NEWS CARRIERES BANKING

The statistics for Graduate recruitment in 2008/2009 are still a long way from complete, but even at this stage, a pattern is beginning to emerge. In Investment Banking, it is clear that the level of vacancies is a lot lower than in previous years, as is the level of applications. At the graduate level, vacancies in Investment Banking in the UK seem to be running at about 40% of the level seen two years ago. Vacancies in Retail Banking and Finance have reduced much less, but are nevertheless down by around 13% while vacancies in Consulting, an area that Banking students frequently look to at times like this, are down by 25%.

These figures are provisional, but reflect the changes that Career Services professionals at EDHEC and other Business Schools are seeing across Europe. It is clear that much of the recruitment that is being done is through Internships this year. Employers are hopeful that the economic recovery will be under way in 2010, and are, therefore, looking to defer the recruitment of 2009 graduates until the arrival of some green shoots of recovery. In the surveys that I have seen, Campus Recruitment Directors clearly state that it is their intention to maintain Graduate Recruitment this year, even if it is at a reduced rate.

What advice would I give students looking for employment at times like these?

          Go broad in your selection of institutions to apply to. In the coaching sessions I am having with final year students at EDHEC and elsewhere, I am still being told that the student has applied to Goldman Sachs, JP Morgan and Morgan Stanley and has then given up because neither of those 3 will take him or her. Don't limit yourself to the hardest companies to get into.

          In a market like this, personal recommendations from people working in your target company count for a lot. It has never been so important to network into the companies you want to work for. If you are not sure how to network effectively, make sure you contact your career centre for advice.

          Given the shortage of vacancies, are you as well prepared for an interview as you can be? Have you talked to people currently working in the organization? Have you gone the extra mile in terms of the Research you need to do? Have you read or watched Interview Skills preparation material? Have you used video-interview training offered on your campus? Have you organized an interview simulation with your Career Advisor?

          Try to be flexible about where you work. You may wish to work in Structured Products within an Investment Bank, but this is an area that is bound to have recruitment constraints post the CDO write-offs, whereas Private Banking is still looking for people. Even within Private Banking, Structurers are needed to create solutions for the clients using derivatives and Structured Products. And remember that banks are obliged to advertise vacancies to the existing staff before they advertise them externally, so even in an internship in another department of the bank -  you will be in pole position to apply for the position you really want once the market recovers. Patrick Fearon - Career Advisor Msc - EDHEC