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Nomura is a leading global financial services group and the preeminent Asian-based investment bank with worldwide reach. Nomura provides a broad range of innovative solutions tailored to the specific requirements of individual, institutional, corporate and government clients through an international network in over 30 countries. Based in Tokyo and with regional headquarters in Hong Kong, London, and New York, Nomura employs approximately 27,000 staff worldwide.

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Our People

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  • Andre
  • Apollonia
  • Christopher
  • Clarence
  • Demi
  • Ifiok
  • Mathilde
  • Rachel
  • Sahrankan

Andre Voinea

Associate, Fixed Income Structured Sales
Graduated with a BSc in International Business Administration, Frankfurt School of Finance & Management, 2010

Before starting my studies, I actually wanted to become an astronaut at NASA – however I reflected on my character traits, my skills & preferences and quickly realised that physics would not be an ideal career path. I went on to study International Business Administration at Frankfurt School of Finance & Management. During my studies I worked part-time at an asset manager and did two internships, before deciding on Nomura as a starting point for my career. Following my interest in financial markets, this proved to be the right decision.

The best part of my internship was definitely the people I met, both the other interns as well as the full-time professionals. It was a pleasure working with them during the day and establishing new contacts, even friendships after work. I think it is important to get to know the bank and its people before applying for any graduate scheme. The corporate culture could make a considerable impact on people. It’s also important to know what a certain role involves – what a trader does or what salespeople do. Getting a couple of weeks of exposure could make a huge difference in one’s decision.

Having worked in global markets for over a year now, I have come to understand financial markets and its participants much better. I have established an ongoing and productive dialogue with clients and colleagues which help with occurring issues. My team has given me responsibilities early on and the chance to get direct client exposure, which has taught me a lot and has been very exciting. I’ve now established my own client coverage and I feel confident dealing with client requests and resolving them successfully.

My advice to incoming interns is this: show off your skills with confidence – but do not expect to be perfect. We all come with different strengths. Try to demonstrate what you are good at, but do not hesitate to ask about the things you do not know or feel uncomfortable with. Pretending to know something or not admitting your lack of knowledge does not benefit you and could get you into a sticky situation!

Apollonia Stackler

Associate, Equity Sales
Graduated with a CEMS double degree in International Management, HEC Paris 2010

My main driver is to have a successful professional life, to be challenged continually and to learn something new everyday. After some research, investment banking seemed like it could give me what I was looking for. So I applied to Nomura for an internship and worked in the Equity team here for six months. This experience showed me that investment banking was definitely where I wanted to be, and that Nomura could give me the best career prospects in the industry.

Before joining Nomura, I hadn't quite realized the extent and the depth of its equity research scope: Nomura is the number one reference when it comes to Asian equities* and its leadership is rapidly growing in Europe and in the US. As an equity sales person, I couldn't have dreamt to be in a better place.

What sets Nomura apart from other investment banks is their growth. They emerged from the banking crisis unscathed and even took advantage of it by acquiring areas of the Lehman Brothers legacy. This move has given them a solid base outside of Asia and is typical of Nomura's entrepreneurial nature. Unlike so many other investment banks, it's focused on the long-term. It's preparing for the future when most banks seem to be still recovering. In that way, you could say that Nomura stands out as a new kind of ‘sustainable' global bank.

The investment banking world is undergoing tremendous changes right now. These disruptions provide the perfect breeding ground for many fantastic opportunities for new graduates, especially at Nomura. There's a lot of positive energy here at the moment; it's almost like working at a start-up firm. Nomura has set itself very ambitious objectives for the next few years, which means that the growth prospects are huge. That's certainly something you should look for when starting a career.

*No.1 ranked franchise in Japan, (Source StarMine 2009 and 2010 Nikkei Analyst)

Christopher Read

Associate, Finance, Corporate Infrastructure
Graduated with a Bachelors degree in Banking, Finance & Management from Loughborough university, UK, 2011

The Nomura presentation at my university was the only one that included a 2nd year graduate’s perspective of his role and it sounded like he was given real responsibility from day 1. It was this fact that made me want to pursue an internship at Nomura – to gain real work experience doing a valued and skilled role.

