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We are looking for the next generation of entrepreneurs and leaders to shape our future

About Nomura

Careers in global investment banking

Make an impression

At Nomura you will discover a unique spirit and proud heritage. Since 1925, Nomura has built on a commitment to deliver unique value to clients by connecting markets East & West. We continue to service our clients in a differentiated way, providing creative and entrepreneurial solutions.

Here at Nomura, we are committed to building and cultivating a diverse workplace and workforce. We do this by ensuring that Diversity & Inclusion is weaved into the very fabric of our culture.

We are committed to having a diverse range of gender, age, skills, values, knowledge, experience and geographical, abilities and neurodivergence, educational and professional backgrounds amongst our employees. Our commitment to equality of opportunity is underpinned by our EMEA Diversity, Equity & Inclusion (DEI) Strategy.

If you are keen to be a part of a highly nimble and diverse workforce that offers opportunities for you to build a long term career, then come and discover more about Nomura. This could be a perfect fit for you.

Since our founding we have accumulated an unparalled depth and breadth of experience throughout Asia and the rest of the world. We are a highly integrated global network of 27,000+ people in over 30 countries across our retail, asset management and wholesale (Global Markets and Investment Banking) divisions.

Help us realize our strategy and ambition by joining us in one of our divisions:

  • Global Markets
  • Investment Banking
  • Technology
  • Risk

Nomura in Europe, the Middle East and Africa (EMEA)

Our EMEA headquarters are at 1 Angel Lane in London with further offices in 18 countries across EMEA. We celebrated 50 years in London in 2014, a commitment to our people, clients and the region. Nomura employees come from all over the world and in London alone, over 70 different nationalities are represented

Message from the President and Group CEO

The finance industry has seen rapid changes in the business environment, mainly driven by digitalization, the declining birth rate and aging population in Japan, and enhanced global regulations. Nomura is committed to taking the firm to greater heights in order to deliver consistent growth under the changing environment. We will focus efforts on growing our business, earning society's trust and ensuring employee satisfaction.

To grow our business, we will increase productivity of existing businesses as well as expand into new areas. We will also work to ensure the increasingly diverse and sophisticated needs of our clients are met, by expanding the scope of our business from public-side services, such as public equity and public and corporate bonds, to private-side products and services, such as private equity and privately placed bonds.

As we actively pursue new areas of business, we remain committed to our enduring mission to enrich society through our expertise in the capital markets. We will strengthen our ESG initiatives while placing continued emphasis on earning society's trust and ensuring our people are happy and fulfilled.

We believe that helping to create a sustainable world through our business will lead to further business growth. By taking advantage of Nomura's collective expertise and strengths, we will expand into new digital areas in light of structural changes to society and the economy.

Earning the trust of our clients and all stakeholders is paramount. In December 2019, we established the Nomura Group Code of Conduct. Guided by the Code, we will continue to uphold our longstanding values of entrepreneurship, teamwork and integrity.

A critical part of my vision for the firm is making sure that our people are happy and excited about what they do, and that we build a company that family and friends can be proud of.

Nomura has approximately 27,000 employees around the world. Our people are a diverse group of about 90 nationalities of different ages and genders. We believe that the synergies born of this diversity better enable us to quickly adapt to changes in society and meet the needs of our clients.

We aim to be a financial services group that society needs and our clients trust. We look forward to your continued support.

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Nomura History

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Our business

Built to value ideas

Start your career here
Join a global investment bank in the heart of London with a soul in Asia

Nomura provides investment banking services across Europe, the Middle East and Africa. We have a client-centric model and continue to make significant enhancements to our investment banking platform, global distribution, structuring expertise and product capabilities.

We continue to significantly increase our global footprint where we believe we have a competitive advantage and can best serve our clients, employees and shareholders. By putting our clients at the center of everything we do, we provide high value-added solutions and contribute to economic growth as Asia’s global investment bank.

Find out more about each of our wholesale businesses:

Corporate
Start a career in technology, operations, finance or risk

Global Markets
Start a career in trading, research or sales

Investment Banking
Start a career in advisory, structuring or capital raising

Investment Banking

Nomura provides investment banking services across Europe, the Middle East and Africa. We have a client-centric model and continue to make significant enhancements to our investment banking platform, global distribution, structuring expertise and product capabilities.

We continue to significantly increase our global footprint where we believe we have a competitive advantage and can best serve our clients, employees and shareholders. By putting our clients at the center of everything we do, we provide high value-added solutions and contribute to economic growth as Asia’s global investment bank.

Our Investment Banking Division provides a variety of advisory and capital-raising solutions to corporations, financial institutions, governments and public-sector organizations around the world. Our global teams act as geographic, industry and product specialists.

Sector Teams

Nomura’s sector teams identify and analyse deal opportunities and manage client relationships across sectors and key geographies teams to include the following:

  • Consumer – Provides advisory and financing services to a wide range of consumer facing businesses. Established base of both global mega-caps and smaller but ambitious corporate clients
  • Debt Advisory – Focused on providing independent debt advice on M&A, brownfield and greenfield financing situations. Natural synergies with GII however sector agnostic with a focus on providing the best advice for the client through origination, structuring and execution. Debt advisory is highly active across EMEA and North America encompassing a wide spectrum of sectors including new technologies such as SAF and Hydrogen as first of a kind financing's  
  • Equity Advisory – Nomura is the only global investment bank providing independent equity advisory services. We provide clients with advisory and support in executing equity-related transactions including IPO’s, Rights Issues, Accelerated Bookbuildings, Private Placements and Equity-Linked Products
  • Financial Institutions Group – Focus on coverage and execution for a wide range of clients across the UK, France/Benelux, Iberia, Italy, and Greece. Our clients span traditional FIG institutions like banks and insurers, and wealth/asset managers, trust/corporate services and other diversified financials
  • Financial Sponsors – Focusing on covering Financial Sponsor and Alternative Investment clients, including a broad range of Private Equity funds, Sovereign Wealth funds and Pension funds
  • Greentech, Industrials and Infrastructure – A cornerstone team in the EMEA IBD providing advisory and financing solutions across ten dynamic verticals among which: Low Carbon Infrastructure, Environmental Services & Technologies, Advanced Transportation, Renewable Energy Value Chain, AgTech & Sustainable Food and Digital Infrastructure. A well-established franchise highly regarded in the industry with an exceptional track record of originating and executing high profile transactions
  • Healthcare – Growing team with in depth industry expertise built through advising both Corporate and Financial Sponsor clients on acquisitions shaping the industry. In addition to M&A, the team has a track record of providing Leveraged Finance and Risk Solutions within a broad range of subsectors, including specialty pharma, biotechnology, medical technology, animal health and healthcare services
  • Greece/CEE – Focused on originating and executing projects for clients in these core geographies, working across all Nomura sectors and financial products. Clients include corporates, financial institutions, financial sponsors as well as government and government related entities
  • M&A – Focusing on the execution and origination of domestic EMEA and cross-border transactions, with exposure to all industry and country teams
  • Nordic – Focuses on providing advisory services to, and maintaining relationships with, key Nordic corporates, financial sponsors and various Government ministries. In addition, the Nordic team works closely with Nomura’s industry and products teams on leverage finance and Risk Management Solutions
  • Technology, Media & Services – Provides advisory and financing services to Corporate and Financial Sponsor clients across a wide range sub verticals within the Technology, Media and Services industries

