Canary Wharfian
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Within finance, there are many different industries you can go into and it's important that you choose one that suits your unique background. For example, if you are a textbook example of prospective quantitative trader, there is not much point to consider investment banking, and vice versa. Every one of these roles require different skills and suit different personalities. They also offer different lifestyles, career paths and so-called "exit opportunities".
It's important that you understand the full range of options, as well their differences so that you can make an educated choice as to which path to pursue. The landscape is wide. The only thing common to all of these, that having a brand-name university on your resume helps. A lot.
Investment Banking
What Is It?
Investment banking, or mergers & acquisitions as a more technical description, is by far the most popular choice for graduates. It offers a similar kind of prestige to law, medicine and engineering, however a much higher compensation. The understanding between university walls is that investment bankers earn huge sums of money, have great lifestyle and retire with a yacht. Movies from popular culture, like Wall Street, does not help with this often false perception of reality. It is no surprise that bulge-bracket investment banks in the UK receive the highest number of graduate applications each year for the fewest available seats. In fact, there are not many other graduate roles that offer the same kind of opportunity, both in terms of learning and take-home earnings. It is arguably the most competitive and glamorous industry out there.
The reality, however, in some aspects is a bit starker. Investment banking does in fact offer intellectually stimulating and interesting work (yes, in spite of all the memes calling out fixing commas in a PowerPoint presentation) and a quite inspirational environment. Analysts are exposed to senior management of hugely successful companies, get to look behind the scenes and learn the ins and outs of certain industries. That's valuable on it's own. Also, financial models are not that simple and there is a steep learning curve with Excel.
Investment banking is a lot more intense and demanding than a typical 9-5, say, in Audit (a looked down upon field). It is an industry notorious not only for its' long hours and workloads over sustained periods of time, but also the fact as an analyst you can be "called in" at anytime. Some like to call it "badge of honor", whereas in reality there is nothing cool about it. This means working weekends, and putting work first. It's a desk-bound job as well that means lots of time sitting in front of a computer screen.
To excel in banking, one needs technical aptitude (like mastering Excel quickly and decent numerical skills) as well as solid people's skills (like building relationships). Social skills are vastly overrated. Yes, it's absolutely important, but it's the overall profile that matters and a private school education isn't a the end all be all (although it helps, mostly because of the network one gains from it). If you only have one of these and missing the soft or the hard skill, it might still be a good opportunity overall and worth it.
Put simply, if you are a nerd who is also likeable, investment banking is a fine choice.
This lecture published on YouTube by a senior bankers paint an accurate picture of what it takes to succeed in this industry.
Most graduates who enter a graduate scheme in banking, tend not to stay around for long. They do it for a few years for the resume boost, and move on, usually to startups in a strategy/finance/leadership roles.
Investment banking is a long-term investment. Models & Bottles.
It's also important to keep in mind that investment banking is a relatively small world. Words get around quick for better or worse, and "everyone knows everyone". While this might not matter too much at very early stages like Analyst, it does become a reality at higher ranks as one accumulates more experience.
Sales
Obviously, for a sales desk, numerical aptitude is not much use. What really matters here, is people's skills, and it's the one industry in high-finance, where a private school education will be most useful. The ability to talk small, build rapport and relationships, understanding of social rules, your accent (and to be fair, looking good on the outside) all play a role in whether a potential client will buy from you, or not. Hours are quite standard.
This is not to say that being "smart" is not important, it's just that people's skill is a first. Deep technical understanding of the product you are selling and keeping ahead events is usually what separates from billing high to average. Failing to prepare is preparing to fail.
Global Markets (Trading)/Asset Management
Trading is the opposite of sales and quite different from banking. While being likeable helps, results are pretty much driven by your technical skills. The market doesn't care if you are good on the phone or a nice chap - it cares about your entry and your exit price. Politics don't play an as important role as in investment banking.
