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- Herausgeber: John Wiley & Sons
- Kategorie: Ratgeber
- Sprache: Englisch
Discover how to get your start in the finance and banking industries
In Breaking into Banking: The Essential Guide to a Career in Finance, renowned finance and careers commentator Afzal Hussein delivers a concise and up-to-date roadmap to getting your start in the world of finance and banking. You'll explore the different divisions and areas of the industry—including investment banking, global markets, investment research, asset management, operations, technology, hedge funds, private equity, and venture capital—how they work, and what they do.
You'll also find information about typical career progression routes, working hours, industry culture, compensation expectations, exit opportunities, titles, roles, responsibilities, and more.
Breaking into Banking also provides:
- Actionable advice that improves your chances for success when applying for roles across the industry
- Strategies for effective networking, tackling imposter syndrome, and interview preparation
- Techniques for identifying the best and most suitable career path for you and your circumstances
Perfect for aspiring and young professionals interested in pursuing a career in finance and banking, Breaking into Banking is a must-read, no-nonsense playbook for jumpstarting your career in an industry that is as rewarding as it is complex.
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Seitenzahl: 359
Veröffentlichungsjahr: 2025
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Table of Contents
COVER
TABLE OF CONTENTS
TITLE PAGE
COPYRIGHT
DEDICATION
PREFACE
ACKNOWLEDGEMENTS
ABOUT THE AUTHOR
INTRODUCTION: FROM COUNCIL ESTATE TO GOLDMAN SACHS
FAILURE: THE WAKE‐UP CALL I NEEDED
GETTING BACK ON TRACK
OFF TO UNIVERSITY
FIRST YEAR: SPRING WEEKS
BLACKROCK: MY INTRODUCTION TO ASSET MANAGEMENT
EDF TRADING: A COLD EMAIL TO THE CEO'S ASSISTANT
ROYAL BANK OF SCOTLAND (NATWEST): OPERATIONS SPRING WEEK
PRICEWATERHOUSECOOPERS (PWC): CONSULTING, ACTUARIAL, TAX, OR ASSURANCE?
FOUR FOR THE PRICE OF ONE
SECOND YEAR: INTERNSHIPS
THIRD YEAR: TAKING A BREATHER
GRADUATING: GOLDMAN SACHS AND LIVING LARGE IN NEW YORK
PART I: THE INDUSTRY
CHAPTER 1: THE INDUSTRY BEFORE AND AFTER THE 2008 GLOBAL FINANCIAL CRISIS
CHAPTER 2: BULGE BRACKETS VERSUS BOUTIQUES
CHAPTER 3: BUY SIDE VERSUS SELL SIDE
CHAPTER 4: ASSET CLASSES
FIXED INCOME (DEBT)
EQUITIES (STOCKS)
COMMODITIES
CURRENCIES (FOREIGN EXCHANGE)
ALTERNATIVES
CASH
REAL ESTATE
CHAPTER 5: DIVISIONS
FRONT OFFICE
ASSET MANAGEMENT
INVESTMENT BANKING
SALES AND TRADING
PRIVATE WEALTH MANAGEMENT
INVESTMENT RESEARCH
MIDDLE OFFICE
BACK OFFICE
CHAPTER 6: ROLES, RESPONSIBILITIES, AND CAREER PROGRESSION
EXECUTIVE ASSISTANT
ANALYST
ASSOCIATE
VICE PRESIDENT/EXECUTIVE DIRECTOR
DIRECTOR
MANAGING DIRECTOR
PARTNER
CHAPTER 7: SALARIES AND COMPENSATION
CHAPTER 8: PROS AND CONS OF A CAREER IN FINANCE AND BANKING
