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CITY & FINANCE SPECIAL
SUPERWOMAN SUPERWOMAN OF OF THE THE CITY CITY “In the City, it’s an advantage to be a woman”
The sense of achievement stays with you
Assurance Actuarial Consulting Financial Advisory Tax Technology Any degree discipline 300+ UCAS tariff (or equivalent) Diverse people make us stronger
Graduate Development Programme UK-wide » Join Spring, Summer or Autumn Thanks to the best training, support and mentoring, you’ll never stop developing within our global organisation. Or run out of opportunities. Smart, courageous people able to forge strong relationships make us the best at what we do: measuring, protecting and enhancing what matters most to our clients. You’ll soon see why we’ve been voted number one in The Times Top 100 Graduate Employers survey for the last eight years. Be part of something special and find out how far your drive and initiative could take you.
© 2011 PricewaterhouseCoopers LLP. All rights reserved. “PricewaterhouseCoopers” refers to PricewaterhouseCoopers LLP (a limited liability partnership 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.
CONTENTS | WHAT’S INSIDE
The Interview 08 Nicola Horlick, City Superwoman Into the abyss 12 What will the City look like ...post recession? Women in finance 14 Meet the female faces of finance Running the numbers 18 Does a career in finance add up? The other off-shore banking Banking abroad
From Arts to AATs BAs and Bankers
Are you sure? Is insurance the right path?
Inside Micro-finance Homegrown Trader Investment banking at home
You can bank on it 30 Which side of finance is for you? Directory
Get inside the professions Real World has teamed up with TotalProfession.com to help you get inside advice from those in the know: Including architects, artists, technicians and teachers.
Average pay by age p/h
RUNNING THE NUMBERS HOW WILL YOUR CAREER IN FINANCE ADD UP?
Finance graduates in employment 6 months after graduation
Average salary six months after graduation
Finance graduates unemployed 6 months after graduation
Average hourly pay for a graduate
Finance graduates who have gone on to further education or are employed within another sector
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EDITORIAL | WELCOME
C fe P
Editorial Publisher: Johnny Rich Editor: Jon Madge Assistant editor: Galen Stops Sub-editor: Jen Clark Writers/Researchers: Jenny Collins, Sabrina Wimalasuriya
Sales Nafeesa Shamsuddin
Marketing and Distribution Manager Diana Maggiore
THE LAST BANKING CRISIS is almost behind us, even if the jury’s still out on how close the next one is, but what has it left in its wake? Banking, finance and the City took some pretty hard hits over the last five years and they seem to have come out of them having learnt some lessons. The image of fat-cat banker is still fresh as manure in the public mind, which is probably one of the reasons that it’s no longer the face of the city. We caught up with the female face of finance (p.8) in this issue. We’ve chatted to the original City superwoman, Nicola Horlick, on having the career, the family and the success, and not sacrificing anything to get them. It’s fairly hard to argue that the City hasn’t changed and, with greater scrutiny, new blood and a lot to prove - probably for the better. What it definitely hasn’t done is settled down. The banking and finance industries are still in flux and it’s a rare time for ambitious graduates because they have the very real chance to choose what shape it will take on, redesigning it the way they want it. More responsible, less formal or even a force for good in the world, the choice really is up to you.
GRAPHIC DESIGN Luke Merryweather
Jon, Editor firstname.lastname@example.org
Client Services Manager Marie Tasle
Make a life, not just a living
FOUNDER Darius Norell
Real World 22-26 Albert Embankment, London SE1 7TJ Tel: 020 7735 4900 email@example.com www.realworldmagazine.com Copyright © 2011 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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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.
Section | topic
Career Resource featuring over 270 Professional Bodies
34 sector summaries and a profession finder search Supported by professional bodies such as: Association of Accounting Technicians, Chartered Institute of Securities & Investment, Chartered Institute of Building Services Engineers, Chartered Insurance Institute, The Institution of Engineering and Technology, Socitm, British Institute of Facilities Management, Royal Pharmaceutical Society, Institute of Physics, RW 5 WWW.REALWORLDMAGAZINE.COM Royal Institute of Chartered Surveyors, Chartered Institute of Purchasing and Supply, Institute of Chartered Secretaries and Administrators, Association of International Accountants, Society & College of Radiographers
NEWS | WHAT’S HAPPENING
News Want to be a CEO? Get a job in finance DOES YOUR IDEAL CAREER involve sitting at a big desk, in the best room of the office, making the important decisions? Then you want to be on the board, and you could do a lot worse than getting a job in finance to get there. Research published by finance staffing specialists Robert Half, showed that 49% of chief executives for FTSE 100 companies have backgrounds working in finance. That’s not just a massive percentage in its own
right, it’s also a huge rise on previous years. The increase of 18% (up from 31% last year), suggests graduates getting into finance have more chance of getting onto the board than ever before. “It is almost as if finance is the springboard to move yourself around the company,” says Clive Davis, director at Robert Hal0. “We now have a much regulatory environment with stricter financial reporting and auditing regulations.
No company likes surprises, so a greater part of a CEO’s responsibility is to take ultimate responsibility for these issues, which were not around to the same level of detail a few years ago.” Graduates that leave university and go into the finance industry often find themselves moving onto a more commercial role relatively quickly and it’s not unusual for this to give them a lot of responsibility early on in their careers.
No experience. No job.
£29k Average yearly pay for finance graduates
Banking jobs on the rise... slowly
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GRADUATES WHO HAVEN’T SECURED WORK experience while studying stand less chance of receiving a job with a top employer, a recent report has shown. The research, carried out by market researchers High Fliers, showed a third of this year’s graduate vacancies are predicted to be filled by applicants who have already worked for the organisation that will employ them. Employers have been overwhelmed with applications this year and this study suggest they can demand a lot from the graduates they hire. A number of well-known companies have closed their graduate
schemes for 2011 early, because of the increase in number of candidates. The financial sector has bucked this trend, with vacancies at high-street banks increasing by a quarter compared to 2010. The largest recruiter of graduates in 2011 will be the professional services firm PwC, with 1,200 vacancies. Deloitte follows next with 1,000 vacancies, KPMG with 900 and Ernst & Young with 740 vacancies. Unfortunately for some readers, salaries for graduates starting this year are not expected to rise considerably this year and the average pay of £29,000 a year remains unchanged since 2010.
WITH THE ECONOMIC DECLINE, banks are making cuts to save their corporations, which means job opportunities have decreased too. Increases in the number of graduate jobs have been promised but case studies show the slowness in this being delivered has caused frustration in new graduates wanting to join the industry. One major investment bank in Belfast was meant to provide 149 jobs by 2012 but
has only employed 20 individuals. The Bank of Ireland Securities Services announced that in 2007 during the economic boom they would be backed by £2m of Invest NI grants. Due to the market conditions the bank was forced to change staffing projections and consequently could only employ 20 individuals. With the financial future uncertain, it seems likely that the number of jobs will rise, if it does, slowly.
NEWS | WHAT’S HAPPENING
The City’s where it’s at BEING BASED IN THE CITY OF LONDON can have its advantages. That’s always been true for finance careers. London’s one of the biggest financial centres in the world, but it’s also true for finance-related postgraduate study. Director of Specialist Masters Programme from The Cass Business School, Susan Roth says: “When students graduate, the chances are they will be working for an international organisation,” she added that studying at a London-based business school can prepare graduates for this experience.
Finance-related careers are particularly competitive now, at a time when graduates everywhere are fighting to stand out from the crowd. The top employment sectors for Accounting and Finance graduates are banking, accountancy and taxation and consultancy. All of which have their biggest workforces in London. Graduates who work and study in the City will have more chance of networking with successful companies and potential employers than those anywhere else in the UK.
Investment banking worth it? WITH STARTING SALARIES of as much as £42,000, a high rise glass-walled office and everything that lifestyle brings, why are graduates seemingly turning away from investment banking? Cuts to the number of employees in banking across Europe have reached 67,000 this year. It was expected that new graduates applying for jobs in investment banking would be hit hardest by this, but to the industry’s surprise they’re showing a lack of interest in the profession. Some are blaming the fewer numbers applying to investment banking graduate positions on recent events making the industry a daunting one to join. With cuts
to staff being made at higher levels, some graduates are worried they’ll be facing off against industry professionals in their hunt for a good job. Others have pointed their finger at online industries. Where once fast-paced, excitement were the sole preserve of the financial industries, now online industries offer the same perks without any of the negative stereotypes associated with pinstriped city-slickers. Whatever the reason, the banks aren’t too worried yet as, according to research by high fliers, more than half of their placements this year will be filled by graduates that have done work experience with the companies.
For more advice and news articles including: • Alternative jobs in finance • The issues of financial training log onto www.realworldmagazine.com/advice/articles
Those who can, teach... WITH THE CREDIT CRUNCH and lack of job opportunities, interest in teaching is booming. Finance workers are feeling particularly at a loss, when it comes to jobs and teaching jobs looks like a great opportunity. The long holidays are a bonus and not only as a chance to relax but also as time to start a business without having to risk it all and leave your job. Although the pay won’t match up to that of an investment banker, teaching can offer a great sense of fulfilment. And with the financial services being one of the major employers of university graduates, it can be a very competitive industry. With the downturn in the property market means graduates thinking about areas like surveying have had to reconsider their career choice. Teaching, on the other hand, offers a good pension, structured career progression and a sense of public service. Head Teachers in London can earn in excess of £100,000 per year, which you don’t have to be a banker to know isn’t bad. There is even some comparison between the worlds of teaching and finance: the pressure in both jobs is intense, for example. If you have to choose one, the fulfilment of being a part of educating and guiding children into the world is a pretty good perk.
£100k What head teachers in London can earn a year
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Section | TOPIC
The INTERVIEW: Nicola Horlick
HOW TO SURVIVE A CAREER IN THE CITY WITHOUT SACRIFICING ANYTHING
SUPER WOMAN IN HER TIME IN THE CITY, NICOLA HORLICK WAS THE ’SUPERWOMAN’ - the living proof that the modern woman could have it all. She juggled a stratospheric career in finance, a successful family life and became a media favourite in the process. Still going strong, Nicola has changed direction and set up a film development company. Looking back over one of the most famous careers in the City, she reveals exclusively to Real World what she learned, is proud of and what she’d do if she was starting out now.
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Section | topic
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nicola horlick | wanting the world
HE was the poster girl for the finance industry, but it’s odd that when she started out Nicola had no intention of going to work in the City. “I was at Balliol College, Oxford and studied Law,” she explains. “I had no intention of going into the City. I wanted to be an actress and had an audition at RADA when I was 17. They suggested that I should take up my place at Oxford and then come back afterwards. For some reason, I decided to apply for jobs in the City when I had finished at Oxford, knowing very little about it. There was no internet then and no work experience placements.” Nicola quickly found something that she liked about the industry she had joined and, far more than the money, that’s what kept her there all this time. “It’s almost three decades now, I am so old,” she says smiling,“I’m motivated by intellectual challenge and I find the City very challenging. It is great to work with such intelligent and interesting people and very stimulating. That is what makes me come to work every day.” She started work in the City in 1983,
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as a graduate trainee for the investment management business SG Warburg and Co. Within six years she had been made a director. At the time she joined, the City was renowned for its macho culture of heavy drinking, squash matches and making piles of cash. As a young woman achieving success, Nicola quickly caught the attention of the media. When it was further revealed that the rising star had a family of six children, she was given the nickname ‘Superwoman’ - living proof that you didn’t have to choose between having a career and having a family. Although it wasn’t easy. “You need to be determined and have plenty of energy. I am lucky that I do have lots of energy and am not the sort of person who needs ‘me time’. I don’t think that they are mutually exclusive. Women are programmed to multi-task.” That said, she’s keen to stress that ‘having it all’ means knowing what’s important, even when you’ve got a job you love. “I don’t know many people who say that they wish that they had spent more time at work when they’re dying. There are plenty who say they wish they had spent more time with their families. I was lucky in that I had a job that was not too demanding in terms of hours
and I did not have to travel, so I was able to spend quality time with the children. I always went home at the same time, 6.30pm, every day when they were little, helped with the homework, read to them and put them to bed.” Despite this, Nicola’s never been that comfortable with the epithet ‘Superwoman’ and has often rejected it. When asked why she explains, “I don’t believe I am a ‘Superwoman’. I have always had a nanny and a housekeeper plus my mother has always helped me. I have also had a PA at work. I feel that a real superwoman is someone who holds down a job and successfully brings up children with no help at all.” She goes on to add that whilst having a job and a family might have been something impressive once, more and more young women are doing it. “Nearly 60% of women with small children now work. It is fast becoming the norm. Housing and living costs are now so high that giving up work is not necessarily an option. The major problem that we have in this country is the lack of affordable childcare and so many lower paid women are reliant on relatives to provide this if they continue working.”
nicola horlick | wanting the world
“YOU NEED TO BE DETERMINED AND HAVE PLENTY OF ENERGY, BUT A CAREER AND A LIFE AREN’T MUTUALLY EXCLUSIVE.” Is it harder for women than for men in the City? “I haven’t ever been a man, so I don’t really know,” is Nicola’s laughing response. “However, I haven’t found there to be a ‘glass ceiling’. I was made a director of Warburgs, which was the best bank in the City in those days at the age of 28. It didn’t seem to make any difference that I was a woman. If anything, I think it has been an advantage being a woman over the years as people remember me.” While standing out had its uses, it wasn’t always a blessing. “It was very difficult being highlighted all the time as I am a team player and I think it did irritate some of my colleagues that we had collectively done well and the success was being attributed to me.”
