Banking and investment

Opportunities in banking and investment are varied, so you should be able to find a role and organisation that's right for you. This page provides an overview of banking and investment careers, including job roles, required skills, entry routes, job search advice, and useful resources.

The sector is highly competitive, with recruitment processes often starting early. However if you have a real interest in the sector, are focused and can demonstrate the skills and abilities firms are looking for, you should be able to find the right role for you.

The first question to ask yourself is: "What type of work do I want to do?"

There are many areas you can work in including (but not limited to) investment and retail banking, asset management, private equity, quantitative finance, hedge funds etc. Try to look beyond the most high profile firms, research and explore all of the various options so that you can find the right fit for you.

Sector information

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E-Financial Careers has a good introductory student guide to careers in Banking & Financial Services and below is a brief overview of some of the types of firms Oxford graduates apply to.

Investment Banks

These are probably the most recognisable institutions in this sector eg: HSBC, Goldman Sachs, JPMorgan, Citi, UBS etc. - some of these banks also offer retail banking services. In a nutshell, investment banks provide services to organisations and high net-worth individuals who want to borrow, lend and invest money.
The services they offer are wide-ranging which is why they are seen a popular option for graduates, as they have a number of divisions and roles graduates can choose from. Investment Banks have multiple divisions carrying out a range of work eg: Mergers & Acquisitions, Research, Asset Management, Sales & Trading, Technology, Infrastructure, Retail banking, Operations etc. Firms sometimes call the various divisions by different names, so carefully review firms' websites to understand the work each division does.

Retail Banks

These are the more recognisable “high-street” banks that focus on personal and smaller business banking for the public eg: HSBC, Santander, Barclays, Halifax etc. These banks can provide financial services to members of the public and smaller/mid-sized businesses eg: personal banking, loans, credit cards etc. Some retail banks are divisions of larger investment banks.

Asset Management Firms

These firms manage investments on behalf of others e.g.: pension funds, governments, high net-worth individuals and corporates, to increase their client’s portfolio whilst at the same time mitigating risk. Examples of "stand alone" asset management firms are BlackRock, Fidelity, Baillie Gifford - many investment banks have asset management divisions.

Private Wealth Management Firms

Private wealth managers specialise in managing the finances of high net-worth individuals in order to grow their assets. They can work in a wealth management firm, in a division of a bank or independently.

Private Equity Firms

Private Equity (PE) firms earn money by charging management and performance fees from investors in a PE fund. For example a PE fund may acquire a company, improve its performance by restructuring and selling it. Firms include Blackstone, The Carlyle Group and KKR, some firms offer graduate entry-level positions and internships, those that don't will typically hire people who previously worked in investment banking.

Hedge Funds

These are asset management firms investing money for their clients, institutional investors (eg: pension funds) and high net worth individuals eg: Citadel, Two Sigma, D. E. Shaw.

Quantitative/Proprietary Trading Firms

(see Quantitative Finance briefing)

These firms (eg: Optiver, Jane Street, G-Research) develop trading strategies based on quantitative analysis using automated trading models and typically hire graduates with Masters and/or DPhils/PhDs in STEM subjects.

Investopedia has a dictionary of finance terms which can be a useful introduction to financial language

This is a highly competitive sector and firms receive applications from students across the globe. So you will need to do comprehensive research and preparation to secure the right job. Firms in the sector are often some of the most pro-active recruiters, with detailed recruitment information on their websites, hosting in-person events, webinars, collaborating with student societies etc. Offering multiple opportunities to learn about who they are, what they do and how to navigate the application and assessment process.

In the UK, you don’t need to have studied a finance related degree, but it’s important to be numerate, have a keen interest in and understanding of the wider concepts within the banking industry and global markets. Follow financial news by reading publications such as the Economist and the Financial Times. You also need a high degree of analytical intelligence and the ability to build and maintain good working relationships in what can be a competitive and pressurised environment.

Having relevant work experience is a requirement for most full-time graduate roles in this sector - many firms only offer full-time roles to those who have completed their internship programme.

Where to start

Spring Weeks - We would recommend looking for spring weeks in your first year (or second year if you are on a 4 year course). These typically take place in the Easter Vacation, however applications can open as early as the previous September - so do your research and apply early.

If you don't get on a spring week programme, don't worry you can still apply for summer internships.

Summer Internships - These are approximately 8-12 weeks, taking place in the summer of your penultimate year and are often the recruitment pipeline for graduate roles. Applications can open as early as July the previous year.

Off-Cycle Internships - These can vary in length (2-9 months) and are advertised on firm websites as and when they become available (check websites regularly).

Smaller firms may have graduate programmes open to finalists and recent graduates or offer full-time entry-level positions outside of a formal graduate programme.

Timing

It’s very important to have a good understanding of application deadlines as they are usually much earlier than other sectors. Check firm websites carefully and make a note of application opening and deadline dates.

Typically recruitment by large organisations takes place between July and November. However, most firms recruit on a rolling basis, interviewing applicants as soon as they apply - not waiting for the application deadline to start the process. As such, it's essential that you apply as early as possible, ensuring your preparation is completed well in advance.

Application and Assessment

Each firm will have a different application and assessment process and most with large graduate recruitment programmes have information about these on their website. So, make sure you understand the process before submitting your application, as some assessment processes begin immediately after application submission.

An application and assessment process may be structured as follows:

Online Application: This could require completing an application form and/or submitting a CV and Cover letter. Read more information about Writing Applications.
Online Assessment: These can have multiple stages (depending on the role and location you are applying to). They can include numerical, verbal reasoning tests, case studies and/or video interviews. Some firms have examples of these on their website or allow you to answer a "practice" question before the assessment begins. Find out as much as you can about these beforehand to help you prepare and you can find general information on our Psychometric Tests webpage.
Assessment centre: This is sometimes the final stage of the process, can be run virtually or in-person, during which you may take part in activities and exercises with other applicants and also be interviewed by various people across the firm, including the division/team you are applying to. We have general guidance about how to prepare for these on our Assessment Centre webpage.

Required skills

Different skills are needed for the different roles within the sector, however all roles require an interest in and comfort working with numbers, although the level of quantitative ability varies from role to role - see E-financial Careers Student Guide to Banking & Financial Services for a high level summary of each role

You can also get a "taster" of what some of the different roles involve by completing online self-directed learning programmes on websites such as www.theforage.com

Some of the common traits of successful graduates in this sector are:

Demonstrable evidence of an interest in and understanding of the wider concepts within the banking industry and global markets
A high degree of analytical intelligence
Quantitative ability
Given the high levels of responsibility, competition and pressure, it is important for graduates to demonstrate sustained stamina, energy and competitiveness over long periods.
The ability to cope well under pressure, whilst maintaining good working relationships with co-workers and clients at all levels is essential.

Getting experience

In this competitive environment, knowledge of the employer, their skill requirements and your own strengths are essential if you want to be successful in assessment processes. Background research on the various roles available within banks and how they fit together is very important. Knowledge of banking basics and investments, the ability to speak about them with interest, enthusiasm and realism further highlights your credibility.

As mentioned above, many of the larger firms offer multiple opportunities to engage with them eg: in-person and online events, collaborations with societies etc. Actively engaging with firms not only demonstrates you are truly interested in them, but also offers opportunities to learn more and ask questions beyond what is on their websites. In-person events are also a great networking opportunity to meet recent graduates and other staff (including recruiters) to gain a better insight.

In recent years, the Internship Office has also offered micro and summer internships in the sector, which are a great opportunity to gain exprience.

Will I get paid?

Internships and summer jobs are governed in the UK by National Minimum Wage law, which means that if you are carrying out activities that class you as a “worker” by the employer, then you should be paid. Full details of Employment Rights and Pay for Interns are published by the government.

If you are undertaking a learning and development opportunity such as a micro-internship, or volunteering for a charity or statutory body, or shadowing or observing, then you may not be eligible for the National Minimum Wage. The organisation may reimburse you for your travel and/or lunch expenses, but they aren’t obliged to do so.

