Investment Banking
Nomura Application Guide
Japan's largest investment bank and a lean, cross-border challenger in London, with a Lehman-built EMEA platform headquartered at 1 Angel Lane. Every stage of the process, the questions Nomura actually asks, and the prep that gets candidates through, in one place.
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The firm
About Nomura
The business today
Nomura is a Japan-headquartered global financial services group with an integrated network across more than 30 countries. While it commands a dominant retail and wealth franchise in its home market of Japan, its London and broader EMEA presence is built around the Wholesale division, which comprises Global Markets (Sales, Trading and Structuring) and Investment Banking (M&A advisory, capital markets and solutions). For UK graduates and interns, applying to Nomura means applying to this wholesale franchise, operating from the firm's EMEA headquarters at 1 Angel Lane, London.
The business model organises operations into three pillars: Wholesale, Investment Management and Retail. Retail and wealth management are concentrated in Japan, generating stable domestic fee income, while Investment Management runs globally. The Wholesale division is the primary growth engine outside Asia. In London, Nomura acts as a major liquidity provider and corporate adviser, using its cross-border capabilities to connect European corporate and institutional clients with Asian capital markets, and vice versa.
Globally Nomura employs over 30,000 people. Per Nomura Holdings' FY2024/25 and FY2025/26 results, the group achieved net revenues exceeding JPY 1.89 trillion (about £9.8bn), driven by a 15-year high in net income attributable to shareholders of JPY 340.7bn, with the Wholesale division capitalising on interest-rate-derivative volatility and a surge in global underwriting mandates.
In the UK, Nomura occupies a distinct competitive tier. It competes against European bulge brackets such as Deutsche Bank, UBS and Barclays, French houses BNP Paribas and Societe Generale, US banks, and elite or specialist players like Jefferies and Macquarie. Among Japanese institutions it maintains a larger trading floor and a more aggressive London investment-banking footprint than Mizuho, SMBC Nikko or Daiwa. The franchise was permanently shaped by the 2008 acquisition of Lehman Brothers' EMEA and Asia-Pacific operations, which grafted Western execution standards onto a conservative Japanese governance framework.
Recent strategy under Group CEO Kentaro Okuda and EMEA Head Christopher Willcox prioritises capital efficiency, strict cost discipline and the expansion of capital-light advisory and private-capital businesses. Following the 2021 Archegos default, Nomura overhauled prime-brokerage and risk protocols, scaled back capital-intensive equity financing, and pivoted toward private credit, infrastructure finance and sustainable technology via the high-performing Nomura Greentech division.
Why people apply to Nomura
You trade some prestige, balance-sheet firepower and headline pay versus the top US bulge brackets for leaner teams, earlier execution responsibility, a distinctive Asia-EMEA cross-border franchise and a more balanced, lower-ego culture. Decision-making can be slower because major approvals route through Tokyo, and the firm is more conservative on capital-intensive European lending.
Candidates are drawn to Nomura for outsized deal exposure and immediate execution responsibility. Because deal teams are leaner than at American bulge brackets, first- and second-year analysts routinely act as the primary execution engine on major cross-border mandates, interfacing directly with managing directors and client teams without the bureaucratic layers common at larger institutions. Nomura's dominance in Asia provides a distinctive flow of cross-border M&A and inbound investment into Europe, giving juniors exposure to complex international transactions.
Candidates accept clear trade-offs. Nomura's balance-sheet capacity for EMEA corporate lending is more conservative than universal-banking peers like Barclays or BNP Paribas, limiting its ability to lead capital-intensive debt syndications for European corporates. Because final capital-allocation approvals are coordinated with the parent executive committee in Tokyo, cross-border decision pipelines can take longer than at pure-play Western institutions.
Career outcomes are strong. Analysts regularly exit into top-tier and mid-market private equity, multi-manager hedge funds, corporate development or premier business schools, and those who stay benefit from an accelerated internal pipeline, with high performers often reaching Associate within two to two-and-a-half years. Demonstrating awareness of specific recent mandates, such as the Cellnex Ireland divestiture or a Greentech energy-transition deal, signals the commercial drive the firm rewards.
Divisions inside Nomura's Investment Banking
Investment Banking (coverage, ECM/DCM, Acquisition & Leveraged Finance)
Day-to-day
Building DCF and LBO models, maintaining trading and transaction comparables, drafting confidential information memorandums and compiling client pitch books across industry coverage and product groups.