N recent years, Nicola has moved away from the finance industry and back to her first love of drama, although this time behind the scenes. “In 2007, we started to look at the film industry and got involved in financing music in films in return for the music rights. This has been very successful and our clients ended up owning all of the music rights for The King’s Speech for
example. There are now 125 scores in that fund. We then decided that we would set up a company to develop film projects as there is a lack of money for this in the industry. Derby Street Films started operating in April 2011 and we are currently working on six film projects.” The two industries seem about as far removed from each other as possible. With the artistic, creative world of film making on one hand and the profit-driven, numbercrunching of city on the other, were there are transferable skills learned in finance that made Nicola think she could succeed in the film industry? “The two are very different as we’re dealing with creative people and that’s harder than dealing with fund managers and analysts. However, we’re using some of the things that we learnt as fund managers and are very thorough in doing our due diligence on projects. We are also taking a portfolio approach in order to spread the risk for our investors. We are hoping to do 20-25 films over the next three years.” Her move from finance to film moved Nicola out of the firing line of the financial crisis at just the right moment. Was that good judgement or had the industry changed too much from that in which she
became successful? “Since I came into the City, things have changed very dramatically,” Nicola explains. “When I started in 1983, most broking firms and banks were family run or were partnerships. Now we have huge financial companies, which don’t have the same heart and soul as the old firms. Regulation has also become a huge burden on the financial services industry. It’s an enormous cost and makes doing business much harder.” That said, Nicola believes that we’re entering a period of more responsible banking, although she’s not entirely an optimist. “Sadly, memories are short and it is inevitable that there will be another credit binge at some stage. It may take another 30 years before we get to that point, but human nature is such that people get carried away in boom conditions and there is no reason to think that things will be different next time.”
IN SHORT WHAT’S YOUR GREATEST SUCCESS? Turning around Morgan Grenfell’s business is the thing I am most proud of. WHAT MAKES A GOOD BANKER? You need to numerate, enthusiastic, hard-working, sociable, energetic and determined. AS SOMEONE WHO STARTED AS A TRAINEE, WHAT’S THE BEST WAY TO SUCCEED IN THE INDUSTRY? There are no short cuts in life. You need to work hard and aim high. If you have the ability, the tenacity and desire, you will achieve a great deal.
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THE INDUSTRY | AFTER THE SLUMP
INTO THE ABYSS IS THE CITY THE SAME AFTER THE SLUMP?
After five years of turmoil in the industry, is it plain sailing for banking and finance or is the industry a leaky wreck?
O SAY the banking and finance industries have gone on a rollercoaster ride over the last half a decade is an understatement. Just before the credit crunch they were going through a golden age, recruiting record numbers of graduates and making so much money they needed special calculators to work out just how rich they were (which, luckily, everyone could afford because they were making so much money). Then came the credit crunch in 2007. A small number of assets, well-hidden but incredibly bad in every other respect, spread through the financial system like a virus. Soon there was talk of international financial crises, banks going bankrupt and government bailouts. Unsurprisingly, in the midst of one of the biggest economic slumps since the Second
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World War, not a lot of new jobs were created. In some ways this made sense, there’s no point in hiring any new members of staff if you’re not sure the company is going to exist next week. But not hiring too many people, particularly graduates, for a few years meant that when things looked as if they might pick up, there were a lot of potential candidates. Whilst all of this was happening, the media, the public and just about everyone outside of the industry decided who they were going to blame for the financial crisis: the Bankers. Specifically, the problem was with investment banking and what was perceived as an unregulated form of high risk gambling that everyone had paid for. Governments stepped in and tighter regulations were introduced, which were keenly followed by banks that didn’t want to
“The exposure to global issues and the accompanying high rewards mean that banking and finance is not an easy sector to enter.” risk going anywhere near bankruptcy again. Things now seem to be coming together. Most people seem to be in agreement that the worst of the recession is behind us and both the banking and financial industries are looking to the future without forgetting the not so distant past. But with new regulations, greater internal scrutiny and a sudden glut of graduates to choose from are these industries the same as they ever were or is the era of new banking upon us? “Banking and finance continue to be highly sought-after industries for individuals starting a career,” says Andy Dallas, associate director for Robert Half Financial Services, “and they will continue to be a well-respected and rewarding path.” Before adding, “Banks will always be needed. New companies will need funding, people will always invest and companies will continue to be bought and sold.”
THE INDUSTRY | AFTER THE SLUMP
“I wouldn’t say that it’s business as usual but it’s a damn sight more positive than it was two years ago”
STEPHEN ISHERWOOD, HEAD OF GRADUATE RECRUITMENT, ERNST & YOUNG
ANDY DALLAS, ASSOCIATE DIRECTOR, ROBERT HALF FINANCIAL SERVICES
It is true that graduate starting salaries in the banking industry have fared pretty well, where other industries have seen them stagnate or even reduce in recent years. However, the flip side of that coin is that the prestige and high salary banking can continue to offer makes it a very competitive field. “The exposure to global issues and the accompanying potential for high rewards means that banking and finance is not an easy sector to enter,” Andy warns. Standing out from the crowd is not a matter of having good grades, good extracurricular activities or even some relevant experience. Employers currently have their choice of graduates and those that will impress are those that display a commitment to the profession. Andy’s advice is that “many candidates look to increase their expertise and
professional offering by enrolling into professional, financial and accountancy qualifications.” Stephen Isherwood, head of graduate recruitment at financial services firm Ernst & Young, has a different take on the industry. His advice to graduates interested in the field is to look to the future. “I don’t think any business is the same as it was because businesses are constantly changing. Look at what’s happened with communications and technology, everything’s in a state of flux.” Rather than being unpredictable, Stepehen thinks that state of flux is going to bring a wealth of new opportunities, “Now we’re coming out of the recession we’ll see a period of growth again, and whether it’s over the next 12 months or the next 24 months it will bounce back. I wouldn’t say that it’s business as usual but it’s a damn sight more positive than it was
two years ago.” It seems that the opportunities are there. The industries are going through a process of change but graduates are best placed to offer much needed skills without any kind of attachment to the old way of doing things. All graduates with an interest in banking and finance need, says Andy, is to be open to the opportunities on offer, because they might not look like they traditionally have. “While the headlines have highlighted recent redundancies, the actual number compared to the overall size of the industry is small. That said, people need to be open to opportunities, including the area and location they are willing to work. Getting a foot in the door and proving yourself is often the quickest way to advance within an industry that will continue to offer a great career for those willing to take on the challenge.”
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Section | TOPIC
M â€œI want my daughter to live in a world where an equal number of women make decisions.
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THE INDUSTRY | WOMEN AT THE TOP
WOMEN IN FINANCE
WHY IT’S A
NO MORE HEAR ‘BANKER’ and the first thought is still the young, ‘work-hard playhard’, sports car-driving, pinstripe-wearing man. For all its changes in recent years, banking has still got something of an image problem. Women in the industry might have to raise their voices to be heard but, as our big interview on page 8 shows, they’re quickly making finance their world. We spoke to some of the big-hitters in the world of finance and banking who revealed what it’s like for the women in this traditionally male industry.