Client Financing & Solutions

Nomura’s CFS division specialise in providing financing advisory services to clients through several different product streams:

  • Acquisition & Leveraged Finance – provides debt financing for high profile private clients across a wide range of industries and geographies
  • Debt Capital Markets – Bridging Investment Banking with Global Markets, the DCM team connects borrowers with investors by providing advice to both regular and new debt issuers on structuring and placing fixed income transactions in the international bond markets
  • Debt Capital Markets Syndicate – Private side trading desk which works in close collaboration with DCM and Global Markets in the issuance of bonds
  • Insurance Solutions Group – ISG originates, structures and executes bespoke credit and reinsurance solutions for clients – both sponsor-backed and strategics – across the insurance spectrum (Life, Non-Life, Insurance Linked Securities). Focus on innovative, attractive risk-return transactions that provide compelling insurance capital benefit or bridging to significant corporate finance events
  • Risk Solutions Group – RSG is a market leader in the origination and execution of tailor-made hedging solutions for Nomura’s investment banking client base across private equity and infrastructure. The team works directly with clients to implement strategies to manage and minimise the impact of interest rate fluctuations, foreign exchange uncertainties and inflation risks that are associated with M&A and refinancing transactions
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Global Markets

Nomura's Global Markets Division handles client transactions for financial institutions, corporates, governments and investment funds around the world. We act as market makers, trading in fixed income and equity securities, including currencies, interest rates and credit in cash, derivatives and structured products. We have taken market-leading positions across the globe by leveraging the strength of our talent, client relationships and technology.

By developing strong relationships with our client base through consistent interaction, independent advice and pre-eminent access to Asia, we have built a powerful global franchise across interest rates, currency and credit products. Our client services cover both high-volume flow products and carefully tailored structured solutions. We have adapted to the changing financial landscape to build a client centric focus differentiated by innovation, electronic and service excellence and market-leading derivatives capabilities.

You could join us in one of these roles in Global Markets:

Sales: Develop and maintain strong relationships with the firm's clients which include banks, pension funds, hedge funds, insurance companies and corporate clients. Sales colleagues are responsible for delivering the capabilities of the firm in the form of services and products that best suit the clients’ needs.
Trading: Control and manage the firm's exposure to the markets by buying and selling securities and providing liquidity (market-making). Traders work together with sales, structuring and research in the development of trading strategies for our clients.
Research: Provide internal and external views and published research on sectors, companies and markets. Deliver insights, investment ideas and strategies for asset managers and internal clients that assume market risk.
Structuring: Design and develop innovative products and strategies that are tailored to specific client needs. Structurers work together with sales, trading and research to analyse the risk exposure of the firm’s clients, and deliver tailor-made solutions that address their needs.
Strats: Research and development mathematical models and algorithms used in the trading business for market making, principal risk taking and portfolio management for both our systematic trading team as well as the broader Nomura Wholesale Business.
Quants: Developing mathematical models for pricing and risk managing derivative trades, in partnership with the trading desks, and implementing them in the firm’s trading systems.
New Business: Assisting in research or analysis of various disruptive technology investments including Fintec and Digital.

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Corporate Infrastructure

Nomura’s Corporate Infrastructure Division is what underpins our success. It is internationally renowned and structured to deliver a world-class client service. We rely on our people in the Corporate Division to build and support the business, to deliver innovative financial solutions that set Nomura apart in the global marketplace. In our highly competitive and fast-paced industry, strong infrastructure teams are fundamental to our success and our ability to manage risk. Work with us in these areas and you’ll be operating at the forefront of your field as well as gaining a valuable insight into how Nomura operates on a global scale. You could join us in one of these business groups:

Risk: Identify and analyse operational, credit and market risk, as well as shape risk appetite and risk decisions to give us the best possible standing in the global marketplace. Sound risk management is central to the successful execution of our business.
Technology: Work with and design state-of-the-art information technology and risk management systems to support an ever-expanding demand. These are the systems that can often give us that crucial, split-second edge over our competitors.

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Our people

Talented people drive our business forward

At Nomura, we are focused more than ever on all aspects of diversity, highlighting the importance of equity and fostering an inclusive work environment. We aim to actively introduce and embed processes and practices that will enhance an even stronger culture of in inclusion in which all of our people can thrive, where all of our people can reach their full potential and thrive as their authentic selves.

Our graduates' entrepreneurial spirits are helping us to realize our strategy to become Asia's global investment bank. Hear how Nomura impressed them, their experiences as interns and graduates and the evolution of their roles and responsibilities since joining.

Diversity, Equity & Inclusion

Strengthening our business by embedding a culture of diversity

At Nomura, Diversity, Equity & Inclusion (DEI) are not just ethical requirements, they are integral to our commitment to create a business that is reflective of the diversity we see in our communities and those we serve.

The evolution of our DEI Strategy will cultivate a culture that prioritises hiring diverse talent, developing & promoting our people, providing optimum support and access through our networks and initiatives and enriching the overall health of our organization through inclusive best practices.

We foster an inclusive culture through a focus on our five pillars of DEI – the 5As.

Pillars of Diversity, Equity & Inclusion

Accountability-Led Efforts – We are committed to our accountability to progression. We believe that it is every leader’s and manager’s responsibility to know and engage with their talent and support their growth and development at the firm.

Attracting Diverse Talent – Creating a diverse workforce culture is key to our growth as a business. It is critical that we seek talent of different backgrounds and experiences for all parts of the firm. We must search for talent in new places and different ways to find the most extraordinary people.

Advancement of Our People – One of our most important prioritises is investing in our people to grow and develop them. We aim to increase our efforts to advance the careers of our diverse talent through intentional programming geared towards delivering impacts.

Awareness & Education – Fostering inclusion is essential to building a thriving workforce. Inclusivity enables us to have an environment in which people can bring their true authentic selves to work each and everyday.

Awards & Recognition – Internally and externally recognised the work we and our people do daily to support and drive change in our organisation is important to retaining our top talent and attracting future diverse pipeline.

Our employee-led Inclusion Networks play a crucial role in helping to promote and advance Diversity, Equity and Inclusion within the firm. The EMEA Inclusion Networks are an important part of our strategy and provide a safe space from which employees can discuss sensitive topics, as well as forums to offer support, understanding, information and connectivity.

In EMEA we currently have four Inclusion Networks: PRIDE, EMBRACE, LIFE and GENDER BALANCE.

PRIDE

PRIDE supports lesbian, gay, bisexual and transgender professionals to preform to their utmost potential and helps create a strong network of allies to understand LGBT+ issues. The network celebrated its 10 year anniversary in 2020 and works closely to complete our annual Stonewall index submissions. Entering the index demonstrates that making Nomura LGBT inclusive remains a priority.

We achieved a Silver Award in relation to the Stonewall Workplace Equality Index ranking as well as an acknowledgement of the allyship and intersectionality focus within our campaigns and initiatives. Nomura now ranks 169th of 403 participants, representing a jump of 29 places since our last submission in 2020.

EMBRACE

EMBRACE is focused on driving cultural, racial and systemic change whilst advancing those from minoritised and/or marginalised communities, established in 2020. The network is a forum to discuss racial diversity, drive cultural change and build understanding of Black, Asian and other minoritised groups’ issues across Nomura.

