In this career guide, you can learn more about career progression in private and investment banking and how to ace the application process. You will find profiles of a selection of firms and associated important dates for advertised career openings. At the end of the guide, you can read about some advice from a UCL student who has previously secured a spring week and an internship offers. Finally, in the last section of this guide, you will find how the Guild can help you along the way!
Table of Contents
Introduction
Banking offers an attractive career path as it provides a stimulating environment and generous wages. Let’s dive deeper into the specifics of these professions.
Private bankers are found at large retail banks, in investment banks and in wealth management firms, providing advice for high-net-worth clients. Private bankers help their clients with investment, estate or succession planning, solve tax-related matters and carry out cross-border transactions. This field of banking also offers various advantages to its very wealthy clients. For instance, a client can receive a loan using illiquid assets as collateral, such as rare artwork, or gain access to pre-IPO shares in a company. To meet their clients’ needs, private bankers often work alongside other professionals, such as accountants, financial advisors and lawyers, and have a small number of clients, with whom they often interact on a daily basis.
Private bankers are usually split into two categories Investment Professionals (IPs) and Relationship Managers (RMs). IPs advise clients on main asset classes and appropriate allocation of assets. RMs search for new clients and maintain relationships with existing ones. They also have a strong regulatory knowledge to give the best possible advice.
Private banking should not be confused with wealth management as it does not necessarily involve actual investment and offers a broader scope of services.
Investment bankers on the other hand, work with corporations, governments or large financial institutions to assist them on capital raise. Apart from investment banks, this type of bankers can also be found in venture capital firms, private equity institutions and investment divisions of commercial banks and large corporations.
There are several types of investment banking jobs: mergers and acquisitions (M&A), underwriting specialists (they take care of capital raise, public offering, etc.), sell-side traders, venture capitalists, investment analysts and more. To make it clearer, take a look at the schematic view over an investment bank below.
Source: Warwick University
Roles Available
Investment banking
Analyst
It is the most junior role, where most people are recent under- or postgraduates. Nowadays, banks tend to hire people from different academic backgrounds, and a degree in finance is not necessarily required. What is though, is a strong interest in finance and previous work experience. Analysts often stay in this role for two-three years before getting promoted to Associates.
Analysts are known to work long hours and their main tasks include the creation of various financial models which requires strong skills in Excel. They also produce presentations, called pitch books, which are used in meeting with existing and prospective clients, and perform administrative tasks, such as scheduling and setting up conference calls and meetings, making travel arrangements, etc.
Associate
An associate either holds an MBA or is a promoted Analyst. Associates work very closely with Analysts, assigning tasks and ensuring that their work was done correctly. They also act as a link between senior and junior bankers. Normally, it takes three-three and a half years to become promoted to a Vice President, but the number of years heavily depends on the bank.
Senior roles (Vice President, Managing Director)
VPs and MDs are responsible for bringing in new clients and maintaining relationships with existing ones. They have a deep understanding and knowledge in their area of expertise, which allows them to anticipate future trends. That, in turn, ensures that they can reach out to clients and pitch ideas that will be in demand.
Private banking
The career ladder in private and investment banking often looks quite similar as it progresses from Analyst to MD. Although at some firms, junior private bankers are called Financial Advisors.
A junior private banker in relationship management supports a more senior RM in the first two-three years. After that, it is expected that the analyst has sufficient skillset to independently create and maintain relationships with new and current clients.
In the other line of business, a junior IP will be concentrating on working with RMs and clients, promoting his/her financial solutions and recommendations. Again, after two to three years a successful Analyst will be promoted to an Associate.
Certification
You might be required to pass certain certification exams that vary depending on the country. Having relevant certification can also show your genuine interest in banking.
Application Process
A typical path of landing a full-time job in banking begins already in your first year at university. This is the time to start attending various (networking) events which you can find on firms’ websites or through societies. Read more about how the Guild can help you with your future career in banking at the end of this series! These interactions will help you understand what area of banking you prefer, which will make it easier to choose the right direction when applying for spring/insight weeks.
Having secured a spring week offer, you might be able to convert it into a summer internship. Nowadays, aspiring bankers complete several internships to increase their chances of converting them into a full-time offer after graduation.
Apart from a strong academic record, it is now also desirable to have evidence of your entrepreneurial skills, and some students choose to found their own company. Active involvement in appropriate societies, the Guild being one of them, is also a must. Also, an early application can help you increase your chances.
