FINANCE 2020 Edition - Gradireland
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COMPREHENSIVE CAREERS ADVICE AND JOBS FOR FINANCE SECTOR
FINANCE
2020
Edition
opportunities in Ireland,
north and south
sectors include accounting,
banking, tax and funds
useful contacts
graduate profiles
the inside track on
what employers want
KPMG GRADUATE CAREERS 2019/20
CREATE
YOUR
OWN
www.kpmg.ie/careers
© 2019 KPMG, an Irish partnership
1
gradireland Finance 2020
Getting started in finance Areas of work Top employers in finance
2 Where are the jobs? 22 Where you can work 35 Top employers in finance
4 Sector snapshots Banking
6 What skills you will need 23 Investment banking People at work
8 What employers are looking for 24 Corporate banking 36 My career in finance
9 Finance internships 25 Private banking
10 Apprenticeships: an alternative 26 Fund administration and fund Employers
route management Aldi . . . . . . . . . . . . . . . . . . . . . . . . . . . . .OBC
11 Applying for a job in finance 28 Retail banking Bank of Ireland . . . . . . . . . . . . . . . . . . .41
12 In the hot seat 28 Insurance Chartered Accountants Ireland . . . .53
13 Dealing with assessment centres 29 Regulation & compliance Deloitte . . . . . . . . . . . . . . . . . . . . . . . . . .42
14 Your career in finance checklist 29 Risk management EY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .44
Accountancy and financial Glanbia . . . . . . . . . . . . . . . . . . . . . . . . . . .46
Professional development management Hedgeserv . . . . . . . . . . . . . . . . . . . . . . . .49
30 Audit KPMG . . . . . . . . . . . . . . . . . . . . . . . .52, IFC
15 Training and career development
31 Management accountancy Public Appointments Service . . . . .54
18 Your finance career planner
2019–2020 32 Financial accountancy PwC . . . . . . . . . . . . . . . . . . . . . . . . . .56, IBC
20 Employer insights-how to start 33 Tax IBC = inside back cover, IFC = inside
34 Islamic finance front cover, OBC = outside back cover
your fintech career
gradireland Finance is published by the Association of GTI Ireland, 14–16 Lord Edward Street, Dublin D02 YC63
Higher Education Careers Services and GTI Media Ltd Tel +353 (0)1 645 1500
(Ireland). Email gradireland@groupgti.com Web groupgti.com
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ISBN 978 1 912625 27 7 ISSN 2009-1575
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reserved. No part of this publication may be reproduced by • Construction*
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Design Maya Little
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Managing director Gavan O’Brien not necessarily imply that such views are shared by the Media* • Work Experience
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information in this publication.
gradireland Finance 2020
2
Where are the jobs in finance?
Each year, the area of finance normally accounts for the largest share of available jobs in our
gradireland Graduate Salary & Graduate Recruitment Trends Survey, with accountancy and financial
services making up the sector with the highest percentage of available vacancies. But of course,
finance is much bigger than just accountancy. Investment and commercial banking, funds
administration and investment, financial technology (fintech), tax, consultancy and audit are all
areas undergoing massive growth in terms of careers. It is a time of uncertainty though, with the
shape of Brexit still unclear, as are the resultant threats to the economy of Ireland, both north and
south. However, the Irish economy has proven to be remarkably agile and resilient, with a highly
skilled workforce, and on the flip-side of the threats of Brexit there are sure to be opportunities,
with many financial institutions either already relocating, or considering relocating to Ireland as
their European base in the wake of Britain’s exit from the EU.
Getting into finance Core skills
For many graduates, the route into finance is quite a Although the working environment
structured one. A commercially relevant degree, followed has diversified with the continuing
by a graduate programme while also studying for the evolution of technology and data,
necessary professional qualifications. This is still, in many many of the core skills sought by
cases, the route into common areas such as accountancy, financial employers remain
tax or audit. But the sector is also diversifying as consistent, such as:
technology continues to disrupt the industry, creating new • Numeracy and analytical skills
areas of opportunity in areas such as digital and online • Organisational skills
banking. As a result, a tech or data background, coupled • Communication
with the necessary numerical skills and competencies, can • Presentation and negotiation
open routes into many financial organisations. In addition • Languages and cultural
to the core skills and technical skills, employers want awareness
graduates who have a genuine interest in business, the Communication, both written and
sector in general and who are commercially aware. They verbal, formal and informal, is
also value a sense of purpose and direction, and finance is consistently highlighted by
such a broad sector, so to have a good idea of where you employers as an area of concern
want to work is a good idea. Employers can easily identify when it comes to graduates. Being
generic applications and they are likely to be of least value able to communicate clearly,
as they are looking for graduates who can make a personably and cohesively is at the
transformative, and long lasting, impact on the business. bedrock of any successful career.