REASONS FOR BUILDING A CAREER IN THIS INDUSTRY
THE DOWNSIDE OF A CAREER IN THIS INDUSTRY
CHAPTER 9: PRIVATE EQUITY, HEDGE FUNDS, AND VENTURE CAPITAL
PRIVATE EQUITY
HEDGE FUNDS
VENTURE CAPITAL
PART II: BREAKING IN
CHAPTER 10: THE APPLICATION PROCESS
CV/RÉSUMÉ
COVER LETTER
MOTIVATIONAL QUESTIONS
PSYCHOMETRIC TESTS
INTERVIEWS
ASSESSMENT CENTRES
OFFERS AND ACCEPTANCES
BACKGROUND CHECKS
CHAPTER 11: SPRING WEEKS
WHY SPRING WEEKS ARE IMPORTANT
WHAT TO EXPECT DURING YOUR SPRING WEEK
HOW TO SECURE A SPRING WEEK
MAKING THE MOST OF YOUR SPRING WEEK
CHAPTER 12: INTERNSHIPS
SUMMER INTERNSHIPS AND OFF‐CYCLE INTERNSHIPS
THE IMPORTANCE OF SUMMER INTERNSHIPS
CHAPTER 13: GRADUATE SCHEMES
STRUCTURE OF GRADUATE SCHEMES
CAREER PROGRESSION
WORK–LIFE BALANCE
CHAPTER 14: CV/RÉSUMÉ
STRUCTURE
KEEP IT TO ONE PAGE
WHAT TO DO WITH LOW GRADES
TEMPLATES AND FORMATTING
POWERFUL BULLET POINTS
QUANTIFYING BULLET POINTS
THE VALUE OF RELEVANT AND IRRELEVANT EXPERIENCE
TIPS ON TAILORING YOUR CV
NON‐FINANCE CANDIDATES
FINAL CHECKS
EVERY LINE SERVES A PURPOSE
Summary
CHAPTER 15: COVER LETTER
STRUCTURE
PERSONALISATION AND SPECIFICITY
COMMON MISTAKES
KEY COMPETENCIES
REVIEW
Summary
CHAPTER 16: MOTIVATIONAL QUESTIONS
CHAPTER 17: PSYCHOMETRIC TESTS
CHAPTER 18: ASSESSMENT CENTRES
CHAPTER 19: INTERVIEWS
COMPETENCY AND BEHAVIOURAL INTERVIEWS
TECHNICAL INTERVIEWS
BRAIN TEASERS
ONLINE (HIREVUE) INTERVIEWS
TELEPHONE INTERVIEWS
IN‐PERSON INTERVIEWS
FINAL‐ROUND INTERVIEWS
CHAPTER 20: DECIDING ON A DIVISION
SKILLS AND STRENGTHS
CAREER GOALS AND LONG‐TERM GROWTH
PERSONALITY FIT AND WORK STYLE
WORK–LIFE BALANCE
COMPENSATION AND INCENTIVES
INTEREST IN MARKET TRENDS AND INDUSTRY NEWS
LEARNING AND DEVELOPMENT OPPORTUNITIES
CLIENT FOCUS VERSUS TECHNICAL FOCUS
DIVISION CULTURE AND WORKING ENVIRONMENT
EXIT OPPORTUNITIES, TRANSFERABLE SKILLS, AND MOBILITY
CHAPTER 21: LINKEDIN AND NETWORKING
THE POWER OF WEAK TIES
HOW TO APPROACH NETWORKING
LEVERAGING RECRUITERS
HOW TO REACH OUT TO INDUSTRY PROFESSIONALS
CHAPTER 22: TACKLING IMPOSTER SYNDROME
CONCLUSION
INDEX
END USER LICENSE AGREEMENT
Guide
COVER
TABLE OF CONTENTS
TITLE PAGE
COPYRIGHT
DEDICATION
PREFACE
ACKNOWLEDGEMENTS
ABOUT THE AUTHOR
INTRODUCTION: FROM COUNCIL ESTATE TO GOLDMAN SACHS
BEGIN READING
CONCLUSION
INDEX
END USER LICENSE AGREEMENT
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BREAKING INTO BANKING
THE ESSENTIAL GUIDE TO A CAREER IN FINANCE
AFZAL HUSSEIN
This edition first published 2025
© 2025 by John Wiley & Sons Ltd.
All rights reserved, including rights for text and data mining and training of artificial intelligence technologies or similar technologies. No part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, except as permitted by law. Advice on how to obtain permission to reuse material from this title is available at http://www.wiley.com/go/permissions.
The right of Afzal Hussein to be identified as the author of this work has been asserted in accordance with law.