Here at Nomura, we are dedicated on increasing representation of ethnically diverse groups across all areas of the firm. To this end, we are proud signatories of BITC’s Race at Work Charter.

LIFE

Our LIFE network provides engagement, education and support for employees on family, health and wellbeing as well as stress and life management matters.

In Q2 2022, the network launched a monthly parental support group for parents with children with Special Educational Needs. The aim of the SEN Support Group is to bring together parents of children with SEN to support each other, and to encourage our neuro diverse employees to share their experiences and make their own connections.

Gender Balance

Our Gender Balance network is focused on promoting a gender-inclusive culture and fostering a diverse workforce to support the firm’s strategic growth by achieving gender parity within Nomura.

Through signing the Women in Finance Charter in 2018, we set ourselves tangible goals and agreed to share progress on these publically each year. In the third year of our three year plan we continue to make progress despite challenging market conditions and overall firm performance.

Our employee Inclusion Networks are designed to help build relationships, share ideas, contribute to career development and progression, and foster inclusion, equity and diversity from the ground up.

We also work with a number of external partners to make our workplace as diverse, inclusive and as open as possible. By working with these organisations, employees can take advantage of attending industry events throughout the year. Our partners include:
 

 

In addition, we are signatories to the BITC Race at Work Charter and Women in Finance Charter. We also have mentoring programmes: Moving Ahead’s 30% Club mentoring programme and BITC’s Mentoring Circles.

Programmes

We’re looking to recruit individuals who are motivated

Our apprenticeships will see you working within one of our industry leading teams. You’ll gain your qualification in partnership with one of our training providers and have the opportunity to progress your career in a wide range of roles. Alongside this, you’ll have your own personal development plan to ensure you are ready for the challenges ahead. Throughout the scheme you will get lots of support and encouragement from HR, your line manager and the team around you.

We offer apprenticeships on an ad-hoc basis for periods between 12-24 months across the Corporate division, including Technology and Human Resources.

Please refer to the Apply Now section to see if we have any current vacancies.

Our Human Resources department provides comprehensive human resource manager services for the company. Its main functions include recruitment, payroll, learning and development, employee training and development programmes as well as a range of advisory services.

We currently offer HR apprentices in the following areas:

HR Advisor - The HR Advisory teams cover Nomura’s three core divisions: Global Markets, Investment Banking and Corporate Infrastructure. This role involves working in conjunction with HR Advisors to deliver solutions, advising managers on handling performance, absence, and other concerns, and supporting the Year-End Compensation process, amongst other projects.

CAO Apprentice - The role sits within Human Resource CAO (Chief Administrative Office) team and is a fantastic role for someone looking to begin a career within finance and general management. Although not a finance role per se, key stills would include being good with numbers and confident in dealing with senior managers withint the business.

HR Analyst Centre - The HR Analyst Team is responsible for managing the workflow of employee lifecycle activities between the strategic HR Advisor teams and the HR administrator team. The role requires interaction with HR colleagues and clients across the whole company and at all levels. The HR Analyst Team also supports the Graduate Recruitment and Programme Teams with the regular in-take of Graduates and Interns.

Learning and Development – This role sits within the EMEA Talent Team, directly supporting the Leadership & Development team. This role plays a critical part in ensuring that all Leadership & Development activities are executed to the highest standard. Key capabilities in this role are interpersonal skills, a drive for efficiency and effectiveness in execution, and a continuous improvement mind-set.

Graduate Recruitment – The Graduate Recruitment Team is responsible for attracting, recruiting and retaining the strongest candidates through strategic initiatives across European universities and business schools. This role would be involved at each stage of the recruitment process, from marketing and logistics for careers fairs, assisting with interview days and assessment centres, and supporting our summer internships and spring insight programmes.

The primary role of Multimedia is to provide in-house Audio Visual & Multimedia support with event management. This function is vital in enabling Nomura to communicate globally over video conference both internally and with clients. It also provides powerful internal communications support and the facilities are used extensively by Nomura’s clients to support their roadshows and results presentations.

The role will provide the candidate with a solid background in creating, operating and servicing Audio Visual technologies for the corporate environment in line with the InfoComm AV Certified Technologies Specialist (CTS) accreditation. The role will also expose the candidate to industry standard Video Conferencing solutions, with an overview of Broadcast Hardware and Film Editing Software.

Our Corporate Infrastructure Division is what underpins the success of the entire organization. These are the functions that support the business, helping us deliver innovative financial solutions that set Nomura apart in the global marketplace. In our highly competitive and fast-paced industry, strong infrastructure teams are fundamental to our success. Our Operations teams work closely with Sales, Trading and Technology teams and develop innovative and efficient approaches to our clients' investment, liquidity and risk management needs. You will also work with our training provider towards your Level 3 Investment Operations qualification.

As an Operations Apprentice you will be involved in:

  • Processing, controlling, confirming and settling transactions
  • Researching and troubleshooting problems such as resolving booking issues and cash breaks
  • Documenting process flows and creating procedure manuals for the functions performed
  • Reviewing current processes and procedures for improvements, reduce risks and increase controls
  • Assisting with client service initiatives
  • Building successful relationships with colleagues in Mumbai

The main activities of the Real Estate & Services department include property acquisition, disposal and space utilisation, general operations, administration, maintenance and repair, corporate travel and services, and health and safety.

Our current role is based within the Health, Safety & Environmental team, providing support and assistance in delivering environmental services across the Nomura EMEA region. As an apprentice in this team you will be involved in:

  • Assisting with maintaining the company environmental management system
  • Supporting with the coordination of best practice meetings and workshops
  • Monitoring environmental legislative changes and providing briefings and actions
  • Liaising with environmental staff at other company locations (eg Tokyo)
  • Assisting with the daily operations of the Real Estate & Services team

Our programme will provide you with opportunities to develop your skills and the knowledge you need to progress your career within one of our industry leading technology teams.

We offer roles within Development, Support and Infrastructure. Within the Development team, you’ll be working on cutting edge applications across a number of business lines. In Support you could be responsible for a number of systems that are critical to the running of the bank. If you prefer the Infrastructure side, you’ll be working on the infrastructure that supports all our major applications across the bank, from our web applications to staff email and messaging.

Recent Nomura Awards

Nomura has two spring insight programmes designed to help you explore the world of investment banking and experience the variety of career paths available. You will have the opportunity to gain exposure across all our business functions, helping you to decide if a career in banking is right for you and to identify where your skill set is best suited within our business.

We will give you the opportunity to put your academic knowledge into practice through interactive case studies, workshops and desk shadowing.

Nomura is passionate about developing talent from an early stage and our programmes act as the main pipeline for our summer internships and ultimately, our Graduate Training Programmes.

Nomura offers the following insight programmes:

  • Women’s Immersion
  • Explore Nomura (exclusively for SEO affiliated members)
Women’s Immersion
Explore Nomura

Which insight programme am I eligible to apply to?

