Archive for July, 2008

What not to do when applying for a job via email!

Tuesday, July 22nd, 2008

Last week we offered the opportunity to have your CV re-written specifically for banking and finance. In order to get the chance of having your CV rewritten, all you had to do was email a CV and tell us: 

  • The job role or sector that you want to work in
  • An explanation of why you’re right for that particular role
  • A quick explanation of what makes you different from all other candidates. 
  • A short history of your career or job search so far. 
What percentage of respondents do you think answered all the questions? 
90%? 80%? 60%? Believe it or not, only 50% of respondents actually gave answers to the questions. The other 50% have been rejected and missed out on the chance to have their CV rewritten. This kind of thing makes life much easier for recruiters (as they can immediately reject about 50% of applications for reasons such as the following. If you’re applying for jobs with no success, you might want to watch out for any of these mistakes: 
  • Not reading to the end of the advertisement - it seems that the 50% who didn’t answer the questions only read as far as the email address, and then immediately sent their CV to this email address. Don’t be too hasty when you see a good job opportunity - make sure it’s appropriate for you and that they’re not, for example, requiring 5 years experience on a trading desk when the only ‘trading’ you’ve ever done was on eBay!
  • Not naming your CV after yourself - when I want to read your CV I’ll save it on my computer. Pretty soon I’ll have a thousand files named ‘CV.doc’ and yours will be lost among them! (On a similar topic, make sure you never send them your ‘CVupdated (McDonalds removed).doc’!
  • Applying for the wrong job - your chances of getting the job are less than your chances of winning the lottery if you apply for a finance job with a CV that starts ‘I am seeking a career in fashion’.
  • Not being able to find the full-stop key: its really difficult to read if theres no full stops or capital letters or pauses for breath its ok to txt your best mate like this but wont help you get a job offer but by the way the button you need is just below the letter ‘L’  ;~)
  • Sending just your CV - Without exception, if you can’t be bothered to write a few words in your email and simply send a CV, your CV will be deleted. Would you walk into a shop, hand in your CV without saying a word, and then walk out without saying goodbye? Or would you engage in a little chat and try to make a good impression? (Luckily only one person made this mistake - but the next shortest email was just 5 words (excluding the word ‘Hi’)). 
  • Not signing off with your name and email - I don’t want to have to open up your CV just to find out who you are. Add a signature with your name, email and phone number (and maybe current place or work or university) to the bottom of every email and you’ll come across like a true professional.
  • Setting a poor first impression - make sure that your ‘from’ name on your emails start with Capital Letters. You can usually change this under ‘My Account’ in your email account. If the first thing they see when receiving your email is that you can’t be bothered to add capital letters to your own name…well, you can see why the ‘Delete’ key on a recruiter’s laptop is usually the most worn! 
It is easier to see these mistakes when you’re on the recruiting-side of the desk, rather than making the application yourself, but I hope this short article makes everyone aware of the kinds of standards and attention to detail that you need to start  displaying if you are serious about working in the finance sector (or, for that matter, any sector). 
Unfortunately, if you were one of the 50% who didn’t answer the questions, you’ve missed your chance this time, but I hope that the checklist above will help you in avoiding the same mistakes again. 
For the other 50% who did answer the questions, we’ll hopefully have a treat for at least one of you next week. As mentioned before, if we choose your CV for a makeover, we’ll let you know before we publish it on the blog (and we’ll remove your contact details or anything personal). 
And if you’ve managed to read to the end of this, you can still apply to get your CV remade, but make sure you read this post first! 
Good luck with future applications!

Book of the Week: The 7 Habits

Tuesday, July 22nd, 2008

This book of the week is outside of the realm of finance, but we can assure you that the lessons within the book are essential to being successful in your finance career. To develop our career development workshops we interview many leaders in the finance sector and without a doubt the most successful professionals in the City practice the ‘habits’ outlined in this book. 

The book is called The 7 Habits of Highly Effective People. Note that it’s about ‘effective’ people and not efficient people - somebody can be very efficient but will be completely ineffective if they’re doing the wrong thing. 

So what is ‘The 7 Habits’ about and how can it help you in your career? 

At Benedix we stress the importance of thinking long-term. Many people will focus solely on getting their next job, but it’s always important to think about what you’ll be doing in that job and how you want to progress within the role. “The 7 Habits”, while equally applicable to your personal life, is a bible for success in business - start practicing the 7 habits and you’ll find you can make things happen and get what you want in your career. 

We can’t explain the 7 habits as well as Dr Stephen Covey does, so if you want to rise to the top of your career ladder, snap up a copy of The 7 Habits of Highly Effective People!

PS. All the books on our bookstore are delivered by Amazon, so you get a nice discount on them as well!

Benedix Success Interviews - Sales & Trading

Tuesday, July 22nd, 2008

Every few weeks we publish an interview with someone currently established and working at a high level in finance. The interviews can give you a stronger understanding of individual roles within the finance sector, as well as giving you an understanding of the lifestyle in the City. Use them to find out what the high-fliers do and then model their success.

Our most recent interviewer was with Roger Hambury, Trading Director at spread betting firm CityIndex. This is a great interview for anyone looking to go into sales & trading, and Roger elaborates on the difference between the types of people who do well in market making vs sales trading:

“…A market maker is like an ex-LIFFE trader - he’s got to have that extremely sharp brain because he’s competing against thousands of other people very quickly. You’re going to have somebody shouting at him asking for a price, and he’s got to make that price and stand by that price, plus he’s monitoring all his risk.”

“…A sales trader would be given clients – if you have a high net worth client, he’s going to want to be kept in touch all day of what’s going on in the market, what his positions are and what he’s interested in. He may say to you, “call me if Vodafone hits 180”, so you’ve got to remember to call these people. It’s all about loyalty and giving a good service because now, competition wise, everyone can offer the same commission rates and margin rates. It’s really that they just want to speak to you.” 

Download the full interview to find out more.

Economic models explained with cows!

Tuesday, July 22nd, 2008

Economics can be extremely complicated depending on who you speak to, but the following makes it very very simple! Enjoy…

ECONOMIC MODELS EXPLAINED WITH COWS:

SOCIALISM 
You have 2 cows. 
You give one to your neighbour.  

COMMUNISM 
You have 2 cows. 
The State takes both and gives you some milk. 

BUREAUCRATISM 
You have 2 cows. 
The State takes both, shoots one, milks the other, and then throws the milk away… 

TRADITIONAL CAPITALISM 
You have two cows. 
You sell one and buy a bull. 
Your herd multiplies, and the economy grows. 
You sell them and retire on the income. 

SURREALISM 
You have two giraffes. 
The government requires you to take harmonica lessons.

AN AMERICAN CORPORATION
You have two cows. 
You sell one, and force the other to produce the milk of four cows. 
Later, you hire a consultant to analyse why the cow has dropped dead. 

ENRON VENTURE CAPITALISM 

You have two cows. 
You sell three of them to your publicly listed company, using letters of credit opened by your brother-in-law at the bank, then execute a debt/equity swap with an associated general offer so that you get all four cows back, with a tax exemption for five cows. The milk rights of the six cows are transferred via an intermediary to a Cayman Island Company secretly owned by the majority shareholder who sells the rights to all seven cows back to your listed company. The annual report says the company owns eight cows, with an option on one more. You sell one cow to buy a new president of the United States, leaving you with nine cows. No balance sheet provided with the  release. The public then buys your bull. 

CV Makeover!

Tuesday, July 15th, 2008

From time to time we’ll be giving a few lucky people at CV makeover for free!

We’ll makeover your CV for banking and finance and showcase the changes on this blog so that everyone can benefit. So you’ll need to be willing to have your CV shown online (contact details and name can be removed). 

If you want the chance to have your CV rewritten, send the following to cvmakeover@benedix.co.uk:

  •  Your current CV
  • The job role or sector that you want to work in
  • An explanation of why you’re right for that particular role
  • A quick explanation of what makes you different from all other candidates. 
  • A short history of your career or job search so far. 
Unfortunately if your CV isn’t chosen we won’t be able to reply. If we do choose your CV, we’ll let you know before publishing the makeover on this blog. 
Apply now: cvmakeover@benedix.co.uk

Book of the Week: Investment Banking

Tuesday, July 15th, 2008

Every week we’ll be recommending a book that will help you get closer to a career in finance. We’ve assembled a collection of essential reading for anyone who going for finance interviews at www.benedix.co.uk/books. 

This week’s featured book is the Vault Guide to Investment Banking. Written by an insider to the industry it’s a great, easy to understand insight into the whole sector, and will supplement what you can learn at the City Professional Workshop. Make sure you read this before you go to investment banking interviews. 

By the way, all the books on our bookstore are delivered by Amazon, so you get a nice discount on them as well!

Benedix Job Board Launched!

Monday, July 14th, 2008

We’ve just launched the Benedix Banking and Finance Job Board with over 5,000 vacancies in the UK. There’s a massive range of vacancies and you can search for vacancies or browse by sector, role or by job title.

Five thousand vacancies can be a bit overwhelming so we thought you’d appreciate a few pointers on where to start:

  1. Decide what career you want
    This is so important but usually overlooked. The worst thing you can do now is try to apply to every job that looks semi-acceptable. Instead, focus on the sector or role that is most suitable for you. Then start searching by your role or sector. A few popular sectors are: 

  2. Choose some suitable vacancies
  3. Write a well-tailored cover letter / message that uses the keywords found in the application, gets their attention and makes it clear what makes you stand out from other candidates.
  4. Apply! And good luck!

Usually the most difficult step is number 1 (deciding what job you want in the first place). To help you out with that we got some experts from the City to come and spend a full day explaining:

  • how the whole finance sector works
  • who does what
  • what sort of role is suitable for you and
  • exactly what you need to do to secure the job.

If you want to get along to the workshop that they have developed, get yourself registered at www.benedix.co.uk/workshop.

The Benedix Blog is launched!

Monday, July 14th, 2008

Each week we’ll be posting useful advice on getting a career in banking and finance and adding useful links or news about things you might be interested in.

If you have any suggestions for what you’d like to see here, please send us feedback!