gradireland Finance 2020
3
Professional services
Major firms, such as the Big 4 of
Deloitte, EY, KPMG and PwC, have
spearheaded the continuing
growth of Ireland’s financial
professional services industry. The
continuing high rate of foreign
direct investment into the island
of Ireland has meant that there
has been a steady growth in
business within this sector. The
services offered by these firms
continue to expand too. There
Accountancy remains a strong demand for
Although the sector continues to excellent tax and audit services
be transformed by technology, and advice in addition to growing
those with the right numerical demand for transfer pricing,
acumen and accountancy corporate tax and VAT expertise. Fintech
fundamentals can expect strong Financial technology, or fintech,
career prospects as accountancy continues to revolutionise the
continues to feature toward the Funds financial sector in general. The
top of any list when it comes to Ireland is a major player in the amalgamation of financial services
the number of vacancies on offer. global funds industry and there with technology is reshaping how
In terms of salary, as many are a range of diverse, dynamic the sector operates in areas such
graduates are still to earn their and exciting roles within the as online and mobile payments
professional qualifications, the industry in both Irish and global and transactions. For graduates
average salary can be lower than firms. The range of skills within from a business, finance or legal
that in other sectors. But it is still a the funds industry continues to degree, the fintech space is one of
healthy starting salary at an expand across all the major areas great opportunity. In addition to
average of €26,468. One of the of fund promotion, fund numeracy and analytical skills,
strengths of this qualification is management and fund knowledge of SQL, UNIX and SQL
that it is required by all sectors of administration. For more and similar skills are increasingly
business and industry and there information on this sector, see our in demand. Find out more about
are generally very well-established feature on fund administration your career potential in fintech in
career paths leading to highly and fund management on pages our feature on the area on pages
remunerated roles. 26 and 27. 20 and 21.
gradireland Finance 2020
4
Sector snapshots
Most careers in finance are within three main sectors; banking and
investment, accountancy and financial management and financial
services. Let’s have a quick look at what each sector involves.
Banking and investment Accountancy and financial
The banking and investment sector management
makes money work as hard as Regardless of its size, every business
possible. With financial markets open requires an expert to manage its
24 hours a day and straddling finances and ensure that all the figures
different time zones, money is add up. Managing cash flow and
borrowed, loaned and invested on a monitoring profit and loss are key
constant basis. Like London, Dublin’s areas of work, and somebody will have
financial working day bridges that of to supply the crucial financial
the US and the Far East, making it a information that can influence
key finance centre. the strategic development of an
organisation.
The employers
Large global investment banks The employers
offering a full range of services; Large multinational organisations
specialist finance houses (smaller providing a huge range of professional
organisations that may specialise in a services and smaller firms specialising
particular type of work); financial in particular areas. You could also work
services organisations; and in commerce and industry, or for the
investment management firms. public sector.
The clients The clients
These businesses generally provide If you work for an accountancy or
high-level financial services to other professional services firm, the clients
companies – corporate or will be other businesses seeking advice
institutional clients. Such services can and expertise. Working within industry,
include advice on mergers and you would provide an internal service
acquisitions, trading, capital raising to your employer. And finally, in the
and asset management. Other crucial public sector, you could work for the
functions (such as technology and public good, ensuring that taxpayers’
operations) work within the business money is managed properly.
to support these services.
The perks
The perks Work that’s at the heart of how
Fast-paced and challenging work; businesses are run, and the
high salaries in many areas; early chance to gain an internationally
responsibility; and a global work recognised qualification.
environment.
gradireland Finance 2020
5
Financial services
Most individuals require day-to-day
financial management products, such as
bank accounts, credit cards, pensions,
loans and insurance – and some of these
are also needed by companies. Related
areas, such as reinsurance and
underwriting, also make up an important
part of this sector, while financial
regulators ensure a safe and fair service
for all.
The employers
Large financial services providers offering
services like retail banking; regulatory
bodies; insurance or reinsurance
companies; firms offering services such as
actuarial consulting or underwriting; and
companies specialising in other areas that
have diversified into financial services (eg
supermarkets).
The clients
Large financial services providers serve
individual customers and small
businesses, providing a range of day-to-
day financial services. Some types of
organisations, such as those offering
specialist services, offer advice or financial
services to other corporate clients.
The perks
An expanding sector with a focus on
customer service, where you could gain
management responsibility early on while
maintaining a healthy work/life balance.
gradireland Finance 2020
6
Skills you need for a career in finance
A successful career as a finance professional requires more than just academic qualifications. This is a
highly dynamic, detailed and people oriented working environment. So, let’s have a look at what skills
can help you make the right start to your career in finance.
Dealing with financial transactions requires sharp
business acumen and attention to detail. After all, you are
conducting transactions using other people’s money so
integrity and having a focus on the needs of the client or
customer is vitally important. You also need to have a
strong interest and competency in data analysis and how
you can use technology to leverage data to produce
reports and metrics that deliver. Let’s take a look at what
else can help you in the workplace.
Have the right qualifications
Finance is a highly regulated industry, now more than
ever. Work experience and great interpersonal skills
can only deliver for you if they are blended with the
right qualifications and formal accreditations, such as
those from a recognised chartered accountancy or
taxation institute. If you have the right undergraduate
degree, your employer will likely support you as you
study for those all-important formal qualifications.
Communication
You can have all the formal qualifications available,
but unless you’re the sort of person that people want
to work with, you’re unlikely to have a career that you
will enjoy. Careers in finance are very often team
based, so hiding in a cubicle, poring over spreadsheets,
is really not an option. In finance, whether it’s
finalising a set of accounts, working on a transaction
or advising a client, you will need communication and
interpersonal skills that deliver. This means building
relationships, offering assistance and asking for it and
being friendly and approachable. You need to be able
to represent yourself and your employer in the best
possible manner.
gradireland Finance 2020
7
Work experience and great interpersonal skills
can only deliver for you inf they are blended
with the right qualifications and formal
accreditations, such as those from a recognised
chartered accountancy or taxation institute.
Solve a problem Think creatively and don’t be afraid to
No two sets of accounts look the same, a tax audit innovate
varies massively from case to case. A career in finance Finance may not be the first career you think of when
will mean you are constantly exposed to different you think of innovation or creative thinking. But, no
situations, different sets of data and clients with other sector is literally at the centre of how all other
differing demands and requirements. Everything you sectors operate to the extent that finance is. Clients in
do needs to be solution led-whether that’s bringing an different sectors will have different requirements and
account review to closure, or advising a client on the you will need to think on your feet to adapt to queries
best way of reconciling a tax query, you need to make and situations that are presented by different clients.
sure that you can deliver an outcome that will not Don’t assume there is only one way of doing things in
make more work for a colleague or a client. Be friendly, terms of productivity or processes. If you see a new
be focused and get the problem solved. way that will benefit your productivity, that of your
team and the goals of the overall project, then don’t
be afraid to suggest it to your manager. Just make sure
you don’t step on someone else’s toes when doing it.
Be a technophile Make sure you have written down how and why it will
In your financial career, technology is not only your work and what the process would be.
friend, it is your partner. You need to embrace it,
because it will be at the centre of everything you do,
using standard and bespoke packages that are
designed to streamline processes and increase Dynamism
productivity. While it’s the employer’s responsibility to Linking in with communication and interpersonal
provide you with the right software and the right skills, having a dynamic and enthusiastic personality
training, it’s your responsibility to make sure that you means that you will help others and go the extra mile
apply that training correctly and keep your skills up to to help the team out and get the job done. This
date and identify any gaps that you can then resolve doesn’t mean being taken for granted in your work,
through further training. There are plenty of online but at early parts of your career you do need to display
training aids to assist with most packages so do what that you are willing to put the work in order to prove
you can before being exposed to new software to give you have the right work ethic to match your
yourself a head start. qualifications.
No two sets of accounts look the same, a tax
audit varies massively from case to case. A
career in finance will mean you are constantly
exposed to different situations.
gradireland Finance 2020
8
What employers are looking for
Employers don’t need to know that you want a job, they know that already. What they want to
know is why you are the right fit to work for them.
O
ur own research has shown improve how the business works. Can Be commercially aware
that employers find candidates you provide examples of when you This goes back to being prepared,
are not well prepared when it innovated or communicated a way to doing your research and knowing
comes to having a good knowledge of change something for the better, what the company is about. It also
the work that the company does, and perhaps in a student society or on a comes from having a commercial
why they would be the right fit to join sports team? Remember, in the awareness of the basics of business.
the team. This can indicate a lack of finance sector you need to be able to This can also relate to your non-
interest in that specific job. But this is communicate complex information in academic experience; your successful
something you can easily remedy by a straightforward and clear manner, part time job where you did such a
following the steps we outlined on to both colleagues and clients. good job that the boss asked you to
pages 6–7. Recruiters will be assessing how you come back to work weekends. Or the
Employers are looking for do this through your CV or application time you successfully served as
candidates who have prepared for the form, how you relate to others at treasurer for your football or hockey
interview process and have put assessment centres and of course team. These are all examples of you
thought into their career plans. how you present yourself at interview. taking responsibility and delivering.
Be prepared
Again, this is down to you having done
your research on the employer to
which you are applying. Ready-made,
bland, generic interview answers or
statements on paper are very apparent
to recruiters. As a finance graduate, or
a graduate who wants to get into the
finance sector, you’ll be expected to
learn quickly and adapt to changing
environments. They won’t expect you
to know in-depth facts about the
company, but they will expect you to
know what the job would actually
involve. Again, read our areas of work
overviews on page 22 and visit the
finance career sector pages on
gradireland.com for more information.
Communicate & innovate
Recruiters want graduate recruits
who can think for themselves. While
financial organisations are well
established in their processes, they
are constantly refining them to
gradireland Finance 20209
How to make the most
of a finance internship
A finance internship wil provide you with your first real hands-on insight into how things really work within
a financial firm, a professional services firm, or a bank. Whatever happens at the end of it, you will have
gained key workplace experience but will also have a much better chance of landing a graduate position.
I
n order to do that though, you’re conversation with a colleague. You the strategy of the company is,
going to have to make the very may not come into contact with all where they operate and why they
most out of the time you spend of the terms regularly throughout work the way they do. Then you can
with the company and the things the internship, so by jotting them find your place within that, being
you observe and do during your down and then giving them a read commercially aware enough to know
internship. It’s a learning experience through and imprinting on to your how the work that you do, even as an
that needs to deliver, and all the memory for later use you’ll be intern, contributes in some way to
while you want to make the best gaining a much broader learning the objectives of the company. Find
impression you can on your potential experience. out where colleagues get their
employers. Where do you start? information and tap into those
Know your industry sources too, every little bit you learn
Learn the terminology Working as an intern in a financial helps expand your skills portfolio and
The world of finance is a complex environment means learning what it builds your commercial awareness.
one, ruled by regulations, terms and means to be commercially aware in At the end of the day, employers are
conditions and terminology. And this everything you do. To do this, it’s best looking for future talent that has a
can vary from company to company. if you try and get an overall real grasp on what the company
It can take a while to get your head understanding of the sector and the does and is commercially aware
around—particularly if you’re not industry. Read business pages, enough to carve out a nice for
from a finance background. Don’t be investor publications, monitor the themselves within that. That could
conquered! Write down every new news that is breaking in the sector. be you!