Interview style
Technical from the first live round: accounting links, valuation methodologies, M&A accounting and LBO mechanics, plus motivation and fit.
High difficultyNomura Greentech
Day-to-day
The marquee sustainable-finance franchise: energy-transition, carbon-capture and circular-economy advisory. Building clean-energy sector growth profiles, historical transaction maps and pitch materials under a Greentech Director.
Interview style
Advanced LBO and DCF modelling plus genuine clean-energy sector knowledge; one of the most competitive desks in the City.
Extreme difficultyGlobal Markets (Fixed Income / Equities)
Day-to-day
On the 1 Angel Lane trading floor: pricing options, monitoring liquidity, executing client flow, building automated risk-monitoring tools and drafting daily market commentary across macro and credit (Fixed Income) or derivatives and electronic flow (Equities).
Interview style
Quantitative intuition, mental maths and brainteasers, option mechanics, fixed-income fundamentals and macro drivers.
High difficultyGlobal Research
Day-to-day
Producing macro-economic analysis, equity research and fixed-income strategy for institutional clients: building forecasting models for listed European corporates, interviewing sector executives and publishing thematic reports.
Interview style
A structured stock pitch, valuation precision and a writing sample; expect pushback on entry multiples and terminal growth.
Moderate-high difficultyInvestment Management
Day-to-day
Managing public equities, fixed-income portfolios and alternatives (private credit and infrastructure) outside retail Japan. Supporting portfolio managers via asset-allocation analysis, macro tracking and credit-risk evaluation.
Interview style
Asset-allocation theory, equity analysis and portfolio-management reasoning.
Moderate-high difficultyCorporate Infrastructure (Risk, Finance, Operations, Technology)
Day-to-day
Credit and market-risk modelling, financial planning and product control, trade-settlement and clearing architecture, and engineering low-latency execution and data pipelines.
Interview style
Specialised: risk frameworks, accounting, process engineering, and live coding plus system design for Technology.
Moderate difficultyTry it now
Score your CV against Nomura's sift
Nomura talent acquisition screens thousands of CVs per cycle. Most are read in under 30 seconds. The candidates who get to interview have CVs that signal commercial relevance fast, in the format Nomura expects.
What Nomura looks for in a CV
Quantified impact
Numbers in every bullet: deal size, team size, percentage uplift, revenue managed. "Led a team" is filler, "led a 6-person team that delivered £400k of revenue" is a signal.
Named firms and deals
Nomura recruiters skim for brand names they recognise. Name your prior internships, the deals you observed, the clients you worked on. Specifics beat generic descriptions.
Industry-relevant language
Use the vocabulary of the investment banking world: DCF, comps, LBO, league tables, deal flow. Generic "analysed data" reads as not-yet-in-the-industry; the right terms read as ready.
Tight, structured layout
One page max. Reverse-chronological. Three to five bullets per role. No long paragraphs, no dense blocks. The skim test decides the read.
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The application
How Nomura hires
5 stages, real interview questions, the criteria that decide it, and the moves that separate offers from rejections.
The process, stage by stage
- 1
Online application
Opens early Sep, rolling close late Oct (graduate) to Jan (spring)Tailor explicitly to Nomura: reference the 2008 Lehman EMEA integration, a recent EMEA mandate or the Greentech franchise. Use a one-page, action-to-impact CV.
- 2
Online assessment (Aon cut-e)
Triggered within 24-48 hours of applying; strict 5-day (120-hour) windowAon scales numerical and inductive plus a situational and behavioural questionnaire. There is no negative marking, so never leave a question blank; accuracy under speed is everything.
- 3
HireVue video interview
Autumn, within 2-5 working days of applying; 5-day completion window3-5 questions, 30s prep and a 2-minute recording, no retakes. Use STAR, look at the lens not the screen, and aim for about 1 minute 45 seconds per answer.
- 4
Live first-round interview
October through DecemberTwo back-to-back 30-45 minute interviews on Webex/Zoom or phone with an Associate or VP. Know your accounting cold and have two recent Nomura deals researched.
- 5
Assessment Centre
Late October through FebruaryA half-to-full day at 1 Angel Lane: individual case and presentation, group exercise and senior technical and MD interviews. Facilitate the group, defend assumptions and manage your energy late in the day.
