Toni Dang - Research Analyst, London

I first heard about Barclays Capital when I was researching investment banking as a career in my first year at my university. I also went to lots of career fairs to speak to the business representatives and found that I had a good rapport with them. Secondly, I found the meritocratic and non-hierarchical culture that was communicated to me appealing. This was one of the reasons why I decided to undertake the Spring Programme at Barclays in my first year.

I’ve always wanted to go into business and finance. I was drawn towards investment banking due to the promise of a fast-paced environment and working alongside some of the most intelligent and entrepreneurial people in industry. I’ve always enjoyed longer projects within my field of study because it gives me the chance to write and to form my own analysis, so the idea of becoming a publishing analyst really attracted me.

After the spring session I went on to complete two rotational internships and a part-time job at Barclays Capital when I was still completing my degree. I have been very lucky as the opportunities Barclays Capital gave me allowed me to try different roles within the bank, in order to help me confirm that Research is the career path I want to pursue. It doesn’t end there, as there are many desks researching different asset classes, which involves different kinds of analysis. Now I have been at Barclays Capital as a graduate for just over a year, and I am rotating through Research in order to find the perfect desk for my skill.

My first rotation was on the Corporate Credit team where I researched Middle Eastern and CIS companies. This involves gaining a thorough knowledge of the financial accounts and capital structure to assess how creditworthy the company is, and coming up with trade ideas using cash bonds and CDS.

My second rotation was in Emerging Markets Economics, where we assess the health of economies and forecast their growth, inflation, interest rates amongst other macroeconomic indicators. We also work closely with FX, rates and credit strategists to support their trade ideas with the economies’ fundamentals.

I come in at about 7am and read the overnight news to keep on top of current events. There is a morning meeting where research and sales and trading share their thoughts on the events of the previous day, their views on the markets and what to look out for in the day ahead.

Short term enquiries, such as client requests for information/data and writing intraday comments, will dominate busier days when there is a lot of newsflow driving the markets. For example in Credit, if a company releases quarterly results I analyse the accounts carefully to find out why profitability/leverage/cash increased or declined, define the trends and whether this changes our view on how creditworthy the company is. On an economics desk, the day will be driven by economic data releases and how this changes the outlook on policy and puts pressure on currencies and interest rates.

The main work is writing longer publications, such as the weekly or quarterly releases, which delve deeper into the fundamentals and give a more long term view. The day usually ends about 7-8pm but sometimes publication deadlines or a bigger project can keep me at work for longer.

In Research we form a view about the markets and economies and this is ultimately the product which is “sold”. Our clients are the same as for sales and trading – hedge funds, asset managers, pension funds, etc. Their knowledge is already sophisticated and our research must add value through interesting interpretations of data and giving reliable forecasts and informed views. By showing our knowledge and expertise in the area, clients would be more inclined to trade with us based on our capabilities and this is the main way in which Research can be monetised. Analysts and the sales force have to promote our publications to achieve a high readership because there are many other high-quality sell-side analysts competing with us in the industry.

Teamwork is a very important skill in Research and this very much appeals to my interpersonal skills as you have to sell your ideas to the clients, as well as liaise closely across sales, trading and even the investment banking division. My past experience in Sales fits together well with Research as marketing is a vital part of gaining a high client readership and this involves a good understanding and relationship with Sales. The more senior an analyst becomes, the more direct interaction they have with the clients, either going to client meetings, roadshows or having discussions on the phone every day. Working in a global firm means I also have excellent connectivity with the equivalent analysts and economists in US, Latin America, Europe and Asia. Close interaction is essential to keeping the house view on the global growth story consistent.

The chance to become an expert in my own niche area and to have other people come to me for my opinion. At the moment I support the senior analysts but I am working towards forming an independent view and gaining my own coverage. This will come only with experience but is a great long-term objective.