For further information on each programme, see the programme overview:

Women's ImmersionTwo Weeks - Unpaid
Programme Overview

The Women’s Immersion Programme offers a two week unpaid work experience in one of our front office divisions:

  • Investment Banking (IBD)
  • Global Markets (GM)

You will have the chance to gain an in-depth insight into Nomura and the world of Investment Banking through:

  • Case study exercises
  • Graduate panel discussions
  • Business overview presentations
  • Technical and soft skills training
  • Networking and social events
  • Buddy support network
Training

Your insight training is divided into technical work and soft skills development. You’ll have the chance to start expanding your financial knowledge with classroom based learning ahead of joining a team on the GM or IB floor:

  • Training on Financial Markets, Accounting, Excel and Trading
  • On the desk technical training
  • Case study exercises
  • Interview skills and CV workshops
  • Presentation skills training
Assessment

During your time with Nomura, you will work on an individual project, which will be presented as part of your assessment.

You will have the opportunity to be fast tracked for a 2025 summer internship programme interviews.

Explore NomuraFour Days - Unpaid
Programme Overview

The Explore Nomura Programme offers a 4 day classroom based insight across our Investment Banking, Global Markets and Corporate Infrastructure divisions. This programme is exclusively for those who are affliated with SEO. The application link will be provided to these members directly by SEO and not through the "Apply Now" section of our website.

Within this programme, you will have the opportunity to gain an insight into Nomura and the world of Investment Banking through:

  • Case study exercises
  • Graduate panel discussions
  • Business overview presentations
  • Mock Interviews
  • Group Projects
  • Networking and social events
  • Buddy support network
Training

You will receive the following training as part of the Explore programme:

  • An introduction to Banking & Finance
  • Soft skills development workshops
  • Interview Preparation, including case study workshops
Assessment

After your 4 days with Nomura, you will have the opportunity to be fast tracked for a 2025 summer internship programme interviews.

Applications for our Insight Programmes open from 1st September 2023. We recruit on a rolling basis and therefore advise you to apply as soon as possible, and in advance of 10th January 2024 when applications will close.

Applications for our Insight Programmes open from 1st September 2023. We recruit on a rolling basis and therefore advise you to apply as soon as possible, and in advance of 10th January 2024 when applications will close.

Programme Eligibility Criteria Programme Timing
Women's Immersion

You must be on track to graduate in 2026 in the:

  • First year of a 3 year degree or
  • Second year of a 4 year degree
2nd April – 12th April 2024
Explore Nomura 8th April – 11th April 2024

During an internship with Nomura, you can expect to experience the same level of exposure as a full-time Analyst. Through seminars and networking events, you will have the opportunity to gain exposure with Nomura professionals at all levels, and form strong working relationships. We strive to ensure you feel fully supported through ongoing training modules, an allocated buddy, and an assigned mentor; all to best help develop your career in financial services.

All Summer Analyst, Regional Analyst and Industrial Placement Programmes offer the opportunity to be considered for our Graduate Programmes.


The Global Markets internship programme takes place in our London office each summer.

What’s involved?

As a summer intern, you will build relationships and take on challenges as a full member of the team, allowing you to develop a unique experience that will be vital in your future career. You will gain valuable on-the-job training and see what makes us the most exciting proposition in the investment banking world. Roles could include:

Sales, Trading and Structuring

Sales - Develop and maintain strong relationships with the firm's clients which include banks, pension funds, hedge funds, insurance companies and corporate clients. Sales colleagues are responsible for delivering the capabilities of the firm in the form of services and products that best suit the clients’ needs.

Trading - Control and manage the firm's exposure to the markets by buying and selling securities and providing liquidity (market-making). Traders work together with sales, structuring and research in the development of trading strategies for our clients.

Research - Provide internal and external views and published research on sectors, companies and markets. Deliver insights, investment ideas and strategies for asset managers and internal clients that assume market risk.

Structuring - Design and develop innovative products and strategies that are tailored to specific client needs. Structurers work together with sales, trading and research to analyze the risk exposure of the firm’s clients, and deliver tailor-made solutions that address their needs.

Wholesale Digital Office

Strats - Research and development mathematical models and algorithms used in the trading business for market making, principal risk taking and portfolio management for both our systematic trading team as well as the broader Nomura Wholesale Business

Quants - Developing mathematical models for pricing and risk managing derivative trades, in partnership with the trading desks, and implementing them in the firm’s trading systems

New Business - Assisting in research or analysis of various disruptive technology investments including Fintec and Digital

The process

The Sales, Trading and Structuring internship programme will consist of two desk placements across the different functions of the Global Markets division. The teams you are placed in depend on our organisational needs at the time, however we will also take into account your preferences and the skills you demonstrate at interview. The Wholesale Digital Office internship is non-rotational.

Feedback

You will receive constant feedback throughout your internship. At the start of the programme you will be assigned a mentor and a buddy. Both will review your performance and offer you support, help and advice throughout your time with Nomura.

You can find out more from our graduates and their experiences here.

The London Investment Banking summer internship programme takes place in June for 9 weeks. During the internship, interns are placed on one desk, in either a sector or client financing and solutions team. We also offer a summer internship in our Zurich office placed in the Nomura Greentech team.

Our continental offices in Europe offer 3 to 6 month Analyst internships year round in Amsterdam, Frankfurt, Paris, Milan, Madrid.

Internships are designed as a spring-board to a career in investment banking. We will give you exposure to the challenges and opportunities a full-time Analyst will have in their first year with us.

What’s involved?

In addition to on-the-job experience, you will benefit from a series of training modules that will help you develop key professional skills. There will be a range of networking events with senior Nomura bankers and seminars to give you an in-depth knowledge of the division. This internship programme is the ideal opportunity for you to learn more about investment banking. The teams you could join are:

Sector Teams

Nomura’s sector teams identify and analyse deal opportunities and manage client relationships across sectors and key geographies teams to include the following:

  • Consumer – Provides advisory and financing services to a wide range of consumer facing businesses. Established base of both global mega-caps and smaller but ambitious corporate clients  
  • Debt Advisory – Focused on providing independent debt advice on M&A, brownfield and greenfield financing situations. Natural synergies with GII however sector agnostic with a focus on providing the best advice for the client through origination, structuring and execution. Debt advisory is highly active across EMEA and North America encompassing a wide spectrum of sectors including new technologies such as SAF and Hydrogen as first of a kind financing's
  • Equity Advisory – Nomura is the only global investment bank providing independent equity advisory services. We provide clients with advisory and support in executing equity-related transactions including IPO’s, Rights Issues, Accelerated Bookbuildings, Private Placements and Equity-Linked Products
  • Financial Institutions Group – Focus on coverage and execution for a wide range of clients across the UK, France/Benelux, Iberia, Italy, and Greece. Our clients span traditional FIG institutions like banks and insurers, and wealth/asset managers, trust/corporate services and other diversified financials
  • Financial Sponsors – Focusing on covering Financial Sponsor and Alternative Investment clients, including a broad range of Private Equity funds, Sovereign Wealth funds and Pension funds
  • Greentech, Industrials and Infrastructure – A cornerstone team in the EMEA IBD providing advisory and financing solutions across ten dynamic verticals among which: Low Carbon Infrastructure, Environmental Services & Technologies, Advanced Transportation, Renewable Energy Value Chain, AgTech & Sustainable Food and Digital Infrastructure. A well-established franchise highly regarded in the industry with an exceptional track record of originating and executing high profile transactions
  • Healthcare – Growing team with in depth industry expertise built through advising both Corporate and Financial Sponsor clients on acquisitions shaping the industry. In addition to M&A, the team has a track record of providing Leveraged Finance and Risk Solutions within a broad range of subsectors, including specialty pharma, biotechnology, medical technology, animal health and healthcare services
  • Greece/CEE – Focused on originating and executing projects for clients in these core geographies, working across all Nomura sectors and financial products. Clients include corporates, financial institutions, financial sponsors as well as government and government related entities
  • M&A – Focusing on the execution and origination of domestic EMEA and cross-border transactions, with exposure to all industry and country teams
  • Nordic – Focuses on providing advisory services to, and maintaining relationships with, key Nordic corporates, financial sponsors and various Government ministries. In addition, the Nordic team works closely with Nomura’s industry and products teams on leverage finance and Risk Management Solutions
  • Technology, Media & Services– Provides advisory and financing services to Corporate and Financial Sponsor clients across a wide range sub verticals within the Technology, Media and Services industries

