2006 Finance Special

SELL YOUR SKILLS

WHAT EMPLOYERS REALLY WANT

FROM YOU

APPLY HERE PERFECT ANSWERS TO

TOUGH QUESTIONS

NUMBERSGAMEEVERYTHING YOU NEED TO KNOW TO GET A GREAT JOB

NUMBERSGAMEGAME

THE

CLICK HERE FORINDEX OF

RECRUITERS AND COURSES

GUIDE TO CITY&FINANCE

GRADUATE ADVICE & JOBS

2006-2007 / FREE TO STUDENTSWWW.REALWORLDMAGAZINE.COM

REALW.RW1.D-COVER.indd 1 20/10/06 17:41:44

Everything you could ask for and a whole lot more. That’s what wehave to offer at PricewaterhouseCoopers. The broadest array ofwork. The highest profile clients. The best training. It’s all there forthe taking. What’s more, all we ask for in return is at least 280UCAS points or equivalent and a 2.1 in any degree discipline. We’rethe one firm for all demanding graduates.

www.pwc.com/uk/careers/

GraduateOpportunitiesNationwide 2007

AssuranceTaxAdvisoryActuarialStrategy

We are an equalopportunities employer.

© 2006 PricewaterhouseCoopers LLP. All rights reserved. “PricewaterhouseCoopers” refers to PricewaterhouseCoopers LLP (a limited liability partnership in the United Kingdom) or,as the context requires, other member firms of PricewaterhouseCoopers International Limited, each of which is a separate and independent legal entity.

SPO LT

AD_TEMPLATE.indd 1 11/9/06 11:59:59

JPMorgan back page[6].pdf 6/9/06 12:12:13


From the moment you join The Royal Bank of Scotland Group, there’sa lot to take in. No sooner will you get your head around our businessthan you’ll be off to build the skills and gain the experience that willshape your future.

We offer careers in everything from Retail, HR and IT to Operations,Financial Markets and Insurance. In addition to formal training, weprovide coaching and mentoring as well as opportunities for overseasplacements or professional qualifications.

That’s the beauty of this business. Being one of the world’s largestfinancial services groups with more than 40 leading brands, we canmake sure your career is everything you want it to be. Absorbing? We like to think so.

As part of our referencing procedures, criminal records checks maybe required.

Make it happenwww.makeitrbs.com

in a business where you can learn everything you possibly can all in one place.


COVER STORY08 The Numbers Game: Everything You Need to Know

to Get a Great Job

Finding a job in finance can seem daunting. But the

sector is one of the UK’s biggest, and again this year

vacancies and wages are on the increase z

UPFRONT05 Editor’s Letter14 Sell Your Skills

Every year, employers complain that graduates lack

the skills they are after – and they aren’t just talking

about your ability to add up. So what do they really

want? Real World gives you an essential guide z

16 Sum It Up

Real World takes the latest application questions and

asks recruiters to tell us what answers impress them z

RW FEATURES18 Investment Banking: Show Me the Money

Don’t be blinded by the stereotypes of investment

banking – the sector is a lot more diverse and friendly

than it can at first appear

28 Accountancy: Do the Math

If you want to reach the top, then you might want to

consider starting out as an accountant

38 Financial Services: Money on the Move

The whole financial services sector contributes over 5%

of the UK’s gross domestic product and employs more

than one million people. The spectrum of graduate

jobs on offer is impressive whichever field you work in

46 Altenative Careers: Wealth of Choice

If the idea working in the financial sector attracts you

but you are looking for something a bit different, then

you could consider any one of a number of these

related careers and employers

52 The Public Sector: A Major Player While the range of jobs that the private sector can

offer in finance is vast, you’ll find that the variety

available in the public sector is just as plentiful

58 Business Schools: Postgraduate Study

What are the three key questions you should ask

yourself if you are tempted by a postgraduate degree,

and where should you think about studying?

WWW.REALWORLDMAGAZINE.COM RW 5

2006 – 2007

t

ContentsON ThE COVER zTH3

NUMB3RSG4M3

EVERYTHING

YOU N

EED TO

KNO

W TO

GET A G

REAT JOB

COVER STORY RW

8 RW WWW.REALWORLDMAGAZINE.COM

FINDING A JOB IN FINANCE CAN SEEM DAUNTING, AND ASSESSMENT PROCEDURES ARE COMPETITIVE AND RIGOROUS. BUT THE SECTOR IS ONE OF THE UK’S BIGGEST, AND AGAIN THIS YEAR VACANCIES AND WAGES ARE ON THE INCREASE. SO IF YOU CAN PLAY YOUR CARDS RIGHT, YOU COULD BE ONTO AN EXCITING, FULFILLING CAREER THAT YOU WILL LOVE. PHOTOGRAPH BY PANKAJ AND INSY SHAH

08

14

16

28

PAGE 62

For all the latest vacancies and employers currently

hiring graduates turn to this invaluable guide of jobs

in this issue and online. z

REALW.RW1.EDS&CONT.indd 5 11/10/06 12:02:13

Make the best choice for youIntellectual challenge has always been a big thing for me. That’swhy I worked hard at university to get a good degree, and it’s alsowhy I wanted to study a professional qualification that wouldprepare me for dealing with complex business issues. I choseKPMG because I’d heard great things about their exam successrate and the way you’re supported and stretched on real clientprojects. A big plus has been the way I can take my love oflearning into the community. The firm gives me half a day everymonth for voluntary work, so I help kids with their reading at thelocal school. They’ve just found out what I do for a living – and theykeep asking me for help with their maths homework!

You’ll be amazed what you can achieve at KPMG. To find out moreabout our outstanding business careers, visitwww.kpmg.co.uk/careers – or, even better, come and meet usface-to-face at one of our campus events.

We are an equal opportunity employer and value diversity in our people.

KPMG LLP (UK) has been named the country’s ‘best big company towork for’ in the Sunday Times ‘best companies’ survey. KPMG toppedthe category for organisations with more than 5,000 employees.

© 2006 KPMG LLP, the UK member firm of KPMG International, a Swiss cooperative.

It’s about howyou’ve excelled

And how you inspire others


Welcome to the Finance issue of Real World. Owing to popular demand, we’ve

decided to launch this issue which focuses specifically on careers in the

financial sector.

More and more grads, not just from maths or numerical degrees, are realising that there

is more to finance than number-crunching.

The range of sectors and job roles in which you could find yourself is vast. Just take a

look at our case studies on pages 14 onwards. And it doesn’t stop there. Whether you want

to save the world as the finance director of a charity, or take part in the high-octane, high-

reward world of investment banking, the choices are infinite.

Many of the careers on offer ask for a good investment of time and energy at the start,

particularly those that involve training for a qualification. But with one of those qualifications

under your belt, the sky’s the limit.

There is also plenty of work going on in the sector to meet the career aspirations of a

generation that want to live, work and travel. If you doubt where finance might take you

then just look at the VSO website (www.vso.org.uk), where financial skills to help developing

countries are in hot demand.

So don’t be narrow-minded. Your career is only as limited as your imagination. Planning

and research are your essential tools when developing your career strategy. We hope

we’ve given you an essential start here. And this is just a taste of what Real World has to

offer. For more jobs, advice and independent case studies – all our case studies are written

by us, not by the employers – head to www.realworldmagazine.com

Good luck, and drop us an email to let us know what you think of this issue at

[email protected]

Zoë, [email protected]

WWW.REALWORLDMAGAZINE.COM RW �

EDITOR’S LETTER

Cover photograph by Pankaj & Insy Shah

EDITORIal: 020 ��35 2111EDITOR Zoë Roberts

aRT DIREcTOR Jennifer van Schoor

DESIGNER Yang Ou

Sub EDITOR clare cronin

SalES: 020 ��35 4900 HEaD OF SalES Paul Wade

SalES Josh Marshall, Harmesh Sansoa

DISTRIbuTION: 020 ��35 4900DISTRIbuTION MaNaGER Mitul Patel

aDMIN: 020 ��35 4900OFFIcE MaNaGER Marie Tasle

MaNaGING DIREcTOR Darius Norell

Real World Magazine22-26 albert Embankment, london SE1 �TJ Tel: advertising 020 ��35 4900 Editorial 020 ��35 2111Fax: 020 �840 0443 www.realworldmagazine.com

Real World is published in the UK by Cherry Publishing Ltd. All rights reserved. No part of this magazine may be reproduced or stored in a retrieval system without the written permission of the publishers. We cannot accept responsibility for unsolicited manuscripts and photographs or for material lost or damaged in the post.

Find your job here!

cONTRIbuTORS

SOPHIE KIMbERSecond-year Journalism and contemporary History student Sophie Kimber aspires to be a journalist when she graduates from city university and Queen Mary, university of london. but while interviewing annie Guerard of fashion brand Diesel (see page 28), she realised there was more to accountancy than she had thought.

already a work experience pro, Sophie spent several weeks with Real World this summer, driven by the wish to help graduates tackle the hurdles they face after uni.

KaTE HIlPERNJournalist Kate Hilpern writes for The Guardian and The Independent as well as for Real World. She specialises in social issues, as well as anything relating to graduates, careers and the workplace. Her assignments have involved jetting off around the world on assignment, and her most recent trips include Zambia, uganda and Ireland.

In her spare time, Kate also likes to travel, and has been to New Zealand, australia, Italy, South africa and France.

REALW.RW1.EDS&CONT.indd 7 11/10/06 12:02:40

� RW WWW.REALWORLDMAGAZINE.COM

REALW.RW1.COVERSTORY.indd 8 6/10/06 14:35:13

th3numb3rsg4m3

EvErything

you n

EEd to

Kno

w to

gEt a g

rEat Job

COVER STORY RW

Finding a job in Finance can seem daunting, and assessment procedures are competitive and rigorous. but the sector is one oF the uK’s biggest, and again this year vacancies and wages are on the increase. so iF you can play your cards right, you could be onto an exciting, FulFilling career that you will love. photograph by panKaJ and insy shah


So here you are. You’ve always promised yourself a career where the sky’s the limit. Where the possibilities are

endless. No endless 9 to 5s in a career cul-de-sac – wondering exactly when it was that your ‘get-up-and-go’

had got up and gone. The Aldi Graduate Area Manager Training Programme could have been purpose-built

to keep this bleak future at bay. It rewards enterprise, spirit and drive with a rapid rise through the ranks.

From day one, the pace is fast, but never frenetic. You’ll start at the grass roots and you’ll learn everyone’s job by doing

it yourself. From stacking shelves to working the tills. During this time, you’ll sharpen your instincts for what motivates your

team. You’ll learn how to lead from the front and, crucially, how to drive up sales and bring down costs. In just a few short

weeks, you can expect to be managing a store. Then, over the following months, you’ll move into phase two of training

to take on Area Management responsibilities – where you’ll be given every opportunity to display your

leadership skills and commercial awareness.

When this training is over, you’ll have total responsibility for four to six stores, effectively managing

your own multi-million pound business. It’s unlikely that you’d be operating at such a heady altitude with

so much authority and empowerment in any other business. But, we never said Aldi was just another

ordinary business. In fact, the material rewards are extraordinary too. The starting salary is £38K plus an

Audi A4, rising in annual increments to £54½K after three years and includes a pension, private healthcare,

life assurance and fi ve weeks’ holiday.

There are also opportunities for Area Managers to spend two years on secondment in Europe or further

afi eld. Within fi ve years, there is every chance of a directorship.

Dizzy heights indeed.

If you want to go further, faster, send a CV and recent photograph, together with a letter illustrating

your leadership potential, quoting reference SP2RO to: Aldi Stores Ltd, Area Management Recruitment,

Wellington Road, South Marston Park, Swindon, Wiltshire SN3 4FN. Or you can apply online at www.aldi.com

Graduate

Area Manager

Trainee

£38K + Audi A4

Area Manager

in charge of six stores

£54½K + Audi A4

Opportunity for

directorship within

5 years

Rocket.

Mediterranean salad ingredient

or career trajectory?


1

23

4

5

If you are looking for a job in fi nance then the possibilities

are infi nite, whether you have a fi nance-related degree

or not. It’s one of Britain’s major service industries, and

each year recruits hundreds of graduates.

It’s boom time at the moment, and a good time to

be a grad applying to fi nance. According to a recent

survey of the UK’s biggest graduate recruiters (think

the big blue-chip companies), accountancy and

professional service fi rms (see page 20), investment

banks and fund managers (page 26), and the banking

and fi nancial services industry (page 26) made up over 45% of

the graduate vacancies on offer this year and expect to offer

the same next year. It’s also a boom year for other industries

such as insurance (page 26), which is expecting a 43% increase

in vacancies available this year. And that’s not even starting

to include all the small and medium employers.

So when approaching the market, don’t box yourself in –

start by thinking about what you really want to do. A job in

fi nance could range from

working in the fashion industry

(see page 20) to working in the

NHS (see page 36). It is a

competitive sector, nowhere

more so than investment

banking, where the lure of big

bucks and global travel have

drawn many a grad. But across

the board, fi nance careers can

offer you early responsibility,

the chance to stretch your

numerical and intellectual

abilities, and opportunities to

develop excellent transferable

skills, such as team working

and project management.

According to a survey of the big employers, starting salaries for

grads can range from a tidy £36,000 at the investment banks to

a useful £22,000 in the banking and fi nancial services sector.

But what does apply to the whole of the fi nance sector is

that the application process is competitive and rigorous, with

plenty of tests, assessments and stages to your applications.

So unless you plan your career strategy very carefully, you’ll

waste many hours on applications that won’t even get you through

to the interview stage, let alone an offer. And hours on applications

mean less hours on study, which could jeopardise those degree

results that many fi nance employers are so fi xated on.

Here are fi ve things you need to understand about getting a job in fi nance:

1. KNOW YOURSELFIf you are unsure about what your best features – and your

worst – are, it’s time to take a skills audit. One useful online

site is the Windmills Programme (www.windmillsprogramme.

com). Launched by author Peter Hawkins, this excellent

resource provides a “career fitness” check which is great for

getting yourself together. “Incredibly, most people devote

more time to planning their annual two-week holiday than to

thinking about a whole lifetime of work,” says Peter. “But just

think: 40 years of 40 weeks a year and4 hours a week – that’s

a long time to be stuck in a job or career you can’t stand.”

2. KNOW YOUR INDUSTRYThere is almost too much choice, but only by spending time pre-

application can you start to fi nd out what you want to do. And

employers, particularly in fi nance, are quick to pick up if you

don’t know your OEIC (open-ended invetment company) from

your OTC (over-the-counter) . Start reading the industry press

such as the Financial Times and the Economist. Check websites

such as efi nancialnews.com to keep in touch. Use your careers

service and the expertise of the careers advisers.

3. USE ALL THE RESOURCES ON OFFERSo many gradutes complain that the industry is opaque – that

unless you work in fi nance it’s just too diffi cult to understand

what jobs are really on offer and what the titles mean. But

every year from September

onwards , many un ive r s i t y

campus will be inundated by

employers keen to get the

message across that they are

the biggest, best and sexiest

place to work. How you

choose to take that message

is up to you. But these campus

visits and events do give you

the ideal chance to meet

a n d i m p r e s s e m p l o y e e

representatives, as well as to

pump them for information. If

your university is not so heavily

wooed by these employers,

get yourself along to a fi nance

career fair (check www.realworldmagazine.com for dates).

4. GET SOME EXPERIENCEInternships with fi nancial employers are a great way into the

sector, but they are not the only way. Any experience, whether

that be working overseas, working part-time or volunteering is

useful as long as you can show that it is relevant and the

transferable skills you developed through the experience. So

don’t give up if you haven’t secured a gold-star paid placement

with a bank. Go and do something else and make the most of

it. As author and thinker Aldous Huxley said: “Experience is not

what happens to a man; it is what a man does with what

happens to him.”

5. TIMING IS EVERYTHINGDeadlines, deadlines everywhere. Whether you are after an

internship or a permanent placement, you’ll need to plan

carefully as many of the bigger fi nancial institutions set strict

deadlines for applications – often quite early in the year. If you

want to go straight into employment after uni, then get these

into your diary so you can juggle them with study commitments,

rather than leaving it too late and ending up taking an

enforced and unplanned year out.

{ }“UNLESS YOU PLAN YOUR CAREER STRATEGY VERY

CAREFULLY, YOU’LL WASTE MANY HOURS ON APPLICATIONS”

n


COVER STORY RW



A new online experience.

Real_World_Ad1.pdf 7/9/06 14:41:29

Now you can have the UK’s leading careers magazine delivered to your email inbox free!

Sign up for digital editions of Real World at www.realworldmagazine.com

Need to sort out your CV?Get online with Real World for

free copies of our CV Clinic. It’s the essential guide

to building agreat CV.

rw_ad.indd 1 8/9/06 18:15:54

EVERY YEAR EMPLOYERS COMPLAIN THAT GRADUATES LACK THE SKILLS THEY ARE AFTER. BUT WHAT DO THEY REALLY WANT? HERE’S YOUR ESSENTIAL GUIDE

SELL YOUR SKILLSADAPTABILITY AND FLEXIBILITY The world is moving fast, and you need to show employers that you can keep up. They are looking for assurances that you can cope with changing circumstances and demands – that you can take on new responsibilities without much notice. You will often be asked to draw on a situation where the goal posts were moved and you’d had to react quickly to a new situation.

So think about the times when you have demonstrated fl exibility and adaptability – perhaps when coping with the pressures of balancing study, work and your social life.

COMMUNICATION SKILLS According to the National Council of Work Experience, 67% of employers believe communication skills are the most important attributes when recruiting for work placements. But we’re not just talking about reading, writing and talking here. Employers are looking for the ability to negotiate and pick up nuances in conversation. This means understanding what type of communication is appropriate to the person you are talking to – formal or informal, familiar or respectful, and so on. Empathy – the ability to understand where someone is coming from – is also a vital skill, as is the ability to infl uence or persuade people either as part of a team or as a leader. Linda Graham, graduate programme manager at Marks & Spencer, says employers look for “someone who can articulate their experiences, and show expressive verbal and non-verbal gestures – such as making eye contact when speaking.”


REALW.RW1.EMPLOYERSWANT.indd 14 8/9/06 6:12:06 pm

Pho

tog

rap

h: iS

tock

pho

to

5 StepS to the Big Sell

1 The vast majority of interviewers use competency-based

interviewing to find out whether candidates have demonstrated these skills in the past, and predict whether they are likely to perform in their organisation. Put simply, the recruiter is looking for real examples of times when you have demonstrated the skills and behaviours that they are looking for.

It’s not rocket science. A typical competency (or skill) based question would be: Can you describe a situation where you have worked with a group of other people to achieve a common goal?

