Investment Banking: Oxbridge, or else

#1

The [http://www.ft.com/cms/s/854d8a6c-da81-11dd-8c28-000077b07658,Authorised=false.html?_i_location=http%3A%2F%2Fwww.ft.com%2Fcms%2Fs%2F0%2F854d8a6c-da81-11dd-8c28-000077b07658.html&_i_referer=http%3A%2F%2Fwww.journalisted.com%2Farticle%3Fid%3D1119619 Financial Times] printed an article today about the massive reduction in the amount of investment banking jobs available to graduates since the start fo the credit crunch.

It seems most investment banks will be massively slashing their graduate recruitment marketing budgets and almost totally halting their graduate recruitment process in 2009. Because banks will only be recruiting a handful of people this year, they are becomming far more picky and most are only targeting the top three universities: Oxford, Cambridge or Imperial.

There seems to be a drive towards internships too… firms are looking to recruit very bright interns for placements, with a view to offering them full-time jobs.

All in all, unless you’re very bright and from Oxbridge, it’s time for plan B.

#2

What a worrying time.

Personally I would not be so bearish- the outlook is bleak but a good candidate is just that.

For anyone reading this who’s put off, I would personally apply to all the banks anyways, what have you got to loose- and then I would also apply to alternatives, such as [[accounting]].

#3

It’s always worth applying, but candidates should be sensible. If you have some work experience, great grades, come from a top uni or have some other redeeming feature it would definitely be worth applying… but if you don’t have any of these things, you’re not going to get a job in investment banking in 2009!!!

Maybe in 2011 though. Hopefully :stuck_out_tongue:

#4

Haha I can vouch for that. It’s been a rotten year for recruitment. I’ve still landed a great graduate role, so maybe an MBA 5 years down the line, and make the switch then?

If anyone does decide to take plan B, it’s worth considering studying for the ACA and CFA qualifications in your spare time; breaking into banking get’s more difficult the longer the time since graduation. CFA especially will show commitment to career (if you want to go into asset management or trading). ACA is good for IB

#5

I am gonna do the ACA as i saw it as the only way to get into investment banking in the future. however, i’ve since been advised that most i-banks prefer the CIMA???

am i in trouble?

#6

noob,

ACA is considered the most rigorous of the accounting qualifications. I’m going to be getting CIMA, but I’m 99% sure ACA is the one they prefer. After all, IBD analysts are essentially glorified accountants :smiley: