OXFORD FINANCE SOCIETY

INTERNSHIP GUIDE

Project Title p. 1

Oxford Finance Society

Oxford Finance Society

Foreword

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Everyone has heard of Finance. We have all watched the Wolf
of Wall Street and The Big Short, know of the 2008 Financial
Crisis and have heard of terms such as ‘bonds, ‘capital’, and
‘interest rates’. Yet what finance is and what a career in finance
involves can be extremely murky.

In this booklet we aim to give you a starting point from which

to learn more about finance and whether a career in finance
is suited to you. It also aims to help you successfully apply for
summer internships in finance roles. We’ve included insights
from sources with experience applying to, and interning in,
a range of divisions at a range of firms. We hope you find it
useful.
OFS Trinity Term Committee

C ont ent s
C AREERS IN F IN AN C E
What i s fi nance? 4
Is fi nance fo r me? 6
IN VEST M EN T BAN K IN G8
A di scl ai mer 9
Typi cal Structure 10
C o mpani es 15
T H E APPLIC AT ION PROC ESS16
T i mel i ne 17
C V 19
C o ver Letters 23
Onl i ne Tests 24

Internship Guide
Intervi ew 26
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F U LF ILLIN G YOU R POT EN T IAL32

Oxford Finance Society

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It can sometimes feel like the finance industry speaks another language. For understanding
financial jargon, investopedia (https://www.investopedia.com) can be a very useful
resource, giving simple videos and definitions to explain key terms.

At its crux, finance involves managing money. It includes activities such as investing,
borrowing, lending, budgeting, saving and forecasting. There are three main types of
finance: (1) personal, (2) corporate, and (3) public.

PERSONAL FINANCE

Personal finance involves planning and analysing an individual’s current needs and wants
within a budget constraint. Buying financial products such as credit cards, insurance,
mortgages and loans are all components of personal finance. Well known companies
and banks involved in personal finance involve Paypal, Halifax, Lloyds Bank, American
Express and Mastercard.
WH AT I S FI N AN CE ?
CORPORATE FINANCE

Corporate finance deals with the financial activities related to running a corporation.
Companies must choose, amongst other things, which projects to undertake (capital
budgeting), how to fund these investments (sources of capital), and when to make further
investments or return excess finance are Goldman Sachs, Deloitte, PwC and Barclays.

PUBLIC FINANCE

Public finance describes financial activities related to sovereign states, sub-national

entities and related public entities. This involves taxation, spending, budgeting and debt
issuance policies.

From the beginning it is worth noting the fluidity and cross-over between all three
sections. For example, companies may be involved in all three areas of finance. The
financial landscape is forced to constantly evolve, and when considering a career in
finance you should be aware of how the industry may change in the future.

Internship Guide
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Oxford Finance Society

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I S FI NANCE FO R M E ? One of the beauties of finance is
its breadth. Due to its breadth, Sector Skill/Traits Companies
two jobs under the title of finance
can involve completely different PwC
activities and skill sets. Numerical literacy
Deloitte LLP
Attention to detail
Ernest & Young LLP (EY)
It is important to consider carefully which sector - accountancy, investment Communicating financial
KPMG
management, banking or insurance - and, within your chosen sector, which job Accountancy jargon to clients
role would suit your personality, mix of skills and interests. Grant Thorton
Teamwork
BDO USA LLP
Commercial interest
Smith and Williamson
Fast grasp of new concepts
ACCO U N TA N C Y Moore Stephens
Accountants help organisations and individuals to manage their BlackRock
finances in order to comply with relevant legal regulations and plan Legal and General Investment
appropriately for the future Management
Extensive research
Insight Investment Management
Investment Building specialist knowledge
Aviva Investors
Management Interest in financial markets
Schroder Investment Management
Communicating with clients
JP Morgan Asset Management
I N V E S T M E N T M A N AG E M E N T Baillie Gifford
Investment managers serve a client by making intelligent investment State Street Global Advisors
decisions. You will acquire expertise in an area of the financial
market, be that oil or video games. The fundamental aim is to use Lloyds Bank
your edge over the market to make money for your client. Barclays Bank
Customer service HSBC
Salesmanship Santander UK
Retail Banking Patience Royal Bank of Scotland
R E TA I L BA N K I N G Good listener Standard Chartered
Retail banks serve a wide range of individual customers. Retail Empathetic Sainsbury’s Bank
banking is the visible face of banking to the general public, with bank Flexibility Tesco Bank
branches located across most cities. Services include checking and Post Office Money
savings accounts, mortgages, credit cards and auto loans.
Goldman Sachs
Analytical and numerical JP Morgan
skills Morgan Stanley
I N V E S T M E N T BA N K I N G Investment Teamwork Bank of America
Investment banks are explained in more detail in the following
Banking Confidence in dealing with Citigroup
section.
clients Credit Suisse
Dedication Barclays Investment Bank
Deutsche Bank
Aviva Insurance Limited
People-oriented AIG Europe Limited
Good listeners Royal and Sun Alliance Insur-
INSURANCE Emotional intelligence ance Plc
Insurance companies calculate the risk of certain individuals Insurance Verbal and written commu- AXA UK
and activities,selling their insurance policies to individuals and nication Zurich Insurance Group

