The Graduate
How to land a grad job: banking (Goldman Sachs)
Katherine Chan, a third-year Economics student, did the one thing everyone’s being telling us to do for years. She got work experience, and she got it early. Now she’s landed the job several thousand others wanted – a research position at Goldman Sachs. In this two part series, we will look at the route she took into banking, and her experience as a Goldman intern.
Her new position: Business Analyst for Equity Research with Global Investment Research in Europe
So what does that really mean? Well, she’ll be working in Goldman’s Global Investment Research division and over time will develop a specialism for certain stocks, for example packaged food or beverages. “There’s a guy who’s just an expert on beer stocks,” she tells me. However, when she first arrives she’ll more likely be doing client requests and pulling data to support her team.
She’ll be based in London but will spend five weeks in New York training. Some of the perks? A salary almost twice that of the average graduate starting salary, health insurance, a gym, medical centre, and according to Katherine, “an amazing canteen”.
Still interested? Here’s how she did it.
Firstly, she was persistent. Having done the obligatory two-week stint of work experience at 15, she decided that law was definitely not for her. Yet, while most of us became preoccupied with more pressing concerns such as A Levels and adjusting to university life, Katherine continued to hone what career field she was interested in.
An enjoyable month at an investment bank influenced her A Level choices (Maths, Economics, History) as she decided that banking was something she wanted to investigate further, and kick-started her interest in an Economics degree. It was during sixth form that she first also heard about Goldman Sachs – when a teacher recommended an insight day there. While it was only a brief visit, she loved the culture, and from then on recalls that, “everything else was simply a step [to getting there].”
However, it was a year at the Bank of England during her gap year that really got her thinking about what aspects of banking appealed to her.
“[It was] a very different type of finance and I really enjoyed it but I knew it wasn’t something I want to do long term, [however] it was really good as it got me thinking – I enjoyed the finance aspects but I wanted it to be a bit more commercial.”
Her original role wasn’t as glamorous as a gap year at the Bank of England sounds – while the position she applied online “completely on a whim” for was a position in monetary analysis, her actual initial role was as a secretary. However, unusual circumstances meant that Katherine got given more responsibility.
“[My placement] was in 2008 when the financial crisis happened… Because of that I took on a lot more responsibility and by the end of the year I was doing data analysis which was really interesting.”
Despite having accumulated a fair amount of banking experience for a first year university student, Katherine still got rejected at the next stage – ‘spring weeks’. “I applied to all the big names and didn’t get anything.”
For anyone interested in banking, a ‘spring week’ is a one or two-week taster course offered in the Easter holidays by the major banks, and is targeted towards first-years.
While the experience of not getting a spring week, despite appearing a very qualified applicant, was incredibly discouraging, she didn’t let that put her off, pursuing a less traditional route into finance instead.
“I volunteered at Christians Against Poverty and they’re a national debt counselling charity, so it’s a different side of finance. In first year I did that on a weekly basis and I also spent a month working in their head office in Bradford.”
Investment banking though is an undeniably hard area to break into as a young graduate, and this was reflected in Katherine’s next attempt to climb the banking ladder – getting a summer internship. Applying to 15 banks at the start of her second year – she only heard back from one, but one was all she needed.
“It just shows they’re all looking for different things,” Katherine said. “Goldman was the only one I got an interview for and I got the job but I didn’t get interviews anywhere else.”
To be continued…
MA Shakespeare in Education, at the Shakespeare Institute
It was through a Saturday job that a 15-year-old Laura Nicklin first met an adult with illiteracy. While the incident was deeply unnerving, it laid the foundations for her future. Wanting to stop others entering adulthood illiterate, she decided she wanted to become a teacher.
However, unlike most wannabe teachers, Laura’s not jumping straight into a PGCE or considering Teach First. Now a third year Language and Literature in Education student, Laura’s on the verge of starting a Masters in Shakespeare in Education at the Shakespeare Institute. She told me why she thought further study was the right option for her.
Like with jobs, applying for further study does not limit you to one course only and Laura chose to cover all bases by applying for both masters courses and PGCEs, and alongside her offer from the Shakespeare Institute, she has received a PGCE offer from York. “I chose both because they actually both focus really well on what I want to do. The PGCE is in English and the Masters in Shakespeare in Education is something which will enhance my ability as an English teacher,” Laura said.
