Landing a Job in Finance

The no-nonsense guide to applying to finance internships and jobs and

actually getting offers.

londoncitymentors.com
2023
Table of Contents:
1. Introduction

2. Choosing what role you want to apply to

3. Understanding the application process

4. What companies look for in a candidate

5. Preparing your documents: CV and Cover Letter

6. Research and networking

7. Starting the applications

8. The tests

9. The interviews

10. The assessment centre

11. The offer

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1. Introduction
Finance has been and remains an attractive career choice for ambitious university students.
It pays incredibly well and has strong career growth potential, as well as providing a superior
learning and networking platform for young graduates. Unsurprisingly, it is possibly the
most competitive area of business to get into straight after graduation. Every year, tens of
thousands of brilliant individuals compete for a few positions at banks, hedge funds, private
equity firms and asset managers.

The finance graduate intake process is highly structured and requires great preparation, as
applications must be submitted in the summer/autumn one year before the start date. It
starts as soon as first year of university, with spring weeks, continues with summer
internships for penultimate year students and finishes with full time graduate roles.

The guide aims to your definitive companion to successfully navigate this process. The guide
has been crafted and redacted by London City Mentors, a consulting company that helps
graduates land their dream role in finance. All of us at London City Mentors currently work in
finance and have recently gone through the process. We know exactly that it looks like and
how to be successful at it. We have grown tired of seeing career coaches, consultants and
mentors who either don’t work in finance at all or that went through the process in a time
where competition was scarcer, and the process was less structured.

At London City Mentors we offer a variety of services, including CV and Cover Letter reviews
and 1 to 1 consulting with Finance professionals.

If you are interested in having the ultimate edge to maximise your chances of
landing a Finance role visit our website at

londoncitymentors.com

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2. Choosing what role you want to apply to
Many graduates tend to focus on a restricted set of positions when they apply. In reality, the
choices for applicants are many. Applying to the right role is crucial to maximise your
chances. In choosing, you should be thinking of what you like and what you’re good at. Not
all roles are equal, in terms of salary, prestige, career growth and exit opportunities. We, at
LCM, focus on the roles that traditionally pay the most and have the greatest growth and exit
opportunities. These are:

• Investment Banking
• Sales and Trading
• Equity Research

The roles and functions:

Investment banking – Mergers and Acquisitions

Mergers and Acquisitions (M&A) is one of the most important functions at an investment
bank. M&A refers to the practice of combining two or more companies, either through
mergers or through acquisitions. The M&A department at an investment bank provides
advice and services to corporations and other entities on such transactions. Here's a detailed
breakdown of the function of M&A at an investment bank:

1. Advisory Services: M&A professionals provide advice to clients on strategic decisions. This
includes advising on whether a merger or acquisition would be beneficial, identifying
potential targets for acquisition, or helping to determine the value of their own company for
a potential sale.

2. Valuation: M&A teams are responsible for valuing target companies. This is a complex
process that can involve various valuation methods, such as discounted cash flow (DCF),
comparable company analysis, and precedent transactions. The goal is to arrive at a fair value
for the company, which helps in negotiating the deal terms.

3. Deal Structuring: Once a target company has been identified and valued, the M&A team
helps structure the deal. This includes deciding on the form of payment (cash, stock, or a
combination), determining the optimal debt and equity structure, and addressing any
regulatory issues.

4. Negotiation: The M&A team also plays a crucial role in negotiating the terms of the deal.
This includes the purchase price, but also other important details such as the form of the
merger or acquisition, management roles after the transaction, and conditions that must be
met before the deal can close.

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5. Due Diligence: Prior to finalizing a deal, the M&A team conducts due diligence to
thoroughly vet the target company. This involves examining the company's financials,
business model, management team, market position, legal situation, and any potential risks.
The purpose of this process is to ensure there are no hidden liabilities or risks.

6. Financing: In many cases, the buying company will need to raise funds to finance the
acquisition. The M&A team works closely with the investment bank's capital markets division
to arrange the necessary financing. This could involve issuing new shares, selling debt, or
arranging a loan.

7. Deal Execution: Finally, the M&A team is responsible for executing the deal. This involves
coordinating with lawyers, regulators, and other stakeholders to ensure a smooth process.
After the deal closes, the M&A team may also assist with the integration of the two
companies.

In summary, the M&A function at an investment bank is a comprehensive service that covers
every stage of a merger or acquisition, from the initial concept and strategy through to final
execution and integration. The goal is to ensure that the deal is beneficial for the client and
executed smoothly and efficiently.

Investment banking – ECM and DCM

Equity Capital Markets (ECM) and Debt Capital Markets (DCM) are two significant divisions
within an investment bank that deal with the raising of capital for clients. Here's a detailed
explanation of their functions:

ECM is the department responsible for dealing with activities related to equity capital. This
includes:

1. Initial Public Offerings (IPOs): When a company decides to go public and issue shares for
the first time, the ECM team advises the client on the IPO process. This includes valuation of
the company, deciding the price of the shares, the number of shares to be issued, the timing
of the IPO, and liaising with regulatory authorities.

2. Follow-on Offerings: After a company has already gone public, it may decide to issue
additional shares in the future. This is known as a follow-on offering or secondary offering.
The ECM team advises on the pricing and timing of these offerings.

