Finance Special Edition 2010 by Real World

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CITY & FINANCE

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An associate is on his way to give a major speech at an important actuarial conference. Unfortunately, he has a problem with his car. He started his journey with 10 gallons of fuel and has driven 50 miles at 40mph. However, the fuel tank has been leaking throughout his journey and is now dry. His car usually completes 25 miles per gallon. How much fuel has it leaked per hour?

Graduate Consultants & Internship Opportunities Mental challenges don’t have to end with university. At least not at Watson Wyatt. So whether you join us as an Actuarial Consultant, Investment Consultant, or on our Internship programme, you can expect all kinds of puzzles and conundrums. That’s because you’ll be applying your grey matter to advise some of the biggest names in business on subjects as diverse as financial risk management, mergers and acquisitions and hedge funds – names that include over 70% of Fortune 500 Global companies headquartered in Britain. Becoming part of the world’s leading organisations and successful businesses won’t be easy. We are interested in those on track for a 2.1 who have an A-level in Mathematics. We look for ambitious, logical people with the interpersonal skills to build enduring client relationships, the intellectual capabilities to provide perceptive insights and the drive to fulfil their true potential. Still puzzled? Find all the answers at our website.

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LOOKINGFORWARD GRADUATE CAREERS UK, Europe, the US, Asia and elsewhere in the world With a challenging year comes opportunity. As a business, RBS has a strategic plan in place to rebuild our brand, build on our strengths and take our business forward once more. As the future leaders of RBS, ambitious graduates like you will clearly have an important part to play in this process. Which is why thereâ&#x20AC;&#x2122;s never been a more exciting time to join. In Global Banking & Markets we are looking for talented graduates to join us in Markets (Trading, Sales, Research & Strategy, Structuring) and Investment Banking (Corporate Coverage & Advisory, Origination, Portfolio Management), we also have opportunities within GBM Operations and GBM Technology. For more information on our graduate programmes and to apply on line please visit www.makeitrbs.com As part of our referencing procedures, criminal record checks may be required.

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Contents IN THIS 2010 issue

On the cover

P18

P20

Upfront

Features

8 Build Your Brand The way you sell your personal brand could be the difference between getting that ideal job or not. International consultant Tessa Hood explains how to successfully sell yourself.

12 The Upside Of The Downturn As Senior Editor of Fortune magazine Geoff Colvin knows a thing or two about the financial sector. He tells Real World why the recession could have a silver lining. By David Lanning.

26/28 Accountancy Case Studies

14 Focus On Finance As the dust settles after the credit crunch some of the finance sector’s major graduate recruiters have talked to Real World about what is really going on and where we go from here.

33 Actuarial Case Studies

10 Location, Location, Location! London is not the only place to find a great graduate job. Zach Shalk shows why looking outside of London could increase your chances of building a brighter future career.

18 Take Control Of Your Destiny The role of women in the City is becoming increasingly important as research shows companies with more women corporate officers have a higher financial performance. Jessica Grannatt investigates women in business. 20 Bank Job After the bloodbath of the credit crunch there are encouraging signs that banks are hiring again. Angela Knight, Chief Executive of the British Bankers’ Association, says there is reason to be optimistic. 22 Banking Case Studies 24 Eminently Qualified Accountancy positions are still widely available, but what qualifications will get you the best jobs? Read our guide to discover the difference between ACA and ACCA. z

30 Predicting Your Future Career If maths and numbers are your strengths, read on to hear about the life of an actuary. z

34 Invest In Your Future One positive aspect of the recession is people are now spending less and saving more. That’s why working in the securities and investment sector makes such good sense. z 37 Investment Case Studies 38 Let’s Get Ethical Far from being only for hippies, ethical banking is becoming part of mainstream business culture. z 40 Ethical Banking Case Study 42 Positively Postgrad Postgraduate qualifications are highly regarded within the financial sector. Helen Knapman explores your options. z 44/46/48 Postgraduate Case Studies Jobs in your inbox For hundreds more graduate jobs have a look at our website: www.realworldmagazine.com. Register and receive the latest jobs by email.

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Business evolves.

So can You.

Every day the financial world changes. Which means we all have to change, too. So whether youâ&#x20AC;&#x2122;re just starting out or have years of experience, learning is a constant here. Our Goldman Sachs University provides ongoing training in technical areas like financial products, as well as professional skills like negotiation and client relationships. That way, our people not only keep up, they stay ahead. Learn more at gs.com/careers Application Deadlines: Fulltime: 18 October, 2009 Summer Programme: 6 December 2009 Spring Programme: 31 January 2010

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23/07/2009 1/10/09 18:07:56 18:47:34

EDITOR’S LETTER

City&Finance Editorial Editor Dee Pilgrim Designer Yang Ou Senior Reporter Catherine Watson Online Brett Singer

Sales Paul Wade Harmesh Sansoa Allanah Bradley

Marketing/Distribution Manager Zoe Bowthorpe

Client Services Manager Louise Ashcroft Managing Director Darius Norell Real World 22-26 Albert Embankment, London SE1 7TJ Telephone: 020 7735 4900 Editorial – 020 7735 2111 Fax: 020 7840 0443 info@realworldmagazine.com www.realworldmagazine.com for job vacancies, careers advice and case studies. Copyright © 2008 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.

Green shoots

o one can deny it’s been a rough year for the financial sector with jobs disappearing at an alarming rate and the public’s view of the City in particular being badly tarnished (a view not helped by stories such as the 72 bankers suing their employer, Dresdner Kleinwort, for 30 million pounds in unpaid bonuses). However, there are now signs of those coveted ‘green shoots’ of recovery, although industry insiders and politicians are agreed the sector can not be allowed to go back to its bad old ways. What seems to be emerging is a more cautious, more sustainable sector that is resetting its priorities. This is certainly the view of Geoff Colvin, Senior Editor-at-large of Fortune magazine. For his book ‘The Upside of the Downturn’ (Nicholas Brearley Publishing) he interviewed dozens of leading business people who reject the common view that slashing costs and firing employees are all that matters. They see the recession as a rich opportunity to restructure, reinvent and reimagine their businesses, and lay the groundwork for future growth. You can read our interview with Geoff Colvin on page 12. His optimism is echoed by Angela Knight, the Chief Executive of the British Bankers’ Association, who believes ‘future prospects are far from gloomy’ and Angela sets out how she sees the banking sector evolving over the next few years in our article on page 20. Elsewhere in this issue you can read about ethical banking, how to get accountancy qualifications and what the job of the actuarial actually entails, while up front we have advice on how to build your personal brand in order to make yourself more employable. There’s also an article on postgraduate study and the benefits it can bring. Finally, we’ve crammed in lots of case studies showing how recent graduates are getting on out in the real world of work. We hope you enjoy this issue of Real World and as always, if there’s something you’d like to see that isn’t here, just drop me an email at dee@realworldmagazine.com.

Dee Pilgrim, Editor dee@realworldmagazine.com

Contributors David Lanning David joined Real World in the summer, having recently graduated from Bristol. During the third year of his Hispanic Studies degree he spent four months working for a newspaper in Buenos Aires, gaining valuable insight into the world of journalism. He is now moving on to St. Cross College, Oxford, to take a Masters in Latin American Studies.

HELEN KNAPMAN Helen Knapman is a second year Multi-Media Journalism student at Bournemouth University. She has been at Real World over the summer to get some work experience before returning back to her studies in September. She has really enjoyed her time at Real World writing features, news stories and filming and editing interviews for the website.

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If you really want to sell yourself in the job marketplace, then you have to build your own personal brand. Tessa Hood is an international consultant, professional speaker, lecturer and author and is a thought-leader on reputation management. Here she explains why you should be working on becoming a brand leader.

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CAREERS advice | personal branding

even occur to them. I did a session with a BSC group of graduates and they all sat with their mouths open because they just didn’t get it. “Here’s your brand, how are you going to wrap it up?” They tend to think it is very shallow but it is not, it is very important. If you have a bad interaction with a salesperson you are not going to buy the goods, because you need to care about them as well, there’s terrific benefit in that. ‘You can be as unique as you like, or eccentric as you like, cutting edge, that’s a great brand if it fits with your own philosophy and job. But in more serious jobs such as banking then you have to match with the people you are working with. You have to be more broadly acceptable, you’ve got to

match your clients and know what your market is. A doctor has to talk to patients on a level of authority and if they are sitting there looking really rough would patients be happy with that interaction? ‘Think about what you stand for because you have to come across to people. Ask friends and family how they feel you come across, but you have to ask them to be blunt. Then, listen to what they say and adjust yourself – it’s not about who you think you are, it’s about what other people think you are, and if you don’t wrap up who you are in the right way then it is going to be a failure.’

TOP FIVE GAFFES According to Tessa, when a person walks into a room 55 per cent of the first impression is built up on the way you look, the way you dress and your body language, so the top five gaffes are: Personal Grooming: ‘Real no nos are untrimmed, messy hair, scuffed or dirty shoes, and unironed clothes. Research has shown women should wear some make up, even if it is only lip gloss and a bit of blusher and mascara. Men don’t tend to see that they can spoil their whole image by being scruffy so they should ask someone else to tell them how they look. Men often wear old socks that slip down their ankles or are mismatched -- just buy a pack of three pairs of identical, black elasticated socks.’ Personal Body Language: ‘Don’t slump! Sit up! The easiest way to do this is to make sure your bum is at the back of your seat and lean slightly forward. Don’t cross your arms because this makes you look defensive.’ Facial Expression: ‘An interviewer’s immediate gut reaction is to your facial expression so smile, and look approachable. Also, make sure you maintain good eye contact.’ Voice: ‘38 per cent of the first impression you make will be on the way you sound. People will listen to your accent, the volume at which you speak, your tone, and the pitch of your voice. A lower pitched voice comes across as more authoritative than a higher pitched voice.’ Attitude/Message: ‘The seven per cent that is left will be decided by your message (because 93 per cent of your message is already out there). You need to be in control of other people’s perception of you. Don’t blow your own horn inappropriately by saying "do you know why you should have me?" They are bound to ask you why you do think they should have you and you better have a brilliant answer ready!’ Remember: your personal brand is your reputation, so be in control of it because you don’t want your reputation going before you in a way you don’t want it to. n

Photography: © iStockphoto

veryone can build themselves up by building their personal brand. Graduates out there looking for jobs should ask themselves “How many rejections am I getting, is it to do with my brand?” It’s all about how you are being perceived as a product. It’s a lifelong job; you should be thinking about how you are going to build it, develop it, design it, and deliver it. We should all think of ourselves as a product; companies spend millions on their products and that’s what people should do – make themselves more buyable – because people buy people all the time. If you really think of yourself as a product, how would you market that product? Are you a tin of baked beans always having the same contents inside? Are you a tin of Heinz baked beans rather than a supermarket own brand, or are you a Rolls Royce? Whatever you say you are you have to be consistent and you have to be relevant. If people like what they see they will make a connection with you, and if they don’t like it they are not going to buy it. You need to authentically put across what you stand for and that’s all about the way you dress, behave, your manners, and just how likeable your are. ‘Suspend your disbelief; pretend you are a product and I’m a buyer. There are 60 or 70 other people who have your credentials and experience that are all able to do the job as well as you, so differentiation is key. Market what makes you different and stand out very clearly and specifically. I call it magic dust or the dazzle factor. ‘For a lot of students all this stuff doesn’t

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location, location, location!

