The world’s biggest banks are adapting to the technology revolution by moving financial services online and setting up financial technology teams, opening up career opportunities for MBA graduates with the right skill-sets.There is also more career opportunity in technology companies, which have fed on financial innovation.
The financial technology market – dubbed “fintech” – has grown rapidly over the past five years and banks are making huge efforts to bolster digital offerings for their clients as they face competition from peer-to-peer lenders and other technology groups.
While about half of financial services organisations’ IT budgets are spent on maintaining existing systems, 28% is now invested in “innovation”, according to Fujitsu, an IT services provider.
IT is one growth area likely to open up employment opportunities in banks. Online trading platforms have opened more sales channels.
The UK’s Lloyds Banking Group is trialling a scheme that allows customers to talk to an adviser via video, while Spain’s Caixabank has devised a mobile application that lets private banking customers interact with wealth managers through video calls.
Payments teams are also expanding, as banks face pressure from technology firms that are offering contactless payments platforms.
Michael Sanders, managing director of digital consumer payments at Barclaycard, said that contactless payments are a “huge movement”: “We brought that to the UK marketplace and helped to drive that early adoption, and are doing a lot of work now to take that main stream.”
Barclaycard grew strongly in the first six months of this year, boosting pre-tax profits by 24%.
Michael said that he now operates his own standalone team within the financial services group. Barclaycard just launched bPay, a wearable payments device, and is working with Apple Pay in the US.
“We are leveraging contactless to roll out bPay – which is a standalone product from the rest of Barclaycard’s products – and we are operating as a start-up within the broader bank. We have an open remit to build an open market product,” he said.
Investment banks also face a new threat from digital trading firms. There has been a shift to a focus on IT and technology in the financial sector, while a computerised market has given rise to high frequency trading, said Thierry Foucault, professor of finance at HEC Paris, at a recent London event.
“New skills and knowledge is needed [for MBAs], and these people need to understand these changes and the new language of the market – bankers and traders, asset manager, issuers [and] underwriters,” he said.
A large number of former proprietary traders have left banks and have started their own small trading firms, according to recruitment firm Astbury Marsden, potentially opening up more employment opportunity.
“Algorithmic trading remains a growth area,” said Jon Gilbert, head of the technology and quant practice at the firm.
Adam Jackson, Astbury Marsden associate director, told BusinessBecause that an MBA is not a requirement for roles at HFT firms but it remains a “nice to have” qualification. “If you have some commercial background – that’s good,” he added.
But MBA and other master’s students possess the necessary finance education needed to work at these HFT firms, according to other leading business school finance professors.
However, to be hired in a new technological era, senior bankers say you need a varied skill-set that encompasses technical knowledge as well as practical, digital skills.
Jean-Eric Pacini, head of structured equity distribution for EMEA at BNP Paribas, said France’s biggest bank looks for new hires “who can drive changes in the digital space”: “BNP sees too many people with limited skills. They are looking for people with a holistic skillset.”
Niranjan Aiyagari from JP Morgan Asset Management said skills needed include “digital and compliance – FCA increases regulations, which leads to increased pressure to evolve and come up with solutions”.
While there has been a huge increase in hiring for compliance and risk management functions, some bankers say you need practical digital skills for a variety of roles. Alexander Gancz, head of UK research at Société Générale, said new hires need “regulatory, technical [and] practical skills like Bloomberg”, which provides data and trading terminals for most financial services companies.
The fintech movement has also given rise to employment opportunities in technology companies.
Salesforce.com Inc, a global cloud computing company headquartered in San Francisco which is listed on the NYSE, has nearly 10,000 global employees.
Steven Mason, a regional manager, said that the company sees rapid change driven by innovative and disruptive companies. Salesforce has been feeding on the growth of the fintech sector – and sells products to companies such as CurrencyFair and Funding Circle, both leading crowdfunding websites, Steven said.
Such growth is likely to lead to more employment opportunity. Salesforce will open a new regional data centre in the UK within a few weeks, he said: “This shows our commitment to the UK market.”