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While the publisher and authors have used their best efforts in preparing this work, they make no representations or warranties with respect to the accuracy or completeness of the contents of this work and specifically disclaim all warranties, including without limitation any implied warranties of merchantability or fitness for a particular purpose. No warranty may be created or extended by sales representatives, written sales materials or promotional statements for this work. This work is sold with the understanding that the publisher is not engaged in rendering professional services. The advice and strategies contained herein may not be suitable for your situation. You should consult with a specialist where appropriate. The fact that an organization, website, or product is referred to in this work as a citation and/or potential source of further information does not mean that the publisher and authors endorse the information or services the organization, website, or product may provide or recommendations it may make. Further, readers should be aware that websites listed in this work may have changed or disappeared between when this work was written and when it is read. Neither the publisher nor authors shall be liable for any loss of profit or any other commercial damages, including but not limited to special, incidental, consequential, or other damages.
Library of Congress Cataloging‐in‐Publication Data
ISBN: 9781394305025 (paperback)
ISBN: 9781394305032 (ePub)
ISBN: 9781394305049 (ePDF)
Cover image: Paul McCarthy
Cover design: © Getty Images | Pulse
For Mum, Katherine, Amalia, and Kaia
PREFACE
Breaking into the world of finance and banking is challenging. With rigorous application processes, high expectations, and intense competition, it can feel overwhelming for even the most ambitious and capable candidates. I know this because I've been through it. I've worked hard to secure multiple spring weeks, internships, and ultimately a full‐time role at Goldman Sachs. This book is my way of sharing what I've learned along the way to make your journey into this industry smoother, more strategic, and, ultimately, successful.
The world of finance and banking is one of the most competitive industries to break into. Every year, hundreds of thousands of students and graduates set their sights on spring weeks, internships, and graduate schemes at top‐tier firms, only to find themselves struggling to navigate the process. While there's no shortage of generic advice online, what's missing is a clear, practical, and comprehensive roadmap tailored to finance and banking careers. This book was written to fill that gap, giving you the tools and insights you need to stand out and succeed.
This is the book that I wish existed when I was in university applying to investment banks and financial institutions for spring weeks and internships. It's for the driven and ambitious individuals who are serious about starting a career in finance and banking. Whether you're yet to go to university, a first‐year undergraduate exploring your options, a student preparing for applications or in the midst of interviews, or a graduate looking to maximise your chances of landing an entry‐level role in the industry, this book is written for you. My goal is to guide you through every step of the process, leaving no stone unturned. From understanding the industry and identifying the most suitable career for you, to acing your applications and interviews.
When writing this book, I consciously made the decision to avoid writing just another theoretical guide. As such, this book is a practical resource packed with actionable advice and proven strategies for you to learn and apply. Every chapter is built on my personal experiences and the lessons I've learned helping thousands of individuals over the years. From explaining the nuances of different divisions to preparing for assessment centres and interviews, I've tried to provide everything you would need to succeed.
This book includes an Introduction followed by Part I: The Industry and Part II: Breaking In.
The Introduction provides some context and background information on me and my journey from growing up in a council estate, raised alongside four siblings by a single parent on income support, to breaking into the industry by securing tons of spring weeks, internships, and, eventually, a full‐time role at Goldman Sachs.
Part I: The Industry takes a deep dive into the industry. It explains the key divisions and sectors within the world of finance and banking careers, typical career progression routes, the potential earnings you can unlock, the pros and cons of embarking on a career in this world, alternative careers, exit opportunities, and more. You'll also learn about the clients, roles, and responsibilities within some of the most competitive and sought‐after divisions, and the skills required to enter and excel in them.
Part II: Breaking In focuses on practicalities. From writing a standout CV and mastering the art of networking to preparing for interviews and assessment centres, you'll find everything you need to know about the recruitment process. You'll also discover tips for building commercial awareness, effectively building and nurturing connections with industry professionals, and making the most of your early career opportunities.
This book isn't just a guide. It's a toolkit. It's built to empower you to navigate one of the toughest industries in the world with confidence and clarity. Whether you're aiming for a spring week, internship, or graduate scheme, this book will give you the edge you need to stand out in a crowded field. By the time you turn the final page, my hope is that you'll feel equipped to take on the challenges ahead and inspired to pursue your goals with determination.
Good luck. You got this!