The spring week and internship application process can differ from company to company, and here you can find some typical ways used to interview prospective candidates. This is an extremely competitive process, and even the best candidates can face a stream of rejections. Don’t let this demotivate you – the more you apply, the higher are your chances. This is a numbers game!
Cover Letter (CL) and CV
This is a straightforward step where you show off your education, skills and experience in your CV as well as elaborate on why you are a good match in your CL. Sometimes, you will have to complete an online application form specific for every firm.
Tip 1: Think carefully about the relevant hard and soft skills you have and the reasons for applying to the firm in question. Don’t forget to read up on the core values, any awards received, sustainability projects, etc. for each company and bind it nicely into your application.
Tip 2: Whether or not your CV and CL will be read by the HR staff or an algorithm, it is crucial to include important keywords into your application. Read carefully the job description and incorporate the words used to describe the role into your CV and CL. Again, don’t forget about your soft skills; words such as ‘communication’, ‘leadership’, ‘time management’ are often used as keywords for screening.
Tip 3: Make sure that the font, spacing and alignments are consistent throughout your CV. Also, ensure that the verbs are written in the past/present tense consistently with previous and current roles.
Aptitude Tests
The more traditional way of screening after a successful completion of the CV & CL stage is offering to do an aptitude test. Depending on your line of business you may be asked to complete a verbal, abstract and/or numerical reasoning test; sometimes you can be asked to complete a personality test as well.
In a verbal reasoning test, you might be presented with a text and will be asked if a statement about the text is true or false in a short period of time.
In a numerical test, you will be expected to perform simpler mathematical calculations, such as ratio and percentage problems as well as financial reports, graphs and tables interpretation.
An abstract reasoning test will evaluate your ability to see patterns in data, take in new information, solve work-related problems, etc. Normally, you will be asked to decide on the shape that should replace an element or follow next in a series of elements.
Tip 1: The difficulty of the aptitude tests doesn’t lie in the questions, but comes from the time pressure. Often, you will have less than a minute per question. Thus, you have to make sure that you are prepared for the company-specific type of test, which you can often find online.
Tip 2: To save time on verbal reasoning tests, read the question first to know what information you are supposed to look for.
Pymetrics Games
Nowadays, some companies prefer carrying out a number of psychometric games instead of aptitude tests. However, the pymetrics games still aim to evaluate your numerical, verbal, abstract skills and personality traits. Therefore, you can practice these skills as well.
The pymetrics games can take about 25-30 minutes. They are able to assess dozens of traits, such as attention duration, memory span, ability to think outside the box, decision making, flexibility, altruism, learning from mistakes, risk appetite and more. There are allegedly no right and wrong answers, and you will get a summary report directly after the game is finished. Usually, you will be able to play each game only once per year.
Tip 1: Although it is hard to predict what traits will be more important for a certain role or firm, it is still worth doing your research on this matter.
Tip 2: Do the games at the beginning of your day so that you can use your full mental and cognitive capacity. The same advice applies to aptitude tests as well.
HireVue / Video Interview
In recent years, video interviews have gained more popularity among hiring banking firms. At this stage, you typically will be asked 5-6 questions and will be given some time to prepare and answer them; for instance, you might get 30 seconds for preparation and 2 minutes for speaking. You might be asked behavioural, situational and some technical questions, and normally you only can record the answers once. The recordings can be reviewed by a human, however, many firms implement AI algorithms instead. Those can assess over 10,000 traits, such as your body language, intonation, vocabulary, eye movement, level of stress in your voice, ability to remember information, etc.
At some firms, you might expect a second round of video interviews that will be more structured and related to the role you are applying for.
Tip 1: You can prepare for a video interview by recording yourself on your laptop, imitating the setting in which the interview will be done. Look carefully at your body language, eye movement and the tone of your voice. Try to look into the camera as much as possible and don’t look away while you talk; otherwise, it may seem as if you are reading from a script. Dress appropriately and make sure there is enough light in the room.
Tip 2: Research typical behavioural and situational questions. Think about your strengths and weaknesses, leadership and teamwork skills, and the best way of presenting them. Don’t forget to prepare for technical questions about your role and stay up to date on the latest developments in the relevant field.
Tip 3: Fake it ‘till you make it. Watch some interviews of more senior staff members from the company in question online and try to mimic their (body) language, tone, etc.
