As we noted last week, things aren't great in the world of investment banking graduate recruitment. Several investment banks seem to have filled all their front office graduate positions for 2013 already. Competition for positions at those which haven't is going to be extra-intense.
Bearing this in mind, you may want to consider a more circuitous route into a banking career. Like, for example, the UK Treasury.
Today, the Treasury has opened its graduate recruitment programme for policy advisors for 2013. It's not clear how many places are on offer, but we would hope that the Treasury's graduate recruitment will be less susceptible to the vagaries of the market than investment banks'.
Graduates who would like to work at the UK Treasury will need to have a 2.1 in any discipline and to be from an EEA or Commonwealth country. As a first step in the application process, you will also need to demonstrate your suitability by showing that you have the following four skills (there's more information on the skills here.)
- Setting direction/Making effective decisions
- Delivering results/Delivering at pace
- Engaging people/collaborating and partnering
- Communicating with clarity and enthusiasm
We know that the UK Treasury is a good springboard into investment banking careers because The Treasury is forever complaining that its staff are leaving to work in investment banks. In March it emerged that the median age of staff at the Treasury is only 32 and that 50% of Treasury staff have joined since 2008. Needless to say, if you want to join the Treasury simply in order to switch into investment banking four years later, you are not advised to say so during the interview.