ACKNOWLEDGEMENTS
Writing this book has truly been a labour of love, and I wouldn't have been able to do it without the help and support of some incredible people along the way.
First off, I want to thank my wife, Katherine. Your constant support, encouragement, and belief in me mean the world and carry me forward. Thank you for your feedback and putting up with the late nights and me disappearing into my work for hours on end.
Thank you to my family and friends for your infinite positivity and for always rooting for me. I wouldn't be where I am today without such a strong circle of individuals to lean on.
To the students, graduates, and professionals I've taught, connected, interacted, and worked with over the years—whether you've seen my videos online or met me in person, your questions, struggles, personal journeys, and wins have been a constant source of motivation for me to keep pushing and sharing what I know. Thank you.
To my editors and publishing team at Wiley—thank you for your feedback, patience, and for taking a chance on me. You've helped me write a book that I'm proud of, and for that I'm incredibly grateful.
And lastly, thank YOU. By picking up this book, you've taken a step towards building your future in finance and banking, and I hope this becomes a resource you turn to time and time again.
This book is the result of not just my work, but the collective wisdom, support, and inspiration of many people. Thank you to everyone who's been part of this journey.
ABOUT THE AUTHOR
Afzal Hussein is a finance professional turned educator, widely recognised as a leading voice in the finance and banking career space. With over 12 million views on YouTube and a quarter of a million followers across social media platforms, Afzal has built a trusted brand dedicated to helping students and graduates break into the competitive world of high finance.
Afzal's journey into finance began with relentless determination and strategic preparation, securing multiple spring weeks, internships, and eventually landing a coveted role at Goldman Sachs. His firsthand experience navigating the challenging recruitment processes and breaking into a high‐pressure, results‐driven environment inspired him to give back and empower others to do the same.
Through his engaging and relatable content, Afzal has become a go‐to resource for career advice, covering everything from CV writing and interview preparation to developing commercial awareness and understanding the nuances of the different areas within the world of finance and banking. His unique ability to simplify complex topics while offering actionable insights has resonated with a global audience, helping thousands secure spring weeks, internships, and full‐time roles at top‐tier firms.
Afzal is also the founder of Finance Fast Track Academy, an online university‐like community that provides free, accessible resources to students and graduates looking to kickstart their careers in finance. The academy boasts a thriving community of over 1,000 members and has become a cornerstone of Afzal's mission to democratise access to career success in the industry.
INTRODUCTION: FROM COUNCIL ESTATE TO GOLDMAN SACHS
Before you dive into this book, I wanted to share how I managed to somehow end up in the front office of one of the most prestigious financial institutions in the world, Goldman Sachs. It's an unconventional story that combines life experiences from my childhood and early years, but one that I hope will inspire you to persist with the drive, determination, and discipline to pursue your goals even if it feels like the odds are stacked against you.
From a young age, I always knew that I wanted to put on a suit and work in the city. I'm not sure why, but I associated it with success and wealth and decided that I wanted to be a businessman, though I never really knew what that meant or how I would go about becoming one. I also never had any real insights or connections into careers in the city since I didn't know anyone who wore a suit to work.
After all, I grew up in a North West London council estate (for anyone unfamiliar with the term, a council estate is a government‐funded housing complex) where the only careers we were exposed to were the youth workers at the local youth clubs, our school teachers, the local librarians, those who worked at the local chippy, betting shops, and newsagents, and those working for Camden Council.
Growing up in a council estate meant being surrounded by young people who were heavily involved in gangs, violence, drug deals, and other crimes and antisocial behaviour. A lot of the young people I grew up around came from extremely disruptive and fragmented homes, were in and out of prison, and had been stabbed by or had stabbed another young person from a different council estate. Youth clubs existed to keep us off the streets and provide a safe space where any young person could participate in recreational activities such as playing PlayStation, pool, football, table tennis, cooking, gym, and more.
My siblings and I were raised by an extremely strong single parent, my mum. We didn't have much, but we had all that we needed. Most importantly, my mum instilled a sense of awareness and direction in us during our formative years. This allowed us to attend the youth clubs and grow up with a lot of freedom and trust, but at the same time understand and appreciate the negative consequences of getting involved in gangs, trying or selling drugs, and mixing with the wrong people. Even so, the youth club was like a second home for us. We went to all the events, activities, trips, and tournaments. We were on good terms with all the young people, irrespective of what they were involved in outside of the youth club. Being particularly good at football, table tennis, and pool helped. But we made sure to keep our distance when it came to doing anything illegal or with potential negative consequences to our lives. Last but not least, we were surrounded by an amazing group of youth workers who always kept an eye out for us and made sure we stayed out of trouble.
