Graduate recruitment in banking

Article

Graduate recruitment in banking

Facing the credibility crunch

The most important part of the culture of banks is their staff, and in particular the graduate recruits who will shape the future norms and mores of their organisation.

Background

It has been more than six years since the collapse of Lehman Brothers, which brought the financial system to its knees and forced the big banks in the US and Europe to turn to their governments for help. Management has been focused on ‘fixing the bank’ and on meeting regulatory demands, such as rebuilding capital. Attention is now turning to talent. The task of the banking sector has not been made any easier by scandals and ines, often for historical misdeeds, that continue to trouble it.

Banks have contributed to philanthropic projects and changed how they pay staff in a bid to restore their image among institutional shareholders, the general public and employees. Given the level of regulatory pressure and public scrutiny, banks have realised that their culture must change. The most important part of the culture of banks is their staff, and in particular the graduate recruits who will shape the future norms and mores of their organisation.

Senior executives at leading financial institutions need to know the following:

  1. Which industries do business students1 want to work in? Has the popularity of banking changed since the financial crisis, and if so, by how much?
  2. What do students now want from a career in banking?
  3.  How do students perceive banking? What attributes do they associate with it? How do these expectations match up with their career goals?
  4. How does the picture vary across countries?

Deloitte has teamed up with Universum to answer these questions. Universum has surveyed students’ motivations since 1988. In this analysis Deloitte has focused its attention on changes since the 2007-08 academic year, when the financial crisis had yet to unfold. Our thanks go to Universum for their contribution to this research.

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Executive summary

  • FMCG knocks banking off its top spot
  • FMCG knocks banking off its top spot
  • Tech titans rise in popularity
  • Banking-inclined students want a balanced and steady career
  • Preparing for the future matters most in a first job
  • Banks associated with “money”
  • Investment banks more associated with financial strength and prestige than sought-after training
  • Banking seen as less secure, friendly or flexible
  • Focusing more on diversity would widen the net
  • Tech titans rise in popularity
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