2 You’ll find that many organisations are clear about what competencies

they look for. You may need to take some of their descriptions with a pinch of salt – many seem to be asking for a list of attributes that in a past life might have led to canonisation. But once you know what skills they are after, the first step is to look at each one and to review whether you have these skills. For each, list at least two examples of how you have demonstrated them.

3You probably have more examples than you realise. Graduates

frequently undersell what they’ve done, according to Carl. “When asked ‘Have you had any work experience?’, the wrong answer is ‘I have only worked in the union bar’,” he says. “Do not undervalue your work experience. It all counts. Pacifying a drunken student, who is demanding a last pint five minutes after closing time, is quite an achievement.”

4Try to quantify what you’ve done. Rather than saying, “I ran an event

at my student bar”, break down what you did. “Using a budget of £200, I organised and marketed a Hawaiian-themed evening at my student bar, which attracted 200 students and raised £700 in extra takings.”

5 Don’t ramble on. Careers advisers suggest breaking down your answer

into three chunks. About 15% of that should be the situation or problem. The majority, about 70%, should explain how you handled the situation, the skills you used, and how you evaluated it – communication, creativity, leadership. The final 15% should explain the outcome of your example.

SelF AWAReneSS Being able to articulate your abilities to an employer – not in a boastful way but by giving evidence of what you have done – is a key skill, according to Carl Gilleard, head of the Association of Graduate Recruiters (AGR). He says this is the “X-factor” that employers look for. “It’s a cocktail of motivation, enthusiasm, commitment, passion and self-efficacy,” he says. Self-efficacy is an individual’s estimate or personal judgment of his or her own ability to succeed. “In a way it boils down to self-esteem,” says Carl. “If you believe in yourself, then there’s a higher chance that others might also believe in you.” Put yourself in a position where you get feedback on your behaviour, and learn about how you come across to others.

InnovATIon AnD CReATIvITYThis is a big one for employers. “We look for graduates who are self starters – they don’t have to wait to be told what to do next, but can weigh up an issue and implement it,” says linda at M&S. Companies are looking for graduates who have shown initiative, and have done something meaningful during their spare time. This could be joining a society or club at university, taking a gap year out, showing entrepreneurial skills by running their own business, or working while studying and still managing to get a good grade. This also covers decisiveness and problem-solving skills. employers are looking for evidence that you can identify options, assess their suitability, decide on the best course of action and carry it out. “We call this ‘raising the bar’,” says David Meekison, human resources manager at 3M, the company that develops products such as the Post-it note. “It’s about saying ‘how good could this product or process get’. We are looking for people who demonstrate they drive things forward and push the boundaries.”

CoMMeRCIAl AWAReneSS one key gripe from employers is that few graduates have any business or commercial savvy. even in the not-for-profit and public sector, you’ll need to understand the environment that your employer operates in. “Too many candidates are applying for jobs where clearly they have limited or no knowledge of how the industry or the company works,” says Brian Hood, head of campus recruitment at Citigroup Corporate and Investment Banking. “But it’s not hard – through using the internet to understand and beef up on what is happening in your chosen industry or company, you will be well positioned for interview. A lot of what we are talking about is simple preparation and commonsense.” To brush up your commercial awareness, check online news sites to read stories about the company, and also read through the company’s own website, especially its press releases and its “what we do” section. Think about questions such as how the company makes its money, how it survives, who its customers are.

TeAM WoRkInGThis is an integral part of almost every job, and in many organisations working in small project teams is the norm. You will almost inevitably be asked to give examples of times you have been a constructive team member, contributing in a practical way to the success of the group. So come prepared. 3M defines part of this skill as “energising others”. “Some people can really create energy in a team while others take it away,” says David. “We look for people who are committed to working in teams, and who can mobilise others as well as understanding their point of view.” n


SkIllS | WhAt EMPLOyERS WANt RW

REALW.RW1.EMPLOYERSWANT.indd 15 8/9/06 6:13:15 pm

++ ++++++++++++ ++++==========++ ++++++++++++ ++++==========

++ ++++++++++++ ++++==========++ ++++++++++++ ++++==========

16 RW WWW.REALWORLDMAGAZINE.COM16 RW WWW.REALWORLDMAGAZINE.COM

=We say:“If you want to work in a business

environment you’ll need to be up-to-date on the immediate and wider context in which your employer operates. Employers are looking for people who demonstrate that they are both up to doing the job and can look around them and see how their work fi ts into the wider context. When answering this question, don’t just say ‘by reading the papers’. Instead, try to use an example of a time when you actually acted on some of the information that you gathered.”

1 KPMG: “HOW DO YOU KEEP YOUR BUSINESS KNOWLEDGE UPDATED?”

SUM IT UPREAL WORLD TAKES APPLICATION QUERIES AND ASKS RECRUITERS WHAT IMPRESSES THEM

+2 ACCENTURE: “WHY

HAVE YOU APPLIED TO ACCENTURE?”

They say:“What we don’t want to hear is a standard answer – we can tell when

a candidate is quoting our website or marketing material back at us. Graduates who tell us why they think that they would like to work at Accenture will really stand out in the application process. Those applying should show that they have researched the company and culture, and know about our business and our competitors. They should understand the work that they would actually be doing. They should tell us about what projects we’ve undertaken that interest them, or about changes that we’ve implemented that they would like to be involved in. Best of all, we like to see that you have attended a careers event, a skill session or presentation. and actually spoken to someone who has worked here. The biggest mistake is just saying ‘because Accenture is a big name on campus’.” Suzy Style, graduate recruitment lead

They say:“What we are looking for here is that you have an understanding of

business issues and are able to apply your understanding to a business-related situation or context. We don’t expect you to have read the fi nancial pages in depth every day, but do want you to show that you keep up-to-date with the topical developments and economic issues in the business world, and have an opinion on how news items could affect business. We would expect you to have an interest in current affairs, and be able to talk about an area that appeals to you, demonstrating that you understand the issues and any wider signifi cance – for example, that a merger might be a response to market globalisation.” Sara Reading, graduate recruitment manager

We say:“A standard answer is ‘because you are the biggest and best company, and offer

excellent development opportunities’. But that won’t cut here. Employers do like being fl attered, but try doing that by showing that you really have spent some time getting to know the company, rather than parroting worn-out phrases. Showing that you have talked to someone within the company is a really big plus – careers centres can often help with alumni. Remember that you are selling yourself and your motivation for joining, not reciting back to them their organisation’s perceived merits, so keep relating your answer back to yourself and to how you can benefi t the company.”

+

=

REALW.RW1.SUM.indd 16 8/9/06 18:13:33

++ ++++++++++++ ++++==========++ ++++++++++++ ++++==========

++ ++++++++++++ ++++==========++ ++++++++++++ ++++==========


APPLICATIONS | KEY QUESTIONS RW


3 JP MORGAN: “TELL US ABOUT A TIME YOU HAD TO MANAGE A DIFFICULT SITUATION”

They say:“We ask this question because we are looking for candidates who can

handle the confl icts that arise in an intense environment. On the job, our analysts and associates will face many challenges, most of which they will not be trained for at university. Tell us how you have identifi ed a problem, planned and executed a solution, and engaged your team in that strategy. Good examples are solving confl icts within a work team, conquering a rocky relationship with a client, or overcoming a personal crisis. We need bankers who will be calm under pressure and who will thrive under all conditions. Pick an example that really exemplifi es how you helped to solve the problem. This is your chance to show us what you could add to our team.” Chloe Olesinska, European graduate marketing

We say:“Employers want to know about times when you had to handle real pressure.

You’ll need to provide evidence of why the situation was stressful, what the different demands on your time were, and how you managed them. If you are answering several questions on an application form, pick examples from across your range of experiences, from academic to personal life. It’s much stronger than just relying on one example to illustrate all your answers, and makes you look like a much more rounded individual. And look at the emphasis above. Talk not about what the team did, which is a common mistake many graduates make, but about what you did. And remember now is not the time for modesty. Give hard facts and evidence in your answer, not boastful waffl e.”

+

=

4 FINANCIAL SERVICES AUTHORITY: “TELL US ABOUT A TIME WHEN YOU HAVE WORKED IN A TEAM”

They say:“What we look for here is evidence of signifi cant co-operation within a

team to achieve a goal. A good team worker will actively contribute their own ideas to the team, but also listen to and incorporate others’ ideas. People have different viewpoints, ideas and approaches and they should all be considered, valued and responded to. For a team to be effective, members need to demonstrate fl exibility and collaboration. Useful questions to ask yourself when completing an application form, or preparing for a competency-based interview, are: what was your role in the team; what did the team achieve; why did you take that approach? Working in a team plays a key role in any business. And although there will be times when you work alone, you will also need to be able to work effectively with others.” Jessica Adams, graduate recruitment

We say:“Don’t get hung up on trying to fi nd an example of superhuman team

achievement. Recruiters say it’s not the example that matters; it’s the explanation of the skills you’ve used, and of what you’ve learnt from the experience. Focus on discussing your skills in pulling the team together, working with others and overcoming any diffi culties. (For a good summary of what employers mean by good team work, turn to page 15 – Sell your skills – and read David Meekison’s comments.)When preparing your answers, remember that employers are always considering what value you will bring to their business.”

+

=

REALW.RW1.SUM.indd 17 8/9/06 18:14:23


SHOW ME THE MONEY

INVESTMENT BANKINGFIN

ANC

E

Phot

og

rap

h: E

d M

iller

REALW.RW1.CS.indd 18 11/9/06 09:52:53

Don’t be blinded by the stereotypes of investment banking,” says Fiona Sandford, director of career services at the London School of Economics, from where one-third of graduates go on to work at

investment banks. “Banks are desperately keen to recruit people from every

part of society, and diversity is important to many of them.” In line with this attitude, many big City banks have been reviewing work-life balance policies, putting in place a range of programmes to attract under-represented groups such as women, and trying to make the sector more welcoming and understandable to graduates. So if you have been busy developing your ‘greed is good’ Gordon Gekko attitude, it might be time to rethink your career strategy.

But investment banking is an incredibly popular and competitive career choice for graduates. It’s one of the best paid graduate careers – at some of the bigger institutions, this year’s median salaries are £36,000. It’s global in focus, and once you have worked at a bank for a few years, you are likely to have a set of very transferable skills.

So banks can afford to take their pick of the best graduates. “They are looking for academic excellence, and there is no compromise,” says Fiona. “Quantitative and numerical skills are essential.” But you need not have a fi nance-related degree, provided you can do well in selection tests and have read up on the discipline, she says.

The graduates who tend to get ahead in the recruitment process are those who have been reading the industry press such as the Economist and the Financial Times. “You need to know your industry inside out – the job sectors, and how they break down into individual roles,” she says. “Then you need to research individual organisations and fi nd out about their culture, their history and their current commercial situation.”

One great way of getting this insight is through an internship. But with so few places on offer, these are often more competitive than the application process for a permanent role. Fiona says career advisers are concerned that students – particularly in the second year – can spend so much time applying for internships that they damage their academic results.

“There is a bit of internship hysteria. While an internship with the right bank can be hugely helpful, it’s not the only route in,” she says. “Banks looking for evidence of transferable skills can be shown this from a whole gamut of experience. If you talk to senior managers in the banking industry, they will say that they did experiences such as working on Camp America or volunteering.”

Again, brush up on the industry and your skills, and really give some time to planning. It can make the difference between sending out hundreds of applications and taking a strategic approach, whereby you make a sensible number of applications. “Put the time in on your research,” implores Fiona. Many people already know about mergers and acquisitions, but you need to understand the anatomy of the investment bank beyond this business. Employers will expect you to be able to articulate how the roles match your skills.

Most importantly, you should look at the culture of the bank and decide whether it suits you. “You need to have a drive to succeed,” says Fiona. “That doesn’t mean being a brash caricature of what an investment banker is supposed to be, but being hungry for success and willing to invest time, energy and commitment into the early part of your career.”

The information is out there, she says. “Banks themselves are doing a huge amount to make it easy to do research, and all of the ‘bulge bracket’ have guides, jargon-busters and case studies on their websites.” It’s up to you to take that information and seize the opportunity. Turn the page for case studies of graduates in investment banking.


INVESTMENT BANKING | OVERVIEW RW

SHOW ME THE MONEY

IT’S ONE OF THE MOST POPULAR AREAS OF FINANCE. FAST, HIGHLY PAID AND ULTRA-COMPETITIVE. HAVE YOU GOT WHAT IT TAKES? Text by Real WorldCase studies by Kate Hilpern

Phot

og

rap

h: E

d M

iller

REALW.RW1.CS.indd 19 11/9/06 09:53:49

INDIVIDUAL INOUR THINKING.GLOBAL INOUR OUTLOOK.

Global graduate development programmeYou don’t just think profit; you think profit with social responsibility. You don’t just consideryourself; you consider your team. And you’re not just an innovative thinker; you make morepossible for clients, colleagues and yourself. In short, you should consider a career withABN AMRO.

We think you’ll enjoy the chance to make the most of the structured development and rotationalplacements on our global graduate development programme. We believe you’ll welcome theearly responsibility, client contact and complex challenges it offers. And whether you join us inLondon, Amsterdam, New York, Chicago, Hong Kong or Sydney, we’re sure you’ll appreciate aculture that values your work/life balance as much as your skills.

Think about our global graduate development programme.Then go to www.graduate.abnamro.com

Untitled-1 1 25/7/06 12:10:56AD_TEMPLATE.indd 1 11/9/06 12:09:51


What do you enjoy about youR job? It’s a really fast-paced environment where you have to think on your feet, as well as be able to absorb a large volume of news flow and establish your own views on the back of that. that is stimulating. I’m also driven by being around intellectual and motivated people. being in the middle of everything that is driving the economy is a great rush.

Most challengIng paRt of youR job? I work in a very competitive environment. It is of the utmost importance to remain constantly focused and continue to add value to the bank. the early mornings and late finishes are also challenging.

advIce to ReadeRs consIdeRIng a caReeR In youR fIeld: Really research the different products of any bank that you apply to, as well as the different departments. It will enable you to have a good understanding of where your skill set can be matched and be most valuable to the bank. after all, you almost have to persuade the bank why they should hire you. I’d also suggest doing some research into the cultures of different banks, so that you can apply to a bank where you think you’d fit in best. speak to people in the banking environment, and try to get work experience in any free time you have. even if it’s unpaid, getting exposure is essential to help build on your cv. Read the Financial Times and form your own views. If possible, gain some expertise in an area you are interested in.

anita

the lowdown:every bank has a different route into this area. at abn aMRo, graduates interested in a career in global markets undertake a structured 12-18 month rotational training on its sales and trading programme, which is designed to give them a real insight across such areas as fixed-income and equities sales, trading, sales trading, research and derivatives. ‘If someone expresses a preference for fixed-income trading, for example, we believe they will still benefit from getting the experience of rotating in other areas of global markets,’ says lucy evans, graduate and Mba resourcing advisor at abn aMRo, london.earning potential is huge. the highest-paid traders are, for

instance, paid a bonus equivalent to the proportion of profits they make, and for top traders this is tens of millions of pounds.

name: anita Suranaage: 23degree/univerSity: 2.1 in economicS, uclyear of graduation: 2005occupation: i am a graduate on the SaleS and trading graduate development programme at aBn amro

What do you do In youR job? I’m on a rotational programme, so I have worked on various desks within the global markets business unit with the aim of getting to understand the different products in the bank and the different roles such as trading, sales and research. among the desks I’ve worked on so far are asian and european equity sales, corporate banking and fixed income. at the moment, I’m working in equity sales. I get in for 6.30am and have a look at what’s been going on in the markets and the current news flow. I attend two daily morning meetings, one for european stocks and one for uK ones. during the meetings, research analysts go through any new information or company results out that day and what they expect the impact on those companies’ share prices will be, in both the long term and short term. afterwards, I usually research the companies in more depth and then write up a morning report on the stocks and what my personal views are, to gain more insight. for the rest of the day, various other tasks are delegated to me, such as researching some of my own ideas and pitching them to

my team, putting together company profiles, and attending company and analyst presentations – all with the aim of helping me to understand companies, markets and economies. as a graduate working in sales and trading, you tend to be in the office for 11-12 hours a day, if not more. What Was youR MotIvatIon In applyIng? I’m from a business-oriented and mathematical background. While at university, I took a keen interest in the stock markets and started running a theoretical portfolio. What really inspired me was the idea of using a mixture of fundamental and technical analysis on stocks to establish my own view and take risk on that view. because I found it all so interesting, the graduate programme I’m on seemed like a logical career move. What dId the applIcatIon pRocess Involve? I was fortunate enough to be accepted straight onto the graduate programme, having successfully completed an internship at the bank the previous year. so, I got to skip the usual process. typically, it involves a series of interviews, group tasks and presentations, as well as some mathematical and written aptitude tests.

“ Being in the middle of everything that driveS the economy iS a ruSh”


InvestMent banKIng | CASE STUDY RWph

otog

rap

h: e

d m

iller

SaleS & trading

REALW.RW1.CS.indd 21 11/9/06 09:54:49

careers.bloomberg.com

FINANCIAL SALES, DATA ANALYSIS, TECHNOLOGY AND JOURNALISM CAREERSBe welcomed into the challenging world of fi nancial information and technology. Here you will be exposed to a world of possibilities and empowered to take advantage of them. You will be well rewarded for your dedication and creativity and expect to advance rapidly if you embrace the challenge.

BEMOTIVATED


opportunity to do social stuff. The company encourages you to mix.MOST CHALLENGING PART OF YOUR JOB?The hours. In my current role, I get into the offi ce about 8.30am and don’t get home until 11pm or midnight.

ADVICE TO READERS CONSIDERING A CAREER IN YOUR FIELD:Be optimistic and positive. It really helps.

Also, don’t just sit at your desk, but interact with the people you work with and the people outside your group, because it really helps to know who to contact when you have a certain problem. That goes for being on an internship as much as being in a permanent position.

HEATHER

THE LOWDOWN:Investment banking can mean different things to different people and organisations. At its most narrowly defi ned, it exclusively refers to mergers and acquisitions, and raising money to fi nance mergers and acquisitions. A broader defi nition covers everything from buying and selling bonds, shares and other fi nancial products to – as in Heather’s case – helping clients to raise money to fi nance a new business or activity such as an infrastructure project.

Making the picture even more complex is the fact that many investment banks are now dipping into areas that were traditionally dealt with by retail banks and insurance fi rms.

Many investment banks don’t mind what you’ve studied. “But you’ll need to have a strong interest in the fi nancial markets,” says Alison Trauttmansdorff, head of graduate recruitment at Goldman Sachs.

