This article is an introduction to recruitment for UK banking jobs. Getting a job in banking can be a drawn out process as recruitment cycles often take up to 6 months and the top banks may look at hundreds of candidates for a single post and go through 2 or more interviewing stages often in addition to a competency assessment. If you already work in banking or the finance sector you may be familiar with the recruitment process and if you're looking for a change of career within banking this article will discuss briefly the best approach to successfully finding a new job.
Agency or direct
At the start of your journey to find a perfect banking job you will usually be faced with 2 routes (although you can take both simultaneously). Whether you should use a recruitment agency to source suitable opportunities for you or go direct to financial institutions with your applications.
Using an agency
Agencies are widely used in financial recruitment particularly for skilled banking jobs as the recruitment process is a labour intensive one often comprising of weeks of processing under qualified or inappropriate candidates before arriving at a list of high quality potential employees. The banking sector more than most appreciate the added value of dealing with an agency for some or all of their recruitment rather than managing their own extensive human resources based recruitment programme.
Recruitment agency consultants are driven to match the best candidates to the clients banking jobs, usually more so than the person to whom responsibility falls within the client institution- often the HR department or busy heads of department who may not have the required time to properly process high volumes of applications.
For the candidate, using a recruitment agency can also offer some distinct advantages over applying directly to individual companies in response to banking job vacancy advertisements. An agency will be working closely with the banks with a range of vacancies both current and upcoming available. If an advertised vacancy does not prove to be suitable your recruitment consultant will often be able to recommend an alternative position to apply for.
If you have the skills and experience that an agency is looking for they will actively seek out new opportunities for you as they become available, this can take much of the time consuming work out of applying for a new job in banking as agencies will only put candidates forward for positions they feel they are well suited for and capable of obtaining. Agencies can also deal with the initial contacting of the financial institutions and get interviews arranged on your behalf.
Going direct
Many applicants prefer to go direct to recruiters rather than going through a specialist recruitment agency as this allows them to make direct contact with the companies they are applying for and pick their applications based on job vacancies posted by the banking institutions.
The easiest way to find job vacancies if you want to apply straight to a recruiter are to search job listings on online job boards, newspapers and corporate websites. The downside of applying for jobs this way is the time it can take to find appropriate advertisements, approach the recruiter, submit applications and arrange interviews often based on limited information about the position you are applying for.
Choosing an agency
If you choose to use an agency to find you a new job in banking it is important to approach an agency who understand the unique and often specialist nature of the banking industry and have direct relationships with the banks themselves. Banks will often not deal with recruitment agencies whom they do not have a working relationship with due to their HR procedures. So make sure the agency representing you are talking to the banks or financial institutions directly and are on their preferred suppliers lists.
The main advantage of an agency is having an agent working on your behalf so make sure you get on with your agent and you feel comfortable with them representing you in front of potential employers- if an agent expects you to lie about your skills or experience on a CV its unlikely they're working for your best interests.
Writing a CV
The CV is a critical part of successfully applying for banking jobs as its all an employer has to go on when deciding whether or not to invite you to interview. As the people up against you for banking jobs are going to have often very similar skills and experience due to the nature of the industry your CV has to not only be watertight in terms of the information it gets across but also make you stand out from a crowd of other financial experts. Banking is still a formal institution and you resume should reflect this, but some creativity will help to show your character and the effort you've put into your application- think about ways of presenting your CV with a unique personal touch, if you're photogenic a picture of yourself is often a good start (don't forget to smile!).
Again a recruitment agent should be able to help you get your CV up to a standard where they are confident it will be acceptable by the banks and financial institutions whom will be recruiting. There are lots of template CV's and CV writing advice available online by searching for 'banking job CV'.
The interview
Interview skills are a subject in their own right and beyond the scope of this article. There's a lot of things to remember you should and shouldn't be doing in an interview but most of these are common sense things about the way you want to present yourself. The best advice ultimately is make sure you do yourself justice, listen to the interviewers and think about the sort of things they want to hear from you. They want to find out about your personality and character as much as anything else so show you are a person they'd like to work with.
Again a Google search for 'interview tips' will give you plenty of helpful advice and a recruitment agent will also help to prep you before setting you up with interviews.
Thursday 23 October 2008
Tuesday 21 October 2008
Banking Jobs
Significant Points Of Banking Jobs
Banking employment is projected to grow more slowly than average as consolidation and automation make banks more efficient.
Office and administrative support workers constitute nearly 7 out of 10 jobs; tellers account for more than1 out of 4 jobs.
Employment of tellers will increase more slowly than average, but job openings should be plentiful because the occupation is large and many tellers leave their jobs every year and must be replaced.
Employment growth is expected in management and professional jobs, as well as for customer service representatives and securities and financial services sales representatives.
Nature Of The Industry
Banks safeguard money and valuables and provide loans, credit, and payment services, such as checking accounts, money orders, and cashier's checks. With the passage of the Financial Modernization Act in 1999, banks also may offer investment and insurance products, which they were once prohibited from selling. As a variety of models for cooperation and integration between the financial services industries have emerged, some of the traditional distinctions between banks, insurance companies, and securities firms have diminished. In spite of these changes, banks continue to maintain and perform their primary role in the financial system—accepting deposits and lending funds from these deposits
Banking employment is projected to grow more slowly than average as consolidation and automation make banks more efficient.
