes don’t appeal, we’ve got the lowdown on quirky finance careers where you can leave the pinstripe behind.

Finally, don’t miss the latest industry news and the chance to meet the woman whose ideas about ethical finance are transforming the sector.

to get those jobs

Make a life, not just a living At Real World we believe you should have a job that you want to get out of bed for. You should be doing something that’s going to inspire you, reward you and challenge you for the next 50 years.

We help you do what you enjoy and enjoy what you do. We want to be the ones to tell you about the job opportunity that’ll change your life.

And we want to help you to get that job and then succeed without limits.

Real World is more than just a magazine. We’re leaders in graduate employment research.

We train people how to raise their game. Everything we do is about helping you understand your career, kick-starting it and developing it.

After all, apart from sleeping, you’ll spend more time working than doing anything else in your life.

We want you to make a good living, but we also want you to make a good life in the process.

No sugar-coating and no dry job jargon – Real World tells it like it is. Just the best facts, advice and opportunities.

Jon Madge, Editor editor@realworldmagazine.com

P18

When did banker become an insult?

22 R ecession-proof Tips and tricks to job hunting in a recession 26 D irectory Who’s hiring and how

Contents

P20 Editorial: Editor Jon Madge • Sub-editor Jen Clark • Editorial Team Tom Brookes, Sue Wareham • Designer Yang Ou / Angela Wozniak • Publisher Johnny Rich Advertising: Sales Andrea Moretti • Client Services Manager Marie Tasle • Founder Darius Norell Real World is a publication of Cherry Publishing: 20 Newburn Street, London SE11 5PJ Tel: 020 7735 4900 • Fax: 020 7840 0443 • E-mail: info@realworldmagazine.com Website: www.realworldmagazine.com • Copyright © 2010 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.

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realitybytes news*views*advice*strategies Are Dundee and Islam the future of finance?

The future’s bright

This September, the University of Dundee will introduce an MSc in Islamic Accounting and Finance - the first of its kind in the UK. Islamic finance does not allow the creation of money from money (charging interest on loans, for example). Instead, wealth is generated through trade and investment.

This financial system, which is based on Sharia (or Islamic) law, has caused a stir among financial institutions. The University of Dundee’s new MSc responds to this interest and has itself attracted widespread attention, proving so popular among both UK and international students that it has already been confirmed for 2011.

Speaking with Real World, Professor Christine Helliar of the University of Dundee said “Other courses are merely on Islamic banking and products. We’re looking more holistically at Sharia law and jurisprudence and are trying to get an overview of what Islam is all about and how it relates to finance.”

Dr Kamla, the programme leader, added “Not many people have that combination of accounting and financial knowledge and how it relates to Islamic law, so we’re hoping to bridge that gap.”

For further information visit

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

The AGR’s results show that graduate vacancies are down by nearly 7% this year. At the same time the number of graduates applying for each vacancy is set to rise from 49 to 69 in 2010’s market.

Those lucky enough to land a job can expect an average starting salary that hasn’t changed since 2008.

For graduates looking for a career in finance, however, it’s not all bad news.

A survey by High Fliers Research, who analyse trends in graduate recruitment, suggests that graduate job prospects in financial services and investment banking may well improve.

Accountancy firms and investment

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

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

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banks employed some of the highest numbers of graduates in 2010, and are even increasing their starting salaries for graduates.

Martin Birchall, Managing Director of High Fliers Research, said “With a record number of students graduating from UK universities, it’s great news that Britain’s best-known and most sought-after employers have stepped-up their graduate recruitment substantially.”

reality bytes | news

What’s a CV worth?

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

For graduates with an eye for a bargain, however, Staples may have the

solution. The stationers are offering a free CV printing service to all graduates.

Staples Marketing Manager Louise Rowles said, “We hope that by printing people’s CVs for free we are least helping to ensure they present a professional image at no cost to them.” CVs brought into any Staples store can be printed from a USB memory stick or CD.

Could you make finance news?

The Financial Times graduate traineeships are running for another year and open to entrants.

The traineeships offer published and unpublished graduates alike the chance to write for one of the world’s best-known financial newspapers.

Applicants must submit an original 500 word article on a subject of their choice, and those who make the cut will spend eight weeks training before joining the FT’s editorial team in London.

Illustration & Photography: © iStockphoto

Although full training can take two years, successful entrants can expect to be reporting the news financial news from their first day. Kiran Stacey, who joined the FT as a graduate trainee, told us “They dropped you in at the deep end.

The FT was great at saying ‘we’re going to treat you like any other reporter’.”

The closing date for entries is 31st December. Shortlisted candidates should be contacted by February. For full information see www.ft.com/graduates

PWC insight academy Have you got what it takes?

So you’re studying for your degree.

You’ll be ready to take on the challenges of financial business when you leave university. But how about tomorrow, would you be ready then?

PricewaterhouseCoopers is laying down the gauntlet for undergraduates who think they’re ready to experience the world of work to pick up.

The Insight Academy is a new annual programme from the financial

giants. It will offer successful applicants the chance to spend a week learning from experts in the field, ending in a project that will give a real taste of the industry.

The entry requirements are tough, 300 UCAS points and an expected 2:1 are the norm, but students of last year’s scheme speak say the benefits are worth it. “The Insight Academy is definitely a great idea for students who have just started looking into future careers,” said Huu Anh Nguyen, who joined the Insight Academy in 2010.

To find out more and for the latest Academy vacancies, visit the PricewaterhouseCoopers website at: http://www.pwc.com/uk/en/careers/ student/insight-academy.jhtml

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

CAN MONEY SAVE THE PLANET?

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INTERVIEW | ANN PETTIFOR

Ann Pettifor is an expert on sustainable development and executive director of consultancy Advocacy International. She is co-author of Green New Deal, which examines the threats of the credit crunch and climate change. Ann is often credited with predicting the bursting of the credit bubble after editing The Real World Economic Outlook for the new economics foundation.

Real World: What is the alternative to conventional finance?