NAME: HEATHER KATSONGA-PHIRIAGE: 22DEGREE/UNIVERSITY: FIRST CLASS HONOURS IN ECONOMICS FROM THE UNIVERSITY OF CAMBRIDGEYEAR OF GRADUATION: 2005OCCUPATION: I WORK IN THE INFRASTRUCTURE ADVISORY AND STRUCTURED FINANCE TEAM AT GOLDMAN SACHS

INVESTMENT BANKING | CASE STUDY RW


Phot

ogra

ph:

Ya

ng O

u

WHAT DO YOU DO IN YOUR JOB?The bulk of our team’s job is to either advise on infrastructure asset deals or do the fi nancing for the infrastructure asset deals. We cover toll roads, airports and ports as well as social infrastructure, communications, and regulated activities such as water and electricity.

At the moment, I’m working on toll-road fi nancing. As an analyst, I do some modelling. This involves projecting what the traffi c would be on the road, what the revenues would be, what sort of cash fl ow would come out of the business, and what the return would be to shareholders at different points in time. Besides modelling – which I do on an Excel spreadsheet – I also spend a lot of time checking emails.

The ultimate aim is to advise the client, as well as look at the capital structure – the debt and equity of a fi rm, what sort of debt the company can handle, and what form of debt. Different types of debt have different terms.

WHAT WAS YOUR MOTIVATION IN APPLYING?I thought the intensity of investment banking would be good to have as a fi rst step in my career. Whatever I decide to do afterwards will seem much easier.

WHAT DID THE APPLICATION PROCESS INVOLVE?I’d worked for Goldman Sachs as a summer intern and was offered a permanent placement. Part of the reason I’d got that internship was applying to SEO-London (Sponsors for Educational Opportunity) – which is aimed at giving people from ethnic minorities training opportunities in investment banks. That involved an online application. You then go through a numerical test, a normal interview and a case study.

The normal process of applying begins online. Those who get through are invited to a fi rst interview which is fi rm-wide, then a divisional-specifi c interview and a fi nal round of interviews. A numerical test and an assessment centre also form part of the application process.

WHAT DO YOU ENJOY ABOUT YOUR JOB?The modelling. I like the numbers. I particularly enjoy being put on a project that is numerically challenging. By the end of it, you tend to have learned a lot of transferable skills. I like the group I work for too – they are very supportive. The whole environment in Goldman Sachs is intelligent and diverse, which I also like, and there’s plenty of

INVESTMENT BANKING

REALW.RW1.CS.indd 23 11/9/06 09:56:03

M41201125c.indd 1 23/8/06 5:54:23 pmAD_TEMPLATE.indd 1 11/9/06 12:12:34


leisure team. Our role is becoming increasingly proactive as we look to have more of a sales function. This doesn’t mean we ring people and tell them what to buy. But we meet customers and look at the position that their business is in and offer a solution to them, which will often involve our products.

WhaT Was yOuR mOTivaTiOn in applying?i’m a real people person, and i wanted to get involved with businesses that have a high turnover. i also wanted the opportunity to build a rapport with them, as well as to get to know banking. in the position i’m in, you get to develop all those skills.

WhaT did The applicaTiOn pROcess invOlve?it was an online application, and i had to fill in various details about my education and employment history. i was contacted back and did some online tests, then went to two interviews, as well a role-play exercise. i then had another set of two interviews, and was told i’d got the job. it was quite a long process – two to three months from when i first applied.

WhaT dO yOu enjOy aBOuT yOuR jOB?i love meeting customers and establishing a relationship with them. i also like providing solutions and seeing them work for those customers. you know you’ve really added something to their business. i work in hospitality and leisure, so i get to go to lots of hotels and restaurants and really see how the businesses operate, which is also interesting. i like the team i work in too, as well as the fact that Barclays is a friendly company.

mOsT challenging paRT Of yOuR jOB?i came in with a legal background and not much of a financial one. But you are expected to have quite a lot of financial knowledge – not necessarily by Barclays, but by the customers. so you need to be one step ahead in understanding their business climate and what their needs might be. That involves a lot of work on your own.

advice TO ReadeRs cOnsideRing a caReeR in yOuR field:go for it. But don’t assume you’ll go in at the top. you really need to build a broad knowledge base before you progress to director level. generally, it takes three to four years or longer, by which time you’ll have gained the experience to do a fantastic job. The graduate programme is great for gaining that experience, because you get to try out so many different positions.

SALLY

The Lowdown:corporate banking is a broad term given to the different banking services that large companies (known by banks as “corporates”), governments, or other big institutions need to function from day to day.

graduate schemes often involve rotations, which last at least a few months each. you’ll need to be highly numerate, with good relationship skills, a top academic achiever and with a passion for banking, says lucinda Barry, senior manager, resourcing, at lloyds TsB. “you should be the kind of person that reads the Financial Times, has joined banking-related societies at university, and sought relevant work experience in the holidays.”

nAme: SALLY SwArTzAge: 26degree/univerSiTY: 2.1 in LAw from The univerSiTY of newcASTLe; mASTerS in Socio-LegAL STudieS from oxford univerSiTYYeAr of grAduATion: 2001 for firST degree; 2005 for Second degreeoccupATion: reLATionShip SupporT mAnAger in The hoSpiTALiTY And LeiSure TeAm AT BArcLAYS BuSineSS BAnking

WhaT dO yOu dO in yOuR jOB?i’m the main point of contact for our customers, all of whom are classed as larger businesses because they have a turnover of £10 million-plus a year. Relationship support managers are expected to provide a reliable service to them, and always be able to help with enquiries.We cover a full range of things. if they call about investing personal money, we would direct them to one of our Barclays private bankers. if they are looking to invest company funds, we would direct them to our treasury function – to our stockbrokers who would invest their funds. if they are looking to lease some company cars, we would direct them to our asset finance division.

There are eight relationship support managers in the hospitality and

invesTmenT BanKing | CASE STUDY RWph

otog

rap

h: Y

ang

ou

corporATe BAnking

REALW.RW1.CS.indd 25 11/9/06 09:57:53

EURO LONDON APPOINTMENTS••••••

MULTILINGUAL RECRUITMENTSPECIALISTS

PERMANENT • CONTRACT • TEMPORARY

WE SPEAK YOUR LANGUAGE

Established in 1990, the Euro London Group is widely recognised as the largest independentmultilingual recruitment consultancy of its type in the UK. With offices in the heart of London,Frankfurt, Paris and Windsor, our dedicatedrecruitment teams specialise in:

• Banking & Finance • Sales & Marketing• IT Resourcing • Call Centre Resourcing• Executive • Secretarial & Support

We recruit on behalf of a broad range of international clients including many of Europe’s top institutions and Blue Chip organisations.

Candidates with full right to work within the EU and fluency in any European, Russian, EasternEuropean, Middle Eastern and Japanese languages areinvited to visit the Euro London website where over600 vacancies across the UK and Europe are held.Updated weekly, you will also have the option ofregistering with us.

For further information and advice on how Euro London can help you call, or email us now!

City OfficeThree Kings Court150 Fleet StreetLondon EC4A 2DQTel: 020 7583 0180Fax: 020 7583 7800e-mail: [email protected]

West End Office3rd Floor, Josaron House5-7 John Princes StreetLondon W1G 0JNTel: 020 7518 4288Fax: 020 7518 4299e-mail: [email protected]

Windsor Office1 William Street, WindsorBerkshire SL4 1BBTel: 01753 853400Fax: 01753 853900e-mail: [email protected]

Frankfurt OfficeGoethestraße 23D-60313 Frankfurt am MainTel: 00 49 69 21 93 2-0Fax: 00 49 69 21 93 2-111

Paris Office17 Square Edouard VII75009 Paris, FranceTél: 00 33 1 53 43 94 52Fax: 00 33 1 53 43 94 45e-mail: [email protected]

City OfficeThree Kings Court 150 Fleet StreetLondon, EC4A 2DQTel: 020 7583 0180e-mail: [email protected]

West End Office3rd Floor, Josaron House5-7 John Princes Street,London, W1G 0JNTel: 020 7518 4288e-mail: [email protected]

Windsor Office1 William Street, WindsorBerkshire, SL4 1BBTel: 01753 853 400e-mail: [email protected]

Manchester OfficePeter House, Oxford Street, Manchester, M1 5ANTel: 0161 209 3805e-mail: [email protected]

Frankfurt OfficeGoethestraße 23D-60313 Frankfurt am Main, GermanyTel: 00 49 69 21 93 20e-mail: [email protected]

Munich OfficeMaximilianstrasse 35a, D-80539 Munich, GermanyTel: 00 49 89 24 21 81 22e-mail: [email protected]

Paris Office17 Square Edouard VII75009 Paris, FranceTel: 00 33 1 53 43 94 52e-mail: [email protected]

Luxembourg Office26 Boulevard Royal, 6th floorL-2449 LuxembourgTel: 00 352 22 99 99 56 03e-mail: [email protected]

Eurolondon.indd 1 8/9/06 17:11:26AD_TEMPLATE.indd 1 11/9/06 12:13:47


MOST CHALLENGING PART OF YOUR JOB?It’s a challenge to move from having 28 weeks off a year to 25 days. That’s pretty tough. On the job itself, the hardest thing is to make sure you are seen as competent and effi cient and as a good person to work with.

ADVICE TO READERS CONSIDERING A CAREER IN YOUR FIELD:Go to websites and look into what aspects of banking might appeal to you. Apply for an intern programme. Speak to alumni – we’re happy to give advice. Try to stand out in some way, because this industry is competitive. But don’t pretend to be someone you’re not.

CLEMENT

THE LOWDOWN:Many employers provide rotation schemes for graduates in investment management. At Fidelity International, these are becoming increasingly international, “with many of the programmes offering rotations across Europe, India, and occasionally Bermuda”, says Laura Everingham, graduate recruitment manager.

Other employers, such as JP Morgan, expect graduates to apply for specifi c roles. “Since we are looking for people who are focused, it’s not unreasonable to expect them to know where they want to work,’ says Terrence Perrin, head of graduate and experienced higher recruitment, JP Morgan Asset Management EMEA.

Salaries, he says, are competitive, with investment banking starting in the region of £30,000-£35,000.

NAME: CLEMENT HUTTON-MILLSAGE: 23DEGREE/UNIVERSITY: 2.1 WITH DISTINCTION IN MODERN LANGUAGES AT ST EDMUND HALL, OXFORD UNIVERSITYYEAR OF GRADUATION: 2005OCCUPATION: ANALYST AT JP MORGAN ASSET MANAGEMENT

INVESTMENT BANKING | CASE STUDY RWPh

otog

rap

h: Y

ang

Ou

WHAT DO YOU DO IN YOUR JOB?In asset management, we look after and invest clients’ money. I’m an analyst in our money market fund team. This entails investing money on behalf of institutions in JP Morgan’s money market funds.

I get in at 8.30am and leave at about 6.30pm, during which time I analyse yield information on our funds – that is, the funds’ performance. Typical activities include putting together client pitch books for our sales people who are pitching for new business, and putting together account reviews for relationship managers who’ll be talking to existing clients and dealing with new ones. I also produce reports, depending on where we are in our cycle.

One of the biggest differences about investment management is building long-term relationships. We rely on these relationships to create new opportunities and bring in repeat business. The work is team-oriented, and no two days are the same.

WHAT WAS YOUR MOTIVATION IN APPLYING?I did an internship with JP Morgan Asset Management. I liked the relationship-driven aspect, so was pleased to be offered a permanent position here.

I was attracted to banking because it’s known as being a challenging career, where you get to work alongside bright people. And what I liked about this company is the proximity you have to senior people. In addition, I liked the fact that JP Morgan is big on encouraging graduates to go as far as they can.

WHAT DID THE APPLICATION PROCESS INVOLVE?I was offered the job after doing an internship. But the internship application process was similar – there was an online application form, followed by a written test and two rounds of interviews – one general and one with the team I was set to join. You could say that the internship was a 10-week interview, where I had to prove myself and show that I could work competently.

WHAT DO YOU ENJOY ABOUT YOUR JOB?Putting together a solution for a client that fully matches their requirements. It’s an intellectual challenge that is incredibly rewarding. Everyone is happy. I also like the challenge of working with good people and socialising with the team,. The hours are reasonable because the job is driven by the hours of the market. There are times when I’ve had to work very late, but far less often than some of my friends who went into the investment banking side of the business. I never work at weekends.

INVESTMENT MANAGEMENT

REALW.RW1.CS.indd 27 11/9/06 10:00:44


DO THEMATH

ACCOUNTANCYFIN

ANC

EPh

otog

rap

h: E

d M

iller

REALW.RW1.CS.indd 28 11/9/06 10:01:37


RW

If you want to reach the top, then you might want to consider starting out as an accountant. With two-thirds of finance directors in the FTSE 100 being chartered accountants, there is clearly something more to the profession than just numbers.

Nobody knows this better than Annie Guerard, 43, who is finance director of Diesel, a fashion brand employing 3,400 people worldwide. “You’re an integral part of the decision-making,” she says. “For example, sometimes you can be the one highlighting a deal that could be dealt with in a different way.”

Now there is little to tempt her away from her job at Diesel, where she says she is part and parcel of running the company in a more efficient, commercial way. But Annie climbed the ranks of accountancy in 20 years from book-keeping to commanding the purse-strings of a global design brand. Armed with an international finance degree from the European Business School in Paris, she came to London to pursue her dream of being a dancer, and started book-keeping to fund herself while studying dance and choreography at Middlesex University. After a ski injury, Annie decided: “it’s better to be an average accountant than an average dancer, especially in terms of income.”

She qualified with the Chartered Institute of Management Accountants (CIMA), within two years, and moved from a small business information company to high-profile organisations such as Dunhill and Guinness. She found her niche as financial controller of fashion retailer Warehouse, and after three-and-a-half years was head-hunted by Diesel to be their financial director.

One draw to starting your career in accountancy is the qualifications, says Graham Keating, careers consultant at the University of Manchester. “It takes more study before you’re qualified, but you finish up with an internationally recognised qualification.”

Accountancy and financial management involve diverse working environments, such as fashion or retail. Graham encourages students to shop around: “It’s natural for graduates

to head towards the big firms. However, there are thousands of firms out there who may recruit only a few graduates but where you do receive the same training.”

Every year, accountancy firms attract huge numbers of applications from graduates. Often the biggest graduate advertiser on campus, they promote good packages including balanced working hours, a sociable workplace, generous benefits and mid-career breaks. International accountancy firms, including the Big Four – KPMG, PwC, Ernst & Young and Deloitte & Touche – have reformed their work ethic and are trying to move away from their reputation for long-hours working.

Matt Williams, a 28 year-old geography graduate from the University of Bristol, has been a corporate finance analyst at Ernst & Young for a year. He decided on an accountancy career after taking five years out travelling and working.

One of the reasons was the qualification: “It’s paid for by Ernst & Young, and they give you time off work to study when you’ve got college,” he says. “This means you don’t go straight into the job, but get nine weeks training first. I met other people about to start at the organisation, so I already had a support network.”

Matt had previously done an internship at a City bank, but preferred the pace of accountancy: “Here they stop you from overworking. Maybe this means you don’t get paid as much as you would at a bank, but it depends on the lifestyle you prefer.”

That said, salaries aren’t to be sniffed at, and you do earn your way. In the past year accountancy salaries have risen by 2.6%, above the national average. They can start from £15,000 at a smaller company to £28,000 in one of the bigger firms.

Plus there’s the chance to reach the top with accountancy, provided you find what you like doing: a concept Annie at Diesel is familiar with. “I stuck to one industry that I liked, and it’s important you have a natural fit. I work in fashion and I love it.” Read on for case studies of graduates in this sector.

IF YOU’vE GOT THE COMMITMENT AND DRIvE ACCOUNTANCY IS A CAREER THAT CAN TAKE YOU ALL THE WAY TO THE TOP Text by Sophie KimberCase studies by Kate Hilpern

ACCOUNTANCY | OVERVIEW

REALW.RW1.CS.indd 29 11/9/06 10:02:13

ACCA FP 9/23/05 9:40 AM Page 1



MICHAELTHE Lowdown:“While conventional accountants look backwards, auditing past business, management accountants look forward to assess what the business is capable of in the future,” says Robert Jelly, director of education at CIMA (Chartered Institute of Management Accountants). “It’s an exciting role because you can actually shape the future of organisations.”

Once you’ve gained the CIMA professional qualification, typical roles include management accountant, project accountant, investment accountant, group strategist, management consultant, financial manager, corporate finance manager, financial analyst, business analyst and product team manager. Latest figures from Robert Half International show that the average salary is £48,100.

“I did the CIMA qualification and I’d take people from CIMA any time,” says Andrew Higginson, finance and strategy director for Tesco. “They’re basically business people with a finance orientation, not just accountants.”

nAME: MICHAEL PArTIngTonAgE: 29dEgrEE/unIvErsITy: 2.1. In gEoLogy froM THE unIvErsITy of LEEdsyEAr of grAduATIon: 2000oCCuPATIon: dIsTrIbuTIon fInAnCE AnALysT for CAdbury sCHwEPPEs

WHAT dO yOu dO In yOuR JOb?At Cadbury’s, the finance teams support each of the company’s functions. Our team is aligned to the distribution function. I specifically support the network manager, who is responsible for both the Cadbury-owned warehouses and the third-party ones. The focus isn’t just on numbers. It’s on an understanding of the numbers, as well as the operational impact of them.

There isn’t a typical day. At the moment, our team is involved with budget-setting for 2007, which is taking up considerable time. Other examples are writing reports around the time of a period-end.

WHAT WAs yOuR MOTIvATIOn In AppLyIng?I was attracted to Cadbury because of its size, reputation and breadth of opportunities. I also knew that Cadbury employs a good contingent of graduates and people studying towards CIMA (Chartered Institute of Management Accountants) qualifications. Management accountancy appealed to me because it was a new challenge.

WHAT dId THe AppLICATIOn pROCess InvOLve?It’s changed since I went through it, but I applied through a recruitment website. I remember a lot of scenario-based questions on the application form. Then I got called in to do verbal reasoning and numerical tests, and group assessments. After that, I got invited to do a presentation to the financial controllers, and I got offered the job.

WHAT dO yOu enJOy AbOuT yOuR JOb?The challenge of translating financial information into a language that is easy to understand. With distribution and specifically network management, there is a wide range of people that I have to explain it to. When I go out into a warehouse on to the shop floor and talk to the operatives, for example, I get a kick out of framing it to them in a way they understand. I like the people side of the job, too.

MOsT CHALLengIng pART Of yOuR JOb?presenting whatever information I have in a manner that is suitable for that particular audience. It’s about tailoring the information and understanding what the requirements are.