Internship Guide
companies. Insurance is normally split into life and general. Life Attention to detail Direct Line
involves permanent injury or premature death. General focuses on
p. 6

Negotiation skills Allianz

providing protection for property, liabilities and personal injury.
Bupa
Oxford Finance Society

A DISCLAIMER

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INVESTMENT BANKING
Investment Banking is often the default choice of students applying for a career in finance.
This is reflected in highly oversubscribed summer internship applications, with an acceptance
rate below 5% at most banks Investment Banking division.

Fortunately, you do not need to despair. If you decide to pursue applications to Investment
Banks (rather than the other aforementioned areas of finance), take time to consider the
wide variety of investment banking divisions. For example, at Goldman Sachs, Investment
Banking is one of eighteen other divisions.

Below, we provide detail on the roles of various divisions, and some of the skills suited to
working in each division.

Front, middle or back office?

An investment bank is broken up into three human resources, technology and regulatory
parts: the front office, the middle office and compliance. It helps organisations function
the back office. The front office describes smoothly, and is the engine room of an
the divisions that generate revenue for the investment bank: payments get processed in
bank, such as sales personnel and corporate settlements; bank personnel get their salaries
finance. This division serves clients directly, through accounting; technology ensures that
offering them financial products or providing systems are working, and organisational
advice. Competition for these roles is fierce compliance ensures that employees are not
and many technical questions will be asked trading in forbidden securities.
in the interview; you are expected to have a
keen awareness of current affairs and factors You should note certain companies require
moving markets. experience in the relevant ‘part’ when applying
for full time positions and transitioning between
The middle office supports the front office by parts is difficult but doable.
managing risk. It ensures deals negotiated
by the front office conform to agreements and Front-office jobs may be more glamorous and
tracks profits and losses. Following the 2008 pay more, but this comes with longer hours,
financial crisis, there has been an increased high pressure and less stability. With back-
focus on compliance and risk management, office you have more spare time (for hobbies,
meaning the middle office has risen in both networking, studying for another degree) and
importance and stature. potentially more chances for promotion. Whilst

Internship Guide
some say back-office work can be repetitive,
p. 8

The back office is involved in settlements, streamlining processes through technological

clearances, records maintenance, accounting, innovation can be exciting work.
Oxford Finance Society

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F RON T OF F ICE FRONT OFFICE

Division Explanation and Role Skills Division Explanation and Role Skills

IBD is further divided into Product Groups and Industry Help institutional investor clients, such as hedge funds and
Excellent people skills
Groups. asset management firms, to buy and sell securities such as
Like building and managing
stocks, options and bonds.
relationships
Product Groups focus on a specific deal type, such as
Persuasive
equity or debt issuances, or acquisitions, working across Clients buy and sell securities to earn return for their clients
Work well under pressure
all industries. For example Mergers and Acquisitions (M&A), Multitasking (Limited Partners) which are often pension funds, endow-
Good with numbers
Debt Capital Markets (DCM), Equity Capital Markets (ECM), Time management ments, insurance firms and wealthy individuals. Salespeople
Sales and Language skills (fluency in
Leveraged Finance (LevFin) and Restructuring (RX) are all Numerical literacy and traders are required to divide up orders, match buyers
Trading multiple languages big aid)
Product Groups. Analytical and sellers, and get clients prices that are optimal.
(S&T) Quick thinking
Strong communicator
Analytical
Investment Industry groups work on many deal types but specialise in Interpersonal skills to The main divisions include Equity Trading (companies’ stock
Integrity in decisions made
Banking a specific industry and often work with individual compa- work with clients and and their derivatives, such as options) and Fixed Income
Strong interest in current af-
IBS nies in that industry on an ongoing basis. Examples include team members Trading, known as FICC (everything that isn’t equities, such
fairs, keeping up with mar-
real estate, healthcare, technology media and telecommu- Relationship skills as rates, municipal bonds, corporate bonds, credit default
kets
nications (TMT), financial sponsors group (FSG), financial Deal orientated swaps (CDS), foreign exchange (FX), commodities, money
Shorter but more intense day
institutions group (FIG), industrials, consumer retail, chemi- Retain focus on long term markets)
cals and infrastructure. project Research writes reports about companies and their pros-
pects, often accompanied by ‘Buy’, ‘Sell’ or ‘Hold’ ratings. Interested in industry trends
Your role will vary significantly within each sub-division, but Eloquent writer
activities may include raising capital for clients (underwrit- Historically, banks issued reports to encourage higher trad- Report writing skills
ing), creating pitch books (equity origination) and provid- ing volume and solicit orders from institutional investors. Logic to ascertain strengths
ing ongoing advice and communicating with other banks However, regulations have changed the role of research, and weaknesses of situation
(syndicate) Research
and institutional clients increasingly pay for direct research Financial modelling
Investment advisory service for affluent clients. Advisors reports. EU regulation MiFID II (2018) is especially important Analytical skill
Accountancy skills
tailor strategies, products and services to client’s wants in this regard. Interest in macro and micro
Analytical skills
and needs. trends
Understanding of bank-
Banks may also use research for internal purposes, such as
ing and finance
Wealth Wealth management advisors utilise a range of financial for salespeople who want to recommend ideas to clients.
People skills
Management disciplines, such as legal or estate planning, accounting,
Good at dealing with high
tax services and retirement planning to manage an affluent A merchant bank is a company that conducts underwriting,
net worth individuals
client’s wealth for one set fee. This goes beyond investment loan services, financial advising and fundraising services for
Relationship management
advice, potentially encompassing all parts of a person’s large corporations and high net worth individuals.
financial life.
Merchant banks differ from commercial or retail banks as
Merchant they do not provide services to the general public. For exam- Combination of IB and wealth
Banking ple, they do not provide regular banking services like check- management skill sets
ing accounts and do not take deposits.

