A research from the Association of Graduate Recruiters (AGR) shows that the most popular employers amongst them are financial services, with investment banks and fund managers receiving a very high number of applications for every opening. The preference of graduates for investment banks was confirmed by a further survey by High Fliers Research, as well.
Luckily, whether you’re targeting your first big break in the City, or are an established player looking to advance your career, there are financial services jobs up for grabs. Anyway, even if the hiring activity may be on the up in financial services, it doesn’t mean you can simply walk into a role. City jobs aren’t for everyone – even those with the necessary qualifications, ambition and drive.
It can be a cut-throat sector, and plenty of talented people fail to cope with the demands of the job. Employers know it takes a certain type of individual to be successful, and if they have any doubts about your suitability, you aren’t going to get the call.
This is why it’s so important to have a great financial services CV, which ticks as many boxes as possible: in two pages you’ll have to create a compelling case for hiring managers to consider your job application. The more relevant information you can include on your financial services CV, the better. If you find you can’t fit everything on two pages, choose the most salient details and save the rest for the interview. A surplus is a much better problem at this stage than a shortage.
Qualifications and experience
When hiring managers look at a financial services CV, they want to see evidence in equal measure of relevant qualifications and experience, plus a sign you are willing to commit to the business and are a good fit for the team.
At entry-level, financial services recruits are typically university-educated, with a first-class or 2:1 degree and internship or placement experience. But this isn’t always required, as employers hire people with diverse academic backgrounds. Many firms will consider career changers for entry-level jobs, on the same basis. Applicants coming from other professions may be particularly interesting to hiring managers if they have transferable business skills and commercial nous. Candidates may need to gain relevant qualifications in order to ease the transition, but the door is always open to those with the talent. Anuranjita Kumar, head of human resources (global banking) at Citi says: “We encourage applications from all degree disciplines. Our recruits have diverse academic backgrounds – ranging from business degrees to the arts.”
Jhan Burger, a specialist financial markets lecturer at Kaplan, says: “The CISI and CFAUK qualifications can be completed in months. They have the added benefit of illustrating to employers your interest and saves them from having to pay for you to do it if your job requires a demonstration of competence to the FSA.”
Further up the career ladder, financial services employers typically look to recruit experienced, technically proficient professionals who have added tangible value to other firms and are able to document this on their CV. Hiring managers also want to see evidence of professional development, and a demonstrable understanding of key regulations, client needs and software.
Employers are looking for the brightest and best for City jobs – this is why they are willing to pay a premium to attract the top talent. Your CV is an opportunity to show you hit the mark, and to make a positive first impression. It’s important to get this right, and this means investing in your education and professional development to acquire the requisite skills and experience.
Which technical skills are in demand?
The qualifications, experiences and areas of knowledge expected by financial services employers vary according to organisation, department and role. Naturally, the more senior the position you are applying for, the more impressive a CV you require to make the grade.
Since the competition is intense, banks want to see drive, ambition and evidence of a high degree of “financial literacy”. For this reason, it’s recommendable to start building your CV as an undergrad through courses or internships taken during the summer, for example. Laura Raznick, head of student careers liaison at ESCP Europe Business School advises undergrads to take part in events organised by financial companies, and to join any relevant student societies, as these arrange visits and talks by guest speakers.
Here are some of the key skills in demand for financial services sectors that hiring managers hope to see on your CV:
Accounting & finance
Employers are expanding their criteria, aiming to access a larger pool of talent and harness a more diverse background and skill set. In the past, they may have looked primarily for ACA accountants who have worked for one of the Big Four firms, but entry-level hiring has returned to the industry. IFRS, SOX and UK GAAP knowledge is desirable, while strong IT skills – including Excel to VBA level – can be a major asset. For investment management roles, employers want to see evidence of technical and commercial acumen, and an ability to get involved with/lead multiple projects and initiatives. And for investment banking/brokerage positions, they want senior-level insight, and preferably Basel III and ICAAP knowledge.
Banking operations
Hiring managers will want to see exposure to European Market Infrastructure Regulation (EMIR), the Dodd-Frank Act and the Alternative Investment Fund Managers Directive (AIFMD). Anti-Money Laundering (AML)/Know Your Customer knowledge is desirable, along with derivative product knowledge – particularly for credit – and evidence of a commitment to delivering great client service.
