Investment Research Graduate Programme
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Investment Research.
Curious about the world?

Applications have now closed for the 2023 intake

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About the Investment Research Programme

At Baillie Gifford, investment research is about understanding where value lies. We look at investment opportunities from every angle, and harness creative sources for in-depth qualitative and quantitative analysis, working to find investments that will grow clients’ funds over the long term.

Having an inquiring spirit and unique perspective is where we see the value in you. We understand that teams thrive when various backgrounds and interests come together with a curiosity about the world and a desire to learn. So, whether philosopher, mathematician, politics graduate or career changer, you can find your value here.

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Please click on the links to learn more about these streams.

Our Investment Research Programme offers two streams – structured development pathways in either Equities or Multi Asset & Income (MA&I).

Whichever stream you choose, you’ll have the chance to rotate through a series of placements in various autonomous investment teams.

You’ll find that each team has its own distinct approach and investment philosophy, but all have the same purpose – to drive positive returns for our clients. So, whether those are councils, pension funds or governments, we’re dedicated to helping them meet their income and savings goals.

The difference between the streams lies in the types of investments you’ll research. As an introduction, our Equities and MA&I film and webinar event will explain the differences between the two. You can find out what that means for your rotations and day-to-day work on the links below, and there’s plenty of detail on the different funds across our wider website. After all, this is a programme about researching opportunity, and we’d like you to make an informed decision on what is right for you.

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Investment Research Streams - Equities and Multi-Asset & Income (MA&I)

Delve into the differences between our two Investment Research programme streams. This short video aims to help you understand the options and think about your choice.

Watch now
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Intro to Equities and Multi-Asset & Income (MA&I)

Dip into our webinar to hear from our Equity and MA&I colleagues about what it's like to work in the two teams and some of the key attributes we're looking for.

Watch now

Our Core Values

Our aim is to give you a balanced and fair representation of what it’s like to work in the Investment department at Baillie Gifford. To this end, we’ve shared our core values below. Under each value, we’ve asked relevant questions to help you consider whether Investment Research at Baillie Gifford is the right career choice for you.

Our values

Ambition and investment excellence

We are ambitious and always strive to improve through a culture which gives primacy to investment excellence, learning and innovation.

We operate in a competitive and dynamic environment so we must constantly strive to get better to succeed. We must be open to change and challenge ourselves to learn and improve.

Questions to ask yourself:

- We provide a supportive learning environment at Baillie Gifford, but we expect investors to take responsibility for their own development. There is no spoon feeding. Are you comfortable with this? Will you take personal responsibility?

- Being a great investor at Baillie Gifford is not about being “the best” but getting better. Are you prepared for a journey of continuous improvement? Will you pursue challenging feedback?

Clients first

We will always put the interests of clients ahead of our own.

There is a clarity of purpose at our firm which transcends any mission statement. Looking after other people’s savings is a privilege and we operate to the highest possible ethical standards. Without compromise, we always place the interests of our clients first.

Questions to ask yourself:

- Will you push short-term self-interest aside to prioritise what is best for clients and your colleagues?

- The job of an investor is often intellectually stimulating. However, occasionally there is routine work that just needs to be done for the benefit of our clients. Are you happy to do everything it takes to get the job done, even if that means doing routine work?

Purposeful allocation of capital

We will be engaged and supportive shareholders. We will act in a manner which is supportive of society through the purposeful allocation of capital and the encouragement of sustainable business practices.

By supporting the companies we invest in and helping them realise their visions, we want to be the best shareholder on their register. At the same time, we will hold them to account and encourage them to meet the highest standards of sustainable business practice.

Questions to ask yourself:

- We believe that innovative businesses are important engines of long-term progress. Do you share this belief?

- Companies can have both positive and negative impacts. Many people crave certainty and struggle to balance conflicting evidence in developing a view. Are you capable of developing this skill?

Long-termism

Long-termism is central to our investment philosophies and the way we run our firm. Our time-horizon is both an investment advantage and an enabler of committed investment in our people and capabilities.

Our long-term approach to investing helps us to think differently, tolerate volatility, and it leads us to cultivate genuine relationships with the companies we invest in. Our long-termism is enabled by our organisational structure. As a partnership, we do not answer to outside shareholders, which means we can run our business and our investments for the long term.

Questions to ask yourself:

- Our five year plus investment horizon means that feedback loops are long. It takes years for investment cases to play out. Are you comfortable with uncertainty and that your decisions may not always be ‘right’?

