Oxford

BANKING +
INVESTMENT
Investment bankers provide specialist financial services and advice to
a range of institutions including governments, commercial firms and
charitable organisations. The range of services include corporate finance
(raising capital through issuing shares or bonds) and advising on mergers
and acquisitions (M&A), sales and trading (working with clients to sell
and execute trades) and treasury services (such as currency hedging
for corporate clients). Roles are often referred to as “front office” (eg,
sales, trading, research and analysis), “middle office” (risk management,
compliance and legal) and “back office” (IT Support, HR and Admin).
RETAIL BANKING: Comprised of
the highly recognisable high street
banks (eg, Barclays, Lloyds, HSBC,
Santander and RBS), the sector offers
opportunities both in retail banking and
also in specialist areas such as Corporate
Banking, International Management,
Finance and Private Banking and
Operations Management.
ASSET MANAGEMENT & HEDGE
FUNDS: Asset managers (also known
as wealth managers or investment
managers) buy and sell shares, bonds
and other assets to increase the value of
their clients’ portfolios. Their clients can
be diverse, ranging from large pension
funds to high net worth individuals
(HNWs). Careers in asset management
can be found in stand-alone boutiques,
independent companies (eg, Fidelity
and Blackrock) and sub-divisions within
a bank. Hedge funds are similar in
their remit to invest clients’ money,
however are less regulated, often more
specialised, and can vary greatly in size
(from five to 500 employees).
PRIVATE EQUITY AND VENTURE
FUNDS: These firms help raise money
for companies, often offering funds
in return for an ownership stake. They
typically invest in an under-performing
company, turn it around financially and
sell their stake at a profit at a later date.
The vast majority of people entering
this sector have some experience –
commonly in investment banking or
strategy consultancy – but some of
the larger firms now have graduate
programmes (eg, 3i, Blackstone and
Terra Firma).
MORE INFORMATION
If you want to find out more about
this sector, visit:
www.careers.ox.ac.uk/banking
Jonathan Haas
Real Estate Debt Strategies
Analyst – Blackstone
“
Weekly tutorials with professors
grilling you on everything
about a particular subject is a
great preparation for a job in
the investment industry, and
in particular some theoretical
modules I took really helped
my general understanding of
my job.
”
GETTING IN AND
ENTRY POINTS
You don’t need to have studied a finance
related degree for a career in Banking &
Investment, but it is important to have
a keen interest in and understanding of
the wider concepts within the banking
industry and global markets, a high degree
of analytical intelligence and the ability
to build and maintain good working
relationships in what can be a competitive
and pressurised environment.
Relevant work experience is very
important for a competitive application
for a full time graduate role in this
sector and penultimate year students
are recommended to seek a summer
internship. Most banks use internships
as a major pipeline to their graduate
programmes and over 60% of Banking &
Finance graduate vacancies will be filled
by graduates who have already worked
for the employer*. First years (and second
year students on a four-year course) can
gain experience through ‘Insight’
events and ‘Spring Weeks’ (p.32) now
offered by many firms.
Most recruitment for graduate
schemes, internships and Insight
events takes place between
September and December during the
‘Milkround’. Applications for fulltime
positions open during the summer
and may close in late October;
internship and ‘Insight’ applications
close shortly afterwards. It’s best
to apply as early as possible, as
many firms recruit on a rolling basis,
meaning that places are often filled
before the application deadline.
Smaller or boutique firms may post
vacancies throughout the year, so it is
advisable to check the deadlines for
each firm.
EXTRA-CURRICULAR IDEAS
+ + Investment related student
societies offer experience, insight
and networking opportunities:
these include The Oxford Guild,
the Oxford Finance Society,
CapitOx and the Oxford
Microfinance Initiative.
+ + Gain experience managing
finances through extra-curricular
roles, eg, become treasurer for a
society/MCR/JCR; run an event
that makes a profit (it doesn’t have
to be large!) such as a theatrical
production or college bop.
+ + Sign up for Insight into Business,
a certificated development
programme offered by The Careers
Service that aims to improve your
business acumen and commercial
awareness.
*The Graduate Market in 2015, High Fliers.
71