Getting into financial services

CasUaL_Co0LxGuYx asked:

Dear Doctor,

I have completed my ACA Advanced stage exams and now looking to gain my 450 days of pre-requisite experience for case study exam and membership. I have experience of working part time as bookkeeper for 3 years and also recently on an ongoing temporary accounting position in a charity. What do you think are the prospects for me and given the range of opportunities at WH Marks Sattin, I believe I could find a thriving position. Could you please also let me know about opportunities in the Middle East.

Many thanks in anticipation

Best regards.


A WH Marks Sattin director replied:

Thanks for your comment on "internship in investment banking". If you are seeking a career into financial services but as of yet do not have a background in this, then any experience you can gain to demonstrate your interest in this sector will be well regarded. However, as an experienced accountant and upon completing your qualification, it is possible to make the move directly into financial services in a similar role to the one you are doing now. I would recommend targeting the smaller banks/boutiques as a stepping stone as the reality is that the larger institutions will favour candidates with previous banking experience - and in the current markets there will be stiff competition. The best way for us to advise you more accurately on specific opportunities that suit your background will be for you to send a full CV so a relevant consultants can call you to discuss.

All the best

WH Marks Sattin


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Internship in investment banking

Sreenivas wrote:

Hi, I would appreciate a little advice on future prospects....

I am 33 and until recently was working as a chef. I gave it up to join a big 4 firm and am training for an ACA. To date I have had first time passes in my exams and will have completed professional stage in July next year (i.e. 2009). I was wondering if I would have some advantage in applying for an internship to investment banks as it is a career that I have always wanted and I believe that an internship will enable me to understand if I am capable of doing the job. Would very much appreciate your help in this regard.

Thanks


A consultant in WH Marks Sattin's Banking Division replied

An internship in an investment bank is a great way to demonstrate interest in the sector and for you to learn more about the actual job you’d be doing on a day to day basis. Also, many people who do internships are offered permanent roles afterwards. However, a job offer is certainly not guaranteed and you shouldn’t compromise your ACA for an internship. I’d recommend not giving up on your ACA as you’ve already had one career change and it will reflect poorly if you don’t complete it. Once you are fully qualified, you can look into summer internship programs for the investment banks as a means to moving into the sector. An alternative now would be to cover FS clients in your practice experience (if you're not already) - making the move internally onto this sector will equally demonstrate interest to potential employers.

All the best

WH Marks Sattin


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Not getting enough experience as a Finance Assistant

Vikas wrote:

I have recently qualified as an ACCA. I have done a Masters in Accounting and I am a graduate in commerce as well. For the last 6 months I have worked as a Finance Asisstant but I am not getting the kind of experience and salary which I am expecting. What are the options open to me? Shall I move to practice or stay in the same banking industry in which I am at the moment and also guide me what salary I should expect which will reflect mine qualification and experience.

Thanks

Vikas


A senior consultant in WH Marks Sattin's qualified division replied:

Dear Vikas

That’s a good question, it sounds like you are well qualified to be able to command a decent salary but that you lack the practical experience to match your theoretical prowess. This is illustrated by the fact that you don’t feel challenged after only six months in your current role. The fact that you are thinking of an external move to gain more experience implies that progression in your current position might be difficult and so a move into practice maybe very useful. Small practice firms can give you a wide range of experiences including management and statutory accounts preparation and audit. You can expect a salary in the mid to late twenty thousands for a starting position but I would imagine that this will increase faster as you will be adding extensively to your skill set. I would advise you to send your CV to our practice team. As I always stress to candidates, make sure that your CV is of the highest quality with absolutely no spelling or grammar errors, as this can limit your chances of getting to interview stage.

All the best

WH Marks Sattin


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PhD to management consultancy?

Anonymous wrote:

Hi

I graduated with a PhD (in history) in 2005 and then took the last three years off to have two babies. I have worked throughout my degrees and have managed large budgets devoted to implementing I.T. training. I would like to work outside of academia and have been told that some firms accept PhDs as management consultancy trainees. Do you think there's any chance of that with my background in the Humanities?

Thanks


A manager in WH Marks Sattin's Management Consultancy Division replied:

Dear Anonymous,

Many thanks for your question. It is true that Management Consultancies take on Phd graduates, however this is traditionally at the lower end of the corporate ladder. Many firms such as McKinsey, BCG, Bain etc. can be found at the “Milk Rounds” of top Universities as they invest huge amounts of time and money into campus recruiting. Traditionally they look for numerate, engineering or science disciplines of study, however due to the variety of firms within Management Consultancy there is always going to be demand for excellent academic performers irrespective of their chosen field of study.

I hope this is of some help. Best of luck in your search.

Regards

WH Marks Sattin


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Difficulty finding a good role despite recent MBA

JMG wrote

Hi,

I'm a recently completed my MBA at a top ranked European programme. Prior to the MBA I worked primarily in real estate corporate finance, dealing daily with DCF's NPV, financial modelling, debt restructures, SME equity analysis all what assume to be a core part of project finance.

Now, upon graduation, I had a position with a top 4 in the CEE region, however my contract was rescinded due to the current crisis and now I'm 5 months out of school, sending out at least 10 apps a day, and I hear absolutely nothing back.

The thing is, I have friends from the MBA with no prior financial experience who have managed to secure position at lucrative institutions.

Simply put I don't know what I'm doing wrong? People have said that my CV is strong, yet I hear nothing. Please advise.

A senior consultant at WH Marks Sattin replied

Dear JMG,

I completely understand your frustration with the present job market – it’s not easy out there for job hunters currently.

Looking at the brief rundown of your background above, it sounds like you have something to offer corporate finance clients but you may have been finding that, due to the number of redundancies from the larger banks, those firms that are looking to hire are able to pick candidates that have recent experience of the role, rather than MBA graduates that may still need training.

My advice would be to utilise your MBA alumni network to target company’s that have specific MBA recruitment drives for 2008 as well as doing your homework on which firms are actually looking to hire. This is where a recruitment consult can add a lot of value as they are able to use their market knowledge to get your CV to firms that definitely are hiring and would be interested in your background, as well as being able to speak to the decision maker to highlight your suitability for their firm.

If you would like more advice feel free to give us a call and one of our consultants would be pleased to talk to you.

Best of luck

WH Marks Sattin


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