AP: Well I think the big alternative is a financial system which serves the interests of society instead of the other way around. What we’re hoping is we can now reconstruct the financial sector, so that it does begin

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and credit. Someone who works in the finance sector to achieve a more balanced economy and a more stable ecosystem will be doing an enormous service to society and that’s ultimately far more satisfying than simply making lots of money.

RW: If you want to do good, why ethical finance and not charity work or a social work?

AP: There are plenty of people doing that and we need more people in the finance sector working to reorganise it so that it finds its ethical legs. My colleague teaches Islamic finance and he finds himself overwhelmed with applications. In Islamic finance the lender takes a stake in the business and therefore shares in the risk of the business. The fact that so many students are applying for his course shows that there is a yearning for that kind of ethical work. We need those people to take their place in the City of London and start transforming the way it operates.

Photography: © Yang Ou

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

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to serve the interests of society and in particular of the environment. If we want to invest in wind farms or home insulation or other alternative energies we need a finance sector that will take the risk of investing in those new technologies and do it at rates of interest which would be repayable on the basis of returns generated by those green industries.

RW: Does the current financial

RW: Should graduates about to start working in the City see now as a time of crisis or an opportunity?

AP: It’s a time of crisis and they are certainly players in resolving that crisis, and I don’t think the crisis is over yet by

system have the wrong priorities?

AP: I would say yes, it has. We’ve built

any means. The banks are still in a very fragile position; they still have enormous

a financial system which feeds on itself, which has become parasitical on the

liabilities and exposure to debt which looks to me as if it won’t be repaid. The

real economy. Making money from money has become the most important priority of the economy whereas actually money should be an asset that’s available to the productive sector of the economy so that it can grow.

banks are behaving as if nothing has happened, nevertheless there are going to have to be changes. That’s both a challenge and a huge opportunity to rebuild the finance sector for a world of climate change which is going to be quite terrifying in the scale of its impact.

It could be life changing, both in terms of your own experience but also in terms of what you could be doing for society.

RW: One of the motivations for graduates going into finance is presumably that they want to make money. Why should they care?

AP: Well, I think there are several reasons.

There’s an enormous amount of job satisfaction from doing something you know is useful and meaningful to society – such as providing it with the thing that oils the wheels of the economy: money

RW: Can you really make a difference by getting into finance?

AP: Yes. We went through this period from the 1980s onwards, where the theme was ‘look after yourself’ - and ‘loadsamoney’ was what you had to have. What that did

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INTERVIEW | ANN PETTIFOR

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The big alternative is a financial system which serves the interests of society instead of the other way around was to drive up consumption. So people went shopping and we consumed beyond our means and beyond the capacity of the ecosystem to absorb the emissions that were generated by churning out all of this stuff in China and consuming it in the West. That was partly driven by greed and the fact that we like shopping but it was also driven by the fact that we had easy credit.

That’s how fundamental credit is to the ecosystem. It’s the thing which drives consumption, which in turn drives emissions. If we manage credit properly we can manage emissions at the end.

RW: Is now a good time to join the industry?

AP: I think I would be telling fibs if I said it was a good time to go into finance. The 1980s must have been the best possible time because it was a kind of gambling and if you were good at gambling you could make a fortune. If you simply want to go in to gamble then perhaps it’s not the best time because quite soon governments, whether they want to or not, are going to have to put the clamps on speculation in the financial system. If you want to make a difference to society it’s a very, very good time because we’re going to need people who want to change and who will be courageous enough to go along with those changes and to understand the bigger picture.

RW: What do you think of how the current government has dealt with the financial crisis?

AP: I would sum it up by saying the government has been captured by the finance sector. We have several political bankers running the Treasury.

The bankers have fought very hard to defend their corner and to dissuade government from doing anything which restrains their activities.

I think that’s counter-productive.

The finance sector depends on stable government, on a healthy economy and on social and political stability and

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we’re going to lose all of those if this financial crisis plays itself out. Before, they were gambling with their own money.

They’re now gambling with taxpayers’ and believe that whatever happens the taxpayer is going to bail them out. Well, actually, the taxpayer is about to go broke too so that’s not going to happen.

RW: You support breaking up the ‘too big to fail banks’, why?

AP: Precisely this point that currently the taxpayer is guaranteeing not just the deposits of ordinary people who put their savings in a bank, but also the gambling and speculation of young men fooling around on desks not quite knowing what they’re doing.

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The taxpayer is about to go broke so they are not going to bail out the financial sector now

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RW: What would happen if they were broken up?

AP: Well it would mean there would be two kinds of bank to go and work in: the more straightforward bank that takes deposits and manages savings, and the speculative bank. That’s often depicted as being the boring banks versus the exciting banks and that’s not true. If we split them up like that we would have banks that would act responsibly, that would be looking to society’s needs and would be providing funding for productive investment.

RW: If finance has to change what can graduates do to prepare for that?

AP: I think it’s a matter of mindset, isn’t it?

If you go into your new career thinking “I’m going to go in there and gamble and make as much money as I possibly can overnight and I’m only going to think about number one” then your mindset is going to produce the kind of chaos we’ve had. But if there is any sense among the establishment within the banking sector, they will want people now who are more open-minded.

How you go about doing that, of course, will require some subtlety, but I think having people that are more open to these ideas is going to be helpful to the bankers and to the system ultimately, even though it might be difficult for anyone going into the sector.

RW: You’ve been credited as one of the people who predicted the credit-crunch. What do you see happening next?

AP: Well I happen to be quite gloomy actually, and I hate being gloomy because I’m a natural optimist. The thing is, what I did was what so few bankers do, which is look at the fundamentals.

Anyone going into the finance sector from now on should understand the tectonic plates that underpin the financial system and look out for a tsunami or a volcano or an eruption.

That’s not hard to do but it really requires standing back and looking at the big picture. When you stand back what you see is a mountain, no, a mountain range the size of the Himalayas of debt.

There’s more debt out there than can be reconciled with assets, therefore some of that is going to be written off.

RW: What advice would you give to any graduate looking to work in finance?

AP: I would say the finance sector and economics has been dominated by an ideology over the last 30 years. So my advice to anyone going in to the finance sector is to open up your mind. If you have a closed mind you’re not going to be able to see the crisis coming, you’re not going to be able to give good advice to your clients and you’re not going to be able to give good advice to your employers.

