You are a student and you really want to be in a top paid position in a well-known bank. You know that you will probably have to find an internship first. And you are correct; most people working in the finance industry found their first job through an internship.
However, the fact it is an internship does not mean it is easy to get. Recruitment processes in banks are tough because there are so many candidates. You have to understand how they work or you will not maximise your chances.
Here are 5 common mistakes that students make when they apply for an internship in a bank.
1. Apply for the wrong type of internship
Banks have different programs for students, depending on previous internship experience and the number of years of study you have left before graduation. If you apply for the wrong one, your application will likely be discarded.
Usually you start with a spring or an off cycle internship if you have 2 or 3 years left before graduation. Doing this kind of internship is not mandatory, but will increase your chances of getting onto the next programs.
Then, when you have one year remaining before graduation, you can apply for a summer internship. This is really important if you want to get into finance. Banks use these programs to identify those that will enter their graduate programs the following year. If you skip this step, it will be much harder to get onto a graduate program.
2. Only applying for the bank of your dreams
Some students will apply only for the four or five top banks they really want to work for, thinking the others are not worth it. If you are serious about getting into finance, you should not do this. The truth is that you should enlarge the scope of your applications as much as possible. Everybody is applying for the top banks, they are bombarded by applications each year. Even if you maximise your chances with good preparation, it is still not enough to ensure that you will get an internship. There are enough good candidates like you for banks to choose from and sometimes between two similar profiles it can even come down to pure luck.
You also should not compromise what you want to do in order to get into a top bank. Believe me, it is a lot easier to settle for a good fitting internship in a medium ranked bank than an internship in one of the best bank that does not match what you want to do ultimately.
3. Believing that a deadline far in the future means you can wait to send your application
If you want to apply for a summer internship or a graduate program, you should send your application as soon as it opens (ie, usually September of the previous year). While it is true that most banks have deadlines set as far away as March of the year of the internship, you have virtually no chance of being successful with an internship application if you apply just before the deadline. That is because banks do not wait to review applications. They have several interview sessions throughout the year and once they are full they will not even look at other applications. You have to get into the first interview session (usually in October/November). This is when recruiters are most open to “non-perfect” candidates.
4. Thinking that filling the online application is enough
The online application is important and you should put a lot of efforts into it. However, it may not be enough to guarantee success.
There are so many candidates for bank internships that if you want your chances to be high, you need to differentiate yourself from others. Most banks organise events on campuses where you can meet and talk with people from the banks. It is essential that you go to at least one of these events, and that you talk with people there. If you make a good impression, they will give you their business card, then you will be able to tell the HR person that you met with this person and that you had a nice conversation. It will have a very positive impact on your application. If they really like your profile they can even recommend you directly to the HR department. If it happens, congratulations, you are certain to get an interview.
If there are no events on your campus, you can go to the bank career website and look for events organised near your location. Then you can send an application for the event.
5. Focusing too much on finance skills in your application
If you want to work in finance, you need of course to know at least the basics of your field (derivatives, interest rates etc for market finance, the usual valuation ratios for corporate finance). However, recruiters expect every candidate to be knowledgeable on these topics. You also need something that will differentiate your application: add something more to it, such as a technical skill. There are a lot of strong finance-oriented profiles, and a lot of good technical profiles. But there are so few candidates that can combine both skills and they are the favourites of the banks. Today, finance is all about automation and algorithm. Banks know that, and they want their future employees to be comfortable with the new digital age. So learn a programming language (or more than one) and put it on your resume.
Once you have an interview you will need to prepare for it. You can try this free eBook that is specifically designed to help candidates in market finance to prepare for their interview.
Planning to get into the finance industry? Well there is a lot you will want to know about the much hyped industry before you actually join in. It is indeed one of the most popular career choices today and finance careers are indeed looked upon as golden careers. Finance jobs today pay the best salaries in the job industry and you should stop worrying about the recession coz it is almost over. The finance industry has almost completely recovered from the recession and is back to making a steady progress. Fresh investment is flowing in and finance seems to be thriving like the good old times.
There are many avenues to finance jobs today. Government finance jobs promise you job security and are still a popular preference for many. In fact there are many government institutions which have a good intake for finance jobs. Except for government banks and financial institutions almost every government office does need a finance department.
Now if you are really ambitious and have huge set goals for the future the private sector is where you must concentrate. It’s not that one cannot develop in a government organization but there are many limitations to this growth which are absent in the private sector. There is a huge requirement for corporate finance jobs owing to the big scale corporatization of the business industry. Be it multinational companies or small local companies almost every organization is heading towards corporatization which again is a great advantage for finance aspirants.
Now how to begin a career in finance? The first thing you need is a strong educational background. Make sure you do your academics well and score the best of grades coz these are the only things which will help you in the initial years in finance. You firstly need to graduate from a reputed college for which you will need excellent high school grades. If you are still in high school this is the right time. Start getting serious about your education today itself.
