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[Ask Me Anything] Using your Law Background in Consulting - A Career in Financial Regulation, Governance, and Risk
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<blockquote data-quote="RSB99" data-source="post: 100178" data-attributes="member: 19970"><p>Thanks for the questions and comments! [USER=17165]@George Maxwell[/USER] [USER=11332]@Rijul Shah[/USER] [USER=3963]@jo123[/USER] </p><p></p><p>Here is a short piece to begin.</p><p></p><p><strong>My Background</strong></p><p></p><p>I completed my undergraduate law degree in 2021 and am currently pursuing a corporate law and financial regulation focussed LLM. </p><p></p><p>In terms of work experience, I have completed a US law firm summer vacation scheme, a Magic Circle first-year scheme, a Big-4 firm in-house legal and risk internship outside of the UK, and a policy research internship. I had more work experience, but I specifically chose these 4 for my applications. This is because consulting CVs are one-page long.</p><p></p><p>In the 2021-22 application cycle, I only applied to management consulting roles focussed on financial regulation and risk. I secured two offers, and two further invites to final interview which I did not pursue.</p><p></p><p></p><p><strong>What is financial regulation and what do consultants in this field do?</strong></p><p></p><p>Simply put, financial regulation is the collection of rules and policies that is imposed on all financial institutions (FIs) in a given jurisdiction. Some common FIs include retail banks, investment banks, investment managers (such as hedge funds and private equity firms), brokers, insurers, etc. The policies are developed and enforced by regulators. For example, the two main UK financial regulators are the Financial Conduct Authority and the Prudential Regulatory Authority. These regulations exist to maintain financial stability and minimise systemic risk. Financial services is one of the most regulated sectors in any jurisdiction. This is because the stability of financial services impacts every other sector and the broader health of an economy.</p><p></p><p>What does the job involve? My upcoming consulting role involves a wide range of sub-practices within financial regulation.</p><p></p><p>Some examples include:</p><p></p><ul> <li data-xf-list-type="ul">Helping financial institutions (FIs) plan for and implement key financial sector legislation and regulatory requirements (the list is long and varied!) into their business models and ensuring compliance</li> <li data-xf-list-type="ul">Reviewing the corporate strategy with which an FI is governed and ensuring the mechanisms comply with standards expected by the regulators</li> <li data-xf-list-type="ul">Helping FIs manage their relationship with regulators or train senior management on handling regulatory examinations</li> <li data-xf-list-type="ul">Optimising internal processes of FIs to minimise risk and aid compliance (often using technological solutions)</li> <li data-xf-list-type="ul">Advising FIs on their market conduct and any emerging reputational risks.</li> </ul><p></p><p>Answers to [USER=3963]@jo123[/USER] and [USER=11332]@Rijul Shah[/USER] </p><p></p><p><strong>Q. Do you need numerical skills?</strong></p><p></p><p>Ans - Depends. Yes, because most consulting hiring processes involve some degree of basic math tests. This is mainly because some areas of financial regulation such as financial risk require strong numeracy.</p><p></p><p>No, because other areas such as regulatory advisory, governance, and non-financial risk (which I intend to pursue) mainly require an ability to interpret regulations and spot how it might affect an FI’s business model and internal controls. You may be able to see the use of your legal skills here. However, the application process might demand some numeracy regardless.</p><p></p><p></p><p><strong>Q. How do you get your foot in the door?</strong></p><p></p><p>Ans - Same way as any professional services career. Consulting fairs, speaking to consultants, open days, and internships. You must also research and find out which firms practice financial regulation/risk and offer them at the graduate level.</p><p></p><p>Happy to answer further questions!</p></blockquote><p></p>
[QUOTE="RSB99, post: 100178, member: 19970"] Thanks for the questions and comments! [USER=17165]@George Maxwell[/USER] [USER=11332]@Rijul Shah[/USER] [USER=3963]@jo123[/USER] Here is a short piece to begin. [B]My Background[/B] I completed my undergraduate law degree in 2021 and am currently pursuing a corporate law and financial regulation focussed LLM. In terms of work experience, I have completed a US law firm summer vacation scheme, a Magic Circle first-year scheme, a Big-4 firm in-house legal and risk internship outside of the UK, and a policy research internship. I had more work experience, but I specifically chose these 4 for my applications. This is because consulting CVs are one-page long. In the 2021-22 application cycle, I only applied to management consulting roles focussed on financial regulation and risk. I secured two offers, and two further invites to final interview which I did not pursue. [B]What is financial regulation and what do consultants in this field do?[/B] Simply put, financial regulation is the collection of rules and policies that is imposed on all financial institutions (FIs) in a given jurisdiction. Some common FIs include retail banks, investment banks, investment managers (such as hedge funds and private equity firms), brokers, insurers, etc. The policies are developed and enforced by regulators. For example, the two main UK financial regulators are the Financial Conduct Authority and the Prudential Regulatory Authority. These regulations exist to maintain financial stability and minimise systemic risk. Financial services is one of the most regulated sectors in any jurisdiction. This is because the stability of financial services impacts every other sector and the broader health of an economy. What does the job involve? My upcoming consulting role involves a wide range of sub-practices within financial regulation. Some examples include: [LIST] [*]Helping financial institutions (FIs) plan for and implement key financial sector legislation and regulatory requirements (the list is long and varied!) into their business models and ensuring compliance [*]Reviewing the corporate strategy with which an FI is governed and ensuring the mechanisms comply with standards expected by the regulators [*]Helping FIs manage their relationship with regulators or train senior management on handling regulatory examinations [*]Optimising internal processes of FIs to minimise risk and aid compliance (often using technological solutions) [*]Advising FIs on their market conduct and any emerging reputational risks. [/LIST] Answers to [USER=3963]@jo123[/USER] and [USER=11332]@Rijul Shah[/USER] [B]Q. Do you need numerical skills?[/B] Ans - Depends. Yes, because most consulting hiring processes involve some degree of basic math tests. This is mainly because some areas of financial regulation such as financial risk require strong numeracy. No, because other areas such as regulatory advisory, governance, and non-financial risk (which I intend to pursue) mainly require an ability to interpret regulations and spot how it might affect an FI’s business model and internal controls. You may be able to see the use of your legal skills here. However, the application process might demand some numeracy regardless. [B]Q. How do you get your foot in the door?[/B] Ans - Same way as any professional services career. Consulting fairs, speaking to consultants, open days, and internships. You must also research and find out which firms practice financial regulation/risk and offer them at the graduate level. Happy to answer further questions! [/QUOTE]
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