3. Private Placements: Sometimes, companies may want to raise equity capital privately
rather than publicly. The ECM team helps to facilitate these transactions, identifying
potential investors and negotiating the deal terms.

4. Share Buybacks: When a company decides to buy back its shares, the ECM team advises
on the process and how it might impact the share price.

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5. Equity-linked Securities: ECM teams also handle equity-linked securities, like convertible
bonds or equity derivatives, which are more complex financial instruments linked to the
equity markets.

DCM, on the other hand, deals with activities related to raising debt capital. This includes:

1. Bonds Issuance: The most common task for the DCM team is advising clients on issuing
bonds. This includes corporate bonds, municipal bonds, and sovereign bonds. The team
helps determine the structure of the bond, including its pricing, yield, maturity, and other
features.

2. Loan Syndication: When a borrower requires a large loan that a single lender may be
unwilling or unable to provide, the loan is syndicated, or provided by a group of lenders. The
DCM team helps to organize this syndicate and structure the loan.

3. Debt Refinancing: When a company wants to take advantage of lower interest rates,
change the structure of its debt, or improve its financial metrics, the DCM team advises on
refinancing existing debt.

4. Debt Restructuring: In cases where a company is in financial distress, the DCM team can
advise on restructuring the company's debt to improve its financial situation.

5. Asset-Backed Securities (ABS): DCM teams also deal with the issuance of asset-backed
securities. These are bonds or notes backed by loan payments or other cash flows.

Both ECM and DCM teams work closely with the Sales and Trading division of an investment
bank to place the securities with investors. They also coordinate with the M&A team on
transactions that involve equity or debt financing.

Sales & Trading – Sales

The sales function in an investment bank is a critical part of its operations. Sales teams act as
the primary point of contact between the bank and its clients, which can include
institutional investors, corporations, hedge funds, and high-net-worth individuals. Here are
the main functions of the sales team at an investment bank:

1. Client Relationship Management: Sales teams build and manage relationships with clients.
They ensure that the bank meets the client's needs and expectations, and they handle any
issues that may arise in the course of business.

2. Providing Market Information: The sales team keeps clients informed about market
conditions, trends, and updates. They often work closely with the research division to provide
their clients with investment ideas and strategies.

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3. Product Promotion and Distribution: When the bank's ECM or DCM teams underwrite
new securities (such as shares in an IPO or newly issued bonds), the sales team is responsible
for promoting and selling these securities to clients.

4. Executing Client Orders: When a client decides to buy or sell securities, they relay the order
to the sales team. The sales team then communicates this information to the traders, who
execute the trade on the client's behalf.

5. Advisory Services: Sales teams provide advice to clients based on their investment
objectives and risk tolerance. This can involve recommending certain types of securities,
investment strategies, or portfolio allocations.

6. Liaison Role: Sales professionals act as the liaison between clients and various
departments within the investment bank, such as research, trading, and M&A. They
communicate the client's needs and interests to these departments and ensure that the
bank's services align with the client's objectives.

7. Revenue Generation: Ultimately, the sales team plays a crucial role in revenue generation
for the investment bank. They encourage clients to trade or invest more, which generates
commission income for the bank. In addition, by promoting and distributing new securities,
they help bring in underwriting fees.

Sales & Trading – Trading

The trading function at an investment bank plays a pivotal role in the bank's operations and
its interaction with financial markets. The trading department is where the buying and
selling of financial instruments, such as stocks, bonds, commodities, currencies, and
derivatives, takes place. Here are the main functions of the trading team at an investment
bank:

1. Executing Client Orders: Traders execute trades on behalf of the bank's clients. When a
client wants to buy or sell a security, the order is passed to the traders by the sales team. The
traders then execute the order in the market, aiming to get the best possible price for the
client.

2. Market Making: Investment banks often act as market makers for certain securities. As a
market maker, a bank stands ready to buy or sell securities at publicly quoted prices,
providing liquidity to the market. This ensures that investors can buy or sell securities
whenever they want.

3. Risk Management: Traders are at the forefront of managing risk for the bank. They monitor
market conditions and the bank's exposure to various types of risk, including market risk
(changes in market prices), credit risk (the risk that a counterparty will default), and
operational risk. Traders adjust the bank's positions as needed to manage these risks.

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4. Proprietary Trading: Some investment banks engage in proprietary trading, where they
use the bank's own capital to trade for profit. Traders speculate on the direction of market
prices to generate profits for the bank. However, it's worth noting that regulations such as
the Volcker Rule in the U.S. have restricted this activity at many banks.

5. Arbitrage Traders also engage in arbitrage, which involves exploiting price differences for
the same asset in different markets or different price relationships between related assets.
For example, a trader might buy a security in one market where it is undervalued and sell it
in another market where it is overvalued.

6. Pricing of Securities: Traders contribute to the pricing of securities in the financial markets.
By buying and selling securities, they help establish the market prices at which these
securities trade.

7. Revenue Generation: Trading activities are a significant source of revenue for investment
banks. This comes from bid-ask spreads (the difference between the price at which a trader
is willing to buy a security and the price at which they are willing to sell), commissions on
client trades, and profits from proprietary trading and arbitrage.

