Banking and Finance Graduate jobs

[silversakura]

Hi everyone
I did Bachelor of Applied Finance, just graduated in February and now having problem looking for a job like most of graduates out there (but i think my case is even more hopeless). I'm a bit lost, or I should say I'm totally lost. I keep telling myself that I must get a job no matter what but the problem is I don't even know what I want to do or have any idea of what is there to do.

I like trading (shares & forex) but I doubt I could find any job without having specific knowledge of the job market. I mean if someone's interested in trading, what sort of jobs should she apply for? Junior Financial Trader? Is there any other position that I could aim for?
And it didn't take me long to realize I'm in no position to be picky about the jobs or looking for positions that I thought might suit my interests. I then decided to go and apply for whatever they have out there, anything that relates to Finance, it was when I felt even more hopeless since most of the jobs require experience and the use of software or systems that I have never even heard of.
Then I started to wonder how did people find their first job? I'm no genius, I graduated with a Pass average. I know this is awful. If only I could get better results, looking for a job would be a lot easier, maybe?

In short I don't know where to start...I can't just go blasting my resumes around without a specific goal or direction as I believe it wouldn't result in anything but waste of time. Anyone would be kind enough to share their experience of how they find their first finance job?
My aunt asked me if I have already tried applying for graduate program of the big 4 banks. I told her I haven't because they are so out of my league...

Any piece of advise anyone? Please? Even the smallest ones would be appreciated.
Thank you for your time.

 

[McLovin]

I like trading (shares & forex) but I doubt I could find any job without having specific knowledge of the job market.

This kind of comment makes me think you might be going about it in the wrong way. Forget about what you like doing and focus on where you might be able to get a job. You need to find something in back office. Most large instos aren't going to hire someone with a pass mark and put them into middle/front office.

This is the kind of stuff you should be looking for...

http://www.seek.com.au/Job/settleme...ydney-cbd-inner-west-eastern-suburbs/24201397

OK it says you need SWIFT experience, but that probably takes all of half an hour to learn how to use. If your competent they'll move you out of their pretty fast (although they usually will give you a song dance about 12-18 months in a role etc)

It will get you in the door, and once you're in it's a lot easier to move around.

Unfortunately, with a pass average you need to put to one side any ideas of getting into grad programs.

Pretty much every financial institution has a steady turnover of contract/temp staff. Fire your resume off to a few recruitment agencies and see what they get back to you with.

Finance these days is a tough industry to be in. Good luck.

 

[dutchie]

Hi (ho) Silver

I suggest you start applying for any job (within your general area).

1. It will get you experience in applying for jobs and doing interviews.
2. Not many people get their ideal job straight up.
3. You probably don't know what you want to do anyway so getting started is the hardest part.
4. Work for a year and get experience in being in the workforce and having it on your resume.
5. People already working usually have a better chance of getting other jobs.
6. If you have a job then you can apply for others in a position of strength (i.e. you are not desperate or reliant on getting it).
7. Your thoughts about your career may be clearer by talking to workmates/bosses etc.

 

[skc]

You sound lost on how to get a job and you'd be in a same boat even if you had top marks. Is there a graduate employment office in your university who can help you?

As a graduate with so so marks, you should be willing to do any job. And if you are willing to do any job, you should care less about what is advertised on Seek etc, and just write letters to every large and small financial institutions out there and apply for graduate position.

Many firms look out for young blood (even though they are not actively advertising for it) and firms in the lower echelon knows that they can't attract or keep university medallists. So if you can write a decent applciation letter / CV (again, speak to your employment office for help) you might get somewhere.

I graduated in Engineering back in the late 90s. I picked up the "Book of Lists" (published by BRW I think) and found the list for 50 largest engineering firm in QLD and sent letters/CV to the top 25 of them or so. Got a few interviews and picked a company I want to work for. BTW the norm those days was to start the job search 6 months before graduation...

And here's two stories for inspiration (actually one is for comic relief).

1. Look up Sara Blakely - youngest self made female billionaire.
http://www.smh.com.au/lifestyle/life/perfect-failures-20130322-2gl10.html
2. Aleksey Vayner video resume...
http://www.youtube.com/watch?v=4EkFTWBmmr0

Good luck and don't give up.

 

[JTLP]

Some great posts from McLovin & SKC - the things I'll add are:

- Keep your resume tight/relevant and tailor whatever skills you have to the job you're going for
- On the above - don't give a blanket cover letter to all the jobs you apply for. A little tailoring goes a long way!
- Pick up the phone and call some of the HR departments if you have to. They'll probably appreciate it more and you can get across a lot more in voice than a resume.
- Perhaps ask if they have an interns (unpaid may have to do) even if its just 1/2/3 days a week
- HAVE SOME CONFIDENCE! You sound pretty down in your post - keep your head up

 

[silversakura]

Thank you all for the replies! Such great help!
To be honest, to make up for my Pass average, I did quite a number of volunteer activities during my time in uni. I have good reference from uni too (a reference letter and a couple of certificates for volunteering). I also did a team project for Nielsen but it's more like a marketing one, still manage to get a reference letter from them though.
My friends said at least I still have something to brag about. But here I am, still jobless. The experience is not quite relevant obviously.
I did try to look for some marketing jobs but I guess I was a bit naive thinking I could get one with just a project and some volunteer activities on my resume.
I haven't tried working with a recruitment agency though. I will send them my resume soon, see how it goes. Also I really love the idea of SKC about the "Book of list" I may as well find a list of finance companies, ring them up and ask if they have any internship or volunteer work available at the moment.
I'm still not sure of what I want to do in the near future, no choice but to 'get in the door' first at any cost and then may my career aspect will become clearer.

Thanks for all the wishes. All the best to you too!

 

[Julia]

.
I may as well find a list of finance companies, ring them up and ask if they have any internship or volunteer work available at the moment.

I'd be surprised if you received any positive response to a phone call which seems a bit lazy.
Perhaps find out something about each of them and write a letter, not just about yourself, but also referring to something interesting you have found out about them. In other words, start thinking about how you can make an impression on a potential employer. I don't think casually phoning does that. Doesn't give the first impression that this is a candidate that's really seriously trying, does it?

 

[db94]

sounds like youre in a bit of trouble...

If I were you id try to network as much as possible. Do you have any friends who have jobs in areas your keen on? speak to them, see if they could help you out and get your foot in the door. Get linkedin

Did you join any societies at uni? these can be great places to meet people and network. Its too late now if you didnt but if you did contact some people you met.

With a pass average don't expect anything too flash, finance is extremely competitive with a distinction average and great extra curriculars sometimes need as a minimum.

If youre keen on trading, why not open an account and start trading if you have the money. If you have a proven track record this would help you greatly

All the best

 

[silversakura]

Hi Julia, you are right, I talked to a friend and she also told me the same thing. I can't just call them and ask for an internship so casually. I guess I gotta do some serious research before ringing up any bank or companies.

@ Db94: I got told about networking a lot but I don't think I'm that good at it I mean I'm not used to talking or getting to know people just to get benefited from them. I know I'm the one being weird here and this would be quite a disadvantage for me in both life and career but I just can't help it...
I have been taking some time looking at some trading materials (I'd like to start off with forex trading first). I also attended a few seminars but I didn't get much out of it since most of them were trying to get money from me, I mean to persuade me to enrol in their courses and stuffs so I decided to learn trading by myself (do you reckon I'm being too ignorant here? decided to learn trading all by myself?).
Again you can say I know next to nothing when it comes to trading techniques and strategies. Also I do have money but not that much (just some money earned when I still worked part-time for a restaurant). Some people say I can start trading with just $500 but I highly doubt it. Yes maybe I can still trade with that little money but the profit won't be that much nor significant enough to impress my future employers. (Haha but I think I will start trading soon anyway. If I won't start soon, I can't learn...and it's gonna take me quite some time)
Oh could anyone please tell me how people keep track of their trading record? So that they can show the others (like the potential employers) later? Do they write down how much profit they make or something? Are they using some sorts of software?
I can see that I have been quite a pain for asking so many questions...can't express how thankful I am for all the help so far. Thanks heaps!

 

[Julia]

@ Db94: I got told about networking a lot but I don't think I'm that good at it I mean I'm not used to talking or getting to know people just to get benefited from them. I know I'm the one being weird here and this would be quite a disadvantage for me in both life and career but I just can't help it...

You only think you're no good at it because you've never tried it. Are you going to go through your whole life just doing what you feel confident about? Business works largely by networking - who knows whom, who passes on a name of a potential candidate to a friend, etc.
As a new graduate you have little to offer until you can log up some experience and some learning outside of the cloistered walls of the university. Get a job. Any job. Start somewhere, rather than waffle about with virtually no capital trying to trade to make money.

 

[Gringotts Bank]

Hi everyone
I did Bachelor of Applied Finance, just graduated in February and now having problem looking for a job like most of graduates out there (but i think my case is even more hopeless). I'm a bit lost, or I should say I'm totally lost. I keep telling myself that I must get a job no matter what but the problem is I don't even know what I want to do or have any idea of what is there to do.

I like trading (shares & forex) but I doubt I could find any job without having specific knowledge of the job market. I mean if someone's interested in trading, what sort of jobs should she apply for? Junior Financial Trader? Is there any other position that I could aim for?
And it didn't take me long to realize I'm in no position to be picky about the jobs or looking for positions that I thought might suit my interests. I then decided to go and apply for whatever they have out there, anything that relates to Finance, it was when I felt even more hopeless since most of the jobs require experience and the use of software or systems that I have never even heard of.
Then I started to wonder how did people find their first job? I'm no genius, I graduated with a Pass average. I know this is awful. If only I could get better results, looking for a job would be a lot easier, maybe?

In short I don't know where to start...I can't just go blasting my resumes around without a specific goal or direction as I believe it wouldn't result in anything but waste of time. Anyone would be kind enough to share their experience of how they find their first finance job?
My aunt asked me if I have already tried applying for graduate program of the big 4 banks. I told her I haven't because they are so out of my league...

Any piece of advise anyone? Please? Even the smallest ones would be appreciated.
Thank you for your time.

I got my current job by identifying where I wanted to work. Then I just walked in off the street and asked to speak to the boss. Luckily it was lunch time and he was free. One week later he called me and said I could do a few hours as a trial. Went from there. I'm not in finance, and I don't really know that world, but if you show initiative and can sweet talk the front desk, I'm sure that you might get a start somewhere.

The tone of your post is very low in confidence, so I'd start with that aspect. Don't worry about grades too much unless you want to work for some highly prestigious company.

 

[skc]

I got my current job by identifying where I wanted to work. Then I just walked in off the street and asked to speak to the boss. Luckily it was lunch time and he was free. One week later he called me and said I could do a few hours as a trial. Went from there. I'm not in finance, and I don't really know that world, but if you show initiative and can sweet talk the front desk, I'm sure that you might get a start somewhere.

What industry is that? This won't work in finance as everyone's too busy to take lunch break. The only people doing lunch breaks are old school brokers who are losing business so badly that they won't be hiring anyone anyway.

Here's an alternative.

1. Pick an institution (say Macquarie).
2. Bring 3 hot girl friends and wait outside there on a Friday night.
3. Target a bunch of employees finishing work and going to their local pub/bar. Make sure within that group there is someone who appears to have hiring power.
4. Follow them to the pub/bar.
5. Meet them yourself or use the hot girls you've prepared earlier.
6. Slowly find out more about the company/industry and sell yourself.
7. If 6 above doesn't work, use hot girl and phone camera as blackmail tool (after you establish that they have a girlfriend / partner already).
8. Name your salary.

