Careers in The City Rob Cornish Investment Manager  GAM UK 12 November 2008
Overview <ul><li>Financial Services Industry </li></ul><ul><li>Working in the City / Skills </li></ul><ul><li>Me (!) </li>...
Financial Services Industry <ul><li>Commercial Bank </li></ul><ul><li>Insurance  </li></ul><ul><li>Real Estate </li></ul><...
Jobs in the City <ul><li>Stereotypes (think Wall Street!) </li></ul><ul><li>Reality is a wide variety of differing jobs re...
… For Example… <ul><li>Corporate Finance (churn & burn, no sleep?) </li></ul><ul><li>Equity Sales (Interpersonal skills, g...
A little about me…. <ul><li>Graduated BA Economics at NTU, 2000 </li></ul><ul><li>- Aspirations to work in economics relat...
Investment Manager <ul><li>Responsible for investing money in European equity markets </li></ul><ul><li>Two funds/portfoli...
A day in the life - Part 1 <ul><li>Get up at 6.00am </li></ul><ul><li>Tube at West Hampstead at 6.35am </li></ul><ul><li>A...
A day in the life - Part 2 <ul><li>Quantitative research  </li></ul><ul><li>Fundamental research </li></ul><ul><li>Product...
Getting A City Job <ul><li>The hardest part: Getting your foot in the door…. </li></ul><ul><li>1. Apply for graduate progr...
… Competition…. <ul><li>“ Competition for positions is fierce. Some investment banks receive 9,000 applications for around...
What else can I do? <ul><li>2. More education </li></ul><ul><li>- Masters, PhD </li></ul><ul><li>3. Slip in through the si...
Interviews <ul><li>Emphasis on personality </li></ul><ul><li>What attracts you about this role? </li></ul><ul><li>- Determ...
Improve your chances…. <ul><li>Know key basic industry terms/concepts  </li></ul><ul><li>- e.g., buy-side, sell-side, hedg...
Resources <ul><li>ONLINE!!!! </li></ul><ul><li>Jobs </li></ul><ul><li>Explanation of terms you need to know </li></ul><ul>...
Is It Any Good? <ul><li>Pros </li></ul><ul><ul><ul><li>- Mentally stimulating </li></ul></ul></ul><ul><ul><ul><li>- People...
? Questions ?
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Working in the City

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Working in the City

  1. 1. Careers in The City Rob Cornish Investment Manager GAM UK 12 November 2008
  2. 2. Overview <ul><li>Financial Services Industry </li></ul><ul><li>Working in the City / Skills </li></ul><ul><li>Me (!) </li></ul><ul><li>Getting a job </li></ul><ul><li>Questions </li></ul>
  3. 3. Financial Services Industry <ul><li>Commercial Bank </li></ul><ul><li>Insurance </li></ul><ul><li>Real Estate </li></ul><ul><li>Investment Bank </li></ul><ul><li>Asset Management </li></ul><ul><li>Hedge Fund </li></ul><ul><li>… </li></ul>
  4. 4. Jobs in the City <ul><li>Stereotypes (think Wall Street!) </li></ul><ul><li>Reality is a wide variety of differing jobs requiring differing skills </li></ul>
  5. 5. … For Example… <ul><li>Corporate Finance (churn & burn, no sleep?) </li></ul><ul><li>Equity Sales (Interpersonal skills, good memory) </li></ul><ul><li>Private Clients (Personality, nice suit?) </li></ul><ul><li>Equity Analyst (Inquiring mind, accounting) </li></ul><ul><li>Trader/Dealer (Fast thinking, less academic) </li></ul><ul><li>Quantitative Analyst (Mathematical/Econometrics/Programming, PhD) </li></ul><ul><li>Strategist / Economist (Macro trends, bigger picture) </li></ul><ul><li>Back office (Administrative, attention to detail) </li></ul><ul><li>Performance / Risk Team (Report building for traders) </li></ul><ul><li>etc, etc, etc………… </li></ul>
  6. 6. A little about me…. <ul><li>Graduated BA Economics at NTU, 2000 </li></ul><ul><li>- Aspirations to work in economics related field </li></ul><ul><li>Factset Ltd, Oct 2000 – Oct 2003 </li></ul><ul><li>- Financial software firm </li></ul><ul><li>- Helpdesk / Consultant / Quantitative Consultant </li></ul><ul><li>GAM, Jan 2004 - Present </li></ul><ul><li>- Investment Analyst </li></ul><ul><li>- Investment Manager </li></ul><ul><li>MSc Finance </li></ul><ul><li>- Birkbeck College, University of London, 2003 - 2005 </li></ul>