Internship Guide
Merchant Banks typically work with clients not large enough
to raise funds through an IPO, instead issuing securities
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through private placement.

Oxford Finance Society

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MID D LEK OF
BAC F ICEE
O FFIC BACK OFFI CE

Division Explanation and Roles Skills Division Explanation and Roles Skills

Quantitative abilities
Risk management’s role is not only a control IT skills Coding ability
mechanism, but also an advisor. Analytical skills The role of technology in an investment bank differs hugely depend- Problem solving
Ability to communicate ideas via ing upon the area in which you work. Technology spans across IB Experience in
Risk management considers the possibility of reports and functions and underpins every deal that is made. project
negative impact, and the cost of negative im- presentations Roles might include software engineering, financial modelling, infra- management
pact, being seen as the nucleus of internal con- Ability to make difficult decisions structure engineering and cyber security. For example, technology Knowledge of
Risk Management trol of investment banks. Eye for detail Technology enables new pricing models and products to be delivered to the mar- databases, sys-
Question perceived wisdom ket. tem security and
Risks can be categorised into the Macro-level within organisation troubleshooting
(market risks), Industrial-level (system risks), Speak out when something is Technologists work closely with sales, trading floor and operations to Understanding of
Exterior-level (credit risks) and Liquidity-level wrong develop the software that enables them to make split-second deci- business practic-
(corporate level risks). Problem solving sions or use their creativity to enhance systems and databases. es and commer-
Broad interests in finance, from cial awareness
governance to credit to IT
The operations team is responsible for the processing and settle-
Treasury services provide transaction, invest-
ment of financial transactions executed by the customer service or
ment and information services for chief financial
front-office teams.
officers (CFOs). Experience with
Proficiency with financial analy-
statistical and da-
sis and accounting All financial transactions must be logged and processed accurately
The core functions can be broken into Asset Li- tabase software
Attention to detail and within prescribed timelines.
Treasury ability Management (ALM) (interest rate risk, FX Operations Consulting and
Logic and reasoning
risk, credit risk, operational risk) and Liquidity project manage-
Broad interests in finance Operations also works with technology to develop automated sys-
Management (maturity profile, setting limits for ment skills
Data manipulation skills tems for fast and accurate transaction processing, reviewing entire
funding and bond issuance, cash flow, monitor Problem-solving
process and initiating process improvements, as well as ensuring
funding, stress testing, asset liquidity assess- abilities
each transaction is cleared, settled and reconciled according to reg-
ment, market to market (MTM) analysis).
ulatory and internal control requirements
Similar to risk
Building stronger relationships
Compliance ensures adherence to laws, rules with the rest of the business
and regulations. Ability to interpret information
quickly
Compliance Changes in regulations are monitored across all Attention to detail
jurisdictions, and policies are implemented. Knowledge of regulations
How regulations apply to
Compliance also manages audits and inquiries. particular products
Ability to review and analyse
large amounts of data

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Oxford Finance Society

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I NV ES TM ENT BA NKI NG
D IAG RAM COM PA NI ES

01
BULGE BRACKET INVESTMENT BANKS
These are the largest global banks that offer all products and services and operate in all regions. They
work on the largest deals (usually over $1 billion USD) and have the widest brand-name recognition. BBs
include JP Morgan (JPM), Goldman Sachs (GS), Morgan Stanley (MS), Bank of America Merrill Lynch
(BAML), Citigroup (Citi), Barclays Capital (BarCap), Deutsche Bank (DB), Credit Suisse (CS), and UBS.

02
ELITE BOUTIQUE BANKS (EBS)
These firms tend to specialise in areas like M&A and RX rather than underwriting, though they may
still work on very large deals. Their geographic reach and industry specialisation varies. They are
‘elite’ because they are often as prestigious as the BBs and also offer top-notch exit opportunities. EBs
include Lazard, Evercore, Moelis, PWP, Greenhill, Guggenheim, Qatalyst, Rothschild and Centerview.