Client Financing & Solutions

Nomura’s CFS division specialise in providing financing advisory services to clients through several different product streams:

  • Acquisition & Leveraged Finance – provides debt financing for high profile private clients across a wide range of industries and geographies
  • Debt Capital Markets – Bridging Investment Banking with Global Markets, the DCM team connects borrowers with investors by providing advice to both regular and new debt issuers on structuring and placing fixed income transactions in the international bond markets
  • Debt Capital Markets Syndicate – Private side trading desk which works in close collaboration with DCM and Global Markets in the issuance of bonds
  • Insurance Solutions Group – ISG originates, structures and executes bespoke credit and reinsurance solutions for clients – both sponsor-backed and strategics – across the insurance spectrum (Life, Non-Life, Insurance Linked Securities). Focus on innovative, attractive risk-return transactions that provide compelling insurance capital benefit or bridging to significant corporate finance events
  • Risk Solutions Group – RSG is a market leader in the origination and execution of tailor-made hedging solutions for Nomura’s investment banking client base across private equity and infrastructure. The team works directly with clients to implement strategies to manage and minimise the impact of interest rate fluctuations, foreign exchange uncertainties and inflation risks that are associated with M&A and refinancing transactions

The process

You will be placed in one team during your internship. Whichever team you are assigned to, you will benefit from a range of invaluable experiences that will give you a clear head-start on a career at Nomura.

Feedback

There will be constant feedback throughout your placement. At the start of your programme, you will be assigned a mentor and a buddy who will review your performance and offer you any help and advice you might need.

You can find out more from our graduates and their experiences here.

Our Risk programmes include a 9 week summer internship for penultimate year students or a 12 month Industrial Placement. You will be trained, placed in a business and encouraged to develop your skills. We will give you the opportunity to see how our Risk division functions and the role it plays in our business as a whole.

You will take on responsibility from day one, building strong working relationships and facing challenges as a full member of the team. As you progress in your internship, you will have the opportunity to take on extra responsibility, which will help you gain knowledge and experience, which will be vital to your career.

What's involved?

Depending on the team you join, responsibilities could include:

Operational Risk Management: You will work across our business functions to ensure they are managing their operational risks effectively. Using tools such as event reporting, KRIs, Risk Control Self Assessments (RCSAs) and scenario analysis, you will assist in the various aspects of the Operational Risk lifecycle, i.e. identification, assessment, remediation and monitoring, of Operational Risks identified.

New Business Group: Working with the New Business Group Managers, you will engage with a variety of business units and corporate functions, in several aspects of the New Product and New Transaction review and approval process, to ensure all new products and transaction have gone through the appropriate due diligence and to help support strong corporate governance and risk management.

Credit Risk: Alongside our credit officers, you will analyze the credit quality of hedge funds, corporates and financial institutions before we take them on as clients. You will obtain an overview of rating analysis, trading limits, reporting and advice provided by the Credit Risk analysts in managing our counterparty exposure.

Market Risk: Focused on fixed-income you will evaluate our exposure in cash and derivatives, making sure all relevant data is recorded and used in daily risk calculations. You will work with the Market Risk Managers gaining insight in to trading limits and mandates, market risk reporting and how they work with the business to identify and analyze market risks and concentrations.

You can find out more from our graduates and their experiences here.

Our Technology programmes include a 9 week summer internship for final year students or a 12 month Industrial Placement. You will be trained, placed in a business and encouraged to develop your skills. We will give you the opportunity to see how our Technology division functions and the role it plays in our business as a whole.

You will take on responsibility from day one, building strong working relationships and facing challenges as a full member of the team. As you progress in your internship, you will have the opportunity to take on extra responsibility, which will help you gain knowledge and experience, which will be vital to your career.

What's involved?

Technology at Nomura involves working with, and designing, state-of-the-art information technology and risk management systems. These are the systems that can often give us that crucial, split-second edge over our competitors. Work ranges from infrastructure support and deployment to in-house development of complex modelling software and applications.

This programme will give you the opportunity to develop new applications that keep us at the forefront of technology. You’ll develop an impressive level of technical knowledge, using a range of technologies (Java, C#, C++, SQL, Python, Perl, JavaScript, HTML/CSS and others) and frameworks (Spring, Maven, Camel, WPF, Node, React, and many others). Depending on your role, you’ll gain an understanding of different financial products, and build a valuable knowledge of risk management techniques and live trade analysis.

There is a wide breadth of roles available in technology. Your role will fit into one of the below:

Business Analysis – To help bridge the gap between the worlds of Technology and the business, Business Analysts are the intermediary through which each side can communicate effectively. Each modification we make to our in-house software requires complete understanding and agreement from both sides as to how things are to be changed, and as a Business Analyst you will facilitate this. You’ll be meeting regularly with business representatives to understand the problems that are currently occurring, and will be translating these problems into concrete requirements for the Development and Support teams. Analytical skills are a must for this role, as well as the ability to express an idea in more than one domain language.

Software Development – Bespoke software is at the heart of everything we do, and as a software developer you will help build out our ecosystem to help our clients and traders create and maintain a competitive advantage over other banks and organisations on the street. We write a large proportion of our software in-house and you could be involved with anything from generating real-time risk measures for our traders, to ensuring that payments to other companies are correctly collated, calculated and executed. As a software developer at Nomura, you will be designing, implementing and deploying solutions to meet rapidly changing business and regulatory needs. Strong coding skills and a logical outlook are a must.

Technical Support – To support the many systems that are written in house, our technical support teams are the first line of communication between our business users and Technology. As a member of one of our dedicated teams you’ll be doing anything from diagnosing and remediating issues in complex system flows to investigating previously unknown issues, all while in contact with traders or other business staff in a fast-paced environment. Excellent communication and technology knowledge are required to get the ‘big picture’ and disseminate information to find a solution to issues.

Bear in mind, that not all jobs fit into one of these categories, and can sometimes span two or all three!

Your role will be in the context of one of our IT divisions:

CTS – Corporate Technology Services is responsible for delivering and supporting business applications to Operations; Finance; Compliance; Investment Banking; and the rest of the Corporate divisions. CTS plays an essential role in servicing the Firm’s business needs and future direction by providing the appropriate solutions and capacity whilst also ensuring the ability of the Firm to report, monitor and supervise this business.