Office and administrative support workers constitute nearly 7 out of 10 jobs; tellers account for more than1 out of 4 jobs.
Employment of tellers will increase more slowly than average, but job openings should be plentiful because the occupation is large and many tellers leave their jobs every year and must be replaced.
Employment growth is expected in management and professional jobs, as well as for customer service representatives and securities and financial services sales representatives.
Nature Of The Industry
Banks safeguard money and valuables and provide loans, credit, and payment services, such as checking accounts, money orders, and cashier's checks. With the passage of the Financial Modernization Act in 1999, banks also may offer investment and insurance products, which they were once prohibited from selling. As a variety of models for cooperation and integration between the financial services industries have emerged, some of the traditional distinctions between banks, insurance companies, and securities firms have diminished. In spite of these changes, banks continue to maintain and perform their primary role in the financial system—accepting deposits and lending funds from these deposits
HSBC Banking Job cuts
Banking giant HSBC is to axe 1,100 jobs worldwide, blaming the current financial turmoil for the decision.
About half of the cuts, which will affect back room jobs at its global banking and markets operation, will take place in the UK.
HSBC employs about 335,000 people around the world.
Last month, HSBC said half year profits fell 28% to $10.2bn (£5.2bn), as it was forced to write-off $14bn from bad debts in the US and asset write-downs.
Meanwhile, pre-tax profits fell 35% to $2.1bn during the same period.
An HSBC spokesman said the firm had opted to reduce its workforce, “because of market conditions and the economic environment, and our cautious outlook for 2009″.
Many of the job-losses will be at the headquarters of HSBC’s investment banking division, which are in London’s Canary Wharf.
Banks around the world have been coming under increased pressure from the credit crisis currently affecting financial markets.
The problems have forced governments to step in and boost money markets as well as bail out a number of companies.
Earlier this year, the UK government had to buy mortgage lender Northern Rock, while in the US lenders Fannie Mae and Freddie Mac have been rescued as well as insurer AIG and investment bank Lehman Brothers filed for bankruptcy.
About half of the cuts, which will affect back room jobs at its global banking and markets operation, will take place in the UK.
HSBC employs about 335,000 people around the world.
Last month, HSBC said half year profits fell 28% to $10.2bn (£5.2bn), as it was forced to write-off $14bn from bad debts in the US and asset write-downs.
Meanwhile, pre-tax profits fell 35% to $2.1bn during the same period.
An HSBC spokesman said the firm had opted to reduce its workforce, “because of market conditions and the economic environment, and our cautious outlook for 2009″.
Many of the job-losses will be at the headquarters of HSBC’s investment banking division, which are in London’s Canary Wharf.
Banks around the world have been coming under increased pressure from the credit crisis currently affecting financial markets.
The problems have forced governments to step in and boost money markets as well as bail out a number of companies.
Earlier this year, the UK government had to buy mortgage lender Northern Rock, while in the US lenders Fannie Mae and Freddie Mac have been rescued as well as insurer AIG and investment bank Lehman Brothers filed for bankruptcy.
HSBC Banking Job cuts
Banking giant HSBC is to axe 1,100 jobs worldwide, blaming the current financial turmoil for the decision.
About half of the cuts, which will affect back room jobs at its global banking and markets operation, will take place in the UK.
HSBC employs about 335,000 people around the world.
Last month, HSBC said half year profits fell 28% to $10.2bn (£5.2bn), as it was forced to write-off $14bn from bad debts in the US and asset write-downs.
Meanwhile, pre-tax profits fell 35% to $2.1bn during the same period.
An HSBC spokesman said the firm had opted to reduce its workforce, “because of market conditions and the economic environment, and our cautious outlook for 2009″.
Many of the job-losses will be at the headquarters of HSBC’s investment banking division, which are in London’s Canary Wharf.
Banks around the world have been coming under increased pressure from the credit crisis currently affecting financial markets.
The problems have forced governments to step in and boost money markets as well as bail out a number of companies.
Earlier this year, the UK government had to buy mortgage lender Northern Rock, while in the US lenders Fannie Mae and Freddie Mac have been rescued as well as insurer AIG and investment bank Lehman Brothers filed for bankruptcy.
About half of the cuts, which will affect back room jobs at its global banking and markets operation, will take place in the UK.
HSBC employs about 335,000 people around the world.
Last month, HSBC said half year profits fell 28% to $10.2bn (£5.2bn), as it was forced to write-off $14bn from bad debts in the US and asset write-downs.
Meanwhile, pre-tax profits fell 35% to $2.1bn during the same period.
An HSBC spokesman said the firm had opted to reduce its workforce, “because of market conditions and the economic environment, and our cautious outlook for 2009″.
Many of the job-losses will be at the headquarters of HSBC’s investment banking division, which are in London’s Canary Wharf.
Banks around the world have been coming under increased pressure from the credit crisis currently affecting financial markets.