Equity Research
Equity Research is a critical function within an investment bank. The Equity Research team
provides analysis, recommendations, and reports on investment opportunities that involve
publicly traded stocks. Here's a detailed breakdown of the function of Equity Research at an
investment bank:

1. Company Analysis: Equity Research analysts conduct in-depth analysis of companies. This
includes studying a company's financial statements, business model, industry position,
management, and any other relevant factors. They may also meet with company
management and visit company sites as part of their research.

2. Industry Analysis: Analysts also study the industry in which the company operates. This
involves understanding industry trends, the competitive landscape, regulatory environment,
and other factors that could affect companies in the industry.

3. Financial Modeling: Analysts use financial models to forecast a company's future earnings
and cash flows. They use these models to derive a valuation for the company's stock. This
often involves methodologies like discounted cash flow (DCF) analysis, comparable company
analysis, or precedent transaction analysis.

4. Recommendations: Based on their analysis, Equity Research analysts provide

recommendations on whether to buy, sell, or hold the stocks they cover. These
recommendations guide the bank's clients in making investment decisions.

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5. Research Reports: Analysts write detailed research reports on the companies they cover.
These reports provide an overview of the analyst's findings, their valuation of the stock, and
their investment recommendation. The reports are distributed to the bank's clients and
often to the broader market as well.

6. Client Communication: Equity Research analysts often communicate directly with the
bank's clients. This could involve presenting their findings in meetings or conference calls,
answering client questions, or discussing market trends.

7. Supporting the Sales and Trading Desk: The Equity Research team also supports the
bank's Sales and Trading desk. The research and recommendations provided by the team
are used by the sales team to advise clients and by the traders to make informed trading
decisions.

In summary, the Equity Research function at an investment bank involves analyzing

companies and industries, creating financial models, making investment recommendations,
and communicating these findings to the bank's clients and its own Sales and Trading team.
This work is crucial in helping clients and the bank itself make informed investment
decisions.

Choosing what to apply to:

What you like

Application

Salary and What you're good

opportunities at

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Choosing the right role at an investment bank can depend on many factors, including your
skills, interests, career goals, and the level of intensity and lifestyle you're willing to handle.
Here are some considerations to help you make the right decision:

1. Interests and Skills: Different roles at an investment bank require different skills and cater
to different interests. For example, if you have strong analytical skills and enjoy deep financial
analysis and modeling, roles like Equity Research or Mergers & Acquisitions (M&A) might be
a good fit. If you are more interested in financial markets and have good risk management
skills, a role in Trading could be suitable. If you have excellent interpersonal skills and enjoy
building client relationships, a role in Sales might be ideal.

2. Career Goals: Consider where you want to be in the future. If your ultimate goal is to work
in corporate strategy at a Fortune 500 company, a stint in M&A might provide valuable
experience. If you aspire to manage a hedge fund, experience in Equity Research or Trading
could be the better choice.

3. Work-Life Balance: Some roles at an investment bank, particularly those in Investment

Banking divisions like M&A, are known for their long and intense hours. Other roles might
offer a better work-life balance. Consider what kind of lifestyle you're willing to accept.

4. Risk Tolerance: Certain roles, such as Sales & Trading, involve high levels of risk and stress
due to the nature of the financial markets. If you thrive in high-pressure environments, these
roles might be a good fit. If not, you might be better suited to a role in Research or Corporate
Finance.

5. Education and Experience: Some roles might require specific educational backgrounds or
experience. For example, quantitative roles may require a background in mathematics or
computer science.

6. Salary: Though salary is quite similar across front office finance roles at the early stages of
your career, over time differences can widen. For example, a role in equity research or
economics is much less subject to changes in bonus. In the next page, you’ll see detailed
statistics about salaries across roles.

Remember, there's no definitive answer to which role is the best. It's a deeply personal
decision based on your individual preferences, strengths, and career aspirations. It's also
worth noting that many skills acquired in one role are transferable to others, and it's not
uncommon for professionals to move between different roles throughout their careers.

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Median salaries across roles:

Median total compensation (base salary + bonus) across roles and ranks

Investment Banking Sales & Trading Equity Research

Source: IBDMemes Compensation Survey March 2023
£450,000

£400,000

£350,000

£300,000

£250,000

£200,000

£150,000

£100,000

£50,000

£0
Analis t 1 Analis t 2 Analis t 3 Asso ciate 1 Asso ciate 2 Asso ciate 3 VP 1 VP 2 VP 3

Analysis:
1. IB has a premium of compensation across ranks, which persists across the years, mostly
due to the longer hours required.

2. The more bonus-based compensation nature of IB and S&T exacerbates the differences in
total compensation in comparison with equity research.

3. After VP, the differences between individuals become more significant, therefore statistics
can have lower significance.

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3. Understanding the Application Process:

Now that you have chosen what to apply to, it is essential to understand how the process of
landing a job offer in finance works. Unlike other industries, finance has an extremely
structured process and requires preparation in great advance. The application process is a
numbers game, there are thousands of excellent applicants competing for the same
position. Apply to as many companies as you can, without sacrificing quality.

Where to apply:
When applying to finance, your top priority should be Bulge Bracket banks. These are large,
global institutions that offer complete services to clients. In M&A, Elite Boutiques can also be
a great place to work at the beginning of one’s career. We tend to advise against trying to
work directly in the buy side (PE, HF, etc) as Bulge Brackets offer a greater level of exposure,
more structured learning and are a great propellant for a career in finance.

