The City - how to get in?!
Discussion
Morning All,
(Firstly I have been a member of these forums for a couple of years but my original name would make it relatively easy for colleague to identify me so I have set up a new name - I hope this is ok)
I understand there are a lot of members of this forum who work, have worked or have contacts in The City, along with recruitment consultants and so on. I'd like to tap into this to get some advice and general thoughts.
I graduated from university in June 2009, when cuts were in full swing and so ended up looking away from the Square Mile, the plan being to get some experience and return when employment had picked up.
I have always been fascinated by the City (probably started by reading the Alex satire in the Daily Telegraph at a young age) and it's work very hard, with the best, become the best appeals to me - I have a hatred of the thought of 'that'll do', especially at my age and want to push on and the City offers an environment to do that.
I ended up getting onto a 'Finance Graduate Scheme' with a very large company, which I wasn't initially sold on, but was convinced by various spiel that they were the company to go for. They also offered a rather excellent training contract for the CIMA qualification, which I thought would offer me a skill/ trade and may be valuable in the future.
After working for this organisation for just over 12 months, my desire to work in the City hasn't diminished, if anything it has increased. The employer hasn't lived up to expectations as a company to work for and I am disinterested in the field of work they are involved in, however due to some internal issues I have been given responsibility and experience that I wouldn't possibly have had in a more corporate company so it has been good experience.
I have been looking for the last few weeks at employment opportunities in the Citynand understand it will be very competitive (as alqays) and so was hopeful for some advice on how best to get a position? Should I apply for graduate schemes? Use recruitment agencies - if so any recommendations? Scour the employment websites - recommendations?
Also whilst I do enjoy studying and can see the value in the CIMA qualification, is this thought highly of in the City? Financial Services?
I also find backroom finance quite frustrating in that a lot of pure finance roles are reporting, managing other peoples decisions, whereas I find being the person bringing in the business, deals, dealing with clients and so on much more rewarding - I guess I want to be shaping the performance not just reporting on it. Will the CIMA qualification restrict me to the primarily reporting roles?
I understand this is a lengthy post, but I am just after advice one where to start and to get the thoughts of people with much more knowledge than myself.
Thanks
Thomas.
(Firstly I have been a member of these forums for a couple of years but my original name would make it relatively easy for colleague to identify me so I have set up a new name - I hope this is ok)
I understand there are a lot of members of this forum who work, have worked or have contacts in The City, along with recruitment consultants and so on. I'd like to tap into this to get some advice and general thoughts.
I graduated from university in June 2009, when cuts were in full swing and so ended up looking away from the Square Mile, the plan being to get some experience and return when employment had picked up.
I have always been fascinated by the City (probably started by reading the Alex satire in the Daily Telegraph at a young age) and it's work very hard, with the best, become the best appeals to me - I have a hatred of the thought of 'that'll do', especially at my age and want to push on and the City offers an environment to do that.
I ended up getting onto a 'Finance Graduate Scheme' with a very large company, which I wasn't initially sold on, but was convinced by various spiel that they were the company to go for. They also offered a rather excellent training contract for the CIMA qualification, which I thought would offer me a skill/ trade and may be valuable in the future.
After working for this organisation for just over 12 months, my desire to work in the City hasn't diminished, if anything it has increased. The employer hasn't lived up to expectations as a company to work for and I am disinterested in the field of work they are involved in, however due to some internal issues I have been given responsibility and experience that I wouldn't possibly have had in a more corporate company so it has been good experience.
I have been looking for the last few weeks at employment opportunities in the Citynand understand it will be very competitive (as alqays) and so was hopeful for some advice on how best to get a position? Should I apply for graduate schemes? Use recruitment agencies - if so any recommendations? Scour the employment websites - recommendations?
Also whilst I do enjoy studying and can see the value in the CIMA qualification, is this thought highly of in the City? Financial Services?
I also find backroom finance quite frustrating in that a lot of pure finance roles are reporting, managing other peoples decisions, whereas I find being the person bringing in the business, deals, dealing with clients and so on much more rewarding - I guess I want to be shaping the performance not just reporting on it. Will the CIMA qualification restrict me to the primarily reporting roles?
I understand this is a lengthy post, but I am just after advice one where to start and to get the thoughts of people with much more knowledge than myself.
Thanks
Thomas.
Being in a similar situation to you, I love the idea of working for one of the big banks in a trading/analyst role however I'm not too sure it's for me and that I have enough knowledge although I do have a decent degree from a decent uni and a keen interest, I'm sure there's probably better out there who also have contacts for many of the jobs that I would be applying for so I think I'd probably waste my time applying for them. From what I've heard, it's a very 'who you know' industry. I think your best bet is to apply via graduate schemes if this is the route you want to take (I'm not sure many of them use recruitment companies because they don't need to advertise their roles very much, they get lots of applicants). I've been pointed towards the studentroom threads, there are LOTS of people on that who are applying for trading roles just for the money and so a lot of information regarding applications and interviews etc. Good luck with it, I'm sticking to the finance/business roles for now though I think, with a view to possibly moving a few years after into banks if my urge is still there.
