Students give mixed reviews to banks' recruitment techniques

This is a tense time of year for undergraduates hoping to gain a coveted internship or job offer at one of the investment banks in London.

Last autumn the big employers were making their presence felt at the top universities, hoping to lure the best students to some plum jobs. In the next few weeks, the fruits of their labour will become apparent as the interview process at many banks reaches its conclusion.

For students, the recruitment process is time-consuming and tough. They must complete lengthy online application forms and then face several rounds of interviews.

Online applications, which banks have introduced over the last three or four years, are not popular with everyone. One candidate, studying for a European masters in management at Oxford University, said: &quotI hated the brevity of the online applications. Generally they consist of different data entry fields as well as a few open-ended questions.

&quotThe word limit is often ridiculous, with perhaps one question consisting of two smaller questions that must be answered in 50 words. In my opinion, Dresdner, Cazenove and Lazard were the worst as there was no opportunity at all to develop my answers.&quot

The student, who did not wish to be identified, has applied for an internship at seven banks and is waiting to hear back from them.

Some students find it stressful to juggle the demands of job applications with those of their degree course. Geoff Kot, in his second year of a degree in economics and management at Brasenose College, Oxford University, said: &quotThe most frustrating thing about the whole interview process is the time it takes not only to fill in the forms, but also then to go down to London for an interview and assessment.

&quotThey do treat you well once you get there, but then they tend to be slow to get back to you, so you're left waiting to hear the result.&quot

Kot has been offered a summer internship with Merrill Lynch. He was impressed that the firm offered a more human face than some of its rivals throughout the interview process:

&quotSome banks use a psychometric testing agency for almost all of the recruitment process except for the final round and it is irritating because you hardly get a chance to meet people from the bank itself,&quot he said.

&quotThe Royal Bank of Scotland used it and as a result all the questions in all the interviews were identical. At the Merrill Lynch interview, I found them relaxed and easy to talk to. I specifically did not have prepared answers, so it felt like less of an interrogation and more of a chat.&quot

The student who did not wish to be named was also critical of some banks' interviewing process.

&quotThe interview at UBS was very mechanical,&quot he said. &quotLine managers interviewed me from a prepared list of questions. They seemed to have no real enthusiasm and did not even know what I was applying for. It was very impersonal and disappointing.&quot

Kot felt that he succeeded at interviews with Merrill Lynch because he was confident and natural. He had also clearly done his homework. &quotIt was a good interview and I felt relaxed, but I would advise students to really get to know what the bank is like beyond the glossy brochure. I was expected to know quite a bit about Merrill Lynch and also its position within the investment banking industry,&quot he said.

&quotI was very focused during the interview because I knew that my chances of getting in would have been diminished if I had not been.&quot