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The UK’s official graduate careers website
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Most graduates begin in analyst roles. These are two to three-year trainee positions, after which they progress to associate level, though candidates with MBAs may have direct entry. Associates typically have a team of analysts working for them. After a further three years, they may move to vice-president (VP), managing the day-to-day work of both associates and analysts. VPs are in more frequent contact with clients and may have their own customers. The next step is director or executive director and then managing director, although promotion beyond VP is difficult. Some banks only promote around 6-8% of staff to managing director level. Exceptional individuals may achieve this within ten years of graduating.
Although responsibility increases with seniority, analysts are still put on a steep learning curve and, in order to progress, they are expected to demonstrate more than just analytical skills. Additional competencies include strong leadership potential, sophistication of judgment, an understanding of client motivation and industry as well as expertise in the commercial context of their work. Being pro-active and gaining experience in as many areas as possible from an early stage demonstrates commitment and a desire to move upwards.
Performing well not only leads to good bonuses and internal recognition, but attracts outside attention - headhunting is common within the sector. High performers are in demand and it is not unusual for individuals or whole teams to be poached by other banks. Headhunting aside, regular moves between banks are possible. Experienced investment bankers may also move into senior management positions in industry, commerce or government.
It is also possible to enter investment banking after training as an accountant or lawyer. Specialist industry knowledge is highly valued, as is a range of talents, including quantitative skills and general financial knowledge.
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