1.      Prepare

Do your homework. Research the company you applied to and study their history, work ethics, business partners and business deals. Most investment banks are focused on target schools and usually conduct interviews through your school career center. Be sure to regularly check the available positions and opportunities with your school career counselor.

If you are not coming from a target school, the hunt for an interview is slightly harder, but not impossible. Reach out to your career center and find out if they can introduce you to alums. Join a local networking society and try to meet as many people as possible.

LinkedIn is a great source of network connections. Use the LinkedIn groups and reach out to people that are working in the industry. Briefly introduce yourself and express your desire to find out more about any career opportunities.

2.      Master Networking

The interview is a series of questions you are supposed to answer. It’s an active exchange of specific information. The more you get, the better. But be sure to not drown your interviewer with non-relevant information about yourself. Stick to the one that will help you career-wise, like your interpersonal skills and knowledge about investment banking.

3.      Don’t ask for a job on the spot

Sales rule number 1: the one to speak first, loses. So, don’t ask for a job on the spot. Keep the networking flow steady and actively engage in the conversation with relevant questions and brief answers. Don’t overwhelm your interlocutor with excess information.

4.      Enroll Investment Banking Training

Don’t get scared away if you lack a practical knowledge. Enrolling an investment banking training <insert link to training classes> will help you sort out the theoretical information and will put it to work. Investment banking classes are usually led by industry experienced and seasoned instructors. This advantage gives you the incredible opportunity to learn from the best all the tricks you don’t get to learn at school.

5.      Be present

Get up. Dress up. Show up. Always.

Not Your Average ‘Superday’

In short, an assessment centre brings together a group of short-listed candidates who are required to take a series of exercises and assessments, related to the job function for which they have applied. This particular stage is more typical on the other side of the Atlantic where it is often considered an integral part of the investment banking recruitment process.

The assessment center is sometimes compared to the ‘Superday’ in the US where an investment bank would fly out all the candidates it is seriously interested in and organize day-long interviews where the applicants typically speak with one banker at every level. In Europe, Australia and parts of Asia, you are more likely to complete case studies and presentations in front of bankers as your final round. If you do well, chances are that you will receive an offer.

Proving Your Math Skills. Again

While the stages of the assessment centre might vary from one institution to another, there are several typical components which you are likely to encounter regardless of where you apply, the first one being the numerical tests.

The name is pretty self-explanatory and chances are that you would have already been required to do similar tests online when submitting your CV. The on-site tests are aimed to determine whether you have the kind of numerical skills you will need for the job in a time-sensitive environment. Also, they are a way for the investment bank to make sure that you didn’t cheat during the initial numerical tests you performed online. The key to prepare for those is simply to practice with such tests in advance.

The Case Study Challenge

The next stage involves a case study which you will have to analyze and then make a recommendation or decision within a fixed timeframe, with some institutions requiring you to prepare a presentation. You can expect a problem along the lines of giving your opinion on an M&A deal, valuation of a company, etc.

One thing that you could do to prepare for this part of the assessment center is to look into deals which the bank where you’re applying might be working on, as well as big M&A deals in the news. Going over the basics of financial analysis and company valuation is also a good idea.

Are You a Team Player?

Having extensively demonstrated your individual skills in the other stages, it is also important to prove that you can perform well as part of a team, which is what the group exercise is for. Here, you and your competitors are split into groups of 4-6 people and the entire group gets a case study to review. You should note that recruiters will observe the group while it is working on the task.

It is a common approach to try to dominate the process so that you could demonstrate your leadership skills; however, you should be careful because not listening to others or being too active without actually making valuable contributions to the discussions might not make a good impression on your potential employers. Being too quiet, on the other hand, is unlikely to work in your favor either, so the best approach is to look for the balance, as well as to demonstrate that you are a team player.

More Interviews

Depending on the bank, you could have anything from three to seven interviews on the day, including with senior bankers and representatives from the HR department. Some of those interviews will be competency-focused, whereas others will test your banking know-how.

The key is to doing well in the interview, or rather, string of interviews, is to tell your story right, as well as to manage to demonstrate your strengths in the answers. You should know your CV and application form extremely well and be prepared to address any concerns flagged by your prospective employer.

Everything is a Test

It is important to note that while this might not always be the case, some investment banking assessment centers involve a networking event of some sort, such as a lunch with your prospective colleagues as well as with your competitors for the spot. In that, assessment centers can again be compared to the US Superday, which often involves a networking event prior to the actual interview day which gives the employer a chance to evaluate the candidates and assess their qualities in a less stressful environment. Despite the more relaxed setting, you should remember that you are still under observation and your behavior might eventually tip the scales.

At the End of the Day

Assessment centers can indeed seem as a considerable challenge, but on the other hand, they give you the chance to actually demonstrate your skills, and if you’re well-prepared, to outshine our competitors for the spot.

In addition, the assessment centre will also allow you to get a really good feel of the company and the people you will potentially work with, so at the end of the day, you will know if you want that place to be the first (or the next) stop in your investment banking career.

Why Sydney for Finance Careers?

Australia in general is of the most stable political and regulatory environments in the world which provides an excellent setting for doing business. While not completely immune to international financial woes the nation’s economy has proven to be quite resilient, boosted by the continent’s abundant natural resources. The close proximity to Asia and the economic ties with China, Australia’s most important trading partner, have also made the country an attractive destination for multinational companies. Are you ready for investment banking in Sydney?

Sydney on the other hand is the nation’s major financial centre, with the Reserve Bank of Australia having its headquarters in the city. Sydney is also the home to the Australian Securities Exchange, created in 2006 through the merger of the Australian Stock Exchange and the Sydney Futures Exchange. So, it is no wonder that a number of international financial institutions have chosen the city as their regional headquarters.

The Finance Industry in Australia

With Sydney being Australia’s primary financial centre, it is only natural that it is also the nation’s investment banking hotspot. It is the home of local heavyweight Macquarie Group which provides banking, financial, advisory, investment and funds management services. Westpac and Commonwealth Bank of Australia are some of the other major Aussie banks headquartered in Sydney.

Moving on to international banking giants, Deutsche Bank has been operating in Australia since 1974 and now has around 1,000 employees in its offices in Sydney as well as Melbourne.

J.P. Morgan is another major international institution with deep client relationships and broad product capabilities in Australia where it also provides commercial banking, asset management, treasury services and investor services, as noted on the bank’s website.

Credit Suisse, which opened an office in Sydney in 1982, forecasts that the region will continue to be an important financial engine due to its vibrant financial services sector, large pool of superannuation funds and history of innovation.

Other international banking giants with offices in Sydney include Goldman Sachs, Citigroup, HSBC and UBS.

Being Australia’s most important financial centre, Sydney has also turned into an attractive location for private equity and mostly, venture capital. According to an October 2014 article in The Sydney Morning Herald, the city’s financial services and new technologies – or fintech – sector is experiencing strong global growth; in 2013, financing activity in the industry was estimated to be $3 billion, with the number forecast to rise to between $6 billion and $8 billion.

The Aussie Lifestyle

Looking beyond the job opportunities in investment banking, as well as in the broader financial sector, Sydney has also established itself as a favored destination for investment bankers on account of its much more relaxed lifestyle in comparison to Wall Street or the London City.

Warm temperatures, palm trees, spectacular beaches with beautiful white sand as well as the abundance of waves suitable for surfing make for a much less stressful lifestyle. As suggested in a Wall Street Journal article, it is not uncommon for investment bankers in Sydney to kick off their day surfing the waves.

In addition to brushing up on financial modeling skills, bankers considering relocation to Australia will have to get used to the change of seasons which comes with passing over the equator. Still, the cultural adjustment is likely to cause much less stress in comparison to Hong Kong or Singapore for instance.