The problems have forced governments to step in and boost money markets as well as bail out a number of companies.
Earlier this year, the UK government had to buy mortgage lender Northern Rock, while in the US lenders Fannie Mae and Freddie Mac have been rescued as well as insurer AIG and investment bank Lehman Brothers filed for bankruptcy.
What the banks are looking for in an applicant
What bank looks for in job applicant is one of the most debated & sought after question for the candidates trying to join the banking sector. Every bank has different bench marks. Also public sector banks differ in their recruitment approach from new private sector banks.
However following capabilities/abilities, every bank look for in the new employees: -
1. Ability to lead and work in teams as required.
2. Ability to lead, manage, train the team to achieve targets.
3. Ability to grasp information and to convey it in a meaningful manner.
4. Ability to optimum utilization of resources and commitment to meet deadlines.
5. Ability to comprehend needs of customers and to respond appropriately
However following capabilities/abilities, every bank look for in the new employees: -
1. Ability to lead and work in teams as required.
2. Ability to lead, manage, train the team to achieve targets.
3. Ability to grasp information and to convey it in a meaningful manner.
4. Ability to optimum utilization of resources and commitment to meet deadlines.
5. Ability to comprehend needs of customers and to respond appropriately
What the banks are looking for in an applicant
What bank looks for in job applicant is one of the most debated & sought after question for the candidates trying to join the banking sector. Every bank has different bench marks. Also public sector banks differ in their recruitment approach from new private sector banks.
However following capabilities/abilities, every bank look for in the new employees: -
1. Ability to lead and work in teams as required.
2. Ability to lead, manage, train the team to achieve targets.
3. Ability to grasp information and to convey it in a meaningful manner.
4. Ability to optimum utilization of resources and commitment to meet deadlines.
5. Ability to comprehend needs of customers and to respond appropriately
However following capabilities/abilities, every bank look for in the new employees: -
1. Ability to lead and work in teams as required.
2. Ability to lead, manage, train the team to achieve targets.
3. Ability to grasp information and to convey it in a meaningful manner.
4. Ability to optimum utilization of resources and commitment to meet deadlines.
5. Ability to comprehend needs of customers and to respond appropriately
USA Banking
Bank of America is scaling back its investment banking operations, shedding an additional 650 jobs after suffering heavy trading losses from bad mortgage investments.
Those layoffs are on top of 500 jobs that were eliminated in mid-October, when Bank of America executives signaled plans of a retreat. Together, they represent about 19 percent of the investment bank’s 5,900 employees.
Bank of America executives said that they will pare back coverage of certain investment banking customers and narrow the services it provides to corporate clients overseas. They are also ratcheting down their trading activities, scaling back their presence in packaging mortgages and other complex securities that have been hit hardest by the credit crisis.
The Bank of America also plans to sell its prime brokerage unit, which faced steep competition and massive investment requirements. Citadel Investment Group, the big hedge fund with a major prime brokerage arm, has been reported to be interested in the business. Bank of America executives said they have received several inquiries. No decision has been made at this time.
While many observers expected a more dramatic retrenchment, the move is still a major blow to Bank of America’s plans to develop a top-tier investment bank. Only a few years ago, it embarked on plans to invest more than $625 million to bolster its Wall Street presence. Now, it is taking several steps back.
“It’s you’re prerogative to use ‘retreat’ or ‘retrench,’” said Kenneth D. Lewis, Bank of America’s chairman and chief executive at a new conference on Tuesday morning. “I see it as reacting to the realities of the market as you see them today.”
The changes at the investment bank will reduce its overall revenue, steering the bank to more predictable but lower margin businesses. They also make Bank of America even more dependent on consumer economy at a time when the housing market has sharply deteriorated, credit losses have spiked, and talk of a recession looms. Just a few days ago, however, Mr. Lewis doubled down his bet with Bank of America’s $4 billion acquisition of the mortgage giant, Countrywide Financial.
Those layoffs are on top of 500 jobs that were eliminated in mid-October, when Bank of America executives signaled plans of a retreat. Together, they represent about 19 percent of the investment bank’s 5,900 employees.
Bank of America executives said that they will pare back coverage of certain investment banking customers and narrow the services it provides to corporate clients overseas. They are also ratcheting down their trading activities, scaling back their presence in packaging mortgages and other complex securities that have been hit hardest by the credit crisis.
The Bank of America also plans to sell its prime brokerage unit, which faced steep competition and massive investment requirements. Citadel Investment Group, the big hedge fund with a major prime brokerage arm, has been reported to be interested in the business. Bank of America executives said they have received several inquiries. No decision has been made at this time.
While many observers expected a more dramatic retrenchment, the move is still a major blow to Bank of America’s plans to develop a top-tier investment bank. Only a few years ago, it embarked on plans to invest more than $625 million to bolster its Wall Street presence. Now, it is taking several steps back.
“It’s you’re prerogative to use ‘retreat’ or ‘retrench,’” said Kenneth D. Lewis, Bank of America’s chairman and chief executive at a new conference on Tuesday morning. “I see it as reacting to the realities of the market as you see them today.”