Risk & compliance
EMIR, Dodd-Frank, and the Foreign Account Tax Compliance Act (FATCA) and Automatic Exchange of Information (AEOI) exposure is important for candidates. Those skilled in anti-bribery and corruption (ABC), AML and sanctions typically find themselves in high demand, and this should be the case for the foreseeable future. Being able to document these hard skills on your CV, and discuss them in-depth when questioned at the interview, will increase your chances of securing a financial services job in risk and compliance.
Which soft skills are in demand?
When hiring managers consider financial services CVs, they are also looking for evidence of candidates’ soft skills – qualities that may help differentiate similarly qualified people. It is these attributes that help turn a strong candidate on paper into a genuine contender for a financial services jobs. Employers know that, given the nature of the industry, they need people who can offer more than just technical ability; they are typically looking for rounded individuals with more than one string to their bow.
Along with excellent academic achievement, employers also want to see particular skills. Stephen Smith, executive director (employer engagement) for the National Skills Academy for Financial Services, says that the financial services industry looks for communication skills (necessary to articulate complex ideas concisely), analytical skills (useful for problem-solving and decision-making) and the ability to work under pressure. Let’s examine them, one by one:
1. Commercial skills
When writing your financial services CV, you should be conscious of the need to show your commercial nous – that you understand the nature of the business, the role and mission of the organisation you are looking to join, have knowledge of the marketplace, and can identify challenges, risks and opportunities to the business. Business knowledge, specific to financial services, shows the hiring manager you are genuinely interested in the sector and committed to a career in the City. So document how you have applied your skills and know-how in previous (or current) roles, providing specific facts where possible.
2. Communication
In financial services jobs, you’ll be working both with finance specialists, and people – such as investors and other clients – who may have limited financial knowledge. As such, you need to be able to address individuals at all levels, tailoring your communication style as required. When speaking to non-specialists, you need to convey complex information in a simple, jargon-free manner. It’s vital that you can get your message across quickly and effectively, given the high-paced nature of the profession. Any experience of communicating in difficult circumstances, or under pressure, is worth noting on your CV.
3. Teamwork
Being a maverick won’t get you very far in financial services – not unless you’re an established superstar with a proven track record. Typically, employers are looking for effective team workers who can fit seamlessly into existing structures. They want collaborative people who assist and inspire their colleagues, compromise where necessary, and work earnestly towards collective goals. So ensure your CV includes examples of how you have operated effectively as part of a team and worked with your colleagues to add value.
4. Organisation
If your financial services application is to go any further, the hiring manager needs to be convinced you are an organised professional with strong time management skills. They are on the hunt for people who can juggle commitments, working on several different projects at the same time. You need to prove you are able to hit deadlines and use your resources efficiently – delivering great output with a high productivity rate.
5. Creativity
If you have an innovative mind, and the ability to solve problems, this may stand you in good stead for a financial services job. Employers are looking for candidates who can fit into existing systems and processes, but also those who can make things better for their organisation in the long term. Do you have ideas as to how things could work more effectively, or efficiently? Include any experience of this nature on your CV, with facts and figures included where you effectively developed and delivered an end product.
6. Emotional intelligence
Financial services organisations rely on their ability to build strong relationships, whether this is with investors, clients, partners, regulators or other parties. As such, employers are looking for self-aware individuals, who understand how their own actions and inactions affect and influence others. These skills potentially feed into other areas, such as problem-solving, team-working, communication, and leadership and management. Document your strengths in this area, including examples from both your professional and personal life.
7. Leadership
Employers are always on the look-out for the leaders of tomorrow – the people who will take the organisation forwards in the future. So if there have been instances in your career, education or personal life where you have experienced genuine success in a leadership or management role, flesh out the details on your CV. The hiring manager may see your potential and be interested in learning more about your capabilities at the interview stage.
A tip: Include extra-curricular activities to differentiate yourself. “As a benchmark, we’re seeing a lot more applications where graduates involve themselves in so many things from clubs, work experiences, volunteering, playing sports and still managing to get top grades.”