Salesforce is currently hiring for a raft of senior positions – including account executives, account managers, as well as roles in human resources, business development, marketing and sales functions.
Xignite, a tech company that provides market data and cloud solutions, has also capitalized on the growth of the financial sector. Stephen Mason, CEO, said that there is a “gold rush” in the fintech market, adding that a lot of the company’s clients are fintech companies, including Personal Capital and Stocktwits.
Student Reviews
Cultural experience
I have met the most competent and diverse batch in this school. These people not only thrive on their own but also makes sure that you are doing it with them. The professors will take your had and walk you through all milestones and make sure you are not left behind. I have found their extracurriculars extremely engaging. There was always a room to have social life after academic life. The only hindrance is the location of the school, it is slightly outside city and living in city is expensive.
Internationality and diversity of opportunities
About my programme I would say it is very international and flexible: we have the opportunity to choose exactly the courses we want. But at the same time, the frame of the campus is crucial in students' life and enable us to create friendships.
Great selection of people
While HEC's MBA is highly selective, I really enjoy the type of people HEC's selects to make sure everybody gets the best out of their MBA experience and networking opportunities. Not only it's an incredibly diverse pool of people (~60 nationalities) but most importantly they make sure to let in friendly empathic and curious people.
Best in France for Grande ecole
A prestigious business school. Languages are important. It is better to have a scientific baccalaureate with excellent grades in high school and good assessments.
The courses are well designed as per the latest trends and practicality of learning in stressed upon. Overall, a very good experience.
Diversity and quality of fellow students
Very international and interesting place to be and opens a lot of opportunities, however the administration is very french and facilities are subpar (gym, classrooms) meaning the academic affairs is pretty much useless and lastly we are graded on a curve which can create a toxic environment because of the competition. With that being said the pros outweighs the cons by far.
The quality of the teachers, the campus, the clubs
The school is very international indeed, we have courses with international students and share things with them within the extra academic life (in the social clubs especially). We have great career prospects if we prepare ourselves well - however, the global curriculum is still very finance-oriented, which is a pity for other interesting domains of the company world, which does not rely on finance only. The social clubs are good practice for the management and for now, are quite independent.
HEC Paris awaits you
HEC Paris is really a nice place to do a master's in business. Many classes are useful and interesting (corporate finance, financial accounting, contract law…), some are less - but the curriculum is to be reviewed in the year to come. Regarding the student life, it is incredible, with about 130 clubs, lots of great parties with even greater people. The Jouy campus offers a lot of opportunities to do sports, and you can breathe fresh air every day. HEC also helps a great deal to find an internship or a job.
A dream institute
Enrolling in the HEC MBA was by far the best decision I made for myself. The people and faculty are great, with lots of opportunities to meet people and expand your horizons. Very nice campus where I have had some good running sessions.
The alumni network is superb and very helpful. It also has a good support system for entrepreneurs. Would definitely recommend it!
Good choice for a career boost
The classes were extremely practical and relevant to the current challenges that businesses are facing. You have access to a wide range of professionals and good career prospects once you leave the university.
Cultural experience
I have met the most competent and diverse batch in this school. These people not only thrive on their own but also makes sure that you are doing it with them. The professors will take your had and walk you through all milestones and make sure you are not left behind. I have found their extracurriculars extremely engaging. There was always a room to have social life after academic life. The only hindrance is the location of the school, it is slightly outside city and living in city is expensive.
Internationality and diversity of opportunities
About my programme I would say it is very international and flexible: we have the opportunity to choose exactly the courses we want. But at the same time, the frame of the campus is crucial in students' life and enable us to create friendships.
Great selection of people
While HEC's MBA is highly selective, I really enjoy the type of people HEC's selects to make sure everybody gets the best out of their MBA experience and networking opportunities. Not only it's an incredibly diverse pool of people (~60 nationalities) but most importantly they make sure to let in friendly empathic and curious people.
Best in France for Grande ecole
A prestigious business school. Languages are important. It is better to have a scientific baccalaureate with excellent grades in high school and good assessments.
The courses are well designed as per the latest trends and practicality of learning in stressed upon. Overall, a very good experience.
