The absolutely perfect resume for any front office job in an investment bank, WILL….
1. Have impeccable academics
Top grades from a top school are a necessary but non-sufficient condition for getting a front office job in an investment bank.
“Most banks get tens of thousands of applications and for the sake of simplicity they have to eliminate a lot of them on the basis of academics,” says Malcolm Horton, global head of recruitment at Nomura International.
In the UK, this typically means that you’ll need at least a 2.1 degree and a pile of A grades at A Level. In the U.S., it means you’ll need a GPA of 3.5+, says Peter Harrison, the ex-Goldman Sachs trader who runs Harrison Careers, a company specializing helping students into banking. “Anything less indicates that you did not work especially hard at college,” Harrison adds.
If you don’t have top academics, your investment banking resume – no matter how good in other ways – won’t make it any further along the application process. “We cut out around half of the resumes of the people who apply to us on the basis of poor academic performance,” says one senior banking recruiter. “We just don’t have the resources to go through each one and read the justifications about why they didn’t do well academically.”
2. Make a big deal out of impeccable academics
Because the 50% of candidates who aren’t eliminated on the basis of academic under-achievement will all be academically brilliant, Harrison says that if you’ve graduated within the past three years and are going for a junior banking job, you need to make a big noise about all the supplementary academic accolades you’ve earned. “Include any prizes you won,” he says. “Mention anything special at university, or even when you came second in a class exam at university. If you dress it up and make it sound like something you are really proud of, and you include three or four of these little examples, then a pattern of higher academic achievement will come across.”
Victoria McLean, an ex-Goldman Sachs recruiter and founder of City CV, agrees that extra academic achievement can be a big differentiator. “Mention any scholarships, times that you came top of the class, high percentages and grades you scored in particular exams,” she advises. McLean suggests that you continue doing this for five years after you graduate.
3. Make use of bullet points
Recruiters scan hundreds of CVs every day. Goldman Sachs received 43,000 applications for its junior jobs last year. Recruiters want to read something succinct and to the point. Bullet points will suggest that your CV is both. “Bullet points are standard,” says Horton.
McLean says that you should have no more than six bullet points per subheading: “Any more than that and it just becomes a list.”
The exception to the bullet point rule is Germany. There, banking recruiters say it’s fairly standard to submit CVs that are 17 pages long. This is partly because German candidates attach all their school certificates, however.
3. Contain the right key words
It’s not cool to think in terms of banking resume key words, but having the right key words will make a big difference.
If your banking resume contains the right words, it will get you past the computers says McLean. Also known as applicant tracking systems (ATS), these are the machines that banks and recruiters use to help them sift through the thousands of applications so that they don’t have to read them all manually.
Which are the right key words for you? Do your research, says McLean. “Look online at job boards – look at ads for the jobs you’re applying for and try to pick out the words that are relevant to your role and sector,” she advises. Drop these into your CV.
4. Provide detail where appropriate and speak in terms of achievements
Yes, bullet points are good on an investment banking resume. but it’s no good just having a long list of bullet points with job titles and no elaboration as to what you did.
“You need to give detail on what you have done, making it all sound much more impressive than it really was,” advises Harrison.
When you’re providing additional (succinct) detail, McLean says you need to think about the business case you’re trying to make. “Put yourself in the mind of your future employer,” she says. “Why are they hiring you? What impact have you had in previous jobs and how did you do it?”
Speak in terms of personal achievements rather than generalities. Your resume needs to contain statements such as, “I was the top ranked salesperson three quarters running and increased the value of key client accounts by 75% during that period.”
“For example, if you’re a trader, then explain which strategies you use,” says McLean. “Which ones have been most successful for you? How did you build client flow? How much money do you make for the bank – and where does it come from?”
5. Show consistency
The best CVs show consistent ambition and a career path which progresses harmoniously with that ambition. You will, for example, be viewed with deep suspicion if you have a history of working in corporate finance and suddenly express an urge to switch to algorithmic trading.
“If you are making a change then you need to say why in your intro profile – even if just one line to explain. Recruiters are so busy that if there is any ambiguity they probably won’t read on,” says McLean.
6. Suggest personality
Believe it or not, banks don’t just want to hire automatons with A grades. They also want to hire well-rounded individuals who’ve done something a bit different with themselves.
“We want people who are balanced and not singularly focused [on getting a job in banking],” says Horton.
“Please don’t refer to movies, reading and travelling as your hobbies,” says Harrison. “You need to have something that makes you sound interesting.” Bank of America just hired an analyst who practices, ‘canoe polo.’
What about being a member of a finance society whilst at university? “Simple membership of a finance society doesn’t count for much,” says Harrison. “But history has shown me that the active officials who run the finance societies nearly always land fantastic jobs in the City or on Wall Street.”
7. Be free of spelling mistakes and grammatically correct
Not everyone can spell. “97% of hiring managers reject on the basis of 2 typos,” says McLean. “You can’t afford to let this slip – proof, proof and proof it again.”
8. Mention big name schools
If you haven’t been to an elite school, there’s not much you can do about it in terms of improving your resume. However, it’s worth noting that whatever banks say, they do hire from elite institutions more than others.
Research by Financial News suggests that almost one third of fund managers in London went to the universities of Oxford, Cambridge, Edinburgh, Durham and Bristol. If you’re thinking of studying a Masters in Finance in Europe, you might want to look at our ranking here. In the U.S. it’s all about the Ivy League.
“Once you are in the interview room, the recruiters don’t really care where you went to college. However, unless you attended a “target school” it is very difficult to land interviews in the first place,” says Harrison.
9. Show that you care
This is a new point. In this age of increased banking regulation and ethical banking, it’s become important to show that you’re passionate about more than just making a lot of money for your own personal benefit.
“We want to see your values as an individual,” says Horton. “What matters to you? What are you passionate about?” Extracurricular activities and hobbies are the place to show this (see 6.)
And the absolutely perfect investment banking CV WONT…
1. Be more than two pages long (unless you’re in Germany)
2. Be printed on pink/purple/baby blue paper. White is acceptable.
3. Include a photograph of applicant, surfing.
4. Have boxes around key sections. [ATS systems cannot read boxes, advises McLean]
5. Speak in clichés. Do not say: “Analytical thinker, demonstrated leadership ability, team-playing skills, an ability to learn fast on the job.”
6. List previous jobs and responsibilities without saying what your contribution was.
7. Be printed in a strange font. Recruiters are simple beasts, keep it easy.
8. Tell lies.
9. Include every single educational qualification you’ve since you were 16 even though you are now aged 43. You only need to add A Level results if you graduated within the past five years, say recruiters.
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