The Bulge Brackets banks (BBs):

Any position at one of these is a great result, they should be your highest priority. Clearly,
some have better desks and roles than others, so do your research depending on what you
want to do. M&A at BofA might be better than at UBS, but not the same is true for equity
derivatives S&T, Barclays rates sales might be better than Goldman rates sales and so on.

• Goldman Sachs
• JPMorgan
• Morgan Stanley
• Citigroup
• UBS
• Bank of America Merryl Lynch
• Barclays
• Deutsche Bank

Other notable institutions:

You should aim to apply to the highest number of institutions you can, to maximise your
chances, so don’t stop at the bulge brackets. Example of notable companies worth applying
to are BNP Paribas, Nomura, HSBC and more.

Elite Boutiques – Investment Banking only:

In the case of investment banking, and specifically M&A, there are also a number of smaller
boutiques that provide M&A services. If you have decided that you want to work in M&A,
these are great options. They are to be regarded at the same level of Bulge Brackets, and in
some case higher. Examples of such companies are Evercore, Lazard, Perella Weinberg, PJT
and more.

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When to apply:
Almost all of finance internship and graduate roles open in the summer. Some open sooner
than others. But by September, all of them will have opened. This means that you must
prepare before. You should focus on building all that you require to apply effectively before
they open. Applying early is a massive advantage. Banks look to fill their open position, they
are not waiting for the perfect candidate. All the steps that you’ll read later in the guide
should be ready by the late summer.

The process:

Application

Tests

Online Interviews

Interviews

Assessment Centre

Offer

In the next pages we will explore every step in more detail. At every step you might get
rejected, so it is crucial to approach each step with attention and excellence. The time
between steps can have a high degree of variability.

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4. What Investment Banks Look for In a Candidate:

Understanding what banks and companies look for in candidates is what will make a
difference in your application. You must think beyond the ordinary and find your edge.
Almost everyone applying has good grades, relevant experience and commitment, you need
to find your unique differentiator.

The Basic Requirements:

1. Educational Background: Many positions in investment banking require a bachelor's
degree, often in finance, economics, mathematics, or related fields.

2. Technical Skills: This can include financial modeling, valuation, financial statement analysis,
knowledge of accounting principles, proficiency in MS Excel, and a solid understanding of
concepts like time value of money, discount cash flow, and capital budgeting.

3. Analytical Skills: The ability to analyze large volumes of complex data and make informed
decisions or recommendations is crucial in this field. This can include both quantitative and
qualitative analysis.

4. Communication Skills: This involves both written and oral communication. Bankers need
to be able to clearly and effectively convey complex financial information to clients, other
professionals, and potentially, regulators. You’ll also need to be able to work well with a team,
manage relationships with clients, and potentially, manage or lead others.

6. Problem-Solving Skills: The ability to think critically and creatively to solve complex
problems is highly valued in investment banking.

7. Work Ethic: Investment banking is notorious for its long hours and high-stress
environment. Demonstrating that you can handle a demanding workload and remain
dedicated is critical.

8. Initiative and Leadership: Banks often look for individuals who demonstrate a willingness
to take initiative, lead projects or teams, and who show potential for advancement within the
organization.

9. Knowledge of the Industry: An understanding of current financial markets and trends, as

well as the specific industry sector relevant to the job role, is beneficial.

10. Internships or Relevant Experience: Prior experience in the form of internships or past job
roles in related fields can significantly improve a candidate's prospects.

11. Ethics and Integrity: Given the financial and regulatory implications of the work, a strong
sense of ethics and integrity is a must.

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Finding your edge:
The list in the previous page should serve as a blueprint. None of the points are definitive. For
example, it is very common to see candidates recruited from non-finance backgrounds.
From History to Philosophy to Engineering, investment banks like to build diverse skillsets in
teams. In the same way, you shouldn’t be worried if your internship game has been
somewhat weak. The most important factor that recruiters are looking for is an edge. That’s
what you’re bringing to the table. The world is full of bright people, but how many have deep
knowledge of middle-eastern geopolitics? How many have a profound understanding of
blockchain? And so on. Below are examples of individual edges. If you possess any of these,
cultivate it, leverage into it, if you don’t, find yours. Being different is better than being better.
Sure, while the essential qualifications for investment banking roles include strong academic
records, technical and analytical skills, good communication, and a strong work ethic, there
are also less conventional attributes and experiences that can make a candidate stand out in
this competitive field. Here are a few:

1. Multilingual Skills: Being fluent in multiple languages can be an advantage, especially for
roles that involve dealing with international clients or working across different countries and
cultures.

2. Entrepreneurial Experience: If you have started your own business or played a key role in a
startup, it may reflect positively on your ability to take initiative, problem-solve, and
understand the broader business landscape beyond finance.

3. Non-Finance Internships or Work Experience: While finance-related internships are highly

valued, internships or work experience in other fields like tech, medicine, or energy can
demonstrate your ability to bring diverse perspectives, which could be particularly valuable if
you end up working with clients in those sectors.

4. Unique Hobbies or Interests: Although this won't be a deciding factor, interesting hobbies
or pursuits can make you memorable to interviewers and may provide evidence of valuable
qualities, such as discipline, passion, or unique skills.

