SPECIAL FEATURE
type of degree and level of classification, although increasingly they are looking for graduates with a 2:1. Expect a starting salary of around £20,000 and a reasonably good work/life balance. While you may be paid up to £10k
more if you choose to go into investment banking, it is more competitive with less job security. A first-class honours degree is preferred, in a subject like economics, from a top 10 university. And expect to start work at 7am and leave at 7pm – it is a vocation rather than just a job. For both sectors, numeracy, communication skills, and the ability to work as a team player are all vital. Application is via the bank or building society directly. You will then undergo an initial telephone interview and tests, such as mathematical competence and psychometric.
The next stage is often an invitation to
an assessment centre, which will test a multitude of abilities. Assessment centres are a regular
feature of the selection process in many organisations but particularly in banking and finance. They are more reliable as a selection method than just an interview as recruiters can observe candidates in ‘real-work’ situations. Unlike an interview, multiple exercises and assessors give you an opportunity to show your strengths so, if you do not do well in one exercise, you can ‘rescue’ the assessment in another exercise. They vary in length from half a day up to three days. The rest is common sense: dress
smartly, be punctual, don’t stress too much, be yourself and show you’re a team player by getting on well with the other graduates up for interview – don’t just see them as competition. Paul Clarke, of eFinancialCareers.
com, says: “Banks are fundamentally testing your personality, your focus, your knowledge and, essentially, your stamina. “Assessment days are designed to look
at students’ ability to handle pressure over a sustained period of time, so students focus on the task at hand throughout the day. “If something goes well early on, don’t
assume you’ve nailed the job. “Similarly, if one aspect of the day is something of a disaster, this doesn’t mean the day is a write-off. Overall scores are based around each assessment and what
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the assessor thought of the individual as a whole.” Lorcan Seery, graduate resourcing manager for Santander adds: “We ideally look for people who have researched the company and who can demonstrate strong evidence of these competencies throughout the assessment process.” Careers advisor Chris Morrall, of Talent
Transitions, gives a breakdown of what to expect on the day and some top tips: Generally, students will be asked to give a presentation to a business representative of their chosen bank. There will also be a group exercise, psychometric tests, then around three interviews.
“Banks are fundamentally testing your personality, your focus, your knowledge, and essentially, your stamina”
• Typical exercises – Exercises follow a standard format, so make sure you prepare. Follow up on any instructions and ask questions on format when you receive the invitation. Assessment centres are sometimes outsourced to external specialists who work with the organisation you are applying to work for. If you are unclear on any of the general instructions, check with the main contact organising the assessment. Always listen to the instructions at the start of the event and each exercise. Usually, once the exercise has started, you cannot ask any questions.
• Group exercise/discussion – Sometimes, at the start of the assessment, there is a short warm-up exercise to get you used to the format. These can be in the form of a team exercise where you’re expected to construct an object or come to a solution to a problem quickly. Here, they are looking for teamwork, problem
analysis and communication skills plus time management. You may also have to work to a budget. With some longer exercises, you have defined roles with four to six candidates per group. The students are asked to produce a business plan or trade idea (depending on the sector) in a collaborative fashion. Here, it is the quality of your contribution that counts and the person who says the most is not necessarily the most successful. Make sure you include others to demonstrate that you can engage, listen, respond and use your influencing skills.
• Fact-find exercise – This is an exercise where you need to read quite a bit prior to the role play and present your conclusions to one or two people. You will have 30 to 50 minutes to read the information, 15 to present, and 15 to answer questions. When reading the information and giving your presentation, watch your time – note when you have started and divide your time accordingly. During the presentation, the most important thing is to present your case confidently. The assessors will challenge your views quite strongly but you need to stand by what you propose. Be energetic, passionate, and demonstrate commercial awareness.
• Interviews – These are usually criteria-based interviews which are structured around the core competencies, for instance, technical questions asked by managers in the business area you are applying for – so be prepared. It’s your chance to impress on an individual basis.
• Presentation – Some assessment centres require you to complete a succinct presentation on a concept that is either prepared in advance or on the day, directed at a member of the business. Make sure you give yourself enough time to prepare (you may be given as little as 10 minutes) and also be armed with all the information you need, including any statistics that will help impress the assessors but don’t overload on data. Assessors will be looking to gauge your problem analysis, communication and influencing skills, not your knowledge of PowerPoint!
• Psychometric test – The psychometric tests may be similar, but often harder,
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