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THE INDUSTRY | WOMEN AT THE TOP
Dr Ana Armstrong
Chairman Distinction Asset Management I STARTED MY CAREER AT COUTTS IN 1996. I had just completed my MBA and I was hired to join an Offshore Marketing Team as an investment analyst. It was my first job and it was a very exciting time for me. I worked harder than I ever had before and learnt all about how to analyse global issues and understand implications to the market. In 2000, I moved to UBS, where I was appointed Head of Portfolio Strategy and Construction and worked with some of the best minds in the industry. My team and I worked hard to push the boundaries of UBS’s current business and built a managed accounts platform for UBS; the biggest European proposition of its kind, running $6 billion of assets. My day is never the same and is always filled with new challenges. The markets are currently very volatile, so you are constantly looking for new opportunities to outperform. That’s one of the plusses of my jobs. One of the downsides is the travelling. Although I love travelling, I miss my children and hate spending more than a couple of days away from them. Being a woman in what’s thought of as a male industry has definitively had an impact. There’s still a shortage of women in high powered jobs, especially in the male-dominated world of finance. I want my daughter to live in a world where an equal number of women make decisions. That is why I am in support of having more women on the Boards. I hope that with more women joining the financial sector, this discrepancy will be eliminated. Unfortunately, women are not always treated the same as men. Some companies and managers treat women better than others but in general, it is a disadvantage to be a woman. We have to work harder to prove ourselves and sometimes this can have a detrimental impact on our social and family lives. I have worked hard to keep a good balance in my life, but understand the difficulties faced by women today who are told that they cannot ‘have it all’. I believe
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that with strong women proving themselves every day in the finance industry and constantly pushing the glass ceiling, this will soon not matter. I would encourage graduates looking to follow in my footsteps to join the financial industry and aim for the top jobs. With their determination and effort, we can make the difference.
‘I’ve never witnessed women being treated differently to men in terms of career progression’
Louise Travis Head of Reward (HR), Liverpool Victoria (LV=)
WHILE I WAS READING GEOGRAPHY at University College London I was lucky enough to secure a six week summer internship at Ernst & Young. They offered me a place on their graduate scheme for the following year. I worked in the Corporate Tax advisory department and later moved to Mergers & Acquisitions while studying for my accountancy qualifications. It took three years to gain my chartered accountant status and by this time I had realised that while I enjoyed working in financial services, the role wasn’t right for me. During the graduate scheme I had taken part in several projects outside my accountancy remit, including graduate recruitment and developing a resourcing plan for the team. A role came up in Human Resources, and this experience stood me in good stead when I applied. Just six months into the job, I knew that I had made the right decision by switching to HR and I’ve never looked back. After a few years, a new role came up for someone to head up the reward team for the financial services divisions across the 12 European offices and I took it on. In 2009 I was ready
for my next challenge and was approached about the Head of Reward role at LV=. I’ve been here since April 2010. In my experience, women have as much chance of getting the top roles as men do. If you want to be successful then you have to seek out opportunities and take advantage of them when they come up. I’ve worked with many successful female colleagues at LV= and in my previous role. Personally, I’ve never witnessed women being treated differently to men in terms of career progression, but I do believe that it is down to the individual to take the opportunities that are offered to them. The core values of a business are very important to me and I wouldn’t work for an organisation that wasn’t inclusive. I started out thinking that I would be a chartered accountant for the next forty years and that I was going to be a Partner at a major accounting practice. After eighteen months on the job, I knew that it wasn’t the right role for me and I was open to new ideas. I took a risk by moving into HR but it was well worth it and I thoroughly enjoy my job.
THE INDUSTRY | WOMEN AT THE TOP
Diana Brightmore-Armour CEO of Corporate Banking Lloyds Banking Group
I’M A QUALIFIED ACCOUNTANT and have only been in banking since 2004, but I think I’ve always been in training for a career in the financial services industry. In 1987 I started out at Coca Cola as an international auditor and worked for the group for 13 years. I held a number of roles before becoming Coca Cola’s Group Treasurer. My initial ambitions were twofold: to be a professional and to travel and see the world, so my first job with the group ticked all the boxes – a multinational that operates in over 260 countries worldwide. It wasn’t until 2003 that I was head-hunted to work for Lloyds Bank. I credit two things for getting me to where I am today: contacts, and hard work. It was my market reputation that encouraged a head-hunter to approach me for a job at Lloyds, and I believe in working hard to achieve success, which is what I’ve done in my career to date. Since I joined LTSB (as it was known in 2004), I think it’s fair to say that I have seen the representation of women in the business improve. I’m passionate about talent development and supporting gender diversity, both at work and outside, through my involvement with the 30% Club, City
Women’s Network, First Women Awards and the Asian Women of Achievement Awards. Above everything else, I enjoy the diversity of my role. As CEO of Corporate Banking, I’m responsible for around 7,500 customer groups, with turnover ranging from £15m right up to multi-nationals such as BBC, Virgin, Rolls Royce and Arcadia. We have 26 offices all over the UK and pride ourselves on our regional network. There isn’t much I don’t enjoy, but everincreasing regulation and governance in the banking industry after the financial crisis has proved challenging. Saying that, some of the most challenging aspects of my role are also the most exciting. I wouldn’t change that. Work / life balance can be a struggle. I’m married with two children, and though we have excellent flexible working policies at Lloyds I need to manage my time. Over the years I have found good and bad qualities in working with both men and women. I feel a high level of responsibility to demonstrate certain behaviours and values which I expect of my employees, and I have to maintain credibility as a leader with both sexes.
Sharon Fraser Managing Partner for Regional Markets, Deloitte
HAVING BEEN THROUGH A LONG LIST OF CAREER OPTIONS AS A TEENAGER, from Pans People to fighter pilot (the RAF recruitment team told me at 17 that women weren’t allowed to fly jets as they were too emotional at certain times of the month and suggested I tried a support role), I found out about serious career options from the University careers service at the end of my second year.
I completed a questionnaire that identified the sort of things that would appeal and found accountancy and banking were high on the list. Accountancy appealed more because of the professional qualification, which appeared to be an excellent door opener. One of my friends from home, who was very talented, had a job with Touche Ross and spoke very highly of them. I was interviewed by Touche and offered a job in
London audit, starting in 1986. Due to personal reasons, I requested a transfer to Manchester before actually joining and was very lucky because although the Manchester office recruitment was full, they agreed to take me. I have been extremely fortunate and had lots of great male senior sponsors supporting me. It’s often informal networks and support that make a key difference, and I’ve never felt disadvantaged as a woman in what’s sometimes seen as a male industry. I also think that being different and bringing a different perspective to a role can be an advantage. From my experience at Deloitte, I can’t say that women and men are treated differently. However, I do think that both men and women have some subconscious biases that are cultural and it’s important to help overcome these to give both genders the best chance of being successful. The best thing about my job is the huge variety and working with so many great clients and teams of people. The worst thing is some of the common misconceptions about the role of the profession and the work we do. I think that it’s very important to work out what you want in life and to give everything you have to achieving it. I’m a great believer in positive thinking and your ability to make your own luck. Of course there are some opportunities that arise due to being in the right place at the right time, but it’s being able to capitalise on these that counts.
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RUNNING THE NUMBERS HOW WILL YOUR CAREER IN FINANCE ADD UP?
78% Finance graduates in employment 6 months after graduation
£23k Average salary six months after graduation
6 Average hourly pay for a graduate
Finance graduate to further educati within another se
graduates who have gone on r education or are employed other sector
Finance graduates unemployed 6 months after graduation
Average pay by age p/h
CAREER PATHS | GOING GLOBAL
The other offshore banking SEE THE WORLD, START YOUR CAREER AND EARN SOME MONEY BANKING OVERSEAS AFTER ALL THE HARD WORK GETTING THAT DEGREE, the job market looms. On the one hand, it makes sense to get a job and get ahead. But on the other, you’ve just spent three years working. Surely you deserve to relax on a foreign beach for a while? Well, perhaps you don’t have to choose. Why not get a finance job abroad and do both?