5. Advanced Technological Skills: In an era of increasing digitization, candidates who can

bring skills like coding, data science, blockchain expertise, or experience with AI and
machine learning could stand out.

6. Publications: Having your analysis or research published in a reputed journal or financial

news portal can greatly increase your visibility and credibility.

7. Networking: It's not only about who you know but who knows you. Being proactive in
networking events, conferences, and seminars can give you a head start.

Finally: just be a nice person. Don’t be arrogant or unpleasant. After all, they are looking for
someone to spend the majority of the day with. Never forget that

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5. Preparing Your Documents – CV and Cover Letter:

Now that you have found your edge and know where you want to apply, it’s time to start the
actual process. The first step is to have your CV ready.

The Curriculum Vitae (CV):

The CV is probably the most important part of your application. It’s your first step into the job,
so make sure it is redacted to high standards of quality. Do not use fancy templates, stick to
one page, be concise and relevant. Do not lie. Remember that whoever is reading that CV
was once in your shoes. Below is a list of what you should include in a CV, mind that some of
these sections should be grouped, or part of another section:

1. Personal Information: Start with your name, contact details, and LinkedIn profile.

2. Education: List your degree(s), the institution(s) you attended, and your graduation date(s).
Include your GPA if it's strong. For students or recent graduates, this section generally comes
before work experience.

3. Skills: List the hard and soft skills you possess that are relevant to finance. These might
include financial modelling, proficiency in software like Excel, etc.

4. Experience: List any internships, part-time jobs, or work-study roles you've had, particularly
those that are relevant to finance. Even if your job wasn't in finance, highlight transferable
skills, like analytical abilities or experience working as part of a team. Use bullet points to
detail your responsibilities and accomplishments, using concrete numbers or examples
where possible.

5. Certifications: If you have any relevant certifications like the CFA Level I or a financial
modeling certificate, list them in this section.

6. Projects: If you've completed significant academic projects or independent research

relevant to finance or investment banking, detail those here.

7. Extracurricular Activities: Include any leadership roles or active participation in clubs,

especially those related to finance or business (like a finance club, business fraternity, case
competition team, etc.). This could also include involvement in community service or sports,
which can demonstrate teamwork and commitment.

8. Awards and Honors: If you've earned any academic or non-academic awards or honors,
include them on your CV.

9. Languages: If you are multilingual, list the languages you speak. This can be particularly
valuable in global investment banking.

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The Curriculum Vitae (CV) – Example:

Jamie Dimon
+44 7868818151 | [email protected] | linkedin.com/in/jamiedimon/

EDUCATION
University of Oxford Oxford, UK
BSc (Hons) Management and Economics 2019-2022
• First Class Honours, Ranked 2nd in the cohort in intermediate year
• Relevant modules: Finance I and II, Statistics I and II, FinTech, Research Dissertation (Ranked 1st in Cohort)
Hertford College Hertford, UK
International Baccalaureate Diploma 2016-2018
• Selected to be student at world-recognised institution and completed the IB Diploma
• Grade: 38/45; Economics (7), Mathematics (6), English (7), Italian literature (6), Anthropology (6), Design and Technology (5)

WORK EXPERIENCE
London City Mentors London, UK
Chief Executive Officer Sep 2022 – Current
• Manage 4 teams daily to achieve goals across various time frames
• Use vast range of tools and strategies to reach 150% revenue growth year on year
• Oversees creation on website and manages relationships with partners such as universities and investment banks
Founder Sep 2021 – Aug 2021
• Founded company that helps student land their dream role in Finance
• Helped 150+ students land a job or internship through professional level CV reviews and mentoring
Marketing Agency Milano, Italy - London, UK
Strategy Analyst Aug 2020 – Sep 2020
• Worked closely with Managing Director to develop digital and commercial strategies for clients’ projects
• Created presentations for strategic proposals and analyses data using Tableau and Excel
• Participated in meetings with clients, which include Shutterstock, Tiffany&Co, Venchi, and more
StartUp New York, USA
Member of the Advisory Board Jan 2019 - Current
• Offered to join the Advisory Board after achieving valuable results during the internship
• Participates in quarterly meetings together with 3 other professional members where financial accounting documents are
reviewed, and each business unit’s specific strategy is discussed
Strategy Intern Sep 2018 – Jan 2019
• Proposed and assisted the creation of the brand’s e-commerce which in now the largest Business Unit of the brand in terms
of both revenue and profitability and exceeded 2019 budget by 80%
• Part of the team responsible for a 40% growth in revenue and 15% reduction in costs within the first 4 months

POSITIONS OF RESPONSIBILITY AND VOLUNTEERING

Oxford Finance Society Oxford, UK
President Oct 2019 – Mar 2021
• Elected president and managed social events, talks with guests, marketing campaigns and treasury
Oxford Business School Society Oxford, UK
Senior Corporate Relations Executive Oct 2019 – Mar 2021
• Senior Executive in the oldest and largest independent society of The University of Oxford
• Responsible for organising workshops and networking events with companies such as Google, JPMorgan, GoldEx, Shell, Etc.
NGO New Delhi, India
Economics Teacher Volunteer Jan 2019 - Feb 2019
• Joined an NGO that helps children complete secondary education during a gap year
• Taught 11th and 12th grade students Microeconomics, Macroeconomics and Development Economics
• Responsible for the creation of 13 replicable teaching modules (ICT modules) covering different Economics topics
Royal National Lifeboat Institution Wales, UK
Surf and Kayak Instructor Sep 2017 - May 2018
• Responsible for teaching younger students Surf and Kayak using theoretical and practical sessions
• Organised weekly activities for students that included surfing sessions, kayak training in the pool and others
Lifeguard Volunteer Aug 2017 - Sep 2017
• Completed 120 hours of patrol in beaches throughout the Vale of Glamorgan, Wales
• Followed a 10-month course, completed swimming and first-aid tests and achieved the NVBLQ certification