Diversity and quality of fellow students
Very international and interesting place to be and opens a lot of opportunities, however the administration is very french and facilities are subpar (gym, classrooms) meaning the academic affairs is pretty much useless and lastly we are graded on a curve which can create a toxic environment because of the competition. With that being said the pros outweighs the cons by far.
The quality of the teachers, the campus, the clubs
The school is very international indeed, we have courses with international students and share things with them within the extra academic life (in the social clubs especially). We have great career prospects if we prepare ourselves well - however, the global curriculum is still very finance-oriented, which is a pity for other interesting domains of the company world, which does not rely on finance only. The social clubs are good practice for the management and for now, are quite independent.
HEC Paris awaits you
HEC Paris is really a nice place to do a master's in business. Many classes are useful and interesting (corporate finance, financial accounting, contract law…), some are less - but the curriculum is to be reviewed in the year to come. Regarding the student life, it is incredible, with about 130 clubs, lots of great parties with even greater people. The Jouy campus offers a lot of opportunities to do sports, and you can breathe fresh air every day. HEC also helps a great deal to find an internship or a job.
A dream institute
Enrolling in the HEC MBA was by far the best decision I made for myself. The people and faculty are great, with lots of opportunities to meet people and expand your horizons. Very nice campus where I have had some good running sessions.
The alumni network is superb and very helpful. It also has a good support system for entrepreneurs. Would definitely recommend it!
Good choice for a career boost
The classes were extremely practical and relevant to the current challenges that businesses are facing. You have access to a wide range of professionals and good career prospects once you leave the university.
Diverse
HEC, as an academic institution, serves as a launching pad for students to excel in their pursuits and careers. The diversity among students and professors is truly remarkable. The chance to attend seminars across five major continents is unparalleled. The exposure and relationships it fosters are invaluable.
Super diverse
It's a super diverse and fascinating environment with tons of chances, but the management is very French, and the facilities like the gym and classrooms are not great. This makes the academic side quite ineffective. Plus, we're graded on a curve, leading to a competitive and sometimes toxic atmosphere. Despite all that, the benefits definitely overshadow the drawbacks.
Surreal academic experience
What stood out to me about HEC was the direction and insight it offered on coding approaches. Prior to joining the program, I attempted self-learning, but I felt disoriented and lacked a starting point.HEC enabled me to grasp the basics of programming and provided support when I encountered obstacles. Without that guidance, I doubt I would have achieved the progress I have made to date.
Good security
HEC boasts a dedicated team of security personnel who undergo rigorous training to ensure the perpetual maintenance of tranquility and orderliness within the institution. Their unwavering efforts are directed towards fostering a sense of security among the student body, thereby enabling them to channel their energies predominantly towards their academic pursuits.
Innovative teaching method
I am thoroughly enjoying my time at HEC, from the innovative teaching methods to the welcoming campus environment, which is particularly supportive of international students. The extracurricular opportunities, such as sports and associations, are incredibly valuable. Additionally, the career services offered are exceptional. Overall, I find my experience at HEC to be truly enriching.
mim
HEC Paris has been a transformative experience for me. The caliber of the faculty, the diversity of the student body, and the global network it offers are unmatched. The curriculum is highly flexible, allowing students to tailor their learning experience to their career goals, and the focus on real-world application through case studies and consulting projects provides invaluable hands-on experience. The campus itself is beautiful, and the opportunities to engage with leading companies through internships, competitions, and networking events have been incredible. HEC truly prepares you to be a leader in today's complex business world. I couldn’t have asked for a better program to propel my career forward.
Unwavering enthusiasm
Here's the first paragraph:
I embarked on a journey to Paris, where HEC University welcomed me with open arms. As I stepped onto its prestigious campus, I was captivated by the infectious energy and innovative spirit that filled the air. The passionate faculty, industry experts, and fellow visionaries from around the globe shared their knowledge with unwavering enthusiasm."
