THE GLOBAL INVESTMENT GROUP
A LETTER FROM the President //
Dear Global Investors. Whilst in the midst of second semester, undoubtedly snowed under with deadlines, we give you the second edition of the GIG e-magazine! Did you miss the financial and consulting application deadlines? Make sure that you check out the GIG’s Top Tips for getting a job or internship this year. We also have an interview with the Vice President of State Street and all-round GIG supporter, Mike Wilson. Mike will be visiting St Andrews along with GIG co-founder Mal Scovil in May to host a talk with students and play in the annual State Street Scramble Golf Tournament. If you are a keen golfer and interested in playing please get in touch and email committee@ standrewsgig.com - please put FAO Stefano Erb in the title box. This semester has been quieter for the club with the main recruitment season over; however, this is the time to get involved! Committee interviews will be taking place in April with positions available in Events, Sponsorship amongst others. Keep an eye on the GIG Facebook page and website (www.standrewsgig.com) where more information will be posted nearer the time. I would really encourage you all to apply. I joined the committee at the end of my first year and reflecting back on the chain of events that lead me to where I am now, the GIG has been paramount and has given me many opportunities during my time at St Andrews. I hope that you enjoy this edition and the upcoming Easter break.
// Amy Heather, President
5 Tips for Success //
Interview: Michael J. Wilson //
No Internship? No Problem //
First Year’s First Steps //
Sales & Trading //
Designed by Benoît Grogan-Avignon. 2
Sign up to the GIG mailing list and like our page on Facebook.
We work with Sanctuary Search who are a graduate recruitment firm that use societies like the GIG to find candidates for summer internships and full-time roles. Keep an eye on your emails for information regarding some great opportunities within a wide variety of sectors no just limited to finance.
Additionally we are often asked to provide CVs by GIG alumni for internships and graduate jobs.
This tends to be at smaller, more boutique firms and can be based in the UK or internationally. Last year we filled two summer roles in investment banking, one in M&A at a global investment bank and the other in a specialized European boutique. We also advertised a particularly interesting summer job at a record label in New York!
5 TIPS FOR SUCCESS //
ave not got your summer internship or graduate job lined up just yet? Here are some top tips from the GIG for securing that all important role!
Keep attending those campus events!
Firms will still be visiting St Andrews looking to fill any remaining roles and a full list of upcoming events can be found on the Careers Centre website. As we mentioned in our last e-magazine networking is one of the most important things to do when attending campus events so make sure you check out our top tips.
Try applying for internships in areas you have not previously considered. Internships in Accounting and Consultancy offer great experience and importantly the opportunity to build up a skill set that is also relevant to role in Investment Banking for example. Getting an internship anywhere shows your motivation and your and will improve your confidence when tackling the interview process for your dream role next year.
Speculative applications offer a fantastic way to get experience.
Try contacting boutique firms, sending them your CV and a cover letter explaining why you want to work there. Or alternatively try cold calling, though this can be quite daunting at first! One top GIG tip is to find a contact within the firm you are targeting whom you can send your CV to. Emails such as careers@ or information@ will receive hundreds of CVs so this tip can ensure you have the best chance of your speculative application being read. Also the key to speculative application is volume. Try to send as many as possible though do tailor your cover letter to the specific firm and do not be disheartened because you might not receive a reply. One of our committee members sent over 70 speculative applications and received two internship offers as a result! 3
MICHAEL J. WILSON //
ichael J. Wilson is an Executive Vice President of State Street Corporation. Based in London, he is responsible for working across State Street’s Relationship Management Group globally, working with the firm’s Global Services sales group throughout EMEA, as well as working in the asset management, private equity and M&A areas. Mike has lived and worked for State Street in the Americas, Asia-Pacific and EMEA (twice).
