Careers in The CityCareers in The City

Rob CornishRob CornishInvestment Manager Investment Manager

GAM UKGAM UK12 November 200812 November 2008

OverviewOverview

1)1) Financial Services IndustryFinancial Services Industry

2)2) Working in the City / SkillsWorking in the City / Skills

3)3) Me (!)Me (!)

4)4) Getting a jobGetting a job

5)5) QuestionsQuestions

Financial Services IndustryFinancial Services Industry

Commercial BankCommercial Bank Insurance Insurance Real EstateReal Estate Investment BankInvestment Bank Asset Management Asset Management Hedge FundHedge Fund ……

Jobs in the CityJobs in the City

Stereotypes (think Wall Street!)Stereotypes (think Wall Street!) Reality is a wide variety of differing jobs Reality is a wide variety of differing jobs

requiring differing skillsrequiring differing skills

……For Example…For Example…

Corporate Finance (churn & burn, no sleep?)Corporate Finance (churn & burn, no sleep?) Equity Sales (Interpersonal skills, good memory)Equity Sales (Interpersonal skills, good memory) Private Clients (Personality, nice suit?)Private Clients (Personality, nice suit?) Equity Analyst (Inquiring mind, accounting)Equity Analyst (Inquiring mind, accounting) Trader/Dealer (Fast thinking, less academic)Trader/Dealer (Fast thinking, less academic) Quantitative Analyst Quantitative Analyst

(Mathematical/Econometrics/Programming, PhD)(Mathematical/Econometrics/Programming, PhD) Strategist / Economist (Macro trends, bigger picture)Strategist / Economist (Macro trends, bigger picture) Back office (Administrative, attention to detail)Back office (Administrative, attention to detail) Performance / Risk Team (Report building for traders)Performance / Risk Team (Report building for traders) etc, etc, etc…………etc, etc, etc…………

A little about me….A little about me….

Graduated BA Economics at NTU, 2000Graduated BA Economics at NTU, 2000- Aspirations to work in economics related field- Aspirations to work in economics related field

Factset Ltd, Oct 2000 – Oct 2003Factset Ltd, Oct 2000 – Oct 2003- Financial software firm- Financial software firm- Helpdesk / Consultant / Quantitative Consultant- Helpdesk / Consultant / Quantitative Consultant

GAM, Jan 2004 - PresentGAM, Jan 2004 - Present- Investment Analyst- Investment Analyst- Investment Manager- Investment Manager

MSc FinanceMSc Finance- Birkbeck College, University of London, 2003 - 2005- Birkbeck College, University of London, 2003 - 2005

Investment ManagerInvestment Manager

Responsible for investing money in Responsible for investing money in European equity marketsEuropean equity markets

Two funds/portfolios – ‘Long Only’ and Two funds/portfolios – ‘Long Only’ and Hedge Fund Hedge Fund

Quantitative approach (as opposed to Quantitative approach (as opposed to fundamental/qualitative)fundamental/qualitative)

A day in the life - Part 1A day in the life - Part 1

Get up at 6.00amGet up at 6.00am Tube at West Hampstead at 6.35amTube at West Hampstead at 6.35am Arrive at GAM in St. James’s at 7.00amArrive at GAM in St. James’s at 7.00am Check overnight markets (US + Asia)Check overnight markets (US + Asia) Read UK / European news / press Read UK / European news / press

releases / broker commentsreleases / broker comments Place any necessary trades when the Place any necessary trades when the

market opens at 8ammarket opens at 8am

A day in the life - Part 2A day in the life - Part 2

Quantitative research Quantitative research Fundamental researchFundamental research Product developmentProduct development Meeting company managementMeeting company management Marketing (investors, journalists)Marketing (investors, journalists) Rebalancing funds (i.e., trading)Rebalancing funds (i.e., trading) Leave c.5pmLeave c.5pm

Getting A City JobGetting A City Job

The hardest part: Getting your foot in the The hardest part: Getting your foot in the door….door….

1. Apply for graduate programmes1. Apply for graduate programmes

- - HighlyHighly competitive (apply on time!!!) competitive (apply on time!!!)

- Top 10 Red Brick + Excellent A-- Top 10 Red Brick + Excellent A-levelslevels

- Assessment centres / Interview- Assessment centres / Interview

Extremely competitive !!!Extremely competitive !!!

……Competition….Competition….

“ “Competition for positions is fierce. Some Competition for positions is fierce. Some investment banks receive 9,000 applications for investment banks receive 9,000 applications for around 150 places per year. This means, on around 150 places per year. This means, on average, there are around 60 applicants per average, there are around 60 applicants per position. Around 7,500 of these applicants do not position. Around 7,500 of these applicants do not make it past the initial application stage, so make it past the initial application stage, so preparation and planning are essential if you want to preparation and planning are essential if you want to succeed at each of these stages.”succeed at each of these stages.”

Source: Source: http://www.prospects.ac.ukhttp://www.prospects.ac.uk

What else can I do?What else can I do?

2. More education2. More education

- Masters, PhD- Masters, PhD 3. Slip in through the side door….3. Slip in through the side door….

- Work for a vendor / service provider- Work for a vendor / service provider

- Job in back office / Non-investment area- Job in back office / Non-investment area 4. Internship4. Internship

InterviewsInterviews

Emphasis on personalityEmphasis on personality What attracts you about this role?What attracts you about this role?

- Determine attributes of job and why you fit- Determine attributes of job and why you fit- Compare to other roles- Compare to other roles

Why do you want to work for this financial Why do you want to work for this financial institution?institution?- Know the difference between this bank / - Know the difference between this bank / company and the one down the street?company and the one down the street?

Improve your chances….Improve your chances…. Know key basic industry terms/concepts Know key basic industry terms/concepts

- e.g., buy-side, sell-side, hedge fund, - e.g., buy-side, sell-side, hedge fund, equities, fixed income, derivatives, private equities, fixed income, derivatives, private equity, front / middle / back office, etc equity, front / middle / back office, etc

Keep up to date with current financial topics Keep up to date with current financial topics - e.g., “credit crunch”, recession, exchange - e.g., “credit crunch”, recession, exchange

rates, BRICs growth, commoditiesrates, BRICs growth, commodities- Can you talk for 90 seconds on each?- Can you talk for 90 seconds on each?

Read the FTRead the FT Be innovativeBe innovative

- Use contacts, send letters, cold call- Use contacts, send letters, cold call

ResourcesResources

ONLINE!!!!ONLINE!!!! JobsJobs Explanation of terms you need to knowExplanation of terms you need to know Overview of financials marketsOverview of financials markets

Is It Any Good?Is It Any Good?

ProsPros- Mentally stimulating- Mentally stimulating- People- People- Variety - Variety - Money- Money

ConsCons- Lifestyle balance / Am I doing something - Lifestyle balance / Am I doing something

worthwhile?worthwhile?- Fatigue / Hard work (!)- Fatigue / Hard work (!)- London?- London?

? Questions ?? Questions ?