The changes at the investment bank will reduce its overall revenue, steering the bank to more predictable but lower margin businesses. They also make Bank of America even more dependent on consumer economy at a time when the housing market has sharply deteriorated, credit losses have spiked, and talk of a recession looms. Just a few days ago, however, Mr. Lewis doubled down his bet with Bank of America’s $4 billion acquisition of the mortgage giant, Countrywide Financial.
MBA Students
There are still plenty of opportunities in finance but MBA students, even at the top universities, may have to review their options and perhaps look at smaller firms in different sectors, according to report in the Boston Globe.
Students are starting to accept the reality that the era of giant investment banks has come to a crashing close. Prospective investment bankers at top-rated schools are now bracing for a longer, wider job search, or are branching out into asset management or private equity. While the opportunities for investment banking jobs on Wall Street will be very limited for this year’s crop of MBA grads, there are some other positives signs, according to Roxanne Hori, assistant dean and director of career management at Northwestern University’s Kellogg School of Management. According to her, boutique firms and mid-size organizations are already recruiting, and so are consulting firms.
Other experts advise that the way to get into investment banking and private equity now is to target a particular sector that interests you, such as entertainment or healthcare, tailor your MBA coursework to that sector, and then approach smaller firms that are still hiring
Students are starting to accept the reality that the era of giant investment banks has come to a crashing close. Prospective investment bankers at top-rated schools are now bracing for a longer, wider job search, or are branching out into asset management or private equity. While the opportunities for investment banking jobs on Wall Street will be very limited for this year’s crop of MBA grads, there are some other positives signs, according to Roxanne Hori, assistant dean and director of career management at Northwestern University’s Kellogg School of Management. According to her, boutique firms and mid-size organizations are already recruiting, and so are consulting firms.
Other experts advise that the way to get into investment banking and private equity now is to target a particular sector that interests you, such as entertainment or healthcare, tailor your MBA coursework to that sector, and then approach smaller firms that are still hiring
Whats next in Banking USA
With this week’s turbulence and shakeout in the financial markets - locals here in Charlotte are wondering and waiting what the future will hold. Many are asking what effect the merger between Bank of America and Merrill Lynch & Co will have on their job - at the same time the same questions are being asked about what may turn out to be a Wachovia merger with Morgan Stanley.
The 30,000 or so locals who work for Bank of America Corp. and Wachovia Corp. just aren’t spending like they used to, said Wade Serhals, who sold the Tic Toc last week.
“Finance is the main industry in this city, so the whole street feels it when things slow down,” Serhals said after visiting the new manager yesterday, estimating sales were off 5 to 10 percent. “People are telling me they’re starting to pack their lunch.”
The 30,000 or so locals who work for Bank of America Corp. and Wachovia Corp. just aren’t spending like they used to, said Wade Serhals, who sold the Tic Toc last week.
“Finance is the main industry in this city, so the whole street feels it when things slow down,” Serhals said after visiting the new manager yesterday, estimating sales were off 5 to 10 percent. “People are telling me they’re starting to pack their lunch.”
IT Jobs in Banking
* Not all banks are slimming down their IT - some in the UK are investing heavily in new technology and eager to attract the right people - get in touch and we'll let you know more!
* The growth in IT jobs is spread across the UK - They are recruiting from as far north as Aberdeen, througout the Midlands, South East and South West too.
* The Far East and Middle East are still growing rapidly and demand for skilled English-speaking IT people is huge - we have IT recruitment partners all over the world - time to broaden your horizon?
* The growth in IT jobs is spread across the UK - They are recruiting from as far north as Aberdeen, througout the Midlands, South East and South West too.
* The Far East and Middle East are still growing rapidly and demand for skilled English-speaking IT people is huge - we have IT recruitment partners all over the world - time to broaden your horizon?
Investment Banking Jobs
Piotr Karasinski is the global head of quantitative development at HSBC. He was a successful academic before he shifted to Wall Street. Therefore if anyone is able to give some insight into investment banking it would be him. Piotr Karasinski explained that the role of quantitative analysts is to “implement derivates pricing models, develop tools for calibrating model parameters, analyse model performance and provide trading desk support.”
He felt that applicants for banking jobs need to demonstrate interest in finance either by personal reading or specialized workshops. Among quantitative tools he particularly emphasized partial differential equations, probability & statistics, stochastic and programming skills. He also emphasized basic knowledge about stocks, bonds, call/put options, interest rates and inflation. He commented that some knowledge of Capital Asset Pricing Model, Black-Scholes model and Gaussian Mean-Reverting Short-Rate model is helpful.
Compared to other speakers, Dr. Karasinski gave tips (here, here, here, and here) about certain books to read. Among magazines, he recommended Risk, Financial Analyst Journal and Wilmott. He commented that additional dimensions of knowledge of psychology, economic history and business are crucial for any mathematical PhDs applying to be a quantitative analyst.