T MIGHT not all be sarongs and sangria, but getting a job abroad can have all the CV benefits of going straight to work at home, with a little bit of travelling thrown in. There’s also the plus that in an increasingly international industry, having banked in Bologna or been an actuary in Auckland might be just the experience future employers want. Recent findings show that graduates are increasingly seeking jobs abroad as the supply dries up in the UK, with around 70 applicants for every UK graduate job. Figures released by HESA, the Higher Education Statistics Agency, show that 10% of graduates from the class of 2009 failed to find work last year. So far, working abroad looks pretty sweet. But will your qualifications be recognised? Actually, yes, provided your degree is in something relevant for the industry such as
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business administration, economics, finance or mathematics. The potential career boost aside, there are lots of reasons to work abroad. One of the best is the diversity. Living and working in different parts of the world with different business ideas and cultural knowledge won’t just make you a better banker, it’ll make you a more interesting person too. You could get the chance to travel and get a good salary without taking a year out or big loans. Meanwhile, your CV will be packed with different locations and show off your pioneering spirit.
WHERE SHOULD I GO? With a nothing but Google maps and the Home Office advice website to guide you, choosing where to go might seem a daunting task. So where are the best places to work in finance?
WHO? AFRICAN DEVELOPMENT BANK WHERE? TUNISIA Going to Tunisia might seem a bit scary right now, what with the recent revolution and everything, but if that’s not too daunting now is a great time to get involved with finance and banking across Africa. The African Development Bank offers the chance to do that. The bank is huge, representing institutions from 53 different countries across the continent and pretty much doing everything that a major international bank would do. Their Young Professional’s Program lets you work in a range of sectors and countries and get on-the-job training whilst doing so. For more info check out: www.afdb.org/careers/youngprofessionals-program-ypp
“Living and working with different business ideas and cultural knowledge won’t just make you a better banker, it’ll make you a more interesting person too”
WHO? STANDOUT INTERNSHIPS WHERE? AUSTRALIA
NEW YORK the US’ main financial centre, though there are also major banking districts in Chicago, Houston, Boston and San Francisco. NY is a great place for banking, but more competitive than Singapore or China.
HONG KONG AND TOKYO are Asia’s financial centers. Fast-paced and exciting, but certainly an adjustment from the norm and finding housing can be difficult compared to the UK.
EUROPE is dominated by Frankfurt, Paris and Geneva, with big companies (like HSBC, Lloyds and Barclays) having branches and headquarters in Milan, Madrid and Zurich. Although commerce is thriving, the capital cities can be expensive to live in.
INDIA, CHINA, BRAZIL AND RUSSIA are going through a period of rapid economic growth which will have opportunities for graduates. However, language may be a barrier to overcome.
WHO? CONTACT SINGAPORE WHERE? SINGAPORE The city-state of Singapore is in its ascendancy, the government has charged Contact Singapore with recruiting the best graduates from all over the world for everything from game design to financial services. Regional and divisional headquarters have been set up by some of the big financial players, including Barclays, Citigroup, HSBC, Standard Chartered and Goldman Sachs. In fact a recent survey found that Singapore had beaten London and New York as the number one location of choice for investment bankers. Jobs and info on life in Singapore is available on www.contactsingapore.sg
Getting the job you’ve always wanted and seeing the world, what could be better? How about the chance to get some sun and maybe chuck a few shrimps onto the barbie at the same time. StandOut Internships pride themselves on creating internships packages that will give you what you want and look great on the CV. These aren’t extended photocopying and teamaking jobs, they’re real chances to get some experience and maybe find a company you like. They offer gap year, summer and custom internships, so something’s bound to fit your requirements. Everything you need to know is at www. standoutinternships.com
HOW TO DO IT?
Before you pack your bags and book your flights, check out our top tips over the page for finding work abroad.
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CAREER PATHS | GOING GLOBAL
WORKING OFFSHORE// CHECKLIST
WHO? VSO WHERE? THE WHOLE WORLD VSO is one of the most influential volunteer organisations in the world. They help bring professional skills and services to the developing world and have been making a success of it for 53 years. More than ever, they need people with financial skills to help set up and oversee projects. Jobs with the VSO are voluntary positions, so no pay, but they do usually cover all your costs and provide food, accommodation and those sorts of luxuries wherever you’re volunteering. This isn’t the gap year brand of voluntary service, it’s doing real jobs in the sort of challenging and unique conditions that will have future employers fighting each other to get their hands on you. All the positions they need are listed at www.vso.org.uk just click on the volunteer tab.
Before buying the plane ticket and donning the suit, it’s good to make sure everything else is in order for a career abroad.
VISAS AND WORK PERMITS •
BE CONSISTENT AND FOCUSED. Sounds very obvious, but having a goal in mind will help you decide the country, company and department you want. CONSIDER WORK VISAS/PERMITS. If you don’t have your visa or permits ready before you head off, you might have problems. Although the EU is open to anyone from the UK, check other country’s embassies or consulates. You’ll probably have to pay for these. LANGUAGES. Having some knowledge of the main language in the country you want to work in will be a big advantage and will make you more attractive to employers too. GET CLUED UP ABOUT THE CULTURE. Did you know it’s highly disrespectful to blow your nose in public in Japan? Different laws, traditions and food are all things which you don’t want to be caught out on. RESEARCH. The best way is to see how other people live in the place you’re heading to. This will help you calculate costs, make friends, also knowing someone there will make settling in easier.
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HEALTH AND INSURANCE •
Students and graduates who are UK or EU citizens do not need a work permit or visa to work legally in any other country in the European Union. Check the relevant foreign embassy in the UK for specific information about visas and other legal requirements. Contact details for all foreign embassies based in the UK are available from the Foreign and Commonwealth Office (FCO). [This link needs to be typed out as it’s a print piece, not web page.]
Some vaccinations need to be done in stages in advance, so check with your GP at least six weeks before you travel. The UK has reciprocal healthcare arrangements with most European countries, which means that UK citizens are entitled to free or reduced-cost medical treatment. You can apply online or pick up an application form at your local post office. Getting adequate travel insurance before you go is very important, so shop around for the best deal.
FINANCIAL MATTERS There are a number of financial matters to consider when working overseas. • Tax • National insurance • Pensions • For detailed information about tax, national insurance and state pension matters, contact HM Revenue & Customs (HMRC).
WILL YOUR QUALIFICATIONS TRANSLATE?
Your qualifications might not be clearly understood by potential employers, who may not be familiar with the UK education system. It may be helpful to identify the approximate equivalent qualifications in the country and write ’approximate equivalent to’ on your CV. Employers in other countries may place value on different factors compared with UK employers, so you will need to tailor your applications accordingly.
Unless your employer is organising accommodation overseas on your behalf, you should look into housing opportunities and any property regulations which may affect you. Be extremely careful of handing over money in advance.