Photography: Š iStockphoto

oes h, so d re toug as imes a do rough se ? r a v e? T of a w trouble? Og to sail them r crest in back o nce sector's yone willin n , come Crisis ean the fina nities for a that meate opportur y experts. just cr the indust We ask

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CITY AND FINANCE | STATE OF PLAY

Alastair Constance, Director of Foreign Exchange Trading from Ethical Currency Ltd (and supporter of the Robin Hood Tax campaign) Is now a good time to get a career in the finance sector? Absolutely.

As the global economic recovery gathers pace the financial sector will continue to expand and with new regulatory frameworks there is change afoot along with expansion. New models of doing business will undoubtedly rise from the ashes of the financial sector near meltdown and that promises new opportunities.

Do you need graduates? Yes, particularly in light of the new regulatory frameworks graduates will always be

perhaps a slightly different outlook on how financial business is conducted.

I believe that consumers have more power than was the case previously and this offers the financial sector a rare chance to mould to consumer requirements. I also think that the green and ethical fronts will expand to match global business trends.

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

That change is afoot and that changing regulations have made the sector more accountable. Consumers are also dictating business practices to a greater degree than in the past. The financial sector is not very popular at the moment so some faith needs to be won back.

How will the economy change over the next few years? The financial sector will continue to expand globally, and therefore in the UK, as more citizens access the capital markets and the banking infrastructure. The ongoing economic rise of China and other developing nations will also offer fantastic opportunities for global growth and access to new markets.

This should excite any potential entrants to the financial sector.

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

required in the financial sector. Graduates also have the advantage of being up to

Alon, Senior civil service economic adviser at HM Treasury

date with recent changes so that they enter the sector up to date.

Is now a good time to get a career in

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

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How will the sector change over the next two years? I’ve noticed interesting developments in the sector, such as the increased role of financial regulation and risk management. Such trends could open up new types of job opportunities in banks, government and consultancies.

What one bit of advice do graduates

How will the sector change over the next two years? There will be greater and more extensive regulation and

the finance sector? Yes, especially when taking a wider look at the sector.

There are, for example, finance positions in the civil service, in companies like GE capital or in organisations like the EBRD. Jobs in these places are often rewarding and help develop key skills to grow in the sector.

entering this sector need to know?

Instead of focusing just on the “sexy jobs”, candidates should look for positions that suit their strengths and interests and should take into account the future opportunities offered by their first job: trading for example may be lucrative but might not offer as many transferable skills as a research analyst position.

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Do you need graduates? Graduates play an important role in many financial organisations alongside more experienced professionals. Recruiters in the sector don’t just recruit finance graduates but instead seek candidates with broader competences including analytical, quantitative and people skills.

Given the chance, would you do it all again? I don’t think it is possible, nor necessary, to be “100% right” in one’s first job choice. I regard my first experiences as building blocks that helped me acquire key skills and helped me better understand the specific career path that suits me.

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

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CITY AND FINANCE | STATE OF PLAY

How will the sector change over the next two years? Regulation is expected to play a bigger role in the future, which may have a negative effect on the sector. Also, due to performance, many of the lower tier funds will not be able to raise new funds and will disappear.

be prepared to stand up and say so.

Warren Buffett, probably the world’s greatest investor, was brave enough to speak out against derivates at the turn of the Millennium when he called them financial weapons of mass destruction.

He’s certainly looking like the cat that got the cream now.

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

Do enjoy the journey and don’t obsess about the final goal. If you put enough passion and hard work, with a bit of luck your goals may happen. But in the meantime you have a life to live.

Catalin Breaban, Senior Private Equity Advisor at HNWI Family Office Is now a good time to get a career in the finance sector? The finance sector is cyclical, so every 7-8 years you have some sort of crisis happening. The last one was in early 2000, with the burst of the dot com. The peak of the cycle was around 2006. It’s obviously easier to get jobs at the peak and more difficult at the bottom. We are coming out of one of the hardest recessions so it is easier to get a finance job than last year, but compared to 2006 it is much harder.

As the economy improves, the number of finance jobs will increase. If you don’t get a job in the finance sector now, you can still make a switch in the next few years.

Do you need graduates? Most finance sectors need graduates or young professionals. The private equity sector offers very few jobs in general, but the reality is that one could get in at an early stage in his/her career, as an Analyst or senior Analyst for example, or much later, as a Director or Partner.

It is more difficult to get a private equity job somewhere in between.

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

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How will the economy change over the next few years? The gradual recovery will hopefully continue. It will also be interesting to watch the growing importance of the emerging markets.

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

David Kuo, Director of financial website ‘The Motley Fool‘ (www.fool.co.uk) Is now a good time to get a career in the finance sector? There is never a bad time to carve out a career in the financial sector. Money is the lifeblood of any economy. I can’t think of any business that doesn’t need it.

Additionally, as global economies become increasingly more complex there should an appropriate rise in demand for financial experts.

Do you need graduates? The Motley Fool is unique insofar as we are investors writing for investors. You don’t need a degree to be a good investor – you just need a degree of common sense.

How will the sector change over the next two years? The changes are already taking place. Increasingly more people will be required to take charge of their own financial destiny, which means more financial products to cater for more financially engaged investors.

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

Candour. If something looks wrong then

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There is never a bad time to carve out a career in the financial sector.

I can’t think of any business that doesn’t need it

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How will the economy change over the next few years? As one of the world’s leading industrialised countries, it is hard to see how Britain’s economy can change appreciably despite efforts by the coalition government to rebalance it. Finance and the service industry accounts for around two-thirds of the economy. If anything, the UK, with the help of the UK government, must re-double its efforts to stop the East from raining on the parade.

Given the chance, would you do it all again? Absolutely. Only this time I would have started earlier.