There were a couple of more focussed presentations on algorithmic trading which is of particular interest to me. There is great development in this area and it is something that has also attracted considerable interest in the computer science academic community. On the banking side, algorithmic trading involves complex modeling of historic movement to predict the future, and analysis for hedge strategy. There is also a scope of exotics which includes pricing of complex financial instruments and risk management techniques. One speaker emphasized proprietary trading as one of the key areas of focus. Overall, the presentations were insightful enough to provide a flavour of what life in an investment bank is like.
He felt that applicants for banking jobs need to demonstrate interest in finance either by personal reading or specialized workshops. Among quantitative tools he particularly emphasized partial differential equations, probability & statistics, stochastic and programming skills. He also emphasized basic knowledge about stocks, bonds, call/put options, interest rates and inflation. He commented that some knowledge of Capital Asset Pricing Model, Black-Scholes model and Gaussian Mean-Reverting Short-Rate model is helpful.
Compared to other speakers, Dr. Karasinski gave tips (here, here, here, and here) about certain books to read. Among magazines, he recommended Risk, Financial Analyst Journal and Wilmott. He commented that additional dimensions of knowledge of psychology, economic history and business are crucial for any mathematical PhDs applying to be a quantitative analyst.
There were a couple of more focussed presentations on algorithmic trading which is of particular interest to me. There is great development in this area and it is something that has also attracted considerable interest in the computer science academic community. On the banking side, algorithmic trading involves complex modeling of historic movement to predict the future, and analysis for hedge strategy. There is also a scope of exotics which includes pricing of complex financial instruments and risk management techniques. One speaker emphasized proprietary trading as one of the key areas of focus. Overall, the presentations were insightful enough to provide a flavour of what life in an investment bank is like.
Jobs In Banking
Well, it’s about time the blogsphere heard about the skill sets that I’m always on the look out for. As the market is candidate driven at the moment it’s more than likely that developers with a number of years experience of the investment banking industry will not be actively looking to move. And those who are on the market are likely to look at numerous job boards to see what positions are open.
The feedback from candidates I have dealt with in the past always comment about how they get inundated with phone calls from agencies once they submit their CV. For every live job at a bank there will be in the region of 15-20 adverts posted on www.jobserve.com or www.cwjobs.com. This happens as each bank has 5-6 agencies working for them which results in each agency posting the same job a number of times.
I’m guessing that candidates would like the job hunting process to be as painless as possible. With this in mind I’m going to update my blog with a brief overview of skills and business areas that I feel are in high demand. If any of these descriptions catch your interest than feel free to leave a comment and if it happens to be a position that suits your skill set then leave me your contact details.
The feedback from candidates I have dealt with in the past always comment about how they get inundated with phone calls from agencies once they submit their CV. For every live job at a bank there will be in the region of 15-20 adverts posted on www.jobserve.com or www.cwjobs.com. This happens as each bank has 5-6 agencies working for them which results in each agency posting the same job a number of times.
I’m guessing that candidates would like the job hunting process to be as painless as possible. With this in mind I’m going to update my blog with a brief overview of skills and business areas that I feel are in high demand. If any of these descriptions catch your interest than feel free to leave a comment and if it happens to be a position that suits your skill set then leave me your contact details.
Is your banking Job at risk
Is my job at risk? I doubt it. If you are a strong performer (and if you’re on this site, you probably are) then you are the last person your company wants to see go. If you continue to demonstrate your enthusiasm, commitment and ability, your company is likely to do everything they can to keep you on. Even if your department is being cut back or - heaven forfend - re-structured out of existence, then you’re likely to be offered something else, somewhere else in the company. And if you don’t fancy that – then don’t worry, there are other jobs…
Can I still get a job? Yes, of course. There are still plenty of jobs. Certainly, some sectors are pretty tough to break into at the moment – investment banking, for example – and many other companies are feeling cautious. That manifests itself in a reduction of planned hires, or at least a slowing of the process. But this shouldn’t be overstated. Most companies are doing fine. Increasing revenues, making profits and following the same strategies for growth as before. And pretty much every one of those strategies requires more good people to drive the business forward. Moreover, churn still happens – employees still move on – and that leaves holes that need to be filled. So of course you can get a job. But perhaps what you meant was …
Can I still get exactly the job that I want? Ah… now that’s a different question. The last six years or so has been something of a sellers market for candidates. There have been more ‘jobs requiring great people’ than, arguably, ‘great people’. That balance might well have shifted a bit. You might have to consider widening your search slightly. If you are only interested in working for either an investment bank, or, at the very least, a top strategy consultancy, then you might struggle. That’s pretty much what everyone says, and therefore those companies can still take the pick of the very best people in the country. You’ll need to have it all – superb academics, evidence of exceptional commercial acumen, multiple languages, good connections, a winning personality and (ideally) be related to the MD. And it still might be tough. But why not broaden your horizons…
Can I still get a job? Yes, of course. There are still plenty of jobs. Certainly, some sectors are pretty tough to break into at the moment – investment banking, for example – and many other companies are feeling cautious. That manifests itself in a reduction of planned hires, or at least a slowing of the process. But this shouldn’t be overstated. Most companies are doing fine. Increasing revenues, making profits and following the same strategies for growth as before. And pretty much every one of those strategies requires more good people to drive the business forward. Moreover, churn still happens – employees still move on – and that leaves holes that need to be filled. So of course you can get a job. But perhaps what you meant was …
Can I still get exactly the job that I want? Ah… now that’s a different question. The last six years or so has been something of a sellers market for candidates. There have been more ‘jobs requiring great people’ than, arguably, ‘great people’. That balance might well have shifted a bit. You might have to consider widening your search slightly. If you are only interested in working for either an investment bank, or, at the very least, a top strategy consultancy, then you might struggle. That’s pretty much what everyone says, and therefore those companies can still take the pick of the very best people in the country. You’ll need to have it all – superb academics, evidence of exceptional commercial acumen, multiple languages, good connections, a winning personality and (ideally) be related to the MD. And it still might be tough. But why not broaden your horizons…
Lets be optimistic on the Banking Industry
Despite reports this month of HNW individuals being hit hardest by rising interest rates and the unstable economic climate, research from Mintel suggests the vast majority are remaining optimistic and continuing to build their investment portfolio into 2008. The personal wealth management industry has seen a boom in the past few years with the population of high earning individuals (£100k+) increasing year-on-year since 2002.