AdvICe TO ReAdeRs COnsIdeRIng A CAReeR In yOuR fIeLd:The CIMA qualification is the same regardless of what company you’re working at when you study it, but the way you put it into practice can depend on your employer. so apply for one that suits your needs. Also, try to get breadth of experience. My work – on an IT project, in commercial finance, in central finance and now in distribution – has helped me to put the CIMA courses into context.

ACCOunTAnCy | CASE STUDY RWPh

otog

rap

h: y

ang

ou

MAnAgEMEnT ACCounTs

REALW.RW1.CS.indd 31 11/9/06 10:02:55

Lead the way

Take the lead in business by attaining one of the mostprestigious business qualifications available – the ACA.

Chartered accountants are leading the way in many of theworld’s largest companies and are widely regarded as theadvisers and influencers of modern day business. Many haveachieved the ACA qualification to get there.

Take the lead on your career and go to:Web: www.icaew.co.uk/careersEmail: [email protected]: +44 (0)1908 24 8040

LPDADV5711



SONIA

The lOwdOwN:Today’s auditors have to be extremely diligent and focused because of the extra controls and methodologies brought in post-Enron. “As a career, it’s also now more intellectually challenging because businesses are more complex,” adds Tony Osude, head of business partnerships at ACCA (Association of Chartered Certified Accountants).

The Big Four accountancy firms take in 750-1,000 auditors a year. You can also work for other accountancy firms. Around half move out of auditing once qualified, into fields such as corporate finance and risk management.

Starting salaries in the Big Four tend to be £22,000-plus. “When you qualify, that moves up to around £38,000-£45,000. It then rises every year,” says Tony.

A spokesperson for PricewaterhouseCoopers says that for those who stay in auditing, there are many opportunities to specialise – and not just in an industry area. “Auditors can also specialise in support for deals and transactions, risk management or due diligence services.”

NAme: SONIA OrchANTAge: 25degree/uNIverSITy: 2.1 IN mAThemATIcS frOm The uNIverSITy Of SOuThAmpTONyeAr Of grAduATION: 2005OccupATION: TrAINee chArTered AccOuNTANT wIThIN fINANcIAl ServIceS AudIT, Kpmg

WhAT dO YOu dO In YOuR jOB?The overall aim of auditing is to determine whether or not the financial statements of a particular client are true and fair. The actual work involved in that depends on the size of the client and the nature of the industry. I work in insurance, so I generally work on a set of financial accounts that are both technical and non-technical. As an audit assistant, I initially spent time on lower-risk areas. But in developing my technical knowledge, I have broadened the range of areas I work on.

Typical activities include researching and analysing the financial data, performing benchmarking exercises, speaking to the client and planning work with colleagues. I study for my ACA (Associate Chartered Accountant) qualification alongside client engagements.

Predominantly, we are based at the clients’ premises. This makes sense, because a lot of time is spent talking to them about what’s in their file.

WhAT WAS YOuR mOTIvATIOn In APPlYIng?I wanted a challenging career and financial services experience. I was also looking for something that would give me professional experience, as well as a qualification. The qualification I’m studying for generally takes two-and-a-half years of studying alongside your normal job. But you also need to gain technical experience, so it winds up taking three years. I chose KPmg because I wanted to work for a firm that would enable me to take on responsibility quickly and that had a strong corporate culture.

WhAT dId ThE APPlICATIOn PROCESS InvOlvE?Initially, I had to fill in an online application, as well as doing some online verbal, numerical and financial assessments. After that, there was an initial competency-based interview. Finally, there was an assessment day, which had an in-tray exercise, a group exercise involving a short presentation, and a final partner interview.

WhAT dO YOu EnjOY ABOuT YOuR jOB?It’s incredibly varied – no two days are the same. It’s also fast-paced. As soon as we’ve learnt a task, we progress quickly onto something more developed. We’re kept on our toes. I enjoy that constant focus on new things. I also like always working with new people. Both the clients, and the teams we work in, change regularly, which makes the job very social.

mOST ChAllEngIng PART OF YOuR jOB?juggling studying for exams and gaining audit skills and industry-specific skills. In the first few months, it feels like a lot that we’re taking on board. But it does gradually get better. By the end of the first year, I and all my colleagues agreed that we were comfortable with the role.

AdvICE TO REAdERS COnSIdERIng A CAREER In YOuR FIEld:If you’re still at university, apply for internships. It’s a strong introduction to the role. Even if you choose not to work for the company where you do the internship, you gain a good insight into what the roles actually involve.

“ AS SOON AS we’ve leArNT A TASK, we prOgreSS ON TO SOmeThINg elSe”

ACCOunTAnCY | CASE STUDY RWph

otog

rap

h: y

ang

Ou

AudITINg

REALW.RW1.CS.indd 33 11/9/06 10:04:03

m



DAVECORPORATE FINANCE

ThE lOwDOwN:Corporate finance is the sexiest role in accountancy and financial services, according to Vera Sabeva, head of the corporate finance faculty at ICAEW (the Institute of Chartered Accountants in England and Wales). “There are opportunities all over the world, and the sky’s the limit in terms of opportunities for those who qualify. But it’s a very competitive industry, where only the fittest survive,” she says.

A career in corporate finance involves helping a company find money to run the business, grow the business, make acquisitions, plan for its financial future and manage any cash on hand.

Typical employers include investment banks, accountancy firms, private equity houses, venture capitalists, law firms, corporate finance boutiques, and private and public businesses. Starting salaries are up to £35,000, plus bonuses.

ICAEW has just launched a new corporate finance qualification, which it hopes will become one of the industry benchmark.

NAmE: DAVE wEAThERAllAgE: 24DEgREE/uNIVERsITy: 2.2 IN mAThEmATICs wITh FINANCE FROm ThE uNIVERsITy OF lEEDsyEAR OF gRADuATION: 2004OCCuPATION: FINANCE OFFICER FOR sIEmENs. I’m ON PlACEmENT AT ThE mOmENT, whERE my mORE sPECIFIC ROlE Is REPORTINg ANAlysT

WhAT do you do In youR joB?I work in a reporting team, which gathers the information required to produce month-end reports for the business as a whole. It’s our job to pull everything together at a high level so that everyone in the business knows how everything is going and they can make more informed business decisions.

To get the data that we need, we send out templates, which get filled in by different areas of the business. My team then populates the figures in the templates before sending them out to the businesses for review and any adjustments. After that, we upload them onto a system that our head offices in Germany uses so that it can get the reports out. Among the many people I liaise with is the tax department, to make sure figures are correct.

WhAT WAS youR MoTIVATIon In ApplyInG?Siemens has a good graduate scheme, and I liked the idea of a placement programme because you gain wide knowledge of industry sectors and of the business as a whole. There is a lot of potential further down the line to move countries or even continents, which also appealed to me. There is a relaxed culture here, despite German companies often being perceived in the opposite way. Finally, I wanted to do the CIMA exams, which Siemens allows and which I am currently studying for.

WhAT dId ThE ApplICATIon pRoCESS InVolVE?It took quite a while. First, there was an online application process, with a lot of open-ended questions – for example about experiences in my life that I felt reflected a certain quality or skill. Then there was a half-hour phone interview, which provided an opportunity to expand on some of my answers. This was followed by a face-to-face interview with someone from personnel and a senior manager, as well as a role-play exercise focusing on a meeting with a customer. once I got through that, there was an online maths-competency test. Because I passed that, I was invited to a selection day which consisted of an individual presentation, a sit-down interview with personnel and senior management, and a team-working exercise involving lego. Finally, there was a team discussion and presentation, and another maths competency test.

WhAT do you Enjoy ABouT youR joB?I like meeting and talking to people, and building good working relationships with them. I like the exposure to senior management, which isn’t something you’d get in other graduate functions. I also like the team ethic and the opportunities to learn. I’m particularly enjoying gaining my CIMA qualification.

MoST ChAllEnGInG pART oF youR joB?It’s a steep learning curve, and I’ve had to think a lot on your feet a lot. Because I had no previous accounting knowledge, the first month or so was difficult. Also, we do have a lot of deadlines to meet.

AdVICE To REAdERS ConSIdERInG A CAREER In youR FIEld:If you’re thinking of applying to a graduate scheme, don’t forget to research the culture of the businesses you apply for. It can have a massive impact on how much you enjoy where you work and what you actually get to do. I’d also advise people to be prepared to work hard, because that’s the only way up. Be sure to have good time-management skills, or you’ll wind up working very long hours. And don’t be afraid to ask questions, as it’s the only way to get on.

“ I lIkE ThE ExPOsuRE TO sENIOR mANAgEmENT AND ThE TEAm EThIC”

ACCounTAnCy | CASE STUDY RWPh

otog

rap

h: y

ang

Ou

REALW.RW1.CS.indd 35 11/9/06 10:05:27

Talent Recruitment Programme £23,929 National (£26,010 London) Based Nationwide

Think about it. Our work impacts on the lives of everybody in the UK, and we connect just about every business from small to huge. There’s no other organisation like us. This is the works, in full. Open to graduates with a 2:2 honours degree or above in any discipline, our graduate programme offers two distinct career paths – the Inspector DevelopmentProgramme or Management Fast Track – complete with personalised training and study for professional qualifications.Whichever path you take, you’ll develop transferable skills on increasingly challenging assignments. And you’ll be part of a progressive organisation with a commitment to diversity, equality and flexible working that’s second to none. Either way,you’ll enjoy an endlessly fascinating career that will take you deep into the workings of one of the UK’s largest and mostcomplex organisations.

Closing date: Noon Monday 4th December 2006.

www.hmrc.gov.uk/talent

The complete works



ACCOUNTANCY | CASE STUDY RW

GREGORYNAME: GREGORY FORDEAGE: 24DEGREE/UNIVERSITY: FIRST CLASS HONOURS IN BUSINESS AND ECONOMICS FROM BRUNEL UNIVERSITYYEAR OF GRADUATION: 2005OCCUPATION: ECONOMIST AT ERNST & YOUNG

Phot

ogra

ph:

Ed

Mill

er

THE LOWDOWN:If you want to work in

standard corporate tax, you’ll fi nd that many

companies split the roles into industry lines, such as fi nancial

services, industrial, commercial and government and national

growth markets. Lisa Holden, national graduate recruitment

manager at Ernst & Young, adds that there are specialist roles, too. “For

example, within human capital, you could work in expatriate taxation.”Lisa says jobs in tax have changed a

lot in recent years. “In the past, for most of our graduate roles, we were looking for a

number-crunching ability. We still need that, but we’re also after people to network and

build relationships now, because a lot of the job is about client liaison.’As a fresh graduate, you can expect to earn in

upwards of £27,000 in London, although the fi gure may be marginally less in the regions.

WHAT DO YOU DO IN YOUR JOB?When two companies are related and there is a transaction between them, they can manipulate the profi ts if one is in a high-tax jurisdiction and the other in a low-tax jurisdiction. This is known as transfer pricing. Our team analyses transfer pricing. We negotiate with the tax authorities in terms of what the correct company margins should be, based on their business activities. We also analyse other tax issues that arise from such transactions.

The hours are reasonable. Generally, we have a strategy meeting each morning. Then there may be more meetings to discuss various projects, and then I’ll work on a specifi c project. Lunchtimes normally consist of a client call or internal training. Then the afternoon consists of more meetings, client calls and project work.

WHAT WAS YOUR MOTIVATION IN APPLYING? I did a work placement at a corporate investment bank, and it offered me a job. But I thought I’d also apply to other companies. When I met the head partner of the team I now work in, I became convinced that Ernst & Young was my best option. The company talked more about what it could do for me than what I could do for Ernst & Young.

WHAT DID THE APPLICATION PROCESS INVOLVE? I applied through the website and did the online test. Then I went to two test centres and had to go through two stages of interviews.

WHAT DO YOU ENJOY ABOUT YOUR JOB?The perception of tax is that it’s dull. But when you get into it you realise how interesting it is. It’s really diverse – no issue is ever the same as the last. You get to travel a lot, and the work itself is challenging. I actually prefer tax to debt restructure or portfolio management, which surprises a lot of people.

I also like the emphasis on diversity within the company. I have set up a mentoring scheme for Afro-Caribbean students between the ages of 14 and 16. It involves employees of Ernst & Young going into schools and mentoring the children.

MOST CHALLENGING PART OF YOUR JOB? There is so much to do that it never feels there are enough hours in the day. Getting your head round all the tax principles is also challenging. If, like me, you don’t come from an accounting background, it is especially tough. But you learn quickly.

The CIMA qualifi cation that I’m studying for are also challenging, but you get lots of support from the company.

ADVICE TO READERS CONSIDERING A CAREER IN YOUR FIELD:Don’t listen to the stereotypical view that tax is boring. A lot of people think “no way” when anyone suggests applying to work in tax, but it is really enjoyable and it pays well, too.

“ IT’S REALLY DIVERSE, YOU GET TO TRAVEL A LOT, AND THE WORK ITSELF IS INTERESTING”

TAX

REALW.RW1.CS.indd 37 11/9/06 10:06:35


Steve Wellard, director of communications for the industry training body the Chartered Institute of Insurers (CII), objects to people’s perception of insurance as a boring profession: “Look at the diversity – the biggest sporting sponsorship in

the world at the moment is an insurance company with Manchester United. There are loads of avenues to explore, whether it be technical, such as underwriting, or marketing and sales.”

Steve says the profession isn’t confined to selling car insurance over the telephone. Common roles for graduates within the industry are insurance brokers, actuaries, underwriters and financial advisers. “The industry deals with loss adjusting and dealing with claims and claim management. People could find themselves being the project manager to things such as the Bunsfield oil disaster or Hurricane Katrina,” he says. “They all link back to insurance in some way.”

Insurance isn’t the only financial service that is constantly on the go. indeed the whole financial services sector contributes more than 5% of the UK’s gross domestic product and employs more than one million people. It covers institutions that offer a

FINANCIAL SERVICES

huge range of financial products to consumers such as banking services, insurance, corporate banking, mortgages, pensions and many more.

“The financial services industry has proven that it’s incredibly responsive to change,” says Hannah Costin, head of graduate recruitment at Barclays. “We’ve shown ourselves to be ambitious as organisations, we’re keen to grow, we’ve got extremely impressive profits and we give back to the community. I think we’re engaging organisations to work for, and most candidates I meet are fascinated to be a part of that.”

Whatever you studied, English or Economics, good interpersonal skills are a winning factor in these industries and displaying “commercial knowledge” is a prerequisite for any job.

Sarah Paramore, 23, graduated from Oxford with a 2:1 in Geography and wanted to get an understanding of business and develop a range of skills. She joined the Barclays leadership programme in 2005. “When you apply for graduate schemes, they want to know that you can absorb information and apply it appropriately,” she says. “It’s about proving that you can

INTERESTEd IN A CAREER WITH PEOPLE ANd NUMBERS? THEN LOOK TO THIS SECTOR. THE ONLy PROBLEM IS WHAT TO CHOOSE

FINAN

CEMONEy ON

THE MOVE

Text by Sophie KimberCase studies by Helen Beckett

Phot

ogra

ph:

Ed

Mill

er

REALW.RW1.CS.indd 38 11/9/06 10:09:50


FINANCIAL SERVICES | OVERVIEW RWFINANCIAL SERVICES

motivate yourself to work and apply yourself, and I think that the subject you study isn’t as relevant as perhaps it used to be.”

Hannah agrees: “The candidates I see come from hugely diverse backgrounds and have very different motivations,” she says. “I think a lot of people believe most people are motivated by the financial reward. But the more candidates I see, the more I notice that they perceive the huge opportunities for progression and responsibility.”

A more specifically numerate career, such as the actuarial profession, places emphasis on mathematical skills, says Caroline Henderson-Brown, who provides career advice for the Actuarial Profession. “Actuaries apply mathematical techniques to find solutions to long-term financial problems and the management of financial risks,” she explains. “The profession is generally attractive for graduates with numerate degrees who are interested in using their analytical and communication skills at the highest level.”

There are plenty of opportunities for graduates looking to get qualified and enjoy great career progression.

The CII is the main training body for the insurance industry. “The industry is very professional,” says Steve at CII. “It’s now a fully regulated industry, and part of showing your compliance with the regulations is to be seen to invest in training and development. So if you’re qualified, it’s looked on well by the industry and the regulator, though it’s not prescriptive.”

A big part of any job in insurance or financial services is dealing with other people’s money, which demands maturity, responsibility and the ability to communicate competently with clients in order to gain their trust.

Sarah from the Barclays graduate programme thinks that all areas of business depend on how you build relationships with other people. She says she likes the social side of the graduate programme at Barclays. “In my first year in financial services I’ve learnt that one of things I really want to be involved with is managing and leading people a few years down the line. That’s something that when I joined the scheme I wasn’t so clear on.”

Find out more from the case studies of graduates in financial services overleaf.

REALW.RW1.CS.indd 39 11/9/06 10:07:32

ACTUARIAL ANALYSTExcellent package, London based

Working within a multi-disciplinary team, you will learn thefundamentals of actuarial consulting as you will work in a teamwith experienced consultants to support major clients in allaspects of actuarial consulting, including financial modellingacquisitions and market surveys. You will undergo an extensivetraining programme in order to gain valuable problem-solvingskills that are needed to become an effective actuarialconsultant. Vacancies are within the areas of employee benefit services, life and general insurance.

TRAINING:■ You will be given every encouragement to develop your career,

both by formal training and involvement in a wide variety ofclient assignments

■ You will be encouraged to develop your skills that best suit yourparticular talents and ambitions

■ Development of technical, consulting and management skills,backed by an extensive training programme

■ You will work towards qualifying as a Fellow of the Institute orFaculty of Actuaries; regular study leave with tuition andmaterials is paid for by the company.

RESPONSIBILITIES INCLUDE:■ Developing financial projections for a company or product line

■ Designing and developing benefit strategies

■ Assessing and designing management systems, claimsprocesses and actuarial procedures

■ Resolving client queries and helping to maintain clientrelationships.

REQUIREMENTS/QUALIFICATIONS:■ 3 high A level grades (320 UCAS points, including grade B in

mathematics)

■ Minimum of a 2.1 honours degree, preferably in a numerate orscientific discipline

■ Commitment towards attaining a professional qualification

■ Excellent interpersonal skills

■ Ability to function professionally and proactively in a teamenvironment.

Apply online at: www.towersperrin.com

Towers Perrin is a global professional services firm that helps organisationsaround the world optimise performance through effective people, risk andfinancial management. The firm provides innovative solutions to client issues inthe areas of human resources strategy, design and management; actuarial andmanagement consulting to the financial services industry; and reinsuranceintermediary services.

RealWorld90x280Ad.qxp 24/07/2006 11:57 Page 2

You’ll work with the finest minds in the business.