In the finance sector, London is a world capital. It’s also the sole focus of many graduates looking for jobs in the finance sector. With some of the world’s largest and most prestigious financial firms located within the City, it is easy to forgive graduates for having tunnel vision when pursuing careers within the sector. Maybe it’s the big city trappings that appeal to young people entering the job market but, recruiters want to remind graduates to look beyond the city limits when searching for that first job. Zach Schalk investigates.

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careers advice | jobs outside london

aspirations to be a high achiever.’ says Paul Roberts, Graduate Resourcing Manager at AXA. Despite being the fifteenth largest county globally, AXA’s presence within London city limits is actually relatively small. Instead, the company’s larger sites can be found in places such as Bristol, Ipswich, and Tunbridge Wells—all within 90 minutes of London. Roberts stresses the value of gaining experience at regional branches: ‘These regional sites are where our key operating companies are based, and with bigger hierarchies there are likely to be more opportunities to develop and maintain the momentum of your early career,’ he says. The fact is that it is important for graduates to keep an open mind when searching for the best place to start a job. Your first job may not be in London, may not be at the largest company, and may not even be in the same sector. In fact, your career can start anywhere, so look beyond your initial choices. ‘A graduate career is a long one, and your first step needn’t be your last step,’ Roberts adds. ‘If you have the ambition and aptitude to succeed, then there will remain a

company could be doing their credibility a world of good, something

great deal of opportunity within the financial service market for

which is important to build at the very start of your career if you have

graduate careers, whether that’s within London or not.’ n

Photography: © iStockphoto

specially in our current state of economic difficulties, students may want to think twice about dismissing opportunities beyond London as a good place to start a career. ‘Students that take graduate jobs outside of London will still be gaining good experience and, if relevant, be studying for the same qualification as a student in London,’ says Helen Bobbitt, marketing executive at KPMG. Bobbitt explains the experience working at a smaller, regional location might even be more beneficial to a graduate at the beginning of his or her career. ‘You can still get exposure to large clients and you may find you get much more involved in deals and see more elements of it as you would be working in smaller teams,’ she says. By being willing to look beyond London when searching for a job, a graduate can differentiate his or herself and really get a leg up when starting their career. ‘A graduate that is willing to show the maturity and flexibility to accept a position in a regional branch or

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finance | future trends

Could the current recession have a silver lining? David Lanning investigates.

ith the world careering

says Colvin, ‘and are going to realise that it was a mistake and are going to get more serious about developing the careers of their people.’ Some firms, such as PwC and KPMG, are ‘famously good’ at developing their human capital, he adds. Once the recession is over, Colvin hopes other companies ‘will realise what they lost by not investing during the recession’ and work on the development and training of their employees. However, he goes on to warn

‘People will be spending less and saving more, probably borrowing less and much more afraid of risk in their investments – all of those changes will be long lasting and will change the way companies make their offers to their clients. It’s a good thing long-term, the difficulty short-term is that as people save more they spend less, and that’s part of the reason the recession has lasted so long.’ Unfortunately, for the moment we are stuck in that bleak short-term, and

towards a climate disaster, and the global economy

graduates that they too must change their approach, in order to emerge from

recruitment levels remain down in the financial sector. For graduates looking to

sliding deeper into recession, in March Hillary Clinton told an audience at the

the crisis successfully: ‘it wasn’t so long ago when an applicant’s attitude to a

stand out, Colvin has some familiar but crucial advice on application forms and

European Parliament to 'never waste a good crisis.’ She believed the recession

prospective employer was "what can you do for me?" That has to be reversed now.’

interviews: do plenty of research, and demonstrate your knowledge of the

provided the perfect opportunity to construct a greener, more sustainable model of economic growth; one less reliant on fossil fuels and less vulnerable to sudden collapse. The idea rings true even on a far smaller scale, as Geoff Colvin, the Senior Editor of Fortune Magazine, outlines in his book The Upside of the Downturn*. For too long now, argues Colvin, firms have taken for granted the constant returns provided by their greatest resource – their people. Most have been caught out by the recession and have had to severely trim their workforce, or at least stall the progression of their employees’ careers. Companies that have succumbed to such short-sightedness ‘are going to pay for it,’

But he advises against simply taking any job on offer: ‘Applicants should seriously consider where their own interests and passions lie because whatever you go into will be competitive. If it is work that you hate you won’t do it very well and you won’t succeed and you will be pretty miserable. So I’d say to graduates think hard about where your interests really lie, what are you passionate about? That’s an exercise in introspection that some people don’t go through, or are not comfortable going through.’ Colvin believes that the financial sector will have undergone permanent transformations once the economic downturn is over – primarily as a result of changing consumer attitudes to spending.

company. But also attach tangible evidence of your qualities and experience; list achievements rather than unproven attributes. On a truly dedicated hunt for work you must: ‘Make finding a job your job – work at it eight hours a day. Most importantly, find someone in your life who you can talk to regularly about your job search. It can give you valuable perspective and advice; and talking to that person gives you extra motivation, because there is some accountability even though it is totally informal.’ n

*The upside of the Downturn by Geoff Colvin is published by Nicholas Brearley Publishing, £16.99.

Photography: © iStockphoto

The upside of the downturn

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Student of the year

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Earlier this year Real World asked what you’d really like to know if you were given free rein to some of the finance sector’s most important graduate recruiters. We then asked the Association of Graduate Recruiters’ (AGR) Sector Focus Group for Finance to answer them. Their answers make for interesting reading.

Illustration: © iStockphoto

N O S E U C C N O F INA F

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Illustration: © iStockphoto

finance | overview

What would your single most important piece of advice be when it comes to students filling out application forms? ‘Be open, honest about yourself and thorough; try to draw from every type of experience, whether it is university, work experience, travelling, sports or hobbies. Use these experiences to sell yourself – we can only see what you tell and show us. Also be aware of spelling mistakes; reread and check your work before you submit it.’ Ellen Hartley, Entry Talent Team, People Performance and Development, Nationwide. ‘Make sure you take the time to answer the questions! The application form is your first chance to sell your potential to a graduate employer, so you can’t get away with copying and pasting standard answers and hoping they work. Outline why you want to work for that employer, why you want that particular graduate scheme, and why you think you’re the best candidate for the role. You’ll have more success spending time on a number of targeted applications than you will if you submit standard responses to a larger number of employers.’ Gary Roberts, Graduate Resourcing Manager, AXA UK.

out who is in which sector. They should start early to prepare their employability skills - so going to applications and interview skill sessions in their first year is advised, and fairs to meet the employers earlier in their uni time. ‘Focus - is a key to getting jobs at the moment - it's usually important of course but this year financial recruiters are all really focusing on this area as we want to be sure students are applying for what they really want to do. For example, do they really know what differentiates the firm? (their clients, people, work - but what is it about these areas that are different?) Also, do they know enough about the role and sector? So who are the top players in the industry? What is the daily role of a grad in audit likely to be? What professional qualifications do they want to pursue and why. For example, what is involved within the syllabus of the ACA?’ Maria Floud, National Graduate Recruitment Manager, Grant Thornton UK LLP. With the Financial Sector’s reputation having taken a battering recently, why should students still be looking to this sector for employment rather than elsewhere?

‘

(grads) should start early to identify the careers and firms that may be of interest, and start working out who is in which sector.

’

recession, and you’ll probably develop more by taking a role in financial services now, rather than during a more stable economic climate.’ Gary Roberts, Graduate Resourcing Manager, AXA UK. ‘Those graduates who we have hired have told us that these are really interesting times to be working within financial services, and because they are one of a smaller number they are being given more responsibility. Long-term this is one of the sectors that will feel the effects of any growth first.’ Laura Everingham, Graduate Recrutment Manager, Fidelity International.

‘The recent economic climate has made it even more exciting to work in the Financial Sector. Here at Nationwide we are introducing many new programmes and changes to ensure that we remain at the forefront of the industry. We are still growing and expanding, and are looking to continue

‘There are more jobs that the press would have you think! We are still hiring now some of which have been additional positions confirmed recently. The financial services industry is one of the most committed to graduates - which is shown via the number of graduates hired and also the huge investment in training. We are not cutting the level of training offered to graduates on joining us. We ensure every new trainee benefits from our national induction where they have

Manager, Fidelity International.

this is in the long term. Graduates entering the Financial Sector can expect

the chance to talk to the head of our firm and most of the leadership board. Every

‘Actually two pieces - preparation and focus. Preparation - I think its important

to be directly involved in these changes, and will be able to see what their input

graduate will also be supported to do their professional qualification - mostly the

people prepare early such as in their 1st and 2nd year they could go onto the

has in the future of Nationwide and other companies.’ Ellen Hartley, Entry

chartered accountancy, or more specialist ones. We are committed to

websites and download firm’s applications - they then know what skills

Talent Team, People Performance and Development, Nationwide.

graduate recruitment in financial services as we really do want to grow our leaders.

and things they need to work on to be able to fill these gaps. This means they can also be in the running for internships. More people are applying earlier each year so if students really want a grad role lined up for when they finish uni they will need to start early. They should also start early to identify the careers and firms that may be of interest and start working

‘We’re still here and recruiting large numbers of graduates into the sector. Many remember the talent gap left by not recruiting graduates during the last recession, and are not prepared to make the same mistakes again. We want strong graduates that can help us to become better equipped to move out of

‘The financial services industry can also offer you the chance to work with some of the brightest people and is a great place to learn. Our firm is networked globally so we can offer secondments and varied experience.’ Maria Floud, National Graduate Recruitment Manager, Grant Thornton UK LLP.

‘Tailor your application to the company to which you are applying. When screening hundreds of applications there has to be something that sticks in your mind at the end of reading it. For example the applicant has found out a fact about the company that no one else has found and isn’t on our website.’ Laura Everingham, Graduate Recrutment

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finance | overview

In the current climate is it better to try and get a job straight after graduation or should students consider a period of postgraduate study before entering the job market? ‘Here at Nationwide Building Society, we accept both students straight out of university and students who have further experience. We appreciate candidates with specialist knowledge and experience, but we also look at the potential of our graduates, and what they can become in the future. It really depends on the individual and what they are suited to, and what they enjoy.’ Ellen Hartley, Entry Talent Team, People Performance and Development, Nationwide. ‘That’s down to individual choice I think. If your postgraduate study gives you a more competitive edge in your field, then you probably need to continue. Our application process only looks at your first degree, so having a postgraduate qualification doesn’t provide an additional advantage necessarily. I would recommend gaining additional work experience if you can’t get a graduate job straight away.’ Gary Roberts, Graduate Resourcing Manager, AXA UK.

year’s graduates.’ Maria Floud, National Graduate Recruitment Manager, Grant Thornton UK LLP. How do you think recent events will change the work place in the Financial Sector – do they truly believe it will become more ‘ethical’? ‘The recent shake up of the Financial Sector has made people more aware of the economy and the environment we all operate in. At Nationwide, we have always worked to ensure that we are ethical and give back to the community we operate in. We have partnerships with key charities such as the Macmillan Cancer Trust, and have many green initiatives already in place. We recently had a ‘Walk to Work Week’ and we have a ‘Brainwaves’ site where our employees can contribute, and are rewarded, for their ideas on how to improve our carbon footprint and other energy saving ideas. We are also constantly undertaking internal audits to ensure that we are ethical in other ways.’ Ellen Hartley, Entry Talent Team, People Performance and Development, Nationwide.