I was apprehensive before starting my internship that I may be treated as “junior” and not given real responsibilities, but within the first couple of weeks I was assigned projects and given great exposure to management and other departments. I interned in the Fixed Income Product Control team within the Finance department. Initially I was responsible for producing a daily profit and loss statement for the Repo desk. This entailed reconciling various data feeds and comparing to the desk estimate. Any discrepancies would then have to be communicated to the traders. This gave me great exposure to the desk and I was able to build up a strong working relationship with the traders. As I became more confident and efficient, I was given additional products and traders to cover, which helped expand my knowledge of Nomura’s product offerings.

There was a great support network of buddies and mentors that helped me get the most out of my internship. It really was a real job with real responsibilities. During the internship, I gained a greater understanding of Nomura’s culture and commitment to investing in new talent.

The graduate training included technical and soft skills sessions. As my product knowledge was very basic at the start of my internship, I was able to attend technical sessions on Fixed Income products and general financial markets training, which helped me understand the type of products that I was valuing and assessing on a daily basis. What I found most valuable were the soft skill sessions as they were something that got looked over at university. This included a session on “Delivering powerful presentations” that included your pitches being recorded and then replayed, which I found really helpful and informative.

I currently work in the Regional MIS Reporting team. My responsibilities cover three main areas: Standard profitability & performance metric reporting to senior management; coordinating the budget, revised forecast & resource planning for the EMEA region; and finally ad-hoc queries, which can be anything from small data requests to full presentations to the FSA or internal strategy presentations to the CEOs office. My responsibilities have steadily grown since joining the graduate program and I am been heavily involved in several insightful pieces of analysis for senior management.

I would say that Nomura excels above the competition at providing real opportunities to interns and graduates. In the current economic climate there are many challenges but also opportunities to get more involved. I have increasingly been given more responsibility whilst some of my friends at other banks are still doing similar roles to when they started. Nomura provides their interns and graduates with the tools required to excel and reach your potential.

My primary focus at the moment is to finish my Finance exams, continue progressing and taking on additional responsibilities. Within five years I would hope to be managing a team and have become an expert in the area of Finance that I decide to pursue.

Clarence Nahan

Associate, Equity Capital Markets Team
Graduated with a Masters In Management from ESCP Europe, 2009

I joined Nomura in 2009 after interning at Lehman Brothers in 2007. In fact I did four internships during my Masters and my gap year. So when I started at Nomura I had 22 months' experience and a lot of knowledge of investment banking.

I'm part of the Southern Europe Equity Capital Markets team, based in London. We focus on Nomura's largest corporate clients, providing advisory and execution capabilities on cash-equity-related products including: IPOs, rights issues, ABBs (strategic or financial stake divestment) and a range of other strategic dialogues, like stake building, dividend policy and capital structure.

I've also recently been interviewing a lot of graduates, so I've a good idea of the skills and qualities you'll need to be a success here. Yes, we look for people with strong analytical and interpersonal skills, plus a keen interest in markets and equities. But more importantly, Nomura at the moment is still comparatively small. We want candidates with the energy and the maturity to step up to quite senior positions quickly. You need to be bright, full of energy and have a long-term view. This is the main difference between Nomura and other banks: other banks will hire you as a resource - you'll be one of a large number of ‘lookalikes'. Nomura gives you the chance to be part of a new story in investment banking.

I'm very excited about my future here. While some of our competitors are still trying to recover ground, we are concentrating on our strengths with the goal of coming out ahead. At Nomura, we have no reputational issues - instead we're concentrating on building our franchise. Our move to our brand new landmark offices in the City is a symbol of this commitment to Europe and a pre-eminent position on the global markets.

Demi Adetiba

Associate, Technology, Corporate Infrastructure
Graduated with an MSc in Communications Systems and Digital Signal Processing from Bristol University, UK, 2006

I always saw investment banking as an option, but by background I'm an engineer. I didn't really see where an engineer would sit in a bank and so I decided to do an internship and see if it really was for me. Because of my degree subject I applied for the Lehman Brothers IPF technology intern programme in 2007. In fact, if I had known then what I know now, I may well have applied for something different - the Global Markets program fascinates me for example. That's one thing I didn't know before I joined - there are so many different roles in the bank and so many different skill sets and backgrounds. You certainly don't need a finance degree.

