In a fit of political correctness, banks are eschewing prop traders. First it was JPMorgan. Now it’s Goldman Sachs. There are not places for all these prop traders in hedge funds. As we have noted previously, hedge funds are fussy about the prop traders they take on. They only want the very best. Does this mean most prop traders will be relegated to the oblivion of the spare room? Apparently not. We... Read more
By Sarah Butcher 07 Sep 2010 - 11 comments
The absolutely perfect CV for any front office job in an investment bank, WILL…. 1) Have impeccable academics- Top grades from a top school are a totally necessary but absolutely non-sufficient condition for front office occupations. “Good academics are taken for granted,” reflects Andrew Pullman, former head of HR at Dresdner, turned managing consultant at People Risk Solutions. 2) Make a big deal out of the impeccable academics- “Most other candidates will... Read more
By Sarah Butcher 31 Aug 2010 - 27 comments
Regardless of the debate around the number of people currently pursuing financial services positions, two things are certain: there are thousands of financial services CVs available on CV databases, and any recruiter advertising a job has to trawl through many hundreds of them every single day. This being so, how can you ensure that your CV isn’t consigned to a life of oblivion? 1) Use key words If you send your CV to... Read more
By Sarah Butcher 20 Jul 2010 - 21 comments
Unfortunately, our win-an-iPad competition is now closed, with the winner to be announced later this week. In the meantime, here's the final instalment of the real life interview questions you sent through. Previous instalments can be viewed here, and here. Click on the questions below to view the answers and to find out something about the situation they were asked in. All organisations have rules, all markets have rules, and sometimes these... Read more
By Sarah Butcher 20 Jul 2010 - 2 comments
In case you’re wondering how keen you have to be to work at Goldman Sachs, Alison Mass, an MD and co-head of financial sponsors at Goldman in the US, is here to elucidate. Mass gave the inaugural speech to new arrivals at NYU Stern this year, and divulged just how much she loves her job. First let me state the obvious: I truly love my work. I wake up excited to... Read more
By Sarah Butcher 20 Jul 2010 - 33 comments
In the same way that Margaret Thatcher (allegedly) said that anyone using a bus aged more than 26 can count him or herself a failure in life, can the same thing be said for anyone aged 35+ who’s obliged to send in their CV for job applications? Some people seem to think so. “If I received a CV from a standard candidate who’d left university aged 21-22 and was a senior VP... Read more
By Sarah Butcher 06 Jul 2010 - 25 comments
If you tell a senior banker that between 40% and 60% of his or her bonus must be deferred over three to five years and that the cash portion will be limited to 20-30%, he or she is unlikely to bat an eyelid. After all, Bank of America reduced the cash component of its bonuses to just 15% last year, and most banks deferred at least 50% of 2009 bonuses... Read more
By Sarah Butcher 01 Jul 2010 - 8 comments
As a follow-up to our recent hit success, 'killer questions asked in financial services interviews', here's a sequel. All of the questions below have been sent in by site visitors in response to our competition, and all have been encountered by interviewees or asked by interviewers in a financial services context. Click on them to read the answers that were given/desired, and to learn more about the role in question. The competition is... Read more
By Sarah Butcher 29 Jun 2010 - 11 comments
The questions asked in investment banking interviews are evidently varied. However, whether you’re interviewing as a rates structurer or an investment banking security guard, you will always be asked this: “Why do you want this job?” And if you give any of the answers below, you are unlikely to get it. 1) I really love this company, I’d really, really love to come and work for you. “You need to be very... Read more
By Sarah Butcher 22 Jun 2010 - 28 comments
Risk managers everywhere will be feeling encouraged by the fact that Gregg Weinstein, a former Goldman Sachs partner, is setting up his own hedge fund. Gregg (not to be confused with Boaz) had been a Goldman partner since 2002. In his most recent incarnation he was global head of risk management for Goldman Sachs Asset Management. For non risk managers, this is unnerving. “This is properly weird and spooky,” says John... Read more
By Sarah Butcher 15 Jun 2010 - 11 comments
So you work somewhere in the middle office (risk/finance/trade support), and you want to work somewhere in the front office (sales/trading/structuring)? What do you need to do to your CV to make this happen? Firstly, a qualifying point. It is not that easy to move into the front office from a middle office role. It is especially hard if you are attempting to do so on the basis of sending your... Read more
By Sarah Butcher 10 Jun 2010 - 7 comments