thing you hear and learn, whether Not only does it provide you with
it’s whilst you sit in on meetings, topics of conversation, but it will There are no stupid questions
something you pick up when you’re provide you with insights that can Everyone makes mistakes, that’s part
working on a task, or even something inform the direction of the company of life and definitely part of working
that crops up in a more general you’re working in and the work that life. Learning from mistakes is how
you actually do. There is so much we shape our skills and our
Working as an information out there, much of it character, developing resilience and a
free, that there really is no excuse mindset that can cope with setbacks.
intern in a financial not to get informed about the Don’t be afraid to use the knowledge
environment means industry where you want to build a around you. Of course, be polite, and
career. recognise when people are busy, but
learning what it if you’re genuinely curious you will
means to be Be commercially aware find that those around you will be
Talk to colleagues about what they only too happy to help. The more you
commercially aware do and how it fits in with the overall know, the better you can help them
in everything you do. business mission of the company. in their work and be a real asset to
This will help you get a grasp of what the company.
gradireland Finance 202010
Apprenticeships: an alternative route
Apprenticeships are not what they used to be. With Level 8 options now available, we spoke to the
Insurance Institute about why internships make great sense for jobseekers and employers.
T
he difficulty for many combination of online study and on- Who should apply?
employers is that graduates are the-job learning through an insurance • School leavers who want to earn a
coming out of university lacking employer. The degree portion of the level 8 degree without going down
key workplace skills necessary to hit programme is fully funded through the university route.
the ground running. For graduates, it’s the Apprenticeship Council and • Third level students who are
more than disheartening to come out apprentices are also paid a salary by questioning the relevancy of their
of college after four years and face the their employer. current college course can
‘at least 2 years’ experience’ criteria As an apprentice you’ll develop undertake an apprenticeship
on every job spec – even for some technical insurance knowledge along without having to incur any extra
entry level roles. Aside from highly with transferable workplace skills and cost of starting a brand new course.
competitive graduate programmes or competencies. Once you graduate, • Graduates who want to further
unpaid internships, many graduates you’ll be business-ready and their education in the insurance
are faced with few options other than extremely employable in a range of and financial services sector, while
to take a job unrelated to their sectors. Your employer will support gaining valuable workplace
qualification. This is where you in your on-the-job learning, with experience through a structured
apprenticeships come in. regular one to one personal programme. You'll be compliant to
development sessions with an work in any area of the general or
What’s an apprenticeship? industry supervisor and mentor. life insurance market.
Apprenticeships are work-based
training programmes that combine Roles When will I start?
academic teaching with valuable on- A huge variety of roles are available in The academic programme begins in
the-job experiential learning; the insurance industry including September each year. Employers can
hire throughout the year (although
combining technical and soft skills to claims, risk management,
many look to recruit around May–June),
create the perfect employee for underwriting, broking and loss so we always advise those interested to
organisations. In July 2015 the adjusting. As an apprentice, you’ll work sign up to earnandlearn.ie to get job
government announced the in one of the three core industry areas alerts as they come on stream and
expansion of the current national – underwriting, claims or direct client general careers advice.
apprenticeship scheme to extend advice. The nature of the programme
beyond trades and into professional means that you will learn about all How do I apply?
industries, such as insurance. areas of the business and you’ll Companies will recruit apprentices
The Insurance Practitioner complete projects and case studies to through their own processes, however
Apprenticeship is a three-year reinforce learning in the workplace. You The Insurance Institute will post details
programme, where apprentices are will also earn the insurance industry’s of who’s recruiting on their website
recruited into an insurance benchmark professional qualification earnandlearn.ie, where you'll also find
organisation while working towards a the Professional Diploma in Insurance, more information on the programme.
level 8 degree – the BA in Insurance which means that by the end of your More information is available via
Practice, awarded by IT Sligo. This is three years, you’ll be compliant to work www.apprenticeshipcouncil.ie.
the first apprenticeship in Ireland to in any area of general insurance – You can also contact Naomi Gaffney at the
offer a level 8 honours degree. The personal, commercial or private Insurance Institute to talk about the options
available on 01 645 1500 or by email at
programme is delivered through a medical. apprenticeships@iii.ie.
gradireland Finance 202011
Applying for a job in finance
Finance is a diverse and process driven industry, so it’s vital you know exactly who you are applying to,
what the role is, and how to apply for it.
Finding where the jobs are prefer to work in – a large firm with Many large finance companies are
While the finance sector advertises great facilities, structured quite high profile, so useful
many positions, they all attract a high programmes and lots of peers; or a information is bound to be available
number of applicants. Prior to small firm, with possibly more scope online.
applying for finance jobs, study the for individuality? Also, if acquiring a Increasingly, companies are
industry and familiarise yourself with professional qualification while switching to online application forms
what its key employers are looking for working is a requirement, you need to instead of the traditional CV and cover
in applicants. The employer hubs at ensure the employer can support you letter. However, if you have a good CV,
gradireland.com/employers is a great in this regard. you can apply much of the same
source of information, as is the Inside information to an online form, so it’s
Buzz feature (gradireland.com/ Applying for the job still important to have a good CV to
gradireland-inside-buzz), which Finance sector firms operate their hand as the basis for applications, no
provides you with an insider’s view recruitment processes in a very matter what the application method is.
from a host of companies. Also, look structured fashion. Large
through the employer profiles at the accountancy firms operate what is Finance applications: a step-by-step
back of this guide, where you’ll find known as the ‘milk round’ in October guide
lots of information on finance related of each year, arranging presentations The standard process for applying for
careers. Researching the background, in third level institutions to brief financial positions is as follows:
culture and recruitment process of graduates on the firm, what Online application forms: These
each company is vital. Read more in opportunities exist and what their forms cover all the information that
our Areas of work section on page 22. recruitment processes are. This you should include in your CV. They
provides an excellent opportunity if can often include a personality based
Background and culture you’re interested in the relevant questionnaire or a numerical
• What does the organisation do, and companies. Talk to your careers reasoning test.
where is it located? service about the necessary First round interviews: These are
• Who are the company’s clients and preparations required for these initial screening interviews, held either
competitors? opportunities, as they can be highly at the company’s premises or in local
• Any notable or newsworthy competitive. hotels or colleges.
achievements recently? Ahead of preparing your Assessment centres: Increasingly
• What type of culture does the application, make sure you know: popular, these last from a few hours in
organisation promote? • What degree subjects the duration to up to two days. Some of
• Does the company have specific employer is looking for and the tests at assessment centres
core values, and do they match your whether you match their include group exercises, case studies,
own values? requirements. in-tray exercises and psychometric
• Does the company match your • What’s the recruitment process? tests. Complete the gradireland
career ambitions, and would you be Assessment centres? Several Careers Report for an insight into some
happy working there? interviews? Or a combination of of the questions asked at assessment
Is the size of the organisation an both? centres. Taking part in the gradireland
important factor? What type of • Also, do some research on the National Student Challenge will
corporate environment would you experiences of other applicants. provide you with great practice.
gradireland Finance 202012
In the hot seat
The situations you may encounter
in a finance sector interview and
how to respond.
O
n the day of the interview
dress smartly and sharply;
don’t take unnecessary risks
when it comes to your clothing. Bring
freshly printed copies of your CV on
plain white paper; they will already
have received them, but always have
some spare copies just in case. Don’t
be late. In fact be early, at least 10–15
minutes. This will give you some time
to be received for the interview and
to sit down and compose your
thoughts. If you’re unfamiliar with
the interview location, don’t wait
until the day of the interview to find dealt with ‘real world’ situations. One relevant to the role. Recruiters will
it; do a ‘dry-run’ the day before and very common question is the dreaded: also question you on your strengths
allow time for traffic and delays. and weaknesses and may ask how
If you’re going for a face-to-face Tell us about yourself? you would be described by other
interview with a financial Although this might seem cryptic, it’s people? They may also ask where you
organisation, such as a retail bank, the broad nature of this question would see yourself in five years or ask
actuarial consultancy or an insurance that actually makes it an opportunity experience based questions such as:
company, you will likely already have for the candidate to set the tone of ‘Tell us about a time when you had to
successfully navigated a first-round the interview. The ‘tell us about lead a team?’ For questions like this,
telephone interview. These initial yourself’ question is in many ways an remember the STAR technique
interviews aim to gauge your: invitation for you to emphasise why (Situation, Task, Actions, Results).
• Interest in the financial sector you want the job. It’s not an When you are asked opinion
• Your understanding of what the invitation for a detailed personal based questions about the sector you
job involves history, or a summary of your will obviously need to have done
• Your skills and abilities, both in hobbies, likes and dislikes. Instead, research on the company and the
terms of analytical skills and answer clearly, concisely and sector, but whatever your level of
business awareness enthusiastically. Tell the recruiter why information, don’t try and pretend
• Your knowledge of the company you are the right person for the job. you know more than you do, as you’ll
and the job and whether you But don’t rehearse your answer too be swiftly found out. Also, don’t say
would be a good fit? much. Remember, it’s important that what you think the recruiter wants to
Interviewers will be interested in the employer likes you, and it won’t hear. If they ask opinion based
what you say about yourself and how help if your answer comes across as questions, be prepared to give
you have applied your skills to your pre-rehearsed or forced. opinions for answers and be prepared
experiences. They will also be Other questions will likely touch to explain how you formed your
interested in hearing about how you on your work experience and how it is opinions.
gradireland Finance 202013
Dealing with assessment centres
Now a common reality for many graduate jobseekers, particularly those in finance,
so let’s find out what’s involved.
A
n assessment centre, which Remember that your body language in which to get to know you.
typically lasts one or two days, can make a huge difference to your Personality tests give them an idea of
brings together a group of presentation. Smiling will ease the who you are, so be honest, and
candidates who undertake a series of tension in your face, and make your remember there are no right or
exercises and assessments. audience more comfortable. wrong answers. A relaxed state will
The tests provide an opportunity Ability tests assess both general make the experience much more
to demonstrate that you possess the and specific intelligence. General enjoyable for you and give your
personal and technical skills for the ability tests ask you to use complex assessors a more confident
job. Every organisation will design its information, in the form of words, impression of you.
own specific assessment centre. If numbers and diagrams, to solve The other candidates are rarely in
you identified its selection criteria for problems using logical or lateral direct competition with you. You’re
your first interview, keep them in thinking. Ability tests are most likely being assessed against the
mind throughout your time at the to be numerical or verbal reasoning employer’s criteria, not against each
centre. Every test, exercise and tests, specific to the role you have other. The assessors want to see that
interview will match you against applied for. you can work in a team. Alternate
these criteria. Aptitude tests assess your ability between taking charge and taking a
to learn something new. Employees back seat to show you can both take
What the tasks involve are increasingly expected to adapt initiative and follow orders.
Group exercises can include quickly to changes in the workplace, Be yourself. Or rather, be your best
discussion groups, role-playing a so prove your ability to develop new self. Remember though, if you have to
specific brief, leadership tasks and skills quickly. try make major personality changes
job-related scenarios designed to test During the recruitment process, to fit in with an organisation, it’s
your ability to handle the type of employers have a limited time-frame probably not for you.
tasks specific to the area you have
applied for. While promoting your
own cause, remember that you must
help the group to complete the task.
You may be required to give a
presentation, usually to a mixed
group of candidates and assessors.
Structure is important, as it will keep
your mind focussed and will help the
audience keep track. Use whatever
form of notes you feel comfortable
with, but avoid using a script. Don’t
hit your audience with too much
information. You may only have five
minutes, which is only enough time
to present four big ideas or messages.
gradireland Finance 202014
Your career in finance checklist
Before you submit your job or internship application, use the following checklist to make
sure you are giving yourself the best possible chance.
Prepare well
4 Know what the employer wants. Make sure you check the skills,
experience and minimum degree results required.
4 Check the small print. Ensure you’re within the timeframe to apply and
you’re giving the employer what they are asking for.
4 Know who it is that you want to work for. Don’t send a load of generic
applications; it is a complete waste of time. Make a shortlist of companies
you think you would like to work for and then do proper research into
exactly who they are and exactly what do they do before putting your
application together.
Ace the interview
4 Know what the format is. If it’s an interview, know if it’s a panel interview or
another type. If it’s an assessment centre, carefully read any information sent
to you.
4 Know your own application. Reread your application or CV and be familiar with
the key skills which have got you this far.
4 Manage the nerves. You have done well, and caught the interviewer’s
attention; now you need to finish the job by remaining calm and cool.
Employers expect some nerves, it’s natural, but don’t let nervousness undo all
your good work so far.
4 Be friendly, be polite: Smile, ask questions, ensure the interview is a
conversation, not an interrogation. It’s much better for the employer and you.
Apply properly
4 Don’t rush! Give yourself plenty of time to put your CV and cover letter together
or to fill out the online application form.
4 Match your application to the job spec. Ensure you’re tailoring what you write to
the requirements of the job.
4 Show what you’ve done. While enthusiasm for the job will be valued by the
employer, experience based examples of where you showed your skills are what
can set you apart. Think of any volunteering or society based work you’ve done
and use it.
4 No room for typos. If you’re filling in an online application form, type the longer
answers into a Word document and proofread them first. Make sure you get
someone else to read your cover letter or CV and cover letter. An error ridden
application will land you straight in the discard pile.
gradireland Finance 202015
Training and career development
There are many ways of expanding your knowledge and developing your career in finance,
including completing professional qualifications and postgraduate study.
A
n undeniable advantage of a finance career is
the abundance of opportunities to develop
your knowledge. On top of the ongoing training
and progress reviews you receive when you join your
first employer, in most areas of finance you can gain a
professional qualification. Furthermore, you can
undertake postgraduate study in a finance-related
area at any point in your career – and your employer
may even fund it.
Professional qualifications
Professional qualifications award professional status,
such as chartership, which is an internationally
recognised mark of quality and professionalism.
Employers usually encourage their employees to
become qualified because it signals to clients and the
industry that their workforce is top-notch.
Professional qualifications are conferred by
professional associations. There is an association for
virtually every financial specialism you can think of.
Some sectors in which you can study for a professional
qualification are accountancy, actuarial work, banking
and insurance. In certain sectors you are encouraged to
become qualified, in others, it is expected.
In some sectors, such as accountancy, there are a
number of professional qualifications for you to
choose from and your employer will help select the
one most suitable. Qualification processes can vary but
you will need to complete examinations. You will have
to carry out your full-time job as you study.
While you shouldn’t underestimate how tough this
can be, your employer and professional association will
support you. Most employers are well aware of the
demands of juggling full-time work with study and
many give study leave – some even put you in touch
with a recently qualified mentor as well. Often
employers will cover the costs of your study. Many
professional associations provide web resources and
online communities for their graduate members.
gradireland Finance 202016
Professional associations do a lot awareness of the importance of
more than just give you letters after sound financial advice. Fully qualified
your name, however. They represent members of Chartered Accountants
your interests at national and Ireland earn the designation ACA
international levels and keep you (Associate Chartered Accountant).
updated on sector developments and After 10 years membership, members
new legislation. Especially useful for are invited to apply for fellowship of
graduates is the access they give to their Institute and earn the
other members’ contact details – a designation FCA (Fellow Chartered
great networking tool. See overleaf Accountant).
for the contact details of the main www.charteredaccountants.ie
professional associations.
Institute of Certified Public
Professional bodies Accountants (CPA)
More information from Some of the major professional bodies The Institute of Certified Public
gradireland: which provide training, qualification Accountants in Ireland (CPA Ireland) is
• Visit gradireland.com/careers- and representation include: one of the main Irish accountancy
advice/job-descriptions to find bodies with 5,000 members and
out more about what’s involved Association of Chartered Certified students. The CPA designation is the
in your area of interest within Accountants (ACCA) most commonly used designation
finance.
The ACCA is the world’s leading body worldwide for professional
• Also make sure you visit
gradireland.com/get-started so for professional accountants, with accountants and the Institute’s
you can watch videos to see over 110 years of experience, and qualification enjoys wide
exactly what's involved in a innovation in the accounting international recognition. Visit
range of financial areas, from profession. Visit their website www.cpaireland.ie
tax, to accountancy, insurance, www.acca.ie to see what they have to
fintech and audit.
offer students, and why students Irish Tax Institute
choose ACCA. They even have some The Irish Tax Institute is the leading
free online courses to get you started. representative and educational body
for Ireland’s AITI Chartered Tax
Go online The Chartered Institute of Advisers (CTA) and is the only
Management Accountants (CIMA) professional body exclusively
• Find out what different
CIMA is the world’s largest and dedicated to tax. Its members provide
professional bodies have to say
for themselves and search for leading professional body of tax expertise to thousands of
employers offering support management accountants. They have businesses, multinationals and
towards professional status on more than 229,000 members and individuals in Ireland and
gradireland.com. students in 176 countries. CIMA work internationally. The Institute is the
at the heart of business in industry, leading provider of tax qualifications
commerce and not for profit in Ireland, www.taxinstitute.ie
organisations. Visit
www.cimaglobal.com for more Insurance Institute of Ireland
information. The Insurance Institute designs and
delivers qualifications, training,
Chartered Accountants Ireland (CAI) executive education and Continuing
The CAI is Ireland’s largest and fastest Professional Development (CPD)
growing accountancy body. Chartered through a cost effective, fully
Accountants Ireland works with supported framework to members of
governments and businesses to raise the general insurance industry in
gradireland Finance 202017
Ireland. The institute has over 17,500 Professional specialisms published annually in autumn and
members. www.iii.ie There are a number of different routes available at your Careers Service. It is
that postgraduate students can important to match courses with your
Other useful organisations explore to augment their skill set, career goals to ensure they will provide
• Accounting Technicians Ireland depending on their experience and the core competencies required for you
(www.accountingtechniciansireland.ie) the career path they are seeking. to fulfil your future ambitions. If you’re
• Chartered Institute of Internal Apart from the traditional path of unsure whether further study will
Auditors (www.iia.org.uk) masters and PhD programmes, enhance your career prospects, there’s
• Pensions Management Institute finance employees are now pursuing no harm in seeking the opinions of HR
(www.pensions-pmi.org.uk) qualifications more specialised to professionals at the organisations you
• Irish Institute of Pensions their sector, such as the Chartered would like to work in.
Management (www.iipm.ie) Financial Analyst (CFA), which is While postgraduate study can help
• Chartered Institute of Public geared towards graduates working in your career prospects, you need to
Finance & Accountancy capital markets, and the Association make sure that it is worth your time
(www.cipfa.org.uk) of Chartered Certified Accountants and money.
• The Society of Actuaries in Ireland (ACCA) for those more focused on A final tip: don’t use postgraduate
(www.actuaries.ie) back office finance or fund study as a stopgap or to give yourself
administration. more time. Further study is an
Postgraduate study investment in yourself that needs to
The most common types of MBAs be planned carefully.
postgraduate degree in finance and Many finance professionals prefer to
business are taught courses, and these return to study once they have Institutions and departments
range from postgraduate certificates acquired some experience in the that offer postgraduate courses
and diplomas (lasting a few months) industry. Postgraduate study expands in finance include
to masters degrees, PhDs and your knowledge about certain aspects • Trinity College Dublin, School of
professional qualifications (that may of finance, which can help you gain a Business www.tcd.ie/business
take a number of years). promotion or enable you to transfer • UCD Michael Smurfit Graduate
into another area of finance. A Business School
Conversion courses qualification that often facilitates your www.smurfitschool.ie
Students undertake postgraduate progression in this way is the Master of • Dublin City University Business
study in finance for a variety of Business Administration (MBA). School www.dcu.ie/dcubs
reasons. Some graduates choose the Designed to develop managerial skills, • Dublin Institute of Technology,
postgraduate route before applying for the MBA can usually be taken full-time College of Business www.dit.ie/
finance positions in an attempt to over 12 months or part-time over a colleges/collegeofbusiness
gain an advantage when applying. two-year period. Institutions that offer • University College Cork, College of
There are specific courses designed for MBAs include Dublin City University, Business and Law www.ucc.ie/en/
this purpose, many of which are UCD Michael Smurfit School of buslaw
suitable for graduates from non- Business, National University of Ireland • National University of Ireland
finance backgrounds. The Higher Galway – Cairnes Graduate School, Galway – J.E. Cairnes School of
Diploma in Accounting and Corporate University College Cork, Queen’s Business and Economics
Finance at University College Cork and University Management School, www.cairnes.nuigalway.ie
the Postgraduate Diploma in Belfast and the Ulster Business School, • Queen’s University Management
Accounting at Dublin Institute of Ulster University and Kemmy Business School, Belfast www.qub.ac.uk/mgt
Technology, to cite two examples, are School at University of Limerick. • University of Ulster, Ulster Business
both intensive, one-year conversion School, Coleraine
courses specifically designed for non- Postgraduate study and you www.business.ulster.ac.uk
finance graduates wishing to pursue If you’re considering postgraduate • University of Limerick, Kemmy
careers in accounting. Courses such as study, take a look at the postgraduate Business School www.ul.ie/
these are often self-funded. section of the gradireland Directory, business
gradireland Finance 202018
Autumn
• Penultimate-year students should apply
now for 2020 summer internships. Many
of these deadlines end before Christmas,
Your finance with the rest closing in January.