EIS – Enterprise Infrastructure Services are responsible for delivery and architecture of Nomura’s Core IT Infrastructure. Encompassing Cloud and Digital Technology, Systems Monitoring, Orchestration and Automation as well as more traditional enterprise IT Platforms (Storage, Servers, Virtualisation, Networks & Database). EIS offer technology services that underpin the banks application landscape, and provide front to back end user services that operate across technology and business disciplines. Offering an ever broader range of career options, EIS provide not only technology pathways in development, product engineering or technical support, but provide consultative services that form delivery of solutions within the bank spanning Business Analysis, Project Management, and Governance.

GMIT – Global Markets Technology develops and maintains software solutions for the Global Markets division. Our products are used around the globe and include trading, pricing, risk management, analytics, research and sales systems.

Risk IT – Risk IT supports the Risk Management division by developing and maintaining software solutions that calculate market and credit risk exposures and provide group-wide risk management capabilities in line with the firms’ risk appetite and regulatory requirements.

WPS – Wholesale Production Services provides business aligned 1st/2nd line IT Support and has global responsibility for the overall stability of the systems supporting the global wholesale businesses and the supporting functions (e.g. Front Office, Operations, Risk, Finance, Compliance). Wholesale Production Services is responsible and accountable for monitoring the environment to proactively identify issues, incident management, release management, disaster recovery, capacity management and application support.

You can find out more from our graduates and their experiences here.

We are committed to creating long-term opportunities for all our graduates at Nomura and as such will provide you with ongoing support, development and learning opportunities throughout your career. An intensive induction course and continuous on-the-job training are designed to accelerate your learning curve and the amount of responsibility you can assume at Nomura.

The route onto the Nomura Graduate programme is only available through completing our 9 week Summer Internship, Off-Cycle Internship or our Industrial Placement year.

For Corporate Infrastructure, Global Markets and Investment Banking, we look for students in their penultimate or final year of university education.

Once you have chosen the programme and region you would like to apply to, please complete our online application to launch the process. Please note, we can only accept one application globally per intake year from each candidate, so think about what programme and which location carefully before applying.

Our training programme builds Nomura's pipeline of future leaders and functional experts through the successful integration and development of early tenured professionals. The global nature of our programmes is a key differentiator and our graduates begin their career with us in London with participants from EMEA, US and Asia offices.

Our training programme covers various modules, which include:

  • An introduction to Nomura, its strategy, platform and businesses
  • Providing a comprehensive understanding of the Analyst role in their respective division
  • Equipping our Analysts with the finance/technical skills essential for their career
  • Promote networks for collaboration amongst global colleagues

When new Global Markets Analysts start at Nomura, they will join the Global Markets Global Training programme.

The Global Training programme is designed to provide our Analysts with the knowledge and the skills required to make an immediate contribution to their team. The global course is the first step in the graduates' assimilation into Nomura and the development of their career.

The 3 week curriculum combines a broad Global Markets overview, financial fundamentals and specific divisional and functional content. Participants are exposed to senior leadership through integrated business speakers, success panels and networking events. The training enables the class to develop a global network of colleagues and acclimatises graduates to the Nomura values. New Analysts are fully equipped with the technical knowledge and interpersonal skills required to join the desk.

After Global training, the delivery of the Continuing Professional Development (CPD) programme takes place via a broad means, including classroom sessions, senior speaker series, e-Learning, subject matter experts, mentoring programmes and team-building events.

The training programme is designed to provide a solid foundation in preparation for a smooth transition into investment banking at Nomura.

The programme comprehensively covers: accounting, corporate finance/valuation, financial modelling, fixed income and equity product analytics and banking group overviews. Complementing the classroom learning, Analysts complete assignments, deliver presentations on financial news and attend social events arranged to facilitate teamwork and peer interaction.

Our continuing education series comprises of sessions delivered by bankers on a variety of topics such as DCM, ECM, M&A process, LBO modelling. In addition, all Analysts have the opportunity to attend soft skills training, which focus on presentation, communication skills, personal impact, negotiation skills and relationship management skills.

Nomura's Corporate Infrastructure training programme comprises of online resources, classroom based technical and product training. Before our graduates join the firm, they are able to access an online e-learning library.

The two weeks of intensive training when graduates join offers a comprehensive introduction to banking in general, along with financial products and concepts. The training is delivered by external trainers and senior internal subject matter experts. During the initial training graduates will participate in classroom based seminars, trading simulations, business overviews and networking events.

Our Continuing Professional Development (CPD) programme focuses on skills development, which includes presentation skills, presence and impact, assertiveness, networking and effective communication alongside business speaker sessions, all delivered by internal and external subject matter experts.

Graduates on the Technology and Risk programme benefit from a wide range of software, development and technical training.

Whatever division you join, you will benefit from ongoing performance feedback. At Nomura, our managers spend time focusing on your career development. They will dedicate considerable amounts of time to coach and mentor you, helping you to realize your full potential.

Nomura is proud of its people, and rewards employees for their contribution to the business. Benefits form an integral part of your reward package, alongside your salary and other elements of cash compensation. Our Nomura Select programme delivers a variety of benefits designed to offer value and relevance to our employees lifestyles and life choices.

The benefits on offer include:

  • Bonus scheme
  • Pension plan
  • Private medical insurance
  • Life assurance
  • Income protection
  • Maternity and paternity leave
  • Flexible working policy
  • Dental insurance
  • Season ticket loans
  • Employee discount programme
  • Gym membership at our onsite gym at Angel Lane or memberships at external gyms
  • Extra vacation days

Apply now

One step closer to a successful career

Whether you are just entering the industry or an experienced professional looking for your next exciting opportunity, working at Nomura is a unique opportunity to make a difference in the industry in a way that is unprecedented. We have quite a number of roles for which we are currently accepting applications and we invite you to go through our list of global opportunities and send your CV to us.

While we accept applications from all degree desciplines, you must be numerate, have an interest in finance and a desire to work in the investment banking industry.

The structure of your recruitment process will vary depending on the division and region you have applied for. Our diagram below shows the process flow for our various programmes.

Please see Application FAQs and Interview Tips for advice on how to approach the various stages of our recruitment process.

Nomura runs a competency-based interview process:

  1. Trusted Partner
  2. Entrepreneurial Leadership
  3. Teamwork - Collaboration
  4. Teamwork – Influence
  5. Integrity

The deadlines for the programmes are listed below and we will be accepting applications from 1 September.

The dates below are final deadlines, but we do review applications on a rolling basis. We therefore advise that you apply as soon as possible.

Global Markets

Summer Internship Friday, 1st December 2023
Year-round Analyst 3 – 6 month Internship Programme Rolling deadline


Investment Banking Division

Summer Internship Friday, 1st December 2023
Year-round IBD Internships in our European Offices (Amsterdam, Frankfurt, Paris, Madrid, Milan and Zurich) Fluency in the European language is a prerequisite Rolling deadline


Risk

Summer Internship Friday, 1st December 2023
Industrial Placement Friday, 1st December 2023


Technology

Summer Internship Friday, 1st December 2023
Industrial Placement Friday, 1st December 2023


Spring Programmes

Women's Immersion Programme Wednesday, 10th January 2024
Explore Nomura Programme (SEO affiliated members) Wednesday, 10th January 2024
How should I apply?

To apply to any of our programmes, you will need to complete a short application form, including a couple of motivational questions and attach a copy of your CV – there is no need for a cover letter.