FAMILY MATTERS •
Members of your family who are travelling with you may not necessarily have the same residency status as you. Partners may not be entitled to work in your chosen country just because you can. The regulations for children born overseas can vary considerably from country to country, so it is worth finding out your position in advance if this is relevant to you.
Got an art degree? Read our AATs for the Arts article and see how your future could be in finance. tinyurl.com/6j7cydt
Turn a new page by visiting ours nucleargraduates.com Weâ€™re a two year graduate scheme with a difference Sponsored by Rolls Royce PLC, Sellafield, Magnox and the Nuclear Decommissioning Authority, we offer opportunities in science, engineering and business across the UK and worldwide Hear our story at: nucleargraduates.com and nuclearfootprints.com
Section | TOPIC
ARE YOU SURE? THE INSURANCE INDUSTRY: WHAT THE JOBS ARE AND HOW TO GET THEM
As of 2009 there were over 300,000 people employed in the Insurance sector in the UK according to the Association of British Insurers. But what’s interesting is that most of them don’t spend their days number crunching behind a desk. So what do they do?
or a start, they’re not always to be found in the capital. London is still considered the focal point of all finance-related jobs, but two thirds of jobs in the finance sector are actually elsewhere. And since most large insurance companies have offices across the world, there are opportunities to work abroad too. Secondly, there are lots of different positions available in this field. Some companies such as Zurich and Allianz offer graduate entry programmes to help you choose which is for you, but if you don’t have a grad scheme to act as a guiding hand, how do you decide which area to go into?
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city | into insurance
HERE ARE A FEW JOB PROFILES TO DEBUNK SOME MYTHS AND OPEN SOME DOORS. INSURANCE BROKER What’s involved? An Insurance Broker acts as a go-between for clients and the insurance companies, aiming to offer the best insurance policies for everyone’s pockets. They get information from clients, research suitable policies and advise them on when and how to make claims. They have to develop good working relationships with everyone involved as well as marketing themselves in order to gain new clients. Paper work is naturally part of the job and travelling during the working day is common.
How do I get the job? A degree in any subject will be considered but subjects such as Accounting, Finance, Business, Mathematics or Modern Languages will be preferred. If you’re considering postgraduate study, risk management or a finance-based subject could give you an advantage. The best place to find training schemes is with national brokers.
How much could I earn?
£15,000 and £22,000, but once you’ve reached senior level it’s possible to earn up to £70,000, with most senior salaries being around the £40,000 mark.
What those involved say Graeme Trudgill, Head of Corporate Affairs at BIBA recommends the Chartered Insurers Institute (CII) as a good place to train - “The CII offers formal qualifications and some employers will even fund your studies.” He believes insurance is a people-friendly industry. “It’s a very social job with good remuneration – depending how much you apply yourself. People skills are essential as you will have to deal with people every day, sometimes after terrible situations – but as a broker you can make a big difference to someone’s life. It’s an important career as everyone needs insurance.”
ACTUARY What’s involved?
INSURANCE CLAIMS INSPECTOR
Actuaries value things such as places and people, analyzing data to predict and monitor the risks around them. They then work out what insurance might be needed, how much to charge for it and whether the company could afford any claims that might be made.
How do I get the job?
Inspectors investigate claims made by policy holders and help reach a settlement. They visit the place where an incident happened, check details with witnesses, contact trades people to make any repairs needed, liaise with everyone involved to decide on liability and then fill out the necessary paperwork.
An A Level or Higher in Maths is essential but when it comes to degrees, any subject at 2:1 or above will be considered. A related subject such as Actuarial Science, Maths, Chemistry, Statistics or Economics could stand you in better stead, however, and mean you might be exempt from future actuarial exams. The natural next step after graduating would be to find a trainee position or other
To begin with expect to be earning between
How do I get the job? A degree is the usual starting point, although Business, Law or Maths based subjects could be an advantage. Diplomas in similar subjects may also be accepted. Graduate management training schemes and claims work are ways to get into the profession. If you don’t have a degree it’s still possible to move up through a company, having started in a junior clerical role.
How much could I earn? You would start at about £13,000 but as you gain experience this can rise to anything from £18,000 to £75,000 for those who gain further qualifications from the Chartered Insurance Institute.
INSURANCE ACCOUNT MANAGER What’s involved? Insurance Account Managers are employed by insurance companies to promote their products. They identify gaps in the market and introduce new products. They’ll be in charge of producing website content to help advertise the products and generally chat with clients. Travelling during the work day is also pretty normal.
How do I get the job? A degree of 2:1 or above is generally needed to get into graduate training schemes but it is rare for anyone to go straight into the role. Most people, including those without degrees, can work their way to the role from sales or brokering roles. Alternatively, starting off as an insurance technician, junior account handler or underwriter could be a way in.
How much could I earn? Somewhere between £18,000 and £26,000 is the normal starting salary but with progression, salaries can range from £40,000 to more than £100,000. The big bucks often involve moving into senior management positions and doing less of the actual insuring.
entry programme. But if you want to go the whole hog and become an Associate or Fellow of the Institute and Faculty of Actuaries, there are also a hefty pile of exams to be passed too. It can take between three and six years to qualify.
How much could I earn? As a graduate the average salary is around £31,000 but Senior Actuaries can earn up to £55,000 with a Chief Actuary’s salary reaching in excess of £180,000.
Most jobs in insurance have a few things in common. Frequent travel, working in a team and dealing with clients are all to be expected, but so are pretty big rewards and high salaries if you’re good at it.
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micro finance THE SMALL FINANCE THAT’S QUICKLY BECOMING BIG BUSINESS
DEPENDING ON WHO YOU LISTEN TO, MICROFINANCE IS EITHER A SURPRISINGLY LONG FLASH IN THE PAN OR THE FUTURE OF FINANCE. BUT WHAT DOES IT ACTUALLY INVOLVE?
Section | topic
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city | GOING SMALL TO MAKE IT BIG
FIVE STEPS INTO MICROFINANCE Education
UT SIMPLY, it’s a way of banking that lets people with very little money borrow some. This includes loans, savings and sometimes insurance. The ‘micro’ part is because the loans given are small – only as much as people need and can afford to pay back. Often the same people microfinance can help will use informal and community-centred ways of saving but microfinance organisations help make their money more secure.
The history Dr. Mohammad Yunus, Professor of Economics at a university in Bangladesh, set up Grameen Bank in 1983. He had begun several years before by lending small amounts of money to Bangladeshi women in need. Small, less formal organisations had already been doing the same thing, but his work earned him a Nobel Prize. Dr. Yunus’s microfinancial Grameen Bank has gone on to loan three billion pounds to over six million people. There are now many similar banks throughout the developing world. Not everyone believes they will solve the issue of poverty but there is evidence that such organisations do help, for example by giving loans to people trying to set up their own small businesses. These people are able to earn enough to pay back the loan and hopefully continue to support themselves with no or limited future loans.