Nomura offers an excellent training programme which comprises of online resources, classroom based technical and product training and a soft skills curriculum. Before we had even joined the firm we were able to access Intuition, an online learning library, which then became invaluable once I joined my team. The two weeks of intensive training delivered by 7City when we joined offered a comprehensive introduction to banking in general, along with financial products and concepts – and allowed us all to see where our technical strengths and areas of development lay. Throughout the graduate programme we have been able to attend soft skills training covering topics such as effective communication, workload management and presentation skills, all delivered by an engaging and knowledgeable trainer.

I am currently in the connectivity team, which is responsible for the management of applications through which all business areas within Nomura trade. We also manage the connections to all EMEA exchanges and Brokers, which Nomura uses.

On a typical day, I spend half my time resolving application or trade queries from the business and other technical teams. The other half of my time is spent co-ordinating and planning exchange or broker upgrades, scheduling new exchange, broker or client on-boarding and finding areas of improvement and opportunities for added functionality in our existing systems and applications. I was given a lot of responsibility early on and successfully completed an exchange upgrade singlehandedly within weeks of joining the team.

If you're thinking about joining investment banking, I think this is the time. There's so much going on at the moment - the industry as a whole is being shaken up. What that means in reality is lots of opportunity. As the regulatory landscape changes and the way the markets operate alters, we are able to create new products. The Nomura culture is more entrepreneurial, which encourages innovation, personal growth and development. I feel lucky to have joined the firm when I did.

Ifiok Ekewere

Analyst, Loans and High Yield Credit desk, Fixed income division
Graduated with a Joint Honours Bachelors degree in Biology and Management at Imperial College London, 2011

I always had a passing interest in Finance but it was during my degree program that I developed more of an interest in this field. Being from a non-finance academic background, I was keen to complete an internship in a bank where I would have the opportunity to learn as much as I could about the industry, in order to gain a better understanding of what areas my skill set would be best suited for.

One thing that stood out for me, in comparison to other firms, was the structure of Nomura’s program, where interns had 2 rotations between the Equities and Fixed Income divisions. This was a key determining factor when it came to making my decision. Although I initially thought I might be better suited to an Equities role, my skill set and interests turned out to be much better inclined to a role within the Fixed Income Division.

I interned in the Fixed Income FX Sales team and then with the Equities Cash Sales Trading team. On both teams, my day typically started at around 6.30am to 7.00am, with a trading meeting, after which I would put together a summary of the key details and email this to the team. Following the meeting, there would be desk-specific meetings in order to organise tasks for the day before the markets opened for daily trading. After trading, I would often assist the team with tasks such as reviewing the day’s trades with the settlement teams to ensure they had been booked correctly etc. On the FX Sales desk, I also helped out with specific ad hoc projects, which included building an Excel model that was used as a platform to structure sales strategies for the team members.

In my current role on the Loans and High Yield Credit desk, my day tends to start around 7.30 am with a morning meeting call. After this call, I put together a summary of news highlights from Bloomberg, relating to the companies that we manage in our loan portfolio. During earnings season, I will put together earnings summaries for the specific names in the portfolio that I am responsible for and circulate these to the relevant teams and people within the bank. If there is a ‘live’ deal being assessed by the desk, there will be often be a series of meetings with colleagues across the Investment Banking, Finance and Risk Management divisions to discuss and analyse the merits of the deal before it is sent to the necessary approval committees. A recent highlight for me was the Management Buy-Out of Iceland Foods – it was the first deal I was responsible for from start to finish and it was a thrill to see it announced in the news upon completion!

I find the Investment Banking industry fascinating and am looking forward to gaining more experience and progressing at an even faster pace with my career over the next few years.

Mathilde Sergent

Analyst, French Coverage
Graduated with a Finance major, in Business Administration HEC Paris 2009

While I was studying for my degree, I really enjoyed the courses orientated towards investment banking. Beyond number analysis, they taught me how a career in finance can give you a strong understanding of business in general. After interning at another bank in France, I applied for the Nomura Summer Analyst program within the investment banking division in London and was accepted. The challenging and exciting environment I found when I joined really attracted me to Nomura. So when I had the chance to move back to Paris and work as a full-time Analyst with the French Coverage team, I took it.