Technology is a closely related department. Most trading desks are automated, and mostly hire STEM graduates to develop software for powerful machines. Have a PhD? Great, maybe you want to work for Kenneth Griffin's Citadel, the firm that pays interns reportedly 5,000 a week. Not bad for a graduate.
S&T as it's sometimes called (Sales & Trading) is a very meritocratic environment with mostly fixed hours compared (market opening through to market closing) to investment banking. P&L (Profit and Loss) talks, and it's the only thing anyone will care about.
Consulting
Consulting is an industry that recently came under pressure due to advancements in AI. Hiring freezes are now common and smaller players, "challengers" can squeeze more out of a quid, and sometimes hired instead of the top consultancies like McKinsey. Still, consulting remains one of the most attractive career options for graduates who enjoy problem-solving, working across various industries, and maintaining a more sustainable work-life balance compared to banking.
Consultants are typically brought in to help companies solve strategic issues—anything from improving operational efficiency to entering a new market. This can mean working long hours (especially at top firms), but usually without the same unpredictable lifestyle seen in banking. Travel used to be a big part of the job, although the rise of remote work has reduced the need to constantly be on-site with clients.
A key appeal of consulting is the broad exposure to different businesses, industries, and challenges—making it a great stepping stone to roles in corporate strategy, private equity operations, or even founding a startup. Many consultants leave after 2–3 years, often completing an MBA or joining an in-house strategy team at a large firm.
In terms of skills, strong analytical thinking, communication, and structured problem-solving are essential. You’ll be expected to build frameworks, structure decks, and present findings to senior stakeholders. Unlike banking or trading, raw technical aptitude matters less here—though being comfortable with Excel, PowerPoint, and data interpretation is still important.
Private Equity & Venture Capital
Often viewed as the "promised land" for investment bankers, private equity (PE) is a natural next step after a few years in banking. It involves using capital to invest in companies—usually by buying them outright (leveraged buyouts)—and then improving their performance to sell at a profit later.
PE is a high-pressure environment with fewer seats than banking and even more competition. It rewards those who are not just good with numbers, but also able to evaluate business strategy, operations, and long-term value creation.
Work-life balance can improve slightly, but the stakes are higher. You’re now putting real money at risk, and the responsibility is significant. Compensation is excellent—especially if you’re promoted into carry (a share of fund profits).
Venture capital (VC), on the other hand, focuses on early-stage companies, often in tech. It's more about identifying trends, evaluating founders, and backing potential unicorns. The pay isn’t as high as PE (at least initially), but the lifestyle is better, and many are drawn to the entrepreneurial spirit of the space.
Hedge Funds
Hedge funds are often seen as vile, but in reality it's just an exotic, less common investment vehicle that tends to cater to high net worth investors. Whether it’s long/short equity, macro trading, or quant strategies, the goal is simple: achieve a higher rate of return for investors than the S&P 500 and other benchmarks.
Roles here tend to be very specialized, and you’re judged almost solely on P&L. There’s less structure and hierarchy compared to other areas of finance, but a much higher bar for entry—especially for the top-performing funds. HFs recruit a lot from the sell-side (investment banks).
For those with a strong passion for markets, data analysis, and independent thinking, this can be the most intellectually rewarding (and lucrative) path in finance.
Big Four Accounting / Audit
Often seen as the “safe” or “default” choice for many graduates, especially those coming from accounting or business degrees. Working at one of the Big Four firms—Deloitte, PwC, EY, or KPMG—means joining a structured graduate programme with a clear progression path, exam sponsorship (ACA/ACCA), and strong brand recognition. A big drop in terms of prestige compared to investment banking.
Audit, which forms the core of most graduate intakes, is often looked down upon in high-finance circles for being repetitive, low-paid relative to the hours worked, and not very glamorous. That said, it builds a solid foundation in financial statements, risk assessment, and professional skills.
While the work can be boring, the hours are usually more manageable than investment banking, and the environment is more collegial. Plus, there are clear exit opportunities—many auditors transition into industry roles like financial controller, internal audit, or even corporate finance and transaction services within the same firm.
