Colin Jennings – Analyst, Finance, New York

I heard about Barclays Capital through a few different media outlets. Barclays Capital has a very predominate presence in Europe, as well as a growing reputation in North and South America. What’s more, as an avid football fan, I was always intrigued by Barclays Capital Bank’s sponsorship of the English Premier League.

After holding an internship in the financial industry during my time in college, I was then lucky enough to be extended an offer and placed in the Graduate Program here at Barclays Capital.

In college I was always drawn more to my finance-related classes than my other studies. This attraction led me to pursue an undergraduate degree in finance.

While on the Rotational Graduate Program, I was placed into my current role in High Yield Product Control. This placement was based upon my skills and assets as well as the needs of the business.

My current role is in High Yield Product Control, more specifically supporting the Secondary Distressed Assets Desk. This role is exciting, interesting, and even more educational. A product control role typically involves being responsible for the daily trading balance sheet and income statement for Barclays Capital. In addition to dealing with the daily P&L, we also are a main contact for the desk on new products, systems, and trading books.

A typical day here at Barclays Capital starts off with communicating with the desk on their current foreign exchange exposure. After we have addressed their current exposure and worked with them on hedging their positions we then look at their T+1 activities in regards to their flash. This flash is an estimation by the desk of their daily trading activities on a T+1 basis. One of the mainly daily objectives of product control is then to reconcile the flash to formal P&L that Product Control will produce. This formal P&L is then explained to the trader and all appropriate parties.

After the formal P&L is approved by the responsible trader, it is uploaded into our MIS systems to be viewed and analyzed by the appropriate parties.

The role of High Yield Secondary Distressed Assets Product Control is to substantiate, control, and explain the daily activities of the Secondary Distressed Assets Trading Desk.

On a broader level, Product Control plays a very important role within the Finance division: we produce a comprehensive and fully explainable P&L on a daily, monthly, and yearly basis, conduct independent pricing verification, and ensure that appropriate accounting principles are applied to all situations.

On a day-to-day basis we interact with many groups throughout the firm to ensure the product of P&L delivered to the desk is of the highest quality and, with the utmost integrity, to provide sound advice on the desk’s possible actions going forward. In reporting the daily P&L, some of the groups that we need to interact with would include Operations, IT, Compliance, Risk, Financial Control, Valuations, MIS.

The more communication that is provided around the P&L process, the more different aspects of the supporting side of the business are able to understand the overall concept in addition to keep the big picture in mind, while also remaining mindful about their own groups objectives. Communication is key in providing the correct P&L numbers not only to the desk, but to the overall bank as a whole.

My role here at Barclays Capital has many interesting facets that have their benefits. In my current role, the favorite aspects of my job are the “team first feeling” that is our overall Credit Product Control Group. Many different groups fall under Credit. At the end of the day, we all face the same issues and dilemmas, and during the day we are always there to support, guide, and learn from each other in our daily dealings. This feeling of being on a team is something that is very hard to find.

Secondly having the feeling of being important to the business is something that everyone looks for when coming into work. No one desires to come to work just to be used as a processor. When you come into work and you have that feeling that you are adding value to the overall business, that is something that is respected and looked for throughout the industry.

Last, but certainly not least is the constant level of learning that takes place on daily basis. Every P&L is different, and with that being said, every situation you handle is different. While sometimes this may become a bit tedious and even a bit disheartening, having that team feeling around you is enough to encourage you to press on. After the situation is solved, you are able to reflect and enjoy the feeling of achievement that everyone looks for.

Being in only my first rotation I can not begin to express my excitement for the upcoming rotations. While only being in my first rotation I have been able to learn more than one could have ever imagined. In addition to gaining technical product and market knowledge, you are also able to learn a tremendous amount about other aspects of the bank in your daily interaction. These daily interactions can then be reflected upon when considering your next rotation.

This program has prepared me for the future in many ways. The program brings you into your career with a class of graduates for a reason. A network for you to benefit and support are immediately provided to you. You are then instructed and reminded on subjects that you were provided in college. As soon as you begin to gain a level of comfort and possible complacency you are introduced to your role on the desk. The program instilled the basics in you, while reminding you that you have what it takes to make it on your own.

In addition to product and industry knowledge, you will need many soft skills to get through your day. In particular, you will need a commitment to hard work, real dedication and an open and hungry mind - and of course you must be able to keep your head during difficult times.

Every day is a challenge that you can learn something from, understanding this will help you gain more of a respect for the people around you and enable you to succeed at your role

The biggest challenge I have faced is adjusting to the lifestyle change. During college, times seem to be much more plentiful in addition to the projects and assignments seemed to be a bit more casual. Here at Barclays Capital while the lifestyle balance is second to none, there is certainly a shock period when coming from college. Learning how to interact with so many different people, while all trying to balance their agendas and being considerate of their objectives can sometimes wear on a graduate, yet the support you receive from HR, your team mates, and fellow class mates always makes getting through the day a bit easier.

The best project I have been placed on so far was a project that only lasted about three days. Being in Secondary Distressed Assets, we come across multiple reorganizations, all of different sizes with different stipulations.

After sitting on the sidelines and learning about the reorganization process I was able to handle a smaller reorganization by myself and explain all the parts, not only to the PCG desk, but also re-assure the trader with sufficient explanations of the P&L. Although small, this proved to be a turning point in my role for myself.

The culture here at Barclays Capital is very encouraging and very balanced. Yes, there are the late nights that you must put in every once in a while. To balance this, and reward your hard work and dedication to the firm, you are rewarded with certain initiatives that will positively weigh on your work life balance pursuit. In addition to a great work life balance culture that features initiatives as “Finance Work Life Balance” we are also provided many ample opportunities to offer our time to charity. Barclays Capital has paired with groups such as ‘Team Hole In The Wall’ and ‘Habitat For Humanity’ which will both benefit their respective charities will improving the lifestyle, diversity, and team atmosphere here at Barclays Capital.

Your training will provide you with a broader picture of the bank, while also leaving room for on-the-job, role specific training. This training is conducted on the desk in a very informal learning environment, but it will enable you to complete your deliverables on time and efficiently, in addition to fostering a good working relationship with the people around you. Although the work can be tough and sometimes tedious, when you pair hard work with a healthy work/life balance, this is a very encouraging environment.

Learning and hard work at Barclays Capital are always encouraged, team work is always facilitated, and this is a great place to start a career in a very difficult industry.