INVESTMENT BANKING JOBS
Equities salesperson
Discuss the changing market conditions with institutional clients.
I have always been interested in a banking career - my older brother has worked in the City for several years so I already knew something about the environment before I started work.
I completed two internships with a bank while at university and decided that I was most suited to a trading environment which demands short-term decisions. I chose sales in particular because it involves building client relationships and demands good negotiation and persuasion skills. I joined my current employer straight from university as a result of a milk round presentation at my college.
1. Talking to large German investment institutions and giving advice on the US markets.
2. Collating financial information and news to form an opinion on the stock market.
3. Building client relationships and meeting their needs.
I sit on the trading floor alongside over 600 colleagues in a big open-plan office which is about three quarters the size of a football pitch. Everyone has multiple numbers of computer screens on their desk. My boss sits next to me and everyone is within easy reach of each other if we need information.
I live near to Canary Wharf (where the office is) so there's no nightmare commute into work, just a five-minute walk. I start early and usually finish reasonably early too - my hours are approximately from 7.00 am until 7.00 pm.
When I arrive each morning I write a brief update about the previous day's US trading, and look out for any exciting news that might move the markets.
At 8.00 am we have a half-hour meeting for administration and to think about the market as a team. I then have breakfast at my desk before spending the rest of the morning gathering information, dealing with client queries, and coming up with new investment ideas.
I read the papers, including the Wall Street Journal and gather as much financial information as I can. Then at 12.30 pm I listen to the morning meeting from New York for an hour. This is where we gather all new information and ideas together to give to our clients. The US markets open at 2.30 pm, and from then on I spend my time giving advice and information to my clients on their investment activity.
Some of my time is spent checking deals and making sure no mistakes have been made when they're entered onto the system - getting the words '15 and '50' mixed up over the phone is one to watch out for.
Read the markets and form views on their anticipated direction in order to exploit opportunities.
I joined my company straight after completing my masters in finance. I applied for the job after attending a forum at the Grande Ecole de Commerce.
After the selection process, which consisted of interviews, a maths test and a group assessment, I was offered a position in the exotic credit derivatives department and spent my first six months learning on the job. Exotic credit derivatives are financial products with complicated structures. Detailed technical knowledge is needed to trade them.
1. Providing salespeople with accurate trade prices and information.
2. Executing trades and booking them
on the system.
3. Keeping track of the risk exposure on the trading book.
4. Communicating with sales people on our trading positions.
I'm City-based and work with 200-300 other people in the company's central trading office. It's an impressive and frenetic place with an atmosphere that is motivating and thrilling.
It takes me 15 minutes to get to work by tube. My day starts at 7.00 am when I check my e-mails. I reply promptly to any messages from Asia before the central trading offices in Tokyo and Singapore close.
I tend to have a working lunch, which I buy from the staff restaurant. Most of the time my day finishes around 7.30 pm - 8.00 pm as trade orders are often received late in the afternoon which prolongs the whole process. I record all sales and purchases on an electronic trading book.
I work in a small team. The majority of my time is spent working alone but it's essential that we communicate with each other as successful trading is the result of a good flow of information.
When our clients want to buy a product they ask the salespeople or marketeers for the current price. The salespeople then ask me to provide the relevant information. Then I have to price the structure.
I also attend meetings with the salespeople, informing them of the latest prices I've collated and the latest trades we have executed.
Rate companies as a 'buy', 'hold' or 'sell' and provide ideas and information to help fund managers construct their stock portfolios.
I've always been quite interested in investment banking, it's a very sociable industry and pays well. I like to think it's the nice face of banking, giving people the opportunity to grow their money.
I applied for my current job after seeing an advert in TARGET City & Finance. I had two interviews. At the first I gave a short, informal presentation and completed a numeracy and verbal reasoning test. The second interview was slightly longer and included team skills. Although I have only been with the company a short time the nine-month graduation rotation scheme (which involved working in different departments for a few weeks at a time) enabled me to network, meet people and make contacts throughout the business.
1. Providing support for managers in co-investment and venture capital.
2. Researching information on companies.
3. Reading business plans.
4. Preparing papers on possible business ventures.
5. Maintaining good client relationships.
At the moment I am based in Baker Street but the company is re-locating to a new purpose-built complex at the end of the year, both sites are centrally located and well placed for non-working activities!
It takes me 40 minutes by tube to get to work. I try to arrive for 9.00 am but if I'm particularly busy I will get in a little earlier.
Working in a small department of three I can spend most of the morning on the phone talking to clients, often chasing up business proposals. We can get a lot of deals coming through and it is my job to be selective and pick the decent ones. I have to prepare financial models using spreadsheet software and write the investment papers for committees who make the final decision about what to invest in.
Quite a lot of my time is spent in front of the computer, although I do get out occasionally on site visits. We can take an hour for lunch but I tend to eat mine at my desk. I usually finish work between 6.30 pm and 7.00 pm and then socialise with other graduates.