The application form is your chance to make a strong first impression. Before completing it, make sure that you:

  • Research the business area that you feel best corresponds to your skill set and interests, and your motivation for applying to this area.
  • Tailor your answers to the motivational questions to Nomura. Be original!
  • Check your grammar and spelling carefully before you submit your application.
  • Have good examples of our core competencies, such as leadership, academic achievement, national and school-specific awards and work experience.
When should I apply?

Applications open from September 1. We recruit on a rolling basis so it’s advised that you apply as soon as possible. For specific deadlines, you can click here.

Can I apply to more than one division?

In order to maintain a fair and consistent application process, we will only be able to consider one application globally per intake year from each candidate. It is important to understand which business area would best match your skill set and interests and we will expect you to be able to discuss your choice, and show both enthusiasm for, and knowledge of the role. If you are unsuccessful in an application, you are unable to reapply to that vacancy during the same application year.

Will I be required to complete online testing?

Some candidates may be required to take an online test, depending on which programme they are applying to. Once you have submitted your application form, you will be invited to take the test in order to complete the application process. It is recommended that you take the test within 5 days of submitting your application form. If you experience any technical problems with the online tests, click here.

Will Nomura sponsor work authorization?

Yes, we will sponsor those students we offer, but the UK Home Office will ultimately make the final decision as to whether this will be granted.

There is no need to be nervous at interview - we want you to do well and to show us your potential and what you can do. Preparation is essential and well prepared candidates are more confident, provide more thorough and focused answers and are therefore more likely to be successful.

Use our step by step guide to ensure you take the time to prepare wisely; the key is to ensure your preparation is carefully planned and focused.

Focus - Structure and Plan your Preparation

Firstly, you should congratulate yourself in being selected for interview stage and have confidence in your ability. Secondly ask yourself the following questions:

  • What will the interviewers want to know?
    • An interview is not an opportunity to divulge everything you know- instead you need to focus on what is relevant to the company and the position you’re applying for
    • To identify what is most relevant, you will need to fully understand the role, it’s requirements and the key skills and competencies required
  • How are you going to sell yourself?
    • What is your unique selling point? I.e. what sets you apart from the competition?
    • How do you want the interviewers to remember you after the interview – what key points do you want them to recall?
  • How will you be assessed?
    • You can’t start your preparation until you know what you are preparing for
    • Read the interview format thoroughly to identify how you will be assessed (i.e. Interviews, case study exercises, and tests). If you’re unsure – ask.
  • What are the core competencies required for the role?
    • Your interview performance and ultimately if you are successful or not, will be dependent on how you perform against core competencies
    • Identify what are the key competencies required for the role and for the company
    • What examples do you have to demonstrate each competency? Have you considered examples outside academia (i.e. sports, music, drama, volunteering, charity, mentoring, societies or other extracurricular activities)
    • What achievements are you most proud of and why – which competency do they demonstrate?

Interview Questions

Interviewers will use a variety of questions to assess your ability against each competency. Ensure you are familiar with each type of question and how to structure your answers accordingly.

Types of interview questions may include:

  • Competency based questions
    • These require you to provide a real life example to explain how you behaved in a certain situation. Past behaviour is used as an indicator to assess potential future performance
    • Delivering a structured answer is crucial - research the STAR method to guide you
    • Top Tip: Ensure your examples are varied and recent (the more recent the past behaviour; the greater the indication of future ability)
  • Technical questions
    • Practice! There are many online resources or books available with practice questions
    • Questions may include basic accounting, valuation, brain teasers and mental arithmetic
    • Top tip: Brain teasers – the key is not the answer; it is the how you derive at the answer. The interviewer is assessing your ability to formulate a logical and methodical response
  • CV and application questions
    • Ensure you are able to discuss all aspects of your CV confidently and identify any obvious questions the interviewer may ask
  • Industry related questions
    • Interviewers will assess your interest, understanding and industry knowledge
    • Top tip: Form an opinion – digest the information you read and form your own judgment. Use facts and statistics to back up your conclusions

Research

There are a number of readily available resources to help you prepare. Make sure you fully utilise all resources available to you. These may include:

  • Online resources: Company website, press releases, annual reports, research publications, social media and online forums
  • School career services and recruitment events
  • Networks – academic staff, alumni, peers, family and friends – even if they do not have a financial services background, they can help you practice questions

Your Questions

An interview is a two way process. It is an opportunity for you to assess if the company, role and culture is right for you. You will be given time to ask questions at the end of the interview, so you should ensure you use this time wisely.

  • Plan questions to ask in advance - ensure they are relevant, well-thought-out and to the point
  • Show you’ve done your research and use the opportunity to demonstrate your interest

Plan the Interview Day

Preparing as much as possible in advance of your interview day will remove many of the inevitable nerves associated with the process.

  • Before the interview:
    • Dress professionally. Plan you outfit the day before and ensure you wear corporate attire
    • Be Punctual. Plan your route and account for delays in public transport
    • Aim to arrive 15 minutes before your interview start time. Contact us if problems arise and ensure you have noted the name and contact details of who to contact should this happen
    • Take a notebook, a pen (that works) and a calculator. Take a copy of your CV and application form
    • Remember: Be polite to everyone you meet, your interview begins as soon as you walk through the door of the building
  • During the Interview:
    • Ensure your mobile phone is turned off
    • Listen carefully to questions you are asked. If you are unclear about anything, ask for clarification
    • Be honest. Back up your answers with real examples. If you exaggerate or lie it will show up in pre-employment checks
    • Relax - whether you are successful or not, the interview is a valuable learning experience. Make sure you get something out of it.
    • Close the interview – thank your interviewer for their time. If you’ve enjoyed the experience and you look forward to hearing about the next steps – tell us
  • After your Interview:
    • Be responsive. Following the interview, go back to your recruiter and continue to build a relationship
    • If you are offered a position it is unprofessional to renege (to accept and then later decline). This could be the first impression you create in the industry - you never know what the future holds

Final round interviews (for Investment Banking and Global Markets) will involve a case study. Case study interviews are designed to show us your problem-solving skills and analytical thinking. We will also be looking at how you present yourself and how good your communication skills are under pressure.

Why use case studies?

We use case study interviews because they provide us with insights into your thought processes. Problem solving is often independent of any particular subject expertise you may have and we want to see how you would tackle any of a very wide range of potential case study questions. We are interested in your expertise in general business, your ability to apply your formal education and work experience in an analytical and creative way, and your raw intelligence.

What kind of questions should I expect?

Often a case study is business-related, but it could touch on anything - the question is not designed to test any previously acquired knowledge or experience. You will be asked to prepare an exercise from information given to you when you arrive at the interview. You will have between 45 and 60 minutes to read the data and compile your notes. You will then be asked to make recommendations. Remember, there are no right answers. You should consider all lines of argument and then present one as your chosen opinion, mentioning why you discarded the other possibilities.