It’s a good fit for those who are diligent, detail-oriented, and looking for long-term stability or a stepping stone into more strategic roles later in their career.
Private Equity
Private equity (PE) is often the most sought-after exit opportunity from investment banking, especially for analysts looking to get closer to the decision-making side of deals. Instead of advising clients, you're now the client—putting capital to work to acquire and improve businesses.
PE is intense and analytical, with a heavy focus on financial modelling, due diligence, investment memos, and portfolio management. You’ll spend your time evaluating companies, assessing management teams, identifying operational improvements, and figuring out how to exit profitably—whether through IPO, trade sale, or recapitalization.
Entry is highly competitive, usually requiring 2-3 years investment banking experience at a minimum or a top-tier academic background. Pay is excellent, especially if you remain long enough to benefit from carried interest. However, roles are few and far between, and the culture can be just as demanding as banking, if not more.
Hedge Funds
Hedge funds operate with a single goal: generate "alpha". Whether through quantitative strategies, discretionary trading, or event-driven plays, hedge fund professionals are constantly looking for ways to find inefficiencies in the market and fill the gaps. Both investment banking and global markets experience is valuable.
The work is intense and performance-driven. There is little room for error, and compensation is typically tied directly to results. It’s a true meritocracy—your ideas either make money or they don’t.
The environment is lean, fast-paced, and often intellectually stimulating. You’re expected to take initiative, develop your own views, and back them with conviction. Unlike banking, where you might be executing someone else’s deal, at a hedge fund you’re building and testing your own thesis.
Breaking in is difficult—usually requiring experience in trading, investment banking, research, or a specialized quantitative background. But for the right profile—high conviction, disciplined, and curious—hedge funds offer both autonomy and uncapped upside.
FinTech / Startups
FinTech and startups appeal to those who want more flexibility, innovation, and meaning in their work. Graduates can be exposed to a LOT more responsibility early on. Rather than working within the constraints of traditional finance, startups are focused on building the future of finance—whether through payments, lending, blockchain, robo-advisors, or AI-driven analytics.
The lifestyle is usually more relaxed than banking or hedge funds, but this doesn’t mean it’s easier. Startups are high-risk, and you may work longer hours for lower initial pay. However, equity (stock options) is often part of the compensation, and if the startup succeeds, the upside can be significant. Revolut, the only UK fintech unicorn, is a prime example. If you have joined early, you shares are now very valuable.
These environments attract those who are entrepreneurial, adaptable, and hands-on. You won’t be siloed—expect to get involved in everything from strategy to product to operations. For many, the appeal lies in being close to the action, building something new, and having a real impact early on.
Startups also offer rapid learning and responsibility, making them a good launchpad for future founders, VCs, or product leaders.
Corporate Finance (In-House Finance / FP&A / Strategy)
Corporate Finance, sometimes referred to as in-house finance, covers a broad set of roles within large companies where the focus is on managing the financial health of the business itself, rather than external clients. These roles typically include FP&A (Financial Planning & Analysis), Treasury, Investor Relations, Business Partnering, and Corporate Strategy.
Unlike investment banking or consulting, corporate finance professionals work inside the company, helping leadership make strategic financial decisions: budgeting, forecasting, pricing strategies, evaluating new projects or investments, and managing cash flows. In Corporate Development teams, you might also work on M&A activity from the buy-side.
The hours are generally stable (think 9-6 or 9-7), and the work-life balance is far better than banking or private equity. Compensation is also lower in the early years, but improves over time—especially at large, multinational firms or in senior finance leadership roles (like CFO).
This is a great route for people who enjoy finance but want to grow with a business long-term, rather than hopping between clients or industries. You’ll often work closely with other departments (marketing, operations, product), so communication and commercial awareness are key.
It’s also a good exit path for ex-auditors, bankers who want a slower pace, or consultants interested in operational execution. Career progression is clear, and for those aiming for CFO-level roles, this is where most of that journey begins.