‘I feel the type of products we offer will change and there will be more stringent regulation which will impact the type of products and processes.’ Laura Everingham, Graduate Recrutment Manager, Fidelity International. ‘More ethical? I have no opinion really as I already think our firm does not suffer from problems with this. Maybe this question should be directed more towards the investment banks!’ Maria Floud, National Graduate Recruitment Manager, Grant Thornton UK LLP. In one sentence, sum up why students should want to come and work for your company. ‘Nationwide Building Society is a great place to work and provides many opportunities; we pride ourselves on our corporate values – we are open, honest and fair and are committed to putting the needs of our customers first.’ Ellen Hartley, Entry Talent Team, People Performance and Development, Nationwide. ‘As one of the largest companies in the world and one of the Times Top 20 Best Big Companies to work for, AXA offers continued growth and development for its graduates in a hugely diverse set of career paths.’ Gary Roberts, Graduate

‘Still apply for graduate jobs but have a back-up plan if you don’t get an offer you

‘All companies, regardless of sector aim to demonstrate their ethical values to attract customers, shareholders and employees alike. The financial sector is an easy

want. Postgraduate degrees can be very costly and most companies will still hire you

scapegoat for those who want to take the moral high ground as we don’t have a

Resourcing Manager, AXA UK.

at the same level as an undergraduate.’ Laura Everingham, Graduate Recrutment

good track record as an industry, and many see only the greedy stereotypes of

‘If you want to work for a leader and a specialist in the Investment

Manager, Fidelity International.

banking. We are, however, a hugely regulated industry and we’re likely to see

Management industry, and a company with an outstanding reputation then you

‘I think it depends what their interests are and what they want to get into later. It may also depend on where their gaps are in their current experience. So, for example, if they have had no relevant experience in the field they wish to join later - it's probably best to focus on getting this rather than another academic achievement. Within financial services there are only a few niche areas who particularly like Masters students - ie more quantitative roles.

even closer regulation as a result of the current economic climate. This coupled with the perception that Generation Y are more ethically led, will see the sector try to reaffirm its ethical status.’ Gary Roberts, Graduate Resourcing Manager, AXA UK.

should join Fidelity International.’ Laura Everingham, Graduate Recrutment Manager, Fidelity International.

‘It is up to the student, the more relevant the experience (work or postgrad) the better though. It Is important to do something to increase their chances when competing against the following

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‘

the financial sector is an easy scapegoat for those wanting to take the moral high ground as our track record is not good.

’

‘As the UK's fifth largest accountancy firm Grant Thornton can offer a variety of positions, client experience and projects within Audit, Tax and Advisory across our 30 offices joining our 4000 people. The biggest advantage of joining us is they receive the top quality training in an individually tailored and supported environment. Our dedicated training site is unique as every graduate going there gets additional support. ' Maria Floud, National Graduate Recruitment Manager, Grant Thornton UK LLP. n

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Wouldn’t you like to have it all? Don’t let anyone ever tell you that you can’t

Choosing where to launch your career is one of the most important decisions you’ll ever make. So pick an organisation that offers you everything you deserve. We mean early responsibility, dynamic training opportunities, and career progression, not to mention the chance to work successfully with a diverse range of clients in a collaborative culture. With a firm that values its people and gives back to society. The more you discover about us, the more you’ll discover about yourself. So secure a place on our 2010 graduate programme now. Applications for September 2010 positions are now open, so visit our website for more information. It’s your future. How far will you take it?

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Discover more at www.deloitte.co.uk/graduates

1/10/09 18:57:41

‘Take Control of Your destiny’ Jessica Granatt explores why the future of British business is female.

omen have always been poorly represented in the corporate world, both in the boardroom and on the pay register. Despite equality legislation and increased maternity rights, the latest European Commission figures, published as part of a new drive for wage equality, state that men earn 21 per cent more than women in the UK, based on the average difference between gross hourly earnings. Women are not expected to fare well in the recession either: governments are more likely to protect jobs in typically masculine fields like manufacturing and the motor industry, while the female dominated catering and retail industries flounder. Women are also more likely

‘The task now is to restore confidence and credibility. Women’s diverse leadership styles, and their attitudes to risk are among critical factors that will contribute to future success.’ PwC’s Advisory practice leader, Kevin Ellis, agreed that a re-evaluation of business practice will help women succeed: ‘What the recession has demonstrated is that the opportunity for new ideas and doing things differently has never been greater. People are more open to new approaches and it’s easier to see the business case for change.’ Supporting women is in PwC’s and other companies interest, as research by Catalyst shows companies with

to have family commitments that make it difficult to work overtime and avoid company redundancies.

more women board directors and women corporate officers have a higher financial performance than

Although today’s forecast seems gloomy, the recession may actually benefit women in the long-

those with little female representation. Gita Patel explained that when women are overlooked for senior

term. Whereas previously women were not considered for senior positions, the seismic shift in

positions, it harms both them and their employers. ‘If you haven’t focused on talent when appointing your

global business practice will create real opportunities for them to advance as companies explore alternative working methods. Earlier this year, at PricewaterhouseCoopers’ International Woman’s Day event, all the speakers agreed that women can use the current climate to their advantage. Headlining the event was entrepreneur Gita Patel, director and co-founder of Stargate Capital and business fund Trapezia, which solely invests in businesses with a female interest or focus. She explained that women will have a key role in rebuilding the financial sector: ‘Though men and women may operate in the same profession, there are key gender-specific differences in terms of strengths and contributions that are a reflection of their attributes. Consequently, they may perform the same task but approach aspects of the task differently. Our purpose should be to capitalise on this difference.

board, then it will be to the detriment of your entire business. Identify the skills and qualities you want in a leader and nurture that talent for the boardroom. Less than 2.5 per cent of venture capital goes to women entrepreneurs. We need to improve access to capital, to markets, and to business networks.’ Although it is the responsibility of the business world to provide more opportunities, women can make a real difference by supporting each other. Once women hold high up positions in a company, other female employees are statistically more likely to succeed. Networking and mentoring schemes should play an important part in women’s future success. Gita Patel concluded with this quote: ‘I have a legacy to leave; you have a legacy to leave. It’s for our children, especially our daughters and the time is NOW. Those who say it cannot be done should get out of the way of those who are doing it…’ n

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gender parity| women in the city

Catalyst’s report on women leaders: http://www.catalyst.org/publication/273/advancingwomen-leaders-theconnection-between-women-board-directors-and-women-corporate-officers

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BANK JOB

It isn’t all doom and gloom in an industry which still employs around one million people in the UK. David Lanning investigates.

s the banking sector struggles to repair its public image, it is also showing some signs of raising recruitment again in the wake of the economic downturn. However, following mass redundancies and high profile corporate collapses, what was always a competitive job market is now tougher still. From a quick glance at the newspapers, jobs in the financial services would seem to be as sparse as taxpayer support for banking bailouts. But all is not lost. According to Angela Knight, the Chief Executive of the British Bankers’ Association: ‘Future prospects are far from gloomy, with a major study for the government this year concluding that financial services are poised to play a prominent role in the UK’s economic recovery. A career in the City can be lucrative and rewarding, but also highly demanding, involving long hours and requiring genuine ambition and drive, and while there is ongoing demand for recruits with the right

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BANKING | OVERVIEW

what is required,’ advises Knight. ‘Areas of employment include retail and investment banking, accounting, actuarial services, analysis, IT, asset management, private client stockbroking, legal services, insurance, regulation, and financial journalism.’ The website www.eFinancialCareers.co.uk names cash equities, electronic trading, convertibles, derivatives and exchange traded funds, and fixed income flow trading as "areas of current hiring activity" within investment banking. Recent reports from the pre-employment screening firm Powerchex suggest further cause for optimism. Investment banks increased employment by 115 per cent from February to March this year; and by another 28 per cent from May to June. The bad news is that year on year, jobs in the investment banking sector fell an alarming 8 per cent with graduate recruitment down 40.2 per cent, according to the Association of Graduate Recruiters. 2008-9 investment banking jobs attracted 82 applications per place. In other financial services recruitment dropped about half as sharply – 23.1 per cent, compared to 20.6 per cent in accountancy. In some areas, graduates are now competing against the thousands of experienced workers who have recently lost their jobs. Better news for the beleaguered banks came with healthier than expected financial results posted by Barclays and HSBC in August. So graduates should keep track, through the financial press, of which banks are still turning a profit during the recession – they might be the ones that will keep on hiring. ‘Above all,’ concludes Knight, ‘firms will be looking for a genuine interest and passion for the world of finance, so it pays to take the time to research some of the key institutions and to keep in touch with financial and business news as well as recruitment agencies and websites featuring opportunities in financial services.’

USEFUL LINKS

Photography: © iStockphoto

Careers in the City www.cass.city.ac.uk/thetimes Series of articles from Cass Business School and The Times

qualifications and attributes, remember positions are highly sought after and the competition for places is becoming more intense in many areas.’ Because of this Knight recommends graduates should view the sector from a wider perspective. ‘Career opportunities in the financial services are surprisingly diverse,’ she explains, ‘ranging from counter staff to investment bankers, and spanning a myriad of business areas from law and IT to property and public relations.’ While some jobs require specific qualifications, such as accountancy, most firms will consider applicants with strong academic records in unrelated disciplines. However, subjects with a heavy degree of numeracy may be particularly suitable. Languages, says Knight: ‘Can be another valuable string to your bow given the international nature of the City.’ What else can you do to stand out? ‘Think carefully about the type of career that interests you and research thoroughly

Cass Business School www.cass.city.ac.uk Postgraduate courses in accounting, banking and finance City of London www.cityoflondon.gov.uk/ corporation General information about the City and its businesses Efinancial Careers www.efinancialcareers.co.uk Financial Services Authority www.fsa.gov.uk Here Is The City Careers careers.hereisthecity.com Jobs, tips and articles

ICMA Centre University of Reading www.icmacentre.ac.uk Offers postgraduate programmes linked to international finance and capital markets London as a financial centre (Mayor of London) www.london.gov.uk/londonlife/business-and-jobs/ financial-centre.jsp London Stock Exchange londonstockexchange.com Securities & Investment Institute www.sii.org.uk/web5/infopool. nsf/HTML/cCareersCentre Introduction to financial services and advice on choosing qualifications SEO London www.seo-london.com

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banking | case studies

transferable and can be applied to a number of situations within the financial world. In addition, I think this sector as a whole is really under the microscope at the moment and it is exciting to be at the front end of things – experiencing changes as they happen. I think there is a great deal of opportunity here to experience a sector that is constantly evolving and developing my skills as I gain a greater understanding of the market and my job role. What do you like most about what you do? I relish a challenge and my mind is continually tested in my role. I am learning something every day and because I am on a rotational scheme, there are so many opportunities to expand the knowledge I already have as well as my job profile.

Ned West Degree: Studied at Birmingham University, BSc Economics, graduated 2008 Job: Graduate Regulatory Analyst What do you actually do? I am currently on the Santander Finance graduate scheme, where I am on a six-month rotation programme in which I work in a number of departments to gain an overall outlook on what Abbey and Santander do within the industry. Following the completion of the scheme after 2 years, we will then specialise in one particular part of the finance team. My job is to prepare and provide financial analysis on daily capital adequacy positions for two divisions of Abbey - Abbey National Treasury Services and Cater Allen. The team that I work within is responsible for reporting to the Financial Services Authority, The Bank of England and The Bank of Spain. My day to day job includes: • Liaising with the risk, finance and global business teams at Abbey to understand and collate each of their current statuses, allowing my team to report and analyse the daily movements of Abbey’s capital requirements. • Produce data to report and evaluate on the phasing in of the Basel II global financial reporting system which is currently taking over from the older Basel I system. The Basel II system ascertains risk calculations of businesses which are much more representative of their actual risk and is therefore more effective in reporting changes. In addition, Basel II is an important step in making risk more responsive to changing risks. Why did you decide to go into this sector? Having studied Economics at university, this was an area that I found particularly interesting and was keen to put what I had learnt within my degree into practice. I was also drawn to the fact that the skills that I will develop on the scheme are

What do you think are the most important skills/strengths you need to make a success of what you do? Good analytical skills are essential and it important to have a desire to understand what is causing changes and movements in the data. Looking widely into the finance sector, a desire to learn is essential as most graduate schemes are on rotation therefore you need to take in a great deal of information over short periods of time. What would be your best piece of advice for graduates wishing to come into this sector? When applying to graduate programmes in the finance sector I think it’s important not to give up! There are lots of schemes out there and it is important to find the right company for you. When doing applications, make sure you do your research about the company, industry and job role – it will really pay off in interviews.

Peter Wong Degree: Cass Business School London, MSc International Accounting and Finance Job: Finance Corporate Graduate What do you actually do? My current role involves managing the property portfolio within the Society which includes all the branches, administration and call centres. All the costs allocated to each property are monitored closely against the budget and latest forecasts to ensure we understand our commitments in detail. We have regular meetings with our Business Services department, where we review and discuss our position and strategies going forward. How did you find out about your particular course? I went on various graduate websites and came across Nationwide’s graduate scheme. Having

reviewed the scheme carefully I discovered it provided support to gaining professional qualifications, a considerable amount of personal development time, and four different placements in three years which will broaden my knowledge. Would you undertake further training to further your career? Yes, it is imperative to obtain an accountancy qualification in order to progress further in the future. I am currently studying for my ACCA qualification and with the business environment changing so quickly, it is important to keep up to date and adjust to the latest changes. What do you like most about what you do and are there any downsides? My graduate scheme allows me to take on four different placements within three years, giving me a brilliant opportunity to gain experience in different areas of finance. It good to know the data and reports I produce support senior management to make wider business decisions. Also the role engages with many people across the business and with new tasks always appearing, this all helps to maintain my motivation. What do you think are the most important skills/strengths you need to make a success of what you do? It’s important to listen attentively to colleagues who are experienced and will provide sound advice. Good communication skills are imperative to working efficiently and there will be times where you will need to promote your ideas and get people to see your point of view. What would be your best piece of advice for graduates wishing to come into this sector? Be committed and prepared to study and work in the first few years. Studying for a professional qualification is essential so you need to be able to manage your work/study/personal time. n

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“My current role is about identifying potential threats to the financial system, analysing the way shocks are transmitted to the rest of the economy, and investigating how all this could affect businesses and individuals. It’s satisfying to see how my thinking helps to shape the Bank’s view on such important questions. “ - Jenny, Financial Stability Visit us online to hear more from Jenny and our other graduates.

Who makes the financial system safer? Graduate careers – all disciplines The Bank of England plays a uniquely influential role 2009 2009 2009 in2009 the UK economy by 2009 ensuring monetary and financial stability. Across the Bank, graduates provide crucial insight into every aspect of our complex, high-profile work – whether that’s setting interest 2009 2009 2009 2009 2009 rates, identifying threats to the financial system or issuing banknotes. Find out more about our extraordinary careers; visit 2009 2009 2009 2009 2009 www.bankofenglandjobs.co.uk Best Graduate Development Programme

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The Bank of England is committed to diversity.

Your insight. Our influence.

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accountancy | qualifications

Jobs in accountancy are still available in huge numbers, and open to academically strong graduates from all disciplines. David Lanning discovers the wide variety of career paths behind the numerous professional qualifications.

USEFUL LINKS ACCA – uk.accaglobal.com CIMA – www.cimaglobal.com CIPFA – www.cipfa.org.uk ICAEW – www.icaew.com ICAS -- www.icas.org.uk

Accountancy has always provided excellent opportunities for motivated, business-aware, numerate graduates. But this year it may prove to be even more popular than usual, as accountancy firms emerge comparatively unscathed from the economic crisis that has crippled large swathes of the finance world. As overall graduate recruitment took a nosedive through the 2008-9 academic year, accountancy’s ‘big four’ multinationals – Deloitte, Ernst & Young, KMPG and PricewaterhouseCoopers - were conspicuous by their continued presence in the hunt for talented students. The big firms can provide a useful route into the profession, offering more than respectable starting salaries, and a wide variety of roles. They will usually expect a 2:1, but are flexible on degree subject, so don’t worry if you’re not studying maths. But many smaller accountancy firms will also take on graduates. Much like any other financial career, teamwork, leadership, communication skills, and IT literacy are

ACA The ACA (Associated Chartered Accountant) is the qualification awarded by the Institute of Chartered Accountants in England and Wales (ICAEW). To gain the qualification, you must complete a training contract which lasts between three and five years, fulfil work experience requirements, and pass a series of exams. Upon completion, you will become more employable across several industries; you will be able to specialise in technical areas of accountancy such as corporate recovery or taxation; and you can expect to double your salary. According to the ICAEW website, 70 per cent of FTSE 100 CEOs, finance directors, and company secretaries are ACAs.

highly valued. In order to really excel in this sector you should also be familiar with,

ACCA The Association of Chartered Certified

and interested in, the wider world of finance, so keep yourself up to date by

Accountants (ACCA), is a global body which offers four different core

following the financial press. Once you’re qualified, you’ll find that

qualifications. All of the training programmes mentioned above are

accountants are needed across a huge variety of industries, so you could end up working for a charity, the government, or any other type of organisation that interests you. Alternatively, you could end up self-employed.

recognised and highly prized worldwide.

Qualifications Getting qualifications can be hard work, but you will feel the benefits immediately. Initially, you will probably have to become certified by the AAT (Association of Accounting Technicians), which awards 90 per cent of all vocational qualifications in accounting. Then, to make further progress in your career, you will have to undertake more studies.

CA However, the ICAEW is far from being the only body to offer professional qualifications. Its Scottish counterpart, the ICAS, offers a training programme called simply the CA.

CIPFA AND CIMA More specialised groups include the Chartered Institute of Public Finance and Accountancy (CIPFA), and the Chartered Institute of Management Accountants (CIMA). Most accountants are trained to work in private practice on external audit and tax issues, but members of the CIMA learn to analyse risk and make strategic decisions. Whatever you choose to specialise in, it’s worth navigating the acronym minefield in order to find a qualification that helps you get ahead – especially if you can persuade your employers to sponsor you.

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case studies | accountancy

many different areas that accountancy firms offer, luckily Ford Campbell ticked all the boxes and I got through my interview. What is the most difficult aspect of your training? Time Management – if you can be disciplined enough to allocate study time into your working day during the exam period, life will be a lot easier. It is not a skill I have in abundance, but it is definitely improving. What would your words of advice be for anyone considering a career in chartered accountancy? Don’t take your foot off the pedal, just like university it goes really quickly and before you know it your exams are imminent. Time management has to be the key, so get improving.

Ross MacLeod Degree: The University of Sheffield, BSc (Hons) 2:2; MA Banking and Finance, Sheffield Hallam University Job: Accountant, Ford Campbell, Manchester Why did you choose chartered accountancy? Having studied chemistry we were often told that nearly a third of all chemistry undergraduates go into accountancy, as we have great analytical skills, and so that raised an interest. I knew that with chartered accountancy it didn’t matter what your background was, it is accessible to all students. I don’t think enough people know that, and are perturbed by the fact that they have no knowledge of the industry/subject. For me it was a toss up between going into the banking sector or accountancy, but I knew accountancy would provide me with an opportunity to move into almost any industry or commercial sector I liked, once qualified. Why did you choose the ACA? Having done my degree, I found it was extremely hard to distinguish myself from the rest on paper alone, I believed that doing the ACA would provide me with the opportunity to do so. I knew from my friends that had started before me, that the ACA had a good mix of work and college, almost smoothing the transition from being a student to full-time worker. With theirs being a college environment, I knew and have witnessed first hand that there is a great social aspect to studying for the ACA. It's common knowledge that the majority of the Directors at FTSE 100 companies are ACA qualified, that’s the benchmark so to speak. How did you choose your training firm? I applied for some work experience at a few mid-sized accountancy firms based in the centre of Manchester, one of which was Ford Campbell. Having shadowed the audit partner all day, he asked me if I had considered applying for a graduate position at Ford Campbell. Ideally I was looking for a midsized firm, based in Manchester, which would provide the opportunity to work in the

‘

Don't take your foot off the pedal; before you know it your exams are imminent. Time management has to be the key, so get improving. Zoe Wanley

’

Degree: Lancaster University Management School in 2005 studying BA (Hons) Accounting & Finance, and graduated with 1st class honours in July 2008 Job: Analyst within the Restructuring Department at Ernst & Young. What it is you actually do? I am an Analyst within the Restructuring Department at Ernst & Young. The restructuring department deals with both informal and formal insolvency appointments. This could mean working on a formal assignment such as an Administration or Liquidation, or informal work such as cash flow or working capital review. This means that the work is greatly varied from one day to the next and you gain experience working with many different businesses from many different sectors. Why did you decide to go into this sector? After enjoying studying Accounting and Finance at university and having the benefit of work experience, the move from theory to practice seemed obvious. I had a good

idea from the summer internship what work would be like and what my career prospects were. Would you undertake further training to further your career? Graduates join Ernst & Young on a three year training contract and part of this means going to college to study for your Chartered Accountancy qualification. There is also the opportunity to study for your Insolvency Practitioner qualification which more senior staff tend to do. What do you most like about what you do? The work is really varied in that no one assignment is the same, you will always be working with different businesses, in different industries, and the tasks which face us will vary. Ultimately, no one day is the same which keeps work exciting. Are there any downsides? Studying towards professional exams means that there is intense exam pressure which may not be what everyone is looking for straight after leaving University, but the rewards from having a globally recognised qualification do outweigh the costs. What do you think are the most important skills/strengths you need to make a success of what you do? Being able to work as part of a team is essential as you will be expected to work as part of a team almost every day at work.

What would be the best piece of advice for graduates wishing to come in to this sector? As a training contract usually lasts for three years it is a good idea to try some work experience before you join a firm. Summer internships and industrial placements are offered by most large accountancy firms and give you the chance to experience what working in the accountancy sector is like.

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IT’S NO COINCIDENCE THAT MANY OF THE WORLD’S LEADING BUSINESS PERFORMERS ARE ACAs.

The ACA. Qualified to succeed With an ACA finance and business qualification from the ICAEW you’ll get your career off to a flying start. We’re a world leader of the accountancy and finance profession and the ACA is our flagship qualification, recognised across the globe as highly respected in business. You’ll work and train at the same time, and after you’ve qualified you’ll find your ACA can take you anywhere, in whichever industry you choose – from the Big 4 and small to medium practice, to industry, commerce and not-for-profit to name a few. If you’re looking for choice, salary, success and the best preparation for life as a true business leader, choose the ACA. And don’t just take our word for it – over 84% of FTSE 100 company boards include at least one ICAEW member.

