Deutsche Bank

Frankfurt headquartered Deutsche Bank is the largest bank in Germany and one of the true giants of the financial world. And while its name would suggest otherwise, the majority of its staff operate from outside the motherland – to quantify, around 50% of its 100,000+ employees are spread throughout the rest of the Europe, Asia and the Americas. This Behemoth’s two core business areas are corporate and investment bank (CIB), and private clients and asset management (PCAM).

A Bit of Background

Founded in Berlin in 1870 by private banker Adelbert Delbruck, and a politician named Ludwig Bamberger, Deutsche Bank quickly spread across Germany and arrived in London as early as 1873. Before the turn of the century, not only had it become the largest domestic bank, but it also had investments scattered all over the globe. However, the firm didn’t last the Second World War unscathed: it closed all offices in Soviet occupied regions and was broken up into provincial outposts during Germany’s occupation.

Against the odds, the firm endured these difficult post-war years, emerging as the Deutsche Bank AG – an amalgamation of a number of German banks – and branched out into retail banking. The following forty years were marked by a number of mergers with European banks and financial services firms. Then in 2001, the firm went public on the New York Stock Exchange. Since then DB has strengthened its presence in the US and Europe with a series of acquisitions and mergers – this formed part of the company’s general growth strategy, which has seen a surge of profits in recent years.

A Closer Look at Divisions & Departments

Deutsche Bank operates with two main revenue streams – CIB and PCAM – while a management board controls their resource allocation, strategy, account and disclosure, and risk management. The firm’s corporate and investment banking arm (CIB) is split into two subdivisions: corporate banking and securities, and global transaction banking. Corporate banking and securities controls the firm’s capital markets operations, including debt, equity, asset finance, leasing and commercial real estate, corporate advisory, corporate lending and transaction banking. Global transaction banking handles the firm’s trade finance, cash management and trust and securities businesses.

Deutsche Bank’s second branch, private clients and asset management (PCAM), is also comprised of two subdivisions: asset and wealth management, and private and business clients. Asset and wealth management provides its institutional clients with a myriad of services, including traditional asset management, alternative assets, sophisticated absolute return strategies and real estate asset management. The private wealth management division services high-net-worth individuals, offering them both traditional and alternative investments, risk management strategies, lending, wealth transfer planning and philanthropic advisory, among others services. The private and business clients department focuses on offering SMEs in Europe and Asia numerous services, such as loans, current accounts, deposit and payment services, securities, mutual funds and portfolio investment advisory.

Practice numerical tests and verbal tests used by actual employers.

Deutsche Bank consistently seeks the cream of the academic crop – high grades from top universities and a range of extracurricular interests are prerequisites for any candidate interested in joining the DB ranks. However, what this bank really wants to see is real career motivation and enthusiasm for the firm. Drive, a strong work ethic, and a global mindset are must-haves when applying to Deutsche Bank, so if you’re up for a challenge, get ready for a tough recruitment process.

The Hiring Process

If you decide DB is for you, expect the hiring process for the graduate and internship schemes to vary by region and programme, but generally speaking, applications should be sent out between September and December. The online application form is quite detailed and allows you to attach a CV, covering letter, references and a record of your academic history so make sure to wow at this stage so you can make it to the two rounds of interviews.

Before seeing off the first round, candidates have to handle a challenging 30-minute numerical test. You’ll be faced with around 30 questions that will probe your knowledge on ratios, percentages, exchange rates, graphical analyses and arithmetic. You’re best advised to practice, practice, practice – Deutsche Bank’s numerical tests are notorious for their intricacy.

Take a breath and gather your thoughts, you’ve made it to the interview stage! This could comprise several competency interviews with senior member of the firm grilling you on your leadership, creativity and teamwork skills. You’ll be asked the usual ‘tell me a time when...’ questions, which are pretty much industry standard. More pertinently, it’s vital you have strong answers prepared for why you want to work for Deutsche Bank and the specific division you’ve applied to. Interviewers expect you to have done your homework on the firm so you’ll need to demonstrate a thorough knowledge of the bank’s business structure and operations. This may all sound rather intimidating, but while the interviews are formal, they’re also friendly – no sign of the good cop/bad cop routine implemented by some of the industry’s other players.

