Need advice on RBS grad schemes

#1

Background info:
Ok well I’m a 2nd year student at the University of Nottingham studying Finance, Accounting and Management. I’m hoping to achieve at least a 2:1 or hopefully a 1st in my degree and in my A levels I got AAB.

Getting to the point I have begun looking at various internships varying from Accountancy firms to Investment Banking and Retail banking.

In terms of the Retail banks I’m looking at I have been most attracted to RBS particularly the Group Finance grad scheme and Global Markets. However I have noticed within Global Markets there is a seperate Finance programme which appears to be different to the general Group Finance programme. Could someone please tell me the difference?

Also can someone give me an honest opinion on whether I’d stand a change with my degree to get into RBS or Investment Banks etc.

Also one general question I have… I have noticed the starting salaries at Retail Banks and Investment Banks are almost double that of salaries at the big 4 Accounting firms. I know though that when Accountants gain certain qualifications their salaries increase significantly. However what happens to Investment Banks and Retail Bank graduates after they complete the programme do their salaries also increase? And to what levels do they increase to?

And could someone tell me the grad scheme which they believe offers the best package in terms of salary and devlopment. Basically I would like to be on a grad scheme earning 30k + whilst also training for some type of professional qualification. Also I’d like the skills I’m learning to be transferable in case I ever decided to leave.

Thanks to anyone who replies.

James

#2

James,
Bit confused, are you looking at internships or grad schemes??

I will be starting on an RBS programme in a couple of weeks, and I believe the finance programme has changed slightly from what is currently on the website (which I imagine is to be updated very soon). Now there is just RBS Finance, which combines Group Finance and Group Internal Audit (and maybe Global Mkts Finance??), allowing you to move between the different areas on your rotations.

As long as you have some work experience to talk about and can demonstrate your competencies at interview… with that degree you will prob. get into RBS I don’t know about the investment banks.

I can’t really talk about salaries, but within Finance areas of banks you won’t start off earning double the Big 4… (banks like the Big4 need to cover the cost of the very expensive prof. quali. training somehow).

Ucayman.

#3

Thanks for reply. I started off looking at the grad schemes directly as I want to intern in something relevant to the grad scheme I want to eventually do. And I have narrowed it down with Corp Finance being my fav section.

As far as I can tell Retail Banking, Investment Banking and the big 4 have Finance Grad schemes available. I’m starting to talk myself out of applying to an investment bank as I believe it might be too competitive.

So I’ve pretty much narrowed it down to Corp Finance at a big 4 or the Finance program at RSB. I was unaware that the Finance scheme was out of date but it does make sense as it would be a bit odd to have two Finance options.

I assume that the Finance programme on the Global Markets seperate website is the updated version as it asks for higher minimum entry requirements. Would you happen to know roughly what the starting salary of graduate in Finance earns?

Also what role have you applied for btw? And how did you find the interview process? Did you intern before hand as well? Or did you just apply straight up for the grad scheme?

I understand what you mean about the big 4, I hadn’t really taken into consideration the amount spent on qualifications and such however I’ve heard the starting salary there is just around 24k ish where as in RSB its 26k-40k. These are just figures I’ve read from a website not sure on there accuracy. So I still think the big 4 pay pretty low in comparison to Retail Banking unless I’m mistaken?

#4

RBS is paying £42k on their grad scheme

#5

I can tell you not in finance…

#6

Ye I thought it was in the 40s, and compared to Pwc who I think offer 24-27k in London and just 20k in regional offices. I understand the point that they spend a lot on training however it can’t be a 13k a year gaps worth can it?

Is working at a Retail Bank more prestigious than working at a big 4 accs firm btw?

Also I know the dream route in a big 4 firms is grad scheme - 3 yrs ACA training (28-35k) - After 5 years senior manager I think (40-60k) - Director (100-120k) - Partner after 10-15 yrs (200k+)

Can someone list me a similar dream route pattern for retail banking specifically the Finance route. As after you complete the Finance scheme in RSB specifically they don’t really clarify what you do next. I’m a little concerned that from the 40k starting salary that it won’t increase much after as there appears to be no emphasis on training further from the web pages on the careers website I’ve read.

If someone could tell me what the max someone could earn going down the Finance grad scheme route in RSB that would be much appreciated. As I’m really trying to compare the two options in terms of: pay + benefits, training and transferable skills.

#7

Global markets and Corp. Finance (IBD) @ RBS = £42k

#8

I thought he was talking about group finance…

#9

If you are looking to apply to a graduate scheme just for the money then forget it they will suss out your intentions straight away within an interview.

#10

Hi Ucayman,

As I understood from your post you are in your firs year of RBS graduate probgram. As I am applying for the same program now and I am invited to attend an ability centre on 01.02.2011 I would like to ask you to tell me more about the program and different areas of rotation you have had so far. This will be one of the questions I am going to be asked so will appreciate all the information you could provide me with.
Thanks,

Mariya

#11

For Business Services Leadership program, it was 25K in the year 2009.