What lessons have you learnt on your way to your role as Executive Vice President of State Street? This is an interesting question. Probably an awful lot of lessons! One is certainly patience and sometimes letting things evolve rather than trying to control things. Secondly, the importance of listening. Third, my career has been a little different as I’ve worked and lived all over the world. Living is different than visiting is certainly true and this is one 4
INTERVIEW. thing I’ve learned. Therefore, finding ways to get things done in different cultures is important; as it is not always the way things are done in London or New York. Lastly, the importance of mentoring and loyalty to your colleagues and your firm. So four main lessons: patience, listening, cultural adaptability and mentoring/loyalty.
What do you think makes a person successful in the financial industry? This really depends on how you define successful? Is this happy? Financially successful? All of the above? I think it is all of those things. It’s about finding something you like to do and being passionate about it. Is it something you want to bounce out of bed in the morning to do? If it’s not, maybe you need to rethink what you are doing. One needs to be competitive, resilient and passionate about what they are doing and who they are working for and with.
3. How do you see the future of the global economy, specifically the UK and Europe? I’m bullish. I’m pretty optimistic; and we been through a tough stretch. I think there is certainly a lot more to play-out, especially in the UK and Europe. Southern Europe is not out of the woods yet, but it’s certainly on the way. Many of the big UK financial institutions are curbing what they are doing internationally and becoming more UK-focused. They need to do this in the short term for regulatory and political reasons, but is this good in the long term? Looking globally – again, I’m pretty bullish. The demographic, retirement and fin-tech trends bode well for opportunity and growth in the financial services sector.
What is your biggest failure and why? Very generally – going back to the first question, it would be impatience; wanting to get things done yesterday and learning over time that that is
not always possible. However, there is a need, certainly in our industry, to be aggressive and to have a real sense of urgency – that cuts across cultures – and this is important. You’re either part of the problem or part of the solution.
What do you feel is your biggest success to date? I was thinking about this and probably being one of the cogs in the wheel – part of a team – that’s helped our institution State Street, in the last 15 years, to become a truly global institution . I’ve helped to make our firm more global, evolve into a global institution with over 30,000 people now in markets all over the world. I think this is a pretty big success, in a relatively short amount of time, considering the long history of State Street.
they are job-hopping like this?’ Generally, State Street embodies a sense of loyalty; all that somewhat corny stuff I actually believe in. If someone is just out of school – “How much do you know about us?” How much homework have you done about State Street or the firm you are applying to and its industry? I want to see that you have done the work.
7. What are the big mistakes candidates can make in interviews?
If you could ask candidates one question in an interview, what would it be?
One is certainly not doing one’s homework and due diligence before an interview. This is similar to what you find when people get out in the real world and when you go to meetings or go to see clients. The best meetings are the ones where you have done all the homework. We need to know exactly who the client is and what they are doing strategically. Also, it’s important to know what you want to take away from this meeting and this is all down to doing the homework.
If I am interviewing someone who has worked for awhile, I would ask something a bit cheeky such as “Is this going to be your last job?” I see lots of CVs where people are relatively young and have already worked for many different companies. This makes me think ‘do they not know what they want to do?’ or ‘have they not found it yet?’ or, ‘what is the reason
This can be applicable to interviews. I want to see a clear, focused presentation of themselves by the interviewee and a clear understanding of the interviewer and the company. You can get all kinds of information on people and firms you couldn’t get when I was on the interview circuit. The hardest part is preparation; the interview is the fun part!
Candidates will be much more engaging/attractive when they have done the work.
Some of our members are considering starting their own businesses; do you have any advice you would give to them? Go for it! But with a big caveat – make sure you do your homework (again) and know what you are getting into. You might think you do: but have you spent time in the business you are trying to get into? This doesn’t have to be a full time job, but have you spent summers, holidays or weekends in the industry and do you understand the competition and the financials? I would say make sure you are 150% on board with doing it, as there will be so many times during the start-up period where you will look in the mirror and think “what am I doing?!” You have to be really passionate and be really on board. Make sure you talk to people who have done it, competitors, people in the industry. It’s hard work, its 24/7 - forget about weekends and nights; it’s a whole different deal. But, all that being said, if you check all those boxes, then go for it! I like the entrepreneurial spirit, and fortunately we have managed to imbue that in our culture at State Street.
Will equity markets continue their 2013 success?
What impact will an increase in interest rates have?
The Gateway speaks to Piers Curran, Managing Director of analysis and training firm Amplify Trading, on what he thinks will happen in the markets this year.
Read the full article here.
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NO INTERNSHIP? NO PROBLEM //
o bulge bracket internship this summer? Don’t give up; instead make sure to improve your resume by working for a smaller shop in order to have a more competitive profile when you apply next year.
in order to improve your test scores).
Starting with this process last minute will often result in failure (I’m speaking from my own experience here). Last year for the summer of 2013 I was keen to land one of the highly competitive The process of getting an interview and finally investment banking (IBD) internships at a BB an offer for the highly competitive summer firm. However, I was more interested in the analyst spots at bulge bracket firms in London is idea of getting this internship then actually rarely a walk in the park. It requires a substantial understanding what was required of me to time commitment and planning, as you need to land one of these spots. I managed to get a few cope with schoolwork, interviews, assessment interviews during the second semester (which is centers and aptitude test whilst making sure your often too late) but was insufficiently prepared for application stands out in the midst of 10,000 competitive assessment days and wasn’t prepared other applications. Subsequently, landing one for many technical questions and brainteasers of these jobs is not something one can do in a as I had the stupid idea that having studied few hours over a glass one class in corporate of red wine a Sunday finance would be “Gaining experience at night (even thought enough preparation I have heard people smaller shops — key to a for these interviews, its stating that they did...). not. After numerous more competitive resume.” rejections I came Nevertheless, to understand that realistically the I would not receive HR department and bulge bracket banks are an offer at a BB firm, as I simply hadn’t fully looking for top performing individuals that can comprehended what was required of me. After demonstrate a keen interest in finance as well a few weeks of depression I realized that there’s as work-experience and leadership positions always next year but also knew that every summer reflecting the skills and abilities deemed counts and to have a better chance next summer necessary to succeed in the role. If you can’t I had to get experience in investment banking. demonstrate these skills in your resume and personal statement the chances are slim that you Instead of just waiting until next year I decided to will even get a phone interview with these firms. improve my chances by gaining work-experience Furthermore, as almost all firms nowadays and insight in the industry. I began contacting requires all candidates to complete aptitude tests numerous ‘boutique firms’ working with mainly (numerical, logical and verbal reasoning tests), mid-market deals (this means that they will most applicants will be required to practice work with deals ranging from €10-200 million for these as-well (I can highly recommend instead of billion dollar deals). These firms purchasing an membership at assesmentday.com usually don’t actively recruit interns but is open 7
to taking in a keen and motivated individual if you take initiative and is able to impress them. Subsequently I managed to land a spot at EOC Partners, a London based tech focused independent investment bank with offices in Stockholm, Oslo and London. The application process was rather informal with two phone interviews a case study and giving me an offer over the phone a few days later. I worked 10 weeks in their Stockholm office and gained much more experience in IBD then many of my friends working for BBs. This is mainly due to smaller deal teams and interns actually being able to ask questions, join meetings and contribute to all elements of potential transaction.
I was asked by a Director in the London office to prepare a pitch-book for a meeting.
For example, after merely spending one week at EOC Partners I was asked by a Director in the London office to prepare a pitch-book for a meeting that was coming up in two days. I honestly had no idea what I was doing but considering I could ask questions and get feedback I was able to get the presentation ready in time. When the director showed up for the meeting in Stockholm he asked me casually if I wanted to accompany him to the meeting (this will never happen at a BB firms as an intern). To summarize, instead of working for a BB firm I was able to get real experience in investment banking and gained incredible valuable insight in the industry whilst also improving my resume. Subsequently, I encourage you to not be shortsighted; donâ€™t only look at the biggest and most prestigious firms as most of the people that land those spots usually have previous experience at firms such as EOC partners. Instead try to understand what is required from you to get that internship and try to improve your profile by adding work-experience and leadership positions. I can guarantee you that it will pay off (I was able to sign with one of the big BB firms in London much due to my newfound insight in the industry).