  7. 7. Investment Manager <ul><li>Responsible for investing money in European equity markets </li></ul><ul><li>Two funds/portfolios – ‘Long Only’ and Hedge Fund </li></ul><ul><li>Quantitative approach (as opposed to fundamental/qualitative) </li></ul>
  8. 8. A day in the life - Part 1 <ul><li>Get up at 6.00am </li></ul><ul><li>Tube at West Hampstead at 6.35am </li></ul><ul><li>Arrive at GAM in St. James’s at 7.00am </li></ul><ul><li>Check overnight markets (US + Asia) </li></ul><ul><li>Read UK / European news / press releases / broker comments </li></ul><ul><li>Place any necessary trades when the market opens at 8am </li></ul>
  9. 9. A day in the life - Part 2 <ul><li>Quantitative research </li></ul><ul><li>Fundamental research </li></ul><ul><li>Product development </li></ul><ul><li>Meeting company management </li></ul><ul><li>Marketing (investors, journalists) </li></ul><ul><li>Rebalancing funds (i.e., trading) </li></ul><ul><li>Leave c.5pm </li></ul>
  10. 10. Getting A City Job <ul><li>The hardest part: Getting your foot in the door…. </li></ul><ul><li>1. Apply for graduate programmes </li></ul><ul><ul><li>- Highly competitive (apply on time!!!) </li></ul></ul><ul><ul><li>- Top 10 Red Brick + Excellent A-levels </li></ul></ul><ul><ul><li>- Assessment centres / Interview </li></ul></ul><ul><li>Extremely competitive !!! </li></ul>
  11. 11. … Competition…. <ul><li>“ Competition for positions is fierce. Some investment banks receive 9,000 applications for around 150 places per year. This means, on average, there are around 60 applicants per position. Around 7,500 of these applicants do not make it past the initial application stage, so preparation and planning are essential if you want to succeed at each of these stages.” </li></ul><ul><li>Source: http://www.prospects.ac.uk </li></ul>
  12. 12. What else can I do? <ul><li>2. More education </li></ul><ul><li>- Masters, PhD </li></ul><ul><li>3. Slip in through the side door…. </li></ul><ul><li>- Work for a vendor / service provider </li></ul><ul><li>- Job in back office / Non-investment area </li></ul><ul><li>4. Internship </li></ul>
  13. 13. Interviews <ul><li>Emphasis on personality </li></ul><ul><li>What attracts you about this role? </li></ul><ul><li>- Determine attributes of job and why you fit </li></ul><ul><li>- Compare to other roles </li></ul><ul><li>Why do you want to work for this financial institution? </li></ul><ul><li>- Know the difference between this bank / company and the one down the street? </li></ul>
  14. 14. Improve your chances…. <ul><li>Know key basic industry terms/concepts </li></ul><ul><li>- e.g., buy-side, sell-side, hedge fund, equities, fixed income, derivatives, private equity, front / middle / back office, etc </li></ul><ul><li>Keep up to date with current financial topics </li></ul><ul><li>- e.g., “credit crunch”, recession, exchange rates, BRICs growth, commodities </li></ul><ul><li>- Can you talk for 90 seconds on each? </li></ul><ul><li>Read the FT </li></ul><ul><li>Be innovative </li></ul><ul><li>- Use contacts, send letters, cold call </li></ul>
  15. 15. Resources <ul><li>ONLINE!!!! </li></ul><ul><li>Jobs </li></ul><ul><li>Explanation of terms you need to know </li></ul><ul><li>Overview of financials markets </li></ul>
  16. 16. Is It Any Good? <ul><li>Pros </li></ul><ul><ul><ul><li>- Mentally stimulating </li></ul></ul></ul><ul><ul><ul><li>- People </li></ul></ul></ul><ul><ul><ul><li>- Variety </li></ul></ul></ul><ul><ul><ul><li>- Money </li></ul></ul></ul><ul><li>Cons </li></ul><ul><ul><ul><li>- Lifestyle balance / Am I doing something worthwhile? </li></ul></ul></ul><ul><ul><ul><li>- Fatigue / Hard work (!) </li></ul></ul></ul><ul><ul><ul><li>- London? </li></ul></ul></ul>
  17. 17. ? Questions ?
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