There was a time when a recommendation from a well-placed relative could secure an internship at one of London's or New York's financial institutions. Today, even the best-connected candidates for broking and banking roles cannot rely on that luxury, and competition for entry-level finance positions has intensified.
Help is available. Fin Tok and YouTube videos can build some fluency in the language of finance, while LinkedIn can put new entrants in touch with high-paying investment banks, trading groups and fund management firms. Finding the right connections is difficult, however, and most candidates will need more than free videos to gain an edge. Specialist recruiters and tools can help candidates get started.
In the US, Handshake connects job seekers with recruiters across finance, offering information about paid internships and graduate placements on Wall Street and other global financial centres. Randy Tarnowski, research director at Handshake, notes that each US investment banking internship drew 382 applications last year, more than three times what a non-financial internship receives. In the UK, Bright Network, founded by James Uffindell, offers an online jobs and internship site and networking events such as career fairs. "Everything we do is free for candidates and members and [is] paid for by our 300-plus employer partners," Uffindell says.
Professional recruiters rarely seek out younger applicants, since their fees depend on starting salaries, which tend to be lower at entry level. Dartmouth Partners, based in London with offices in New York, Charlotte and Hong Kong, is an exception. Will Munn says its early careers team receives 65,000 CVs annually in London alone, and applications for its intern and graduate programmes have climbed around 35 per cent a year for the past two years. Employers, meanwhile, are having to work harder to differentiate themselves, as candidates increasingly want to know about company culture and the likelihood of a full-time offer.
Source: Financial Times Companies · Summarized by HeadlinesBriefing