Actual Interviews
Once you have passed the stage of online assessments, you can finally speak to a human. The interviews will take place either in person or through phone or video call. At this stage, the interviews are likely to become more technical, competency-based and focused around your CV and CL. Competency-based questions often begin with ‘tell me about a time when you …’. Here you can use the so-called STAR technique: S = describe the Situation, T = the Task expected from you, A = the Action you took and R = the Result you achieved. Make sure you have thoroughly researched the company at this point.
Tip 1: For a phone/video call, check the time zone in advance.
Tip 2: Prepare a print-out of your CV and a notebook to take notes during the interview. Review your CV and CL prior to the interview.
Tip 3: Think about what differs your potential employer from its competitors and don’t forget to research the company’s core values.
Tip 4: Ask questions! You should show your interest and engagement by asking questions at the end of the interview. For example, you can ask questions about the career path of the interviewers and what skill set it required as well as what lessons they have learned; or what qualities a successful candidate should have. You can also express interest about the company’s values, mission, nonprofit and philanthropic projects and connect these values/missions/visions with your own views.
Assessment Centres (ACs)
ACs are the most difficult part of the application process, which tests applicants’ ability to perform under pressure. You can expect carrying out tasks in groups with other applicants, presenting a case study to senior bankers or doing role playing exercises to test your ability to communicate with clients. Some firms might ask you to write a report or an email concerning a certain matter or prepare a PowerPoint presentation. There also might be more one-on-one interviews and psychometric tests.
Tip 1: While solving a problem with your team members, it is important to be neither too aggressive, nor too passive. Instead, show off your communication and team working skills.
Tip 2: The case study might be division specific, other might be more general and test your logical reasoning and communication skills. Don’t be afraid of being challenged – structure your answer and choose a simple argument that you can confidently defend.
Firm Profiles and Important Dates
Here is a brief list of some companies and their early career opportunities. Note that spring weeks are offered to first-year undergraduates studying a three-year degree or for second-year undergraduates of a four-year degree.
Credit Suisse
Credit Suisse is a Swiss wealth management and global investment banking firm founded in 1856. It has its headquarters in Zurich, Switzerland, and is an employer to more than 45,000 people from over 150 nations.
Credit Suisse summer internships
2022 Investment Bank: Capital Markets Summer Analyst Internship Program
For: students graduating in 2023 from an undergraduate or Masters qualification (or equivalent) in any subject area
Duration: 10 weeks
Deadline: rolling
2022 Investment Bank: Capital Markets Final Year Analyst Internship Program
For: students graduating in 2023 from an undergraduate or Masters qualification (or equivalent) in any subject area
Duration: 10 weeks
Deadline: rolling
2022 Investment Bank: Advisory Summer Analyst Internship Program
For: students graduating in 2023 from an undergraduate or Masters qualification (or equivalent) in any subject area
Duration: 10 weeks
Deadline: rolling
2022 Investment Bank: Advisory Final Year Analyst Internship Program
For: students graduating in 2023 from an undergraduate or Masters qualification (or equivalent) in any subject area
Duration: 10 weeks
Deadline: rolling
BNP Paribas
BNP Paribas is the largest bank in Europe and the seventh largest bank by total assets in the world. It was founded in France in 1848 as a French national bank, while its current form was created through a merger of Banque Nationale de Paris (BNP) and Paribas in 2000. Today BNP Paribas has 193,000 employees across 68 countries.
BNP Paribas summer internships
London – 2022 Summer Internship – Global Banking
For: penultimate year students
Duration: 9 weeks
Grade: strong academic background
Deadline: rolling
London – 2022 Summer Internship Programme – Global Markets
For: penultimate year students
Grade: at least a 2:1
Deadline: rolling
Rothschild & Co
Rothschild & Co is a global and family-controlled group practicing within investment banking and financial services founded in 1810. It is controlled by the French and British branches of the Rothschild family and has close ties with Queen Elisabeth II. The company operates in over 40 countries and has 3,600 employees.
Rothschild & Co spring weeks
2022 Global Advisory Spring Insight Programme
Duration: one week
Deadline: 31 December 2021
Grade: at least a 2:1
Rothschild & Co summer internships
2022 Arrowpoint Advisory Summer Analyst Programme
Division: Global Advisory
Grade: at least a 2:1
Duration: 10 weeks
Deadline: 5 November 2021
2022 Global Advisory Summer Analyst
Division: Global Advisory
Duration: 10 weeks
Grade: at least a 2:1
Deadline: 5 November 2021
Rothschild & Co other events
2022 Global Advisory Women’s Horizon Insight Programme
For: female university students in any year of study
Duration: 3 days
Grade: at least a 2:1
Deadline: 31 December 2021
Macquarie Group
Macquarie is an Australian multinational investment bank and financial services company founded in 1969. It operates in 32 markets within a large number of segments, and the company’s operating arms include Banking and Financial Services, Commodities and Global Markets, Macquarie Asset Management and Macquarie Capital.