So why has she selected the masters over the PGCE, a course which would have allowed her to become qualified as a secondary level English teacher much earlier? Like many graduating students, she is feeling the pressure to get straight into employment; however, she doesn’t want her career aspirations to stop her from pursuing any other passions she has. “Something fascinates me and excites me about the Masters. I want to take this year to stop doing what I HAVE to do for at least 12 months and start doing what I WANT to do.”
Having made the decision of wanting to apply to both teaching courses and other masters courses, Laura now had to figure out not only where she wanted to apply, but also go through the tedious application process. So was it really like UCAS all over again?
“The PGCE application process is difficult. There is a lot of writing and then even more waiting and one institute has to reject you before you can even consider sending it to another.” Laura was one of the lucky ones though, receiving an interview for her first choice – York. “I applied to York because it is fantastic. It is an MA standard outstanding teaching course that is renowned for its excellence.” For the interview, she had to prepare lessons plans and fill out further forms reflecting on her own abilities. While she recalls this was difficult at first, the advantage of having to do so much interview preparation meant that she became really focused on what was expected of her at interview.
Comparatively, applying to the Shakespeare Institute very much mirrored applying for undergraduate courses as she literally had “one shot to sell myself and my passion for Shakespeare” and there would be no interview stage. While daunting at first, Laura commented that the application provided enough room for everything she wanted to say. Since Laura’s paper application (which resulted in several delays), the Institute have introduced an online process allowing applicants to track their progress.
For all further study applications, deadlines matter – and the traditional, ‘the earlier, the better’ motto stands true for both of Laura’s choices. However, the deadlines for PGCE applications are particularly strict – and due to the nature of one institute having to reject your application, before another can process it – if you are considering a PGCE, it is imperative you get organised early.
Furthermore, as with undergraduate courses, students can find themselves in the same position of not knowing where to apply to and what course is right for them. Often these are questions that need to be discussed with professionals, and Laura credits her supervisor, course leader, and the Careers Service with providing ample support through making her applications.
Laura is excited about attending an open day in Stratford-upon-Avon soon but she says she has not turned her back on the PGCE route – and is keeping it in mind for 2013/14.
Five years ago, she would never have considered a Masters but emphasises that is why students need to be on the look out for exciting opportunities that pop up along the way: “look around, and actually find out what’s out there! There are so many things that people just don’t know are there.”
And her parting advice? “If you find something you love, grab onto it and don’t let go. Enjoy your learning and enjoy life.”
Taking a year in industry (continued)
In part two of ‘Taking a year in industry,’ Matt Taylor, a third year Electronic Engineering with Music Technology student, describes how his previous department-based summer placement helped him narrow his career path, and offers advice to students considering adding a sandwich year to their course.
While Electronic Engineering students received workshops on CV writing, applications, and advice from students who had returned from their year in industry, Matt also chose to make applications to companies separately. Sending off eight, he found replies he received were negative – saying they just didn’t have the room, however, he did receive an offer from Sonifex, a company that creates radiobroadcasting equipment.
Getting these two offers wasn’t just down to a steady supply of departmental support, it was also about utilising other opportunities the University had offered him to make him stand out from the crowd.
In between his second and third years at York, he also completed a unique summer placement that greatly influenced his decision to apply to Phillips. Working with several other students, he utilised a research grant given to his department, to develop a computer programme that uses the Xbox Kinect to help stroke sufferers measure the progress of their rehabilitation. “The programme measured their joint acumens to see how much more they could move their arm than last week.”
“And once I got into that I realised helping people is a big part of my drive – I don’t want to do something that can sit in a corner or can just do something because it can, I want to help people.”
While Matt appears to have been very successful so far in landing some exciting placements, his time at University hasn’t always been plain sailing. Explaining why he think sandwich years and summer placements are so important, Matt says it’s a case of getting to try things out before you committed to them. His personal experience? Well, he’s found the Music Technology part of his degree incredibly frustrating because it’s such a subjective subject. Doing a sandwich year though allows him to test drive a career before committing to it like a degree.