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CITY AND FINANCE | STATE OF PLAY

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

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Kevin Telfer, BSc FFA (Fellow of the Faculty of Actuaries), Asset Management’s Fixed Income Product Specialist at AEGON Is now a good time to get a career in the finance sector? There’s never really a bad time to get into the financial world. Yes, there are times such as now when recruitment levels are low and, in theory, remuneration levels too. But strong candidates should always find a rewarding job and it’s probably only the investment banking and hedge fund sectors which have taken a significant hit in take-home pay.

Do you need graduates? It’s fair to say graduate recruitment will be lower than previous years. But it’s cyclical; it was low when I graduated in 1995. However, we’ll always need insurance and pensions, and the profession is expanding into wider areas, for example, enterprise risk management, health and care, social policy. Graduates just need to sell themselves well, given the competition they’ll face.

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How will the sector change over the next two years? The consolidation in the traditional sectors will continue, but hopefully the actuarial profession will continue to diversify.

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

Graduates need to differentiate themselves - actuaries need to have exceptional communication skills (arguably it’s more important than the maths) and showing this in interviews could make the difference. Also, be flexible; if there are few jobs in the UK, be willing to travel.

How will the economy change over the next few years? The billion dollar question! We’re not going to

Tim Hopgood, Head of Emerging Talent at Lloyds Banking Group

be booming for a while as we’re

Is now a good time to get a career in

expected to have one of the slowest post-recession recoveries ever. The demographic and knock-on economic impacts of the recession are unclear.

High unemployment, lower graduate salaries, higher taxes and education costs, the difficulty of getting credit and sticky property prices could combine to have profound impacts on career choices, birth rates, home ownership etc. We may have a created the mirror image of the affluent baby boomers from the sixties.

the finance sector? The banking industry remains a great sector to work in and offers exciting opportunities for people who are serious about their careers.

Given the chance, would you do it all again? On the whole, yes – unless the gambler in me triumphed and led me into investment management!

Most of my friends comment that I’m one of the few people who is well paid and having fun at work.

My job is very varied and could take me in almost any direction I want, which is ideal. The financial sector has been challenging, stimulating and very rewarding (financially and otherwise).

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

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Do you need graduates? Recruiting, retaining and developing talented people continue to be high priorities for Lloyds Banking Group. We think ahead, so we’re recruiting almost 150 people into our Graduate Leadership Programme every year to build a strong and diverse pipeline of talent for the years to come. Our focus has been on attracting top talent into the organisation who have the potential to become senior business leaders of the future.

We have introduced a ‘customer facing’ element to the main programme so that all our graduates gain core banking ‘front-line’ experience and have now expanded the foundation element to include a Risk placement so that our graduates get firsthand experience in financial services control processes.

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

The best bit of advice I can offer graduates is to get a summer internship and find a company that they would fit in with; cultural fit is crucial if you want a long and successful career in finance.

With the ACA the whole world’s calling.

The ACA. QuAlified To suCCeed.

At home or abroad, the ACA opens up a world of career opportunities.

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

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

If you’re looking for variety, opportunity, and the best preparation for a career as a business leader, choose the ACA. You’ll be guaranteed a great reception anywhere in the world.

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

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BEYOND BANKING | UNUSUAL CITY JOBS

beyond banking Like a first-born child, some jobs in finance get all the attention, pushing others out of the limelight.

Real World went in search of the younger siblings of finance: the exciting, the unusual and the just plain quirky.

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BEYOND BANKING | UNUSUAL CITY JOBS

Forensic Accountancy “To be a good forensic accountant, you must be a detective and think like a criminal” says D. Larry Crumbley, Professor of Accounting and author of New Accountant. Forensic accountants are the financial sleuths that help crack fraud cases and solve other financial crimes, they also help settle divorce and do valuations.

Forensic accountancy is the CSI of finance, so you’ll need an obsessive eye for detail, good deduction skills and a lot of perseverance to do this job.

As Crumbley puts it, “Finding fraud is like herding cats or putting frogs into a wheelbarrow.”

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

Financial Consultancy

Be a Broker from your bedroom

The up-side Foreign travel, high profile work and a cool job title.

The up-side The decisions, the skills and the profits are all yours.

The flip-side Loads of paperwork and you have to read every page.

The flip-side The risk, the losses and the responsibility are all yours.

What does it pay?

Higher than most financial jobs, with starting salaries up to £30,000

What does it pay?

It depends on what you invest, but one graduate made £4,000 in two months starting with just £500.

" Finding fraud is like putting frogs into a wheelbarrow "

Fighting to get those prestigious city jobs can be stressful, and that’s before you’re put in charge of someone else’s money. So, why not calm things down and be your own boss. There are loads of long-standing companies (like Knowledge to Action and Amplify Trading), and a few new kids, that can give you the training and tools to trade stocks, bonds and currency for yourself.

Trading your own money can be risky but it can also be a great way to make some extra cash or create a new career for yourself; one where you get to decide when to lie in or knock off early, and swap pressure for control.

You’ve finished uni now, it’s time to forget everything you’ve learnt (and quite enjoyed) over the last three years and get on with work. Right?

Not necessarily. If you want to work in finance but be constantly learning, mixing number-crunching and writing reports (which are like essays but with nicer folders) then a job in Financial Consultancy might be for you.

Financial consultants are the people who make all those numbers make sense to ordinary people and are often called on to be expert witnesses in criminal trials.

If, as Danny Ryan, Managing Director of consultancy LECG, says, “Essentially economics is a framework for understanding human behaviour, why [people] make particular actions and how to predict the actions that they will make”, then financial consultants are the ones with crystal balls.

The up-side You’ll constantly learn about new businesses and types of finance.

The flip-side: Tight deadlines mean it can get stressful.

What does it pay? £15,000–£20,000 for graduates and promotions can come quickly.

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CITY AND FINANCE | careers

“ Finance is a Why be an bit like baking actuary? because both Because they’re needed by so many different areas, being an actuary is a are about good way to get wide experience and making dough” set yourself up for future jobs.

Is it the perfect job?

Then there are the financial rewards – and ‘rewards’ is the right word. A recent survey by XpertHR showed that even student actuaries earn, on average, £31,303 a year. Senior partners, meanwhile, were pulling in more than six times as much. It’s a good career for forgetting about student loans.

