Worried graduates still looking for a job in banking could benefit from a little known recruitment drive operating across the square mile and Docklands, reports financial services recruitment agency Joslin Rowe.
Some of the biggest names in the financial services sector are recruiting for so called “graduate bootcamps” via recruitment consultancies. The bootcamp scheme aims to plug the extreme skills shortage currently affecting the banking sector by offering graduate jobs in banking (http://www.joslinrowe.com/graduate) on a temporary rather than permanent basis, where each recruit is intensively trained into a very specific junior role as an interim measure.
Alex Niarchos, manager of Joslin Rowe Temporaries, recruits graduates for many of London’s investment banks including the boot camp initiative. He says, “Essentially, the scheme gives banks the flexibility to hire someone straight away on an ongoing contract for as long as they need in a certain area which is particularly short staffed. Although this isn’t a permanent role it can often lead to one and however long or short the assignment, it does mean that graduates temping on the scheme will have considerable experience at the end of it and be eminently more employable.”
Applicants most likely to secure a graduate job in investment banking via the scheme are those with a 2:1 numerate or financially focused degree (or equivalent), who can demonstrate strong excel skills, an analytical mind and a real interest in financial services. Evidence of an internship in the City or work experience in a similarly fast paced, pressurised environment is particularly key. Typical roles available under the scheme encompass derivative operations, dividends, collateral management, equity trade support & settlements and even some middle office positions.
“There are a few core differences between the official graduate schemes and boot camp contracts,” advises Alex. “Obviously the prestige and security of securing a graduate banking job via the official graduate programme is immense and graduates, understandably, are often keen to join at the same time as a group of peers on a structured programme with plenty of hand holding. It is also true that the official scheme offers more varied rotations throughout the bank. However, boot camp contracts also offer training, both on and off the desk, and although new hires will be expected to grasp things quickly they are not just left to sink or swim. There is also an element of internal mobility and contracts can lead to a permanent job offer. Ultimately, it’s a path that should not be discounted out of career snobbery as it could be just the opening someone needs to really kick start their fortunes,” advises Alex.
Established in 1982, Joslin Rowe is one of the leading financial services recruitment firms in the UK and Ireland. On 7 April 2006, international staffing services company Vedior (headquartered in Amsterdam, the Netherlands) raised its stake in Joslin Rowe’s parent company, The Blomfield Group, from 18% to 70%. Jocelyn Rowe recruits for a number of graduate jobs in banking across London, Edinburgh, Glasgow and Dublin including long-term contracts, temporary and permanent roles.