So what can you do if you like the sound of a year in industry? Not all departments offer them but as Matt says, for some departments, you don’t necessarily have to commit to a sandwich year at the start of your degree (i.e. there’s still time!) with students being allowed to add a sandwich year halfway through their course. In Electronic Engineering, for example, “the first two years of teaching for the BEng and the MEng are the same… so there’s a lot of options.”
And what about his advice for the more general non-engineering/computer science community? “[Having attended] four or five careers fairs, what I’ve learnt is take every opportunity because you never know which event is going to have your dream job or what thing is going to give you someone’s email address which is going to sign you up to an amazing placement. The biggest thing is just use every opportunity you can – use the department, they’re there to help you.”
Matt’s role for his year at Phillips is not yet fully determined, however, his year will revolve around a big team project. “Each project lasts about a year, so a student can take it, run it, and finish it – one of the current students is in a team of seven working on Android Apps [as Phillips] are moving into that area of the market.”
Taking a year in industry
You will hear from many students that the University doesn’t do enough to help us get on the career ladder. We are constantly grumbling about how York’s slipping down the league tables due to its declining graduate prospects. The reality (and the confession of most third year students) is that the help is there – but you have to actively seek it out. However, one student I spoke to tells a different story.
Matt Taylor is a third year Electronic Engineering with Music Technology student. He is not graduating this summer, but will be continuing on to do a year in industry, working for Philips in Cambridge, before graduating with a MEng in 2014. While he’s delayed his entry into the job market for another two years, in this two-part series, Matt talks about the advantages a sandwich year can give you when entering the job market and how it was his department who helped him get his placement.
Matt began thinking about careers early on and the idea of a degree with a sandwich placement where he would spend a year in industry instantly appealed to him. “Before I even came to uni I knew I wanted to do this placement year because looking for summer jobs, just any jobs, they’re like ‘have you got experience?’ It’s that whole massive catch 22 situation. And that’s for a bar job. So how much more competitive is it going to be for a engineering job with a competitive company?”
Two years down the line, Matt’s landed a placement with household name, Philips, a company, which focuses on medical research and home healthcare.
“It was organised by the Electronics department who have got some really good relationships with companies [in our field]. In the last few years, Philips have consistently taken on Electrical Engineering students for placements – there were four students from York last year and five this year.”
“I wrote a CV, handed it into the department at the start of the summer term, received feedback, and then they sent my CV off to all the companies they have links with.”
For students lucky enough to be studying Electronic Engineering or Computer Science, a Placement Consultant exists to support them through the process of applying for a sandwich year – a year that could make all the difference to them being offered a job after graduation, as Matt estimates that 30% of York students who do sandwich years get invited back to the company after graduation.
With the help of his department, which has links with companies such as BAE and Dolby, Matt got invited to five interviews. Two offered him a secondary interview – one of which was Philips, and this allowed him a chance to see the company in action.
“[Philips are] developing medical implementation for people to monitor their own healthcare. When I went to see them, they were working on an old person tracking unit that could show you where they were so that if you were concerned you could look them up online.”
Another project Matt saw in progress was a home-improvement one – using your mobile phone to turn on a coffeemaker! “[Philips are about] things like that – home improvement to make people’s lives easier and better.”
Part 2 will be online 05/03.
How to land a grad Job: fashion merchandising (Tesco, continued).
In her second year, Stephanie Ashwood applied to all the major banks for internships. Despite getting to the final stages at RBS Insurance, she did not receive an offer. However, this year she has got offered a graduate job, but for merchandising instead. Here’s her take on the application process.
You’ve gone down the merchandising route, rather than the bank route – what made you change your mind?
Doing economics people presume you’re going to go into banking. I know someone who does merchandising and she did economics. Talking to her, I thought I’m going to look into this more because it encompasses my knowledge of fashion, and it’s essentially using numbers all days – so it sounded perfect.
What was your next step then?
Looking on Milkround, I applied to all the merchandising roles that were open. Marks and Spencer, John Lewis, Debenhams, Tesco, TK Maxx, and Mothercare.
It can be quite frustrating when you’re applying, did you get any rejections?
I got rejections from all of them apart from TK Maxx and Tescos. For John Lewis, I got quite far – through a personality compatibility test and numerical tests, and then they ask you to do seven 250 word questions and I spent so much time doing all that and then got rejected.
Any memorable questions?
One of the ones on the John Lewis one was ‘Talk about a product you find exceptional.’
And what product did you find exceptional?
I went for a washing machine as everyone has one in their house or has to use one.
By November, Tesco had asked you for a telephone interview, and TK Maxx for a video interview – how did you adapt to two very different formats?
I’m glad I did a couple of telephone interviews for internships, as it’s weird how you can’t play off someone’s reaction. For the TK Maxx video interview – I presumed it would be like a Skype interview but it wasn’t. It was 10 questions and you got three minutes to answer – 30 seconds to read the question before it automatically started recording you.
You didn’t get through to the next stage for TK Maxx but when did you hear back from Tesco?
I heard back the day after. They were very good at telling me where I’d gone right and pretty much where I’d gone wrong for a lot of it. We got cut off because he was on a train, and at that stage I thought I hadn’t got it.
But you were invited to the next stage. After some tests, you went to a assessment centre right?
Yes. I had to prepare a 10-minute presentation on an area of clothing. I dragged my dad to Tesco, Sainsburys, Asda, Matalan – so I could get some understanding of the competition.
When you arrived, did they gave you a presentation about Tesco and their international clothing brand?
Yeah, [the Tesco clothing brand] Florence & Fred is quite big and fashionable in Europe – they’ve opened their stand-alone stores there. They wanted to get it into our heads that it’s not just about the UK.
What did you think of the competition for your role?
What they said to us was that they actually had enough spaces to hire everyone there on the day. However, only two of us there were still doing our degree. All the others had graduated last year. Two of them were temping there at Tescos in Merchandising.
Describe the solo presentation you gave.
I talked about the Kate Middleton “Duchess” effect – how she wore a Reiss dress when the Obamas came, a peach dress, and it was that Tescos released one quite soon after that sold out straight away, and so I did a little comparison photo.
What were the other tasks?
Two whole group tasks. They always like to put you in weird situations so the one I did at Tesco was that, ‘10 people had been involved in a caving accident and in the time constraint you had you could only save five, so which ones would you save?’
We also each got given a set of three products, children’s toys, and we got given a brief that Tescos wanted to promote a toy. So, individually, we had to pick the best one out of the three we were given, and then we had to discuss it and pick one out of everyone’s.
There were some other individual tasks weren’t there?
For one, we had 10 items of clothing and we had to pick the five best and five worst. There was also another individual presentation, where we got given a couple of briefs about setting up a restaurant. For that, they halved the preparation time to see how well we’d work under pressure.
Obviously, it’s a merchandising role – I bet you thought really carefully about what you were going to wear that day?
Of course! You can’t not go in a suit for an interview. It was a pink blouse, which was satiny, with a general pencil skirt and jacket.
You didn’t think ‘Oh I’ll take something from Tescos to wear?’
Of course I was thinking are they going to be noticing but I don’t think even they were wearing Tescos clothing.
Steph was offered the job of Assistant Junior Merchandiser less than a week later.
How to land a grad job: fashion merchandising
Stephanie Ashwood is a third year Economics student. She used Milkround to make applications for banking and insurance internships in her second year, before applying to merchandising graduate roles this year. In this two part series, she describes what her upcoming role as Tescos Assistant Junior Merchandiser will entail, and how she got there.
Firstly, Steph, explain what the ‘merchandising’ sector is for those not in the know.
Well obviously, the buyers’ job is choosing what items to sell. And the merchandisers work quite closely with them because they tell the buyers what trends are happening based on figures, and merchandisers choose how much of products to put in what store, at what time, and at what price.
So it’s all very economics-based?
Yeah, obviously that’s all done on equations, which you’re given and it’s quite methodical. Merchandising can actually create quite a lot of profit because if they can see it’s going to be a cold spell, like at the moment, having a lot of knitwear in a store at that time, the right time, can make a lot of difference between profit and no profit.
Specific to your Tescos role now – are you just responsible for clothes, or are you responsible for other items too?
I’m in the UK clothing sector – they can’t tell me whether I’ll be in ladies wear or menswear because it’s quite far in advance – I don’t start until September.
At least it’s not clothing for North Korea though…
Actually – they’re big in China at the moment. It’s cracking over there.
And what is the structure of the graduate scheme?
