Do you think that the long hours and stress that City workers often endure are
outrageous, or are they more than compensated for by the large salaries and
bonuses on offer? Whether you are already working in the City or you are a
graduate looking for career advice, we want to hear from you. To submit your
questions to our panel, e-mail
career@thetimes.co.uk. Questions and answers below.
Debbie Harrison author of our Working in the City series, is a Senior
Visiting Fellow at the Pensions Institute, Cass Business School, and the
author of a wide range of financial books and reports. She is a consultant
to major financial institutions and the Department for Works & Pensions.
Polly Courtney is the author of Golden Handcuffs, the City-based novel
that exposes the truth about life as a "high flyer" in London's
Square Mile. She joined the graduate scheme of a large US investment bank in
2002, having graduated from Cambridge with a first class degree in
mechanical engineering. Much of her writing is based on her own experience
Clare Harris has been with Lovells, a law firm, for nine years. She is
responsible for attracting and selecting candidates to join the firm's
two-year training programme. Clare and her team also have HR responsibility
for the firm's 140 trainee solicitors as they go through the training
programme.
Hugh Karseras is the author of From New Recruit to High Flyer. He began
his career in Deutche Bank, where he rose from analyst to associate in two
years. He has an MBA from Harvard Business School. He has worked for
McKinsey and Company in London and is now director in a leading investment
bank.
Q&As:
I am currently studying for my A levels and in October I will be starting
at either Durham or Bath to study combined social sciences. I have decided
on social sciences as it allows me to spend three years studying the
subjects that really interest me. After completing my degree I plan to study
for the law conversion course and them try and get on a graduate recruitment
scheme. I have consistently achieved highly throughout my academic history
(ie, AAAA at AS) and believe i possess many of the skills required for a
career in a competitive industry such as law. I would like to know what are
my chances of being selected by a "magic circle" law firm or a
reputable London law firm and which university do you think would give me
the best chance of getting on a conversion course and future employment? Catherine
McNally
Clare Harris replies: The best advice I can give is to continue to
achieve the good grades you are already achieving. Most City firms will be
looking for people who consistently do well academically so A grades and a
minimum of a 2.1 degree (or to be on target for this). Recruiters will also
want to ensure that you are well-rounded in terms of extra-curricular
activities and interests, so hobbies and activities where you really get
involved and make a difference will useful. These will be personal to each
individual but could include sports, drama, charity work, music, social
services or community work or interesting work experience generally. The key
is the level of involvement you can demonstrate and the contribution you
make.
Both universities mentioned rank well in the university league table and are
certainly universities where City firms would recruit from. Durham does have
a law faculty so it may be a little easier to access information from fellow
law students or through their student law society. However, at the end of
the day it's important that you visit both universities, carefully assess
the courses they offer and that you want to pursue and make your own
decision about which you feel is the right place for you. If you continue to
achieve the standards you are already meeting, both universities have a good
reputation and will give you a sound basis to move on to your chosen career.
I am currently studying for a masters in health economics and am
considering possible career options. As well as my interest in healthcare I
also have an interest in business, banking and finance. I hear the starting
salary for working in an investment bank are high and future prospects are
also high in this field. I studied biology for my initial undergraduate
degree. I would like to know more about possibilities for me and whether
there would be any positions which would allow me to combine my interests in
healthcare and the business/finance sector. Any advice would be appreciated.
S.Patel
Hugh Karseras replies: The City is a difficult place to get into for
anyone, regardless of field of undergraduate study, because applications are
so numerous compared with available positions. For those starting off in
their career, and this would typically include all bachelors and masters
degree holders, the main entry point is into a graduate programme. While
statistical analysis will point to a tendency for more engineering, finance
and science graduates to join investment banking graduate programmes, there
is no set requirement. If you are a convincing enough individual with very
strong academics in whatever field you can find a position. It is more about
perceived calibre than specific qualifications. In terms of applying for a
particular discipline within the context of a finance/investment banking
business, there are two areas where this is possible. The first in a
corporate finance team that is industry specific, ie, for a
biologist/healthcare qualification, this would be an industry team focused
on healthcare and pharmaceutical companies. The second is equity research
which again is organised by industry types, in our example again the
research team focusing on the healthcare and pharameutical industry would be
the goal. However, it normally takes at least a couple of years before a
graduate becomes specialised. The first step is getting into the firm in the
right department, either corporate finance or equity research. The second
step is getting on a rotation to the desks focusing on healthcare and
pharmaceuticals. Third step is making it your home.
Polly Courtney replies: I’m pleased that you are considering your
career alternatives in good time. Too many people go into the City simply
because they have reached the end of their course and all their friends seem
to be heading for the Square Mile. You hear correctly; graduate salaries in
investment banking are indeed higher than average – by some way. A typical
first year banker would earn £40,000 pa plus bonuses, which could be
anything from £10,000 upwards. It is also true that City firms frequently
recruit science, maths and technology graduates for junior positions in
finance. They do this not because of the facts and theories that are taught
on such courses, but because of the candidates’ proven numerical skills.
Biologists can be quickly retrained as financiers, and areas of expertise
soon become immaterial. If you really want to make use of your science
background, consider a career in equity research. This is the part of an
investment bank where in-depth analysis of public companies takes place to
give traders and bankers insight into what is going on in their sector. A
healthcare equity analyst, for example, would need to have a good grasp of
biology as well as an understanding of the financial impact of events in the
market. If Pfizer announced a new drug in its pharmaceutical pipeline, you,
as an equity analyst, would have to know what effect this would have on its
share price. Salaries in equity research are on a par with those in
corporate finance – at least for the first few years. In the longer term,
realistically only the very best analysts can match their banking
counterparts’ bonuses, but wages are still high compared to those in other
industries, and equity research can offer a very fulfilling career. The
hours tend to be more humane than those in banking, too – generally a mere
12 hours a day. Think carefully before you get tempted by any of the generic
finance roles that will undoubtedly come your way given the unique set of
skills and interests that you have.
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