Personal factors play a significant role in the decision of many to continue investing, despite the relative instability of the past 6 months. ‘Hobby investing’ has continued to increase, spurred in part by potentially lucrative opportunities created by the credit crunch and dramatic Northern Rock crash, contributing to the personal investment industries relative stability. The message for those working in personal investments is “keep your personal relationships tight” - this is one of the main factors influencing HNW investors
Personal factors play a significant role in the decision of many to continue investing, despite the relative instability of the past 6 months. ‘Hobby investing’ has continued to increase, spurred in part by potentially lucrative opportunities created by the credit crunch and dramatic Northern Rock crash, contributing to the personal investment industries relative stability. The message for those working in personal investments is “keep your personal relationships tight” - this is one of the main factors influencing HNW investors
Choosing A specialist Agency
If you’re looking for a job in banking, or a financial career of any sort you’ll know there’s a lot of competition out there. In 2007 a lot of the big banks have cut back on top recruitment of top level staff, an effect that has filtered down to all steps on the financial career ladder. However there’s still jobs available for the right candidate- whether graduate or trainee- right through to director level specialists and getting on the books of a reputable and specialist banking and financial recruitment agency is the best way to ensure your new or change of career in finance or banking is as successful (and easy) as possible. Below are some pointers on choosing a good agency.
Are they specialists?
Your search for a new job will likely start online and you’ll soon become aware there’s no shortage of job boards and virtual recruitment agencies out there claiming to specialise in all sectors of recruitment- but do they genuinely know the financial sector, and more importantly know about getting the best placements in banks and finance houses in the UK, Europe or Internationally? The first thing to do is talk to an agent- you’ll soon get a feel for what they know and where their priorities lie.
Are they specialists?
Your search for a new job will likely start online and you’ll soon become aware there’s no shortage of job boards and virtual recruitment agencies out there claiming to specialise in all sectors of recruitment- but do they genuinely know the financial sector, and more importantly know about getting the best placements in banks and finance houses in the UK, Europe or Internationally? The first thing to do is talk to an agent- you’ll soon get a feel for what they know and where their priorities lie.
Writing a CV For Banking Jobs
Writing a CV The CV is a critical part of successfully applying for banking jobs as its all an employer has to go on when deciding whether or not to invite you to interview. As the people up against you for banking jobs are going to have often very similar skills and experience due to the nature of the industry your CV has to not only be watertight in terms of the information it gets across but also make you stand out from a crowd of other financial experts. Banking is still a formal institution and you resume should reflect this, but some creativity will help to show your character and the effort you’ve put into your application- think about ways of presenting your CV with a unique personal touch, if you’re photogenic a picture of yourself is often a good start (don’t forget to smile!). Again a recruitment agent should be able to help you get your CV up to a standard where they are confident it will be acceptable by the banks and financial institutions whom will be recruiting. There are lots of template CV’s and CV writing advice available online by searching for ‘banking job CV’.
Choosing Banking Recruitment Agencies
If you choose to use an agency to find you a new job in banking it is important to approach an agency who understand the unique and often specialist nature of the banking industry and have direct relationships with the banks themselves. Banks will often not deal with recruitment agencies whom they do not have a working relationship with due to their HR procedures. So make sure the agency representing you are talking to the banks or financial institutions directly and are on their preferred suppliers lists. The main advantage of an agency is having an agent working on your behalf so make sure you get on with your agent and you feel comfortable with them representing you in front of potential employers- if an agent expects you to lie about your skills or experience on a CV its unlikely they’re working for your best interests.
Getting a job in banking
This blog is an introduction to recruitment for UK banking jobs. Getting a job in banking can be a drawn out process as recruitment cycles often take up to 6 months and the top banks may look at hundreds of candidates for a single post and go through 2 or more interviewing stages often in addition to a competency assessment. If you already work in banking or the finance sector you may be familiar with the recruitment process and if you’re looking for a change of career within banking this article will discuss briefly the best approach to successfully finding a new job.