My role here is to contribute to advising French corporations and funds on various products, including strategic M&A opportunities, stake building and financing. This involves in-depth research of the markets and valuation tasks. The great thing is that I was doing all this from day one. On the day I started, I was brought a deal by my colleagues in London and I'm working on that at the moment.

What I have been the most impressed by since joining Nomura is how bright and supportive the people are; they've given me so many opportunities to learn and develop my technical competencies. I've also been able to network with colleagues across the business, which I think is key in this industry. It gives you a better idea of who does what and helps you build a strong, global network.

That's what makes Nomura a great place to start your career: because we are growing at such a fast pace, you have the opportunity to work in and with different divisions based all over the world. Personally, I hope to use my contacts in Asia to move and work with Nomura in Hong Kong or Singapore at some point in my career. This level of flexibility and mobility isn't something you would find anywhere else.

Rachel Winter

Analyst, Operations, Corporate Infrastructure
Graduated from a Bachelors degree with Honours in Economics from Bath University, UK, 2008

Starting a new job at a large company can be daunting, and it was great to be presented with an instant network of colleagues from the graduate program. I have maintained a good relationship with the other graduates, which has provided me with an invaluable insight into the roles of other departments across the bank.

New recruits on the Operations and IT graduate schemes spend their first two weeks on a full-time training course together. The course covers an introduction to financial markets and products, as well as Excel skills and basic accounting. For me, it was useful to refresh my finance knowledge as I had graduated 18 months previously, and I know the course was hugely beneficial to those that had not studied finance-based subjects at university.

I have also benefited from a number of additional training courses during my 18 months on the graduate scheme. We were given the option to select our own courses based on what skills we think would complement our roles – I have taken advantage of this and have attended courses on advanced Excel skills, presentation skills, assertiveness and business writing.

My first rotation was in Equity Finance client service. I acted as the first point of contact for any client queries, and I would visit all key clients on a quarterly basis. The nature of my role meant that every day was different, and dealing with such a variety of queries meant that I was able to work with a number of other teams across the bank.

After 12 months in Equity Finance I moved to the FX Middle Office, where I provide support to the Spot, Options, Precious Metals, and Emerging Market Rates Desks. I assisted with trade bookings/amendments and am involved in compiling the daily profit/loss figures. I also took responsibility for transitioning some of our day-to-day processes to our team in Mumbai, which has left me with more free time to involve myself in project-work - for example, I am currently part of an industry-wide working group looking at FX settlement risk, which has given me the opportunity to work with senior members of other investment banks.

We have the option to complete a third rotation, so I am looking forward to finding out what other roles may be available to me. Also, graduates are eligible for promotion to Associate level after two years, and we are provided with clear criteria that we need to fulfill in order to achieve this. Over the next year I will endeavor to take on more responsibilities outside of my daily tasks to optimize my chances of progression.

Sahrankan Gnanasampanthan

Analyst, Debt Capital Markets Financial Institutions Group, Investment Banking
Graduated with a Bachelors Economics degree from University College London, 2011

As Asia continues to become more and more relevant, it seemed appropriate that I begin my career at a bank that has a competitive advantage in this space, combined with its growing aspirations to become a global player, it was a clear choice where I felt my career could flourish.

The placement process for the summer internship was rather unique. A month before the start date, we were provided with team profiles and contacts for the different IBD groups. This was followed by an internal placement fair on day 1, which was a great opportunity to meet the different teams in person.

I interned in the UK Group working in both the M&A and corporate broking side. The experience was unique because whilst usually the M&A teams are very project focused, having exposure to corporate broking meant I was still closer to the markets than many of my M&A peers. My usual day to day responsibilities included sending out a client update every morning and completing any ad-hoc analysis for our broking clients. I would then be staffed on on-going projects, working closely with an Associate in putting together a pitch book and conducting valuation analysis. This is where you are exposed to the real working life of a banker and where you really begin to learn the in’s and out’s of how a deal is originated and executed.