Good luck!
Good luck!
To those wanting into the trader role I suggest you look up Support roles for the desk and then work your ass off...
This will mean 2-3 years on not good money working all the hours god sends to do all the jobs the Desk admins and desk head dont want to do and helping them out when they cant figure out why the PnL for stock A is different from the Risk system.
After the 2-3 years you should gain enough experience to try and hop up to the desk admin role and go be a trader... I have known 4 people do this and are now classed as traders.
This will mean 2-3 years on not good money working all the hours god sends to do all the jobs the Desk admins and desk head dont want to do and helping them out when they cant figure out why the PnL for stock A is different from the Risk system.
After the 2-3 years you should gain enough experience to try and hop up to the desk admin role and go be a trader... I have known 4 people do this and are now classed as traders.
At the moment I'm fairly open in terms of roles as I know that to get in is very competitive and any experience would be worth getting as a foot in the door. Hard work doesn't faze me.
I guess the obvious roles for me to go for would be Analyst/ Accountant as that's what I have the most experience in but I'm not sure if this will give me the chance to actually be involved in impacting performance/ winning business/ being in commercial kind of roles rather than stuck in the back room reporting on other peoples work?
Or is it possible to go in as an Analyst/ Accountant and then as you move up get into the good bits?
Is CIMA liked in Investment Banking? VC? etc?
Dupont, thanks - I'll look into it.
I guess the obvious roles for me to go for would be Analyst/ Accountant as that's what I have the most experience in but I'm not sure if this will give me the chance to actually be involved in impacting performance/ winning business/ being in commercial kind of roles rather than stuck in the back room reporting on other peoples work?
Or is it possible to go in as an Analyst/ Accountant and then as you move up get into the good bits?
Is CIMA liked in Investment Banking? VC? etc?
Dupont, thanks - I'll look into it.
TomEW said:
At the moment I'm fairly open in terms of roles as I know that to get in is very competitive and any experience would be worth getting as a foot in the door. Hard work doesn't faze me.
I guess the obvious roles for me to go for would be Analyst/ Accountant as that's what I have the most experience in but I'm not sure if this will give me the chance to actually be involved in impacting performance/ winning business/ being in commercial kind of roles rather than stuck in the back room reporting on other peoples work?
Or is it possible to go in as an Analyst/ Accountant and then as you move up get into the good bits?
Is CIMA liked in Investment Banking? VC? etc?
Dupont, thanks - I'll look into it.
Anaylst roles are sometime more who you know rather than what you know which is a shame, but keep plugging and look up this:I guess the obvious roles for me to go for would be Analyst/ Accountant as that's what I have the most experience in but I'm not sure if this will give me the chance to actually be involved in impacting performance/ winning business/ being in commercial kind of roles rather than stuck in the back room reporting on other peoples work?
Or is it possible to go in as an Analyst/ Accountant and then as you move up get into the good bits?
Is CIMA liked in Investment Banking? VC? etc?
Dupont, thanks - I'll look into it.
http://www.efinancialcareers.com/searchResults.cfm
and others (type in Graduate in London/UK)
ShadownINja said:
blueg33 said:
Talking to a very senior banker last week, and he said that they really like Physics graduates with a 1st and pref a masters
Why's that then? (As opposed to economics or maths, for instance.)AyBee said:
blueg33 said:
Talking to a very senior banker last week, and he said that they really like Physics graduates with a 1st and pref a masters
How about Engineering grads with a 2:1 Masters? 
edc said:
AyBee said:
blueg33 said:
Talking to a very senior banker last week, and he said that they really like Physics graduates with a 1st and pref a masters
How about Engineering grads with a 2:1 Masters? 
I did only start my job applications a few weeks ago though so I won't start to worry yet TomEW said:
Thanks again Dupont, have had a quick browse, will need to set aside a good evening or two to get through that site poperly!
What's the long term prospects like for an Analyst? CIMA qualified accountant/ analyst in the city?
To be honest it can be anything... depends if you can really hack it and what you want to go in as?What's the long term prospects like for an Analyst? CIMA qualified accountant/ analyst in the city?
Analyst for Hedge funds? you better have a good degree and some better contacts or work your way up as per before or not set the sights on an investment bank but a smaller fund group...
Why not look at the consultancies as a way in to get the experience?
It doesnt have to be full on Investment banks to get into them, it might take longer but its an easier route
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