Investment banks - back office role entry requirments???
Discussion
Hi,
I am professionally qualified in my field, But i am not a super duper education achiever. I have a desmond tutu, but have really grinded away building up experience in my relative career field.
Now i have a telephone invterview with one of the largest banks in the world for a back office analyst role...
I'm sitting here confused and wondering whether they are taking the mickey?
Or maybe i should MTFU and take the bull by the horns and see what's what?
I am professionally qualified in my field, But i am not a super duper education achiever. I have a desmond tutu, but have really grinded away building up experience in my relative career field.
Now i have a telephone invterview with one of the largest banks in the world for a back office analyst role...
I'm sitting here confused and wondering whether they are taking the mickey?
Or maybe i should MTFU and take the bull by the horns and see what's what?
Tyson1980 said:
I though the banks only went for 1st class grads etc....
That's why I'm confused!
Maybe for a trader or other front office role they would have the luxury to pick and choose between your three candidates who all have starred firsts from Oxbridge! But if your username is anything to go by, you're starting in a slightly different age bracket to most new grads and so your skills you've picked up working and the way that they percieve you to "fit" in with their culture will be more important. No idea which bank you're going for but GS, for example, don't stipulate a particular degree- got a friend who graduates in July with me who got offered a job in their ops department (similar to what you'll be doing?) and she said the hard bit is impressing them enough as a person and getting the offer in the first place- the degree result (as long as it's not ridiculous) doesn't matter so much!That's why I'm confused!
Plus, it's only a telephone interview- it doesn't cost them anything to do so they might as well give you the chance!
Tyson1980 said:
lazystudent said:
Not really sure what you're asking here matey! It's an interview, for a job. Are you qualified for it and if you get it will it improve your life? If so, go for it!?
I though the banks only went for 1st class grads etc....That's why I'm confused!
AyBee said:
You have experience on your side, grads don't - grab it by the horns and give it a whirl, you'll have lost nothing if it goes Pete Tong!
This. Do some homework on the bank, on the sector they want you analyze, and on how and why they've chosen to pick up on you. How did they find your CV? via an agency? Can they give you any pointers?
and its "ground" not "grinded" simple s
t like that may not make a difference on PH, but it could cost you a job. 
I'm not entirely sure what your question is, or why you're asking it.
It's a job, you've applied for it, and they want to interview you. It's quite simple really.
Some hiring managers care alot about qualifications, others really don't. In some Banks, HR departments set strict rules (which some departments are allowed to ignore) and in others, they don't.
Stop worrying about things that really, really don't matter.
It's a job, you've applied for it, and they want to interview you. It's quite simple really.
Some hiring managers care alot about qualifications, others really don't. In some Banks, HR departments set strict rules (which some departments are allowed to ignore) and in others, they don't.
Stop worrying about things that really, really don't matter.
omniflow said:
I'm not entirely sure what your question is, or why you're asking it.
It's a job, you've applied for it, and they want to interview you. It's quite simple really.
Some hiring managers care alot about qualifications, others really don't. In some Banks, HR departments set strict rules (which some departments are allowed to ignore) and in others, they don't.
Stop worrying about things that really, really don't matter.
IBs are a different case, though. He's asking because it's not really normal for a bulge bracket to offer a telephone interview to a candidate in his circumstances. Generally it's 21 years old, demonstrable proof of interest in the sector - spring weeks and an internship - and a 1st from a target uni (LSE, et al).It's a job, you've applied for it, and they want to interview you. It's quite simple really.
Some hiring managers care alot about qualifications, others really don't. In some Banks, HR departments set strict rules (which some departments are allowed to ignore) and in others, they don't.
Stop worrying about things that really, really don't matter.
OP, as said above, banks are interested in the candidate at interview stage. Generally because they pre-filter out based on the criteria above. With that in mind, focus on yourself. You'd be silly not to bring in your experience, though - it's what differentiates you from others.
I'd try to focus on yourself and your experience, then, and be guided by the interviewers. If they seem particularly interested in experience, go for the jugular. Be prepared to list examples of exactly why you're suitable for the role, and list in advance the similarities (because I hate the word synergies) between previous roles and the one you've applied for.
Doing the above has the wonderful benefit of assuring yourself that you're right for the role. Once you've achieved that, convincing the interviewers is as close to a formality as one could reasonably expect.