Macquarie spring week
2022 EMEA Insight Programme
Date: Easter break Spring 2022
Deadline: 31 December 2021 (rolling)
Macquarie summer internships
2022 EMEA Intern Programme
For: penultimate students
Duration: 9 weeks
Deadline: 31 December 2021 (rolling)
Macquarie other events
Virtual Flagship event
For: penultimate and final year students
Date: 6 October, 2021
Duration: full day event
Deadline: rolling
Women in Business Event
For: penultimate and first-year female students
Date: 13 October, 2021, 17:00 – 18:00pm (UK Time)
Deadline: rolling
Morgan Stanley
MS is another American multinational investment bank and financial services company. It was founded in 1935, and it now operates in 42 countries and has more than 60,000 employees. In 2018, MS was ranked 67th in the Fortune 500 list. Originally, the company was formed by J.P. Morgan & Co. partners Henry Sturgis Morgan (grandson of J.P. Morgan), Harold Stanley, and others. However, its present form is the result of the original MS merged with Dean Witter Discover & Co. in 1997.
MS summer internships
2022 Global Capital Markets Summer Analyst Programme
Deadline: 11 October 2021
Duration: 10 weeks
2022 Sales & Trading Summer Analyst Programme
For: penultimate or final year (including Masters) students
Grade: at least a 2:1
Deadline: 07 November 2021
Duration: 10 weeks
2022 Fixed Income Research Summer Analyst Programme
For: students graduating in 2021 or 2022 with either an undergraduate or Masters degree
Deadline: 07 November 2021
Duration: 10 weeks
HSBC
HSBC stands for the Hongkong and Shanghai Banking Corporation, by which its present form was established in London to serve as a holding company. HSBC has around 3,900 offices in 65 countries and is one of the largest banking and financial services organisations in the world.
HSBC spring week
Spring Insight Programme
Start date: April 2022 onwards
Duration: 4 days
Grade: at least a 2:1
Deadline: 7 January 2022
HSBC summer internships
Global Banking Internship
Start date: March 2022 onwards
Grade: at least a 2:1
Deadline: 7 January 2022
Markets & Securities Services Internship
Start date: March 2022 onwards
Grade: at least a 2:1
Deadline: 7 January 2022
Global Private Banking Internship
For: Penultimate year undergraduates
Duration: 5 to 16 weeks
Start date: March 2022 onwards
Grade: at least a 2:1
Deadline: 7 January 2022
Goldman Sachs
GS is an American multinational investment bank and financial services company founded in 1869. The company doesn’t really need an introduction as it is one of the most sought-after financial companies with astonishingly low acceptance rates. GS is one of the world’s largest investment banking enterprises by revenue: in 2020, it was ranked 62nd on the Fortune 500 list (the largest US corporations by total revenue).
GS spring week events
LGBT+ Student Possibility Programme
For: for LGBT+ students graduating in 2023 who are interested in the 2021 Spring Internship Programme
Duration: 3 onsite training days
Deadline: 22 November 2020 (rolling)
Student Possibility Programme
For: students from low socio-economic backgrounds graduating in 2023 who are interested in the 2021 Spring Internship Programme
Duration: 3 onsite training days
Deadline: 22 November 2020
Divisional Spring Programme
Duration: 2 weeks
Deadline: 21 November 2021 (rolling)
GS summer internships
Summer Analyst Programme
For: usually undertaken during the second or penultimate year of study
Duration: 8-10 weeks
Deadline: 21 November 2021 (rolling)
Interview
Anna Zarotiadou graduated from UCL in 2020 with a BA in History, Politics and Economics. During her studies, she was heavily involved with the Guild and managed to attend spring weeks at major banks, such as Macquarie, HSBC, Morgan Stanley, Rothschild & Co and Bank of America. She also secured a summer internship offer in Investment Banking at Barclays, specialising in Technology, Media and Telecommunications. This internship was then converted into a full-time offer where Anna is working today.
– Why investment banking?