Having moved into DCM FIG as a full time analyst, my day to day role has changed. I am now more market focused, so I am usually in the office before the markets open. Sitting on the trading floor has meant that my working environment is more chaotic and faster-paced. The role is also product focused and entails you to take a long-term view on the markets and to constantly think about how regulatory and market changes could impact your clients. As a full-time graduate, I have more responsibility, I work more closely with senior members of the team and I’m far more aware of the projects and how they fit in with the bigger picture and strategy of the team.

My key advice to anyone is preparation. You should understand how the bank operates and the different roles within it, so you can understand the characteristics and tasks that each role entails. Following this, my advice would be to keep up with relevant news, understand the current drivers in the industry and not just 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. And last but not least, be yourself! It is important that the interviewer can see your personality in order to stand out from the rest.

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Investment Banking

Our investment banking group provides a vast array of advisory and capital-raising solutions to corporations, institutions and governments around the world. Our global teams act as geographic, product and industry specialists.

Our aim is simple: to become a global leader. We are expanding our business aggressively, providing high value, bespoke solutions such as financing and provision of currency and derivative hedging instruments. We see this as just the beginning. Join us now and you'll be part of this incredible growth, paving the way for the future of global investment banking.

What role might you play?

Deal execution: Work closely with clients and execution teams on mandated transactions, including mergers and acquisitions, divestitures, capital raisings and restructurings.
Client relationship management: Generate and present ideas at client meetings alongside senior bankers.
Strategic analysis: Support transactions and client presentations with financial, structural and business risk analysis.

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Global Markets

Nomura's global markets business handles client transactions for corporations, governments and investment funds around the world. We also act as market makers, trading in fixed income and equity securities, currencies and derivatives, as well as structured financial products.

To give an example of the speed at which our fixed income business is growing, headcount outside Japan has increased by 300% since 2008. Join us in global markets and you will have a key role to play in our ongoing growth.

What role might you play?

Sales: Develop and maintain strong relationships with institutional clients including pension funds, hedge funds, insurance companies and other corporate clients.
Trading: Buy and sell securities in the secondary market on behalf of clients or Nomura; be responsible for market making and capital commitment.
Research: Collect, analyse and assess industry and company information to provide market insight and investment ideas for institutional investors and internal clients.
Structuring: Design and develop innovative products and strategies that are tailored to specific client needs.

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Corporate Infrastructure

Our corporate infrastructure is what underpins the success of the entire organization. We rely on it to build and 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. Work in these areas with us (Operations, Finance and Technology) and you will operate at the forefront of your field, as well as gaining a valuable insight into how Nomura operates on a global scale.

What role might you play?

Finance: Manage the flow of money in and out of the business through internal control systems. Enjoy an excellent overview of Nomura's performance, including revenues, expenses, regulatory capital and headcount.
Operations: Be responsible for the management and execution of transactions in a way that maximize profitability and minimizes risks. Work closely with Sales, Trading and IT teams and develop innovative and efficient approaches to our clients’ investment, liquidity and risk management needs.
Technology: Get involved in developing new applications to implement cutting-edge standards, constantly staying at the forefront of technology.  Develop an impressive level of technical knowledge and build skills in systems development and support, using a range of technology packages.

Internship

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Internship

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Seasonal

  • IBD and Global Markets Summer internship (Analyst/Associate)
  • Global Markets Spring internship (Analyst) (3 months from April)
  • IBD 6 month internship (Analyst) (From January)
  • Corporate (6 and 12 month Industrial placements and Summer internship)

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An internship with Nomura is your opportunity to see just what you could be part of. You will get first-hand experience of the possibilities a career in banking could bring you, and get a feel for our culture. You'll also have the opportunity to create new networks, gain valuable on-the-job training and see what makes us the most exciting proposition in the investment banking world.

We aim to give our interns the same level of exposure as a first-year Analyst or Associate. That means you'll work as a full member of the team, participating in team meetings, potentially meeting clients, forming effective working relationships and showing a real commitment to our goals and values. During the course of your internship you can expect to work closely with a buddy and have regular contact with senior mentors.

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Off Cycle Regional

  • Amsterdam
  • Dubai
  • Madrid
  • Milan
  • Paris

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An internship with Nomura is your opportunity to see just what you could be part of. You will get first-hand experience of the possibilities a career in banking could bring you, and get a feel for our culture. You'll also have the opportunity to create new networks, gain valuable on-the-job training and see what makes us the most exciting proposition in the investment banking world.