After this you will need to get into one of the best finance internships available. Internships are one of the best ways to learn more about the finance industry. On the job training at an internship will groom the finance professional in you. You will also get a chance to interact with some of the big guns in the finance industry this way. It helps with developing a network in your industry which is very essential to grow high. This network not only helps you with job opportunities in finance but also ensures that your work moves on smoothly no matter where you are.
After the internship you should get into an entry level finance job. It is very essential that you give your 100% in these jobs as the competition is humongous and to leave an impression you have to prove your worth. Do not dream of reaching the skies in a day rather work to achieve your ambitions in a slow and steady way.
Jump-start your finance-related career with finance internships and be ahead of the pack. Internships provide your passports to lucrative careers because these are real life job experiences. Add to that, your credentials bloom and landing a job after an internship is highly expected. The benefits are astounding and perks are fantastic.
How To Find Your Potential Finance Internships Company
Searching for finance internships entails good planning and in depth research and some investigation for the best internship opportunities. An online search is handy. You may also participate at bank-related events or fairs advertised on local papers or check it out from a list of banks which you can find in the phone directory or Internet. Or visit banks and enquire.
Once you find the bank or company that suits your interest, make sure you express your intention of applying for a finance internship program with them. The goal is to make yourself available for them. Prepare yourself and ask about the company, norms and ethics required from an intern. Ensure that you absorb everything to make your experience valuable to the company and benefits will redound to you, as well.
Secrets To Have A Good Headstart
1. Top Company Pick
When your options for finance internships are varied, the best way to select is to pick the right bank or company to engage in. This can be accomplished by seeking advises and referrals and obtain a good number of company portfolios. Ask people for feed backs about the company. The positive feed backs and company portfolio should speak of the company’s reputation and prestige. This is the right company for you. Apply with the company and make known your interest and why it is your choice for finance internships.
2. Get To Know The Contact Person
Companies who offer finance internships normally post the name of the contact person. Your future career as an investment banker is in this person’s hands. Instantly, build a personal rapport with the person. He/She serves as your link to the decision makers of the bank. Do not forget that the competition is stiff and companies are flooded with applications. So, make yourself known to the contact person by email or make a personal visit. Always go ahead of the pack and make yourself stand out from the streams of applicants.
3. Choosing The Best Offer
When you get multiple offers from your choices of finance internships, discern and decipher according to your priorities as you have pre-identified. Be prompt to inform the companies and make sure that you show up at the appointed time.
Benefits Of Finance Internships
Finance internships provide you with a perspective of your career path. The work experiences you earn will add value to your credentials – which can help you land a job in the finance or banking industry. It is an opportunity to acquire skills relative to the your chosen career.
The internship can be leveraged into a full time employment especially if you have met the standards of performance or surpassed expectations. Many big financial companies usually don’t just let go of their interns who have made a good impression.
An expanded contact base is also a benefit that you get from your internship. This healthy network means a solid base for future promotion in your career.
Break the barriers and start your finance internships right.
If your car insurance is due for renewal and you are considering buying another policy then this article will provide you with important facts that you should know about. Car insurance policies are getting increasingly expensive and you should do all that you can to reduce your costs. How much you have to pay for your car insurance is dictated by a variety of factors as they apply to you and your vehicle.
In this article we will examine coverage limits, your age, gender and marital status, your location and insuring other household members. All of these factors will have a great influence on how much you will have to pay for your policy.
Coverage limits are generally dictated by the price that you are willing to pay for your insurance. A higher level of coverage will generally result in higher premiums. The best way to find a good value policy is to comparison shop. Nowadays it is generally accepted that the best way to do this is by using a car insurance comparison website.
Your age, gender and marital status will have a great effect on the auto insurance rates that you are offered. Insurers rate drivers using a variety of criteria, if you are a young single male driver you will usually have to pay higher rates. If you are a middle-aged female married driver then your rates will be lower. Insurers calculate the best car insurance rates for you by comparing levels of risk. Those groups which are statistically more likely to be involved in an accident have to pay correspondingly higher rates.
Location plays an important part in deciding how much your premiums will cost. Drivers who live in an urban environment will usually pay more than those from a rural area. This is because drivers who live in cities and heavily populated areas are more likely to be involved in an accident, or to have their car stolen or vandalized. Insurers generally offer better rates if you’re able to demonstrate that you keep your vehicle in a garage at night. You may also be able to improve the security arrangements of your automobile by fitting an alarm, immobilizer and steering wheel lock.
Insuring other household members will have an influence on the cost of your policy and the best car insurance rates that you offered. If you have teenage family members living with you and they are added to your policy, then your costs will increase. This may still work out cheaper than if your teenage driver were to have a separate policy in their own name.
In conclusion, there are a variety of different factors which can affect your ability to be offered the best insurance rates. Some of these are coverage limits, how old you are, whether you are male or female and whether you are married or single. Your rates will also be affected by the area where you live and whether other household members are included in your policy.