In my analysis, finding interesting results after a hard day of analysing data is very satisfying. I enjoy the teamwork side of it because a publication usually involves several analysts collaborating, which is a stimulating environment to share knowledge and learn. Research is an interactive role as we co-operate with sales and trading, so you meet and work with many people. As a result, you will gain a broad knowledge that spans both asset classes and countries.

My favourite project was to write a report on what the Kazakhstani banking sector will look like after four major bank defaults. I enjoyed this project a lot as it gave me the chance to think independently, form my own analysis and I also learnt a lot about bank analysis, which is quite a niche area and distinct from researching other corporate fundamentals, making it really fun to learn about!

The learning curve is very steep. The biggest challenge of research is trying not to run before I can walk – there is so much new information to learn, it can be very stimulating and you want to utilise your new knowledge straight away. However I’ve had to learn that to be a good analyst, you need to have the building blocks firmly in place. This means spending more time on the more routine parts of the jobs such as spreadsheets, charts and data analysis, gaining a really good technical knowledge even if it means moving at a slower pace, but this means you will be able to add more value later down the line.

The programme was very useful in several ways. First, you spend time with fellow graduates every day for the first 10 weeks, so you build strong friendships and a valuable network of contacts across the firm for the future. Secondly, the programme trains graduates in a mix of products (options, derivatives, FX, rates, credit), financial Excel (accounting, modeling) and soft skills (business writing, selling skills, presentation skills), which equips you with relevant background knowledge prior to you joining the desk. We have some excellent trainers who come in and are able to teach us a lot in a short amount of time.

My favourite training was the accounting and valuation side, which I found very useful when I started analyzing company accounts in Research. Because I would like to pursue a career looking at company fundamental analysis in future, this is something I will be able to take away with me and build upon.

Patience, attention to detail and a head for facts and figures are essential for research because to form a view, there will inevitably be a fair bit of number-crunching, such as looking at financial accounts or economic data. Senior analysts spend a lot of time meeting or phoning clients to share their views. If you enjoy forming your own view and are good at articulating and defending it, both verbally and written, then you possess another key quality required for Research. As previously mentioned you must also enjoy teamwork and interaction with a wide variety of people.

I think the culture at Barclays Capital is outstanding and this is the main reason why I have stayed with the bank since the Spring Session. The organizational structure is very flat and the level of access to other departments and senior managers is exceptional. This means that you can be working closely with global heads to support their work and have input in their research analysis or client presentations. You will also be able to learn and seek career advice from some of the most senior and high-profile members of the firm. MDs sit on the trading floor with their team, not in their own offices, so they can maintain a close relationship with their team and keep on top of the market.

The internships and graduate programs actively encourage networking and meeting with directors and MDs is a compulsory part of both. I have gained a lot from the network of contacts I have built, both to seek career opportunities and to have found several informal mentors who I can go to for advice. There are many opportunities to give back to the firm and society through the Diversity/Charity events or by actively helping Campus Recruitment to promote the firm positively to potential graduate applicants.

Work/life balance is good and well-respected throughout the firm. Everyone at every level at Barclays Capital is friendly and approachable. They are always very willing to provide and explain information which is great in research because to be able to leverage the synergies between departments means higher efficiency. This allows you to minimize the amount of time looking for data, and collaboration accelerates the exchange of ideas and enables everyone to keep learning new ideas.

Barclays Capital is always growing and improving itself, so it is a very exciting and dynamic environment to be part of, for example our new Equity Business is a great venture. Graduates should join Barclays Capital because it is a great culture to work and develop in. Also, there is a lot of support and interest in your personal development from Campus Recruitment and the senior managers. Speaking from experience I have found that the firm is very accommodative in helping you find the perfect role for you. I am lucky to have been given the opportunity to have a diversified experience early in my career and I have learned a lot from it. Finding a good fit between your personality and the bank’s culture will make a huge difference to your job satisfaction and the bank recognises this. If you perform well and show the right attitude then the firm will want to retain your talent. If you want to learn and succeed then Barclays Capital is the ideal environment to thrive.