And be one of them.

Actuaries • Analysts • Consultants

It’s one thing to work alongside the finest talent as agraduate, quite another to be considered an equal by theleading lights of our industry. This will give you the confidenceto not just develop yourself, but to also improve us – aninternational and leading HR and related financial adviceconsultancy – while making the most of a myriad of big-business opportunities.

That could mean anything from making better use of a hugemultinational company’s pension fund, to creating better,more valuable bespoke benefits packages for their employees.But whatever dynamic range of products you’re developing,we can guarantee you a breathtaking list of clients – afterall, Mercer advises over 70% of the FTSE 100.

You’ll also meet like-minded colleagues wherever you join us,and the high-calibre skills you’ve already honed will becrucial. With 300 UCAS points (or equivalent) and a minimum2:1 numerical, semi-numerical or business degree (2:2 forRetirement Analysts), you’ll not only thrive in your role,but also enjoy intensive induction courses and supportedprofessional training.

To apply, please visit www.mercerhr.com/ukgrads or contactour Graduate Team on 0845 600 2389 for more information.

A lot to think about.

Mercer aims to attract and retain the best people regardless of theirgender, marital status, ethnic origin, nationality, age, background,disability, sexual orientation or beliefs. All recruitment decisionsare made on the basis of relevant qualifications, skills, knowledgeand experience for the role.

www.mercerhr.com/ukgrads

Untitled-1 1 11/9/06 12:29:24


FINANCIAL SERVICES | CASE STUDY RW

JOHN

THe lOwdOwN:The actuarial profession is a small but highly regarded part of the financial and business community. Qualification consists of passing 15 exams and, crucially, three years’ work experience. Caroline Henderson Brown, career adviser with industry body Actuarial Profession, says: “It’s hard because of the demands of being an actuary, and also because of the public interest they have to represent.”

There are diverse routes to qualification, but A-level maths is a must, and a numerate degree is generally preferred. Graduates can expect to earn between £20,000 and £25,000, increasing to £30,000–£40,000 for partly qualifieds, rising to an average £53,000. However actuaries can use their thorough training to rise to senior levels of business.

JOHN HardmerN graduaTed wiTH a degree iN mOrSe (maTHS, OperaTiONal reSearcH, STaTiSTicS aNd ecONOmicS) frOm THe uNiverSiTy Of warwick. He iS NOw a TraiNee acTuary aT HewiTT BacON & wOOdrOw

WHAT do you do IN youR joB? There’s a lot of technical work. This includes solving calculations for the administrators of pension schemes. If it’s a big scheme, you might write a model in Excel to let the administrators do the work themselves. If there’s a smaller volume, you’ll do the sums. It could include queries such as someone retiring early and working out the reduction on their pension, or calculating the cost of a transfer between pension schemes. I’ve also taken on a secondment to run a mentoring scheme for newcomers to the company.

WHAT WAS youR moTIVATIoN IN APPLyING? With a degree such as moRSE, I could have pursued quite a few career paths. A lot of my peers went into accountancy. But contrary to popular perception, I think that it’s a more number-crunching profession than actuary. I applied to do a summer internship with Hewitt Bacon & Woodrow in the summer of 2003, and was offered a job at the end of the eight weeks.

WHAT dId THE APPLICATIoN PRoCESS INVoLVE? The internship application process was very much like being interviewed for a graduate place. There was an assessment centre day and an interview. I think it was slightly more relaxed than the graduate interview, which also involves a presentation. It’s worth checking on the internet what tests you’ll be asked to do, and try some practice ones. Friends of mine struggled with the numeracy test because it was different from the maths they were taught at uni.

WHAT do you ENjoy ABouT youR joB? I really love the mentoring role I’ve taken on, and the fact that in actuary, a lot of the problems are solved in teams. I mentioned at the interview that I’d been interested in becoming a teacher and Hewitt Bacon & Woodrow has given me opportunities to pursue this interest, such as the mentoring secondment project.

moST CHALLENGING PART oF THE joB? Balancing the huge work burden of exams for the professional qualification with work and social life. Exams can take over your life if you don’t watch out. A couple of weeks before exams, it’s every night and all weekend. There are two sessions of exams every year, and the average period of qualification for an actuary is four-and-a-half years. I try to spread study over the term rather than leave everything to just before exams. Hewitt Bacon & Woodrow also gives 30 days’ study leave a year, which really helps.

AdVICE To REAdERS CoNSIdERING A CAREER IN youR FIELd: make sure you have the motivation to stick with qualifying to be an actuary, because the studying and exams are intensive. Friends of mine who have dropped out of the profession have done so because they lost interest, not because they didn’t have the skills and ability.

“ i lOve THe facT THaT iN acTuary, a lOT Of THe prOBlemS are SOlved iN TeamS”

phot

ogra

phs

: ya

ng O

u

acTuarial

REALW.RW1.CS.indd 41 11/9/06 10:10:48

Phot

ogra

ph:

Ed

Mill

er


FINANCIAL SERVICES | CASE STUDYRW

and products coming out. We have client teams and manager researchers: there’s lots of knowledge-sharing. The best part of the job is probably the people. And if you want to take on extra responsibilities, Mercer is always happy to enable that if it’s suitable to your level.

MoST ChALLENgINg pART oF ThE job? I’m studying for my Chartered Financial Analyst exams – graduates here tend to do that or an actuarial qualification. balancing study for qualification with the rest of work, and having a social life too, isn’t always easy.

AdVICE To REAdERS CoNSIdERINg A CAREER IN youR FIELd: do try for an internship before you join a company full-time. It’s a great opportunity to get a feel for people and the company. you get to have a buddy and a mentor, so you’re never on your own.

HELYNE

THE LowdowN:Investment analysts study the performance of securities and advise clients – usually fund managers – on making investments. They work for a variety of firms including investment-management companies, stockbrokers and investment banks.

The hours are long but salaries are generous. They start at between £26,000 and £35,000 for junior analysts, rising to £30,000- £60,000 after a few years. Senior analysts earn around £100,000 while specialist analysts can command salaries upwards of £200,000, according to Connexions direct.

Investment analysts can choose to sit for exams and qualify with a variety of professional bodies. These include the Securities & Investment Institute (SII), the united Kingdom Society of Investment professionals (uKSIp), the Chartered Institute of bankers in Scotland (CIobS) and the Chartered Financial Analyst (CFA) Institute.

HELYNE dawEs graduaTEd wiTH a dEgrEE iN MaTHs, oPEraTioNaL rEsEarcH aNd sTaTisTics froM cardiff uNivErsiTY iN 2004. sHE’s Now aN iNvEsTMENT aNaLYsT wiTH MErcEr iNvEsTMENT coNsuLTiNg

WhAT do you do IN youR job? The job consists mainly of supporting the consultants who provide advice to pension administrators and trustees. We have to help trustees decide which asset classes to invest in, and in what proportions. This involves asset liability modelling: once we have the data that actuaries send over, we look at what asset classes our clients should invest into meet their liabilities.

We also provide advice on who to invest with. We have a manager research team that researches investment managers and give them a rating. based on this, trustees will invite managers to present, and eventually come to appointing them. It’s technical work, and my employer specifies a numerate degree.

WhAT WAS youR MoTIVATIoN IN AppLyINg?With maths as part of my degree, I had lots of choice. And as a female I’m in a minority, so that probably helps, too. Some of the obvious careers are banking, accounting and teaching – there are a lot more women going into finance nowadays.

WhAT dId ThE AppLICATIoN pRoCESS INVoLVE? I was a summer intern, and applying for a graduate role involved the same process. There’s a telephone interview with someone from the hR department, then a day at an assessment centre with exercises and the opportunity to meet consultants. The advantage of being a summer intern is that as you’ve already been through the process you don’t need to go through more interviews to become a graduate, providing you get good feedback from your working period.

WhAT do you ENjoy AbouT youR job? It’s fascinating dealing with investment, and there are always so many new products to learn about. Mercer provides training and on-the-job teaching to help everyone keep up to speed with all the new regulation

iNvEsTMENT aNaLYsT

REALW.RW1.CS.indd 42 11/9/06 10:17:46


KEVININSURANCE

THE LOWDOWN:Underwriters assess and price the risk of almost any activity an individual or company may care to insure. Candidates have to be numerate, but it’s defi nitely not about “men in grey suits sitting in cubicles and doing sums”. So says Steve Wellard, director of communications for the Chartered Institute of Insurance, whose professional exams underpin underwriters’ careers.

Salaries range between £18,000 and £25,000 for graduates, depending on location and company, with those joining “underwriting academies” on the fastest track. Chartered underwriters with a few years’ experience earn between £45,000 and £60,000. Once qualifi ed, there are two lucrative career paths for the underwriter: either to become a specialist, say in Hollywood fi lm stars, or to move into general management, managing a variety of disciplines including marketing sales and HR.

KEVIN BRAITHWAITE GRADUATED WITH A BA IN BUSINESS AND MARKETING FROM LEEDS METROPOLITAN UNIVERSITY IN 2003. HE NOW WORKS AS AN UNDERWRITER WITH TOWERGATE UNDERWRITING

“ IT’S SATISFYING TO SECURE THE BUSINESS THAT COMES UNDER ATTACK FROM COMPETITORS”

FINANCIAL SERVICES | CASE STUDY RWPh

otog

rap

h: E

d M

iller

WHAT DO YOU DO IN YOUR JOB?I underwrite existing farm business policies and new business for the agricultural division of Towergate Underwriting. This means checking a postcode and doing all the calculations to ensure the premiums are correct. I also do the renewal reviews, working out loss ratios and working from our underwriting guide. I deal with brokers who may have portfolios of business, and I can make discounts if we need new business or to cement relationships.

The farm policy includes business interruption, personal accidents, farm buildings and contents. So I’m building a broad base of knowledge for my future career.

WHAT WAS YOUR MOTIVATION IN APPLYING? I’ve been at Towergate for 10 months. Agriculture appealed to me because it’s a sector I know – I was brought up on a farm in the Lake District.

Before joining Towergate I had a job with a family fi rm of commercial insurance brokers, Rigton Insurance Brokers. Here I got my fi rst exposure to underwriting and realised it was the area of insurance I wanted to specialise in.

WHAT DID THE APPLICATION PROCESS INVOLVE? I had an interview. Having the experience and degree helped, and a background in farming defi nitely counted in my favour. I got the interview through a recruitment agency that I approached once I had nine months’ experience under my belt.

WHAT DO YOU ENJOY ABOUT YOUR JOB? I enjoy working out rates for clients and the best part is getting to bring in commercial business. It’s satisfying to secure business has come under attack from competitors, and meeting company targets on retention of business.I maintain a personal target of a 90% renewal.

MOST CHALLENGING PART OF THE JOB? It’s not all about maths. You have to learn how to develop a good relationship with your brokers too, and judge when they’re doing honest business with you. If they work with competitors too, you might have to adjust discounts, for example.

I have the power to negotiate what premium I charge: that’s a big responsibility. But it’s fun too – you get to know the people you speak to on the phone.

ADVICE TO READERS CONSIDERING A CAREER IN YOUR FIELDUnderwriting is hard to get into directly – you usually do a couple of years as an assistant before making the progression. I knew I needed to get to that position straight away to advance my career at the pace wanted, and so picked my company carefully. Big companies are good for graduate schemes, but you can progress faster with a medium-sized company.

Also, if you know what you want to do, the right degree can give you points towards your chosen professional qualifi cation. For example, my business degree gave me points towards the Chartered Insurance Institute professional examinations, and this has aided me in getting my Certifi cate in Insurance.

REALW.RW1.CS.indd 43 11/9/06 10:12:31

graduate recruitment

Unlike the banks, what matters to us is making a difference

www.nationwide.co.uk/graduate

Because we’re a building society and not a bank, profits are not our priority. We’re in business to make our customers better off. It’s a different way of doing things, we know. And we think it’s a better way. If you’d like to be part of it, our management development programme is specifically designed to enable you to make a difference to our business, and to our customers’ financial lives.

Find out more at:

20479 Real World Graduate Ad.ind1 1 31/8/06 11:07:06 amUntitled-1 1 11/9/06 12:30:55


ABU-BAKERRETAIL BANKING

ThE LowdowN:Retail banking is often seen as the less glamorous sibling to investment banking. But it’s a growing sector, and demand is increasing for graduates. With salaries for junior roles starting at £18,000, a place on a graduate scheme is prized. An honours degree with a minimum of 2:2 in any subject is a prerequisite.

The new retail banking division of Hayes puts salaries for credit analysts at £30,000 - £40,000, premium managers at £28,000 - £35,000, while relationship managers with corporate portfolios can top £50,000. Top-whack salaries of around £100,000 can be achieved by consultants advising on change management.

Wherever you end up, at the heart of retail banking is a focus on customer service and customer relationship management.

ABU-BAKER opINy joINEd ThE RoyAL BANK of ScoTLANd oN ITS RETAIL GRAdUATE pRoGRAmmE IN 2004 AfTER A GRAdUATING wITh A BA (hoNS) IN BUSINESS mANAGEmENT fRom ThE UNIvERSITy of wESTmINSTER

WHAT do you do in youR joB?i have just started my second placement in the personal productivity team in the head office based in Edinburgh. The team is responsible for activities on the personal banking side of the business – change planning and implementation as well as the sales process. it ensures processes support staff and protect our customers, while being line with the bank’s stance as a responsible lender. WHAT WAs youR moTivATion in Applying? i worked for the Royal Bank of scotland while at university as a part-time cashier and customer service officer. After graduating, i joined full-time on its graduate programme. i was offered a graduate place with a competitor, but stuck with RBs because it was happy to sponsor and pay for my studying to become a chartered banker. i’m working towards chartered banker status and a Bsc (Hons) in Financial services.

WHAT did THE ApplicATion pRocEss involvE? The first step was registration of personal details, the second a competency questionnaire and numerical reasoning test – both online – and the third a telephone interview. The fourth step involved an assessment centre, with several group work and one-to-one interviews.

WHAT do you Enjoy ABouT youR joB? The opportunity to get involved in something different every day. Work is diverse and challenging, and there’s a fantastic level of support for project-based work. meeting, and working with, senior management is great.

i was in branches for two years as cashier, customer service officer and “shadow” customer adviser. i enjoyed these roles, as i gained first-hand the information about what customers needed and wanted .

mosT cHAllEnging pART oF THE joB? Balancing my own individual development with commitment to the team can be overwhelming. But the [graduate] programme is well structured and provides guidelines to help you achieve both.

The rotational aspect can be daunting, because you feel as if you have to make your mark on every placement. it’s especially daunting in projects where senior management are involved. But it’s fascinating working alongside them – you learn from them.

AdvicE To REAdERs considERing A cAREER in youR FiEld: if you really want to get to grips with the customer, work in a branch. When you go on to other things, you can always draw from those concrete examples. don’t focus on short-term monetary advantage, but choose projects where you learn a lot.

“ IT’S dIvERSE ANd chALLENGING, ANd ThE SUppoRT foR pRojEcT-BASEd woRK IS fANTASTIc”

FinAnciAl sERvicEs | CASE STUDY RWph

otog

rap

h: j

enni

fer v

an

Scho

or

REALW.RW1.CS.indd 45 11/9/06 10:25:33

ALTERNATIVE CAREERS

FINAN

CEWEALTH OF

CHOICE…46 RW WWW.REALWORLDMAGAZINE.COM

IF THE IDEA OF WORKING IN THE FINANCIAL SECTOR ATTRACTS YOU BUT YOU ARE LOOKING FOR SOMETHING A BIT DIFFERENT, THEN YOU COULD CONSIDER ANY ONE OF A NUMBER OF RELATED CAREERS AND EMPLOYERS. FROM LAW TO PROPERTY, THE RANGE OF POTENTIAL JOBS IS INFINITE

Phot

ogra

ph

: Ya

ng O

u

Text by Zoë RobertsCase studies by Zoë Roberts

REALW.RW1.CS.indd 46 11/9/06 10:18:41

ALTERNATIVE CAREERS | CASE STUDY RW


HEMANTHEMANT PATEL IS A CONSULTANT IN THE EXECUTIVE COMPENSATION AND REWARDS PRACTICE AT TOWERS PERRIN. HE GRADUATED FROM MANCHESTER UNIVERSITY WITH A BSC IN INTERNATIONAL MANAGEMENT WITH FRENCH

WHAT DO YOU DO IN YOUR JOB?We advise companies on the pay levels and structure of remuneration packages for their executives.

When you start out as a graduate associate, you spend your fi rst year or so running the numbers to benchmark pay levels, as well as putting together the reports, which are then presented to the client. Now that I’m a consultant, I spend more time co-ordinating the work and training the new associates, and checking the work of other people. I also get more opportunity to specialise in projects that interest me.

WHAT WAS YOUR MOTIVATION IN APPLYING? I’d looked at several professional services fi rms, but this job role appealed to me because it’s so different from accountancy. It’s very client-facing, and you have the opportunity to consider a range of qualifi cations such as the Chartered Institute of Personnel and Development, and the Chartered Financial Analyst. I also really liked the atmosphere at the fi rm – it’s lively and friendly.

WHAT DO YOU ENJOY ABOUT YOUR JOB? The fl exibility of being a consultant. No one keeps an eye on you to check that you are coming in on time, or to check what you are doing. You can pretty much manage your time as you see fi t, as long as you get your work done to a high standard.

All of our projects are team-based, but that doesn’t mean you do everything together round a desk. You go away and do the work that you have to deliver, and then come together as a team to review the process.

MOST CHALLENGING PART OF THE JOB? Actually, that’s the same as the above. Managing your own time is a skill, as sometimes you are working on up to eight projects at one time, and you have to deliver the work that you’ve committed to do.

However, you are given training on how to manage your time effectively, which helps.

ADVICE TO READERS CONSIDERING A CAREER IN YOUR FIELD: When the recruiter reviews your application they will be asking themselves two key things: one, does this person have the academic credentials to do the job and two, can I put them in front of a client.

If you like working independently and are confi dent enough to manage the fl exibility of working as a consultant, then this is probably the job for you. You need to be a good all-rounder, and numeracy is certainly a prerequisite. But you don’t need to have a degree or masters in maths.

THE LOWDOWN:Several professional

services fi rms provide human resources,

management and actuarial consulting to the fi nancial services industry.

Executive compensation and reward consultants

help clients to design and implement all aspects

of remuneration and reward packages.Most graduates start as

associates, working closely with consultants and clients to learn

how to design and maintain pay and reward packages. And it’s not

just external clients that you learn to work with, says Hemant. “Something you learn about very quickly is the

role of internal clients – for example, your colleagues or senior partners in

the organisation. Much of the work you do is for them, so it’s important that you do it well.”