To find out more: E careers@icaew.com www.icaew.com/careers

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1/10/09 15:03:17 18:58:31 18/8/09

accountancy | case studies

Jo Cole Degree: University of Portsmouth, BA (Hons) Accounting Job: Finance Graduate, VT Group What it is you actually do? I take part in a three year rotational scheme around the Group working in different areas of finance. Currently I am working on Environmental Data management, transferring my accounting skills to collate carbon emissions and other environmental impacts. Previously I have worked in management accounts, the tax department, group accounts, treasury, and have been seconded to a charity as a corporate fundraiser. Why did you decide to go into this sector? By going into industry rather than practice for my training I feel I get more rounded business training and a better understanding of how companies are actually run day-to-day. I can apply my accounting skills to other business functions such as acquisitions, sales, and environmental management. This path is probably more appropriate for those who want to use their accounting background as a stepping stone into business management, or want to be an accounting generalist rather than a specialist. Would you undertake further training to further your career? Yes, it is likely I will be studying for an MSc in Project Management after my ACCA exams, hopefully in 2010. On the graduate scheme I have had additional training in Report Writing, Advanced Excel, APM Project Management, IOSH Certification, Personal Branding, and Mentoring. What do you like most about you do? I get to apply my accounting skills to various different areas of the business and once I have mastered one area I move onto another new one, so I am constantly learning – never stagnating. I also have the freedom to diversify, such as with my environmental data reporting, which I am hoping to move into as a permanent role once my three years are up.

‘

so began research into this and once I had found out about it, CIPFA was the obvious choice of study to complement my objectives.

Are there any downsides? Spreadsheets. You can never escape spreadsheets; often when I close my eyes to go to sleep at night I can see gridlines! Also I dread the pressures of year end, which despite months of planning always requires you to stay in the office till the wee hours.

What was most important to you when you chose the job you are in now? I choose the job I’m in now because it is a training programme specifically aimed at obtaining the CIPFA qualification and therefore the council is very supportive of your studies. I chose to do this at Essex County Council as I live in Essex and therefore have a direct interest in the services they provide as an outside stakeholder as well as an employee.

You can never escape spreadsheets; often when I close my eyes to go to sleep at night I can still see those gridlines!

’

What do you think are the most important skills/strengths you need to make a success of what you did? It is important to have a lust for learning and to realise you can learn from everyone in a business, not just the top guys. It is also important to make a good, and strong, first impression so people will remember you when opportunities arise around the business. Be competent and personable but not cocky else you will lose the respect of your colleagues and they will back away from passing on their knowledge. What would be your best piece of advice for graduates wishing to come into this sector? Do your research on the company before an interview. Go onto their website and get a grasp for what they do and pick out a couple of examples of areas that interest you. If you show interest in the company it is likely it will be reciprocated.

Laura Davis Degree: BSc Accounting and Finance, 2:1 London School of Economics Job: Trainee Accountant Level: Final Test of Professional Competence, Essex County Council Why did you choose finance/ accounting/auditing? I did Maths and Law at A-level, which complemented the subject I subsequently choose at degree level. The career path was a natural progression from having completed an Accounting and Finance degree. Why did you choose to study CIPFA? What was the most important factor for you? I hadn’t heard of CIPFA before I started looking for graduate jobs but knew I was looking for an accountancy training job due to the qualifications I already had. I made a decision that I wanted to work in the public sector over the private sector

What does working in public services mean to you? Living and working to a high set of moral and ethical standards and being accountable to a wider set of stakeholders than if I were to work in a private organisation. Although public services are using more private sector resources it is still very important to maintain the public sector ethos. What does your job involve? Whilst training we carry out different placements so my job has already involved working in differing ends of finance. I have worked in internal audit, in a central accountancy team, and currently work within the highways service. Each of these placements has been very different and allows you to develop different skills sets. What is your favourite part of your job? The fact that it is constantly changing. Making improvements to what has been done in the past means I can frequently see how we have bettered the service the council provides. What do you think having the CIPFA qualification will mean for your career? I think without becoming chartered there is a ceiling in most councils for finance staff. This qualification opens up a whole host of more exciting and challenging opportunities for me. n

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RealWorld_190x140.pdf 15/09/2009 15:27:19

Two Specialist National Fairs For graduate careers and student work experience Over 160 employers offering thousands of jobs

@ Manchester Central (The G-MEX Centre)

• Students and graduates from all institutions welcome

CMY

Wednesday 21st October 2009

Thursday 22nd October 2009 10.30am-4.00pm

10.30am-4.00pm

• Find out about vacancies available in a wide range of areas from marketing to consultancy & construction to IT • Free entry and free fair guide Full details can be found on the website

In association with

Organised by The University of Manchester

CAREERS SERVICE

www.manchester.ac.uk/careers/fairs

Ethnic minorities in the City Interested in a summer internship at a top investment bank, corporate law firm or professional service firm? Then why not apply through SEO London?

Towards the goal of diversifying the finance industry, SEO London offers training, mentoring and paid summer and longer term internships at leading financial service firms in the City of London. Based on this support, more than 80% of the 1000+ students that have interned through SEO since 2000 have gone on to receive full time job offers from sponsor firms. In 2010 SEO will be offering more than 250 summer/longer term placements at the top investment banks, law firms and professional service firms in the City The programme is open to penultimate year undergraduates and final year students (going on to complete a Master’s degree) from ethnic minority groups currently under-represented in the City, specifically from Black or Asian backgrounds.

To learn more about the opportunities available and to make an online application please visit www.seo-london.com. The initial deadline for applications is 13th November 2009 but students are encouraged to apply as early as possible.

The sponsor firms for 2010 include • • • • • • •

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If you require further information, please contact Carmen Wan, Programme Coordinator: E: carmen.wan@seo-london.org Tel: 0845 450 7830

‘one internship, infinite opportunities’

19/10/09 10:24:00

Predicting your future career

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Is it too soon to be thinking about your retirement? Not if you become an actuary – they specialise in forecasting financial futures and tackling difficult mathematical problems. If maths and numbers are your strengths read on to hear about what the life of an actuary entails. hen you search for an insurance quote your main priority is probably to find the cheapest one on offer. But have you ever stopped to think how premiums are calculated? Take, for example, life assurance: someone needs to work out how long a person is likely to live and how much that person will need to pay in – and this is where actuaries come into the equation. Actuaries have fantastic analytical and mathematical skills which they use to forecast financial futures and solve complex problems. They work with very

Historically those with maths or statistics degrees have been favoured by recruiters, but nowadays many other disciplines are welcomed, from engineering to business studies. Training is far from easy and takes between three and six years to complete. To become an actuary you first need to join the Actuarial Profession which is governed jointly by the Faculty of Actuaries in Edinburgh and the Institute of Actuaries in London and Oxford, which lay down a code of conduct for their members to ensure that the interests of the public are protected. The Actuarial Profession also sets exams which all new entrants must pass before becoming qualified members. Dr Trevor Watkins, head of learning at the Actuarial Profession, comments: ‘The qualification process blends concepts, principles and techniques gleaned from academic disciplines such as mathematics, statistics and economics with insight into actuarial practice, and the development of business skills such as communications. There is also a need to undertake work-based skills which ensures that qualifiers have gained a range of relevant practical experience.’ According to Dr Watkins, starting a career as a trainee actuary has more going for it than many other career paths. He explains: ‘The global credit crunch is likely to result in

detailed and complicated mathematical models, and they are essential to many

more regulation in the financial services sector and stronger risk management skills.’

areas of the financial sector. A large proportion of actuaries currently work in

He adds: ‘The skill-set of qualified actuaries seems highly appropriate in today’s

the field of pensions. Their job is to assist companies with calculations relating to

uncertain business climate and it’s a career that offers more insurance against the

their final payment pension schemes. However, this area of work is now starting to diminish as these schemes begin to close. Growing areas of work, on the other hand, include assisting the large investment banks and management consultancies who are actively seeking advice from actuaries in relation to future investments, and ensuring that risks are managed appropriately. So, how do you become an actuary? In terms of qualifications, most employers are looking for university graduates who have achieved at least a 2.1 and have excellent A Levels. The Actuarial Profession sets a minimum entrance requirement for the admittance of students as a grade B at A Level in maths.

recession than many other financial services based options.' Student actuaries can expect to earn around £30,000, which then increases significantly on qualification. For more details take a look at Computer Economics Limited and Remuneration Economics’ website: (www.celre.co.uk). It publishes its Salary Survey of Actuaries and Actuarial Students annually in the autumn. In 2008 the survey revealed that every single consultancy and financial services company was looking for qualified actuaries in the 12 months to September 2008. If you are a graduate with an aptitude for numbers and logic; becoming an actuary could be your perfect profession!

Photography: © iStockphoto

actuarial | overview

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actuarial/accountancy | case studies

to follow the direction of the profession into wider, increasingly diverse practice areas; for example, the valuation of intangible assets, as is being explored by my employer’s new Financial Dynamics Practice. Any advice you may have for others considering an actuarial career? My advice to prospective students would be to contact existing actuaries about the nature of the job and commitments involved (particularly study-related), and once involved to make the most of it!

David Smith Degree: BA Economics, Durham University Job: Analyst, Lane Clark & Peacock LLP, Winchester When and why did you choose an actuarial career? I chose an actuarial career around the age of 14, following an aptitude test at school that named it the career most suited to my strengths. I had not heard of it previously, but having done some research and spoken to a few existing actuaries, I decided it looked like the job for me! Briefly explain what your work involves, practice area, etc: I am a third year student working in the pensions actuarial department of my company. My work largely involves performing actuarial valuations, assigning values to individuals’ pension benefits, pensions accounting and assisting on innovative internal projects relating to new tools and software development for our clients. Which skills do you consider to be essential for your job? The most important skills for working in this environment are effective communication, technical ability, personal time management and developing client relationships. The relative emphasis on each of these areas evolves as you progress up the career ladder. What do you like most about your job? I most enjoy the variation of tasks and projects in which I get involved, the people with whom I work and the flexibility of my employer to my personal needs (particularly with regard to working hours). How do you achieve a work/life balance? I maintain several commitments outside of work to ensure my life remains balanced between personal and professional interests, such as playing sports and travelling. Of course, I set aside time for studying too! My employer appreciates the need for a healthy work/life balance. Future plans? I am very happy with what I am doing currently, but considering the evolving nature of the pensions landscape I would like

‘

It is very difficult to succeed if you are not able to provide leadership in the form of engaging others in everything that needs to be done. Rob Carey

’

Degree: Economics at Birmingham University Job: Financial Analyst, P&G

I was offered a job after I graduated. Would you undertake further training to progress your career? I would and indeed already have done. I have taken the CIMA (Chartered Institute of Management Accountants) qualification. What do you most like about what you do and are there any downsides? I like the fact that at an early stage in my career I am making a difference to the results of the company. My analysis and recommendations are listened to and acted upon. It is not so much a downside but it can be challenging managing the many demands on your time and making sure you deliver what is required by the deadline. What strengths do you feel you need to succeed? The most important skills are leadership, communication and working with discipline. It is very difficult to succeed if you are not able to provide leadership in the form of engaging and envisioning others in what needs to be done. It is also vital to be able to communicate your ideas in a simple and understandable way.