How to do well

  • Practice extensively beforehand. Research case study examples on the internet and use them to build your experience.
  • Ensure that you are able to present your pitch concisely and articulately. You will have a very limited time to get the main points across before the interviewer starts asking you questions on your rationale.
  • Listen carefully to the question. If you like, repeat it back to your interviewer to make sure you have understood fully.
  • Don't jump into your answer immediately. Take a moment to collect your thoughts, and get ready.
  • Remember that we are not looking for a 'correct' answer. It is the route you have taken to reach your answer that is important to us.
  • Ask questions. Asking the right questions will be key to proving that you have the analytical skills we expect. The interview is meant to be interactive.
  • Construct a logical framework with which to explore the critical issues of the case.
  • Prioritize the issues and objectives. Don't get bogged down trying to deal with every aspect.
  • Don't be afraid to think outside the box. Creativity is seen as a major asset at Nomura.

Further reading

http://www.wikijob.co.uk/wiki/case-study
http://www.casequestions.com

Asset and Liability Management (ALM): the practice of managing risks that arise due to mismatches between assets and liabilities of the financial institution.

Bond: an instrument of indebtedness of the bond issuer to the holders. It is a debt security, under which the issuer owes the holders a debt and, depending on the terms of the bond, is obliged to pay them interest (the coupon) and/or to repay the principal at a later date, termed the maturity date

CAGR: “Compound Annual Growth Rate” – the year-over-year percentage growth rate of an investment over a specified period of time

Capex: Acronym meaning Capital Expenditures, that are funds used by a company to acquire or upgrade physical assets such as property, industrial buildings or equipment. This type of outlay is made by companies to maintain or increase the scope of their operations

D&A: Acronym meaning Depreciation and Amortization, a category of expenditure by which a company gradually records the loss in value of a tangible (Depreciation) and Intangible (Amortization) asset

Deleveraging: Reduction of the leverage ratio, or the percentage of debt in the balance sheet of a single economic entity, such as a household or a firm.

Discount rate: The interest rate used in discounted cash flow analysis to determine the present value of future cash flows. The discount rate takes into account the time value of money (the idea that money available now is worth more than the same amount of money available in the future because it could be earning interest) and the risk or uncertainty of the anticipated future cash flows (which might be less than expected).

EBITDA: Acronym meaning Earnings Before Interest, Taxes, Depreciation and Amortization

EBIT: Acronym meaning Earnings Before Interest and Taxes

ETF: Exchange traded funds. An exchange traded fund is an investment fund traded on stock exchanges, just like stocks. An ETF holds assets such as stocks, commodities or bonds, and trades close to its net asset value over the course of the trading day.

EV: “Enterprise Value” – Equal to Equity Value plus Net Debt (or minus Net Cash)

FCF: “Free Cash Flow” – Measure of cash generation used in fundamental valuation of a business. Equal to EBIT x (1 - tax rate) + depreciation and amortisation - changes in working capital - capex

Forward interest rates: An interest rate that is specified now for a loan that will occur at a specified future date. As with current interest rates, forward interest rates include a term structure that shows the different forward rates offered to loans of different maturities.

Hedge: an investment made in order to reduce the risk of adverse price movements in a security, by taking an offsetting position in a related security, such as options or short sales.

LTM: Acronym meaning Last Twelve Months

IRR: Acronym meaning internal rate of return. The IRR corresponds to the rate of return on an investment. The IRR of a project is the discount rate that will give it a net present value of zero

Market Cap: Market capitalisation or market cap is a value of a corporation as determined by the market price of its common stock (shares). It is calculated by multiplying the number of outstanding shares by the current market price of the share

Market liquidity: an asset's ability to be sold without causing a significant movement in the price and with minimum loss of value.

Opex: Acronym meaning Operating Expenditures, a category of expenditure that a business incurs as a result of performing its normal business operations

Payout ratio: The amount of earnings paid out in dividends to shareholders

Shareholder loan: an instrument used to distribute cash to shareholders while minimising a company’s tax liability. Not typically included within net debt

Swap: highly liquid financial derivative instruments in which two parties agree to exchange interest rate cash flows, based on a specified notional amount from a fixed rate to a floating rate (or vice versa) or from one floating rate to another.

Swaption: An option granting its owner the right but not the obligation to enter into an underlying interest rate swap. A payer swaption gives the owner of the swaption the right to enter into a swap where they pay the fixed leg and receive the floating leg. A receiver swaption gives the owner of the swaption the right to enter into a swap in which they will receive the fixed leg, and pay the floating leg.

Ultimate forward rate (UFR): the theoretical forward interest rate to which forward rates converge.

Yield to maturity: Discount rate at which the sum of all future cash flows from the bond (coupons and principal) is equal to the price of the bond.

Q: Tell me about yourself

This is one of the most popular interview questions. It allows the interviewer to assess how you react in an unstructured situation and your answer provides an insight to what you think is most important.

Tip – focus on what will be of most interest to the interviewers. Ensure your answer is structured, brief and highlights your most important achievements.

Follow up questions may include:

  • Why did you choose your place of study?
  • What courses have you most / least enjoyed and why?
  • Talk me through your internship experiences
  • What are you interests and hobbies (outside academic)?
  • What are the most important things to you in a job?
Q: Why Banking?

We look for people who have a strong interest in investment banking. Interview Questions will determine how motivated you are and your rationale behind your decisions.

  • Why do you want to work in investment banking?
  • What do you think an Analyst does on a typical day?
  • Why are you interested in this division?
  • Where do you see yourself in five years? Ten years?
  • Explain the financial crisis
  • If I gave you a million dollars today, how would you invest your money?
  • Which business publications do you read and why?
Q: Why Nomura?

We want to employ graduates who are passionate about joining Nomura and representing our brand

  • Why do you want to work for Nomura?
  • What differentiates us from our competitors?
  • What is the share price of Nomura today?
  • What do you hope to get out of a job?
  • What other banks are you interviewing with?
Q: Skills

Your interviewer’s want to understand what sets you apart from the competition - sell yourself.

  • Why should we hire you?
  • What skills have you got that make you suited to the role?
  • What are your strengths/development areas?
  • What is your greatest achievement and why?
Competency Questions

Show us proof that you are the kind of graduate we are looking for. Give concrete examples from any aspect of your life that show where you have personally made a difference.

  • Tell me about a time when you were creative
  • Tell me about a time when you had to manage conflicting priorities
  • Tell me about when you have missed an important deadline
  • What has been your biggest failure, professional or personal - and what did you learn?
  • Describe an occasion when you have had difficulties working in a team
  • What is the biggest risk you have ever taken?
  • How would you deal with a difficult client that puts you under pressure?
  • If a client told you that they wanted to improve their portfolio performance in the next 12 months, what would you suggest as potential strategies
Tips from our Graduates
  • Understand how the bank operates, the different roles available and the characteristics and tasks that each role entails
  • Don’t regurgitate generic questions and answers; it is quite obvious to those who work in the industry when someone has spent time reading and understanding concepts and news
  • Be yourself! It is important that the interviewer can see your personality in order to stand out from the rest
  • Keep up to date with relevant news - understand the current drivers in the industry
  • Do the obvious – read the latest annual report and CEO’s letter. Gain an insight into the firms values and strategy
  • We look for people with strong analytical and interpersonal skills, plus a keen interest in markets and equities.
  • We want candidates with the energy and the maturity to step up to quite senior positions quickly – ensure you demonstrate your ability to do this
  • Use your Careers services – they have direct contact with the recruiters and can offer invaluable advice you cannot find online
  • Be proactive - speak to graduates at fairs and presentations to get the ‘inside information’
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