In short: If you want to understand how a business really runs—and help shape it from the inside—corporate finance is a solid, sustainable career choice.
It's important that you understand the full range of options, as well their differences so that you can make an educated choice as to which path to pursue. The landscape is wide. The only thing common to all of these, that having a brand-name university on your resume helps. A lot.
Investment Banking
What Is It?
Investment banking, or mergers & acquisitions as a more technical description, is by far the most popular choice for graduates. It offers a similar kind of prestige to law, medicine and engineering, however a much higher compensation. The understanding between university walls is that investment bankers earn huge sums of money, have great lifestyle and retire with a yacht. Movies from popular culture, like Wall Street, does not help with this often false perception of reality. It is no surprise that bulge-bracket investment banks in the UK receive the highest number of graduate applications each year for the fewest available seats. In fact, there are not many other graduate roles that offer the same kind of opportunity, both in terms of learning and take-home earnings. It is arguably the most competitive and glamorous industry out there.
The reality, however, in some aspects is a bit starker. Investment banking does in fact offer intellectually stimulating and interesting work (yes, in spite of all the memes calling out fixing commas in a PowerPoint presentation) and a quite inspirational environment. Analysts are exposed to senior management of hugely successful companies, get to look behind the scenes and learn the ins and outs of certain industries. That's valuable on it's own. Also, financial models are not that simple and there is a steep learning curve with Excel.
Investment banking is a lot more intense and demanding than a typical 9-5, say, in Audit (a looked down upon field). It is an industry notorious not only for its' long hours and workloads over sustained periods of time, but also the fact as an analyst you can be "called in" at anytime. Some like to call it "badge of honor", whereas in reality there is nothing cool about it. This means working weekends, and putting work first. It's a desk-bound job as well that means lots of time sitting in front of a computer screen.
To excel in banking, one needs technical aptitude (like mastering Excel quickly and decent numerical skills) as well as solid people's skills (like building relationships). Social skills are vastly overrated. Yes, it's absolutely important, but it's the overall profile that matters and a private school education isn't a the end all be all (although it helps, mostly because of the network one gains from it). If you only have one of these and missing the soft or the hard skill, it might still be a good opportunity overall and worth it.
Put simply, if you are a nerd who is also likeable, investment banking is a fine choice.
This lecture published on YouTube by a senior bankers paint an accurate picture of what it takes to succeed in this industry.
Most graduates who enter a graduate scheme in banking, tend not to stay around for long. They do it for a few years for the resume boost, and move on, usually to startups in a strategy/finance/leadership roles.
Investment banking is a long-term investment. Models & Bottles.
It's also important to keep in mind that investment banking is a relatively small world. Words get around quick for better or worse, and "everyone knows everyone". While this might not matter too much at very early stages like Analyst, it does become a reality at higher ranks as one accumulates more experience.
Sales
Obviously, for a sales desk, numerical aptitude is not much use. What really matters here, is people's skills, and it's the one industry in high-finance, where a private school education will be most useful. The ability to talk small, build rapport and relationships, understanding of social rules, your accent (and to be fair, looking good on the outside) all play a role in whether a potential client will buy from you, or not. Hours are quite standard.
This is not to say that being "smart" is not important, it's just that people's skill is a first. Deep technical understanding of the product you are selling and keeping ahead events is usually what separates from billing high to average. Failing to prepare is preparing to fail.
Global Markets (Trading)/Asset Management
Trading is the opposite of sales and quite different from banking. While being likeable helps, results are pretty much driven by your technical skills. The market doesn't care if you are good on the phone or a nice chap - it cares about your entry and your exit price. Politics don't play an as important role as in investment banking.
Technology is a closely related department. Most trading desks are automated, and mostly hire STEM graduates to develop software for powerful machines. Have a PhD? Great, maybe you want to work for Kenneth Griffin's Citadel, the firm that pays interns reportedly 5,000 a week. Not bad for a graduate.