This is a little unorthodox, but you could try the investment banking section of www.studentroom.co.uk. I wouldn't post, just observe. It's full of 19 year old optimists and 25 year old 'wizened experts', but there are good peices of information amongst it all that show what IBs are looking for in candidates. Just remember you've experience on your side. That counts for more than you might think.
iphonedyou said:
This is a little unorthodox, but you could try the investment banking section of www.studentroom.co.uk. I wouldn't post, just observe. It's full of 19 year old optimists and 25 year old 'wizened experts', but there are good peices of information amongst it all that show what IBs are looking for in candidates. Just remember you've experience on your side. That counts for more than you might think.
Ahh, "The Kings" of the student room. Whatever you do, don't try and emulate them, just listen intently to their infinite wisdom..Seriously though, take anything you read on there with a hefty pinch of salt!
lazystudent said:
Ahh, "The Kings" of the student room. Whatever you do, don't try and emulate them, just listen intently to their infinite wisdom..
Seriously though, take anything you read on there with a hefty pinch of salt!
I know exactly what you mean, hence the warning at the beginning of my recommendation! Seriously though, take anything you read on there with a hefty pinch of salt!
There are a few genuinely helpful posters, though, and the stickies are useful. The vast, vast majority of all posters on TSR are, however, so far up their own arses it's unreal. Particularly in the IB section.
The endless stream of is "Is 40k a good salary?" threads make me laugh. Or cry - I can't be sure. Endless responses with "Er no. I went to university, and with my total lack of experience, am clearly worth - and shall duly receive - £40k immediately on graduating, to rise appreciably throughout my career."
I may be paraphrasing. But that's pretty close to reality.
I run a business that recruits into the financial services sector so I'm in a position to have an informed opinion.
My first thought is that I would be wary of going into a back office function within an investment bank. Although it can be a foot in the door as it were pretty much all of the big IBs have outsourced or are outsourcing their back office operations to Glasgow/Dublin/Poland/Manilla etc etc. In a nut shell, it isn't very future proof.
I would recommend that you try and get into a middle office position, ideally something that is client facing. The client facing roles will never leave the City so should give you more time to establish yourself.
What type of back office role do you have an interview for and what type of bank is it? (eg American/European etc?)
These days 90% of my business is within the buy-side, have you thought about looking at that?
Best of luck.
My first thought is that I would be wary of going into a back office function within an investment bank. Although it can be a foot in the door as it were pretty much all of the big IBs have outsourced or are outsourcing their back office operations to Glasgow/Dublin/Poland/Manilla etc etc. In a nut shell, it isn't very future proof.
I would recommend that you try and get into a middle office position, ideally something that is client facing. The client facing roles will never leave the City so should give you more time to establish yourself.
What type of back office role do you have an interview for and what type of bank is it? (eg American/European etc?)
These days 90% of my business is within the buy-side, have you thought about looking at that?
Best of luck.
NickHKent said:
I run a business that recruits into the financial services sector so I'm in a position to have an informed opinion.
My first thought is that I would be wary of going into a back office function within an investment bank. Although it can be a foot in the door as it were pretty much all of the big IBs have outsourced or are outsourcing their back office operations to Glasgow/Dublin/Poland/Manilla etc etc. In a nut shell, it isn't very future proof.
I would recommend that you try and get into a middle office position, ideally something that is client facing. The client facing roles will never leave the City so should give you more time to establish yourself.
What type of back office role do you have an interview for and what type of bank is it? (eg American/European etc?)
These days 90% of my business is within the buy-side, have you thought about looking at that?
Best of luck.
Thanks for the reply! In all honesty i do not know enough about IB. The role is a business partnering role - Whether this is front or back office i have no ideaMy first thought is that I would be wary of going into a back office function within an investment bank. Although it can be a foot in the door as it were pretty much all of the big IBs have outsourced or are outsourcing their back office operations to Glasgow/Dublin/Poland/Manilla etc etc. In a nut shell, it isn't very future proof.
I would recommend that you try and get into a middle office position, ideally something that is client facing. The client facing roles will never leave the City so should give you more time to establish yourself.
What type of back office role do you have an interview for and what type of bank is it? (eg American/European etc?)
These days 90% of my business is within the buy-side, have you thought about looking at that?
Best of luck.
I am a qualified ACMA (CIMA qualified)...
I was informed of their interest when i was approached out of the blue by a recruiter.
iphonedyou said:
IBs are a different case, though.
But they're not though. My post is based on 20 years experience of working for said Investment Banks, and being a Hiring Manager for many of them.Graduate entry is one thing, and that's a whole different ball game. However, once you get some experience under your belt, it's all about showing that extra spark. Some of my best hires were people with absolutely zero Investment Banking experience, and no degree either.
Don't worry about pigeonholes, focus on coming across as "someone who can".
"Business Partner" type roles are fairly safe. They do wax and wane depending on management mood swings, but they're generally valued.
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