Big things afoot in the City
With the banks in the mood for recruiting, flexible graduates can only benefit
Wednesday 10 July 1996
Mr James, 27, who has a PhD in high-temperature superconductors from Cambridge as well as a first from the University of New South Wales, has been working at Deutsche-Morgan Grenfell for the past 10 months. He started as an operations graduate, spending eight months moving around different departments before joining an internal consultancy, called Business Development, a few weeks ago.
Though he is obviously not applying his specific knowledge, he says he is finding his experience of problem-solving and analysis useful, particularly in his current role. The work did not initially meet his expectations. But being given more responsibility and the opportunity to visit the bank's headquarters in Frankfurt has improved his view and he is enjoying himself.
Helen Williams does not have the advanced qualifications that Mr James has. But she is also typical of the increasing numbers of people moving into the operations departments of banks - where they support the dealers and traders - with theoretical rather than practical knowledge of the City. She, too, started work in financial services last September - after graduating from Birmingham University with a degree in banking and finance.
Many of her fellow students went into accountancy, but Ms Williams, 22, wanted to do something "a bit more dynamic". At NatWest Markets, where she is working on supporting structures in the equity-derivatives area of operations, there is the opportunity to study for specialist qualifications. For the moment she is not signing up, and is concentrating instead on building up her experience.
Having grown interested in the field while studying options and related instruments, she had her curiosity fuelled when people working in the City gave a talk at her college.
What makes graduates like these attractive to employers in the Square Mile is the fact that they are more likely to be "change-friendly", says Jeremy Tipper, who runs the banking operations division at the financial recruitment specialist Robert Walters.
It is replacing people who might have worked in the area for a while and grown resistant to further change. Instead of settling for people who have the skills to do a certain job now, they are opting for those who - thanks to a strong theoretical background - have the potential to fulfil a variety of roles.
The rewards can be impressive. A survey by Robert Half and Accountemps, another recruitment consultancy, found that salaries in financial services are running well ahead of the average. Last year, the sector saw a pay increase of 4.3 per cent.
With US and European banks still in the mood to recruit, a wage spiral is developing in both this area and among newly qualified accountants because the Big Six, which have not recruited many trainees in recent years, are fighting to retain those with the greatest potential. As a result, graduates are starting on between pounds 18,000 and pounds 25,000, while the newly qualified can expect as much as pounds 35,000-pounds 39,000.
- 1 Husband creates spreadsheet detailing wife's 'excuses' for turning down sex
- 2 Saneie Masilela, 9, marries Helen Shabangu, 53 years his senior, for the second time
- 3 UK pirates will get four warning letters a year
- 4 Why I'm on the brink of burning my Israeli passport
- 5 Is Gideon Levy the most hated man in Israel or just the most heroic?
Malaysia Airlines flight MH17 crash: 'Nine Britons, 23 Americans and 80 children' feared dead after Boeing passenger jet is 'shot down' near Ukraine-Russia border
Malaysia Airlines MH17 crash: Vladimir Putin is given 'one last chance' to end hostilities in Ukraine
The truth about conspiracy theories is that some require considering
The 'scroungers’ fight back: The welfare claimants battling to alter stereotypes
Malaysia Airlines MH17 crash: Ukrainian military jet was flying close to passenger plane before it was shot down, says Russian officer
Malaysia Airlines MH17 crash: victims’ bodies bundled in black bags and loaded onto trains
iJobs Money & Business
£28000 - £32000 per annum + benefits: Ashdown Group: Training Programme Manage...
£28000 - £32000 per annum: Ashdown Group: Training/Learning and Development Co...
£60000 - £75000 per annum + BONUS + BENEFITS: Harrington Starr: Business Anal...
£70000 - £90000 per annum + Job Satisfaction: Harrington Starr: Project Manage...
Day In a Page
Surrounded by glorious countryside in the village of Udimore, sits this impressive four-kiln oast and barn conversion
A five-bedroom house in the picturesque village of Kettlewell, north Yorkshire
An 18th-century former coaching inn with original staircase, open fireplaces and beams throughout
A Grade II-listed Georgian town house with three bedrooms and a south-facing courtyard, near Arundel Castle
Feel on top of the world at this über chic penthouse on the 37th floor of one of Europe’s tallest blocks.
A Grade II-listed Victorian villa with six bedrooms and two further cottages, all with spectacular sea views
A grade II-listed, Georgian cottage with mature 50ft garden, perfect for summer entertaining
A magnificent Georgian pile with turrets, seven bedrooms, a heated pool and four acres of gardens
Fairoak Farm has five bedroom suites, gym, outdoor swimming pool and golf course
Chic two-bedroom river-fronted flat with a private lift that delivers you directly to your home
A spectacular seven-bedroom Tudor pile, once owned by Henry VIII, with 18 acres of land
A seven-bedroom Georgian property previously used as a picturesque wedding venue
A split-level flat in a church conversion with two en suite bedrooms and 1,200sq ft of living space
A three-bedroom bungalow situated behind an impressive stone wall, £645,000
Windsor Castle overlooks this three-bedroom Victorian cottage located on one of Windsor's smartest roads
Chapel House is a former vicarage with nine bedrooms in the beautiful Upper Wye Valley
A five-bedroom B&B and separate owner's accomodation with potential for conversion
Enjoy summer by the Thames in this two double-bedroom converted warehouse in Rotherhithe village
A one-bedroom, luxury apartment with private gym and concierge service in Moorgate
A four-bedroom house in Hermitage Gardens with three reception rooms and landscaped gardens
A seven-bedroom Grade II-listed property with a separate self-contained apartment
A five-bedroom Victorian house with three reception rooms and galleried landing, £695,000
A six-bedroom farmhouse with five acres of land in a former cloth-making village
A secluded seven-bedroom detached house with large private garden, £490,000
A three-bedroom cottage overlooking Sarratt village green with open fires and solid oak floors
A three-bedroom maisonette flat in a Grade I-listed, Georgian townhouse in a sought-after location
A one-bedroom apartment located within a private gated development, north of Turnham Green
Look forward to a brighter future at two-bedroom Sunny Cottages, ideal for Londoners looking to downsize
A three-bedroom red-brick cottage with outbuildings and pretty gardens, £200,000
This three-bedroom flat within a former textile factory spans the corner of the fourth floor and has a balcony
A charming four-bedroom Oxfordshire cottage with oak floors and chunky-beamed ceilings, £465,000
A beautiful one-bed flat in a sought-after portered block, with access to Norland Square communal gardens
A one-bedroom flat within a Sixties school conversion with high-spec design and open-plan kitchen, close to Lambeth North Tube, £435,000
A 17th century four-bedroom house, with open fireplaces, cellar and pool, £600,000
A three-bedroom, coach house with luxury open-plan living space and contemporary breakfast bar