03 MIDDLE MARKET BANKS (MMS)

These banks offer a variety of products and services and have a wide geographical presence, but tend to work
on smaller deals. Examples include Jefferies, Houlihan Lokey, William Blair and Lincoln International.

04
INDUSTRY-SPECIFIC BOUTIQUES (ISBS)
OT H E R RE SO URC E S These firms tend to focus on narrower industries, such as healthcare or technology, or they only operate in
one location and tend to work on much smaller deals.

Below is a list of some other resources you may want to consider when choosing a division:
Due to the high level of competition for these roles, the common advice is to apply to as
Alert Data (http://www.alertdata.co.uk/search.php)
City AM (http://www.cityam.com/) many as possible. Applications for many of the bulge bracket banks are very similar and
Konzept Magazine (https://www.db.com/index_e.htm)
you will only need to adapt your cover letter on application. Having previous practice at
The House View (https://houseview.research.db.com/)
Unofficial Guide to Banking (www.unofficialguidetobanking.com) the online tests and interviews can make you look more polished and hence a stronger
Mergers and Inquisitions (https://www.mergersandinquisitions.com/investment-banking/)
candidate.
The Vault Guide to ‘preparing for finance interviews’ is also a useful book.

Internship Guide
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Oxford Finance Society

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THE TIME L INE
For spring and summer internships, applications are on a rolling basis, meaning
they are first come first served and it pays off to apply early! In general, applications
for summer open in June and applications for spring open in October. For summer
internships, you should aim to have completed all of your applications before Michaelmas
Term begins. Details of the programmes run by our sponsors are provided below:

Company Area of Finance Deadline Scheme Length

APP LICATI ON PROCE S S
Commercial Banking
Bank of
Wealth Management tbc
America tbc
Investment Banking (IB)

VCMT Trading tbc

tbc

Temasek Investment Management tbc tbc

Investment Banking
Credit Suisse Private Banking tbc tbc
Asset Management

PJT
Advisory-focused IB tbc tbc
Partners

Advisory-focused IB
Rothschild & Merchant Banking
tbc tbc
Co. Wealth Management
Asset Management

Advisory-focused IB
PWP tbc tbc
Asset Management

Internship Guide
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Oxford Finance Society

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OT H ER SU G G EST I ONS FOR
BULGE BRACKET INVESTMENT BANKS
A PPL I CAT I ON S
01 JP Morgan
Goldman Sachs
Morgan Stanley
Citi
Credit Suisse IN-BETWEEN-A-BANKS
Barclays
Deutsche Bank
UBS 02 Wells Fargo
RBC
HSBC
BNP Paribas

ELITE BOUTIQUE INVESTMENT BANKS

Mizuho
Nomura CV
BMO
CITIC Group
03 Centerview
Evercore
Greenhill
Guggenheim
Lazard ASSET MANAGEMENT
Moelis
Qatalyst
Rothschild 04 AB Bernstein
Alta Advisers
Houlihan Lokey AQR Capital Management
Jefferies & Co. Colchester Global Investors
Fidelity International
GIC Investments
TRADING Marshall Wace Asset
Management
OxFORD Asset Management
05 Citadel
Five Rings Capital
Flow Traders
IMC Trading HEDGE FUNDS
Maven Securities A CV acts as a roadmap of your past experiences and capabilities. There are
Optiver Services BV TwoSigma many different templates online for how to write a CV but the general ad-
SIG
Jane Street 06 Point72
DE Shaw vice is to make it clear, concise and easy to read. Banks get thousands of
Citadel Securities applications for internship programmes and they will be looking for CVs that
Bridgewater Associates are instantly impressive. Certain banks use algorithms to scan CVs so ensure
buzzwords are included.
OTHER PLACES TO FIND INTERNSHIPS
The Varsity Careers Hub - a start-up set up by Oxford University students, can also be Two example CVs are shown in the next page.
useful in finding internships. Here you simply have to set up a profile and the firms will
come to you offering opportunities so we highly recommend signing up.
(https://www.varsitycareershub.co.uk)

Internship Guide
The Bright Network - useful for application tips as well as listing open applications:
p. 18

(https://www.brightnetwork.co.uk)
 Example 1 - 2 pages
[Full Name]
Oxford Finance Society

p. 21
[Address]
[Phone number (with country code)] | [email address]

SUMMARY

Write a brief summary - something to immediately catch the eye of whoever is scanning your CV and
highlight your key skills and interests.

EDUCATION
[Oxford University] [Oxford], [United Kingdom]
Degree e.g. Master of Chemistry [MChem] Expected [July 2021]
• Expected Grade: 2.1
• Supplementary Modules in:
• Preliminary Exam Results:
• Flute Diploma:
• A Levels:
• GCSEs:

WORK & LEADERSHIP EXPERIENCE

[Oxford Finance Society] [Oxford], [United Kingdom]
[Marketing Director] [03/2019] – [Current]
• [Promoting events run by the society, particularly focusing on promoting to those with no prior
knowledge of finance or with a non-economics background]
• [Designing and creating a monthly term-card, showcasing events and opportunities]

[The Creator Fund] [London], [United Kingdom]

[Student Ambassador] [10/2019] – [Current]
• [Conducting first round meetings with start-ups looking for seed funding and analysing company
fundamentals to advise investment]

[Goldman Sachs] [London], [United Kingdom]

[Spring Intern] [04/2019] – [04/2019]
• [Undertook a two week long programme in the Securities Division composed of 15 desk rotations,
technical training and staff shadowing]
• [Used company research and the Thomson Reuters platform to compose a stock pitch before
presenting the finished pitch to my group and mentor]
• [Completed daily question quiz sheets in groups, providing a deeper insight into the roles of the
respective sales, trading and structuring desks]

[Natixis] [London], [United Kingdom]

Internship Guide
[Equity Derivatives Intern] [09/2018] – [03/2019]
p. 20

• [Supported the structuring team by designing and producing macroeconomic fact sheets on current
trends affecting the financial markets]
 Example 2 - 1 page
NAME
Oxford Finance Society

Address

p. 23
Phone number; telephone number email address

EDUCATION:
College, The University of Oxford – subject Oct 2018 – Jul 2021
• Preliminary Examina7ons results
• Modules
School Sep 2011 – Jul 2018
• A-levels
• GCSEs

AWARDS AND ACHIEVEMENTS:

COVER L ET T ER
School A-level price 2018
• Highest grade in y, scoring 200/200 UMS
Outlook ExpediMons Jul 2018
• One month travelling in Tanzania with 15 others from secondary school; climbed Mt Longido (8,652 Q) and trekked in Umsambara Mountains; taught
English and Mathema7cs in secondary school; helped construct school classroom
Gold Duke of Edinburgh Award 2017

LEADERSHIP EXPERIENCE:
College– Ball Treasurer Mar 2019 – May 2020
• Elected by College; responsibility of maintaining a balanced £85,000 budget; created mul7ple excel models using different variables, such as 7cket
type/price, to allocate the budget across 6 subsec7ons; conducted widespread cost-benefit and risk analyses, such as on venue choice; leased and
presented to College and Governing Body; set up a bank account and facilitated payments to companies using QuickFile accoun7ng soQware
Oxford Finance Society – Careers and Development Director, College Representa:ve Jan 2020 – Jun 2020
• Make x, facilita7ng y copies,
• Distributed and marketed society events; increased College awareness and a[endance by x
College, Oxford – Entertainment Representa:ve Jul 2019 – Jun 2020
• Elected by College; responsibility of organising 4+ termly events for 500 students; organised 10 evening events for over 150 freshers in freshers’ week
• Implemented more transparent and formal accoun7ng structure; lead 5-person commi[ee; facilitated 7cket distribu7on; liaised with companies and
club managers
The Student Consultancy, Oxford – Student Consultant Oct 2019 – Dec 2019
Some firms will give you specific questions to answer upon application but many just ask
• Working with KEEN for 8-weeks as part of 5-person team, helping iden7fy sustainable income streams; individual role of collec7ng data points on for a cover letter. Whilst it can be tempting to use the same cover letter for all applications,
Oxford’s Tour industry, analysing market and crea7ng marke7ng pitch
Young Enterprise - Managing Director Sep 2016 – Jul 2017
banks like to feel special and having a generic cover letter is an easy way to turn people
• Lead a 15-person commi[ee; created, marketed and sold revision material through online website; made a profit for shareholders down before interview! Researching the firm, its initiatives and why the firm appeals to you
Model United NaMons – Secretary General
• Lead school’s MUN delega7ons to mul7ple conferences; winning individual and team awards; public speaking
Jan 2017 – Jan 2018
(compared to others) is a good idea, for example maybe you have done lots of volunteering
English Knights, England Talent Pathway and Timperley Lacrosse Club – Player, Co-captain Sep 2015 – Jun 2018 in hospitals whilst at school and the bank is a generous funder to x hospitals - explaining this
• Lacrosse player at highest na7onal level for age group, playing three 7mes a week; captained local club to win Boys U16 Junior and Schools Cup
would show you have put time into researching the firm.
WORK EXPERIENCE:
Alfreton Capital, London Mar 2020 – Apr 2020
Name dropping staff members you have met at networking events is a great way to stand
• Wrote and published company’s ESG policy; draQed le[er to investors; conducted stock analysis, popula7ng data points, running DCFs and applying out - the firms are small enough that HR reading your cover letter will know who you are
KPMG, London
financial models; created unique model to measure market share of company
Sep 2019
talking about. Showing that you have had the initiative to attend a networking event and
• Virtual Internship in Data Analy7cs; completed data quality assessments; used data insights to target high-value customers; presented findings in found a role/ selection of roles that you are interested in comes across very favourably.
PowerPoint; imported data to Python then applied sta7s7cal analysis, such as running regressions and distribu7ons, visualising findings
Tortoise Media, London Jul 2019
• Helped construct an index measuring FTSE 100 companies’ commitment to the UN Sustainable Development Goals; researched shareholder The structure of your cover letter will vary depending on the role you are applying for,
capitalism, invested the duopoly market in proxy advising companies; helped the membership growth team target universi7es
with the skills you need to focus on varying. Our committee network has experience
PART-TIME WORK AND VOLUNTEERING:
applying to many divisions and are happy to help advise on cover letters and CVs through
St Anne’s College, Oxford – Telethon Caller Sep 2019 our mentorship scheme. The Oxford University Careers Service are also well versed
• Fundraised for College; individually secured over £18,500 in dona7ons; nego7ated and communicated with alumni; built a personal rapport over the in this style of applications and arranging an appointment can be helpful if you are unsure
telephone; handled personal informa7on in line with data protec7on; salesmanship and personability
NaMonal Trust, Dunham Massey – Catering Assistant, Chalet Supervisor Nov 2017 – present where to begin.
• Safe food prepara7on and handling; take customers’ orders; prepare and serve drinks; accommodate customers’ needs
Altrincham Grammar School for Boys – Volunteer Oxford Coordinator
With cover letters, the most important thing is to stand out: make sure you are showcasing
Sep 2018 - present
• Tutor students to get into Oxford; Created 40-page document with helpful advice; given talks to pupils; reviewed personal statements and conducted
mock interviews your best skills, why they are relevant to the role applied to and why this firm, of all firms, is
4th Hale Beavers, Altrincham – Volunteer Youth Scout Leader

Internship Guide
Sep 2015 – Sep 2018
• Helped lead weekly sessions for over thirty 6-8-year olds the firm you want to work for.
p. 22

FURTHER SKILLS AND INTERESTS:

• Skills: Basic proficiency in R and Python, currently comple7ng Q-step at university and completed Udemy Python for Finance online course
Project Title

HI REVU E

p. 25
I NT ERVI EWS

For many firms, interviewers use a virtual interview as the standard way of
assessing candidates. This gives you a chance to express yourself in a way that
a mere resume or phone conversation cannot do. With a video interview, the
recruiter can better see the personality, drive, and work ethic of a candidate.

To get started on the interviews, banks will provide pre-set questions for
the candidate to answer in front of a camera. You will be given about 20-30
seconds for each question to think of a response. After that, you’ll have
O N L I N E T ESTS up to three minutes to record your answer. The amount of time given
really depends on the questions. For instance, a question about why you
would be the best candidate for the role will require a longer and more
thoughtful response than answering a question about your predicted grades.

Most of the questions in the HireVue will be competency questions (see

exemplar questions below), however there may be some basic commercial
awareness questions so do be prepared for this.

Due to the large volume of applications received, Artificial intelligence is

performed on the recorded videos, providing insights into candidates that
help Bulge Bracket banks make better hiring decisions. In other words, the
company uses proprietary machine learning algorithms that analyze data points
found in the video interview to predict future job performance of the candidate.
This helps companies identify who will be the top performers that can meet the
Most firms will require you to sit a number of competency tests. Preparation for these company’s business objectives.
is key. These tests are pass/fail so in order to get through to the next stage of the application
process you must score above average. Many firms use the same test providers so HireVue interviews are video-based and allow a company’s recruiter to see
once you understand the structure and timing restrictions of the test, you have a much non-verbal cues – such as facial expressions, eye-movements, body move-
stronger chance of getting through the application process if you have practiced. ments, details of clothes, and nuances of voice. HireVue tests your ability to
Websites such as https://www.jobtestprep.co.uk can be useful for preparation. present yourself well, crucial for many of the front office, client facing roles;
dress appropriately for the interview, speak clearly, make eye-contact with the
Of particular note is the situational judgement test; some banks value different skills camera and remain calm.
slightly higher than others so it is a good idea to practice situational judgement tests
designed for the bank you are applying to. Jobtestprep.co.uk has a practice test section HACKATHONS/
for each firm, making specific preparation very simple. CODING CHALLENGES
Please note, for trading roles in particular, statistics and challenging mental arithmetic If you are applying to the technology division, you are expected to have
questions are common. Many of these have a very short time limit per question and it some knowledge of how to code and your skills will often be tested.
is important you have practiced working under this level of pressure. For these roles, Applicants are often sent a coding challenge to stretch their understanding of
revision of A level maths and challenging mental arithmetic problems should be attempted programming and to test their ability. The top performers from this will then
before online tests. be invited to an in person interview. Practice at similar challenges online or
by attending hackathons can be useful for improving your chance of success
here. Attending hackathons hosted by banks, software tech or trading firms
at the university can also help you fast track through the application process

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if you perform exceptionally well.
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p. 27
PREPARAT I ON

R E S E A RC H T H E K N OW T H E I R F O L LOW T H E
01 CO M PA N Y 02 M A I N R I VA L S 03 N E W S R EG U L A R LY

You should build upon your The interviewer might ask A standard introductor y
research in the initial stages about the stage of your other question (especially for earlier
of the application. If possible, applications, why you applied round interviews) is to talk
speak to a current/former there, why their company is about a piece of news you find
employee. When researching, better than their rivals’ and interesting. To prepare, read
it could be useful to think: what they could learn from the FT, Bloomberg, WSJ, New
What does the company do? their rivals. York Times, The Economist,
Where does the division I Forbes, CNBC or Reuters.
THE I N TE RV I E W applied for fit in? How does Additionally, keep a close
the company make profit? PREPARE FOR eye on a particular company,
Who owns the company? Who 05 TECHNICAL QUESTIONS market, exchange rate and
manages the company? Has interest rate.
the company been in the news
Technical questions will vary
recently? What deals has the
hugely depending on what
company made? What assets H AV E Q U E S T I O N S TO
area within finance you are
does the company manage? Is
applying to. That said, it is
06 A S K AT T H E E N D
the company expanding into
very likely you will be asked
new areas?
some technical questions Make sure you aren’t able to find
independent of the area. the answer to your question on
Un d e rs t an d an d b e a bl e the company website or in the
U N D E R S TA N D YO U R
04 to deploy basic f inancial job description. You might
M OT I VAT I O N
concepts, such as EBITDA, try to make your question
WACC, DCF and buy side vs sell relevant to what you have
Truly take time to think why side. However, don’t exaggerate discussed (preventing it from
you want to go into an industry your knowledge of technical being a generic, prepared
known for its long hours concepts. Particularly for exercise). For example, after
and constant pressure. The those who come from non- discussing opportunity costs
interviewer will quickly find finance/management subject of investment, you could
out if you want to work in the backgrounds, employers won’t ask why Apple sits on large
industry and if the industry expect you to have a perfect amounts of cash rather than
is suited to you. Ensure you knowledge of the technical invests it.
explain why you are a good aspects. That said, research
fit for the industry/firm and into these will allow you to
why the industry/firm is also demonstrate your interest in
a good fit for you. the field.

It is important to remember the interview is fundamentally a conversation. 07 CO L L A B O R AT E W I T H OT H E R S !

Similar to your Oxford interview, the interviewer wants to hear how you think,
how you approach problems, what information you prioritise and how you If you have friends applying for similar internships then help each
respond to uncertainty. other out, for example by conducting mock interviews. The OFS
committee are also always open to chat and offer any advice they can.

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p. 26
Project Title

When interviewing, it is the simple

p. 29
W H E N IN TE RV IE WIN G T EC HNI C AL QU EST I ONS
things that matter:

MAKE A GOOD INVESTMENT BANKING 02 VA LUAT I O N

01 FIRST IMPRESSION 02 E Y E CO N TAC T

• What are the most common multiples used

in valuation?
This is the first impression the Maintain eye contact at all
• Walk me through three methods of valuation
firm will have of you beyond times, especially when entering
your online application/ and when thanking them for
01 KEY TERMS (DCF, trading comps, transaction comps).
• Which valuation techniques are likely to
test results and as such, you their time and consideration.
give the highest valuation?
should seek to demonstrate • Define working capital.
• How would you value an AI f irm with
professionalism from the • What is EPS and how is it calculated?
little historical data and few comparable
outset. Dress smartly and 04 RELAX • Describe the WACC and its components.
companies?
be on time. • Describe the P/E ratio.
• What is the free cash flow to a firm?
It is natural to be nervous,
CO M PA N Y
03
BE CLEAR AND however try to relax and be 04 O P E R AT I O N
CO N C I S E yourself as much as possible. FINANCIAL
The process can be enjoyable, as 03 S TAT E M E N T S : • Explain three sources of short-term finance
Sometimes the introductory you are able to talk about areas
used by a company.
questions can be deceptively you are passionate about. Also
• What are financial statements of a company • When should a company consider issuing
harder to answer, inviting remember, whilst there is only
and what do they tell you about a company? debt instead of equity?
you to waffle. Make sure one Oxford University, there are
How are they related?
you stay logical, focused and multiple firms you should be
• If I could only use one statement to review
concise. Using quantitative extremely happy to join. Like
the overall health of a company, which
examples can help ensure most things in life, you will only
statement would I use and why? 05 M& A
this. get better by practicing.
• A company buys an asset; walk me
through the impact on the three financial • Why do businesses engage in M&A?
statements. • How do you assess the success of an acquisition?
POTE N TIA L Q U E S TIO N S • How does D&A/impairment write-downs/ • How would you recommend companies to
leasing/provisions impact the financials? acquire?

T EC HNI C AL QU EST I ONS

01 I N T RO D U C TO RY

03 B E H AV I O U R A L
• Tell me about yourself?
• Tell me about a recent event in the news. FIXED INCOME
• How would you deal with a difficult client/employee/
• Walk me through your CV.
manager?
• How would your best friend describe you
• How would you cope with tight deadlines?
(in three words)?
• What are your strengths and weaknesses?
• Tell me about something not on your CV.
• How do you feel about deadlines when they change? 01 KEY TERMS 02 C E N T R A L BA N K S
• Give an example of a significant challenge you have
02 M OT I VAT I O N A L faced. Describe how you approached it, and name
• What are the different types of bonds? • Where are interest rates going?
something concrete that you now do differently
• What is a securitised bond? • Are we at the start of a new easing cycle?
as a result.
• Why (insert division applied for)? • What is the difference between the clean • What are the potential opportunities in
• Give me an example of when you have shown
• Why (insert company applied for)? and dirty price of a bond? global bond markets?
leadership/initiative/commercial awareness/
• Where else have you applied? Why did • What is the term structure?
communication/teamwork/adaptability.
you apply there?
• What was a mistake you made? How did you

Project Title
• What responsibilities do you expect to have?
respond?
• What do you expect a typical day to look
p. 28

like?
Project Title

p. 31
TECHN IC A L Q U E S TIO N S

EQUITY RESEARCH

01 KEY TERMS

• What is the difference between:

A) futures contract and forwards CO M PA N Y
contract?
02 A N A LYS I S
B) stock split and stock dividend?
C) equity value and enterprise value? • What are the most common ratios used
D) maturity and duration? to analyse a company? What do they tell
• What are stock options? you? What don’t they tell you?
• How do you do sensitivity analysis? AS S ES M ENT C ENT R E
• What is your favourite type of data to
03 INVESTMENTS work with?
• Where would you look for data on
companies?
• If you were a portfolio manager, with $10
million to invest, how would you do it?
• Pitch me a stock.
• Tell me about a short report you found
interesting.

T EC H N I C A L QU EST I ON S

SALES AND TRADING

01 KEY TERMS

• what is the difference between:

A) futures contract and forwards
MARKET
contract? 02 AWA R E N E S S Many banks use an assessment centre to compare candidates before final
B) vanilla and exotic options?
C) debt and equity? round interviews. Here, you need to outshine the other candidates in the room.
• How would you price a vanilla option?
What factors affect the price?
Group challenges or tasks are common; show you can work well in a team, try
• What is an interest rate swap? to come across as a leader but also a team player. A good tip here is to wear a
03 INVESTMENTS • What is the price of oil this morning? watch and keep time for the group - this shows your focus
• Discuss what factors are moving
markets this week and short-term
• Pitch a stock of your choice. outlook for the year.
• Which sectors would you invest in this year • What are the biggest risks for the
and why. economy in the next 12 months.
• How would you hedge your exposure?

Project Title
• Talk about an investor or investing style you
are familiar with. Why is this successful?
p. 30
 F ULFI L L I N G YOU R
Project Title

P OTE N TI AL

p. 33
After securing your internship it is important to prepare in order to stand out on the
programme and hopefully secure a return offer. The most important preparation is
to be well rested; internship hours are long and you need to be able to put your all in
during the internship. Having good awareness of current affairs is also imperative.
Below we have recommended some useful resources:

• Finimize: daily 3min news blasts making keeping up with current affairs quick and easy.
https://www.finimize.com
• Finance Unlocked: short videos of varying difficulty on technical content.
https://financeunlocked.com
• Statista Infographics Bulletin: short articles on factors moving markets; very visual
and easy to read.
https://www.statista.com/page/newsticker

Keeping up to date with developments and opinions within the firm you are interning is
also important; checking their website regularly and following the firm on LinkedIn can
easily keep you updated. Employees at the firm will form opinions for the coming year
based off of research done mainly internally; reading the research and predictions
posted on the firm’s website can help you find discussion points as well as improve
your technical knowledge.

A large part of the internship is networking and securing useful future connections.
Preparing lots of questions to ask the staff and coming across friendly and willing
to learn is much more important than being technically adept. Whilst it is useful to
know technicals, employees and firm appreciate that not everyone on the internship
comes from a finance background and that you are here to learn. They are looking for
potential and the ability to grow throughout the internship, not for you to arrive know-
ing everything and stay at the same level of knowledge. You need to be good at the job
but it is more important to be personable; no-one wants to sit next to a know-it-all for
12+ hours a day!

For those that are interested in gaining some technical skills, YouTube can be a very
useful resource. Most banks require you to sit the CFA (or equivalent) shortly after
starting. There are lots of YouTube channels going over different parts of the syllabus
in an accessible way: pick the section most closely related to your summer internship
division and learn some of the technicals! Here is a list of other useful resources:

• https://www.wallstreetoasis.com
• https://optionalpha.com
• https://www.mergersandinquisitions.com
• https://www.investopedia.com

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p. 32
 2020

Internship Guide produced by the Careers Team Trinity 2020. Vice-President of Careers - Claire Rich.
Design and Layout by Violeta Perea Rubio, Media Director Trinity 2020.