Background Checks
Has anyone gone through a background check for a new job within past couple years? Are they focusing on criminal, educational, or employment history? Just wanna know what to expect.
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Based on the most helpful WSO content, background checks for financial services roles, including investment banking, typically focus on the following areas:
Employment History: Verification of past employment is a key focus. Most banks use third-party verification companies to confirm the details you provide. This includes job titles, dates of employment, and sometimes even reasons for leaving. You may need to input your employment details into the verification company's portal.
Educational Background: Your educational credentials, such as degrees and institutions attended, are often verified. Ensure that the information on your resume matches your actual records.
Criminal Records: Criminal background checks are standard, especially for financial roles. However, the scope may vary. For example, FBI checks for financial jobs are legally required to show only relevant convictions, such as theft, fraud, or insider trading.
Credit Checks: In some cases, especially for operations or roles involving financial responsibility, a credit check may be included.
Extracurricular Activities: While employment and education are the primary focus, extracurricular activities are generally not verified unless they are directly relevant to the role or raise red flags.
It's worth noting that the depth of the background check can vary depending on the firm and the role. Some checks may even be completed after you've started working. To avoid issues, ensure all the information on your resume is accurate and verifiable.
Sources: Everything You Need To Know About Background Checks and Lying on your Resume, Background check for operations - How bad is this??, Suing a former employer, Employment Background Check - Extracurricular Activities (SA 2023), Summer analyst background check & employment verification
All of the above. You should be fine if you did not put something false in your application. With that being said, if you have a criminal history, you may want to be upfront about that before the background check.
Nah clean record for me. Passed a check before. In your experience, for employment, do they call previous employer or do they just ask you for proof of employment? Only worry is that my manager is known to be petty when people leave the team.
If you don’t have proof of employment (whether that’s a W2 or something else), the background check company will call the company at a phone number you provide. All the hiring company does is review the background check report. In my experience, before it’s released to the company for review, you are given an opportunity to respond to discrepancies they find. Of course, this is just my experience.
I may be wrong but my understanding is former employers can only share dates of employment. However, putting someone down as a reference would of course be different.
Exactly this - conflating background check vs checking references. Former should only happen when you have accepted the offer. You can give your soon-to-be-new employer a heads up they should call HR instead. For references, I never use anyone at my current employer unless I trust them with my life.
This is correct. If the background check company calls, they will ask about the dates of employment.
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