Let us know how you go.

P.S. Seek your own legal advice.

 

[doctorj]

The tone of your post is very low in confidence, so I'd start with that aspect. Don't worry about grades too much unless you want to work for some highly prestigious company.

A job hunt that takes longer than expected can be one of the most difficult things you will go through. I understand this impacts confidence, but the OP just must deal with it. If the first thing he does in an interview when asked about his grades is apologise for them, he is out the door before he knows it. He's out the door because you’ve put yourself in the loser bucket. And to be honest this is probably for the best; finance tends to attract especially strong willed and even arrogant folks. I’ve you don’t have a good sense of self-worth , you will be eaten alive.

If the OP can get over this and decides to continue looking in finance, he has to put himself forward as a well-rounded candidate. This means incorporating his extra-curricular activities into an overall story that fits. He also need to be current in financial news and be prepared to field questions on these topics e.g. ‘Is Slovenia the next Cyprus?’, ‘What impact will the changes to the way gold miners report their production costs per ounce of gold have on Australian gold miners?’, ‘What impact will Basel III have on Australian Banks?’. Read the AFR, FT and the WSJ daily. Read Zerohedge. Know what’s going on. This alone will differentiate him from 90% of candidates. If he doesn't get asked a question in interview about something topical that’s relevant to the company he's interviewing for, he should ask the interviewer their opinion! Then give his own!

In the short term, a job search is a question of discipline. You need to aim to apply for 1-2 jobs every day. You need a daily routine – read the press, send of applications and get on with your day. Consider using your free time to study for the CFA Level 1 exam. This shows interviewers that you’re proactive and don’t waste time.

I moved to London in September 2008 and started job hunting for a banking role just days before Lehman Bros went under. My interviews disappeared overnight and all of a sudden, I was competing with 1000s of bankers that had experience in London, had much better experience, had better names on their CV (most were Oxbridge folk) and were willing to take anything – even things much below their level of experience. It took me months and was extraordinarily difficult to stay confident and disciplined, but 3+ months later, I found a job with a bank with a balance sheet that I can use to make some extremely interesting trades in countries that I knew almost nothing about before joining.

So keep at it and don’t let these naysayers drag you down!

 

[db94]

@ Db94: I got told about networking a lot but I don't think I'm that good at it I mean I'm not used to talking or getting to know people just to get benefited from them. I know I'm the one being weird here and this would be quite a disadvantage for me in both life and career but I just can't help it...
I have been taking some time looking at some trading materials (I'd like to start off with forex trading first). I also attended a few seminars but I didn't get much out of it since most of them were trying to get money from me, I mean to persuade me to enrol in their courses and stuffs so I decided to learn trading by myself (do you reckon I'm being too ignorant here? decided to learn trading all by myself?).
Again you can say I know next to nothing when it comes to trading techniques and strategies. Also I do have money but not that much (just some money earned when I still worked part-time for a restaurant). Some people say I can start trading with just $500 but I highly doubt it. Yes maybe I can still trade with that little money but the profit won't be that much nor significant enough to impress my future employers. (Haha but I think I will start trading soon anyway. If I won't start soon, I can't learn...and it's gonna take me quite some time)
Oh could anyone please tell me how people keep track of their trading record? So that they can show the others (like the potential employers) later? Do they write down how much profit they make or something? Are they using some sorts of software?
I can see that I have been quite a pain for asking so many questions...can't express how thankful I am for all the help so far. Thanks heaps!

well its never too late to start getting social and network! pm me and i tell you a few things ive read which would help you or at least be of some minimal assistance at this. if you don't have the money, why not open a simulated trading account? This would be a better route than just jumping straight into the lions den anyways