In a Tesco Extra store, I’ll be working in a clothing department for four weeks. Everyone who works in top office has had to work in a store. The current CEO of Tescos started on a Tesco graduate scheme so it just shows what you can do!
Where does it go from then on?
I do a week in head office, then four in store, and then straight back into the office. As an Assistant Junior Merchandiser I will be assisting the Assistant Merchandiser.
You have a love of fashion – do you see yourself later trying to transfer into the buying route or do you want to stick with economic side?
I’m quite happy keeping something with my economic skills. I never actually choose a product – that is the buyer’s final say. You can just advise.
And obviously Tescos is an international brand and in the UK, there’s a Tescos in every single city, so what are the opportunities for career advancement?
I know once I’ve done the two-year graduate scheme it will be easier as I will already be at the work level – I can move up to become a Junior Merchandiser, and then an Assistant Merchandiser, then a Merchandiser, and then it will be head of a team.
If there were one tip you knew before you started applying that you’d give to a first or second year, what would you say?
Definitely, get involved. Do use the societies. Also, having a part-time job shows that someone is willing to pay you to work and gives you a reference.
And where do you see yourself in five years time?
Hopefully, still at Tescos – it is only a 15-minute drive from my house!
I know for some people location is a deal-breaker when finding a job, was that true for you?
Yeah, for me, because I live in Hertfordshire, so a 40-minute commute into London, I looked at anything in London or Hertfordshire, nothing more than an hour’s commute. I’m living at home for a few years to save up, so I guess Tescos is the best thing that could happen to me.
Finally, the part everyone wants to know – what does your graduate package entail?
A salary of between £22,000 – £28,000. You’re allowed to take months off for however long you’ve been there – a sabbatical, they’d say. Also, there’s a 10% discount after six months of working there. It will help the food bills won’t it, especially when I’m living on my own. A pension scheme and shares in the company are other benefits offered.
The other good thing about Tescos is that they have a graduate society within Tescos – they do a buddy system, so you’re buddied up with a graduate who’s already on the scheme. I think they like to make sure everyone who’s moving to that area will know people there.
To find out about the application process for merchandising roles like this, look out for part II of How to Land a Grad Job: Fashion Merchandising (Tescos).
How to Land a Grad Job Part II: the traditional summer internship route (Nestlé, continued)
Jennifer Rose Hammond, Nestlé Sales Graduate
How soon did you know you were being considered for a job with Nestlé?
Well basically it was never openly said. And then it came to the day of our presentations. And they actually sat us down after, all the interns, and said we’re not considering hiring anyone. The next day though, a few of us got offered jobs but only three interns out of seven. They were really cautious, as they were nervous about hiring people who they think may change their minds within a year.
Do you know much about what that role’s going to entail?
Formally, it’s six months selling in the field so I could be anywhere in the UK literally selling chocolate to Joe in his Newsagent, which means I have plenty of freebies.
We’ll come to you for chocolate!
And the other six months is in York or Croydon in the office, working in part of the team like I was over the summer. There’s also the possibility I might not even go into that formal scheme, as they know me already so they might just put me into an open job.
As you’re on a graduate scheme, what’s the starting package they’ve offered you?
Basically, I got the pension plan through in the post, and I just couldn’t believe it there were so many benefits: flexitime that you can convert into health insurance, links with other companies, discounts from everywhere, and because I’ll be in the field I’ll get a company car. Also, the holidays are really good, and yeah, basically free supply of chocolate all the time, and I will be on a really good starting salary too (between £25,000 – £30,000). I also get a welcome bonus in my first year! Woohoo!
And is there a formal career ladder they’ve set out for you?
Not formally. But you can see it. You can see it with the grad students and they’re very conscious about keeping them. Once they’ve spent all their money and time recruiting them they don’t really want you going on the grad scheme and leaving after two years.
Tell me about the recruitment process for the internship.
Well I had to submit my CV and I sent them a cover letter off my own back and then I had online tests. Numerical, psychometric and language ones.
And then?
I was given this brief and I had to do a three-minute video of myself and pitch it to them – and it was quite similar to what I’d done in York Entrepreneurs, so I was well prepared. Then I got invited to an assessment centre where I had an interview, a group task, more numerical tests, and two individual tasks.
So returning to your experience at Nestlé, how did the internship presentation go?
