careers in finance
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Careers - Induction to Finance
Roger Howgego/Richard Smith
July 2010
Agenda
• Roles and Functions
• How to Apply/Timing
• Preparation before Application
• Reasons for Rejection
• Your Strengths as a Candidate
• Career Progression
• Impact of Downturn on Recruitment
• Information Sources for Further Reading
Central Bank + Regulators + Treasury
Stock Exchange + Custodian Bank + Brokers - Clearers
CAPITAL USERS UNIVERSAL/INVESTMENT BANKS CAPITAL PROVIDERS
IssuersGovernment
CorporateSupranationals
Corporate Finance
Capital Markets(Trading Floor)
InvestorsAsset Managers
Hedge FundsPrivate EquityPrivate Wealth Management
BorrowersCorporates
RetailMortgages
Commercial Banking
LendersRetail
Institutional Corporations
Overview
Corporate Finance
Industry Specialist Groups
M&A
Geographic teams
Debt/Equity Capital Markets
Capital Markets
Equity and FICC
Sales – Geographic product
focus
Trading – Product focus
Research – Industry (Eq.)
Credit/Quant Strategic (FICC)
Prime Broker
Support
Risk
Finance
Treasury
Operations
Legal
Compliance
HR
IT
Project Finance, Commercial Loans, Correspondent/Retail banking
Investment/Universal Banks
Boutiques
Commercial
Greenhill, Jefferies, Close Brothers
Lloyds Banking Group, Barclays Bank, Sumitomo
Participants
IB/UB Barclays Capital, JP Morgan, Goldman Sachs, Deutsche Bank, Nomura, Standard Chartered
Hedge Funds
Private Equity
Private Wealth Management
Brevan Howard
3iKKR Permira
Barclays Wealth, Pictet
Asset ManagersBlackrock
PimcoJP Morgan Asset management
Investment Consultants
Regional Development Banks
Advisory/Accounting
Regulators
Rating Agencies
Towers WatsonMercer
IBRD (World bank)IFC
EBRD
PwCErnst & Young
DeloitteKPMG
SECBAFIN
FSA
MoodysS&PFitch
Finance division of corporates
SAB MillerShell
Diageo
Participants
Interdealer brokers
Information providers
Custodian banks
Public sector
Sovereign wealth funds
IcapTulllets
BloombergThomson Reuters
Northern TrustState Street
BoNY Mellon
Bank of EnglandFederal Reserve
ECB
Norges BankADIA
Australian Future Fund
Participants
How to Apply/Timing
• Formal programs, full time and internships/the milk round
• Analyst vs. associate
• On line process/cover letter and CV
• Lateral hires – company websites
• Network – main route to opportunities
• Direct approach – company websites
• Search firms/employment agencies http://www.newlifenetwork.co.uk/
• Advertised roles – www.efinancialcareers.com & company websites
FTSE 100
Preparation Before Application
• Thorough research of company to include:– Business divisions
– Structure and ownership
– Recent corporate history (earnings/events/personnel)
– Share price
– Recent transactions
– Competitors
– Value proposition/mission statement
• The role and how it fits into the organisation and contributes to revenues
• The markets in your chosen area of interest
• Current affairs and developments
Reasons for Rejection
• Spelling mistakes
• Copy and paste errors
• Grammar
• Poor presentation – fonts /alignment
• Too much irrelevant information
• Too little relevant information
• Poorly constructed cover letter
Your Strengths as a Candidate
• Differentiate yourself/ unique selling point
• Don’t forget language/cultural skills
• Highlight historic exposure to financial industry
• Personal investing/portfolios of any sort
• List any relevant books/journals/trade magazines read
• Demonstrate financial markets awareness – clubs, societies
• Dissertations or projects of a financial nature
• Relevant work experience or internships
Career Progression
ANALYST
ASSOCIATE
VICE PRESIDENT
SENIOR VICE
PRESIDENT
MANAGING
DIRECTOR
• Financial analysis
• Teamwork skills
• Complex modelling
• Client contact
• Leadership
• Team leadership
• Increased client contact
• Workflow responsibility
• Project leadership
• Revenue generation
• Training for MD role
• Firm leadership
• Strategic planning
• Personnel direction
Impact of the Downturn on Recruitment
• Fewer places and more competition
• Thorough preparation and commitment even more crucial
• More attrition should create openings
• Closure of entry level programs not an option
• More targeted approach
• One off roles