Why work in microfinance? The ethical attributes of microfinance make it attractive to those who might otherwise work for traditional and UK-based banks. Whilst bankers in Britain face voluble criticism for their lavish and arguably irresponsible lending ways, microfinance employers can shout out their career choice loudly from rooftops and get admiration in response. Of course the poorer the
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customer, the less profitable the bank, which means less of those shiny looking bonuses. But for many, the ethical trade-off is worth it. The fact so many people today consider packing up their bags and escaping hectic city life to volunteer in exotic places is one reason more people are choosing to go into microfinance. It may well offer a different lifestyle to one you’d have working in traditional finance. But as with most great ideas, there can be a negative side (fewer perks, more work and surrounded by poverty) – otherwise everyone would be doing it.
The work Jobs in microfinance are varied. Pretty much anything that’s involved in large scale lending and tracking money exists in microfinance but on a smaller scale. But as microfinance is often offered by notfor-profit organisations, there are some specialist positions like financial educators and development specialists. As it’s a burgeoning field, training programmes are rare. Those that do exist have more than one pair of hands grabbing at them. There are, however, a few specialist postgraduate courses springing up across the country. Getting on one of these is likely to push your name to the top of the pile when it comes to jobs and, in such a new field, any postgraduate research might well shape the future of the industry. At the graduate end of the scale, pay is comparable to what’s on offer in other sectors of the finance industry. While no one knows what the future might bring, at the moment the upper end of microfinance doesn’t pull in the yacht-buying money that investment banking is known for. However, it is possible to make a decent living, and to do that knowing you’re really helping people is no small thing.
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Finance is a highly specialist business, so you would need at least a bachelor’s degree in related fields like finance, business, management, or economics in order to be competitive. Some jobs require higher levels of education, so you might have to think about study at postgrad level.
The best way to learn about microfinance is to volunteer or get an internship at organizations like Kiva and Accion. Although unpaid, you’ll get valuable lessons, get to know people in the industry and get a foot in the door.
It pays to be informed, so read relevant journals so you’re aware of the latest trends. Find out everything that there is to know about any countries or places that you might visit. This won’t just be useful, it will set you up to be first choice when a future employer needs someone clued up.
Send out as many CVs as you can, without giving up. You’re unlikely to get a reply from everyone so be patient.
Once you have landed an interview, do some research about the company and do your best to impress the interviewer with your depth of knowledge.
city | trading from home
HOMEGROWN TRADER LIKE CHARITY, A SUCCESSFUL CAREER IN FINANCE CAN START AT HOME Greg Secker is the founder and CEO of trader-coaching organisation Knowledge to Action. He studied Animal Physiology with European Studies for four years at The University of Nottingham and Veterinary at Isara (Grande Ecole, Lyon). He reveals some of his secrets and how it all started with him setting up a trading floor in his living room.
FTER I left my position as Vice President of Mellon Financial Corporation, my friends and family started to ask me to share the secrets of my trading success. I decided to set up my front room as a mini trading floor, and teach them the strategies and tactics of professional traders. I discovered that I loved teaching people about the markets and that many of my friends were surprised at how easy it could be to learn to trade. I decided that I wanted to continue coaching people, and so just three months after I retired, Knowledge to Action was born. I’ve always maintained that as long as you work hard and stay focussed, anyone can become a successful trader. The sort of people that trading most suits, however, are those who can stay calm and collected under pressure and have the control to stop themselves from making unwise decisions in a panic. They have to be able to listen to instructions and advice, but also have the ability to act on their own when they need to. For every aspect of trading, discipline is key. Knowledge to Action is the world’s leading trader coaching company, which was set up to teach people about the various markets, and enable them to trade successfully on their own. We offer a variety of different courses, covering the foreign exchange, stocks and futures markets, and provide quality instruction to a range of ability levels. Last year, I also founded the Knowledge to Action Foundation with my girlfriend
Katherine - a not-for-profit organisation which aims to improve the quality of life for children around the world. The Foundation actively organises and runs events throughout the year to support causes such as Barnardo’s and The Ubuntu Education Fund (a charity which provides health and educational resources to over 40,000 orphans and vulnerable children in South Africa). We also look to promote education, life skills and youth leadership initiatives. In October we are holding our first Youth Leadership Summit – a five day event for 14-17 year olds which will focus on key personal development techniques, helping them to work towards a successful future.
What you need to succeed in finance Asked what his advice to finance graduates would be, Greg says there are four key things. • • • •
Decide which area of finance you wish to specify in Actively look to identify and engage with people in that area and the organisation you are interested in Go to bars and restaurants in Canary Wharf for example, to make contacts and access the culture there Be prepared to put in very long hours, sometimes 50-60 hours a week
For more info on the Knowledge to Action Foundation, go to www.KnowledgetoActionFoundation.com
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You can bank on it YOU’RE SURE YOUR FUTURE’S IN FINANCE, BUT WHICH KIND OF FINANCE? THE FINANCE INDUSTRY deals with numbers and most of the people in it wear suits. But, for a lot of careers in finance, that’s where the similarities end. Investment banking’s exciting, insurance is secure and venture capital is risky but with big rewards. Which one’s right for you?
QUIZ | which type are you?
How do you want to spend your days? A Deciding who in a company gets money and how much, then chasing that money down from investors, profits and other kinds of funding.
B In a high street bank, talking face to face (or face to
bullet proof glass window) with customers. Handling all that cash personally and locking things in the vault.
C Discovering new and eye-widening projects then putting where your mouth is about whether they’ll succeed.
D Having other people put they’re futures in your hands. E Getting to know the facts before being absolutely sure that, whatever the question, you’ve come up with the right answer.
Who do you want to work for? A A big corporation B The manager of a bank C Yourself D A company, in-house, or yourself E Anything from a small firm, to a company right up to a big multi-national
What skills do you have? A You’re a problem solver who’s happy with rapidly shifting goalposts. You’re also happy balancing being a people person with being computer literate
B You’re a people person; trustworthy, friendly and happy
to chat to anyone. You’ve also got a mean mathematical streak.
C You live life on the edge. You’ve got the ability to sell your
house, go to Vegas and put it all on black. And if you lose, not really worry about it, there’s always next time.
D Interpersonal skills? You’ve got them by the bucket-load.
You can also communicate complicated ideas to even the simplest people.
E The kind of attention to detail that won’t just spot a needle in a haystack but also tell what colour it is and how it got there.
Where do you see yourself in ten years? A Corporate finance B Commercial banking C Venture capital D Financial planning E Insurance
SEE HOW YOU SCORED
QUIZ | which type are you?
SO HOW DID YOU SCORE? MOSTLY A = Corporate finance
Corporate finance is the kind of big banking you tend to see in films. Despite its depiction as a cut-throat world of sharp suits and ruthless go-getters, it isn’t all like Michael Douglas in Wall Street. That’s not to say it isn’t competitive, or that the salaries don’t make that competition worth it, but you do need to be a people person to thrive in the business. It’s about problem solving and matching up possible ways to make money with available ways to get it.
MOSTLY B = Commercial banking
Commercial banking is the everyday ‘cash machines, standing in queues and paying in cheques’ kind of banking. It’s got the stigma of being not quite as glamorous as other kinds of banking but it’s an area with lots of graduate possibilities and means if you make a mistake you won’t lose several million pounds or bankrupt China.
