Some security for banking graduates 
Article originally published in Inside Careers

Graduates shouldn’t be deterred when applying to the big banks in 2008, despite the global credit crunch and increase in redundancies across the City.

Emma Halls, Director at recruitment specialist Finance Professionals City, told Inside Careers:

“Graduates may be a bit nervous about going into banking in the current climate, with recent press stories about redundancies. However, while certain areas have been affected by recent events, even in a downturn market banks don’t drastically cut their graduate hiring. After all, these hires will be the decision makers of the future.”

With a wealth of experience within the banking recruitment market, Emma knows what to expect:

“We won’t see the same increase in hiring that we’ve witnessed over the last few years, but it should remain similar to 2007. The key difference is that hiring will be into different areas; commodities, emerging markets, private banking and insurance will all see an increase.”

Tom Stoddart, graduate recruitment specialist at Finance Professionals City added:

“Companies are very much continuing to hire at the junior level. The media hype should not make graduates feel apprehensive. Admittedly, when the market is good, often degree type is irrelevant as long as they are a high achiever they have a chance. But across 2008, we will see banks becoming stricter on assessing the credentials of graduates.”

In view of this Tom offers some sound advice to recent graduates:

“To be considered for the top banking graduate roles banks are now seeking those with a 2.1 or above, ideally an MSc in Banking Finance, relevant internships, industry work experience and a strong demonstration of Financial Markets knowledge. It is becoming tougher than ever, requiring ambitious achievers with a high level of technicality.”

So what can graduates expect when it comes to salary and remuneration?

“We expect graduate salaries to stay the same as 2007”, Tom added.

“Graduates may expect them to decrease but they won’t. Having said that, the days of £5k golden handshakes are probably over for now. Even so, incentives across the banking market still remain attractive with flexible benefits on offer, in-house life management centres aimed to manage work and personal life, as well as a far higher bonus than in other sectors.

For more information, including a 2008 graduate salary survey, please contact Alex Williams at:

City@financeprofessionals.com  

For more graduate career information visit http://www.insidecareers.co.uk/