Preparing for a banking & finance degree / higher apprenticeship

The indisputable three stages of a fulfilling life are Learn, Earn and Serve

Most successful politicians and business leaders who are serving on FTSE 100 and Fortune 500 boards have all been through these three stages. Investment banking is a unique profession that allows individuals to use what they have learnt to earn well in the early part of their life, giving them a chance to serve and give back to society in the latter stages of their career without having to worry about bills.

Mark Carney, former Governor of the Bank of England (2013 – 2020) is a typical example. He is someone whose Learn’ phase included an Economics Bachelor’s degree at Harvard and Master’s and Doctorate degrees at Oxford. His ‘Earn’ phase saw him rewarded with seven-figure earnings during an illustrious 13-year career at GGoldman Sachs. His ‘Serve’ phase includes leading the Banks of Canada before taking the helm at the Bank of England.

Prime Minister Rishi Sunak and ex-Chancellor Sajid Javid, are also other notable examples. From studying at top Uni's, to senior banking positions earning millions per year, before taking a 98% pay-cut to serve as a politician.

So, what does it take to break into investment banking?

Start preparation early For most City/Wall Street investment banking roles, early preparation helps to build an ideal profile. It is beneficial for your child to have made up their mind early in their education, as they will need to choose the ideal subjects and push for the right grades at College and University.

Subjects like finance, economics, accounting, mathematics, and engineering tend to be natural fits for City jobs, but most investment banks are now open-minded and accept candidates who are high achievers in any academic background.

Start networking Your child should aim to expand their network by connecting with recruiters at campus recruitment fairs and investment banking clubs. Connecting online with investment banking seniors, recent graduates and alumni who have joined financial firms is recommended. As ‘insiders’, they will know where the hidden ‘unadvertised’ opportunities may be, who the key contact in their firms are, the rules of the game and the inside knowledge and terminology that will impress interviewers.

Thisprovidestheidealopportunitytoaskquestions to help prepare for potential interview questions. It’s a good idea for your child to identify their key personal attributes and what makes them stand out from their peers.

Maximising opportunities There are a range of financial firms and banks, from top investment banks and middle-market firms to smaller brand boutique investment banks. Applying to them all will increase the chances of getting more interviews, and in the process, this will help fine-tune interview skills. Some smaller elite firms may have more attractive, unique opportunities and can act as a stepping-stone before joining bulge-bracket global banks.

Making an application shine Apart from top grades or mathematical, economics or financial acumen, there are other things which can help set an application apart. If your child is not coming from Oxbridge, a Russell Group University, an elite school or typical investment banking feeder school/ college, don’t worry, they can still enhance their CV by:

• Joining college/university clubs and extracurricular activities that can highlight their analytical prowess, aptitudes and interests

• Highlighting any achievements especially at an elite or professional level

• Including leadership roles at school or university as they demonstrate a track record of assertiveness and confidence

Prepare a job securing CV and cover letter Most City/Wall Street investment banks look out for the followingonCVsandcoverletterswhenevaluating candidates: