I am currently a second year student at Aston university studying economics and management. As part of my degree I have to take a compulsory placement. I have been looking into banking and accountancy. Unfortunately not a lot of banks offer FO placements and one which did (Morgan Stanley) rejected me. I was also rejected by E&Y for corporate finance and got through to the interview stage with Deloitte for audit however they havent scheduled a date for the interview for over 4 months now because of a huge log of candidates.
The only offer I have is LLoyds banking group which is a marketing role. However I also have an interview with Goldman Sachs for operations and was just wondering if it is possible to move from BO to FO (trading in particular) bearing in mind that this is only a placement. I also need to complete the tests for Grant Thornton which i should get through and I am awaiting a reply from Accenture for my initial application.
If i got Grant thornton or accenture which one should i take out of Accenture, GT, GS and lloyds bearing in mind i want to work in trading.
Moving BO to FO in trading is very difficult. It happens but luck has a lot to do with it. The circumstances where I have heard of it happening are when a space opens up on a desk and they pull someone from either their trade support ops team or product control but that requires being in the right place in the right time and having a great relationship with the desk. It is probably more likely to happen on an derivatives desk due to the greater complexity and the advantage of someone with BO knowledge knowing how the desk operates. I wouldn't base my career on trying to make that move.
You are much better trying to get into trading by applying for a trading internship. If you are good enough you should be able to find something trading is more meritocratic uni wise than IBD.
Thanks for the reply, however i am still confused as to whether i should take the operations placement if i get an offer as it is compulsory for me to take a placement. Also the placement will be 12 months starting from july and so in terms of applying for a trading internship I may not be able because of my placement taking up this summer as well as next summer.
Well I obviously don't know as much about it as DeeDub so I'd listen to what he says but I'd guess that out of those you have as options none are really experience for trading so it would probably be best to get the Goldman Sachs brand on your CV, do your best to network when you are there and then apply for trading internships/grad schemes after. It won't be easy though.
How about ICAP placement? And also surely a year at GS on your CV is 100 times better than any other company. When i was at DB, a lot of the traders actually mentioned how they thought it would be better if anaylsts had some experience in operations so they know how the full trade cycle works
Another thing that you can do is to take that year placement and then apply for a master. While at the master apply for internship in trading...Obv it would take time but it is easier that to move from BO to FO.
I don't think there's a course that has a compulsory requirement to take up a placement.
It's tough to get placement these days especially for the ones you're looking for. If you're in a sandwich year and can't find a placement then you're automatically switch to the normal 3-years course. Check with your university.
Yes do a BO placement then apply for FO internships the following year, its perfectly feasible.
I'm planning on doing something similar.
In a rush I applied to Securities and Ops at Gs thinking I would never get it but did have another offer for Ops with a smaller BB.
Got both but what I really want to do is M&A. So going for Ops this summer and hopefully cold contacting people sometime in August. Fingers crossed it works cause I do think the brand name of GS would be an advantage. S&T just isn't my thing for now .
If anyone has any advise- I would be grateful.
No I don't but I haven't been investigating too much. I guess the BB brand on your CV would be enought to get internship FO interviews. Then it is up to you to be able to explain why you made an internship in BO and why you wanted to do something different...
Well but if you wanna work in FO, it is better to do FO at CS, BarCap, DB than doing operations at GS...
Four completely different jobs, it should be obvious which one to take given your future ambitions.
Iv worked in Ops and would say no its almost impossible, you dont have the level of exposure to impress and build such good relationships plus you have the operations tag. I would avoid BO placements even if its at GS and opt for Accenture or one of the others and then you can apply for FO grad schemes.
im in 2nd year and havent got any placements for the summer (applied very late). was thinking about how stiff the competition for corporate finance will be next year, but im really interested in mergers and acquisitions.
is it advisable to apply for a range of grad jobs, in terms of applying to a few FO corporate finance jobs at some of the less competitive banks (i know all are competitive) and apply for operations to the more competitive ones?
it may take a few years, but is the operations to corporate finance trail impossible?