Milkround News, 18 December 2008
Students looking to start their graduate careers in investment banking have been warned they have unrealistic career expectations.

Onrec reports UK students still see a promising future in investment banking with high wages and plenty of jobs despite the impact of the credit crunch.

A third of students thought they would be earning more than £90,000 in five years time. More than 80 percent believed that they would be earning £50,000 or more in the same time frame.

The majority of students also still felt they have a good chance of gaining employment in this sector. Three in five rated their chances of landing a career within investment banking as better than 50/50.

John Benson, founder and CEO of eFinancialCareers, warns students these are unrealistic expectations. He told Onrec: “Despite their optimism, applications to the industry regularly exceed 30:1 for graduate positions. For students planning to pursue careers in the financial sector, there is a real need for them to understand the importance of flexibility both in terms of geographic location and range of disciplines to consider in order to land that coveted spot”

When challenged about what they would do if they didn’t get a job in banking, a quarter said they would continue with further study. Some 13 percent would be willing to work unpaid to gain relevant experience. Nearly half would look to another industry for work – consulting and accountancy being the two most popular alternatives. Just one percent said they would consider charity work.