What do you actually do? Essentially I analyse the impact of decisions and proposals (such as a new promotion strategy) or new business opportunities (for example the launch of a new product). I then take that analysis and make recommendations that maximise return on investment for the company. Why did you decide to go into this sector? I went into FMCG and specifically Procter & Gamble for three main reasons. Firstly I wanted to have responsibility from day one and learn how to run a business. I wanted to be a part of making the numbers, not just counting them. Secondly I knew and liked the products P&G made. It is great to see people buying products that you have been involved in bringing to the market. Thirdly I was hoping to gain international work experience and have the opportunity to live around the world. I started in the UK working with the biggest brands and retailers and am now working in Geneva. How did you find out about this particular job? I found out about my job by attending a careers fair and getting to know the people on the stand. I was very interested so did some more research on the website and completed my application for a summer internship.

What advice would you give graduates coming into this sector? I would advise candidates to take up leadership positions in sports teams, societies, and volunteering groups at university. These are great forums to develop and demonstrate the necessary transferable skills required when graduates start their careers. It also gives some great topics to discuss at interview that should make them stand out from the crowd. Is there anything you wish to add? Graduates should look for careers where they enjoy what they do. A large part of your time is spent at work so this should be kept in mind when choosing what to do after university. n

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INVEST IN YOUR FUTURE

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securities & investments | overview

investment banks have been really badly hit, but private client work is holding up.’ According to Culhane there are still jobs for graduates within the sector in a variety of different roles. ‘There are lots of jobs for grads in the front office but also more jobs in the middle and back offices in compliance and other areas,’ he explains. ‘You can move up the career ladder quite quickly in the first few years -- within the first two to five years you can get one or two promotions. To start with you’ll probably be earning £25,000 to £30,000, and this can rise to £40,000 after a few more years in the middle office. Managers can earn up to £70,000 and £80,000 but there are hundreds more jobs than people see; the visible jobs are just the tip of the iceberg. Because the skills you need to succeed in this industry are so transferable, most people move around or go sideways into different jobs.’ WHAT YOU WILL NEED TO SUCCEED If you want to get on in this sector Culhane says there are some attributes that will really help, particularly for those wanting to work in the customer facing side of an investment bank: •B e fluent in at least one language that is not your native tongue (even better be fluent in two. Arabic is a good language to have.) • You have to have exceptional numerical skills. • You have to have significant levels of energy because the hours in this sector can be very long, especially if you are an apprentice in investment banking. Apprentices really do have to put in the hours – up to 14 hours a day and also at week ends. Associate is a really hard

Simon Culhane is its Chief Executive and explains just how wide and varied the sector is.

grind, but if you want a better work/life balance the middle office jobs are just

‘The SII has 45,000 members, 25,000 of which are students,’ he says.‘They work in middle

as important but not paid as much because they’re not as pressurised.

and back offices, deal with private clients, or may be employed by investment banks.

An Order of Grant of a Royal Charter was

About 20,000 of our members are in consumer facing positions. It’s difficult to say in total how

approved by The Queen in Council on Wednesday 8th July 2009, paving the way

many people operate in this sector – anything between 50,000 and 300,000 are working for investment banks or private clients. ‘At the moment the market is growing slowly because new members coming in is dependent on the state of the economy. When the economy is booming a lot more people sit the SII exams, but not at the moment. The sector is not recession proof and

for the SII to become a Chartered body and for its members to become personally Chartered. This document is now being prepared and is expected to be complete this autumn. The Institute will then be officially known as the Chartered Institute for Securities & Investment.

For more information go to www.sii.org.uk

Photography: © iStockphoto

lthough the City has gone through turmoil in the last two years, there are still areas where jobs are available. Take, for instance, the securities and investment sector, including wealth management, stockbroking, and investment banking. Here, professional investors work on behalf of clients such as companies, institutions, government departments, and individuals. Using money provided by their clients, they try to increase its value by buying shares, bonds and other assets. During the current downturn the investment management and custodian sectors have held up well and are still less affected than the world of banking with permanent operational candidates still in demand. Front office roles such as performance analyst jobs, research analyst jobs, and fund managers continue to come to the market. Although the number of temporary investment roles has declined, volumes are still steady. About half of all European investment banking activity is conducted in London with Mergers and Acquisitions (M&A) a major part of investment banking. Specialists in this area advise clients which companies will make good takeover prospects or, alternatively, advise potential targets on how to avoid being taken over or obtain the best bid. Other roles within the sector include portfolio managers, equity researchers, unit trust administrators, and client services managers. The Securities & Investment Institute is the largest and most widely respected professional body for those who work in the securities and investment industry in the UK.

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securities & investments | case studies

Martin McCudden Degrees: Economics and Marketing (First Class) at the University of Strathclyde. Masters in Finance (with Distinction) at Strathclyde Business School Job: I am currently on the graduate programme of Alliance Trust PLC, one of the largest investment trusts in the UK. What do you actually do? Alliance Trust operates a Management Training programme where graduates rotate across different areas of the business. My first rotation was within the Economics team. My primary responsibilities were to ensure extensive coverage of all economic news relating to Emerging Market and Asian economies and to feed this into the Investment team. I gave presentations on key issues, including an analysis of the Chinese economy, and bespoke presentations to senior Fund Managers. My second rotation was spent within Sales and Business Development for the newly formed open-ended Asset Management business. I became a key member of the team very quickly working with senior management on a number of projects. I have recently moved into the final rotation of my first year where I am working in the Strategic Implementation team within Alliance Trust Savings, the financial services and pensions subsidiary of Alliance Trust. Why did you decide to go into the financial sector? A big driver behind my decision was how much I enjoyed studying economics, particular in the Honours year where my dissertation allowed me to focus on macroeconomics; I enjoyed the analytical side of the work and knew I wanted to be involved in financial markets. Immediately after graduation, I moved to London to work for JP Morgan within the Credit Hybrids Middle Office, moving on to the Market Valuation and Risk group. After a year and a half with JP Morgan, I decided to study for a Masters in Finance to develop areas such as statistics,

financial statement analysis, and the mechanical workings of different investment products and derivatives. What do you most like about what you do and are there any downsides? The nature of my current work appeals to me; I’ve always been interested in financial markets and the investment industry. I also like the level of responsibility given to graduates within Alliance Trust and the feeling that you are making a real contribution to the business. This isn’t a downside, but one of the challenges of the graduate programme is to make an impact as quickly as possible when you move teams. What advice would you give graduates coming into this sector? Talk to as many people as possible in order to get a good idea of the different types of careers that are available; be clear in your own mind what you are applying for and why. Work experience can give you a real advantage; internships are a great way of establishing relationships.

‘

Besides strong numerical skills, there's a big emphasis on being outgoing and having an opinion in investment consultancy. Steve Turner Degree: Economics, Southampton University. MSc Investment Management at the ICMA Centre, University of Reading Job: Investment Analyst, Mercer What is your background? I grew up in Reading before moving to Southampton to study economics at university. During the final year of my undergraduate degree I worked at Arbuthnot Latham (Private Bankers) which gave me an insight in the world of investment and banking. I then moved back home to Reading to do a Masters at Reading University (ICMA Centre) to help develop my expertise in this area. What interested you about taking a postgraduate course? Having studied economics at Southampton I was interested in developing my knowledge of the finance sector, so when I read about the Investment Management MSc at the ICMA Centre back home in Reading it seemed like the perfect

’

opportunity. It also meant I could take up a role coaching basketball for the Reading Senior 2nd Team. What do you actually do? My work involves consulting institutional clients (pension funds and insurance companies) on investment decisions such as asset allocation, portfolio construction, implementation and performance monitoring. I decided to go into investment consulting to get a broad exposure of the industry and the technical aspects of different asset classes. I didn’t want to specialise in anything too soon. Would you undertake further training to further your career? Since I started my job at Mercer I’ve studied IMC and CFA II (Investment Management Certificate/ Chartered Financial Analyst Level II). I plan to do CFA III next year What do you like most about what you do and are there any downsides? I like the fact the job gives me broad exposure to asset classes and the emphasis on learning and development in the organisation. I was given responsibility early on and now have the opportunity to specialise in real estate investment. Job security is an obvious issue in the current climate. There is also the fact that you need to continue your study throughout your career. What do you think are the most important skills/strengths you need to make a success of what you do? There’s a big emphasis on being outgoing and having an opinion in investment consultancy. Communication skills and being good with people is therefore very important. You need to have a strong motivation to succeed. You also need to enjoy, and be good at, problem solving to advise your clients successfully. What are your career aspirations? Being CFA qualified and becoming an Investment Consultant in the current business. I’d also like to specialise in Property Investment Management. n

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Let’s Get Ethical E

ver since the unfolding of the subprime mortgage crisis (and the subsequent collapse of Lehman Brothers), public confidence in financial institutions has been severely damaged. The Wall Street mantra of ‘greed is good’ effectively caused mass losses worldwide and, in some cases, left people homeless. Not only that, the devastating global impact caused by risky investments has led many graduates to re-evaluate their ethics – and career choices. ‘People are questioning their values more now,’ argues Nigel Kershaw, the CEO at Big Issue Invest (BII). ‘I am sure all your readers, or someone they know, had a conversation that went ”Oh, the value of my house went up 15 or 20 per cent last year.” Nobody questioned why and how “magically” things could grow in value. So, I think people have started to question the value of money.’ BII (part of the same group of companies which produces the Big Issue newspaper) is a specialist finance provider for social enterprise, and plays a unique role in the social finance sector.

Forget hippies. Working in a green or ethical way is becoming part of mainstream business culture. Moreover, there are graduate opportunities in everything from social enterprise to sustainability. Real World speaks to some of the UK’s most influential figures to find out more.

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ethical finance | overview

Replicating the same principles behind the newspaper, BII has helped several social enterprises, such as Jamie Oliver’s 15 Foundation and Barnados. So, what is the difference between ethical investment and social enterprise investment? ‘Ethical investment is about investing in ethical companies in an ethical way,’ explains Kershaw. ‘For example, it means investing in companies that don’t deal in the arms trade, or don’t have tobacco or genetically modified crops.’ Although a social enterprise could be an ethical investment, social enterprises really are where profits are re-invested back in the company – it’s not for private gain. ‘Good examples are the Big Issue and Jamie Oliver’s Fifteen,’ Kershaw reveals. ‘There is a difference between social enterprise and ethical investments, but the overlap is huge. The Body Shop, for example, was a publicly-listed company and was providing great social benefit, but people investing in it were really making an ethical investment.’ Kershaw is keen to point out that BII’s social enterprise investment fund is structured as a business – not a charity. ‘There are a whole number of venture capital and investment funds that are about maximisation of profit – even if they will do that in an ethical way. At the other extreme there are a whole load of charitable trusts, which will invest in social enterprises, but in a charitable way. We have the passion to transform society from that charitable sector, with the business nous of the maximisation of profits.’ He describes this as a new asset class, which will give a financial return while giving you a social impact: so it’s neither maximisation nor charity. ‘We are calling the asset class ‘INVERSE’ – Investment Return Social Enterprise: which really attracts the pioneers.’ Kershaw is not alone in his passion for alternatives to traditional investment models. According to The Times newspaper, ethical banking and investment is ‘booming’ in Britain. It reported that figures released by UKSIF (the sustainable investment and finance association) showed its members’ ethical investment funds had grown consecutively for the 14 months between February 2008 and May 2009. UKSIF’s Penny Shepherd believes these figures add weight to the argument that green and ethical investors are ‘sticky’. She elaborates: ‘They are typically long-term investors who look beyond short-term market fluctuations and want to benefit from sustainable wealth creation.’ It is not just the way in which financial institutions are investing that has changed; for many, they are completely rethinking the way they do business. ‘Sustainability’ is a buzzword among some of the biggest players in the financial world. For example, banking powerhouse, HSBC, describes on its website the company’s commitment to sustainability, considering environmental and social risks. It adds: ‘We have also adopted the Equator Principles, a common set of voluntary guidelines to help financial institutions and their clients to address sustainability risks.’ Professor Malcolm McIntosh, who runs an MA in Sustainable Enterprise at Coventry University, has worked in the field of sustainable enterprise for the past 20 years. His extensive CV includes advising governments, and consulting large companies. He was also a special adviser to the United Nations SecretaryGeneral’s office. He argues that we are at the ‘Fourth Revolution’. He explains: ‘The first revolution was agricultural, then

