People should think about doing a master’s in a numerate or specialist subject – there is a useful degree in securities finance at Reading University, for example.”It is much less of an old boys’ network than it used to be It is a meritocracy, but it is not easy. They need to be very bright, not just academically qualified, but capable of applying common sense. Someone going into mergers and acquisitions needs a decent degree, a numerate master’s or a PhD. “Computer science graduatesand maths graduates can go for IT posts, and linguists make good technologists You need a useful, numerate degree. “There is no specific recruitment programme for postgraduates, but you are likely to find a lot of PhDs in areas such as derivatives, trading and asset management.”Choosing the right degree may not be essential for a career in investment banking, but it definitely helps, says Peter Newton, managing director of Parallel International, employment brokers that specialise in the sector.

“British graduates will be competing against Italians and French, who will have business specialisms in their degrees.” The days of Oxbridge students dominating City entry are over – Morgan Stanley now recruits more from other universities – but respected international business universities such as Insead in Paris produce some of the most sought-after graduates.Recruitment is not restricted to recent graduates. “People can enter at the beginning of their career, through graduate recruitment programmes, but some people will join later in their lives after they have done a PhD, or after developing a specialism or working in consulting or asset management,” says Franck Petitgas, a managing director in Morgan Stanley’s investment banking division. It is not especially important to have a master’s, but for graduates with a history degree or something it is useful to have a degree in a financial discipline But interest and motivation are the key. They must prove that they have not just applied on a whim.”For the major investment banks, recruitment is increasingly international. “We recruit on a Europe-wide basis without country quotas,” says John Porter, an associate in Morgan Stanley’s investment banking division. Eastern Bloc languages are good for emerging markets.
“A lot of graduates these days have postgraduate degrees, often a master’s; some come with an MBA, especially those from US Ivy League institutions. Vivien Dykstra, head of graduate recruitment at Deutsche Morgan Grenfell, advises graduates to test the water before making a commitment.

“To seek an internship at the end of their first or second year at university would be a good way of checking it is what they want to do,” she says “An A1 academic record is usually a pre-requisite for entry A second language is helpful – the more unusual the better. Despite the consolidation of some of the major investment banks, large numbers of graduates are being recruited, at attractive salaries. Even NatWest Markets and Barclays Capital, which are withdrawing from some of their investment banking activities, still have graduate recruitment programmes. The 26-page guide, sponsored by Eagle Star, cover a range of topics linked to retirement planning It is available by calling 0800 776666 Or check the coupon at the bottom of this page..