Perhaps the best thing about the job is the responsibility. Everyone else, insurers, investment bankers, pension investors, uses your figures to do their jobs. As an actuary you get to set the value of the things right at the core of the financial industry.

There is a lot to be said for becoming an actuary. It can be an interesting job that’s rewarding, in both of experiences and cash, but it isn’t for everyone.

Actuaries need to have a real head for numbers and be able to express complex problems clearly. They also have to deal with a job that’s rarely the same from one day to the next.

If none of that has put you off, then a career as an actuary might just be for you.

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

Be ready for anything Whatever the future brings It’s virtually impossible to predict the future.

But whatever it may be, it’s an actuaries job to help businesses prepare for it. Their highly valued skills and ability to assess risks are instrumental in helping organisations around the world plan for what may be around the corner.

Find out more at www.be-an-actuary.co.uk

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when did 'banker' become an ! nsu£t

Why does a job in finance mean wearing a pinstripe suit and not giving a damn about anyone else?

Actually, it doesn’t.

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CITY CAREERS | ETHICAL FINANCE

T

he ‘ethical finance’ industry is all about cash careers with a conscience. The idea is that financial investment should be sustainable and responsible – with the industry keeping a weather eye out for potential negative impact on issues like governance, the environment and the economy. Responsible finance may sound like an impossible holy grail, but the ethical finance industry is growing – and it’s looking for graduates.

Photography: © iStockphoto

“Where can I find an ‘ethical’ job in finance?”

Traditionally, finance work for charities has been the popular ethical choice for finance graduates. However, current economic conditions haven’t favoured the graduates with an eye on the third sector, as charity finance departments reorganise duties among current staff to avoid taking on new recruits.

While competition may be on the up within the charity sector, it doesn’t mean there are no jobs on offer. What it does mean is that there are alternatives in the world of ethical finance. ‘Ethical’ banks such as the Co-operative Bank and Triodos operate like conventional banks, but have strict rules about where their money comes from and where their profits go. Neville Richardson, Chief Executive of The Co-operative Financial Services, explains, “The Co-operative Bank is different from other banks as it has no shareholders. Any profit is re-invested in to the business for

investment banking and everything in between. So whichever side of finance grabs you, there’s an ethical alternative.

There are ethical jobs beyond banking too. UKSIF, the Sustainable Investment and Finance Association represent ethical finance companies in everything

losing out financially. Employees in the Co-operative Bank’s high street branches are paid at the same rates as they would be in other banks. The difference is that when the company does well, its employees get a slice of the pie.

Some ethical banks can offer

the benefit of its members.”

Triodos’s ethical credentials, on

from pension funds to investment consultants and Think Tanks like the

increased job security too. Neither Triodos nor the Co-operative Bank was

the other hand, mean investing solely in projects that are socially responsible, and

New Economics Foundation work with businesses and the government to

hit very hard by the recession because of the way they borrow money. With

making sure their customers know exactly which companies they lend money to.

find new ways to make finance ethical.

careers in cash being so uncertain, one big plus is that the ethical banks

Both Triodos and the Co-operative Bank have retail, corporate and finance divisions offering insurance, pensions,

“What’s in it for me?”

For almost every job in conventional finance, there’s an ethical alternative.

But do employees reap the rewards?

Salary expectations within charity finance are “somewhat lower” than in the private sector says Tracey George, “although superior benefits and a better work-life balance do help to make up the shortfall”. Those benefits include flexible working hours, generous holiday allowance and great opportunities to train.

Working ethically doesn’t always mean

aren’t going anywhere.“It’s very much a growing area”, says Penny Shepheard at UKSIF. “Ten years ago it was very much a niche field, now it is very much part of the mainstream. Within the next ten years it will become a normal requirement for providers of services that they can demonstrate they integrate environmental and social issues.” With such a promising future, ethical finance can be a great way to make a difference to the world, advance your career and be a banker without the abuse. You don’t even have to take a pay cut.

‘

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

’

'GREED IS GOOD', claimed Gordon Gecko – the archetypal bad-banker-in-braces – in Oliver Stone's Wall Street, the classic 1987 diatribe aganst a banking system that had lost sight of its social and moral responsibilities. Two decades later, the money men have again become objects of loathing – and, sure enough, Gecko has returned to the big screen in the sequel Wall Street: Money Never Sleeps.

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careers map | 2011

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

Your ideal job is in Accountancy and Finance

b

Yes

No

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

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

No

c e er th ar St

Can you get along with anyone?

Do you want to work in finance?

Are your communication skills the talk of the town?

Yes

Yes

Are you part of the IT crowd?

Do you excel at Excel?

No

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

Yes

Yes

No

D No

No

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

No

Then these pages aren't for you, but check out realworldmagazine.com for loads more jobs E Are you interesting in languages and open to cultural differences?

No

Good communication skills are essential for any job in finance

F

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Numbers and computer skills are the heart of finance, and brushing up on your maths or mouse skills could open up new careers.

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careers map | 2011

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Yes

Yes

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

No

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

Yes

Your ideal job is in Financial Planning

No

Trust, good communication and problem-solving skills are essential in this field. Sounds like you need more experience to build your confidence in these areas. Why not take a look at what you do in your spare time to see if you can develop these - perhaps by learning or language or joining a team.

No

A

b No

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

No

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

No

No

No Yes

Yes

Yes

Do you find foreign languages fascinating?

Are you a people person?

Do you want to help others get what they want?

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

c

Yes

Your ideal job is in Banking

D Yes

Would you enjoy getting to know customers and finding out what they want and need?

Yes

Yes

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

No

No

Can you think outside the box?

Are you the one who asks 'why?' when the rest just agree?

No

You've got most of the skills finance employers want but brushing up on your lateral thinking or people skills could turn you from a maybe into a definite yes.

Yes

E

No

Your ideal job is in Insurance

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

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CAREER SKILLS | RECESSION PROOF

Fierce competition, fewer jobs and less money affect both the financial sector and the graduates who want to join it.

More than ever, first jobbers will need to protect themselves against economic bad weather. To help, here’s Real World’s guide to making yourself...