industrialisation, and then we had the information revolution of the past 20 years. And now the fourth revolution is sustainability – that means learning to live within the carrying capacity of the planet.’ He reveals this requires all of us to make fundamental changes and ‘focus on wellbeing and living on this planet. He says: ‘We must use what we have on this planet rather than “borrowing from the future”, which is what we have done for the last 200 years of industrialisation.’ For McIntosh, sustainable economy means thinking about the ‘cradle to grave’ life cycles of products. ‘We live in a relatively sealed system on planet earth, nothing disappears it just comes back to bite us. This means there are enormous opportunities and challenges for businesses, and business therefore needs people who can work in that area.’ Graduates need to 'be able to make relationships with people who don’t necessarily work in the same areas as themselves, so they can build teams and produce new products and services.’ He advises those wanting to be entrepreneurs that there is a lot of demand for completely new products, or for existing products to be more environmentally sustainable. He suggests this new crop of entrepreneurs needs ‘lots of energy and the right education’. Whether you want to be an entrepreneur, or part of a global financial institution, the opportunities to work in an ethical way are plentiful. Positions are available at the Co-Operative Group, Triodos Bank, as well as numerous charities. There are also internship prospects at many financial organisations. Nigel Kershaw says: ‘We would love to be working with those people who have the passion to be pioneers. You can get great satisfaction knowing that you're dismantling poverty using your business skills.’

BII Internship/Volunteer Positions Big Issue Invest (BII) is currently seeking three interns or volunteers to assist its management team during a dynamic period of growth and development. Profiles of the three positions are detailed on our website. Interested candidates should send their CV and a brief letter of interest to Director of Development, Sarah Forster, at sarah@bigissueinvest.co.uk. Ideally candidates should be available to work at least 15-20 hours a week. The three positions are as follows: CEO Executive Assistant (reporting directly to Nigel Kershaw, CEO) Financial Analyst (reporting to Ed Siegel, Director of Investments) Social Return on Investment (reporting to Sarah Forster) This is a fantastic opportunity for anyone wanting to get a foot in the door of the world of banking and finance!

FuRther reading If this article has piqued your interest in ethical business matters, then why not read the book ‘Globalisation Laid Bare’. Introduced by Sir Richard Branson, it contains articles from leading business people and economists on the problems – and solutions – of globalistion. It reveals how businesses can be both ethical and successful. The book poses the questions: ‘What is the ethical stance that the world should take on globalisation?’ and ‘How are lives and businesses influenced through international trade when ideas, goods and funding are adopted by other cultures?’ Expert contributors include former Federal Reserve chairman Alan Greenspan, and Goldman Sachs’ Jim O’Neill. ‘Globalisation Laid Bare’ is published by Gibson Square and retails at £12.99.

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ethical finance | case study

Abigail Lawrence Degree: BBA (Hons) Management at Lancaster University, qualified with First Class Honours. The degree is a four year undergraduate MBA with a year spent working in industry. Job: Projects Officer at The Cooperative Group What do you actually do? I’m on the management development graduate programme at The Co-operative. For the first year I’ve been undertaking several four month projects and I’m currently in my third. My first project was in Corporate HR, designing and building a careers website. My second was working in Food Retail Marketing on a Somerfield Integration project, and now I’m currently working in Membership Marketing managing several direct mail campaigns and supporting the development of the department’s strategy for next year. In a few months I’m due to undertake a six month role, before applying for a permanent position when the scheme finishes. Why did you decide to go into this sector? The Co-operative’s graduate scheme appealed for the sheer diversity in the number of businesses the Group has. You can work in anything from Travel to Funerals, Food to Legal Services. We are, of course, predominantly a food retailer and I had previously worked for one of the ‘Big Four’ grocery retailers since I was 16, including doing my placement year as a manager in a large supermarket, so I’ve a fair bit of experience in this area. I love the buzz and fast-paced nature of retailing - you have to keep up with the market and this means constant change and development, which I find really exciting. When applying for the position, how important was the company’s ethics? When I decided to apply for graduate schemes a year after I left university I chose very carefully. In fact, I only applied for two schemes as I decided I only wanted to apply to ethically sound companies. My first job after graduating was working in a company where the ethics were sometimes questionable and it really made me think about what was important to me, and helped to cement my values and principles. I realised that you spend such a huge proportion of your life working that it’s crucial that you’re able to sleep at night. I take huge satisfaction from knowing that I’m doing work that is good for everyone and isn’t exploiting anyone in anyway. And now I sleep much more soundly! How has the public’s perception changed of ethical companies over the past few years? I think the way people view ethical companies has changed a lot in recent years. Before the credit crunch hit, many

‘

I take huge satisfaction from knowing that I'm doing work that is good for everyone and isn't exploiting anyone in any way.

’

companies were starting to jump on the CSR (Corporate Social Responsibility) bandwagon as it was becoming increasingly fashionable to be seen to be ethical or “green”. The difference with companies like the one I work for is that they were founded on ethical principles, so it’s always been a core part of the way they do business - it’s not just an add-on. And the public want to do business with organisations they can trust to be responsible and know that their money is being invested in good causes rather than just lining shareholders’ pockets. What do you like most about you do and are there any downsides? I love working on projects - so much so that I recently took a professional qualification in project management. I get bored very easily and thrive on variety, so a graduate scheme where I get to move around a lot is perfect for me. Eventually I will have to settle down a bit more, but ideally I’d like to stay in

project management so that I can continue to work on a range of different business activities with a diverse range of people. The only downsides to doing four month projects in different businesses has been by the end of four months you really feel part of the team you’ve been working with, which makes it hard to leave and move on. But I always make sure I keep in touch with people I’ve worked with before – it’s great for growing your network and keeping up to date with what’s happening in the different businesses. Would you undertake further training to further your career? The graduate scheme actually gives you a development budget to use as you choose – I used most of mine on a Prince2 project management training course earlier this year. You’re also sponsored to undertake a professional qualification if you wish to, and I am currently considering doing a qualification with CIM (Chartered Institute of Marketing). What would be your best piece of advice for graduates wishing to come into this sector? Be passionate about what you want to do, and do your research! It’s no good showing up for an interview knowing nothing about the company. Research the values and principles of the organisation; understand their history, their customer proposition and the markets they operate in. Also, it’s important not to be entirely financially motivated if you want to work for an ethical organisation. n

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The Language of Business

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finance | postgraduate study

Many graduates will not have heard of postgrad professional qualifications, but studying at postgrad level can lead to hands-on experience in business, making those all important contacts, and even a pay rise. By Helen Knapman.

or graduates who have studied finance based degrees there are three main options for postgraduate study. The first is to study full-time for one year to gain a masters degree through the route of a taught course. Taught courses include the increasingly popular, but expensive, MBA in business (which can cost anything from £5,000 to £31,500 in tuition fees alone). Some universities are now offering part-time MBA programmes that take approximately three years to complete. The second path is to do a three to four year research programme to get a doctorate, which can also be achieved through collaborative industrial sponsors, and is also popular with those in the finance sector. The final method of postgraduate study is to gain professional qualifications. Professional qualifications, (some of which lead to chartered status) are one of the best ways to get ahead of the game and prove your commitment and flexibility to employers. A number of the qualifications also count towards your Continuing Professional Development (CPD). Many are gained by studying part-time while working for an employer which, although hard work, means you can get the best of both worlds as you become highly skilled in business management while gaining real experience of an actual job. Once they are a member of a professional body, graduates can network with companies, further increasing their experience while also building up their professional contacts. Funding for these types of qualifications does exist in the form

of grants, bursaries and scholarships from Trusts related to the profession, while some employers will sponsor employees through postgraduate study, seeing it as a good investment for the future of the company. However, undertaking these qualifications is often viewed as an ‘up front’ investment that students need to make to advance in their chosen careers, with clear long-term professional and financial benefits. In fact, most MBA recruiters will offer a ‘sign on’ bonus of up to £13,000 for those who have a MBA and you should receive payback on fees within two or three years. There is an estimated lifetime economic benefit of £152,000 associated with holding professional qualifications and being a member of a professional institute, according to a report carried out on behalf of the Consultative Committee for Professional Management Organisations. This shows why postgraduate study is such a smart option. However, do make sure the qualifications that you wish to undertake are recognised in other countries if you wish to work abroad in the future.

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postgraduate | case studies

industry. Keeping abreast of changes in the market, as well as regulatory updates, is of paramount importance. What do you like most about what you do? I really enjoy the client contact and also the in-depth research into companies and markets where we are considering investment. What do you think are the most important skills/strengths you need to make a success of what you do? You really have to be a people person, because client relationships are very important. What are your career aspirations? I am looking forward to being fully qualified and eventually having my own portfolio of clients.

Carmen Baylis Degrees: BA (Hons) Economics, Newcastle Business School, Northumbria University; MA in Global Financial Management, Newcastle Business School, Northumbria University Job: Trainee Investment Manager, Brewin Dolphin, Newcastle How did you find out about your particular course? After studying for my undergraduate degree at Northumbria University, I looked into the postgraduate opportunities available at the university and came across their specialist Masters programmes. What interested you in the course? The specialist nature of the Masters allowed me to focus my study after the completion of my Economics degree. The course was comprehensive enough to give a broad base of understanding in the field of finance, while providing a depth of knowledge not offered by more general courses.

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The specialist nature of the masters allowed me to focus my study.

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What do you actually do? I am a Trainee Investment Manager in the Newcastle offices of Brewin Dolphin where I assist in the management of advisory and discretionary private client portfolios. Would you undertake further training to progress your career? I am currently completing the SII Masters in Wealth Management programme and hope to have finished formal training by the end of this year. Continual professional development is very important, particularly in this dynamic

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Believe it or not audit is not as boring as many people make it out to be and is a very good starting point for a career in finance. Simon Wallis

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Degree: Accounting & Financial Management, Sheffield University Job: Senior Associate, Banking & Securities Audit, Deloitte, studying for ACA What it is you actually do? I am a second year graduate on a training contract within Deloitte. We, as a department, audit the accounts of various entities within the Financial Services Sector, whether they are large Investment Banks, Stockbrokers or Private Equity Houses. In relation to what I do, it depends on the nature of the job. If I am on a large client I will be assigned a certain area of the business to audit such as Options, or Equity Derivatives. On smaller clients, I have been given the responsibility to do most of the job on my own, because usually the audit work is a lot less complex.