ALTERNATIVE CAREERS

...IN MANAGEMENTCONSULTANCY

REALW.RW1.CS.indd 47 11/9/06 10:28:15

It’s one thing to have your efforts appreciated by yourcolleagues. It’s quite another to have them appreciatedby millions the world over. As a global player in the real estate industry, our work couldn’t be more in thepublic eye. Join us and you’ll enjoy the same exposure. What’s more, with offices in 35 countries, who knowswhere your talents could take you?To find out more, visit our website and request ourrecruitment pack.www.joneslanglasalle.co.uk/careers

Local Hands. Global Reach.

Be part of the skyline.

25462-297X210-REAL WORLD 1/9/06 10:17 am Page 1

Untitled-1 1 11/9/06 12:32:31

...IN PROPERTYGARY WHAT DO YOU DO IN YOUR JOB?

CBRE Financial provides consulting and advice to individuals and organisations who wish to buy property. We also raise debt for clients. My main responsibility is to build fi nancial models that allow us to run scenarios on the purchase, development and management of the property in order that we can identify ways to maximise their returns. Day-to-day, the projects are incredibly varied dependent on the client’s objectives – one day we may be looking at redeveloping an entire site; another it may be management of the occupiers, or simply about the way the investment is fi nanced.

WHAT WAS YOUR MOTIVATION IN APPLYING? For me it was quite specifi c. It was to do with derivatives, as property derivatives have only been trading since last summer. Incorporated within CBRE Financial is a joint venture with GFI focusing on property derivatives. The idea of getting into a new, exciting, “happening” market at the beginning led me to join.

It’s also different from working in an investment bank. Few roles in an investment bank combine work such as structured fi nance, debt and equity raising, fund structuring and asset management. Property is more relaxed than investment banking. You sometimes work long hours, but the company really takes care of its staff.

WHAT DID THE APPLICATION PROCESS INVOLVE? I was at a fi nance recruitment fair, and on the CBRE stall ran into the person who is now my boss. We talked about derivatives and had a good rapport, so I applied for a role.

Although most jobs are through traditional recruitment structures, there are other ways in. Graduate recruitment fairs can be a really good place to meet people and connect with them.

WHAT DO YOU ENJOY ABOUT YOUR JOB? It suits me as a person. I’m quite mathematical and I enjoy technology. What I do combines the two: software development and IT modelling, but also the fi nancial side. The work is taxing –

you have to spend time thinking about it, but that’s what I enjoy. I’m happy to take on responsibility, and get a lot of autonomy. The team is lively and sociable, and even though I’m relatively junior I’m given the chance to progress and learn quickly.

MOST CHALLENGING PART OF THE JOB? The volume of learning. Because my background is fi nance, my property experience was limited. I have to learn how the legal side works, tax implications, and a lot of terminology. It’s a steep learning curve.

ADVICE TO READERS CONSIDERING A CAREER IN YOUR FIELD:

There are such a variety of jobs on offer, whether you are working as an investment analyst with one of the divisions such as capital markets or working in CBRE Financial.

Do your research. Head online and read the Financial Times or Estates Gazette to keep up-to-date with what’s going on.

THE LOWDOWN:There are a wide range of fi nancial jobs available that are related to the property sector. You could work as a member of an independent property research consultancy, or as part of a team within one of the big property developers.

Graduates can join organisations in a range of roles on offer ,such as investment analysts, valuation adviser or as part of the capital markets team.



GARY ROBERTS, 27, JOINED CB RICHARD ELLIS FINANCIAL SERVICES LAST YEAR. HE HAS A DEGREE IN FINANCIAL MATHEMATICS FROM ABERYSTWYTH UNIVERSITY, AND AFTER THREE YEARS WORKING IN IT SALES DECIDED TO RETURN TO UNIVERSITY TO DO A MASTERS AT KEELE IN FINANCE AND IT

Phot

ogra

ph:

Jen

nife

r va

n Sc

hoor

REALW.RW1.CS.indd 49 11/9/06 10:29:15

You want to be an international business lawyer.

So what�s your next step?

Take it with Simmons & Simmons and we�ll provide you with a trainingprogramme that challenges, motivates and inspires. From day one you�ll be akey contributor to high profile deals and transactions, with senior lawyerssupporting you every step of the way. Amongst other skills, you�ll learnnegotiation and drafting techniques, client management and even get thechance to work in one of our other international offices. You�ve got theambition.

So visit www.simmons-simmons.com/traineelawyers and take your first step.

Where will you be an international business lawyer?

019_Aug06 realworld magazine.qxp 24/08/2006 14:25 Page 1

Untitled-1 1 11/9/06 12:33:44



Phot

ogra

ph:

Jen

nife

r va

n Sc

hoor

HOWARD...IN LAW

HOWARD LI, 23, IS A TRAINEE SOLICITOR WITH SIMMONS & SIMMONS IN LONDON. HE GRADUATED FROM LEEDS UNIVERSITY WITH A DEGREE IN LAW AND COMPLETED HIS LEGAL PRACTICE COURSE THE FOLLOWING YEAR

THE LOWDOWN:Competition for places in City

law fi rms is intensely competitive. So it’s worth thinking about

applying for a vacation scheme. This will help you to get your foot

in the door and give you hands-on experience. Such a scheme could put you head

and shoulders above other candidates when it comes to applying. In some big

fi rms, between 50 and 60% of the summer placement students go on to be offered a

full-time job.Howard also points out that many of the

big law fi rms will sponsor graduates through their legal practice course, which means a

massive saving.

WHAT DO YOU DO IN YOUR JOB?At the moment I’m on secondment to a hedge fund client of Simmons & Simmons. What I’m doing is a bit different from the work that I undertook at the law fi rm. I’m now looking at everything from the client’s point of view, and liaising with Simmons & Simmons rather than the other way around. The secondment has allowed me to get a good idea of what is happening in the client’s offi ces.

At the law fi rm, I try to get hedge funds off the ground, which typically involves drafting legal documents, managing the parties involved in the project, and regular communication with the clients through the entire structuring process. The hours are about 9.30am to 9pm, although this can vary. The good thing about Simmons & Simmons is that it doesn’t expect you to stay if you don’t need to. When you come into the City to work at a big international fi rm, you don’t expect to work nine to fi ve. But as long as you enjoy the work and get along with the people, it doesn’t feel like a job.

WHAT WAS YOUR MOTIVATION IN APPLYING? I knew I wanted to work in the fi nancial sector, particularly in the City. In my second year at uni I was vice president of the Law Society and had the opportunity to visit several big City fi rms to raise sponsorship. This gave me a good insight into what the fi rms were like. At Simmons & Simmons I found everything I was looking for: it was professional, approachable and friendly. The place really fi tted my personality, and was also the type of fi nance-focused fi rm that I wanted to work with.

Plus, do remember a big bonus to securing a position with a major fi rm such as Simmons & Simmons is that many of them pay all the fees for your legal practice course, and a maintenance grant.

WHAT DO YOU ENJOY ABOUT YOUR JOB? Aside from the work, a lot of the time it comes down to the people. The fi rm is dynamic and ambitious. The lawyers are motivated and fun to be with. I enjoy meeting new people and working as a team. The last thing I want is to be stuck in a room by myself.

MOST CHALLENGING PART OF THE JOB? Some of the trading documents are highly technical, and involve a lot of specialised terminology. But once you get your head around it, dealing with these can be quite satisfying.

ADVICE TO READERS CONSIDERING A CAREER IN YOUR FIELD: Get involved in extra-curricular activities at uni. It gives you a more rounded CV, and positions with societies can give you the opportunity to speak to fi rms that you are interested in.

I’d also recommend stepping back and thinking about what your unique selling point is. I’m Canadian, can speak multiple languages and have a lot of international experience. Many of the big City fi rms are international too, so that was my unique selling point.

REALW.RW1.CS.indd 51 11/9/06 10:29:42


THE PUBLIC SECTOR

wanT TO EnSURE PUBLIC mOnEy IS SPEnT PROPERLy, and ‘gIvE SOmETHIng BaCk’? yOUR nICHE COULd BE In THE PUBLIC SECTOR

FInan

CEa maJOR

PLayER

Phot

ogra

ph:

ya

ng O

u

Text by Sophie KimberCase Studies by Zoë Roberts

while the choice of jobs in the private sector for those interested in finance is huge, you’ll find that the public sector also has plenty to offer. Frank garvey, student recruitment manager for the Chartered

Institute of Public Finance accountants (CIPFa), says the range of careers in the public sector is vast: “People in the public sector go on to do a range of different things. alumni of CIPFa include the head of the nHS and the head of finance in the Home Civil Service,” he says. Other employers include schools, colleges and housing associations. alternatively, graduates may end up working for a big private accounting firm that offers accounting services to the public sector.

working in public sector finance provides an extra layer of responsibility, as public sector accountants are responsible for making sure public money is spent properly. Ensuring the public receives top-quality, efficient service, within an often limited budget, is the key driving force for the finance department

For graduates burning to “give something back”, other careers are offered by the not-for profit and charity sector. and studying for qualifications can mean that graduates can progress to key decision-making roles.

Tom Burton, 25, decided to train as an accountant for the public sector rather than business, opting to qualify with CIPFa.

He was recruited to the joint London boroughs graduate finance training scheme, and works for local government in Havering.

Tom admits that when he left the University of Surrey with a 2:2 in mechanical engineering, he applied for “anything and everything”. But he, as with many others in the public sector, believes that he has found his niche.

“I’m really enjoying working in the public sector,” he says. “They give you a lot of support and are understanding around exams. The job offered the best prospects, career options, a generous training package, and local government’s a good place to work at the moment. It feels good to be serving the public.”

But don’t assume there is anything fluffy about the public or not-for-profit sector. Competition for jobs is just as fierce as in the private sector. Here, too, you’ll need to ensure you are great with figures, analytical and quick-thinking, and can tick all the boxes for the soft skills, such as communication and team working.

See opposite and following pages for case studies of graduates who have chosen financial careers in the public sector.

REALW.RW1.CS.indd 52 11/9/06 10:31:10

THE PUBLIC SECTOR | OVERVIEW RW

THE LOWDOWN:The NHS offers a three-year fi nancial management training scheme. The scheme is more fl exible than some of the other NHS training schemes on offer, and is tailored to each individual. You can choose to study for either the professional CIMA or the CIPFA qualifi cations, and also get a choice of location – although your fi rst choice isn’t guaranteed.

The recruiters ask for a minimum 2:2, and the scheme is very competitive. For its 2005 intake, the scheme received 2,300 applications for just 65 places. For details of the scheme, and an introduction to NHS fi nance in a variety of placements, see: www.bringingleadershiptolife.nhs.uk

“ THE NHS IS AN EXCITING PLACE TO WORK AS THERE ARE SO MANY CHANGES”

WHAT DO YOU DO IN YOUR JOB?Much of the work involves going through the monthly accounts for any of the departments that end in an “-ology”. My time is spent talking to budget holders, forecasting, and costing new ideas on how to make services better. There is a lot of communication with frontline workers.

WHAT WAS YOUR MOTIVATION IN APPLYING? After university I did some temping in a fi nancial consulting company. I realised there was much more to fi nance than just numbers, and the people were interesting. Then I temped for the NHS, and decided that accounting would be for me. I specifi cally decided to go for the NHS, as I feel the public sector is really interesting.

WHAT DID THE APPLICATION PROCESS INVOLVE? I decided I wanted to do the CIPFA qualifi cation, so I looked on its site to fi nd the latest jobs on offer. I applied for a couple of jobs, and got a graduate trainee fi nance role at St George’s hospital, which rotated me through the different fi nancial disciplines. I later took a management accountancy role at Queen Mary’s hospital, and then qualifi ed.

WHAT DO YOU ENJOY ABOUT YOUR JOB? The NHS is an exciting place to work as there are so many changes. It also offers chances to move around. I enjoy problem-solving and getting things resolved. I also do budget training, and seeing that moment when it ‘clicks’ is great.

MOST CHALLENGING PART OF YOUR JOB? It can be diffi cult if someone doesn’t want to listen and has a prejudice against the idea of budgeting and fi nance.

ADVICE TO READERS CONSIDERING A CAREER IN YOUR FIELD:You need to be disciplined to combine work and study, and succeed in both: try a and get through your exams as quickly as possible, and don’t be afraid to change jobs in order to advance yourself. Also get involved in your accountancy institute. I volunteer as chair of the National Student Forum for CIPFA ,and this gives me the chance to meet interesting people both in and outside of the NHS that give me more of a perspective on accountancy and the paths you can take.

JOHANNATHE FINANCE MANAGER

THE PUBLIC SECTOR

NAME: JOHANNA TAYLORUNIVERSITY: UNIVERSITY OF WALES, CARDIFFDEGREE: BA ENGLISH LITERATURE AND GERMAN (2000)EMPLOYER: ST MARY’S NHS TRUST IN LONDONJOB TITLE: ASSISTANT FINANCE MANAGER


REALW.RW1.CS.indd 53 11/9/06 10:33:24

CIPFA (Chartered Institute of Public Finance andAccountancy) is one of the leading professional accountancybodies in the UK and the only one that specialises in thepublic services. With public services now accounting fornearly half of the global economy, this really is a sectorthat will give you excellent career prospects.

WHAT ARE THE BENEFITS OF STUDYINGWITH CIPFA?

Gaining a CCAB (Consultative Committee of AccountantBodies) accountancy qualification like CIPFA, will opendoors for you and give you the opportunity to reach thevery top in management. Graduates from any disciplinecan apply. Those from accountancy, business or financedegrees are often exempt from certain parts of the course.The course will develop your skills in business andmanagement as well as accounting, knowledge that isapplicable to all economic sectors.

WHO ARE THE EMPLOYERS?

There are many public sector employers currently lookingto recruit graduates to study for the CIPFA qualification,such as Audit Commission, NHS, London Boroughs andthe Metropolitan Police. Thanks to its unique combinationof technical and financial management skills, the CIPFAqualification is equally valued in the private sector.For example firms such as such as Baker Tilley, KPMG,and Pricewaterhouse Coopers have staff with CPFA status.

WHERE CAN I GET FURTHERINFORMATION?

To see a full list of employers currently taking on traineesvisit; www.cipfa.org.uk/eandt/current/vacancies.cfmor call one of our Education Advisers on 020 7543 5846or e-mail [email protected]

CIPFA - The first accountancy body to beawarded the ISO9001, the universal

customer service award for its student-focused services.

www.cipfa.org.uk/eandt

AT THE HEART OFYOUR CAREER

GROW YOUR OWNACCOUNTANCY CAREERIN THE PUBLIC SECTOR

CIPFA Professional Accountancy Qualification– Unlimited career opportunities

paq ad (realworld) 6/7/06 15:51 Page 1

Untitled-1 1 11/9/06 12:34:46


HELENTHE AUDITOR

NAME: HELEN RUSHFORTHUNIVERSITY: UNIVERSITY OF DURHAMDEGREE: BA (HONS) HISTORY AND POLITICS (2002)JOB TITLE: AUDITORORGANISATION: AUDIT COMMISSION

WHAT DO YOU DO IN YOUR JOB? I work to ensure that public money is spent effi ciently and effectively across all areas of the public services. I’m responsible for auditing a range of public sector clients, from hospitals to fi re services.

The tasks that I undertake have changed as I’ve progressed through the trainee scheme. I mainly undertake auditing work under the guide of different team leaders, but I also have led two audits, which requires planning, organising and reviewing the work of my teams. When I qualify, I will become a principal auditor, and may rise to managerial level.

WHAT WAS YOUR MOTIVATION IN APPLYING?I wanted to feel that I was working for something other than shareholder profi t – for the greater good if you like. My father had worked in this sector, and through him I realised that auditing, particularly in the public sector, is by no means boring work – in fact it’s vitally important. The issues that my job touches on, such as auditing NHS budgets, can often have a high profi le, because they involve the spending of public money and the provision of public services.

WHAT DID THE APPLICATION PROCESS INVOLVE?I went through the initial online application process and was invited to an assessment centre, which involved group work and role play. I think I did quite well in the fake client interview. I was also able to draw on my experience as the treasurer of the wine society at university.

WHAT DO YOU ENJOY ABOUT YOUR JOB? I love the variety. Even if you are doing a dull task, you know that you will be fi nishing it and getting onto something more interesting. The work-life balance is great. It’s about 35 hours a week, although the travel can add on some time. I also get huge satisfaction working for the public sector.

MOST CHALLENGING PART OF YOUR JOB?Studying for the accountancy qualifi cation is quite hard work, although you are well supported by the Audit Commission. Weekend study can be depressing, although you can balance it by doing a bit of study during the week time.

In terms of the actual job, the most diffi cult part is telling a client that something might be wrong with their reporting, and that it could potentially have a big impact on their workload or budgets. It’s important to make sure that you work out a constructive way of dealing with the problem.

ADVICE TO READERS CONSIDERING A CAREER IN YOUR FIELD:Although you need to be comfortable with numbers, this isn’t about having a talent for pure maths. Don’t underestimate the number of people skills that are needed, as this job is centred on meeting and talking to people. If you enjoy that, then you’ll enjoy the work.

“ I LOVE THE VARIETY, AND THE WORK-LIFE BALANCE IS GREAT”

THE PUBLIC SECTOR | CASE STUDY RWPh

otog

rap

h: Y

ang

Ou

THE LOWDOWN:The Audit Commission is an independent public body that looks after about £180 billion of public funds, and ensures that public fi nances are spent effectively. Its tasks could range from reviewing police fi nances, and encouraging recycling, to investigating the provision of social housing and urban regeneration.With around 2,500 people across 10 offi ces, its trainees can

work in a range of offi ces across the UK. Over the fi rst four years, trainees study towards their CIPFA qualifi cation, and the Audit Commission provides both college fees and time off to attend and study for exams. For more info see: www.theartofnumbers.co.uk

REALW.RW1.CS.indd 55 11/9/06 10:34:59

Waste not, want not. It’s sound advice, but producing some 434 million tonnes of rubbish each year, most of us aren’t taking itto heart. At the Audit Commission, while we don’t empty bottle banks, we play a big role in helping to combat our throwawayculture. You see, whether we’re investigating local waste management, social housing or regeneration schemes, we help to improvethe way tax payers’ money is spent. However, don’t think we just check budgets are being adhered to. We look beyond the figuresto provide commercial insights that deliver real enhancements to public services. Practising what we call the art of numbers.

To find out what this unique blend of business and social conscience could mean to your career, visit www.theartofnumbers.co.uk

www.TheArtofNumbers.co.uk To serve society, we must represent it.