OTHER INFORMATION
IT Skills Office (advanced), Tableau (advanced), Google Analytics (advanced)
Languages Polish (Native), English (Native), French (Basic), Spanish (Basic)
Hobbies and Interests World Politics, Financial Markets, Tennis, Surfing, Watches, Cooking

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The Curriculum Vitae (CV) – Best Practices:

1. Keep it one page. No exceptions. That forces you to maintain everything relevant. Each
experience and bullet point should fight to remain on your CV.
2. Adapt the content to the specific job. The skills and attributes for an M&A role are
different to those of a trading role. Adapt your CV to reflect them.
3. Avoid jargon and embellishment. The reader knows more than you do. Say what you do,
and the skills you have gained doing it.
4. Show, don’t say. Being the President of your university’s finance society will already say
that you can be a leader and a manager. Avoid saying what you are, simply mention
experiences that prove it.
5. Don’t be afraid to mention unconventional experiences.

The Cover Letter:

The CL is another important document you should prepare. Almost every position will
require a cover letter. Here, the graphical structure is not as important. After all, you are
simply writing a letter. Nevertheless, the CL is often overlooked and can be a shortcoming of
your application. Here are some best practices:

1. Have a clear structure. One paragraph should be about you and your previous
experience. The next one should be about the role, and how you think you can be a good
fit for the role. Finally, how you would be a good fit for the company.
2. The CL should flow. Use the above structure in a natural way, waking everything flow in a
fluent manner. After all, this is a pitch.
3. Write one CL per application. This is the most important point. Anyone who tells you to
have a standardized format for a CL in which you just insert the company name is wrong.
You must spend time researching the company and the role. Sure, you can use a
structure, but every CL should start from a blank page. This is the most common mistake
done by students. The reader will know from a thousand miles that you have not spent
any time researching before writing the CL.
4. Be authentic. Stop using an overly professional tone and jargon. People want to read
something compelling. They want to be excited about you working for them. A cover
letter is a conversation piece. Write accordingly.
5. Leverage your edge into value. Remember when we talked about your edge? Here’s
where you leverage that edge. You should talk about what makes you unique and how
that can bring value to the company you are applying for. Again, here’s where the
research will become valuable. If an MD of a bank is reading your CL and you actually
mention something that would be of value for them, you will immediately stand out. The
world is full of hard workers who have dreamt of working in finance since they were born.
Leverage your edge.
6. Stop believing that nobody reads your CL. People do. It can be a great advantage.

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6. Research and Networking:
Now that you have your CV and CL sorted it is time to prepare the soil for your applications.
The temptation is to start applying straight away, but don’t do it. First, spend some time
doing your research and your networking. This can significantly improve your chances of
landing an internship or job. There’s nothing better than applying somewhere where
someone knows your name and thinks you are a good candidate.

Deep Research:
If you have followed the guidance on Cover Letters you will already be doing your company
research. Things like visiting the website, reading recent news, understanding the company’s
values, etc. are important steps to putting the company in context. However, you will still
need to do what we call deep research. This is the step before networking. Below is a quick
guide to deep research, but feel free to approach this step in different ways. Be a detective.

1. Use LinkedIn, events and university events as your main resources.

2. Look for people who are in the team that you’re applying to. If you are applying for an
internship, look for broader teams.
3. See their profiles, try to understand trends and common characteristics.
4. Look for hiring trends and typical careers.
5. Identify 3-5 people that you have something in common, this can be nationality,
university or school.

Networking:
Now that you have identified these 3-5 people you are ready for the next step. Here is where
you are ideally finding one contact per application. Having someone within the team you’re
applying to that knows you and has a good impression of you can radically improve your
chances of getting an interview. Networking is an art, not a science, so there is no blueprint
to follow for this step, however, there are some good practices to follow.

1. Networking in person is much more effective than online. Leverage all the in-person
events that you can find. Have your story ready. Have informed opinions. Be likeable.
2. Take note of who you meet, research them afterwards, and try to note down any details
about them that stood out during the conversation. Attention to detail can impress
anyone. These can include personal details.
3. Try to connect on LinkedIn with the people you have met. Message them using the
details you have gathered in the previous step as a hook. Ask for a call, some advice,
general guidance. Never ask for help with the application, or a referral.
4. Only ask for a referral if you made sure you have made a good impression and there is
professional chemistry with the person. Don’t be desperate. Make sure that you give the
impression of being a high-value person.
5. Keep it light. Don’t be overly professional. Have interesting ideas, and ideally provide
value to the person.