RECESSION PROOF

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

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CAREER SKILLS | RECESSION PROOF

BE SAFE: STAY UP-TO-DATE Finance has been a big hitter in the world’s newspapers and it pays to pay attention.

A genuine interest in the economic landscape will make for interesting interview discussions. A lack of knowledge, on the other hand, spells lack of interest to most employers.

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

“Do something that makes you look different, that shows your desire to get into the field; volunteer at an investment bank if you can, shadow a friend or

Illustration: © iStockphoto

relative in the industry.” Spending your own time or money on getting new skills shows employers that you’re committed to your career, which will make them feel the same way. “If you can get some kind of extracurricular experience, that will be on your CV all the time,” said de Lucy.

Keep a record of projects you’ve worked on, whether that’s an internship, work experience or university committee. If you worked out the budget for a university event, make a note of how successful it was. Did it make a profit? What was the turnout?

What skills did you learn? You may need to draw on some of these examples in an interview. They’re also what set you apart from the crowd.

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

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

And finally... ...be adaptable. Hopefully you’ve a spectrum of experience, in the world of work or in other fields.

Use it to your advantage by tailoring your CV to each job you apply for.

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careers DIRECTORY | 2011

THE

directory Here’s Real World low-down on the big employers in the financial sector, where to contact them and the details of some of the most promising recruitment schemes for students and graduates. Enjoy.

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

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

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

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

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ICAEW: www.careers.icaew.com/ ACCA: www.accaglobal.com/ukgraduates/

accountancy AND finance Whether a school, hospital or multinational corporation, everyone needs to know what they’ve got, what they can spend and where they’re going.

Accountancy and Finance careers, from audit to consultants to forensic accountants, are in every industry.

Baker Tilly: www.careers.bakertilly.co.uk/graduateand-trainee-recruitment/ Ernst & Young: Their graduate recruitment programme begins on the 3rd of the September and is a 3 year course. It covers careers associated with accountancy, including: audit, tax and corporate finance. www.ey.com/UK/en/Careers/Students Deloitte: www.careers.deloitte.com/unitedkingdom/students/studentgrad.aspx Grant Thornton: www.grant-thornton.co.uk/careers.aspx  Continued P28

With training and support as comprehensive as ours, it’s easy to start getting ahead of yourself.

Enterprise Management Training Programme If you’ve got your sights set on becoming a big name in business, you should come and see us. After all, with a global turnover of more than $12 billion, plus 3,400 people in the UK and Ireland alone, we’ve plenty of tips and pointers to help get you off to a flying start.

Upon joining, you’ll be assigned to a branch to learn all about our business.

We’ll make sure you’re given an excellent level of training and support as you develop management skills across all areas, from sales and marketing to customer service and finance. Throughout, we’ll give you plenty of opportunity to show your stuff as we evaluate your growing skills, and recognise and reward your development with pay increases and all sorts of opportunities for promotion.

We won’t expect you to do it alone, either. You’ll be part of a team of like-minded people in the branch, each of whom will want to meet targets just as much as you. And while the challenges can be tough, we believe in having fun too.

Because when you feel good, we know you learn more and progress faster.

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

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CITY & finance | CASE STUDIES

Catalina Secreteanu Degree: University of Nottingham, Business School, MA in Corporate Social Responsibility Job: Information Officer

What do you actually do?

I work for the UK Sustainable Investment and Finance Association that is a membership association for sustainable and responsible financial services. In my role I support the organisations member only programme of events, and our seminars for sustainable investment analysts on topics like Sustainable Forestry, Nanotechnology. I also write our monthly newsletter, that’s more of a digest of everything that’s happening in the green and ethical investment space, which really helps keep on top of everything our members do, new pieces of research launched in the industry, or new indexes that rank the sustainable performance of companies.

What skills do you need to do your job?

First of all I think you need to really be committed and understand the cause of sustainable investment, which I think translates into enthusiasm on a day to day basis. For my role you need to be a good communicator, have really good writing skills to be able to write up reports/summaries but as well to have a sort of personal effectiveness when dealing with the organisations members that come from different backgrounds and have different interests within the area.

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

01

gives me the opportunity to be part of growing movement.

What are the high and low points of your job?

For me the high point of my job is that I work in an area I strongly believe in

Would you undertake further training to further your career? I am definitely considering undertaking further training, as I see it as a very good way in my career progression.

I’m not considering a specific course at this stage, but it’s something I am looking to do in the next couple of years.

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

‘

I work in an area I strongly believe in

’

Emily Taylor Degree: Cambridge University, BA (Hons) in Natural Sciences, 2009; fourth year in management Job: Graduate trainee at Lloyds Banking Group: roles have included Group Procurement, branch Sales Manager and Risk What do you actually do? As an Assistant Category Manager I was responsible for interacting with suppliers at a Group level. It was an absolutely wonderful role.

I’m now working at a local branch where I’m managing a small team of personal bankers – I’m responsible for their performance and delivery on target.

I also have my own small sales target.

What skills do you need to do your job?

People skills are crucial in my role. You have to be eager to get involved and interact with others. It’s then important to build upon them, through developing negotiation and influencing skills.

How did you know you wanted a career in finance? I’ve always been fascinated with how organisations work and how businesses are run. A large organisation like a bank gives you million opportunities to discover this and joining the finance industry during a credit crunch is an interesting time to learn.

Would you undertake further training to further your career? Lloyds Banking Group offers a lot of training and development opportunities. Since I started, I’ve been doing training in leadership, coaching and soft skills. I’m also studying towards an IFS Diploma in Financial Markets and Management; it’s perfect for someone like me without a financial background.

What are the high and low points of your job? What I really like about Lloyds Banking Group’s graduate scheme is that you’re given a chance to prove your worth quickly as you’re given responsibility early on.