From a career perspective, all we knew was that we had to perform well in school and college or sixth form in order to get into a good university, which would then open up a universe of career opportunities for us. And so that's what I did. I was a fairly mischievous kid, but I also got good grades throughout my school years.
After receiving my GCSE results, which were above average but not prodigy‐esque, I had an important decision to make. I could stay at my school's sixth form and do International Baccalaureate (IB) or leave and go to a college and take my A‐levels. I decided to go with the latter, and this is where, for the first time in my academic career, everything went downhill.
FAILURE: THE WAKE‐UP CALL I NEEDED
In essence, the jump from GCSEs to A‐levels caught me off guard. On top of this, I was attending a new college with a lack of focus or direction, and any real sense of why I was there. I knew a few people at the college but I felt like a lone ranger doing my own thing, and I was rudderless. Unfortunately for me, there were no spaces left in Economics which was the one subject I really wanted to learn about. So, I enrolled in AS Maths, Biology, Physics, and Geography. The lack of focus, guidance, and drive meant my mid‐term grades suffered. For the first time, I was taking a massive academic hit. And for a few months, I didn't really care.
At the end of the first year I sat my AS exams and, a few months later, received my results. I ‘achieved’ a D in Maths, an E in Biology, a U in Physics, and a U in Geography. Grades I had never seen before. These results spoke for themselves and were the truest reflection of what happens when you fail to apply yourself. I honestly thought my life was over. I didn't know how I would go home and tell the news to my siblings, let alone my mum. So, I went home that day and caught my mum alone. I told her my results. I felt like a complete failure, and I knew I was better than this. To my surprise, she told me that it wasn't the end of the world, that I should leave the college and redo the year somewhere else. Such simple and straightforward advice. And it worked.
I used to be afraid of failing. I guess we're naturally taught that failure is bad, and succeeding is good. As time has gone on, and my view and perspective on life has matured, I can honestly say that I embrace the concept of failure. After all, every failure serves a purpose and offers a learning opportunity if you're open‐minded enough to see it. My D, E, U, U results were the wake‐up call I needed. I was comfortably complacent. This mega failure on my part was, to this day, one of the biggest blessings in disguise. Had I not failed so badly, only God knows what I'd be doing right now.
GETTING BACK ON TRACK
I knew something needed to change. I knew I was better than this. I knew I had to leave this college and find the drive and ambition that I always carried within me. So, I did what all younger siblings should do when they're in a time of need. I went to my eldest brother, who was very studious, and asked him for his advice.
He previously studied at Westminster City School's sixth form and only had good things to say about the place; he told me it was worth considering redoing my AS‐levels there. I already had quite a few friends from football who were attending the school so I knew I'd fit in, and before I knew it, I had registered and secured my place.
Never did I think that I'd find myself retaking an academic year, but there I was, swallowing my pride and retaking a year with students a whole year younger than me. I felt like a total failure. When I got to Westminster City School, my game plan was simple. Do three AS‐levels, not four, study like my life depended on it, go to class then go home and study, and avoid any and all distractions. At the end of the first year I received my grades, and wasn't surprised to find that I had achieved straight As in Maths, Economics, and Biology. I wasn't surprised because I had applied myself and remembered that performing well in exams is simply a combination of consistent effort and doing (and learning from) lots of past exam papers.
By the time I got into my second year, I had made more friends throughout the sixth form and was slightly ‘less’ focused on my studies compared to my first year. I was still studying hard and even won a scholarship, but I was also hanging around more often after the day was done, playing more football after hours with the guys, going out more, and generally spending more time in the common room instead of having my head in the books 100% of the time. Do I regret it? Not one bit. That sixth‐form experience was amazing, and it allowed me to meet people who have become extremely close friends in my life today.