What do you like most about you do and are there any downsides? I like the fact that you get to meet different people and work in different environments. I am hardly ever in the office so it isn’t monotonous like many other jobs can be. To every job there are obviously going to be downsides, in the winter months there can be long hours as this is when the majority of audits are completed. There are also a lot of professional exams to take (15 in total for the ACA Qualification), however if you do the homework that is set in college, there should be no problems passing. What do you think are the most important skills/strengths you need to make a success of what you do? The skills that are vital are to have strong interpersonal skills and to be able to function well in a very team-orientated atmosphere. You don’t need to be a rocket scientist and many of the other skills you will learn on the job help, as does everyone else on the team. What would be your best piece of advice for graduates wishing to come into this sector? I would advise graduates that it is really important to read around the subject; when you open a newspaper don’t just read the sport section. There are other things going on apart from the rise of Manchester City. When I first started at Deloitte we were given a book called “All you need to know about the City”, this helped me to see that behind the jargon a lot of the financial products and phrases are common sense. Is there anything else you would like to add? Audit is not as boring as many people make it out to be and is a good starting point for a career in finance.

Why did you decide to go into this sector? I went into this sector because like most graduates I wasn’t 100 per cent sure about what I wanted to do and I thought Deloitte would be a good place to start my career. My dad’s company was also audited by Deloitte, so I was familiar with the name.

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postgraduate | case studies

examples taken from the current market situation. It is also different in that we are exposed to a great business network with many companies coming to the campus for presentations and recruitment. Finally, we have individual career coaching with practitioners from various industry sectors. Were you always interested in studying in a foreign country? Yes, even when I was doing my M.A. in Switzerland I was considering moving to England half way through my course to complete it there. It was mainly cost reasons as well as the then incompatibility between the different European university systems that I did not do it. Ever since it has been an ambition of mine to return to university and study a business degree in a world class business school such as Cass. How did you find out about this particular course? I used various sources such as the Financial Times rankings, internet research and by talking to different people in the business and academic world. What difficulties have you encountered being away from your homeland? Living in London without an income is quite difficult and a huge change from my previous life in Zurich with a good income. I have not encountered any major difficulties being away from Switzerland so far.

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The mix of students here is very international and we are exposed to a great business network with many companies coming to the campus for presentations and recruitment. Ursula Baumann Degree: M.A. in Politics, Economics and International Law at the University of Zurich, Switzerland Currently studying for an MBA at Cass Business School in London, UK Did you come into postgrad study straight from being an undergraduate? No, I graduated from my M.A. in 2004 and worked afterwards for four years in two full-time positions: From 2004 -2005, after graduating, I worked as a Policy Advisor for the Swiss State Secretariat for Education and Research (www.sbf.admin.ch ) in Bern; between 2006 and 2008, before starting the MBA at Cass, I worked for two and a half years as a Business Consultant for Osec (www.osec.ch) in Zurich.

Why did you decide to continue your studies in Britain? I wanted to do an MBA at one of the top European business schools in a highly international environment. Furthermore, I looked specifically for a very practiceorientated one year programme. That’s why I narrowed down my choices to a few renowned business schools in London. How did you fund your postgrad study? I self-funded my postgraduate studies. A scholarship from Cass contributed towards paying my fees. How was it different to undergraduate study in your own country? It is different in that the classes are taught in English (the studies in Zurich were in German), the mix of students is very international (our cohort has 80 students and 30 nationalities) and the focus is very much on group work and practical

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Are you considering returning home to work in the future? Yes, I am considering returning to Zurich in a couple of years to find a good job in an international company, potentially within business consulting. However, I am also open to looking at my options in the UK and elsewhere in the world. What do you think are the most important skills/strengths you need to make a success of being in a foreign country? You need to be open, flexible, sociable and respect other people and cultures. A high degree of independence and a good sense of humor certainly make life easier too. Finally, speaking the language of the country and having a good understanding of the culture, political and economic situation is useful too as it helps you to understand the environment you are living in.

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postgraduate | case studies

economics and finance dovetail. I now have strong confidence in what I can do and in what I can offer establishments. I am also now equipped to give some interesting business plans a good shot. How can I forget the international network of friends I have made here? It has been a superb decision for me to study at Nottingham Business School. Plans for the future? With the professional skills I have acquired at Nottingham Business school and the opportunity of work placement it has offered, I intend to lead a world class financial consulting firm in the future. Financial planning and intelligence is the pillar of any successful corporation and economy. The world has greater need for professionals like me now more than ever before, especially in the face of global economic recession. While thinking of leading such international corporations, I hope to go a step further with my academic quest at a PhD level.

Tesilimi Oladimeji Yusuf Degree: Economics and Finance MSc, Nottingham Business School What have you enjoyed most about the course so far? The delivery of the course and the way the lecturers simplify each module of the course is quite amazing. It is quite informative and enlightening to know in depth the economic and financial challenges of companies and governments. I also enjoy the fact that I have to do a lot of independent learning and prepare several reports. What have you learned? My undergraduate background is in computing and I have acquired further analytical and numerical skills via my MSc. I now understand financial forecasting and am deeply rooted in research and economic modelling. I have also been taught how to apply this in the real world. I have found my writing and presentation skills have also been sharpened considerably. How have you found the support from tutors and learning resources? My lecturers are simply fantastic. They are professional in their teaching approach, and they have real life experiences, while their wealth of knowledge has been advantageous to my learning process. They seem to know everything and are always willing to encourage you. They have also exposed me to real world reality and how to be competitive in the labour market. How has your experience at Nottingham Business School influenced your future career path? My investment in further studies here is really one of the best decisions I have made in my life. Now, I look forward to a career in financial prognosis in which the skills from my computing background and what I have learned during my Masters degree in

Polina Dimova Degree: Bachelor Degree in Business Management from the University of Westminster in London. I have also obtained a Masters Degree in International Commercial Law from the same university. Job: Treasury Specialist, Nationwide Can you give your work title and what it is you actually do? I joined Nationwide as part of the Nationwide Management Development Programme. The two-year Treasury Graduate Programme has four placements: Back Office, Middle Office, External Placement and Front Office. The main functions of the Treasury Division include Liquidity & Cash Flow Control, Capital Raising & Management, and Portfolio Management. During my first placement I was based in the Back Office. I was responsible for a great variety of jobs including trade confirmations, bank reconciliations, payments release, authorisation of

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With the professional skills I have acquired I intend to lead a world class financial consulting firm in the future.

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bonds, FX trades and futures. I am now on my second placement in the Middle Office, where I am based in Financial Modelling. We are responsible for the design, construction and testing of all Treasury Models, with the aim to manage, analyse and minimise risk on a higher level. I am also engaged in the construction of the Modelling Team Intranet Site as well as the development of a Modelling Data Dictionary. The other parts of the Middle Office include Market, Credit and Operational Risk. My External Placement will be with Treasury Finance, part of Group Finance, and I will be in the field of Structured Finance Products Accounting. My last placement will be with the Front Office, which is divided into Structured Finance and Treasury Markets. I will be based in Treasury Markets, which comprises Funding, Liquidity and Derivatives. The other part of the Front Office is Structured Finance, which includes Asset Backed Securities, structured credit transactions and investments in private equity funds. Why did you decide to go into this sector? The financial industry is constantly challenged to respond to the evolution of business in terms of meeting new opportunities, for example emerging markets and technological advances, and in terms of undertaking continuous financial innovation to meet the changing demands of the modern business world. I wanted to be part of that process of thorough change and development and I chose Nationwide because it is unique in terms of its business model and culture. I believe that Nationwide offers an excellent opportunity for all its employees to put their theoretical knowledge into practice and everyone is encouraged to contribute to the business’s success. Would you undertake further training to further your career? Currently I am studying towards two Professional Qualifications at the same time - the Chartered Financial Analyst (CFA) Designation and the Association of Chartered Certified Accountants (ACCA) Professional Qualification.

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ALTERNATIVE FINANCIAL JOBS | case studies

tables in various financial papers. I decided to take this particular course due to its managerial focus. It was aimed at training us to become leaders one day and the advantage was that I gained an overview of most business-related areas. For example accounting, statistics, corporate finance, logistics, financial mathematics. The course was intense from the beginning to the end, but I especially learned to appreciate this when I started applying for jobs as I felt very well prepared and confident in my interviews.

Sandra Slastanova Degree: Finance, CASS Business School, Business Management Job: Financial Sales / Analytics, Bloomberg What do you actually do? Bloomberg is a financial information provider. Our customers include banks, investment banks, hedge funds, asset and portfolio managers and other financial institutions and organisations. We currently have 350,000 users around the world. The Bloomberg system is based on functions and at the moment there are over 40,000 functions that can be run on the Bloomberg terminal, so our clients frequently require assistance with finding the information they are looking for. They can do this by raising an Instant Bloomberg chat with our Analytics department. This way they will be connected in real time with a representative, such as me, who will research their query and find the answer for them in a short period of time. Questions can vary from something as simple as “Where do I find the price of gold?” to something more complicated such as “Please help me with pricing an interest rate swap deal where I swapped fixed rate of 4.25% for Libor plus 50 basis points”. Why did you decide to go into this sector? Since I was about 15 I knew that I wanted to work in a fast-paced and exciting environment. While in high school I decided to study Management at university as I found that it suited my liking for a dynamic environment as well as my personality and skills. I have always liked challenges and I felt that combining Management and Finance would give me the opportunity to use my potential and keep on constantly learning and developing while being challenged. What is great about Bloomberg is the fact that one’s effort is very much appreciated and its merit-based system means that there are no limits to the speed of progression. How did you find out about this job? I found out about Cass Business School and its Business Management course through ranking

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I see studying for professional qualifications as a necessary extension to learning on the job.

Niall Moten

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Degree: MEng in Mechanical Engineering, University of Bristol Job: Graduate Trainee – Lloyd’s of London Graduate Programme As part of the Lloyd’s Graduate programme I undertake three 6 months placements in a variety of roles across both Lloyd’s and the market. Lloyd’s is not actually an insurance company, it is a partially mutualised market where members of Lloyd’s join together as syndicates to insure risks. I am currently on my second placement, which is a secondment to a Managing Agent in the Lloyd’s market. Here, I get to work at the front line of the business working closely with underwriters who write the insurance. Along with assisting underwriters in the trading sessions in the market, I am also involved in the development of rating models, which are used in the pricing of risks and in deciding the appropriate premiums. Why did you decide to go into this sector? What attracted me to this sector is the diverse scope that the insurance market covers and the important role it plays across all sectors of the economy. Just looking at today’s newspapers highlights a number of events that have underlying insurance relations, whether that be Florida hurricanes, piracy off the coast of Africa or aviation disasters. This wide scoping reach coupled with a varied range of different career opportunities made this sector seem an exciting career path. How did you find out about your particular course? I found out mainly

through my university careers service and graduate careers sites, which led me to the Lloyd’s graduate website, www. lloyds.com/graduates. There was plenty of information available such as case studies and graduate blogs to find out more about the scheme being offered and what sorts of things I could be getting involved in should I join. Would you undertake further training to further your career? Yes – I currently am. I see further training and studying for professional qualifications as a necessary extension to learning on the job as it can enhance understanding of your role and add value to your CV as you develop your career. In the first six months of the graduate programme I have passed the Chartered Insurance Institute (CII) Certificate of Insurance and am currently studying for the CII Diploma level qualification. What do you like most about what you do? The hustle and bustle of the Underwriting Room in the Lloyd’s building is a really exciting part of my day. Seeing first hand the risks that are being written and interacting with the brokers in the trading sessions gives a real insight into the demand for insurance and the needs of clients across a variety of industries. Completing projects that add value to the business gives great job satisfaction. Are there any downsides? The only minor downside is in insurance there tends to be a lot of terminology, abbreviations and acronyms that are specific to this sector. Understanding all this can be a bit overwhelming at first, but as you progress with the job it becomes like second nature to you. n

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