If you’re a wiz and make it through to the second round, there’s little respite. You’ll be met with three 30-minute interviews by three separate heads. Each tête-à-tête will be chiefly technical, and be prepared for a sprinkling of competencies here and there. It’s also a good idea to read the FT regularly as the commercial questions could well focus on current prices for commodities, the current state of the markets or any stock that caught your attention lately. Hence the second round has a bit of a reputation for being both tough and intense; so prepare for more probing questions such as: ‘Why Deutsche Bank and not Goldman Sachs?’, or ‘What’s going to be the most determining factor in the next financial year?’. Get the picture? Then you better start preparing for this selective recruitment process.

Graduate Schemes

At Deutsche Bank, graduates can choose to launch their careers as analysts or associates. Analyst positions are available in asset management, corporate and investment banking, finance, technology and operations, HR, private wealth management, as well as the conjoined legal, risk and capital group. Programmes will vary, but some are known to involve rotational seats while others train graduates in one specific area only.

Programmes for newly hired analysts usually kick off with a global orientation event that takes place in either London or New York. Get prepared to take part in teamwork challenges as well as classroom-based training, aimed at broadening your technical skills, understanding your division, and getting to know your peers. Once you have returned to your home office, you’ll be expected to put theory into practice and get your hands dirty from day one. Your life as an analyst will be varied so don’t assume a strict routine. Tasks will, of course, depend on the business area; in corporate finance this could involve creating financial models, whereas HR analysts are responsible for providing employee advice. You’ll also get to collect a few air miles here and there with Deutsche sending you off to the odd business trip.

MBAs

While analyst positions are open to graduates of all disciplines, Deutsche Bank’s associate programme requires candidates to hold an MBA and previous work experience. Like trainee analysts, associates will be sent to an orientation event, which will be followed by a division-specific induction programme lasting two to seven weeks. Expect to be assessed during this initial training period with tests, presentations and exams. Associate positions are available in asset management, corporate finance and markets so your role will involve a clear client-focused approach, best suited for the more gregarious.

Associate internships are also known to provide a pipeline to a full-time position at Deutsche Bank. Yet, be warned as the firm only hires the most talented MBA students around. As an associate intern you’ll be given assignments on a daily basis and will also have to handle a project for which you will be given full responsibility. A presentation about this will round up the placement and with various social events on offer, interns will be able to quickly network their way around the banking industry. In fact, most associate interns join Deutsche Bank after successful completion of the internship.

Internships

The magic key to the DB lock is work experience. So don’t miss the opportunity to undertake one of the firm’s internship programmes. DB offers two main placements, lasting 8 to 10 weeks each. Positions are available as analysts and associates, albeit for the latter you’ll need to be studying towards an MBA and ideally have several years of experience under your belt.

Analyst internships are highly competitive and candidates need to present an excellent academic track record. Life as an intern at Deutsche Bank is no walk in the park and you can expect to be involved in live projects and take responsibility right from the beginning. Interns can choose from business areas such as asset management, corporate and investment banking, finance, group technology and operations, HR, private wealth management, as well as the legal, risk and capital group. Make sure you pick the unit that really reflects your interests best as you’re likely to be asked about your choice during the hiring process. Mentoring, on-the-job learning and formal training will supplement your internship experience and if your supervisors like what you’re doing, don’t be surprised if you’re offered an interview for the firm’s analysts training programme.

If you would like to get a first glimpse of the firm, then the Spring Into Banking Scheme, running for a week over spring, would offer you the perfect opportunity to do so. You will be given an introduction to Deutsche Bank and shadow division managers. Day 5 of your placement will have you interview for an analyst internship. This short and sweet scheme is open to first-year students only and applications should be made early.

Deutsche Bank Graduate Recruitment Info

Graduate programme info:
Approx graduate hires in 2012-2013: 700+ (globally)
Length of grad programme: Dependent on division
Application deadline: Dependent on division or country. Refer to site.

Internship info:
Length of internship: 8 - 10 weeks. Germany, 8 weeks - 6 months.
Application deadline: Dependent on division or country. Refer to site.

Stats

No. of Employees: 80,456

Salary

Interns: Competitive
Analysts: £30,000 - £50,000 (Approx.)
Associates: £40,000 - £75,000 (Approx.)
Vice President: £70,000 + (Approx.)

Departments

Asset Management/DWS
Corporate & Investment Bank
Global Banking (Corporate Finance & Global Transa
Global Markets
Investment Banking
M&A
Management
Private & Business Clients
Private Clients & Asset Management
Private Wealth