At the End of the Day

While there are certain downsides to working Down Under, such as the lengthy trips and the high cost of living on account of the strong Aussie dollar, Australia and its top financial spot do have a lot to offer in terms of both job opportunities and lifestyle to those who have chosen a career in investment banking. Or to put it in other words, there are a lot of things in Sydney well worth the trip other than the famous Opera House.

When starting out your investment banking career, chances are that you hope it would get you to Wall Street rather than to 5th Avenue. Still, with investment banking being a client-facing business, you will be expected to look presentable at all times. Not to mention that the job also entails certain social status and hierarchy meaning that your clothes should give the right vibe not only to the clients you work with, but also to your peers and superiors.

While you’re likely to be hired for your knowledge of financial modeling, and your negotiation and sales skills rather than for your fashion sense, something seemingly as silly as clothes might trip you up while you’re climbing up the investment banking career ladder. That is why it is essential that you know at least a few basic investment banking dress code rules. Though there are slight differences from investment banking in New York to those in London or Singapore, these guidelines will help you dress to impress from your first day on Wall street. So how to dress like an investment banker?

The Investment Banking Wardrobe for Men

It would hardly come as a surprise that if you’re working at an investment bank you would have to suit up. Still, not every suit would do; in terms of colors, steer clear from brown, green and light colored suits and stick to medium-to-dark gray and navy or business suits. Black is also an option, but since black suits are more appropriate for formal occasions such as weddings and funerals, you might want to leave those in the wardrobe unless invited to a formal dinner. Don’t ever wear different colored jackets and pants.

Long-sleeve dress shirts are a must, with the safest colors being white and light blue. Light pink or lavender shirts might also work, although they are less safe options. Avoid shirts with pockets, collar buttons, and patterns. As for ties, a conservative silk tie would do, with the Windsor and half-Windsor knot recommended. In terms of colors, stick to a maximum of three in a tie. When in doubt, go for a solid red or blue tie.

When it comes to shoes, you should go for the low-heeled, conservative dress shoes option, and step away from the square-toed, wing-tipped or brogue shoes. While your shoes should be color-coordinated with your suit, black is usually acceptable. Don’t forget the socks either, calf-length dress socks which match your suit are what you should opt for.

Moving on to accessories, remember to wear a belt if your pants have belt loops. In terms of color coordination, the belt should match the shoes. Don’t be the guy that wears suspenders. Just don’t. As for jewelry, the only items acceptable for a man are a wedding ring, a watch and cufflinks. Leave the bracelets and the pinky rings and chains at home, should you have such. These are only acceptable if you’re in Eastern Europe and/or are a mafia kingpin.

Couture for Wall Street Women

While there are plenty of tips out there how to dress as an investment banker if you’re a man, a women’s guide is more difficult to find.

It is true that the dress code for women is less strict especially in terms of colors, but still, there are a few clothing pitfalls for the female investment banker. The general rule is that you have to project the right message, meaning that you need to look both stylish and professional.

Either a skirt or a pantsuit is usually fine, accompanied by shirts in your most complimentary colors. As is the case with men, you can’t go wrong with a navy-blue or medium-to-dark grey business suit.

Low-heeled conservative dress shoes color-coordinated with your suit are the way to go. While you don’t need to worry about socks unlike your male colleagues, hosiery is highly recommended, with skin color being the safest option.

When it comes to jewelry, rules for women are much more relaxed. While extremities such as hoop earrings or piercings that aren’t your ears are off the table, even in Jersey, you can still resort to jewelry to highlight your feminine side. As long as they are tasteful and in moderation, you can opt for earrings, rings and necklaces.
And some final tips: stay away from bright color nail polish as well as flashy makeup, and go easy on the perfume.

The Business Casual Trap

It’s worth noting that a lot of investment banks have “casual Fridays” when the dress code is much more relaxed. This, however, doesn’t mean that it’s any easier to decide what to wear. The business casual dress code generally entails khakis, golf or polo shirts, or a sweater over colored shirt for male employees. For women, business casual usually means trousers or a knee-length skirt and a blouse or a shirt with a collar. Tempted as you might be, it’s best if you stayed away from jeans and T-shirts.