Waste Management2006£37 millionEssex County Council

5112B ??x?? Real World 27/7/06 5:14 pm Page 1www.ges.gov.uk

FOSSIL FUELS ARE A MAJOR FACTOR IN CLIMATE CHANGE.

BE WHERE IT MATTERSWHAT BENEFITS WILL CO2 REDUCTION POLICIES BRING?

Economic issues don’t come much bigger than this.But for a Fast Stream Economist, it's a typical project.Your work will help the government run the economy byexamining the impact of all sorts of key matters. This sortof role demands incisive intellect, an articulate mannerand at least a 2:1 in single or joint honours Economics.Gender, sexual orientation, race, age and disability areirrelevant – it's your ability and outlook we're interestedin. To make the most of your degree, apply online atwww.ges.gov.uk between 18 September and 31 October 2006 or 1 February and 30 April 2007. Or call 01276 400333 for a brochure.

Untitled-1 1 11/9/06 12:44:58


SUSHMA

THe lowdown:This is the third year that local authorities in London have come together to offer a four-year finance training programme for graduates. Last year they recruited up to 20 graduates to start employment in January-February 2006 across several local authorities in London.

Trainees work with a local authority on a full ranges of accountancy and finance within the borough, while studying for a CIPFA qualification. The desire to pursue a career in local government finance and to complete the CIPFA qualification is vital and will be tested as part of the recruitment process. And, the employers warn, trainees must be prepared to devote a considerable amount of their own time to study and examination preparation. Details online at: www.financethefuture.co.uk

nAMe: SUSHMA RAoUniveRSiTy: london ScHool of econoMicSdegRee: BSc (HonS) econoMicS (2005)eMployeR: london BoRoUgH of eAlingJoB TiTle: finAnce TRAinee, cURRenTly wiTH THe enviRonMenT And cUSToMeR SeRviceS finAnce diviSion

WhAT Do you Do In youR Job? I’m on a four-year scheme as a finance trainee with the London borough of Ealing, studying to be a Chartered Public Finance Accountant (CPFA). I’ll be on six-month rotations in different departments of the local authority.

At the moment, most of my work is focused on monitoring and budget forecasting. It can be really interesting looking into how the budgets have been spent, what the actual figures are, and what the predictions should be. And it’s vital to be accurate.

WhAT WAs youR moTIvATIon In APPLyIng? I’ve done internships both in the public and private sector, and that helped confirm that the work, ethos and altruistic nature of the public sector suit me far more. A friend saw the scheme online, and told me that it was right up my street. It had everything I wanted: a qualification, the public sector ethos, great training and lots of variety.

WhAT DID ThE APPLICATIon PRoCEss InvoLvE? It is like the typical graduate recruitment process – application, interview, tests and assessment centre – up until the final stages.

Then once you pass the assessment centre, you are asked to specify two London councils you’d like to work for. you then have interviews with those councils, and they decide who they will accept. you aren’t guaranteed your choices, but they try to ensure that you get the placement you want.

WhAT Do you EnJoy AbouT youR Job? you can go far in the public sector if you are motivated and intelligent. The public sector has had an undeserved reputation for low wages and inefficiency, but there has been a great turnaround. Wages are comparable with the private sector.

I have a great work-life balance. People are friendly – the corporate culture is about working hard as a team to achieve a goal. I prefer to work as part of a unit. Plus you get to move around a lot, which is great for networking. my employer is really supportive.

mosT ChALLEngIng PART oF youR Job?Accountancy can get quite repetitive. until you get to a managerial level, you need to accept you are at the bottom of the ladder, and that some of the work will be monotonous. moving every six months does help to keep an element of change in the job, however.

ADvICE To READERs ConsIDERIng A CAREER In youR FIELD: It’s important to have a genuine interest in the public sector. you have to understand the ethos – there won’t be corporate social events every night in the City, and the regulatory and political side of things can be a bit frustrating. And be sure you want to do accountancy. If you drop out you’ll have to repay any tuition fees that your employer has paid towards your CIPFA qualification.

ThE PubLIC sECToR | CASE STUDY RWph

otog

rap

h: y

ang

ou

THe finAnce TRAineR

REALW.RW1.CS.indd 57 11/9/06 10:46:10


BUSINESS SCHOOLS

waNt tO StUdy fOr a fUrtHEr dEgrEE? pLaN wELL aHEad SO yOU CaN takE advaNtagE Of aLL pOtENtIaL SOUrCES Of fUNdINg

fINaN

CEpOStgradUatE

StUdy

phot

ogra

ph:

Ed

Mill

er

Text by Zoë RobertsCase studies by Helen Beckett

get your tutor to write you a reference. the downside to research Council funding is that it’s in short supply and high demand.

In comparison, many private companies turn over millions of pounds every year, and dedicate a generous portion of this to staff training and development. If you happen to have a part- time job with a big company, it may well be worth stating your case. they might just fund your entire qualification and pay you at the same time.

If you choose this route, you’ll usually have to put together a proposal – a bit like a business plan – explaining how your further qualification will benefit the company. Some companies fund employees on the proviso that they sign a contract reining them in to a certain duration of employment after the degree has been completed. If you leave before the time specified, you’re eligible to pay back a certain amount of the fees, so consider how you feel about committing to the company for the long term.

You might find other routes to funding through trusts and

charities. Head to your library for The Grants Register 2005: The

Complete Guide to Postgraduate Funding Worldwide. also worth checking is the Education grants advisory Service, which you can find at www.egas-online.org/fwa. fill in a form under its trust fund search, and it will send you a free report detailing which independent bodies you are eligible to apply for.

what happens with most students, however, is something of a mixture. Many work part-time, take out bank loans, or find out about a small grant or loan specific to their course. the most common solution is to study part-time. In fact, research by the Higher Education Statistics agency (HESa) shows that over 50% of postgraduates choose this method to support themselves.

the best way to secure as much funding as possible is to plan, investigate as many options as you can, and think laterally.

Ultimately, investigating your options early makes it far more likely that you’ll discover the means to fund your course. and keep in mind that whatever you spend now will be amply rewarded in your future employability.

turn the page for case studies of graduates interested in finance who have chosen to continue to postgraduate level.

If you are tempted by a postgraduate degree, you should ask yourself three key questions. firstly, “How will it help me in my future career?” Secondly, “Is there a suitable alternative – such as work experience, part-time study or distance

learning. and last but by no means least, “Can I afford it?” there is good news. “we think that we are seeing a slight shift

towards employers looking for students with specific masters qualifications in finance,” says fiona Sandford, director of career services at the London School of Economics. “whether that is a long-term trend or just a blip we don’t know.”

fiona believes that the move represents a change from the economic downturn five years ago, when many students used postgraduate courses as a way of avoiding entering the job market. “I think employers became sceptical about the value of such masters degrees, when students were just using them as a stopgap,” she says. “postgraduate courses are useful only if students know why they are doing them.”

the bad news is that for students who have just completed an undergraduate degree, postgraduate study can seem an

expensive business. with limited government subsidies and no help from the Student Loans Company, tuition fees costs upwards of £3,000. and that’s before you’ve even thought about living costs.

But for students willing to do some research, there are options available. after all, 17% of all students go into postgraduate study immediately after their first degree. and a sizeable portion of these aren’t doing it on their parent’s money.

If you’ve got a first for your degree – or a 2:1 and a passion for your subject – then you can consider applying for research Council sponsorship. there are eight Uk research Councils, (www.rcuk.ac.uk) each with the means to fund a limited number of students every year. they jointly cover all the subject areas, so you’ll need to find out which one pertains to the postgraduate course you want to take.

Broadly, the research Councils are looking to further the academic accomplishments of the country, so they’re looking for students who demonstrate this potential. you’ll need to fill out a form explaining why you want to go onto postgraduate level, and

REALW.RW1.CS.indd 58 11/9/06 10:46:59


BUSINESS SCHOOLS | OVERVIEW RWBUSINESS SCHOOLS

POSTGRADUATE STUDY

get your tutor to write you a reference. The downside to Research Council funding is that it’s in short supply and high demand.

In comparison, many private companies turn over millions of pounds every year, and dedicate a generous portion of this to staff training and development. If you happen to have a part- time job with a big company, it may well be worth stating your case. They might just fund your entire qualification and pay you at the same time.

If you choose this route, you’ll usually have to put together a proposal – a bit like a business plan – explaining how your further qualification will benefit the company. Some companies fund employees on the proviso that they sign a contract reining them in to a certain duration of employment after the degree has been completed. If you leave before the time specified, you’re eligible to pay back a certain amount of the fees, so consider how you feel about committing to the company for the long term.

You might find other routes to funding through trusts and

charities. Head to your library for The Grants Register 2005: The

Complete Guide to Postgraduate Funding Worldwide. Also worth checking is the Education Grants Advisory Service, which you can find at www.egas-online.org/fwa. Fill in a form under its trust fund search, and it will send you a free report detailing which independent bodies you are eligible to apply for.

What happens with most students, however, is something of a mixture. Many work part-time, take out bank loans, or find out about a small grant or loan specific to their course. The most common solution is to study part-time. In fact, research by the Higher Education Statistics Agency (HESA) shows that over 50% of postgraduates choose this method to support themselves.

The best way to secure as much funding as possible is to plan, investigate as many options as you can, and think laterally.

Ultimately, investigating your options early makes it far more likely that you’ll discover the means to fund your course. And keep in mind that whatever you spend now will be amply rewarded in your future employability.

Turn the page for case studies of graduates interested in finance who have chosen to continue to postgraduate level.

If you are tempted by a postgraduate degree, you should ask yourself three key questions. Firstly, “How will it help me in my future career?” Secondly, “Is there a suitable alternative – such as work experience, part-time study or distance

learning. And last but by no means least, “Can I afford it?” There is good news. “We think that we are seeing a slight shift

towards employers looking for students with specific masters qualifications in finance,” says Fiona Sandford, director of career services at the London School of Economics. “Whether that is a long-term trend or just a blip we don’t know.”

Fiona believes that the move represents a change from the economic downturn five years ago, when many students used postgraduate courses as a way of avoiding entering the job market. “I think employers became sceptical about the value of such masters degrees, when students were just using them as a stopgap,” she says. “Postgraduate courses are useful only if students know why they are doing them.”

The bad news is that for students who have just completed an undergraduate degree, postgraduate study can seem an

expensive business. With limited government subsidies and no help from the Student Loans Company, tuition fees costs upwards of £3,000. And that’s before you’ve even thought about living costs.

But for students willing to do some research, there are options available. After all, 17% of all students go into postgraduate study immediately after their first degree. And a sizeable portion of these aren’t doing it on their parent’s money.

If you’ve got a first for your degree – or a 2:1 and a passion for your subject – then you can consider applying for Research Council sponsorship. There are eight UK Research Councils, (www.rcuk.ac.uk) each with the means to fund a limited number of students every year. They jointly cover all the subject areas, so you’ll need to find out which one pertains to the postgraduate course you want to take.

Broadly, the Research Councils are looking to further the academic accomplishments of the country, so they’re looking for students who demonstrate this potential. You’ll need to fill out a form explaining why you want to go onto postgraduate level, and

REALW.RW1.CS.indd 59 11/9/06 10:47:15

Phot

ogra

ph:

Ed

Mill

er


TOMMSc

THE LOWDOWN:High-calibre graduates with a good fi rst degree in a quantitative subject or an equivalent professional qualifi cation join the Cranfi eld School of Management programme. Their reward is an average salary increase of 159% – on the programme in 2005 – plus an average sign-on bonus of £2,000. The two dominant sectors of employment they went into were banking and fi nance (53%) and consultancy (20%).

The MSc provides students with a rigorous understanding of the main areas of fi nance and investment, together with a practical knowledge of key management concepts and skills. In addition, the MSc is designed to cover much of the syllabus of the Chartered Financial Analyst (CFA) qualifi cation run by the Association of Investment Management Research.

TOM MERRIMAN GRADUATED FROM CRANFIELD SCHOOL OF MANAGEMENT IN 2005 WITH AN MSC IN FINANCE AND MANAGEMENT, DIRECTLY FOLLOWING A FIRST DEGREE (2:1) IN BUSINESS AND FINANCIAL SERVICES FROM THE UNIVERSITY OF NOTTINGHAM AND TRENT. HE NOW WORKS AS BUSINESS MANAGER WITH BLOOMBERG, ASSESSING THE RETURNS ON SOFTWARE INVESTMENTS

WHY DID YOU DECIDE TO CONTINUE YOUR STUDIES?I wanted to build on the knowledge I’d gained in my fi rst degree. Even though it was a similar subject, I felt that a Masters would enable me to build on the concepts and methodologies I’d started exploring in my undergraduate degree.

In certain parts of fi nance it’s very important to have a good understanding of pricing instruments, for example.

HOW DID YOU FUND YOUR POSTGRADUATE STUDIES?Cranfi eld has a good reputation, and I wanted the best that I could afford. Fees for the cheapest schools started at £12,000 and the most expensive were around £25,000. I thought that at £17,000, Cranfi eld offered excellent value for money.

I took out a postgraduate loan from HSBC at a slightly favourable rate – most other banks do them. I also had a bit of help from the Bank of Mum and Dad. I managed OK until the last two terms, when I had to sell a few personal possessions on eBay to see me through.

WHAT WAS THE WORKLOAD LIKE?The workload was not unlike the fi nal two terms of an undergraduate degree. There is an awful lot of reading and writing to do. But I had the advantage in that English is my fi rst language, unlike most of the students on the course.

WHAT WAS IT LIKE STUDYING AGAIN?I went straight from my fi rst degree to my postgrad course. I was set on getting a Masters, and wanted it behind me as soon as possible. I’d done an internship at Bloomberg and it had made me an offer. But I thought that a postgraduate degree would give me extra credibility.

BUSINESS SCHOOLS | CASE STUDYRWPh

otog

rap

h: Y

ang

Ou

It was also a challenge I’d set myself, and I know from experience that I needed to get my teeth into it right away

HOW WAS IT DIFFERENT FROM UNDERGRADUATE STUDY?The best thing for me was extending my knowledge of concepts, and seeing how they applied in the real world. There was no practical in industry, as such, but the lecturers were all experienced practitioners. The quality of teaching was so much better than an undergraduate course, from the lecturers down to the materials and textbooks. The cohort was small, 24, and that made learning a more pleasurable experience, too.

DID YOU ENJOY IT?Yes. There were peaks and troughs, but never anything in between. Some didn’t enjoy it as much as they’d expected, because they didn’t take to the content of the course in the way they’d envisaged.

ADVICE TO THOSE CONSIDERING TAKING A POSTGRADUATE COURSE:Thoroughly research whether a postgraduate degree in this topic is really for you. For fresh graduates, I’d recommend doing a summer internship as a bare minimum. Working in the market during my internship with Bloomberg proved very benefi cial.

REALW.RW1.CS.indd 60 11/9/06 11:04:31


HoW Was it diffeRent fRom undeRgRaduate study?When you’re an undergraduate, study is much more of a one-way street, with students soaking up what the lecturers have to say. With an mBa, it’s a different discussion. there’s opportunity for students to bring their own experience to the table when discussing the case studies.

did you enjoy it?yes. Having the space to get your mind fired up with lots of ideas, after 7-10 years of grafting in industry, is an incredible luxury. the network i formed was the biggest capital payback of the mBa

advice to tHose consideRing taking a postgRaduate couRseBe very clear about what you’ve done before your mBa and what you want to get out of it. i would also advise people to do the course full-time rather than part-time. you have a better opportunity to get to know people on your course and become close to them – see them at their best and at their worst.

ANILMBA

The LowdowN:mBas appeal to a more mature set of students who have already earned their stripes in industry. a lot of the value of the mBa comes from their shared learning, according to vincent Hammersley, director of communications at Warwick Business school and former mBa there himself. “if people come straight from university, they can’t offer a lot in the way of knowledge transfer to the peer learning groups that we run.”

Between 30-40% of a cohort will end up in finance, with a further 20% taking up careers in consulting. a strong contingent of 15% head for the not-for-profit sector, which is a satisfying career “but holds us back in the salary ranking”, explains vincent.

ANIL ShArMA grAduATed froM MANcheSTer uNIverSITy IN 1994 wITh A BA hoNourS IN ecoNoMIcS. he joINed PrIcewATerhouSecooPerS ANd quALIfIed AS A chArTered AccouNTANT BeTweeN ’95 ANd ’99 Before reTurNINg To fuLL-TIMe STudy for AN MBA AT wArwIck BuSINeSS SchooL IN 2002

WHy did you decide to continue youR studies?chartered accounting qualification focuses on financials and how a company works. an mBa is a good way to complement the aca (associated chartered accountant), because it focuses on strategy, marketing and operational issues rather than straight finance.

i was spurred on to take the mBa having worked in new york for a couple of years and seeing how postgraduate qualifications, particularly mBas, were de rigeur.

HoW did you fund youR postgRaduate studies?i borrowed and used all my savings. the living costs and fees were around £40,000: once you factor in lost earning capacity, the total cost is more like £100,000.

But the cost was never a deterrent. Long-term, i took the view that it was worth the investment.

WHat Was tHe WoRkLoad Like? it was a heavy workload, even though i was accustomed to the aca regime. there’s a curriculum to get through, with extra options, and you have to work hard. there’s also a dissertation to produce, of around 30,000-50,000 words.

WHat Was it Like studying again?it was a new experience, in particular learning in the syndicate groups that Warwick uses. Learning syndicates are teams of four or five people who work together on all projects throughout the course. at Warwick they’re pre-allocated, and you meet people from very different backgrounds.

one interesting aspect of syndicate groups is that there’s no hierarchy, and it’s up to every individual to persuade others of their arguments. some students found this challenging at first, but they had to learn to adapt.