02 ‘

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

’

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

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

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careers DIRECTORY | 2011

THE

directory

KPMG: Their careers programme is running now – vacancies are still available for the 2010 programme, which will begin in September, and there are also many vacancies left for the 2011 programme, next September. The length of the programme depends on the course which will be taken, with these areas

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

catered for: Audit, Tax, Pensions, Risk and Compliance Technology, Transactions and Restructuring. The location of the programme can vary depending on the different roles. www.kpmgcareers.co.uk/graduates/

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

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

Bank of America: They currently offer internships where

FSA: The Financial Services Authority www.fsagraduates.com/ Lloyds Banking Group: Lloyds have schemes for graduates and undergraduates, the undergraduate scheme last ten weeks. Application is open now. www.lloydsbankinggrouptalent.com/ Nationwide: They currently have a graduate recruitment programme, beginning in September. It lasts for a two years. They offer both general and specialist careers, covering all aspects of the profession. www.nationwide-jobs.co.uk/ home/graduate

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

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

Student-Careers/Placements-andInternships.aspx

Barclays: Barclays graduate recruitment scheme opens in September each year, taking

appselection.asp

Smith & Williamson:

on graduates in all areas of Banking and Finance and offer internships and placement schemes. www.barclays-graduates.com/

Bank of America (Bank of America Merrill Lynch): www.careers.bankofamerica.com/hr/ www.careers.bankofamerica.com/ campus.aspx

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

www.graduates.smith.williamson.co.uk/ PKF (UK): www.pkf.co.uk/pkf/careers/ graduate_trainees/home

RBS: The Royal Bank of Scotland Offer graduate scheme. www.makeitrbs.com/uk Santander: Offers Graduate schemes but are now closed for 2010 graduates’ application. www.santanderukgraduates.com/

HSBC:

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

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As RealWorld goes to press, HSBC have filled their graduate programme

Barclays Capital: www.graduate.barclayscapital.com/

for the year. It will reopen in October for applications for 2011. They take on graduates in most areas of banking and offer internships and placements. www.jobs.hsbc.co.uk/graduates/

location/emea/internships  Continued P31

CITY & finance | CASE STUDIES

03

Joe Southwart Degree: B.A. Mathematics, University of Oxford Job: Accord Trading Accountant

What do you actually do? Accord is the trading branch of Centrica, responsible for buying and selling commodities on the market. This is in order to meet customer demand for gas and power and also to make proprietary trading profits. I am responsible for preparing the financial accounts on a monthly basis. This involves reporting Accord’s activity in the month, forecasting for future periods, and ensuring there are controls in place to mitigate risks that our financial results may be incorrect.

What skills do you need to do your job?

The key skills for me to succeed in this role include being confident working with numbers, a logical, analytical way of thinking, and also a keen eye for detail.

How did you know you wanted a career in finance? Having always been strongly numerical, a career in finance was a logical choice for me. I enjoy working with numbers and subsequently I enjoy my work. I was also aware that financial experience opens many doors and is almost a necessity for those wishing to work in senior management during their careers.

Would you undertake further training to further your career? As part of the Centrica graduate finance scheme, I am studying for the CIMA accountancy qualification. Whilst essential for a career in accounting, it also has modules on management which I believe will help me progress my career. I would consider any further training which would aid my career, and will look to gain further qualifications with Centrica in the future.

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

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

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

‘

financial experience opens many doors

’

Jonathan Long

04

Degree: BSc in Banking, Finance and Management, Loughborough University (2009) Job: Graduate trainee in the Customer Support Workstream, Lloyds Banking Group What do you actually do? My first role of my two-year graduate scheme took me to Cardiff where I worked for six months in Community Banking. I was supporting the Regional Director responsible for managing the branch network across Wales. I’m now doing my second placement in Brussels working on the

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

What skills do you need to do your job?

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

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

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

What are the high and low points of your job?

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

What advice would you give graduates who want a career in finance? I’d definitely recommend doing an industrial placement or summer internship – it not only makes applying for a permanent position easier, but you can also test the water and find out if it is something you really want to do.

A career in finance might not be for everyone, so it’s really important to be sure that you’ve tested it and found an organisation that will be right for you.

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With 50,000 members, over 800 offices and operations in 110 countries and territories, AIESEC forms the largest

Each year since 1948, we have worked to develop young people to be individuals able to meet the challenges

student organisation in the world.

of the world, our countries and local communities.

Our core activities are focused on facilitating a global exchange scheme that provides challenging, cultural work internships for students and recent graduates.

Do you want to see the world?

Travel, exchange, work abroad?

Then join AIESEC in the UK!

For more information please Visit our website www.aiesec.co.uk or call us on 020 7549 1800

• For graduate careers and student work experience • Students and graduates from all institutions welcome

Thursday 21st October 2010 10.30am-4.00pm 10.30am - 4.00pm

Manchester Central

• Find out about vacancies in a wide range of areas from marketing to consultancy • Free entry and free fair guide

(The G-MEX Centre)

www.manchester.ac.uk/careers/fairs Organised by The University of Manchester

CAREERS SERVICE

In association with

careers DIRECTORY | 2011

THE

directory

BNP Paribas: www.bnpparibas.co.uk/en/careers/ careers.asp?Code=MLOR7TQCT7&Titre PageNav=Careers opportunities Citigroup: www.oncampus.citi.com/ Credit Suisse: www.credit-suisse.com/careers/ campus_recruiting/en/americas/ index.jsp www.credit-suisse.com/careers/en/ popup_applynote_cr.jsp Deutsche Bank: www.db.com/careers/content/en/ students_graduates.html Goldman Sachs: www.goldmansachs.com/careers/ index.html HSBC: www.jobs.hsbc.co.uk/graduates/ JPMorgan Chase: www.careers.jpmorgan.com/student/ jpmorgan/careers/europe/graduate www.careers.jpmorganchase.com/ career/careerhome Morgan Stanley: www.morganstanley.com/about/careers/ online_ap.html Nomura: www.nomura.com/europe/careers/ graduate_intern_opportunities/ index.shtml RBS: www.jobs.rbs.com/uk/graduates

Société Générale: www.careers.socgen.com/groupe/en/ home.html?

UBS: www.ubs.com/1/e/career_candidates/ graduate_and_intern/grads_interns.html

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

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

Investment and Pensions ‘Money is like manure,’ so the old saying goes, ‘spread it around and watch things grow’. Well, jobs in investment and pensions are the ones that do the gardening.