I came up with a specific plan for our products this year. How they should be launched into Asda and some principles based on how the launches should look like. And I created a massive report as well. We were just meant to do a presentation but I had so much stuff. I think it’s a bit about initiative. I sent the cover letter off my own back, and that report, and I think it just shows you care a little bit more.
Giving advice to first and second year students, is there one thing you wish you’d known earlier?
I’d definitely say get as much work experience and extra curricular experience as you can. Don’t push it too far, do a lot in first year and then find what you really like and pursue it, so you can talk about it a lot, so it’s definitely something you have a passion about.
So where do you see yourself in five years?
I’ve been speaking to a lot of people who are taking years out, and people will hate me for this, but I do feel that my life is quite planned out for me and I’m only 20. I can see myself in 30 years still working at Nestlé.
One thing I’d say about Nestlé is that they went about making me a Nestlé person. Literally a brand ambassador. Thinking about it as a company that makes you love it and think, ‘I’m never going to eat Cadbury again!’
Have you eaten Cadbury since?
Well maybe… it’s the Mars bars. It’s Kraft – I can’t resist it.
Bad Jenni! And I was going to ask you if that’s on your contract. If there are any restrictions?
It’s not in your contract but if you’re seen eating a competitor product, it’s frowned upon. Well, in the building…
How to Land a Grad Job Part I: the traditional summer internship route (Nestlé)
Jennifer Rose Hammond, Nestlé Sales Graduate
As all Arts students know, there comes a point in your degree when you finally have to think about what career your degree can be applied towards. We all hope we’ll have figured it out by our final year. However, no matter how little or how much career preparation you’ve done, on the first day of final year, the notion that the real world is really about to come knocking, will still hit you like a ton of bricks.
However, third-year History and Politics student, Jennifer Rose Hammond, shows that this conundrum can be avoided after landing a graduate sales job following her summer internship at Nestlé.
Jenni, so firstly when did you seriously start thinking about what you want to do after leaving York?
The beginning of second year – I was made aware by the department that internships were available and I kind of just saw it as I was in my second year so I had the time to apply for internships.
At that point, did you know what you wanted to do?
Well what happened was my housemate asked if I wanted to take part in a York Entrepreneurs Challenge called ‘the Market’. I joined a team and one of our tasks was to come up with an idea for a new product for Nestlé and pitch it to them. We also had to pitch a cocktail idea to Monty’s and I just loved coming up with all the ideas, coming up with the presentation, and pitching it to them. I thought I want to do something like this, so then I looked into Fast Moving Consumer Goods (FMCG) firms.
So you decided you wanted to try to get an FMCG internship in the summer – how many places did you apply to?
John Lewis and Nestlé were the two. At home (the summer before second year) I really put a lot of work into the John Lewis one. (Following a Careers Service lady reading it) I submitted it and I did some character tests and I just got rejected.
And you know the psychometric tests can be quite demoralising…
Yeah, it was an online one and literally it was about me as a person, I wouldn’t even call it a psychometric test. And it was like ‘you’re not matched to John Lewis’. And I thought that’s a bit depressing, like my personality isn’t good enough.
I thought about applying for BP and then I got that rejection from John Lewis so I thought I’m not going to bother with the BP one.
BP?
It was to do with marketing and I was like ‘oh, I’m not going to bother, I’m not a ‘sciencey’ person – if I couldn’t get through John Lewis, I’m not going to get through that.’ So I focused on the Nestlé one and really put everything into it.
And when did you hear back from Nestlé?
I submitted it not long before Christmas and then I didn’t hear anything till just before Easter.
Did you know how many applicants they had for internships and how many they were offering?
No. I know they’d normally offered four internships but because of the number of applicants, they ended up offering seven.
What was your role?
Basically, it was project based – we were each assigned a different manager so my manager was in charge of sales for Asda – he sells all the chocolate to Asda.
Pretty good job.
Yeah. I was looking at how Nestlé could launch their new products into Asda, and basically coming up with a blueprint, a path they could do every time – I had to do a lot of research, talk to a lot of people, and they were really big on me getting to know the company, understanding if I wanted to work there and getting to know the products. I then had to pitch my solution to the company.
Was the internship very structured?
No. I definitely had my own ownership over my project and I sat with everyone so I was constantly talking about it – we had like four meetings every week.