“ geTTINg your MINd fIred uP AfTer 7-10 yeArS of grAfTINg IS A Luxury”

Business scHooLs | CASE STUDY RWPh

otog

rap

h: e

d M

iller

n

REALW.RW1.CS.indd 61 11/9/06 10:48:42


www.realworldmagazine.com

ABN AMRO 20 ACCA 30Aldi 10Atisreal 80Audit Commission 56Benfield 69Bloomberg 22Bournemouth University 66Brunel University Business School 66Cass Business School 65CB Richard Ellis 81CIBC 75CIMA 34CIPFA 54Citigroup 74Civil Service Faststream 56Dresdner Kleinwort 73eFinancial Careers.com 70Enterprise Rent-a-Car 67Ernst & Young 82ESCP-EAP 64Euro London Appointments 26Fidelity International 12HM Revenue & Customs 36ICAEW 32

ICMA Centre 65Jones Lang Lasalle 48JP Morgan 3Kimberly-Clark 78KPMG 6Lancaster University Management School 64Lehman Brothers 71Loughborough University Business School 64Mercer 40Morgan Stanley 24National Audit Office 70Nationwide 44PKF 69PricewaterhouseCoopers 2Robert Half International 67Rolls Royce 68Royal Bank of Scotland 4SEI 76SEO London 70Simmons & Simmons 50Standard Life 77Towers Perrin 40UBS 72University of Stirling 66Warwick Business School 63

+ mORE JOBS + ADVICE + APPLY ONLINE

list of recruiters and courses

+EMPLO

YERS

RECRUITIN

G NOW

REALW.RW1.D-REALJOBS.indd 62 20/10/06 17:53:50

mp-portrait-297x210-real-world [2 2 05/09/2006 10:03:03Untitled-1 1 11/9/06 12:46:14

Loughborough University

Business School

Loughborough University Business School

tel: +44 (0)1509 223140 (MBA & short courses), 223291 (MSc’s) or 228276 (PhD)

fax: +44 (0)1509 223963

email: [email protected]

Ref: BS/4195

www.lboro.ac.uk/businessschool

Loughborough University Business School runs outstandingdegree programmes in business and management. Frompart-time programmes for working professionals toconversion programmes for non-business graduates, theBusiness School offers a wealth of career-enhancing coursesto fuel your ambition.

For high-flyers in business:

The Loughborough MBAFor non-business graduates:

MSc ManagementMSc International ManagementMSc Marketing and ManagementMSc Finance and ManagementMSc Business Analysis and Management

Invest in your future and transform your career prospects

RealWorld 14.p Sep06 BS.4195 9/8/06 08:41 Page 1

Much morethan a

businessschool

Visit www.lums.lancs.ac.uk

With rising global rankingsand a fast-growingreputation, LancasterUniversity ManagementSchool delivers muchmore than most business schools.

Calling ourselves a managementschool highlights our commitment to developing people and their skillsfor every sector: private, public andnot-for-profit.

Our exceptional faculty is drawnfrom all over the world and has beenat the top of UK research ratings fornearly twenty years. Yet these high-flying professors are very muchdown-to-earth. Their friendliness and approachability continuallysurprise students.

Our programmes are innovative and interdisciplinary, drawing onexpertise from other faculties within the University to fire yourimagination to think right outside the box.

At LUMS we know where we’reheading. And there’s nothing to stop you coming with us.

64

Ads.indd 64 11/9/06 15:33:16

Here at Cass Business School in London we offer a selection of Specialist Masters programmes, turning young professionals into top performers.

Our full and part-time courses in the areas of fi nance include – Finance, Banking and International Finance, Investment Management, International Accounting and Finance, Mathematical Trading and Finance, Quantitative Finance and Financial Mathematics. These are designed to equip you with the business tools you need for your chosen career in the UK, or worldwide.

Come along and fi nd out more. We hold information sessions throughout the year at the School, and all around the world.

To reserve your place at any of our events, or to fi nd out more,visit www.cass.city.ac.uk/masters telephone +44 (0) 20 7040 8600 or e-mail [email protected]

Stand out in the real world

Want to be a high flyer in finance?Master the financial markets with one of our suite of degrees:

• MSc International Securities, Investment and Banking • MSc Capital Markets, Regulation and Compliance• MSc Financial Risk Management• MSc Investment Management

Call today on 0118 378 8239 quoting ref: RW002 or visit www.icmacentre.ac.uk

The ICMA Centre is supportedby the International Capital

Market Association, the tradeassociation and marketregulator for some 400

member organisations activein the global securities market

-12 RealWorld 1-2p 23/8/06 3:10 pm Page 1

65

Ads.indd 65 11/9/06 15:33:28

By studying a specialised area of accounting, business and finance, your conceptions of business will be challenged. BU courses offer an advanced level of learning, building on your existing subject knowledge or augmenting a general education.

Our intensive courses enhance your personal and professional development and give you access to unique expertise. Not only will you come away with a great university experience, but increased employability opportunities. On average, recruiters are willing to pay a 20% premium for someone with a postgraduate degree (topgraduate.com survey).

So take a look at our full time and part time courses, the areas of employment they can lead to and what it is to be a postgraduate student at the Business School.

www.business.bournemouth.ac.uk Tel: + 44 (0)1202 967225

There’s so much more to Bournemouth University than just the course you study. Bournemouth University offers professionally accredited degrees while preparing you for the real world.

Accounting & Finance Ad.indd 1 4/9/06 12:07:00

A Masters degree gives you advanced knowledge andunderstanding to complement your education andexperiences, and guide your future career.

Brunel University offers six exciting Masters degrees in economicsand finance. Suitable for students with strong economics, finance,or other quantitative backgrounds, these degrees give you advancedunderstanding in a specialist area.

• Business Finance MSc • Economics and Finance MRes • Finance and Accounting MSc • Finance and Investment MSc • Financial Economics MSc • International Money, Finance and Investment MSc

Taught by researchers at the forefront of their disciplines, thesedegrees open doors for careers in the city, business, government, international organisations, and research.

www.brunel .ac .uk

BRUNEL BUSINESS SCHOOL

01895 267124

Make Talent Work

105576 Advert 5/9/06 9:11 am Page 1

66

Untitled-2 1 11/9/06 15:18:04

67

We a

re a

n equ

al op

portu

nities

emplo

yer

Management Training SchemeWill most industry-leading companies really make the most of your talents? You’ve spent all those years at uni, so the last thing you want is toend up as an expert in photocopying and making coffee. Better make sure that’s not your fate by joining the 1,000 plus graduates who enterthe Enterprise Management Training Scheme each year. We’re an international car rental company with over 440 locations across the UK,Ireland and Germany and a multi-billion pound turnover. And we’ll teach you how to run your own business in as little as two years. You’ll learnabout everything from sales, marketing and customer service to operations and finance, so you can make crucial business decisions and reapthe rewards. You could be promoted twice in one year. And earn in two years what could take you five elsewhere. We’re here to make themost of your potential, not let it wither and die. To apply, go to www.enterprisealive.com/realworld or call 0870 850 1232.

YES, I’D LIKE TO SPEND 10 YEARS PORINGOVER SPREADSHEETS, SLOWLY LOSING MYWILL TO SUCCEED, OR TO LIVE. NO, I’D RATHER RUN MY OWN OPERATIONWITHIN 2 YEARS AND BECOME AN EXPERTON ALL ASPECTS OF BUSINESS.

Are you a head above the rest?Get a Career Not Just A Job.Graduate Trainee Recruitment Consultants - London City & West End

! Finance and accounting sector ! Excellent career opportunities! Attractive base + uncapped bonus ! Private health care

For more information, forward your details to Neil Jennings at [email protected].

www.roberthalf.co.ukRobert Half International is acting as both an employment business and an employment agency. Robert Half International is an equal opportunities employer.

Our Trainee Recruitment Consultant scheme offers you the opportunity to build a successful career in one of the world’s fastest growing industries. Becoming a Recruitment Consultant with Robert Half International exposes you to business skills and learning programs in a fast track environment - aimed at allowing you to reach your full professional and earning potential sooner.

If you are an ambitious graduate, have had exposure to any type of sales or customer service environment, are tenacious, driven and want to succeed quickly then these positions offer you scope to reach your goals. Robert Half International provides complete formal and mentoring training program and the tools to create a rewarding career with global possibilities in one of the world’s leading recruitment organisations.

More than 350 offices globally, 30 in the UK.

Ads.indd 67 11/9/06 15:33:52

Untitled-1 1 11/9/06 13:08:42

69

Being free to decide is everything. Come to PKF and train with a leading firm of accountants and business advisers – and keep your future in your hands.

Graduates who join us have something that trainees at many other firms don’t: the freedom to take responsibility right from the start. Our on-the-job coaching lets you gain real experience and earn while you learn. In addition, we give you full support as you study towards a chartered accountancy qualification.

To apply, you’ll need at least 300 UCAS points and a 2.1 degree in any discipline. Please use our online application form at www.pkf.co.uk/careers.

Accountants & business advisers

Take controlTrainee AccountantsUK wide

PKF (UK) LLP is registered to carry on audit work by the Institute of Chartered Accountants in England and Wales. PKF (UK) LLP is authorised and regulated by the Financial Services Authority for investment business activities.

Benfield Trainee Programme – Autumn 2007Competitive starting salary and excellent benefits package

Just over a decade ago, Benfield was a successful but still small reinsurance broking businessemploying around 60 people in London and had just opened its first overseas office inHamburg.

Today, Benfield employs over 2,000 professionals in more than 40 offices worldwide and is oneof the world’s leading reinsurance brokers and a FTSE 250 company. Benfield consistently winsmajor industry awards and features in The Sunday Times’ prestigious ‘Best 100 Companies toWork For’ survey.

Central to our success is our ability to attract and retain the best people.

We’re looking for candidates with the desire and ability to excel in a team-based culturewhere a questioning, flexible and collaborative approach is the norm.

Play a part in the next chapter in our success story.

www.benfieldgroup.com/careers

Be part of a success story

Ads.indd 69 11/9/06 15:34:04

Other accountancy careers are yesterday’s news.

The most that normal accountants ever get to changeis the balance sheet. But at the National Audit Office,we change people’s lives. Scrutinising public spending –anything from the burden of obesity to the UK’s provisionof humanitarian aid following the Tsunami – our job isto make sure the taxpayer never gets short-changed.And with so much invested in you, your career won’tbe either.

Find out more about our ICAEW Graduate TrainingScheme. Then form your own opinions.

We aim to reflect the diversity of the public we serve.

OUR DESK TODAY. NEWS DESKS TOMORROW. nao.org.uk/graduates

Have you got what it takesto make it in the financial markets?

www.efinancialcareers.co.uk/students

The Financial Job Marketplace

Improve your application chances, with expert advice on CVs, interviews and online tests

Learn how to stand out from the crowd, when applying for internships and graduate programmes

Discover what employers are looking for, with the latest graduate job market news

Beat the banks’ numerical tests, by taking our practice tests online

Find out at the eFinancialCareers.com Student Centre

C

M

Y

CM

MY

CY

CMY

K

NewWorld-QuarterPageAD.ai 24/08/2006 18:18:10

70

Ads.indd 70 11/9/06 15:34:20

Untitled-1 1 11/9/06 13:15:55

With your potential, our future is

in good hands.It starts with you.

Who you are and where you come from are part of what makes you unique. This is why at UBS we value

the diverse backgrounds of our employees. As a leading financial firm with over 140 nationalities, UBS

believes that looking at things from another perspective is crucial to our success. And the best view could

be through your eyes. Who you are is important. Together, we can realize who you want to be.

It starts with you: www.ubs.com/graduates

© UBS 2006. All rights reserved.

Untitled-1 1 11/9/06 13:17:16

With 6,000 people around the world we thought it would be good to start a big conversation, where everyone can share thoughts, experiences and ideas. So we gave everyone the tools – weblogs, podcasts, instant messaging, even our own Wiki workspace – and let them get on with it. The results have been spectacular, for our people, our clients, our business. Is any other investment bank so inclusive, so connected? We doubt it.

Spread the word.

www.dresdnerkleinwort.com/graduates

Unexpected viewpoints. Radical thinking. Inspiration.

joe

blogsand

so doeskyoko

The word is connected.

21 (Realworld 250806 Joe Bloggs 297x210 Finance).indd 1 24/08/2006 10:59:11Untitled-1 1 11/9/06 13:18:18

“I found myself sharing thoughts from day one

with the most respected professionals in the

industry, who originated some of the deals on

the FT covers that we read back in university.

For me that was quite impressive.”ENRIQUE BECERRA, ASSOCIATEINVESTMENT BANKING

Global Banking- Investment Banking- Corporate Banking

Global Capital Markets- Capital Markets Origination- Equity Sales & Trading- Fixed Income Sales & Trading

Global Transaction Services

Citigroup Investment Research

Global Corporate Services- Technology - Operations- Human Resources

Working at Citigroup means being part of a

team that is making history in the financial

services world. If this appeals to you, come

see us. We’re looking forward to meeting you.

apply online at www.citigroup.com

©2006 Citigroup Markets Limited. CITIGROUP and the Umbrella Device are trademarks and service marks of Citigroup Inc. or its affiliates and are used and registeredthroughout the world. This advertisement has been approved for distribution in the U.K. by Citigroup Global Markets Limited, which is regulated and authorised by the Financial Services Authority. Citigroup is an equal opportunities employer.

gra17868_RealWorld advert.qxd 31/8/06 11:47 Page 1

Untitled-1 1 11/9/06 13:23:10

choose your challenge

I

With our

Training Programme

t’s all about choice at

CIBC World Markets

Graduate

you

get to try everything,

from highly-tuned

Mergers & Acquisitions

to feeling the buzz of

the trading �oor.

Through an intensive

training

programme you will

learn new skills and gain

new knowledge, all with

help from your own

personal mentor.

It’s your challenge

It’s your choice

CIBC World Markets

Apply online before 30th November 2006 at:www.apply-cibcwm.co.uk

REALW.0509.058.pdf 20/9/06 10:35:52


SEI Associates Program

SEI is a leading global provider of outsourced investment business solutions. Since 1968, our innovative solutions have helped financial institutions, corporations, financial advisors and affluent families create and manage wealth.

We think of ourselves as our client’s advocate, seeking to help them succeed in the present while using transformational thinking and building solutions to enable them to be even more successful in their respective futures. We approach this by helping our clients refine their family or business goals and then organize their available financial resources to work more effectively to achieve these goals.

We deliver on our mission as innovators, with new ways and new answers - providing for our clients in a holistic manner, and allowing them to focus on that which is most important to their business or in their lives. At SEI, like at other

companies, we recruit college undergraduates via our Associates program, but we do so in a very unique way. As a candidate, you will not hear about a specific opening or openings which we are looking to fill, you will not meet with your future team leader, and you will not be told of your wonderfully laid-out “career path”. You will, however, hear about SEI, our businesses, our clients, our innovative solutions, our uncommon organization and our unmatched culture.

We place our Associates strategically throughout SEI, in areas requiring immediateresources and in areas of future growth and development. Typical roles include placements in Marketing, Investment Management, Technology Development, Product Management, Sales, Service, and Operations. You can expect continuous challenge and learning, immediate responsibility, a world of opportunity, and change.

Requirement

Along with a Bachelors degree, you will need to possess the following:• Demonstrated leadership experience • Communication skills• Creativity • Involvement in a diverse set of activities• Positive attitude • Flexibility• Personal and professional driveClick www.seic.com/associate for more details

SEI.pdf 6/10/06 10:06:40

www.standardlife.com

ON-LINE APPLICATIONS ACCEPTED FROM 27TH SEPTEMBER

Standard LifeAccountantsActuaries

Standard Life InvestmentsSales Marketing & Client ServicesPrivate EquityOperationsPropertyInvestment Management

Graduate Careers at:

I like…

www.standardlifeinvestments.co.uk


Kimberly-Clark is a leading health and hygiene company with sales of over $15 billion and a global team of more than 57,000 people. Each day nearly a quarter of the world’s population use our trusted and recognised brands, which include KLEENEX® ANDREX® HUGGIES® and KOTEX®.

With a real job from day one we offer exciting engineering opportunities for high calibre graduates who thrive and excel working in a challenging environment. Our two-year structured graduate programme focuses on developing technical and personal skills for senior management roles and aims to provide exposure to great training; equipment and processes through approximately three assignments based in a variety of mills and is likely to include an international opportunity.

Our training scheme is accredited by IMechE, IEE and IChemE and you will be actively encouraged to gain

Fancy influencing a quarter ofthe world’s population?

Exciting Engineering OpportunitiesElectrical and Mechanical Immediate Start£24,000 + Excellent BenefitsVarious UK and European Locations

chartered status. We will also assign you a senior mentor who will support and encourage you in the early stages of your career with us.

We are looking for adaptable team orientated people with good leadership potential, strong numeric / analytical skills and ideally fluency in a second European language. You will need a 2.1-degree or European equivalent in electrical or mechanical engineering and should be prepared to work in the UK and other European locations. Commercial experience gained within a factory / operations environment would be ideal.

If working in a professional environment where people really count sounds appealing, please apply and visit our website at www.kimberlyclarkcareers.co.uk

Ads.indd 72 12/10/06 12:58:40

A new online experience.

Real_World_Ad1.pdf 7/9/06 14:41:29

Find your job online @realworldmagazine.com

SearchFinance Jobs

page79.indd 1 12/10/06 17:53:07

Atisreal is seeking ambitious new stars

Your career can take-off with AtisrealAtisreal is on a mission. As Europe’s leading commercialproperty consultancy backed by BNP Paribas, we are lookingfor enthusiastic and talented graduates to join our team of realestate experts. If you have always aspired to succeed, we wantto hear from you.

Through our tailored training programme, you will havethe chance to work in several areas across the company,establishing a solid foundation on which to build your futurecareer. Our current APC pass rate is 100%.

If this opportunity has caught your imagination, please visitwww.atisreal.co.uk/graduates.

Quote Ref: rwgrad07

ATIS_RW_RecruitAd_297x210.indd 1 5/10/06 10:36:47 pmAD_TEMPLATE.indd 1 6/10/06 15:17:42

Are you looking for the best vehicle for your career in investment and fi nance? Property is an increasingly signifi cant asset class. As the need for fl exible investments and fi nancing drives the creation of ever more sophisticated vehicles, demand for property-related analysis and advice has never been higher.

CB Richard Ellis is the world’s largest property adviser. Our people shape the property investment and fi nance world on a scale no other company can match. To join us you’ll need to be analytical and numerate. Beyond that we look for fl exibility, intelligence, confi dence and ambition.

With us you’ll get an investment or fi nance-related career in one of the economy’s most dynamic sectors. We’ll stretch your potential, welcome your ideas, embrace your individuality and let you have a life too.

Could this be the road for you?

www.cbre.com/fi nance

SEE PROPERTYAS A VEHICLE

offi ces | retail & leisure | residential | industrial & logistics | hotels | public sector | investment

Untitled-1 1 11/9/06 13:25:36

As a graduate at Ernst & Young you'llhave the opportunity to work right at the heart of business, advising our clients on their most challengingissues. This may seem daunting, but we’ll be sure to give you lots of supportas you seek to fulfil your ambitions.

www.ey.com/uk/graduate

GetinsidebusinessGraduate and Undergraduate Programmes 2007

Think about the Opportunity.Yours. And ours.

Ernst & Young is an equal opportunities employer and welcomes applications from all sections of the community.The UK firm Ernst & Young LLP is a limited liability partnership and a member practice of Ernst & Young Global.

2982_EY_G_297x210_C 25/8/06 17:15 Page 1

Untitled-1 1 11/9/06 13:27:18

Documents

2006 Finance Special