• All year round activity
• Internships have become even more important than before
Information Sources for Further Reading
• Individual company websites (www.gs.com, www.ms.com)
• www.efinancialcareers.com (available in paper form)
• www.ft.com
• www.bloomberg.com
• www.investmentfunds.org
• www.bis.org
• www.bba.org
• http://village.albourne.com/
ASSET MANAGERS
Aegon Asset Management Lazard Asset Management Alliance Bernstein* Legal & General Allianz Global Investors* Lloyds TSB Group Amundi (Agricole/SocGen) Man Group/GLG Axa Asset Management Mellon Financial Baring Asset Management Morley Fund Management (Aviva Group)* Bank of New York Mellon Natixis Asset Management BP Investment Management Nomura Asset Management Blackrock/Barclays Global Investors* Optiva BNP Paribas Asset Management Northern Trust Capital Group Orbis CDC Ixis Asset Management Pension First Cigna Pictet Asset Management Citigroup Asset Management Pimco Credit Suisse Asset Management Prudential Deutsche Bank Asset Management Putnam Investments European Investment Fund – (EIB Affiliate/SME Lending)
Rathbones
Fidelity Resolution (Britannic) Foreign and Colonial Sandford Bernstein Franklin Templeton Santander Asset Management Fortis Schroder Investment Management GE Asset Management SIG – Susquehana International Group GE Capital State Street Global Investors Generali Group Smith and Williamson Global Asset Management (GAM) Swiss Re Goldman Sachs Asset Management* Threadneedle HSBC Asset Management UBS Asset Management Henderson Global Investors Vanguard ING Group Zurich Financial Services Intesa Invesco Asset Management Scotland: Investec Baillie Gifford Intesa Asset Management Scottish Mutual Insight Investment Management Scottish Widows JP Morgan Asset Management* Standard Life* *Firms that have a graduate program Further Information Sources: Investment Management Association www.investmentuk.org European Fund and Asset Management Association www.efama.org
INVESTMENT/UNIVERSAL BANK LIST
American Express Macquarie Bank of America Merrill Lynch Morgan Stanley Barclays Capital Mitsubishi UFJ Securities BBVA Mizuho BNP Paribas Nomura Credit Agricole Investment Bank (CIB) Royal Bank of Canada Capital Markets CIBC World Markets Royal Bank of Scotland Citigroup NM Rothschild Credit Suisse Group Rabobank Daiwa Securities Sanpaolo/Intesa Deutsche Bank Societe Generale Goldman Sachs Standard Chartered GE Capital Standard Bank (South Africa) HSBC Sumitomo Mitsui Banking Corporation ING Bank Banco Santander Investec UBS JP Morgan Chase Unicredit Lazard Further Information Sources: British Bankers Association www.bba.org.uk Or country/city specific bankers associations
BOUTIQUE/NICHE BANKS Alix Partners – Financial Restructuring Jeffries & Co Alvarez & Marsal – Financial Restructuring Lexicon Partners Altium Moelis Ambrian Natixis Augusta & Co NM Rothschild Blackstone Noble Group Blackwood Capital Nomura Code – Life Sciences Focus Bishopsfield Partners (Structured Fin) North Square Capital Broadpoint Gleacher Numis Securities Bryan Garnier & Co Ondra Partners Caliburn Partnership Oriel Securities Cavendish Corporate Finance Pactum Advisors Cenkos Securities Panmure Gordon Centreview Partners Perella Weinberg Partners Chanin Capital Piper Jaffray CLOSE BROTHERS Mid-Cap Specialists Qatalyst Partners Coller Capital – (Secondary PE) Renaissance Capital Collins Stewart Richmond Park Partners Compass Advisors Sagent Advisors Cowen & Co D E Shaw Evercore Shore Capital Evolution Group Spayne Lindsay EXOTIX (Illiquid Specialists) Stamford Partners – Food & Drink Fenchurch Advisory Partners Stone Key Partners Gordon Brothers Grant Samuel & Assoc Distressed Debt Greenhill Trafalgar Am Gresham Partners Oaktree Cap Man Hatch Corporate Finance Alchemy Special Ops Hawkpoint Partners Troika Dialog Houlihan Lokey- M&A Advisory William Blair Ingenious Corp Finance- Media Preqin – Data Provider Investec Hemscott Rankings
Further Information Sources: www.afme.eu
www.liba.org.uk
PROFESSIONAL SERVICE FIRMS Ernst & Young KPMG Deloitte PwC BDO Stoy Hayward Grant Thornton
ISLAMIC BANKING The Islamic Bank of Britain – Retail European Finance House European Islamic Investment Bank Gatehouse Bank of London and Middle East