MOSTLY C = Venture capital
Venture capitalists are the real risk-takers in the world of finance. What they do, in short, is give money to people who have an idea but no cash to get it going. They usually make a profit by owning part of the company in return for their investment. If they recognise a good opportunity they can make quite a bit of money when their projects come of age. To be a venture capitalist you need a steady hand and the resilience to put money behind someone new even though your last two investments have flopped.
MOSTLY D = Financial planning
Financial planners do exactly what it says on the tin: they plan people’s finances for them. This can be everything from looking after their investment portfolio to helping them spend less (the trick is to buy fewer things). What this means, more than anything, is that financial planners have to translate from the language of finance to the language of the man on the street.
MOSTLY E = Insurance
Insurance are the real numbers people but that’s not to say they’re stuffy or all stuck at a desk. There are lots of great jobs in insurance (turn to page 24 for more info) but they all simmer down to making sure the numbers stack up and nobody’s taking any risks that can’t be paid for. An attention to detail that would make Sherlock Holmes look sloppy is a must.
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directory | who’s who
DIRECTORY Accountancy & 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 bookkeepers to consultants to forensic accountants, are in every industry.
Scottish Investment Operations: SIO have a varied graduate uptake. The have members including RBS, HSBC and Morgan Stanley so are well worth looking up. www.sio.org.uk/vacancies.html
Association of Chartered Certified Accountants (ACCA): ACCA offer a graduate careers programme, a bit like an internship, for Accountancy. This is available during summer holidays and can range from as short as a week up to a year. www.accaglobal.com/en/student.html
KPMG: PricewaterhouseCoopers: Their 3 year graduate careers programme starts both in early April & early September. www.pwc.com/uk/en/careers
Ernst & Young: Their graduate recruitment programme begins in September and is a 3 year course. It covers careers associated with accountancy, including: audit, tax and corporate finance. There are currently still vacancies for their 2011 graduate programme available, and additional locations for their 2012 intake will open in September 2011. www.ey.com/UK/en/Careers/Students
Baker Tilly: They run a 3 year training programme for graduates aimed towards getting an ACA or CA qualification. There are currently still a number of vacancies left for the September 2011 intake. www.careers.bakertilly.co.uk/Forms/ Graduate/Search.aspx
Grant Thornton: Grant Thornton offer graduates a training contract that normally lasts for 3 years. The qualification that you will study for during this time depends on which business area you choose to join. www.grant-thornton.co.uk/careers.aspx
KPMG do not have a deadline for applications, instead all applications are dealt with on a first come, first serve basis. There are still vacancies for both the 2011 programme starting in September, and the 2012 programme starting next September. The length of the programme depends on the course which will be taken, with these areas catered for: Audit, Tax, Pensions, Risk & Compliance Technology, Transactions & Restructuring. The location of the programme can vary depending on the different roles. To view the vacancies you need to register with the KPMG Recruitment System. www.kpmgcareers.co.uk/graduates/
BDO Stoy Howard: They recruit throughout the year and have twice yearly intakes in September and December. Their graduate programmes usually last 3 years. www.bdo.uk.com/careers
Smith & Williamson: Their graduate programmes allow graduates to train in: Assurance & Business Services, Corporate Tax, Forensic Services, Private Client Tax Services and Investment Management. www.graduates.smith.williamson.co.uk/
PKF: PKF currently have a number of vacancies across the country for their autumn 2011 graduate scheme, and there are a few places left for their January 2012 graduate programme.
RSM Tenon Group:
Banking We all know what retail banks are: the big buildings in the high street that for some reason have all our money. There are also corporate banks, which do the banking for companies, and wholesale banks, which do banking on the really big scale, like looking after governments’ money. Between these three, the careers range from customer service to trading to economic analysis. Bank of England: They have internship programmes for experienced professionals and graduates. The course lasts for three years, normally offering 20-30 graduate vacancies. http://www.bankofenglandjobs.co.uk/ opportunities/graduates/
Mountbatten Institute: The Institute has different schemes aimed at graduates, designed to allow them to learn their chosen field in different countries and through different cultures. There are usually 300 vacancies. The programme begins in both March and September and continues for one year, where the graduates will have a work – experience placement and study. A large amount of jobs are available in financial service firms. Others include jobs within: events management, law, marketing, government and recruitment. http://www.mountbatten.org/mipweb.nsf/ pages/ny_the_internship
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directory | who’s who
Bank of America: They currently offer internships where applicants will work with their business associates and engage in tasks which fit the criteria. Internships uptake is from July to August. The programme lasts for nine weeks, Deadlines are in December. Programmes can also last for three years. http://careers.bankofamerica.com/ campusrecruiting/
Barclays: Barclays graduates recruitment scheme opens in September each year, taking on graduates in all areas of banking and Finance and offer internships and placement schemes. www.barclays-graduates.com/
HSBC: HSBC take on graduates in most areas of banking and offer internships and placements. www.jobs.hsbc.co.uk/graduates/
group the also have jobs in most other areas of Banking and Finance. www.lloydsbankinggrouptalent.com
www.bnpparibas.co.uk/en/careers/careers.a sp?code=MLOR&TQCT7&TitrePagenav=Caree rs opportunities
www.careers.jpmorgan.com/student/ jpmorgan/careers.europe/graduate www.careers.jpmorganchase.com/career/ careerhome
The Financial Services Authority: www.fasgraduates.com
Lloyds Banking Group:
Lloyds have a range of schemes for graduates in the areas of: Business Technology, HR, Finance, Corporate Markets and General Management. They also run an undergraduate scheme that lasts for ten weeks. www.lloydsbankinggrouptalent.com/
Santander: Offers graduate schemes and summer internships. www.santanderukgraduates.com/ appselection.asp
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. http://www.nationwide-jobs.co.uk/home/ graduate
RBS: They offer both internships and graduate opportunities with Investment Banking programmes and Leadership & Professional programmes. www.makeitrbs.com/uk
34 RW WWW.REALWORLDMAGAZINE.COM
Insurance Insurers have the difficult task of trying to keep everyone happy if something goes wrong, whether it’s damage to property, a natural disaster, the non appearance of a musical act, or even the health an individual. They usually work as a team of specialists, each supporting the others, making communication skills an absolute must. AXA UK: They offer a graduate recruitment programme from 1st September each year. Three 8 month placements are available for graduates. http://jobs.axa.co.uk/graduates/index.html
Scottish Widows: They take on graduates for jobs in all kinds of insurance. As part of the Lloyds Banking
Their 6 week internship is aimed at penultimate year students. Recruitment starts in September-December and the internship takes place the next year. www.towerswatson.com/careers
Lloyds Market: Lloyds is a group of 80+ insurance employers. They have graduate schemes in a range of areas. www.graduatesatlloyds.com
Investment & 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. Ballie Gifford: Ballie Gifford are one of the biggest investment companies in the UK. Their graduate scheme, for each year, closes on 30th November the previous year. www.balliegifford.com/pages/generic/ Careers/GraduateCareers/Investment/ Investment.aspx
Schroders: Schroders offer graduate programmes and a ten week summer internship. www.schroders.com/graduates
Standard Life Investments: They recruit throughout the year. The positions available change throughout the year too. http://www.standardlife.com/careers/ graduates/index.html
Photo Credit: Spring Project working at the D&AD Graduate Academy
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Published on Oct 12, 2011