OFF TO UNIVERSITY
By the end of my final year at Westminster City School my grades got me into Queen Mary University of London (QMUL). QMUL wasn't my first choice, but in hindsight I wouldn't change studying there for the world. Not only because it's where I managed to secure spring weeks, internships, and meet lots of great people, but predominantly because it's where I met my wife. She helped me get into Goldman Sachs, and I helped her get into J.P. Morgan, but that's a story for another time…
During my time at university, I used to dream of securing a spring week because I knew how important it was to simply get my foot in the door. I knew that it would only get harder trying to break into the industry the longer I left it, or the less experience I had on my CV. I also knew that securing a spring week was easier than securing an internship, and securing an internship was easier than securing a graduate scheme. But the icing on the cake, for me, was finding out that you could convert a spring week into a summer internship, and you could convert a summer internship into a full‐time role. Knowing all of this, I decided to be tactical and strategic regarding my approach to breaking into the industry, rather than follow the crowd and only apply for the toughest and fanciest roles out there.
FIRST YEAR: SPRING WEEKS
During my first year at university, I didn't really care which division I was breaking into because my mentality at the time was that beggars can't be choosers and, in my head, I was a beggar. My mentality was to secure anything, at any firm, and then build from there. After all, although QMUL was a great academic institution, and one of the Russell Group universities, it wasn't an elite institution like the London School of Economics, Oxbridge, or Harvard, and so I knew I needed an alternative way of standing out when it came to submitting my applications.
This led to a pretty straightforward plan. I knew that experience was the most in‐demand ‘currency’, as opposed to having the best grades or going to an elite academic institution, so when it came to applications, I focused on securing as many experiences (irrespective of whether they were fancy front‐office or less exciting back‐office divisions) to (1) secure and convert a spring week into a summer internship in order to create a safety net and (2) enable me to apply to summer internships in my second year of university that were a little more risky (i.e. allow me to apply for front‐office roles that I was actually interested in, with a solid CV full of broad finance experience). In simple terms, I just wanted to get my foot in the door.
During my first week of university, during induction week, I attended the compulsory sessions and introductions, and then immediately went home to apply for spring weeks. I met another guy who was doing the same thing and we clicked. We worked through applications, failed tests, improved our CVs and cover letters, and tried anything and everything to get invited to interviews and secure offers. Every other week we attended an insight evening at the Canary Wharf or other square‐mile offices of bulge bracket investment banks. We also went to panel sessions and talks hosted by university finance and economics societies, and dreamed of being at the front of the room on the panel one day. As time went on, we formed a nice group of friends at QMUL who were all keen on breaking into the industry. We all helped each other and celebrated each other's wins. Some of us secured offers at investment banks, others ended up with consulting offers, but overall, we helped each other succeed which was nice. A large part of anyone's success comes from who they surround themselves with. So, I'd encourage you to constantly think about the people you have around you, in all areas of your life, not just career, because having the right people around you can save you a lot of time, stress, and effort.
BLACKROCK: MY INTRODUCTION TO ASSET MANAGEMENT
Before everyone jumped on the hype of applying to spring weeks, I was lucky enough to be proactive and secure some solid opportunities. One of these was a week's experience at BlackRock, the world's largest asset manager. This opportunity initially came about as a mentoring programme that was offered at QMUL, and to my surprise nobody seemed interested. Most people just hear and know about the sales and trading, or investment banking businesses, however, the industry is huge and has so much more on offer. I applied, secured a spot, and was mentored by an associate at BlackRock who was working in Fixed Income Portfolio Management. It was great, but the role was too technical for my interests, and since my strengths and interests were in public speaking, communication, and client‐facing roles, I wanted to learn more about the sales roles available in the world of asset management. So, I reached out to the programme manager and asked them if they would be open to offering us mentees an informal insight week at BlackRock so we could explore the different career paths and roles that were on offer. It was well received, and we ended up with work experience (mostly shadowing) at BlackRock. This was a solid win for my CV and it opened my eyes to the world of asset management and the different career paths within.
