Martin Luk
President 2017
Cambridge University Finance and Investment Society
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CUFIS Application Bible
Martin Luk President Oliver Wood Treasurer Amanda Ong Vice-President Shariq Varawalla Vice-President
Stan Yao Sell-Side Director Sarah Cassidy Head of Careers Samuel McKenzie Web IT Director Maryan Khalifa Marketing Co-Director
Lydia Ladbrooke Secretary Leah Grant Buy-Side Director Kuishuai Yi OFC President Katie Archibald Events Director
Josiah Jarosz Publicity Director Jinny Wang Events Diversity Director Dan Moinard RRF Manager Arpita Prasad Head of IBD
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CUFIS Application Bible
The Process
This is a general guide and the actual process varies between banks and divisions.
STEP 1
Application Form
STEP 3 STEP 2
Online Tests CV & Cover Letter
STEP 6
The Offer
STEP 4
First Round Interview
STEP 5
Assessment Centre
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Example
Question:
Please summarise how the financial
crisis in 2008 impacted our investment
banking business.
(150 words)
Answer:
The global economic turmoil, sparked by the
credit crunch and sustained through a slow Example
recovery, had marked significant changes to Question:
Investment Banking business. The burst of Please write about a recent news article that has
the U.S. housing bubble caused by subprime interested you and how you feel that subject
lending and weak credit controls through would relate to XXX Bank.
intricate financial instruments resulted in a (200 words)
bailing out of financial institutions. While the
collapse of Lehman Brothers and acquisition Answer:
of Bear Stearns by JP Morgan epitomises the A recent news article I read outlined Theresa
change in players of investment banking, Mays potential hostility to foreign direct
new regulations aim to resolve the too-big- investment into the UK, particularly in the
to-fail issue. The Basel III, for example, context of Brexit. During her leadership
globally designates banks capital campaign, May repeatedly criticised previous
requirements, leverage ratio, and liquidity foreign takeovers, such as Krafts acquisition of
requirements, increasing the costs of the banks Cadbury, and suggested that the Government
operations, and thus reducing profitability. should be capable of preventing such bids.
Whilst she permitted SoftBanks acquisition of
Policy responses such as quantitative easing ARM, she subsequently said future deals would
have also impacted banks, as they must now be reviewed to ensure they are in the national
operate in low interest rate environments. At interest, in a similar way to how Americas
low interest rates, firms, for example, may find CFIUS authorises transactions. This policy
it less costly to issue debt rather than equity. interested me, as it appears to be markedly
The consequent uncertainty e.g. over potential different to Britains previous approach, which
QE tapering, in addition, resulted in less was generally supportive of foreign investment.
business activities as firms may find mergers
and/or acquisitions untimely. If this were to become a reality, it would be
much harder for foreign companies to acquire
strategically important UK-based firms and
could potentially deter foreign investment. For
XXX, a more benign UK M&A market could
mean lower advisory revenues and profits.
However, the UK is the third most targeted
nation for deals, meaning advisory fees are
unlikely to disappear, even with more stringent
regulation. Further, XXXs clients will continue
to use the firm, due to its long-term client
relationships and reputation as a leading
financial advisor in the region.
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YOUR ADDR
ESS
& CONTACT
DETAIL S
(e.g. email &
phone numbe
r)
DATE
BANKS ADDR
ESS
CONTENT OF
LETTER
Sincerely,
FULL NAM E
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CUFIS Application Bible
Example
Individual applying to Spring Week:
Jane Doe
XYZ College
ABC Street
Cambridge
CB1 234
Email: abc123@cam.ac.uk
Tel: +44 1 234 5678
dd/mm/yyyy
Dear Sir/Madam,
My name is Jane Doe and I am writing to apply for the Spring Insight Week at XXX. At present, I am an
undergraduate reading YYY in Cambridge University with the aspiration of joining the investment banking
industry. I believe that a place at XXXs Spring Insight Week will no doubt give me a profound insight into
this field. An opportunity for an insight opportunity at the Bank will provide me a platform of discovering
and learning more about what I am truly passionate about.
As an individual who is passionate of giving back to society, I recognise the ability of the financial sector
of generating an impact onto society on a large scale. To name a few, this is in terms of the industrys
ability to help corporations raise capital resulting to a trickle-down effect onto the less privileged or
its technical expertise on helping mergers and acquisitions to take place thus allocating resources more
efficiently with its cost synergies. In addition to my interest in the analysis of businesses, I managed to
secure an internship in the buy-side over the summer where I conducted equity research in the Global
Equities team at ZZZ Asset Management. I would love to explore the sell-side approach into analysing
businesses where the world of investment banking dives into.
I love taking up challenges as I derive satisfaction from solving problems and receive a sense of fulfilment
when seeing my effort having an impact. While completing a task, I am meticulous with my work and I
strongly believe that completing it with a positive spirit in a tenacious manner would make the work more
satisfying; a trait that I feel has a significant influence in the industry. From attending A-Level Investment
Banking Insight Days, I was privileged to be given the opportunity to network with key individuals in the
industry. I aspire to expand my communication skill and improve my hopefully maturing interpersonal skill
by attending the Spring Insight Week. In addition, I got a taste of leadership as Head of ABC Competition
2015 where I led a team of 50 students to victory. With such a dedicated team whom I made lifetime
friendships with, it was definitely a life event I cherish and I aim to achieve this on a bigger scale at XXX.
I aim to strive at a place like XXX, a firm known for its dynamic and resilient nature which could be
seen from how it evolved as a Bank. I am fascinated by the adaptable approach that the Bank takes
with a change of event such as the prolonged low interest rates, increased complexities from regulations
and advancement of technology. Having kept in touch with [name at XXX Bank] who is in the [division
contact works in] at XXX, we had a discussion on the recent Brexit phenomenon which would cause
exchange rate movements to affect industries that are heavily influenced with currency fluctuations. I
aspire to be a part of a company that engages with frameworks which are so relevant with daily news flow.
As an aspiring investment banker, I am willing to go through the challenges ahead of me as I hope to join
the Bank in the future where I can then contribute with my strengths. I hope this program will benefit both
parties as my participation will help me assess my suitability for your company and vice versa. I hope all
of these will serve as evidence that I am a serious and committed candidate to be part of your companys
organised Spring Insight Week. Finally, I would like to express my utmost gratitude for considering my
application and I look forward to your response.
Yours Sincerely,
Jane Doe
Example
Individual applying to Spring Week:
John Doe
XXX College
XYZ Street
Cambridge
CB0 123
Email: def456@cam.ac.uk
Tel: +44 1 234 5678
dd/mm/yyyy
Dear Sir/Madam,
When attending a recent networking event, a talk given by Managing Director [name] opened my
eyes to the unique culture at XYZ Bank. I was surprised to hear that employees do not have specific
job descriptions, enabling an approach where people move between businesses areas fluidly, knowing
there is the possibility to explore a variety of different roles and engage with people from across the
business greatly appealed to me. However, possibly the most enthralling aspect of the culture is the
quality of the people, where only the most creative, innovative and committed individuals are recruited,
and that recognition and responsibility is administered on a purely meritocratic basis.
I had the invaluable opportunity to speak to Executive Director [name] who kindly explained to me
his role in derivatives structuring and more broadly the securities division. Following this discussion, I
decided that securities is the ideal division for me because it would utilise my numerical and analytical
skills perfectly in addition to my ability to multitask and perform under pressure. I am focused on
exploring the areas of structuring and trading, I am attracted to these areas because of the direct
relation between current affairs and market behaviour, meaning that no day is ever the same. However,
I accept these views are likely to change which is why it would be beneficial to experience a range of
roles within securities through the Spring Insight Program before deciding.
I feel through my leadership roles, as Head boy at my previous school, but more importantly through the
opportunities I have had to act as part of team, playing rugby and volunteering, my character has been
perfectly aligned with the synergies of the XYZ Bank culture. I am passionate about striving for the best
and working collaboratively with others to maximise results.
Yours sincerely,
John Doe
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CUFIS Application Bible
Example
Individual applying for Summer Internship
John Smith
XYZ College
ABC Road
Cambridge
CB1 234
Tel: +44 1 234 5678
Email: ghi789@cam.ac.uk
dd/mm/yyyy
goldmansachs.com/careers
13
@GSCareers
www.cufis.co.uk 2017 The Goldman Sachs Group, Inc. All rights reserved. Goldman Sachs is an
equal employment/affirmative action employer Female/Minority/Disability/Vet.
CUFIS Application Bible
The CV
Your CV is the most important document of your
professional life. Although not all personal traits
Content
can be expressed through paper, your CV reflects The typical CV consists of the following sections:
who you are and what you can bring to the firm 1. Education
at the first glance.
University
In its purest essence, how good your CV is Location
depends on two things:
Year started / year of expected
The content (based on your experiences). graduation
How the content is communicated. Subject
Past (or predicted grades)
A-Levels (or equivalent)
TOP TIP Location
For first time CV writers, go to Cambridge Time period studied for
Careers Service for their CV guide for Subjects studied
examples.
Grades achieved
Can also include a brief overview of GCSE
(or equivalent) results.
Format For example, 9 A*s and 2As at GCSE
1 page long (including A* in English Literature,
A in English Language and A* in
This is incredibly important do not Mathematics).
submit a CV longer than one page.
If you do include your GCSEs,
This is part of the application process; the specific grade results matter for
if you cant manage to condense your
English and Mathematics.
skills and achievements down to that
length, it could potentially suggest poor 2. Professional experience
communication skills to your recruiter. Try to build up as much experience as you
In a professional font size: 9pt12pt. can.