– To me, IB is a bridge that connects together the technical skills I acquired in STEM subjects before coming to UCL and a more creative element that I explored through social science subjects in my university degree. I also really enjoy working with my colleagues who are very driven people but also always willing to help others learn. I have to admit that what originally got me to apply to IB was the hype around the financial industry that exists at UCL. When I did my first applications, especially for the spring weeks, I wasn’t quite sure what I would be doing if I got an offer. But later I realised that in IB I can develop this unique combination of my skills and experiences that I never thought I could combine at a starting level at work.
– What did the application process look like when you were applying for spring weeks and summer internships?
– I was applying for spring weeks about four years ago and a few summer internships three years ago. The main difference between the application process now and then is that video interviews seem to have become a very common practice. From my experience, a spring week application involved a CV, potentially a CL and a few rounds of phone interviews. For summer internships, the interview process was more elaborate, which makes sense because you are now getting paid and are expected to handle responsibility and deliver outputs of certain quality.
– What makes an applicant stand out?
– In a nutshell, I would say showing that you are reliable, committed, a fast learner and an interesting person. First of all, after you are finished with your CV, make sure that you take a step back and try to look at it from an external point of view. What’s self-explanatory and what isn’t? Are you really focusing on the things you’ve spent a large portion of your time on and the things that gave you transferable skills? Think about how you quantify your experience. For example, instead of saying “organised an event”, which doesn’t mean much, say “organised an event for 4000 people”. When it comes to the CL, I believe it is important to bind together the “why this bank” and “why me” part. I would write every CL from scratch to ensure that I can convey the message that I am the ideal candidate for this particular role at this particular bank. And don’t forget to show that you are actually an interesting person. Although the length of the CV is often restricted to only one page, put a line about your interests anyway. Any sports that you like or perhaps any hobbies or experiences outside of your field. I recall having conversations with interviewers about astrophysics or extreme sports – definitely a good way to break the ice. If possible, ask your friends or mentors to read through your CV and CL. Record a mock video for your video interview and ask them to watch it. People who don’t know your CV inside out will always give you a lot of valuable feedback.
– How did you prepare for the verbal and numerical reasoning tests?
– Most people will not find the content of test questions challenging, but it’s the time pressure that makes it worth practicing. There are also quite a few formats used by different banks. I was a mentee at the Investment Soc at the time and was recommended to use jobtestprep.co.uk that offers various test formats depending on the provider/company.
– What’s your advice on succeeding at the AC?
– Come fairly prepared. In the morning, convince yourself that you really want to work at the bank in question to seem enthusiastic. But at the same time, accept that no single application defines your future and that a rejection is not a disaster; this should help reduce stress. It really is a matter of striking that balance. Different ACs will be structured differently. You might be asked to talk about commercial awareness, present news pieces or do a case study. Try to find out what an AC will include and try to leverage that. The part that I found tricky was the team case study. You need to act with confidence without being too dominant because that can discourage others from speaking. Anything you say must be adding value to the conversation. If someone hasn’t said much, encourage them to speak. Volunteer to take notes and keep an eye on the clock, but don’t forget to contribute to the conversation in the meantime. During this exercise, my advice would be to show that you are valuable to the team in any possible way.
– How did the Guild help you along your career path?
– When I first started at UCL, the Investment Soc and Women in Finance introduced me to the world of finance and banking. They also provided me with the mentorship that I needed to figure out what area suits me the most. I used to attend a range of events organised by the Business or Entrepreneurs Soc that helped me understand the client’s perspective. Panels, competitions, conferences helped me network and get insights that were hard to get otherwise. Being a committee member at the Guild was probably one of the best decisions of the last few years in my life. I got to work with incredible people, who were driven but not competitive. This culture made it possible for us to grow and develop – both our societies and ourselves. Being in the committee also helped me gain important transferable skills. You get to organise events or talk to sponsors which requires good sales skills. You manage other people which is useful from day one in any profession – even as a junior, you always have to manage people both upwards and downwards. Being a part of the Guild was definitely a great experience and you should get involved too!
How the Guild can help you
- Get your free membership at the Guild here and get access to networking events with our sponsors, career panels and more
- Join our brand new Guild Academy where students can navigate their career path and develop into a stronger candidate through alumni panels, leadership events, networking opportunities, and skills workshops
- Stay tuned on new student opportunities at the Guild, including First Year Representatives and writing roles for our blog The Compass
- Keep an eye on career events and student opportunities with our partners: Business Society, Data Science Society, Entrepreneurs Society, Investment Society and Women in Finance Society.