Aligned autonomy

We operate with aligned autonomy. We value intellectual freedom and non-conformity. We respect the ideas of others. We are open, transparent, and supportive. We accept the responsibility implicit with autonomy - we share our objectives and ask others to hold us to account.

The ability to operate with intellectual freedom and to innovate is valuable. We operate with autonomy but also share ideas and leverage expertise. It is this combination of freedom and alignment that makes our investment culture unique.

Questions to ask yourself:

- Other investors may write research which challenges your own views. Are you OK with differences in opinion and with there not being a single “Baillie Gifford view”?

- Are you willing to embrace that aligned autonomy does not mean agreement, but rather respect for ideas and shared responsibility?

Context over controls

We lead and organise ourselves with context over controls. Responsibility and function are distributed wherever possible. We have few rules, but our values are non-negotiable.

Teams and individuals at Baillie Gifford are given a lot of freedom. We have no “Chief Investment Officer” and there is very little top-down decision making. This helps foster an environment of experimentation and creativity, but it requires collective responsibility and commitment to our values.

Questions to ask yourself:

- Are you a self-starter who gets on with things without needing to be told explicitly what to do?

- Are you willing to get behind the core values outlined in this section?

Meet our People

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Helen Xiong Investment Research
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Saad Malik Investment Research
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Tom Fenton Investment Research
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Yussef Robinson Investment Research
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Ellie Lewis Investment Research
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Alice Stretch Investment Research

“We’re looking for curiosity about the world and a breadth of thinking. You need to be able to join the dots of seemingly unrelated topics to see where innovation and opportunity could lie.”

Helen Xiong,
Investment Partner.

Your development

Whichever stream you choose, you’ll have a clear path with all the support you need to get moving. With two mentors – one supporting your trainee year group and one on each of your team rotations – you’ll always have someone to turn to for advice.

The programme aims to ensure you are surrounded by the resources you need to feed your own hunger to learn, whether through foundational sessions in financial accounting, on-demand modules to strengthen your skillset, guidance and feedback from colleagues on the research you produce, or more general conversations with your peers and more experienced investors.

In your first two years, you’ll work towards both the IMC (Investment Management Certificate) and the CFA (Chartered Financial Analyst) Level 1 professional qualification – with in-house training, fees covered and generous study leave. You’ll also complete our broader Behavioural Skills Learning Programme to gain the professional skills needed to succeed with us, from managing your time to effectively communicating with colleagues. And, with travel across the UK and the world, you’ll have the chance to learn more at conferences and meetings.

Your growth doesn’t end with the programme – professional development is a way of life here. You could move into fund management, focus on a specific sector, or join our Clients Department. Many of the partners who own the firm started on the Investment Research Programme. Perhaps that could be you.

What we look for

We encourage applicants from any degree subject to apply for our Investment Research Programme, as there’s no one type of person we’re looking for at Baillie Gifford.

Inquiring minds

This is a programme (and a firm) where learning and development does not stop. That’s why it is vital that you have an insatiable appetite for knowledge and the humility to know how much you don’t yet know. You must be curious, open to ideas and interested in a wide range of subjects, even those you know little about.

Independent thinkers

Nobody here expects to be spoon-fed answers – you need to apply your imagination, supply the inspiration, and find your own information. Research should come naturally: helping you spot the trends before others do and distinguish the short-term noise from what really matters. If you’re a self-starter, ready to raise your hand and get involved then this could be the perfect fit for you.

Resilient individuals

It can take years of uncertainty before we see the results of our work. So, as well as careful consideration, it takes commitment and grit – putting the client and the firm first. And, when mistakes happen, you know it’s not the end of the world. You will require determination to grow and progress from every opportunity, come what may.

Application process

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To get started, you must complete a short online application form, answer two questions, and attach your CV. We’ll ask you to choose whether Equities or MA&I is the stream for you. If you’re still unsure after reading all the information, select both, and we’ll ask you to make a choice later in the process.

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If selected, we’ll invite you for a first interview with one of our senior investors and a member of the HR team, so we can assess your potential to succeed as an investor. We’ll give you the chance to discuss your academic and professional choices, whilst finding out more about your interests. You’ll have the opportunity to ask questions and learn more about our programmes.

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This final stage is more in-depth. Along with additional meetings with senior investors from your chosen stream, you’ll meet different members of the teams you might join – from experienced analysts to fund managers who have all been through the programme. We’ll be open and honest with you at every stage, so you get a clear idea of what it’s like to work at Baillie Gifford.

Is our Investment Research Programme not right for you? Try these instead: