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Front Office Training For Hotels

Do you want a 'rotational' training program in sales and trading? If you want to work in sales and trading, do you know which kind of financial product (equities, high grade corporate debt, risky corporate debt, government bonds, equity derivatives, etc.) you want to trade? If you do (know), maybe you should express your preference early in the recruitment process and apply to a bank that will place you directly onto a particular trading desk? Try Morgan Stanley, J.P.

Morgan and Barclays. Each bank assigns its sales and trading analysts directly to desks and doesn't rotate them afterwards (although Treasury Services at J.P.

Morgan has a rotational program). If you don't know which product you want to work with, you might want to try a 'rotational' program in which you get to work with all kinds of financial products before settling on a particular desk at the end.

Citigroup offers rotational programs; so does Deutsche Bank. Citi tells us that its markets graduates, 'complete 4 short rotations across desks before being placed with a specific team.' Deutsche tells us that its markets graduates have a 'series of working rotations that provide experience across various markets desks.' HSBC says its markets hires participate in a 'two-year rotational programme with three four-month rotations in the first year in either sales or trading.' While rotational programs offer the advantage of exposure to all kinds of different financial products, they can be very competitive. Analysts will typically compete heavily for places on the most interesting and exciting desks which offer the best career development potential.

Do you want 'broad training' across the investment banking division? Rotations are less common in investment banking divisions (IBD). Investment banking divisions include jobs in mergers and acquisitions (M&A) and capital markets. If you work in IBD, you'll usually be assigned a particular job and will stay in it. Nonetheless, some banks do offer broad training across IBD. The most notable of these is HSBC, which offers a two year bank training program in which trainees spend the first year focusing on either (managing relationships) or (transacting deals). During their second year, they spend six months experiencing the other area of the two. 'This is done with the view to build their broader banking knowledge and to understand both the investment banking and relationship management sides of the business,' says HSBC.

At Citigroup, graduates who want to join the investment bank in M&A aren't allocated a particular team from the outset. Instead, they go through classroom training with the graduates who want to go into capital markets and the graduates who want to go into corporate banking. Only at the end of the training process are they assigned to a particular team.

At Deutsche Bank, investment banking analysts apply to the broad IBD division but are assigned particular jobs before the training program starts. Along with all the bank's other trainees they then participate in a new 'three day cross-divisional global orientation' to introduce them to the bank's culture, values and expectations. How long do you want to spend in the classroom? If you measure the effectiveness of a bank's training program by the amount of time you spend in a classroom, you might want to head to J.P.

Analyst trainees at the U.S. Investment bank in EMEA receive two weeks of Financial Conduct Authority (FCA) training, followed by seven weeks of classroom training in New York. This compares to six weeks of classroom training at Citi, Barclays and HSBC and five weeks at Deutsche Bank.

Do you want 'teaching assistants'? In IBD, Deutsche Bank has introduced 'teaching assistants' to work with its trainers. These assistants are current analysts and associates who work with the trainers in the classroom to give real life examples of the kind of work you'll be doing. They also help with homework. Most banks offer mentoring support. At Barclays, for example, there's a mentoring program which offers 'individual coaching'. At SocGen, there's a 'mentoring portal allowing junior colleagues to access senior colleagues to mentor them.'

Do you want a short term contract? It used to be the case that banks hired analysts onto short term contracts lasting two or three years. This has changed in recent years, but some banks still offer short term contracts - especially in the U.S.

At SocGen, analyst are hired onto permanent contracts. This is also the case at HSBC and J.P. Morgan and Citi in EMEA. At Barclays, analysts in the U.S.

Used to be hired onto two year fixed term contracts, but this has changed and everyone is now hired onto a permanent contract. At Deutsche, analysts in EMEA are hired for good, but analysts who come into IBD in the U.S. Only get a three year fixed term contract when they join. Do you want a very generalist program (not necessarily in a front office investment banking role)?

Finally, do you want to join a broad training program that will give you exposure to all kinds of different jobs in an investment bank - but not to the sexy front office jobs in sales, trading, and M&A? If so, try J.P. Morgan's 'Corporate Analyst Development Program (CADP).

This consists of 'several 9-month rotations across a range of businesses in corporate functions.' Those corporate functions include operations, human resources, audit, risk reporting, and chief investment office treasury. (Photo credit: Sean Rowe).

I’ve worked as an interest rates and equities trader at both J.P. Morgan and Morgan Stanley, but now I head up the U.S. Division of a firm that trains analysts and associates during their first few weeks on the job.

Based on training thousands of new bankers, this is what I think you need to know to get the most out of your training programme. 1. Arrive at the office on your first day prepared: It’s unlikely that you will have got through the application processor internship without a solid understanding of the business area you’re joining. However, before you even walk through the door on your first day a lot of employers will offer you some pre-learning materials. If you haven’t majored in finance, this is an opportunity to gradually start levelling the playing field with more knowledgeable analysts. Also, use the financial press to understand the current market trends and come armed with questions about what’s happening in the news.

Speak up and ask questions: New analysts are accustomed to an academic environment, but your technical program is a chance to learn interactively. You’re not in a lecture hall, you’re in a workplace and your questions and observations are a key part of learning. Youmight be in a room with 100+ analysts, but speak up - if there’s a question nagging at you, there will be at least five other analysts wondering the same thing. Your trainer wants questions, we want to keep the energy levels up in the room and encourage interaction. It will also impress your colleagues, and us. If your question is too far off topic, don’t be offended if the trainer suggests discussing the matter offline during a break. Make some friends: You’ll be given group exercises by your trainer, like coming up with a capital structure for a deal, or pitching a trade idea.These exercises are a chance to learn from your colleagues and strengthen relationships. Even if you’re convinced your solution to the problem is perfect, give others a chance to contribute and try to make everyone feel involved. Acknowledging that someone else’s suggestion is better than yours is a sign of maturity.

You’re going to be spending a lot of time with your peers, take the time now to start to forge some real friendships. Set up study groups ahead of exams. Help people out when they are struggling. Be the one to suggest grabbing a bite to eat or a drink after class. Being well-liked by your colleagues and managers will make career progress a lot easier. Being helpful to non-finance graduate colleagues on my own analyst training program at JP Morgan led indirectly to AMT Training spotting my potential as a future trainer.

You never know when a good deed will reap rewards, but they usually do. Pass your regulatory exams first time: This might be easier said than done, but really front-load your revision here so you pass first time. Whatever time you think you need to invest to pass your exams, add an extra 20% to avoid the risk of having to re-sit.

Whether the re-sit study clashes with your technical training program, or happens while you are on the desk, it can be a major distraction and will impact your ability to learn other things. Get the basics right: First impressions really do count – turn up on time and dress smartly from the minute you step through the door.

6. Keep your confidence in check: Yes, you may have achieved a lot simply by getting through the door, but this doesn’t mean you’ve made it yet. Every year on our summer programs a few of the apparent top dogs in the class get a shock when the first set of exam results come out. Try to be humble in general – almost every graduate recruit at a major financial institution has been a superstar in academia, sports, the creative arts, or all three. It’s good to be self-confident but remember you are joining at the bottom of the tree and you’ll have to earn your reputation the hard way. Stephen Herlihy worked as a trader in JP Morgan and Morgan Stanley in London, before moving into financial training with, where he is the head of AMT’s US business. Stephen primarily trains analyst and associate groups at major financial institutions, as well as M&A boutiques and buy-side institutions in London and New York.

AMT training has offices in London, New York and Hong Kong and delivers a wide range of learning solutions, from tailored in-class learning and web-based classes, to self-study e-learning and hard copy publications.