Dress for Success

Though investment banking wardrobes are well covered it’s important not to make mistakes that will get you ridiculed. And while the above guidelines might seem somewhat stringent, you need to remember that investment banking isn’t just any office job. It’s not just about the work, but also the status and the prestige which are projected through clothing. Even though your professional skills are what matters if you’re considering a career in investment banking, if you are thinking about making it on Wall Street, it’s better that you leave the sneakers and jeans at home.

New York, The Finance Capital of the World

Represented by Wall Street in Lower Manhattan, New York is often referred to as the finance capital of the world. NYC’s economy is the largest regional economy in the United States with the finance industry being one of the biggest contributors to the city’s coffers.

New York’s dominance as a global financial center dates back to the early 20th century. The New York Stock Exchange, located on Wall Street, and the NASDAQ, the world’s first electronic market, are the world’s biggest stock exchanges in terms of market capitalization and average daily trading volume, respectively. In addition, the Federal Reserve Bank of New York, also based in the city, is considered the most influential of the 12 regional Federal Reserve Banks.

The Financial Careers Mecca

New York is a favorite spot for bulge bracket banks, being the home of giants such as Goldman Sachs, JPMorgan Chase, Morgan Stanley, Citigroup and Bank of America Merrill Lynch, all of which usually occupy the top spots in charts measuring M&A activity. International investment banking groups such as UBS, Credit Suisse, Deutsche Bank and Barclays also maintain a significance presence in the city. While for the aspiring investment banker those names have a near-mythological status, landing a job in one of them is a real possibility, given the right set of finance skills. Sure, the bar is very high, but it’s still designed to be passed.

And yet, bulge bracket firms are not the only thing that New York has to offer for those seeking an investment banking career. Breaking into the finance industry can also be done via landing a job in a smaller, boutique investment bank, of which NYC has plenty.

Yet, the appeal of New York’s finance industry is not strictly limited to investment banking. With the city being one of the most important financial centers in the world, it is logical to assume that it is also attractive for the private equity industry. It is enough to mention a couple of names such as Blackstone which is headquartered in the Big Apple, and KKR which keeps several offices in the city, according to its website.

Prospective venture capitalists can also make it in New York; while San Francisco is often the preferred spot for those looking to kick off their career in the venture capital industry on account of its proximity to the Silicon Valley, New York has always attracted budding entrepreneurs and, by implication, venture capital companies wishing to invest in them.

Another factor which makes NYC stand out for those looking to pursue career in finance are the unparalleled exit opportunities which the city offers after investment banking. Networking opportunities are also aplenty on account of the number of people working in the finance industry.

New York State of Mind

The appeal of New York for investment bankers, however, lies way beyond the boundaries of Wall Street and lower Manhattan. It would hardly be a surprise that NYC is one of the best cities in the world to live in if you work in finance assuming you’ve had the right exposure to financial modeling and investment banking training. Despite the lengthy commutes and the notorious traffic jams, the Big Apple features some of the best shopping, dining and nightlife in the world.

If You Can Make It There…

Despite the financial crisis, NYC remains one of the most important centers of the financial industry worldwide and that is reflected in the career opportunities available. The downside? Just like New York is known as the city that never sleeps, its investment bankers are known for pulling all-nighters and generally, are said to be working more on average than their peers elsewhere. Still, the city remains the ultimate destination for those seeking to pursue the investment banking career path and climb the corporate ladder, and for a good reason; there’s no other place in the world where investment bankers feel more at home than on Wall Street.

With 2015 just kicking in, hopes are high that Wall Street will be restored to its former pre-crisis glory and that investment banks will really start living up to their image of handling giant M&A deals and paying out huge bonuses, which has been tarnished in the post-crisis period of austerity. Things are looking up as we speak with the US economy showing more and more signs of a stable recovery and Europe on track to follow, but given disappointments in previous years, some say that it’s all too good to be true. Still, while there can hardly be any real prophets in the dynamic world of finance, it is safe to say that there are indications that investment banks will shine this year.

Long-Awaited US Economic Recovery

So, let’s start from the bottom: data suggest that the US economy has for a while been well on the way to economic recovery and even the biggest skeptics find that hard to deny. The US job market, one of the main indicators for the health of the nation’s economy, has significantly improved, as evidenced by the US non-farm payroll numbers and unemployment rate which in recent months have surpassed analysts’ forecasts.

Then, retail sales in the US, where consumer spending accounts for almost 70 percent of the economy, have also been on the rise in recent months, and climbed sharply in November last year. More spending on the other hand is one of the most important indicators for consumers’ confidence in the US economy.

Beyond what the average US consumer might think about the state of the economy, there’s the Federal Reserve, which is on track to start raising interest rates this year for the first time in nearly a decade, having gradually wound down its massive quantitative easing program. While some investors fear that an interest rate hike would negatively affect stock markets for instance, experts say exactly the opposite. The Wall Street Journal recently quoted strategists as noting that any rate increase should be viewed as an endorsement of the US economy’s ability to withstand higher borrowing costs.

Europe to Follow

Still, while the US economy looks on the way to recovery, what about Europe? According to the European Commission’s 2014 winter forecast, Europe’s economic recovery, which started in the second quarter of 2013, is expected to continue spreading across countries and gaining traction while at the same time becoming more balanced. While the Eurozone is currently struggling with deflation, the European Central Bank, which is keeping interest rates at record lows, has signaled its commitment to introduce further stimulus measures, perhaps even US-style asset purchases to kickstart the euro-region’s economy.

M&A to Keep Rolling

Zooming in from the bigger picture to investment banking, the two trends – improving economy and confidence in the recovery expressed through higher spending – are likely to support surging number of merger and acquisition deals observed last year which saw a return to pre-crisis levels.

According to KPMG’s 2015 M&A Outlook Survey, which included over 735 M&A professionals from US corporations, private equity firms and investment banks, an impressive 82 percent of respondents said that they were planning at least one acquisition in 2015. While the pharma sector largely dominated last year’s M&A agenda, investment banking analysts expect this year to also see a surge in energy deals given the drop in the oil price which could fuel a tendency for consolidation in the sector.

“M&A activity should be broader-based next year, with the addition of metals and mining, oil and gas and chemicals,” Wilhelm Schulz, head of M&A for Europe, the Middle East and Africa at Citigroup Inc, told Bloomberg in an interview in December last year. At the time, the newswire also quoted John Manley, chief equity strategist for Wells Fargo Funds Management, as forecasting that the deal market would be “as good if not better” than 2014. “I don’t see why any sector is immune to it.”

Reasons to Cheer on Wall Street

It would seem that Wall Street is already anticipating the bigger bonuses set to follow this year given last year’s deal frenzy, while the potential 2015 M&A surge will translate into big payouts next year.

Both last year and this year’s higher projected activity, however, are not good news only for incumbent investment bankers who have been around for a while and are now set to reap the benefits; Wall Street wannabes also have reasons to cheer since more activity means more positions opening up for prospective investment bankers. Sure, a lot of them would be for entry-level analysts and associates to do the dirty work, but, well, that’s how it is – the investment banking career usually starts at the bottom.

Getting on the 2015 Wall Street Train

As noted at the outset, there is no certainty that 2015 will fulfill the all the hopes pinned on it and see Wall Street rise like a mythical phoenix from the ashes. Having said that, the numbers are too good to be ignored.
Of course, even if Wall Street does step up hiring on account of the bigger amount of work expected in 2015, this does not necessary mean that landing a job in a major investment bank would be a piece of cake. You’ll still need to pass the dreaded investment banking interview and have the necessary financial modeling skills. And yet, given the dynamic world of finance, 2015 seems like a pretty good time to jump on the Wall Street train as it is speeding up and see where it takes you.