Exceptional Experience
HEC offers an exceptional experience that I highly recommend. The small-town setting allows for a unique blend of academic rigor and community engagement. The peaceful campus and close-knit student body create a warm environment. Proactive engagement with professors yields valuable guidance. Friendships may blossom slowly, but persistence pays off. The city's beauty, scenic views, and diverse eateries near campus enrich the experience. University dining may not impress, but it's decent.
A Transformative Experience
Attending HEC Paris is an exceptional experience, combining world-class education with personal and professional growth opportunities.
The courses are incredibly engaging, delivered by highly qualified professionals who are specialists in their domains and often work or have work experience in prestigious companies. Far from being purely theoretical, the programs emphasise practical, hands-on learning, allowing students to dive deep into whichever area they want to specialise in. The variety of elective courses is remarkable - you can explore anything from advanced financial techniques to more cultural disciplines like politics, arts, and cinema.
Beyond academics, the student life at HEC is vibrant and dynamic. With over 50 student associations to join, there's something that will fit for everyone. Whether you are passionate about entrepreneurship, sports, arts, cuisine, social causes or anything else, HEC offers a space to explore and develop your interests.
The campus itself is well-equipped, providing students with everything they need for a comfortable and enriching experience. From excellent accommodations and sports facilities with professional coaching to a sprawling green area perfect for walking or relaxing, the environment is both stimulating and tranquil. And with Paris just a short bus ride away, students have the added benefit of easy access to one of the world's most beautiful cities.
However, what truly sets HEC apart is the unparalleled networking opportunities it provides. The school fosters connections through daily conferences in various fields of business (and not only business), networking events, site visits, and alumni cocktails. The alumni network is incredibly powerful, opening doors to countless opportunities and making it easier to connect with professionals in your dream field. The career center is another standout feature, offering invaluable support to help students navigate their career paths.
In conclusion, HEC Paris is much more than a top-tier European business school - it’s a transformative experience that equips you with the knowledge, skills, and connections to achieve your goals while also helping you discover what you’re truly passionate about.
Exceptional and esteemed institution
My time at HEC Paris was nothing short of incredible! The exceptional faculty, cutting-edge curriculum, and breathtaking campus exceeded my expectations. But what truly made my experience stand out was the diverse and dynamic community. I forged lasting bonds with people from all corners of the globe and gained invaluable insights from their unique perspectives.
The career prospects and alumni network that come with graduating from HEC Paris are unparalleled. I feel privileged to have been part of this esteemed institution and wholeheartedly recommend it to anyone seeking a top-tier business education.
My study Experience at HEC Bussiness School
Programs are generally tought in English and have Strong academic foundation and access to practical business knowledge.
Located in the center of Paris with good environment and professors.
But the administration is very slow and annoying.
And secondly if your financial situation is not strong than i don't think it will be a smart choice.
Very satisfied with teaching style
I chose HEC Paris for its strong sense of community. While other colleges offered identical academic degrees, HEC Paris' pleasant culture and helpful environment really spoke to me. The tough courses, competent professors, and extensive career preparation have given me a well-rounded educational experience. I would not exchange my experience at HEC Paris for anything. Given their commitment and energy, I believe they are eager to learn and engage in class. I am confident that my time at HEC Paris will prepare me for a great future, and I am pleased to be a part of it.
Everyone’s excited to be here
HEC Paris has been a fantastic experience for me, going much beyond academics! The professors are great mentors who walk us through cutting-edge principles and practical applications. We're talking about innovative ideas, industrial partnerships, and global opportunities that can help us prepare for a global future.HEC Paris achieved the ideal balance between tradition and innovation. HEC Paris strikes the optimal blend between demanding academics and a supportive community. The instructors are excited about what they teach and are always willing to help, ensuring that you do not just study but also grasp the content.
Wouldn’t change a thing
I had an incredible experience at HEC Paris. The classes are interesting, the lecturers are excellent, and I believe I am gaining a useful education. This institution's people and faculty are outstanding, and while here, I discovered my actual self. I always feel comfortable on campus because it is the safest place in town. The students at HEC Paris are unquestionably its greatest asset.All of the students are determined to succeed and have a strong passion for a variety of activities. The level of diversity you encounter is extraordinary.