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7. Starting the Applications:
If you have followed the steps until this point, ideally you are now ready to apply to the open
positions. Ideally, you are at this point in early August. But the next steps apply whether you
are early or late.

Sharpening the axe:

Before you start your applications, you must sharpen your axe. This means preparing before
starting. This will save you time and thought as you progress. The best way to approach a
round of applications is to create a table of all the applications you intend to send.

Company Role Location Opens on Deadline Link to application website applied still live Referral
Goldman Sachs Investment Banking Analyst London 15/08/2023 15/11/2023 goldmansachs.com/careers yes yes David Solomon
JPMorgan
Morgan Stanley
UBS
Citi
Barclays
BofA

You should populate the above with all the applications you want to send and continuously
use it as a reference point throughout your applications season.

Applying:

1. Have everything ready. Your CV, the CL for the company you’re applying to, etc. Give a
final look to everything, make sure there’s no mistakes, typos or out of date information.
2. Go on the career website of the application and register.
3. You will be asked to provide personal information and documents. Make sure any
document is in PDF format. Make sure these are completely accurate and fully
congruent to what your CV says.
4. Make sure you use an email which looks professional and which is not filled with
hundreds of emails everyday. Ideally, you should create and email account that you only
use for work-related things.
5. Make sure that you are compliant with the role specifications. Look out for things like
needing a visa, and whether they accept final years or intermediate years, etc.
6. If needed, obtain any necessary documents such as university transcripts.
7. If you were successful in your networking, there will be a section in which you can
mention your referral. Once again, make sure that this person has agreed to this and has
a good impression of you.
8. Once you are ready to send the application, stop. Do something else for 30 minutes and
come back to it. Now check every single detail, make sure it is spotless.
9. Send the application. Do not delay the final step out of fear or hope you can do better.
Just send it. Being early is a great advantage.
10. Now monitor your email for the following days. Check the spam inbox as well.

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8. The Tests:
After you have sent the application, the next step is the online tests. This is where the first
filtering process happens. CVs are automatically screened and a minority of them does not
make it to the tests stage. But be reassured, statistics are on your side. You usually receive an
email inviting you to complete tests within a short time of applying.

The tests that Investment Banks use range significantly. Here are the three types:

• Behavioural and cultural fit tests

• Logical reasoning tests
• Mathematical tests

Some companies use all three, some integrate 1 and 2 together, some only do maths.
Companies also have very different methods of delivery of these tests. You will be given a
timeframe to complete this tests, do them as soon as you can. Also, avoid at any costs doing
the tests (especially maths) with someone else. You will always perform worse.

Behavioural and cultural fit tests:

• These tests can look very different, but the purpose is to test your integrity, how you
behave in situations, and whether you are a cultural fit for the company
• Respond to questions without thinking about the right answer. The tests also test how
consistent you are across answers. So just be yourself, as cliché as that sounds. There is no
right answer, rather a cross-analysed collection of data points on your behaviour.

Logical reasoning tests:

• This type of test has right and wrong answer. But it might look new to you. Questions can
be similar to those of IQ tests. The questions can be situational rather than pure logic.
• Take your time, think outside the box, try to look at the bigger picture. Look for trends
within the question. Most importantly, trust your instinct, it’s more logical thank you think.

Mathematical tests:
• This is the test that requires the most preparation, and the one that is almost always part
of an application.
• Revise your basic math, especially if you haven’t been doing math for a while. Go through
general rules and shortcuts, think percentages, power laws, etc.
• It can be tempting to try to look for previous tests or ask other people who have done
them for the questions. Do not do that. You will be thinking inside a box and this will
preclude you being in a state of flow. Your preparation should be general.
• You will have very little time to think about the answers. This is on purpose. They will test
your ability to take decisions under pressure. The best thing you can do here is to trust
your instinct. Make educated guessed, don’t wait to be sure 100%.
• The tests are adaptive. Whether you get the first 3/4 answers right will determine the
difficulty on the next questions.

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9. The Interviews:
A large number of applications are rejected after the tests stage. So don’t be disappointed if
you did. Keep going, this is a numbers game. If you did well in your tests, however, you will
have been invited to online interviews. You are getting closer.

Online interviews:
These are done completely automatically and you will not interact with any human.
However, you are now at the stage where every individual interview is reviewed by someone
in the bank, so now it’s the time to step up your game. Make sure you complete them within
the timeframe given by the company. They will give you one.

1. Before starting the interview, go over the research you have done previously and take
written notes on the main findings.
2. Have a few things readily available in your mind. Your life story, your experiences and
what you have learnt from them. A view on financial markets and an opinion on the
future. A view on the industry and its future.
3. Dress nicely, wear a shirt, a tie, and a suit blazer. Show that you care.
4. Find a room in which you are alone and cannot be disturbed. Make sure you tell any
roommates or flatmates about it.
5. Close everything else on your laptop and grab pen and paper. Make sure notes from
steps 1 and 2 are written on that paper. Take a minute, breathe.
6. Approach the interview with a relaxed mentality. You are not trying to show how great
you are. Your aim is to show that you have good ideas, can think coherently and can
express your thoughts in a structured manner. Be conversational.
7. Avoid at any cost preparing answers and/or rehearsing them. You will sound unnatural at
best and get stuck at worst.
8. Imagine there is someone sitting across from you. Look into the camera, smile.
9. Answer the questions one by one. Don’t think back at your answers after you sent them.

