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London School of Business & Finance Presentation By Richard Smith Haskett Smith Consultancy 13 November 2012. Careers in Financial Services . The Bank Players. 1st Tier 2nd Tier Regional Examples Goldman Sachs Rothschild BTG Pactual Morgan Stanley RBS Religare
London School of Business & Finance Presentation By Richard Smith Haskett Smith Consultancy 13 November 2012
The Bank Players 1st Tier2nd TierRegional Examples Goldman Sachs Rothschild BTG Pactual Morgan Stanley RBS Religare Credit Suisse HSBC Renaissance UBS Greenhill Mediobanca JPMorgan Chase Macquarie Nordea BoA/Merrill BNP Paribas Santander Citigroup SocGen BPI Barclays Capital Lazard Troika Deutsche
Boutiques & other niches Sectorised Examples • - Africa: Actis, CDC Group, Emerging Capital Ptnrs, Aureos,African Century ,Helios Investment partners • Renewables: Augusta ,Brockton Capital , Index Ventures , Osmosis • Media: Ingenious, Longacre • AM: Putnam Lovell, Noble, Stonehage, General Examples Sagent, Broadpoint, Sand Spring, Capital, Moelis, Banca Leonardo,Centerview, Evercore, GleacherShacklock, Evolution, Freeman, Fenchurch, Perella Weinberg, Houlihan Lokey Problems: own research needed + no training or intake programmes means previous IB or relevant sector experience usually required
Broader financial services opportunities • Rating agencies: S & P, Moody’s, Fitch: good training + good for CV • Regulators e.g. FSA, Bank of England [scheme for non-UK],CSRC • Asset managers e.g. Schroders , Jupiter , Blackrock • Supranationals : World Bank,IFC,EBRD,EIB,ADB,IADB • Professional service firms : Big 4 Corporate Finance • PE/VC : Hard to access , usually via IB experience/sector knowledge • Private Wealth Management : growing area : many small banks/boutiques • Corporate finance & Treasury within Corporates: • - Shell 60 people in CF alone , Diageo, BP, P & G,GSK • Part of corporate hiring scheme/training , good HR support
Current Trends • - Emphasis on “flow” trading business as less ratings sensitive • CFO of MS : “reduced scope of structured derivatives business” • ECM 27% down YTD on 2011 but huge pipeline • Compensation 16% down , bonuses 31% down on 2011 • Regulatory overload e.g. Dodd-Frank [ 8834pages! ],Volcker , MIFID , Basel III Solvency II , Vickers , EBA • Hiring areas:global prime brokerage+ transaction services e.g. JPM/HSBC , Private banking/PWM , Risk , Compliance & Internal Credit Assessment , Alternative Investments for AMs , Emerging Market corporate debt , Latin America , Asia
Hiring Environment • Analyst entry hiring : still possible but must be very focused : many opportunities taken by interns : applications for 2013 start Nov/Dec • [ join an internship agency e.g inspiringinterns.com or instantimpactinterns.com ] • Associate hiring still restricted for IBs : primarily post-internship • Networking , application, preparation & interview technique all need to be really sharp because of competitive environment
Job Prospects • Package (London investment banks only): • Median salary Analyst : £ 45/50K , Associate : 60 – 70K • Sign on bonus: Analyst : £5K , Associate : £ 15/20 K • Good benefits package + high % of stock as bonus
Job Prospects Hours/Lifestyle:“If you need to ask………..” Examples only!! Trading: intensive 06.30 to 18.30 . Also read “The Hour between Dog & Wolf ” by John Coates on psychology of traders Corporate Finance: Can be 24x7 but variable Asset Management/Risk/Credit: “Normal” 08.30 to 19.00
Job Prospects • Travel + Career Development • Travel not guaranteed: as required for each job • May be training courses at HQ/Regional Centres • Opportunities always arising to move but employers less pro-active • than e.g. big corporates • Usually a 2 year initial programme involving rotations • - After 2 years: use networking/awareness or employer- • driven opportunities to extend opportunities
Required Skills & Qualifications • The Right Attitude !! • Positive • Energetic • Team orientated • Questioning [be prepared to have an “argument” at interview! ] • Your cover letter/application MUST convey a “sense of direction & purpose, showing how your previous career + LSBF means you are right for their job. • At interview you MUST show close interest in the employer’s business world, hence preparation is crucial • Preparation = motivation
Career Switching • - Avoid “triple jumping” – it rarely works !! • Need to really focus on areas within Financial Services after reviewing target institutions and attending presentations, so as to narrow down research needed • If no obvious background or maths skills, internships in banks with larger hiring programmes ideal if possible • - If you have IB background or specific sector background e.g.telecoms , use knowledge and networking to pick up also on “rifle shot” hiring , where there is a premium on specific experience
Successful Resume/Cover Letter • - 1 page , dates on left , education,experience, additional , font 10 • Bullet points maximum 2 lines , quantify wherever possible • Emphasise generic skills - not just what you did • Place “hooks” in your CV to emphasise your particular strong points , brand names : • Objective : to generate questions • Mention, if appropriate, electives taken , dissertation topics relating to job sought , any scholarships ,CFA Levels • Maximise any finance-related parts of previous career • Specifically mention team building and managerial skills • Cover letter “tells a short story” that pulls it together in 300/350 words , second para “linking” you to that specific employer
Job Search Resources • - League tables of banks in different sectors in: Institutional Investor, Euromoney, Business Week, FT • Use Investment Bank websites: drill down thoroughly • Presentations: go to as many as possible: actively use drinks period to “work the room” to talk to the right people: banks use these to short list for interview • Network ruthlessly - “Friends of friends”, use LinkedIn • efinancialcareers + efinancialnews for information • www.vault.com,www.wetfeet.com,www.jobsinthemoney.com • PE/VC/boutiques - always difficult but follow Press articles for deals plus: bvca.com, evca.com, www.altassets.net • Read: Economist, FT, check appointments pages for jobs & search firms • FSA: fsa.gov.uk , visas : try FirstContact