BANKING AND INVESTMENT - The Careers Service

THE CAREERS BANKING AND SERVICE INVESTMENT The financial services sector is a significant contributor to UK income and employment. It contributed some £63.bn in taxes during 2011, or 12.1% of all UK Government receipts, with more than two- thirds of this coming from the banking sector. Over a million people in Britain are employed in financial services, with almost half of these employed in banking. It is also one of the largest export industries in the UK. The UK is the leading centre for international banking, home to several of the largest global banks and conducting about a half of all European investment banking activity. The world’s financial system has gone through a severe crisis and as a result the

financial services landscape, and banking especially, is changing significantly. Significant reforms will be seen with the implementation of the recommendations from the Independent Commission on Banking (June 2012 white paper). Despite the crisis, at a graduate level employment is looking positive; the 2012 highfliers report shows demand for graduates in banking and finance up by 16% from 2011 – 2012. For investment banking specifically, growth continues at a steady level, with graduate hires up 12% from 2010 – 2011 and demand set to rise another 5% in 2012. The banking and investment sector is fast-moving and dynamic, it offers a huge variety of interesting roles in a broad range of organisations including retail banks, investment banks and wealth management firms. The sector is renowned for high salaries ranging from £25,000 - £50,000 with the most generous on offer from investment banks (average of £45,000). This reward however comes in exchange for hard work, a high level of responsibility and often long hours. W H A T T Y P E S O F J OB S A R E T H E R E ? Front Office roles are among the most competitive graduate positions, often with hundreds of applicants per position. There are a large range of front office roles available in banks and in deciding which business area would suit your profile most, you should carefully consider your strengths in and appetite for persuasion, risk-taking, analysis, working under pressure and research. Organisations such as Goldman Sachs have tools on their websites to help you decide where you might best fit. Front office roles include: • Investment Banking - Corporate finance • Investment Banking - Capital markets • Sales and trading • Private equity • Asset and private wealth management • Research • Structuring © Oxford University Careers Service, September 2012, www.careers.ox.ac.uk 1 Middle Office roles include: • Risk management • Compliance • Finance Back Office roles include: • Operations • Technology Investment Management – also known as fund management and asset management – is all about managing money, including investment in equities, fixed income, property and hedge funds, on behalf of clients. Asset managers are responsible for achieving this, and are typically called fund managers in the UK or portfolio managers in the US. Asset management is often referred to as the ‘buy side’, because it buys investment products with the aim of making profit for investors. Research...

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