In a professional typeface. This experience does not need to be
Have the title or subtitle as your full name. specific to finance/banking, but try to link
this experience to skills relevant for careers
Provide your contact details.
in the sector.
Include:
time period worked position / title of
position / company name and location /
explanation of the role you partook in and
the skills you developed.
Be concise but informative.
TOP TIP
To see how you should explain
your experience, look at professional
LinkedIn profiles for inspiration.
3. Extracurricular activities
Be involved and join societies whilst
at university.
Do what you enjoy and try to develop
your roles within the societies.
For example, be on a May Ball
committee or even better: initiate
something.
Firms appreciate well-rounded applicants
who show traits of leadership, teamwork,
communication, ambition and an interest in
finance.
Include:
Time period involved.
Title of position.
Society name and location.
(e.g. University of Cambridge).
Explanation of the role and the skills
you developed use active words.
TOP TIP
With many more financial institutions doing
more philanthropic work, do try and include
any charity work you have conducted.
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CUFIS Application Bible
Example
Individual on 3 year course applying for Summer Internship
John Doe
[Address]
07123 456789 [email]
EDUCATION
The University of Cambridge Cambridge
Bachelor of XXX, XYZ College September 2016- 2019
WORK EXPERIENCE
JJJ Bank [Location]
Securities division: Spring Internship, Paid April 3rd 13th 2017
KKK Bank [Location]
Global Markets division: Spring Internship March 27th 31st 2017
LLL Capital Management [Location]
Client Services: Work Experience August 22nd 26th 2016
MMM Bank [Location]
Insurance Business Services: Work Experience July 11th 15th 2016
NNN Bank [Location]
FX Prime Brokerage: Work Experience July 4th 8th 2016
PPP Consultancy [Location]
Summer Work Placement, Paid August 2015
Head Boy of CCC College [Location]
May 2015 June 2016
QQQ Church, Youth Club [Location]
Youth Worker/manager of finances, Voluntary March 2013 May 2016
I was in charge of running the caf
Increased the profitability of the caf by implementing a variety of data collection systems
SKILLS, ACTIVITIES & INTERESTS
Technical Skills:
Excel (and other office software); C++, mainly for basic robotic applications, my projects have reached
an audience of over twenty thousand on YouTube
Activities:
Regional and National public speaking competitions; two international MUNs and a debate hosted in
China
Played second row for the schools Rugby A team
Participated in the UK Maths Challenge every year since 2009 consistently achieving Gold
Interests:
Machining parts I have designed using my lathe in my workshop, in order to fix engines
Very interested in classic automobiles, and have a small collection of vintage watches
Awards: The 2015 RRR Bank Award for Outstanding Student Achievement
Note: Content in the example CVs have been redacted for security reasons.
Example
Individual on 3 year course applying for Summer Internship
JOHN
SMITH
[ A D D R E S S ]
|
T E L :
+ 4 4
( 0 )
7 1 2 3
4 5 6 7 8 9
|
[ E M A I L ]
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CUFIS Application Bible
3. Reasoning Test
These tests measure a candidates ability to
solve more complex problems, process and
check information and more importantly,
reason: analytically, verbally and in abstract.
These are tests that require greater
attention to detail, so expect some
brainwork here.
Tests of reasoning include comprehension
exercises in which you are asked to read
short pieces of text and interpret. You
may also be asked about more complex
situations that require some quantitative
or qualitative interpretation.
4. Aptitude Test
These tests are used to measure
leadership and management potential,
as well as the mechanical ability of the
applicant.
Typical tests of aptitude take the form
of short questions requiring personal
responses to situations, as well as
time-consuming, yet simple, scenarios
requiring some analysis.
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CUFIS Application Bible
Result
What were the outcomes?
Were you satisfied?
BONUS Evaluation
Looking back, I would
From this, I learnt
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CUFIS Application Bible
IBD and S&T: What do you think are For example, I applied to banks that
the reasons for the Eurozone problem? had a strong philanthropic grounding
and the opportunity to work with these
organisations.
The Rejection
Throughout the process, you may receive a
rejection. Dont become disheartened by this!
There are a huge number of applicants to limited
positions, and many receive rejections before
finding a position.
Depending on the banks policy and when the
rejection takes place you can ask for feedback.
Although you may want to sweep the rejection
under the rug, all information on your application
is valuable to take into the next one. So, collect all
information that is available to you.
If you do not receive feedback, still evaluate the
experience. Look back and think:
What did I do well on?
Where did I not feel confident? Where did I
feel weak in answering questions?
What improvements can I make for the next
application.
Although you arent forgetting about it straight
away, it is the best way for rejections not to spiral
throughout your applications.
The Acceptance
CONGRATULATIONS! You got through a long
process and received an offer at the end of it.
Often there is a limited amount of time for you to
accept the offer, so be sure to accept or reject the
offer within that time period.
CUFIS Application Bible
Brainteasers Threats
Used especially for markets roles. What may be impacting the economic
The purpose of brainteasers is to test your environment and the marketplace;
intelligence, and whether you can learn and this may be Brexit, Trump or even new
adapt quickly. regulations in the market.
If you are not good at brainteasers, you can
prepare for them in advance. Do as many The Group Exercise
as you can practice makes perfect! The key to this exercise is to see how you
With these questions, the interviewer can work and communicate in a group
is looking for you to explain your train dynamic.
of thought throughout. Within this, you must be careful to not hide
Examples: within the shadows but also not overpower
What is the angle between the watch the conversation.
hands at 8.45am? Different banks ask you to conduct different
How many tennis balls can fit in this exercises within a group, examples include:
office? Newspaper exercise: a collection of
newspapers are given to the group, in
The Case Study which they must decide what recent
news events to present on and then
This task gives you a piece of text: perhaps develop a 15-30 minute presentation
an annual report of a company, or news on that topic.
reports.
Marketing exercise: interviewees receive
From this, you are asked to answer material on a company, and are asked to
a question based on the text given. develop a plan as to how to market their
Often, they ask you to evaluate a company new product and allocate the marketing
and some extension of that, whether it be: budget accordingly.
Is it investable?
Should company XYZ merge with it? The Presentation
After a set amount of preparation time, you Some firms may give you material prior
will be invited to present to an employee of to the Assessment Centre.
the bank individually. From this, you are asked to present on
said material.
Technique
To form the foundation of your answer As you are given it ahead of time, there
is an expectation to do research outside
for this, the best way to do so is to form
that given to you and explore all options
a SWOT test.
available to you.
Strengths
With this extra time, you could also produce
What the company is good at, its USP. a powerpoint and/or a handout, so that you
Weaknesses differentiate yourself from the rest of the
interviewees.
Examples being the competition within
its marketplace or its poor board of If you do produce a PowerPoint,
directors. make sure that you can bring in a
laptop or have the technical facilities
Opportunities
available to use it.
Examples include new product lines.
AtVCMT,
At VCMT, Trading
Trading Isnt
Isnt aa Job
Job -- Its
Its aa Lifestyle
Lifestyle
IfIfyouve
youve always wanted to be a trader and youre ready to live, eat and breathe
always wanted to be a trader and youre ready to live, eat and breathe
trading, VCMT is where you want to be. We are a leading commodities trading
trading, VCMT is where you want to be. We are a leading commodities trading
firm with a focus on financial products. Its the kind of place where you wont
firm with a focus on financial products. Its the kind of place where you wont
languish in rigid organisational hierarchy. If you excel, well recognise and re-
languish in rigid organisational hierarchy. If you excel, well recognise and re-
ward you. Contact us if you have what it takes to be part of VCMT.
ward you. Contact us if you have what it takes to be part of VCMT.
Vercer Limited is registered in England and Wales. Registered office: 43-45 Dorset St, London,
Vercer
W1U Limited is registered
7NA. Company in England
number: and Wales. Registered office: 43-45 Dorset St, London,
10142406.
W1U 7NA. Company number: 10142406.
Vercer Limited is a corporate member of Capital Markets Trading UK LLP which is authorised and regulated by the
26
Financial
Vercer Conduct
Limited Authoritymember
is a corporate (FRN 509551).
of CapitalVCMT is aTrading
Markets trading name
UK LLPof Capital
which isMarkets Trading
authorised andUK LLP. by the
regulated
Cambridge University Finance & Investment Society
Financial Conduct Authority (FRN 509551). VCMT is a trading name of Capital Markets Trading UK LLP.
CUFIS Application Bible
The Verdict
After all of this, you may be accepted or rejected
onto the programme that you applied to. From
both of these verdicts, you are able to learn a lot.
The Rejection
Throughout the process, you may receive a
rejection. Dont become disheartened by this!
There are a huge number of applicants to limited
positions, and many receive rejections before
finding a position.
Depending on the banks policy and when the
rejection takes place you can ask for feedback.
Although you may want to sweep the rejection
under the rug, all information on your application
is valuable to take into the next one. So, collect
all information that is available to you.
If you do not receive feedback, still evaluate
the experience. Look back and think:
What did I do well on?
Where did I not feel confident?
Where did I feel weak in answering
questions?
What improvements can I make for the
next application.
Although you arent forgetting about it straight
away, it is the best way for rejections not to spiral
throughout your applications.
The Acceptance
CONGRATULATIONS!
You got through a long process and received
an offer at the end of it.
Often there is a limited amount of time for you
to accept the offer, so be sure to accept or reject
the offer within that time period.
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CUFIS Application Bible
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