They include everything from stock broking to accounting and data management.

AXA UK: There is a graduate programme that includes a range of careers from Actuarial, to Marketing, to Finance.

Baillie Gifford: Baillie Gifford are one of the biggest Investment companies in the UK. Their graduate scheme, for each

Whilst they have a lot of schemes they normally only recruit a small number of graduates for each. www.jobs.axa.co.uk/graduates/ index.html

year, closes on 30th November of the previous year. www.bailliegifford.com/pages/generic/ Careers/GraduateCareers/Investment/ Investment.aspx

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

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

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

Standard Life Investments: They recruit throughout the year.

The positions available change throughout the year too. www.standardlifeinvestments.com/ careers/graduate_opportunities/ index.html

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05 Marisol Hernandez Salazar Degree: MSc Financial Engineering, Birkbeck College (University of London), currently taking a PhD Student in Economics (Risk Management), (Birkbeck College University of London) Job: Fund Analyst

What do you actually do? I work for a Consultancy firm, as a part of the fund’s research team; we do due diligence and hedge funds rating for institutional clients.

What skills do you need to do your job?

To like the job and enjoy it every day, have a positive attitude and open to learn, even from your mistakes.

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

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

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

What are the high and low points of your job?

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

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Sarah Laughton Degree: 2:1 Sociology BA Hons – University of Bristol Job: Credit Coordinator What do you actually do? I have just started a new role in Triodos Bank’s business banking department as credit coordinator. I sit within the credit team which, as well as overseeing all the Bank’s lending, looks after any high risk accounts.

I attend the weekly credit committee meetings where all our lending is agreed.

It’s part of my role to manage the lending side of the Bank’s liquidity reporting, completing annual customer reviews to see how our lending customers are doing, as well as putting together some smaller new lending proposals.

I am also the UK branch’s representative for an impact assessment project which involves looking into ways that we can measure the positive social and environmental impact of our lending.

As a sustainable bank, it’s key that we can quantify the wider benefits to people and the planet of the money we lend.

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

What skills do you need to do your job?

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

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

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

wanted to work in the third sector as, at the time, I thought this was the area where real social change happened. But with little to no graduate training schemes on offer from these types of organisations I registered with an ethical recruitment agency who put me in touch with Triodos.

Would you undertake further training to further your career? When I moved to business banking I went on a credit analysis course to learn the basics of understanding and analysing customers’ accounts.

As I am still so new to working in finance there is still so much that I can learn, both through on the job training from those I work with and external training.

‘

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

’

What are the high and low points of your job? I really enjoy the contact I have with customers, who share my commitment to social and environmental change. I like finding out what our customers are achieving with the money we lend and the difference that it is making. My previous role involved a lot more administration, which isn’t as enjoyable.

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What advice would you give graduates who want a career in finance?

I would say that with graduate jobs getting scarcer, consider going for jobs for companies you want to work that maybe aren’t exactly what you want to do longer-term. It will still provide you with good experience and will get a foot in the door to progress further.

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CITY & finance | CASE STUDIES

Stuart Hutchinson Degree: Economics, Aberystwyth Worked for: Cambridge Associates Job title: Consultant

What do you actually do? I analyse and produce investment reports for large institutional clients.

What skills do you need to do your job?

Analytical skills – an understanding of markets and investments, an understanding of private equity, as well as stocks and bonds. Very analytical and market based.

How did you know you wanted a career in finance? An end of university. I always had a passion in economics and markets. Lead to investment management and finance.

Would you undertake further training to further your career? I would undertake further training with Amplify Trading and the CFA, chartered financial analyst qualifications.

What are the high and low points of your job? High’s: working with such sophisticated institutional investors, lots of private equity, very prestigious and the travel, going to Washington DC Low’s: none at the moment.

What advice would you give graduates who want a career in finance?

• Get as much hand on experience as possible • Read industry trade magazines • Books on the industry • Immerse themselves in the industry • Get into it at an early stage • Get internship • Found them through a financial careers web site.

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‘

he high points of my job are lots of private equity, T prestige and the travel

’

08 Soteris Nicolaou Degree: BA in Computer and Electrical Engineering, The University of Athens; MSc in Mathematical Trading and Finance, City University London Cass Business School Job title: Derivatives Analyst

What do you actually do? I am a member of the Credit Vanilla Tactical Team in Soc Gen in London. As a team we provide front office support and solutions to the credit derivatives desk.

What skills do you need to do your job?

Besides the obvious, good programming skills, good communication is vital and financial understanding is crucial. As we have to work under tight deadlines and a stressful environment being able to stay focused and providing reliable solutions is very important.

How did you know you wanted a career in finance? I knew that I wanted to do IT. But the finance part came half way through my undergraduate degree.

I had taken a couple of finance modules offered through my course program and I really enjoyed them. Since then I was

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

Would you undertake further training to further your career? At the moment I don’t plan to take any training.

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

What are the high and low points of your job?

Working long hours is the major setback but on the other hand sitting on the trading floor you get lots of exposure to the financial markets which you could potentially use for a career path change in the future.

You also get satisfaction from the fact that a tool that you have developed is ‘”making” for the bank.

What advice would you give graduates who want a career in finance? In my opinion, identifying what exactly it is that you want is the first step.

The finance career market is huge so graduates need to focus on a smaller range of potential career paths. I chose to do IT in Investment Banking.

Secondly, solid finance knowledge and understanding is very important (both, at recruitment process and at your job).

So, I would advise that students targeting careers in finance to consume every available finance resource offered by their undergrad or postgraduate courses.

‘

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

’

Making sense of the global economy MSc Finance and MSc Banking and Finance MSc International Economics and Finance MSc Quantitative Finance and Risk Management

MSc Finance and Financial Regulation MSc Finance and Law with Islamic Finance MA International Financial Analysis Graduate Diploma in Finance, Accounting and Business

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

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

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

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

Our graduate schemes will give you a thorough insight into the regulatory framework and the evolving financial services sector. Benefiting from extensive training including

Take a closer look at financial services regulation.

Go to www.fsagraduates.com/rw from where you can apply.

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