Top Tips

Conduct detailed research on the sector generally and especially the firms you are interested in. Note which programmes they offer (insight days, spring weeks, summer internships etc.) eligibility requirements and application opening and deadline dates
Many firms post their vacancies on CareerConnect but make sure you also check their own websites for job opportunities
Attend events and presentations (virtual and/or in-person) hosted by firms to learn more about them, what they are looking for and to talk to their representatives. Make sure you read the firms’ literature e.g.: reports and scrutinise their websites to learn as much as you possibly can about them and the work they do – but remember they are not looking for you to regurgitate what they've written about themselves!
Apply early! Many firms recruit on a "rolling basis" which means that they begin the assessment process as soon as they receive applications - don't wait until the application deadline, as the roles may already be filled by then.
Attend the Finance and Management Consultancy Fair in Michaelmas term. Do some preparation before the fairs, planning which firms you would like to speak to and what questions you want to ask
Get work experience, spring weeks, insight days, summer internships and/or create your own work experience opportunities.
To improve your sector knowledge, regularly read relevant publications e.g.: the business pages of the national/international newspapers, the Financial Times (current Oxford students can sign up for free access via Solo - see "External Resources" section for more information)The Economist etc.
Connect with alumni e.g.: via LinkedIn or your college alumni office to learn more about specific roles and firms and speak firm representatives at fairs and events.
Join student societies and actively participate e.g.: The Guild, CapitOx, The Oxford Alpha Fund, The Finance Society
Think outside the box – don't apply to a firm just because you like the "brand name". Think about whether they do the type of work you're interested in and/or if it's your preferred work environment.

Preparing for Interviews

Each firm/division/team creates an assessment process that they believe is the most effective means of evaluating applicants' abilities and motivations for the role - so they can vary. Check the firm's websites (many have comprehensive information about the process) and ask recruiters at events about the process and how best to prepare.

Postgraduate students

Postgraduate students may find themselves in a ‘grey area’ between traditional undergraduate analyst programmes and MBA associate-level positions. Our advice is to find out more information directly from the firm, either by reading their website or speaking to recruiters at events, presentations etc.

Master's and DPhil students with quantitative and/or computer science backgrounds are often actively sought for quantitative finance roles. Try to keep an eye out for relevant events that are run by firms themselves, Careers, University of Oxford, societies and departments.

AI & the sector

The sector was one of the earlier adopters of AI and machine learning tools (especially within trading teams) and unsurprisingly firms continues to research and find new ways to use AI to enhance their work. For example Goldman Sachs publishes reports and insights into AI, its development and impact beyond the banking sector.

Some roles for which AI and machine learning tools are a core part of the job, such as quantitative finance roles, require advanced knowledge of these tools, however they tend to be an exception in the market. For the majority of graduate roles, firms are looking for applicants who are tech literate and are familiar with AI and its uses, however you still need to demonstrate an ability to do the core work required for the role (read job descriptions carefully).

Use of AI in job applications & assessments

Employers often have different perspectives on the use of AI in their application/assessment processes.
We advise the following:

Check the stance of companies you are targeting. Many have published their policies on AI on their websites. Our Internship Programme hosts may also indicate their stance on AI in their internship vacancy descriptions.
Keep in mind that recruitment teams want you to be honest and authentic in your applications and it is difficult to achieve that if you use AI to draft your answers. In using AI tools, you risk sounding generic and uninteresting.
The view on AI varies greatly between employers. In the Careers, University of oxford Annual Employer Survey conducted in May 2025, we asked recruiters: ‘Do you allow or encourage the use of AI tools in the application or assessment process?’. Only 15% answered “Yes”: half of employers replied “No”, they do not want you to use AI in your applications.
People hire people who demonstrate and articulate the skills outlined in their job descriptions – have faith in your own skills and be authentic.

We also recommend that you read the Careers guidance on the Use of AI in Job Applications and Assessments and the University’s position on the use of generative AI Tools to support learning.

General guidance

If you do choose to use AI tools, think about how you can use them effectively and ethically:

Think of it as an assistant, not a complete solution: AI can help to get you started, do initial research on a sector, offer a broad structure/framework, or help to “polish” your applications. However, it is never a substitute for well-researched, tailored and personal content.
Make it your own: AI-generated content is built on what others have written in the past, and will tend towards the most likely words and structures. This makes it more likely to be generic and lacking the personal touch that only you can provide. Customise the output to reflect your unique experiences and personality.
Check references and sources carefully: AI tools can generate inaccurate or outdated references. Always verify the information and ensure it aligns with your own research.
When in doubt: You will need to make your own judgement about whether or not it’s ethical and advisable to use AI tools. A question you should ask yourself:

“If the employer asked you whether you used AI tools, would you be comfortable telling them how and where you used them in your application/assessment process?”