EDF TRADING: A COLD EMAIL TO THE CEO'S ASSISTANT
Remember that scholarship I mentioned earlier? Well, since it was a scholarship in partnership with my old sixth form and the CEO of EDF Trading, I decided to email the CEO's assistant with a request for a potential internship or work experience on the firm's trading floor. A younger version of me would never have been so bold, but I was a young man on a mission. I told myself to always shoot my shot and always think about how insignificant the worst possible situation actually is. In this case, the worst possible situation would have been either being ignored or rejected. So, I sent the email and waited. Fortunately, it was great news. My proposal was considered and accepted. As a result, the other three scholars and I interned at EDF Trading during the summer of our first year of university. This was another strong experience to add to my CV.
ROYAL BANK OF SCOTLAND (NATWEST): OPERATIONS SPRING WEEK
During my first year of university, I did a few front‐office applications, but prioritised back‐office roles as my focus was purely on getting a foot into the industry through securing a spring week and then converting it into a summer internship offer the following year. One of these offers was an Operations Spring Week at the Royal Bank of Scotland (RBS), better known nowadays as NatWest. I remember skipping a university midterm exam to interview with RBS. Fortunately, it paid off. The spring week itself was a pleasant experience where I shadowed operations employees and got to meet and interact with interns from other divisions. My key takeaway from this spring week was the realisation that operations was most definitely not a career that I wanted to pursue. I wanted to be client‐facing.
However, I still focused on acing the final day's interviews to try and convert the spring week into a summer internship for the following year. Fortunately, I was successful. Even though I knew I didn't want to work in operations, I was over the moon because I had been able to secure a ‘safety‐net’ summer internship for the following year. This would allow me to double down on asset management internship applications in my second year of university. To my surprise, my plan was taking shape and working.
PRICEWATERHOUSECOOPERS (PWC): CONSULTING, ACTUARIAL, TAX, OR ASSURANCE?
Lastly, I secured a place at PwC's Insight Academy, where they took us up to Leeds for half a week. It was less of a formal work experience where you shadow employees and do desk work, but more of a three‐day assessment centre with lots of nice dinners with partners and activities and team‐building exercises. It was great fun. At the end of the Insight Academy, we had the option of choosing which business area we were most interested in securing a place for the summer internship the following year. The options were Consulting, Actuarial, Tax, and Assurance (Accounting). Everyone knew Consulting and Actuarial were the most competitive to break into (we were told by the staff that these business units had the least available headcount compared to the others), and so there I was, thinking tactically once again. I cared more about maximising my chances of securing an offer, as opposed to being picky about which offer I could secure. Personally, Tax sounded extremely boring, so I opted for the alternative option and went for Assurance. I had an interview, spoke about what I had learned throughout the academy, aced a few competency interview questions, and, to my luck, managed to impress enough to secure a place on the PwC Assurance Summer Internship the following year. I was over the moon.
FOUR FOR THE PRICE OF ONE
Whilst most students were trying to secure one spring week in extremely competitive areas such as investment banking or trading, I was more focused on securing many across a range of divisions and industries. And so, in my first year of university, I secured four experiences across asset management, trading, operations, and accounting. It honestly felt amazing going into my second year knowing that my CV was packed with a variety of finance‐related experiences. On top of these experiences, I had also taken on quite a few extracurricular activities and leadership positions at university, as well as making the most of all the events that Sponsors for Educational Opportunity (SEO) London (a social mobility charity) hosted. As a result, I was feeling pretty confident about my chances of breaking into client‐facing roles in asset management and private banking/private wealth management the following year. I told myself the best‐case scenario would be breaking into asset management, and the worst‐case scenario would be doing an assurance internship at PwC or an operations internship at RBS where I'd still be able to convert either of them into a full‐time role.
With each experience I was fortunate enough to meet tons of like‐minded people on a similar journey to me. This was actually extremely useful as it meant I was building and nurturing my network from a very early stage. The industry is a lot smaller than you might imagine, and as time goes on you never know how such connections and networks might evolve. This is why I encourage students and graduates to start building their networks, taking events seriously, and not just focusing on industry professionals from the get‐go.
SECOND YEAR: INTERNSHIPS
When second year rolled around, my CV was looking great and I had one focus. Instead of only applying to back‐office roles like I did in the first year, I would only apply to front‐office roles for internships (specifically, asset management and private banking/private wealth management). Why? Well, firstly, I already had internship offers secured for operations at RBS and assurance at PwC. And, secondly, having spent time at BlackRock, I knew I wanted to work in the world of investment management given the alignment of my core strengths and career interests. Investment banking didn't attract me one bit due to the long hours and lifestyle, nor did the early mornings, markets focus, and intensity of the trading floor.