Types of questions in online interviews:

• Personal: about your story and experiences. E.g. Tell about a time that you had to
overcome a challenge and how you went about it.

• Technical: about specific knowledge about the area you applied to. E.g. describe the
various valuation methods used in investment banking.

• Opinions: about your views on the world and finance. E.g. what do you think will be the
greatest trend in financial markets in the next 10 years? Also explain why

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In-person interviews:
After you have completed online interviews some time can pass. Once again, most people
will not pass this stage and will have their application rejected. So if you don’t, you should be
extremely proud. The next stage is a in-person interview with people from the division you
have applied to.

There is no set number of interviews. You could have one, or many. The most standard
number seems to be two, one behavioural and one technical. Note that even if you have one
interview usually it will span these two sections.

Behavioural Interviews:
This interview’s purpose is to understand you as a person and whether you are a cultural fit.

• Make sure you are dressed well and relaxed. Approach this as a conversation. Say hello
politely and ask how the interviewer is. This will make the atmosphere more relaxed.
• Make sure you have all details about your CV in your mind. They will ask about it.
• Understand who you are speaking to. Use emotional intelligence to direct the
conversation toward something that will make your interviewer like you. This does not
mean being deceptive, it’s about making the conversation relevant to both parties.
• Be enthusiastic. You will be nervous, but make sure to sound and look enthusiastic. You
need to show that you are passionate about the job. Don’t be afraid to have
unconventional ideas, as long as you articulate them well.
• Make it a conversation. Ask them questions and be informal. They are testing for
personality as much as they are testing for knowledge.

Technical Interviews:
Here you will be tested for technical knowledge as well as general cognition.

• Go into the interview having refreshed important concepts about your division.
Remember that anything that you will say will be discussed further. So only talk about
things in which you are truly proficient.
• Before the interview, know a few basics. The stock price of the company if its public, any
interesting M&A deals completed recently, where the markets are trading in the past few
days. Obviously, these will depend on the division. But crucially, don’t be caught not
knowing something that can be looked up on google in 10 seconds.
• If you’re interviewing for markets or research, have a trade idea ready. Make sure it is
detailed and unconventional. Don’t suggest going long Apple.
• Answer technical questions to the best of your ability. Show your thinking. Oftentimes, the
interviewer is not looking for a right answer, he is finding out how you think. Be
structured, state your assumptions and the limitations to your answer.
• If the question has one answer and you don’t know it, admit it right away. Say that you will
look into it when the interview is over. Try to give an approximation based on what you do
know.

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10. The Assessment Centre:
If you were successful in the interviews, you will be called in for an assessment centre. Note
that sometimes, ACs will be before interviews, but the preparation is the same. Unlike other
steps, in ACs you will be interacting with other candidates. This is your time to shine. Also,
ACs can vary in their format greatly, so take this guidance as general tenets rather than
prescriptive advice.

• Some form of testing will probably happen. Rather than results, the company is looking to
see whether your scores are consistent with your online testing scores. Here is where
cheaters will be found out.
• There will be someone watching at all times. People will not only look at the actual
activities of the AC, but also at the “downtime”. Be polite with everyone, from the security
at the entrance to your peers. You have to prove that you are a good person as much as a
proficient aspiring professional. Behave accordingly.
• In team exercises be the leader. This doesn’t mean try to show off or impress. Take
initiative and guide your group. Don’t try to be the know-it-all, rather empower people to
express their opinions. If you see someone that is not as talkative, go out of your way to
hear their opinion. A great leader wants the best outcome for the team not themselves.
• Be proficient and humble at the same time. There will be a time in which you will be
speaking to someone from the company. They will probably ask you for ideas and
opinions. Show that you know your stuff, but constantly seek their opinions. Approach it as
a dialogue rather than a quiz. Ask questions back. Make it seem like you are already part of
the team.
• During breaks make sure to socialize with your peers. Make friends if you can. These can
be potential colleagues or people at peer firms. If you don’t end up receiving the offer, at
least you will have valuable contacts for the future. In any case, by socializing you will show
that you are someone that makes connections with people easily. Always be inclusive in
your socializations and remember to be mindful of any potential cultural differences.
• After the AC, make sure to reach out to the HR contact to thank them for organizing the
event and for giving you the opportunity to attend. Also, reach out to people from the
bank that gave you their contact and do the same. This is the last thing that will be in their
mind as they evaluate candidates.
• Now go home, you did what you had to do. Don’t think back at the process, you will start
over-analysing. Take the rest of the day off.

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11. The Offer:
You have reached the final step. If they liked you, they will offer you the internship or the job.
The timeline for receiving an offer after the last step can vary a lot. We have had people
receiving a call right when they got home from the AC. Some people have received the call
after 1 month from the AC. Banks tend to have a sense of urgency, especially for good
candidates, because they don’t want a competitor making the offer before them.

• If you receive the call, make sure you ask for details like start date and salary.

• If you really like the offer, and have no other applications in the final steps of the process,
accept it. You can always change your mind.

• If you are in the final steps of another application or have to think about it, be honest with
HR. Ask for a deadline to let them know your decision.

• Welcome to finance. If you would like to now become a mentor for London City Mentors
and help young students break into the industry, reach out to us.

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