Best of Luck. 8
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More info at firstname.lastname@example.org 9
FIRST YEAR: FIRST STEPS //
hen starting first year it often feels like a century is between you and graduation. However, time flies, and all of a sudden you might be in third year without a good internship and no prospects of a job after graduation. So therefore, to all the first years out there, I advise you to start thinking about what to do when you are done, even though â€œreal lifeâ€? feels miles away. First of all, do not make the mistake and start thinking about writing out your CV a month before the deadlines for internship. Many investment banks have their deadlines late November, but many are rolling so it is advisable to do it sooner rather than later. Most of them also contain a numerical test, which one must practise and master before actually doing the test for the investment banks. Secondly, many employers also look at things such as whether or not you have been involved in any societies. The best time to start getting involved in a society is second year, when you still have time to spend and you have many years to learn how your society works. Many
of my friends realized in second year that they were not involved in anything and that most societies recruit in the spring. Being a part of the GIG committee does not only give you the opportunity to hear and talk to interesting speakers, but it is also a great way to socialize and meet new people. Finally, I would advise you to step out of your comfort zone and try on new things. The reason I became really interested in GIG was because I was rushed into a fashion show as a dresser where I met Amy (the current president) and she inspired me to find out more about GIG and investment. What I mean is that often adventitious meetings and events occur and it is up to you to find these moments and make the most of them. I would therefore advise everyone reading this to start to work on your CV if you have not already; look out for the opportunities and chances in life and grab them; and finally, to apply to GIGâ€™s committee for next year in order to make the most of your university experience.
1st May // 7.30pm
The New Club
More info coming soon.
SALES & TRADING An Explanation //
ales and Trading is the division of an investment bank that advises clients on investment opportunities and then transacts, executes and structures these trading ideas. Ultimately this division, which is sometimes referred to as ‘Markets’, aims to offer products across all asset classes that help clients from corporates to financial institutions such as pensions fund and even governments to manage their businesses and investment strategies. Sitting on the massive trading floors in Canary Wharf and the City, Sales and Trading is arguably one of the most exciting divisions given its very fast paced environment where no two days are the same because business is driven largely by news flow. Traders, salespeople and structurers tend to split according to the asset class they work within and type of client they cover. For example you may work specifically within G10 FX Spot Trading or cover only Hedge Funds as a Credit Salesperson.
Trader The role of a trader is to provide clients with access to liquidity whether they need to buy or sell. They do this by “making markets” from which client orders can be executed, this meaning the trader provides a bid-offer which is a two way price quoting where the client could buy and sell a security at. From the perspective of the bank, a trader is expected to generate revenues through commission and taking risk positions. Traders need to be numerate and understand the concept of risk. An accurate description of what a trader does is actually managing risk because they are exposed to the market yet have the responsibility to provide clients with value. Additional skills include the
ability to cope under pressure and digest a quantity of information quickly to form a trading strategy.
Sales Salespeople are the link between trader and the clients. They spend the day talking to clients, advising them on trade ideas and generally communicating the bank’s views on the financial markets. When a client comes to trade with the bank Sales will communicate with their traders to find the best value in that trade. Sales is all about relationships and conveying ideas to clients in a convincing manner. Therefore it is important to have the combination of interpersonal skills and the drive to close deals which benefit the client but also add value to your desk. Additionally understanding the role of a trader is helpful so as not to put your colleagues in a compromising position risk wise when negotiating a trade.
Structuring Structuring is the team that creates tailored products and solutions for clients. They are required to work closely with clients to understand what new and innovative solutions they can create that will suit the needs of businesses and institutions. On the other hand structurers need to be able to work with sales, trading to market and price these new products as well as compliance to ensure they meet the now strict regulatory requirements. Structuring will often involve working with complex derivatives so a mathematical background will help. Additionally you will need to be creative because clients are coming to the bank for you to originate new products that competitors cannot provide.
Want to join the GIG? There are positions opening up in sponsorship, events, editorial.
Interviews: late April. Apply at: email@example.com
Thank you to our Sponsors //