After tons of applications, online tests, versions of my CV and cover letter, assessment centres, interviews, and rejections, I managed to secure an offer from none other than Goldman Sachs within their Asset Management business. The prospect of securing a summer internship at Goldman Sachs wasn't only out of my expectations, it was beyond my wildest dreams. It makes me laugh because I submitted my application the day before the deadline, and I missed the initial phone call when the HR team wanted to notify me of having successfully secured a place on the programme. I emailed them immediately, they called me back, and being told I had secured an offer at Goldman Sachs Asset Management was one of the greatest feelings of my academic career. I tried not to get carried away, however, as I was eagerly waiting for the contract to arrive so I could sign it and get everything set in stone before celebrating or even mentioning the exciting news to anyone outside of my family.
True story, I almost went with Barclays for their Private Banking internship programme instead of Goldman Sachs. With all due respect, I thought I'd have a higher chance of converting the internship at Barclays into a full‐time role. Luckily, I ignored my negative self‐talk, consulted my close circle of family and friends, and went all in on Goldman Sachs.
I spent 10 weeks in the Consultant Relations team, which is the team in the world of asset management responsible for managing relationships with investment consultants, who are effectively the gatekeepers to a lot of client capital. Investment consultants rate the products we offer clients to invest in and they advise their clients (pension funds, insurance companies, etc.) whether to consider investing with the firm or not.
The internship included tons of catch‐ups, presentations, networking and social events, desk work, client meetings (I had a great manager who gave me client exposure early on), group projects, late nights past midnight, expensed dinners, and a final presentation in front of everyone I met during the internship. After 10 intense weeks, I managed to head back to university knowing I gave it my all. There was nothing left to do, but wait for a phone call to either let me know that I had failed and wouldn't be receiving a full‐time offer, or that I had succeeded and secured a spot to join full‐time after my graduation.
A few weeks after the internship had ended, I was in Mile End, near QMUL, playing football when I checked my phone during a break. 1 missed call. I can't exactly remember if I returned the call or if it automatically rang again, but it was my manager. I was extremely nervous before she told me the good news. She told me that the team really enjoyed having me over the summer and that they'd be delighted to offer me a full‐time position after I had finished my final year at university and graduated. You know the feeling I described earlier when I secured the summer internship? This feeling topped that, tenfold. I was lost for words. It was a no‐brainer for me. It was an immediate yes. I just needed to wait for the contract to arrive so I could sign it. The added bonus was that I knew I wouldn't have to submit a single graduate scheme application going forward because I had just secured the only full‐time role that I was interested in, at the firm of my dreams. I felt blessed and truly grateful. My strategic approach to breaking into banking was working.
THIRD YEAR: TAKING A BREATHER
I went into my third year of university pretty chilled and relaxed, knowing that I had the best possible career offer already in the bag. Word went around and the general reaction was excitement and congratulations from my friends, and confusion from anyone that knew of me, but didn't know me. I say this without any intention of sounding arrogant, but it was rare for someone from my university, let alone someone growing up on free school meals, in a single‐parent household on a council estate, to break into a front‐office role at Goldman Sachs. But there I was. Somehow, I did it. I turned my focus to my studies (I honestly hated studying, found it completely pointless, and only went to university because it was needed to secure a spring week and internship), and tried to help as many of my friends with their CVs, cover letters, and applications as possible.
GRADUATING: GOLDMAN SACHS AND LIVING LARGE IN NEW YORK
After my final year of university was done and dusted, Goldman Sachs flew me and all of the new analysts out to New York for global training. In those six weeks I met the New York Consultant Relations team, networked as much as I could, and we had tons of structured learning, workshops, presentations, networking sessions, socials, and so much more. For many of us it was our first time in New York, so we used every opportunity to go out to explore the city, visit museums, watch Broadway shows, eat, shop, and explore. It was the summer that Germany won the World Cup, the weather was perfect, and I felt like I was living the good life. Once New York training was over we all flew back home and started as full‐time analysts a few weeks later, in September. And that's the story of how I broke into the industry. The rest is history.