Agency or direct At the start of your journey to find a perfect banking job you will usually be faced with 2 routes (although you can take both simultaneously). Whether you should use a recruitment agency to source suitable opportunities for you or go direct to financial institutions with your applications. Using an agency Agencies are widely used in financial recruitment particularly for skilled banking jobs as the recruitment process is a labour intensive one often comprising of weeks of processing under qualified or inappropriate candidates before arriving at a list of high quality potential employees. The banking sector more than most appreciate the added value of dealing with an agency for some or all of their recruitment rather than managing their own extensive human resources based recruitment programme.
Recruitment agency consultants are driven to match the best candidates to the clients banking jobs, usually more so than the person to whom responsibility falls within the client institution- often the HR department or busy heads of department who may not have the required time to properly process high volumes of applications. For the candidate, using a recruitment agency can also offer some distinct advantages over applying directly to individual companies in response to banking job vacancy advertisements. An agency will be working closely with the banks with a range of vacancies both current and upcoming available. If an advertised vacancy does not prove to be suitable your recruitment consultant will often be able to recommend an alternative position to apply for. If you have the skills and experience that an agency is looking for they will actively seek out new opportunities for you as they become available, this can take much of the time consuming work out of applying for a new job in banking as agencies will only put candidates forward for positions they feel they are well suited for and capable of obtaining. Agencies can also deal with the initial contacting of the financial institutions and get interviews arranged on your behalf.
Agency or direct At the start of your journey to find a perfect banking job you will usually be faced with 2 routes (although you can take both simultaneously). Whether you should use a recruitment agency to source suitable opportunities for you or go direct to financial institutions with your applications. Using an agency Agencies are widely used in financial recruitment particularly for skilled banking jobs as the recruitment process is a labour intensive one often comprising of weeks of processing under qualified or inappropriate candidates before arriving at a list of high quality potential employees. The banking sector more than most appreciate the added value of dealing with an agency for some or all of their recruitment rather than managing their own extensive human resources based recruitment programme.
Recruitment agency consultants are driven to match the best candidates to the clients banking jobs, usually more so than the person to whom responsibility falls within the client institution- often the HR department or busy heads of department who may not have the required time to properly process high volumes of applications. For the candidate, using a recruitment agency can also offer some distinct advantages over applying directly to individual companies in response to banking job vacancy advertisements. An agency will be working closely with the banks with a range of vacancies both current and upcoming available. If an advertised vacancy does not prove to be suitable your recruitment consultant will often be able to recommend an alternative position to apply for. If you have the skills and experience that an agency is looking for they will actively seek out new opportunities for you as they become available, this can take much of the time consuming work out of applying for a new job in banking as agencies will only put candidates forward for positions they feel they are well suited for and capable of obtaining. Agencies can also deal with the initial contacting of the financial institutions and get interviews arranged on your behalf.
Banking
MORE jobs in the UK's banking sector will disappear as the economy pays the price for years of unsustainable growth, the chief economist of the country's biggest bank has warned.
Dennis Turner, of HSBC, said that banks could face a recruitment freeze for between five and seven years.
His gloomy forecast came just hours after the bank announced it would axe about 500 UK jobs in its investment banking division as part of a ADVERTISEMENTworldwide cull of 1,100.
Visiting Leeds and speaking exclusively to the Yorkshire Post Mr Turner said a combination of the credit crunch and the economic cycle had created a time of uncharted difficulty and that unemployment could rise to 1.1m or 1.2m over the next year.
"Policymakers are grappling because there are no precedents. It is a problem about confidence (in the baking sector] and about liquidity.
"We will see fewer people working in banking over the next five years. We could see a recruitment freeze for five or seven years. It is a hell of a long time."
Mr Turner said that banking currently made up 20 per cent of the UK's gross domestic product but this would shrink.
"There has got to be some slowing down in the sector. People who pick up six-figure bonuses will find their jobs vulnerable – but they tend to be in London."
But he pointed out that there was a high level of natural wastage in banking already – making redundancies less likely – and that jobs in branches seemed secure as banks tried to increase their retail work. The industry would pick up as the property market recovered but he did not know if HSBC would cut further jobs, he added.
The credit crisis could also lead to more banks being taken over, he said. Lloyds TSB bought Halifax Bank of Scotland for £12.2bn last week and commentators have predicted that loss-making Bradford & Bingley could also be swallowed. B&B said on Thursday that it was cutting 300 jobs in Hertforshire to save money and taking on 70 staff at its Bingley head office to help collect bad debts. The second stage of B&B's review will involve the 1,400 staff employed in Bingley and others in Crossflatts.
Mr Turner firmly refused to comment on speculation that HSBC could buy B&B but said: "Some buy-to-let lenders are more at risk of being taken over."
He also said the UK's boom years had been supported by an outpouring of expenditure funded by personal debt – but said this was only part of the reason for wider economic problems now.
"Unemployment was falling and spending rising but on the back of borrowing and that was not sustainable. There is £1.4 trillion of household debt. Everybody on average owes 19 or 20 months' pay.