S&T as it's sometimes called (Sales & Trading) is a very meritocratic environment with mostly fixed hours compared (market opening through to market closing) to investment banking. P&L (Profit and Loss) talks, and it's the only thing anyone will care about.
Consulting
Consulting is an industry that recently came under pressure due to advancements in AI. Hiring freezes are now common and smaller players, "challengers" can squeeze more out of a quid, and sometimes hired instead of the top consultancies like McKinsey. Still, consulting remains one of the most attractive career options for graduates who enjoy problem-solving, working across various industries, and maintaining a more sustainable work-life balance compared to banking.
Consultants are typically brought in to help companies solve strategic issues—anything from improving operational efficiency to entering a new market. This can mean working long hours (especially at top firms), but usually without the same unpredictable lifestyle seen in banking. Travel used to be a big part of the job, although the rise of remote work has reduced the need to constantly be on-site with clients.
A key appeal of consulting is the broad exposure to different businesses, industries, and challenges—making it a great stepping stone to roles in corporate strategy, private equity operations, or even founding a startup. Many consultants leave after 2–3 years, often completing an MBA or joining an in-house strategy team at a large firm.
In terms of skills, strong analytical thinking, communication, and structured problem-solving are essential. You’ll be expected to build frameworks, structure decks, and present findings to senior stakeholders. Unlike banking or trading, raw technical aptitude matters less here—though being comfortable with Excel, PowerPoint, and data interpretation is still important.
Private Equity & Venture Capital
Often viewed as the "promised land" for investment bankers, private equity (PE) is a natural next step after a few years in banking. It involves using capital to invest in companies—usually by buying them outright (leveraged buyouts)—and then improving their performance to sell at a profit later.
PE is a high-pressure environment with fewer seats than banking and even more competition. It rewards those who are not just good with numbers, but also able to evaluate business strategy, operations, and long-term value creation.
Work-life balance can improve slightly, but the stakes are higher. You’re now putting real money at risk, and the responsibility is significant. Compensation is excellent—especially if you’re promoted into carry (a share of fund profits).
Venture capital (VC), on the other hand, focuses on early-stage companies, often in tech. It's more about identifying trends, evaluating founders, and backing potential unicorns. The pay isn’t as high as PE (at least initially), but the lifestyle is better, and many are drawn to the entrepreneurial spirit of the space.
Hedge Funds
Hedge funds are often seen as vile, but in reality it's just an exotic, less common investment vehicle that tends to cater to high net worth investors. Whether it’s long/short equity, macro trading, or quant strategies, the goal is simple: achieve a higher rate of return for investors than the S&P 500 and other benchmarks.
Roles here tend to be very specialized, and you’re judged almost solely on P&L. There’s less structure and hierarchy compared to other areas of finance, but a much higher bar for entry—especially for the top-performing funds. HFs recruit a lot from the sell-side (investment banks).
For those with a strong passion for markets, data analysis, and independent thinking, this can be the most intellectually rewarding (and lucrative) path in finance.
Big Four Accounting / Audit
Often seen as the “safe” or “default” choice for many graduates, especially those coming from accounting or business degrees. Working at one of the Big Four firms—Deloitte, PwC, EY, or KPMG—means joining a structured graduate programme with a clear progression path, exam sponsorship (ACA/ACCA), and strong brand recognition. A big drop in terms of prestige compared to investment banking.
Audit, which forms the core of most graduate intakes, is often looked down upon in high-finance circles for being repetitive, low-paid relative to the hours worked, and not very glamorous. That said, it builds a solid foundation in financial statements, risk assessment, and professional skills.
While the work can be boring, the hours are usually more manageable than investment banking, and the environment is more collegial. Plus, there are clear exit opportunities—many auditors transition into industry roles like financial controller, internal audit, or even corporate finance and transaction services within the same firm.
It’s a good fit for those who are diligent, detail-oriented, and looking for long-term stability or a stepping stone into more strategic roles later in their career.