INFORMATION SOURCES FOR FURTHER NAMES AFME (Assoc. Financial Markets in EU) www.afme.eu SIFMA (Securities Industry and Financial Markets Association)
www.sifma.org
European Bankers Association International Financial Services London www.ifsl.org Financial Stability Board – BIS Subsidiary Basel Committee on Banking Supervision ICMA – International Capital Markets (Stock Exchanges)
OTHER FINANCIAL INSTITUTIONS
SUPRANATIONALS
African Development Bank IBRD - World Bank – Washington Asian Development Bank IFC - International Finance Corp. –
Washington/London/Paris Bank For International Settlements InterAmerican Development Bank –
Washington EBRD – European Bank For Reconstruction And Development
Crown Agents - UK
European Investment Bank DFID- Department For International Development
Kreditanstalt Fur Weideraufbau
CENTRAL BANKS
Bank of England European Central Bank – Frankfurt All Countries have a central bank usually located in the capital city
RATING AGENCIES
Fitch Standard and Poors Moodys DBRS
REGULATORY BODIES ICFR – International Centre for Financial Regulation
FSA - Financial Services Authority
SEC – Securities & Exchange Commission Most developed countries have an equivalent
INVESTMENT CONSULTANTS
Aon Consulting Fortune Asset Management (Close
Brothers Sub)
Barrington Partners MSCI Barra/Riskmetrics
Cambridge Associates Redington Partners
Duff & Phelps Towers Watson
Russell Investments Chatham Financial
Hewitt Associates Scorpio Partnership
Mercer Investment Consultants FTI Consulting
Mourant Q Finance
INFORMATION PROVIDERS
Bloomberg Euromoney Thomson Reuters Fidessa Financial Times Institutional Investor
INTER-DEALER BROKERS/TRADING HOUSES
BGC Partners GFI ICAP/Refco Citi Index Cantor Fitzgerald CMC Markets EXOTIX (Illiquids) MF GLOBAL Tullet Prebon Mako Capital Tibra CTC
CLEARING HOUSES
LCH Clearnet Euroclear
PRIVATE EQUITY/VENTURE CAPITAL
www.bvca.co.uk www.evca.com Plus country specific associations in most western economies
INSURANCE COMPANIES Association of British Insurers www.abi.org.uk
Lloyds Market Association Insurers/Reinsurers/ Brokers www.insurancecareers.cii.co.uk Chartered Insurance Institute RSA Swiss Re Munich Re
FINANCE DIVISIONS OF CORPORATE ENTITIES
Unilever Shell BP BT Diaego Siemens Nestle BMW Vodafone EDF Trading Glencore RWE Trading Total
INDEPENDENT RESEARCH HOUSES
TOP 10 IN EUROPE Redburn Partners New Street Research Autonomous Research BCA Research Absolute Strategy Research Capital Economics Helvea Auerbach Grayson Arete Research Druganalyst Research
Further Information Sources: European Assoc. Of Independent Research Providers http://www.euroirp.com/
PRIVATE BANKING Spears WMS - Publication www.spearswms.com
Societe Generale Private Bank
UBS Private Bank Dresdner Credit Suisse Private Bank RBS - Coutts Lombard Odier Darier Hentsch Barclays Wealth Julius Baer Zurich Kantonal Bank Pictet & Cie Bank Leu Vontobel Wachovia UBP - Union Bancaire Privee Berry Asset Management Sarasin Brewin Dolphin Deutsche Bank Cazenove Capital Management JP Morgan P.B GAM London Ltd Goldman Sachs Jupiter Asset Man Citigroup P.B. Newton Inv Man Merrill Lynch Rothschild P.B. Bank Of America Ruffer Llp HSBC Republic Schroders P.B. ABN Amro SG Hambros BNP Paribas P.B Veritas A.M. Morgan Stanley Dean Witter
FAMILY OFFICES
Sandaire Genspring Family Office (Fla) Marcuard Family Office (Zurich) Pitcairn (Penn)
HEDGE FUNDS (EUROPE)
TOP 25 Blackstone/Barclays Global Investors The Children’s Investment Fund Man Investments Cheyne Capital Man. Bluebay Asset Man. Lansdowne Partners Winton Capital Man. Brevan Howard Asset Man. ADI Gestion (Paris) Bluecrest Capital Man. Alternative & Quantitative Investments
(UBS) (Zurich) Sloane Robinson M&G Investments HSBC Polygon Investment Man Marshall Wace Dexia Asset Man. (Paris) Gartmore Investment Spinnaker Capital CQS (UK) RAB Capital Aspect Capital Brummer & Partners (Stockholm) London Diversified Fund Man. AIMA.Org Hedge Fund Assoc www.thehfa.org https://village.albourne.com/user/news.pcg Search Firms www.newlifenetwork.co.uk/executive-and-
senior-managerial-search-firms-C109.html
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