• Stay focussed on your academic work. A
career planner 2.1 is the minimum qualification that
most banking and investment employers
will accept.
2019–2020 • Develop transferable skills by joining a
university club or society.
• Make contact with someone employed
in the type of finance role you’re after
and see what advice they can give you.
2019 Your university’s alumni database should
be of help.
Non-finalists
Final-year students
• Apply for 2020 jobs now. Most graduate
investment banking and banking
schemes begin receiving applications in
August, with deadlines in November,
though some may close earlier, so don’t
get caught out. Remember that
application windows may close when a
certain number of applications have
been received, so don’t delay with yours.
• Visit the gradireland.com employer hubs
for advice on the hiring processes of
specific employers.
Autumn
gradireland Finance 202019
Winter Spring Summer
• First year students, or those • Make the most of any insight • Whether through an
in the second year of a four- days or spring programmes internship, travelling,
year degree, should apply you attend. Use the volunteering or working a
now for short programmes opportunity to network and part-time job, you’re bound
(e.g. spring insight ask questions to help you to pick up some skills over
programmes), which are decide which firms you want the summer, so keep a
designed by recruiters to give to work for. record of anything you can
attendees a head-start • If you’re without a summer call on when filling out
towards full graduate internship, ask your tutors if application forms.
schemes later on. Most the university offers any • Give your best attempt at
deadlines for such schemes relevant paid work. turning your internship
end in January. • Research to determine if into a full-time job offer
• If you’re in your penultimate your potential employer (see the article on page 9
2020
year and failed to land a looks favourably on any for tips). If you’re not in an
summer internship, look into specific modules, and apply internship, look for
other finance-related work accordingly for the next year. experience anywhere you
experience. Don’t be afraid to You can often find this can find it, even if it’s just a
ask family and friends for any information on the few days spent in a
contacts that might be able company’s website or by finance-related company.
to help you out. contacting their graduate
recruitment team.
• At this point, interviews
and assessment centres
will be underway. Visit
the gradireland.com
employer hubs and read
the information on • If you’ve secured a job for
pages 12 and 13 of this September, well done.
guide for advice on how • If you haven’t landed Enjoy your summer!
best to prepare and a job for September • If not, your university’s
make it through this and aren’t willing to career resources can still
process. wait another year to be accessed after you
• Ensure you have access reapply, see if any complete your studies.
to job-hunting graduate schemes Visit gradireland.com to
resources over the are still accepting see which graduate
Christmas holiday. applications. schemes are still open.
Winter Spring Summer
gradireland Finance 202020
Fintech and your career
Technology at banks, insurance companies and other financial organisations is much more than a support
function. It’s often at the cutting edge of change and innovation, making the fintech sector an exciting area
for technologically-minded graduates with an interest in finance to begin their careers in.
What is fintech? grouping customers together • an ad hoc vacancy with a small or
Fintech, or ‘fin tech’, is a blend of the based on the level of risk involved), medium-sized employer or fintech
words ‘financial technology’. so that policies can be priced more start-up
Essentially it refers to any technology competitively. • a technology-specific graduate
in finance that replaces traditional scheme with a finance
ways of doing things. You’re very likely What are fintech companies? organisation such as a bank or
to have encountered fintech as a There’s no single definition of a investment management firm (or a
customer – for example, if you use fintech company. Broadly speaking, technology company that builds
mobile banking or contactless the term tends to refer to either the fintech software)
payments. However, fintech takes a backend of traditional financial • a general or rotational graduate
wide range of other forms, including: organisations (such as retail or scheme at a financial organisation,
• artificial intelligence and machine investment banks, investment before choosing to specialise in
learning, such as chatbots that management firms and insurance technology.
respond to customers’ queries companies) or technology start-ups You might also be inspired by our
more quickly that seek to solve a finance-related videos of graduate careers in fintech.
• systems that process investment problem. One major financial firm, for Visit gradireland.com/get-started-
banking deals automatically, example, describes itself as ‘a tech fyi/fintech.
instead of bankers writing them by company that does credit cards’.
hand on paper tickets Sometimes these start-ups are The skills, experience and
• algorithmic trading: using referred to simply as ‘fintechs’. qualifications you need for fintech
algorithms to make complex To avoid being left behind, jobs
decisions much faster than a established finance companies Some employers require a
human could compete with start-ups by adopting technology-related degree (such as
• cryptocurrencies, such as bitcoin similar technologies and services, as computer science, engineering,
• open banking: allowing non- well as looking for ways to be more physics or maths), but this is not
finance organisations to access innovative than them. Sometimes this always essential. Your experiences
bank data for customer requires a change in thinking or outside of your degree are also
convenience (such as apps structure to revolve around innovation, valuable for showcasing your skills
designed to help people keep track rather than simply investing more and motivation – for example, if
of their spending or messaging money in technology. you’ve learned programming
apps that enable people to transfer languages in your spare time.
money to their friends) Routes into fintech jobs Don’t worry if you don’t have much
• online-only banks, loan providers Fintech graduate jobs vary as widely finance knowledge, although it will
or other financial services as the organisations that recruit for help demonstrate your enthusiasm for
• insurtech: tailoring insurance to them, but some of the main routes in the role if you do. A willingness to learn
individual customers (rather than are: and ability to pick up new skills quickly
gradireland Finance 2020You can also read
