Bit of advise please (work experience for son and banking/finance sectors)

[Pitch3110]

Chaps,


Well two of the three settled down and off our hands and just the last one to sort..

Our youngest son is currently doing A Level Maths, History and Economics with a real desire to work within the finance, fund or banking sectors with his sights firmly set on the City.

He has a week's work experience coming up in July and he is really keen to gain some experience in the city although I think a week on his own in a hotel in London is also appealing.

With this in mind I would be very appreciative of any advise any of you chaps could lend or indeed if you are aware of any initiatives that may be worth pursuing for his work experience.


Many thanks

Pitch

[Gerald Genta]

The work experience will be useful to give him a flavour of working life but in my opinion its too short a period of time to provide any long term benefits.

My main advice would be (assuming he pursues the university route) is to make sure he proactively applies for summer internships or possible a placement year with a company in a related field. All the analysts that have joined the firm I work for in recent years have undertaken placement years. They are by no means a necessity but it does seem to be an increasing trend.

[Captain Morgan]

Also start looking at what firms are still offering graduate training posts, the eligibility criteria and joining process so he can begin to aline himself to them.
Also look at the strategic partners of the financial firms and the opportunities within them as another route.

[Waxman]

Quite difficult when still at school easier once at uni doors ought to open more easily for a motivated individuals.

[bins]

Some companies are now offering apprenticeships with part time degree courses included

[jon8oy]

I run the future talent programs for the UK at my company (global IT firm) and I also mentor graduates outside of work. What I have learned is this:

- The personal touch is most effective - tell him to speak to the school about any links they may have with mentors who work in that sector. Also look at national mentoring programmes online. Finally get in touch directly with some of the firms he's interested in, maybe even search out people who work there on LinkedIn. In my experience a direct, personal, appeal for help is very rarely turned down
- Get experience wherever possible - the suggestions above of summer internships, placements years, and looking at partner organisations are all excellent ones. I frequently see this type of experience being the differentiator for employers
- Research - why does your son want to work in the City? What's the lure (other than wealth)? Does he know what the job actually requires, and what skills are needed to be successful? What does he enjoy doing, what is he good at, what work experience does he already have (i.e. hospitality, retail, etc). Which bits of the jobs he has done does he love, which parts does he hate? I know these sound like basic questions, but I've seen many grads who are fixed on what they want to do, having never done it! I was sure I wanted to do Project Management - got a job doing exactly that and despised it (no offence to PMs out there, I was just bad at it!). Very difficult at that age to decide, as you have limited idea of what your working likes and dislikes are. Also a lot of pressure put on kids to start a career straight away, which is perceived to mean get a high-flying job. A career is really a series of different jobs for most people, trial and error, where the happiest focus on gradually finding jobs which maximise time doing the things they enjoy and are good at, of that makes any sense.

Anyway, sorry for long post - something I'm very passionate about! All the best to your son, I'm sure regardless he will do very well!

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[Omegamanic]

Very difficult with school work experience. One of my main clients will take students in each year, but some just do menial tasks, as there is no ability to show them anything too in depth in a couple of weeks.

My daughter went to a pharmacist, as she was unable to get into the hospital dept she really wanted, and last year I took her with me and left her with my clients’ staff to get an idea of their businesses.

Im sure competition for roles will be tough at the more prestigious city firms.

My clients would generally have a school pupil do some initial work experience, then also come in for paid work over the summers during their degree, and if successful possibly offer them a training contract.

[SuperVM]

Since 2008 the banks have vastly reduced graduate intakes, which is a shame. The funds seem to employ a younger workforce on average, at least in my experience, so that may be a good route to try. I'm not too familiar on what tends to be offered work experience wise, but I have seen it now and again, usually through some form of relation. Many of the roles in these institutions deal with confidential client information though, so it may be difficult to share what they are doing with a student. Having said that, I have known traders to be shadowed by an intern for a day or so.

One thing to consider is what sort of role in finance your son would like. If it is along the derivatives and/or quant lines, he'll need an extremely strong mathematical background through university (I've known whole desks of half a dozen traders where all had PhDs). If it is the sales or cash trading world, then that's less of a requirement.

[Pitch3110]

Gentlemen,

As always TZ comes up trumps with such wonderful feedback and thoughts and I thank you all for your time in responding. Henry also passes on his thanks and will next week start writing to the larger companies to introduce and pursue.

Many thanks again all.

Paul

[Captain Morgan]

It might be a longer shot but does LinkedIn throw up any alumni from his school/college working in his target area?

[Gerald Genta]

That's a good point by Captain Morgan.

I think narrowing down what area he is interested in will be the hardest part but will also make his search more focused and effective in the long run. As already mentioned certain roles require a PHD in maths or similar however the vast majority of roles just require you to be a bright and switched on individual with most training given on the job (eg M&A for an Investment bank or PE house).

Some post grad professional qualifications such as CFA, ACA and MBA can be a good differentiator, so could provide another possible route. Eg join a big 4 professional services firm in a related discipline such as Transaction services, gain ACA and then look to move across to an investment bank. But this

[scanhenry]

From my experience 7 or so years ago there was little opportunity for work experience whilst I was still at school.

Its a good idea to get your son to attend any open days/ insight days which give a glimpse of what the firms offer. Not only will it give him a better idea of what interests him, but also reflects well on a young persons CV that they are willing to make an effort to seek experience.

Other advice would be to make sure he gets part time work/ summer job/ volunteering. A lot of applications for internships whilst at university ask for detailed job history and in the application process/ interview stage ask questions such as:

- Tell me a time you went above and beyond your duties?
- Tell me a time you have had to deal with a difficult situation/customer and what did you learn?
Etc.
Real life experiences go a long way in this process!

All the best

[Pitch3110]

Many thanks again folks and very much appreciated.

Paul

[Mj2k]

Have a look at businessballs website, loads of great interview questions & example answers, along with some explanations as to what they are seeking within the answer.

I used it myself a good few years ago & still worth a look if you’ve not had to have an interview for a while.


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