We also offer longer internships in both London and our regional offices ranging from 3, 6 to 12 months. We aim to give our interns the same level of exposure as a first-year Analyst. That means you'll work as a full member of the team, participating in team meetings, potentially meeting clients, forming effective working relationships and showing a real commitment to our goals and values. During the course of your internship you can expect to work closely with a buddy and have regular contact with senior mentors.

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First Year Insight Programs

The Women's Immersion Program and Explore Program provides highly talented candidates a unique window into the exciting opportunities at a global investment bank. It's a short, intensive program that offers first-hand exposure to our investment banking, global markets and corporate infrastructure divisions.

6th Form First Step Programme
Nomura is targeting ambitious individuals in year 12 or 13 of school or Sixth Form College for a place on the Nomura First Step program. We provide a unique opportunity to begin investigating a career in investment banking prior to starting university. The program will increase your exposure to a corporate environment and learn the basics of banking, gain real life experience in a fast paced, high energy environment and cultivate valuable career development skills.

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FAQs

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FAQs

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What should I expect during the interview process?

If you apply for Investment Banking and Global Markets and you are selected for first round interviews for the internship programme, you will have two, one-on-one interviews, which will also involve a case study.  During the final round interviews, you will have four 30 minute, one-on-one interviews with senior business representatives (a banker who is vice president or above).

If you apply for Corporate Infrastructure, you will be invited to a first round interview for 45-minutes, if successful; you will be invited to an assessment centre, which comprises of a group exercise and two 45-minute competency interviews.

Read more on the Nomura website

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What is Nomura looking for in candidates?

  • Professional presence (including communication skills, attitude, assertiveness, self confidence and a high level of maturity).
  • Commitment and drive (including bias to action, resourcefulness, work ethic, drive to excel and tenaciousness).
  • Problem solving and analytical skills (including analytical approach, logic, commercial intuition, quantitative ability and natural intelligence).
  • Planning and execution (including attention to detail, results orientation, creative approach and time management skills).
  • Collaboration (including relationship-building, team orientation, diplomacy and respect).
  • Leadership (including persuasion skills, motivating others, integrity and empathy).

Throughout the CV screening and interview process, you will be assessed on these core competencies.

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I've been accepted for an interview. Do you have any tips?

We want you to do your very best at interview. So take a look at our section on interview tips on the Nomura website. In this section, you can complete a mock interview, learn how to tackle a case study and read our guide to interview etiquette.

Read our section on interview tips on the Nomura website

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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.

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Will I be required to complete online testing?

Some candidates may be required to take an online test, depending on which program they are applying for. 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 as soon as possible, or within 7 days of submitting your application form.

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Glossary

  • EBITDA: Acronym meaning earnings before interest, taxes, depreciation and amortisation.
  • EBIT: Acronym meaning earnings before interest and taxes.
  • P/E Ratio: The price-to-earnings ratio. This is the ratio of a company’s stock price to its earnings-per-share. The higher the P/E ratio, the more expensive a stock is.
  • 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.
  • 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.
  • Opex: Acronym meaning Operating Expenditures, a category of expenditure that a business incurs as a result of performing its normal business operations.
  • Net Debt: A metric that shows a company's overall debt situation by netting the value of a company's liabilities and debts with its cash and other similar liquid assets.
  • 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.
  • Bid Price: The highest price that a buyer (i.e., bidder) is willing to pay for a good.
  • Offer Price: The price a seller states she or he will accept for a good.
  • ECM: Equity Capital Markets.
  • DCM: Debt Capital Markets
  • ETF: Exchange-traded fund. ETFs are listed as individual securities in the equity markets and are used to replicate an index or a portfolio of stocks.
  • LIBOR: London Interbank Offered Rate. The risk-free rate by which banks lend to one another in London. Syndicated loans are priced with spreads above LIBOR.
  • Federal funds rate: The rate U.S. domestic banks charge one another on overnight loans to meet Federal Reserve requirements.
  • Chinese Wall: The term often used to refer to the separation between public and private sections of an investment bank, including sales, trading & research from corporate finance.

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