What’s it like coming from a non-economics background and applying to the world of Banking, with little knowledge of the sector? Péter Juhász, a recent Physics graduate from Trinity College, reveals 5 things he’s learned during his internship in an investment bank
#1: There’s no such thing as a ‘normal’ background.
While maybe 50-70% of people will be coming from an Economics or Finance background, the other 50-30% will actually be coming from basically anywhere else. Many will have quantitative backgrounds (Engineering, Physics, Maths are the most common), but others have studied Languages, History, or indeed any degree you can think of. So, don’t think that because you haven’t studied Economics, you have either no place or no chance of getting into a bank!
#2: In fact, people from a non-economics background are important to the bank.
Quantitative skills are very important in a variety of areas: data analytics, trading, market modelling and the like are mostly for people of a very quantitative background. For these roles, you don’t have to know how the economy is working as a whole – it’s more about knowing your specific area, and being good at maths. Besides that, usually the most important skill is to be able to learn fast and to be able to understand complex ideas, or draw conclusions from a long text quickly – the latter is something that those doing essay-based courses will find especially easy. This is valuable to the bank, and you may naturally find research interesting, for example. It is also generally true that being able to understand complex ideas quickly is not tied to doing a particular course, and the fact that you’re at Cambridge means you are probably already good at this.
don’t think that because you haven’t studied Economics, you have either no place or no chance of getting into a bank!
#3: Application preparation is key.
The first and most important thing to keep in mind is the deadlines – applications usually close late October/November. However, and I must emphasise this, do submit your application as early as possible, ideally in early October (i.e. right after you come back to Cambridge), as applications are considered on a rolling basis. As there is a massive interest in the industry, places tend to fill up really quickly, and most recruiters start running interviews before the deadlines. The end of November will already be too late, even if applications are not technically closed.
When you put in applications, there will usually be three interview rounds (from my experience). The first round will be your CV submission and doing online skills tests (usually maths). This will involve simple maths, like calculating percentages, but under immense time pressure. It’s best to practice this beforehand if you are not confident, either due to not working with numbers in your degree very much, or indeed just stressing because of the time pressure. It’s equally important to know how to keep your cool when doing the tests. Check out the Careers Service’s website to practice tests. Putting in applications requires a lot of time, often involving copying the same information over and over again, and you really just need to commit to that.
Keep your CV concise, to one page ideally – remember how many they have to go through(!) In your cover letter, try to come up with something which sounds credible, explaining why you want to work at that particular bank. For me, in Citi’s applicant newsletter I spotted that the organisation had financed building up the data centre of CERN in Hungary. Now I’m a Physicist, and Hungarian as well, so I could (briefly) talk about how inspiring that was…and it really was! Try to identify any connection that can help your application stand out, and make sure your letter looks neat and formal.
#4: Speaking to those in-the-know is invaluable.
The Careers Service is great, and you could seek advice from a friend working in a bank, and people at careers fairs – to understand what the difference is between, for example, Investment Banking and Investment Management, and all the other names they give to business lines which sound very similar and confusing for those coming from the outside. It’s really important to identify what would interest you, and what could be relevant for you, so networking is useful.
#5: Basic knowledge about financial markets is useful.
In the next round, you will probably have interviews over the phone, by video, or in person, and then a final interview round (most probably in person) will follow. In these, they may ask you questions about your studies, extracurricular activities, and any work experience you’ve gathered. The only advice I can give is to be honest and open-minded during your interview, and try to answer questions to the best of your knowledge. Interviewers will probably ask why you want to do Banking (given your background is different), so do think about this before you go into any interview. Finally, you will have to demonstrate a basic knowledge about financial markets (e.g. what the difference is between a share and a bond). There is a very good booklet, ‘Vault Guide to Finance Interviews’, and alternatives can also be found in the Careers Service library – just ask them.
Well, that’s all I can say, and good luck with your interviews!
Learn more about the Banking and Finance sectors on our website, and don’t miss our Banking & Finance Event on 11 October – the briefing for which is on 4 October. All details in the run-up to these events can be found in our diary
Making an application this autumn? Don’t forget to make use of our CVs & Applications Book and the application advice on our website