Private Equity
Private equity (PE) is often the most sought-after exit opportunity from investment banking, especially for analysts looking to get closer to the decision-making side of deals. Instead of advising clients, you're now the client—putting capital to work to acquire and improve businesses.
PE is intense and analytical, with a heavy focus on financial modelling, due diligence, investment memos, and portfolio management. You’ll spend your time evaluating companies, assessing management teams, identifying operational improvements, and figuring out how to exit profitably—whether through IPO, trade sale, or recapitalization.
Entry is highly competitive, usually requiring 2-3 years investment banking experience at a minimum or a top-tier academic background. Pay is excellent, especially if you remain long enough to benefit from carried interest. However, roles are few and far between, and the culture can be just as demanding as banking, if not more.
Hedge Funds
Hedge funds operate with a single goal: generate "alpha". Whether through quantitative strategies, discretionary trading, or event-driven plays, hedge fund professionals are constantly looking for ways to find inefficiencies in the market and fill the gaps. Both investment banking and global markets experience is valuable.
The work is intense and performance-driven. There is little room for error, and compensation is typically tied directly to results. It’s a true meritocracy—your ideas either make money or they don’t.
The environment is lean, fast-paced, and often intellectually stimulating. You’re expected to take initiative, develop your own views, and back them with conviction. Unlike banking, where you might be executing someone else’s deal, at a hedge fund you’re building and testing your own thesis.
Breaking in is difficult—usually requiring experience in trading, investment banking, research, or a specialized quantitative background. But for the right profile—high conviction, disciplined, and curious—hedge funds offer both autonomy and uncapped upside.
FinTech / Startups
FinTech and startups appeal to those who want more flexibility, innovation, and meaning in their work. Graduates can be exposed to a LOT more responsibility early on. Rather than working within the constraints of traditional finance, startups are focused on building the future of finance—whether through payments, lending, blockchain, robo-advisors, or AI-driven analytics.
The lifestyle is usually more relaxed than banking or hedge funds, but this doesn’t mean it’s easier. Startups are high-risk, and you may work longer hours for lower initial pay. However, equity (stock options) is often part of the compensation, and if the startup succeeds, the upside can be significant. Revolut, the only UK fintech unicorn, is a prime example. If you have joined early, you shares are now very valuable.
These environments attract those who are entrepreneurial, adaptable, and hands-on. You won’t be siloed—expect to get involved in everything from strategy to product to operations. For many, the appeal lies in being close to the action, building something new, and having a real impact early on.
Startups also offer rapid learning and responsibility, making them a good launchpad for future founders, VCs, or product leaders.
Corporate Finance (In-House Finance / FP&A / Strategy)
Corporate Finance, sometimes referred to as in-house finance, covers a broad set of roles within large companies where the focus is on managing the financial health of the business itself, rather than external clients. These roles typically include FP&A (Financial Planning & Analysis), Treasury, Investor Relations, Business Partnering, and Corporate Strategy.
Unlike investment banking or consulting, corporate finance professionals work inside the company, helping leadership make strategic financial decisions: budgeting, forecasting, pricing strategies, evaluating new projects or investments, and managing cash flows. In Corporate Development teams, you might also work on M&A activity from the buy-side.
The hours are generally stable (think 9-6 or 9-7), and the work-life balance is far better than banking or private equity. Compensation is also lower in the early years, but improves over time—especially at large, multinational firms or in senior finance leadership roles (like CFO).
This is a great route for people who enjoy finance but want to grow with a business long-term, rather than hopping between clients or industries. You’ll often work closely with other departments (marketing, operations, product), so communication and commercial awareness are key.
It’s also a good exit path for ex-auditors, bankers who want a slower pace, or consultants interested in operational execution. Career progression is clear, and for those aiming for CFO-level roles, this is where most of that journey begins.
In short: If you want to understand how a business really runs—and help shape it from the inside—corporate finance is a solid, sustainable career choice.