Dennis Turner, of HSBC, said that banks could face a recruitment freeze for between five and seven years.
His gloomy forecast came just hours after the bank announced it would axe about 500 UK jobs in its investment banking division as part of a ADVERTISEMENTworldwide cull of 1,100.
Visiting Leeds and speaking exclusively to the Yorkshire Post Mr Turner said a combination of the credit crunch and the economic cycle had created a time of uncharted difficulty and that unemployment could rise to 1.1m or 1.2m over the next year.
"Policymakers are grappling because there are no precedents. It is a problem about confidence (in the baking sector] and about liquidity.
"We will see fewer people working in banking over the next five years. We could see a recruitment freeze for five or seven years. It is a hell of a long time."
Mr Turner said that banking currently made up 20 per cent of the UK's gross domestic product but this would shrink.
"There has got to be some slowing down in the sector. People who pick up six-figure bonuses will find their jobs vulnerable – but they tend to be in London."
But he pointed out that there was a high level of natural wastage in banking already – making redundancies less likely – and that jobs in branches seemed secure as banks tried to increase their retail work. The industry would pick up as the property market recovered but he did not know if HSBC would cut further jobs, he added.
The credit crisis could also lead to more banks being taken over, he said. Lloyds TSB bought Halifax Bank of Scotland for £12.2bn last week and commentators have predicted that loss-making Bradford & Bingley could also be swallowed. B&B said on Thursday that it was cutting 300 jobs in Hertforshire to save money and taking on 70 staff at its Bingley head office to help collect bad debts. The second stage of B&B's review will involve the 1,400 staff employed in Bingley and others in Crossflatts.
Mr Turner firmly refused to comment on speculation that HSBC could buy B&B but said: "Some buy-to-let lenders are more at risk of being taken over."
He also said the UK's boom years had been supported by an outpouring of expenditure funded by personal debt – but said this was only part of the reason for wider economic problems now.
"Unemployment was falling and spending rising but on the back of borrowing and that was not sustainable. There is £1.4 trillion of household debt. Everybody on average owes 19 or 20 months' pay.
Women In Banking Jobs
Almost half of the women in senior positions in investment banking have no children, according to new research seen by The Observer, underlining the sacrifices required for females to advance in the City.
A large proportion of those who are mothers balance work and family through role reversal: a quarter of the women surveyed had stay-at-home husbands.
The research, by Ruth Sealy of the International Centre for Women Business Leaders at Cranfield School of Management, suggests that there are even fewer women in senior City roles than elsewhere in industry. At the banks she investigated, just 5 per cent of managing directors were female, compared with 11 per cent of FTSE 100 directors and 19 per cent of MPs, according to the latest annual survey by the Equality and Human Rights Commission.
Sealy interviewed 34 women managing directors at leading City investment banks and found that 16 - nearly half - had no children. Their average age was 42. Fewer than a fifth of women in the population as a whole remain childless. However, women in other areas of finance, such as fund management, may find it easier to combine a career with motherhood.
Of those surveyed 28 had partners, of which eight did not work or were the primary carers - again, a number well in advance of the general population. Sealy believes this underlines the difficulty of combining a City career with a family. 'A lot of [the women] talked about postponing having a family,' she said.
Herta von Stiegel, who has held senior positions at JP Morgan, Citibank and AIG Financial Products, said she believes the 'macho' culture of investment banking is unnecessary. She said: 'I have led some of the most complex deals in corporate finance, and I can tell you there is no need to push 24/7. If you are organised, you can structure yourself better.
'The system was created by men, for men. We do not want the same treatment as men; we want to cater for people's diversity. In my view, that takes enlightened men and brave women.'
A large proportion of those who are mothers balance work and family through role reversal: a quarter of the women surveyed had stay-at-home husbands.
The research, by Ruth Sealy of the International Centre for Women Business Leaders at Cranfield School of Management, suggests that there are even fewer women in senior City roles than elsewhere in industry. At the banks she investigated, just 5 per cent of managing directors were female, compared with 11 per cent of FTSE 100 directors and 19 per cent of MPs, according to the latest annual survey by the Equality and Human Rights Commission.
Sealy interviewed 34 women managing directors at leading City investment banks and found that 16 - nearly half - had no children. Their average age was 42. Fewer than a fifth of women in the population as a whole remain childless. However, women in other areas of finance, such as fund management, may find it easier to combine a career with motherhood.
Of those surveyed 28 had partners, of which eight did not work or were the primary carers - again, a number well in advance of the general population. Sealy believes this underlines the difficulty of combining a City career with a family. 'A lot of [the women] talked about postponing having a family,' she said.
Herta von Stiegel, who has held senior positions at JP Morgan, Citibank and AIG Financial Products, said she believes the 'macho' culture of investment banking is unnecessary. She said: 'I have led some of the most complex deals in corporate finance, and I can tell you there is no need to push 24/7. If you are organised, you can structure yourself better.
'The system was created by men, for men. We do not want the same treatment as men; we want to cater for people's diversity. In my view, that takes enlightened men and brave women.'
Subscribe to:
Posts (Atom)