What Nomura asks at each round
Motivation
- Why Nomura over our bulge-bracket or boutique peers in London?
- Why this specific division rather than other areas of the bank?
- What do you understand about the daily life of a first-year Analyst at Nomura, and what part excites you least?
- What specific aspects of Nomura's training and corporate culture motivated you to apply to our London office?
- Where do you see yourself professionally over the next five years, and how does a role at Nomura help you get there?
Behavioural
- Tell me about a time you had to persuade a team member who strongly disagreed with your data or approach.
- Describe a situation where you had to manage multiple competing deadlines with severe time pressure.
- What is the most significant professional or academic failure you have experienced, and what did you learn from it?
- Describe a time you had to lead a project with limited direction or incomplete data.
- If an Associate points out a mistake in your financial model during a busy live deal, how do you handle it?
Commercial awareness
- Pitch me a recent UK or EMEA transaction that Nomura advised on. What was the strategic rationale?
- How is the current macroeconomic environment impacting Nomura's business lines?
- Nomura has deep roots in Asia. Discuss one major macroeconomic trend in Asian markets and its knock-on effects for our European clients.
- What is your view on the Bank of England's rate path, and how does it affect corporate debt issuance and trading volumes?
Technical
- Walk me through how a £10 increase in depreciation cascades through all three financial statements.
- Walk me through how you calculate Unlevered Free Cash Flow starting from operating income (EBIT).
- Why does a Precedent Transactions analysis typically yield a higher valuation than a Trading Comparables analysis?
- What is the fundamental financial difference between Enterprise Value and Equity Value?
- What are the primary financial levers that drive investment returns in a standard LBO model?
- If an acquirer with a 15x P/E buys a 10x P/E target in an all-stock deal, is it accretive or dilutive, and why?
Curveballs
- It is 3:00 AM, you are exhausted, and the deck you spent 12 hours printing has a critical formatting error on page 42. What do you do?
- You have placed a 'Sell' rating on a stock the market loves. How do you defend the thesis to a client holding a large long position?
- You have a 6-sided die and a 7-sided die. How would you generate a uniform random integer between 1 and 10?
- If two different Vice Presidents give you two urgent tasks at once, how do you prioritise your workflow?
What Nomura looks for
Academic standing
An obtained or predicted 2:1 minimum (or international equivalent), with AAB or higher at A-Level typical among successful applicants. Heavy intake from Oxbridge, LSE, Imperial, Warwick, UCL and Durham, but strong semi-target and non-target candidates with a First and clear technical preparation are evaluated on equal footing.
Pre-application experience
For summer and graduate roles, a prior spring week, boutique placement or asset-management internship, plus active involvement in university finance or investment societies. The firm values candidates who understand the operational reality of execution teams.
Cross-border aptitude
Genuine interest in international markets, macroeconomics and cross-border corporate dynamics, given Nomura's unique role bridging Asian capital and European corporate interests.
Humility and teamwork
Nomura screens out arrogance. Its corporate values favour low-ego, highly collaborative people who prioritise team execution over individual recognition.
Resilience and adaptability
The capacity to maintain analytical accuracy during periods of high deal flow or volatile markets, shouldering substantial responsibility early in lean teams.
Quantitative capability
For Global Markets, IB Solutions and Risk the quantitative bar is high: financial arithmetic, statistical modelling and logical sequencing. STEM and quantitative-economics degrees are well represented on the macro and derivatives desks.
The edge: what separates offers from rejections
Specific moves most applicants skip. None of them need talent, only preparation.
- 01Reference a real recent Nomura mandate (the Cellnex Ireland divestiture, Advent's Kereis buyout, a Greentech deal such as Eurowind or F2i, or the £5.5bn UK Gilt) in your 'why Nomura'.
- 02Anchor your motivation to a concrete strategy: the Lehman EMEA legacy, the Greentech pivot, or the expansion of private credit and macro execution, not generic prestige.
- 03Drill accounting and the Equity-Value-to-Enterprise-Value bridge cold; use the 20% UK corporate tax rate in your statement walkthroughs.
- 04Show low-ego, collaborative leadership; Nomura weeds out candidates who dominate or dismiss teammates.
- 05Demonstrate cross-border Asia-EMEA awareness and a defensible macro view, not a passive news summary.
- 06On the Aon tests there is no negative marking, so never leave blanks; master the 6-tab numerical interface before you start.
Prep, stage by stage
Drill each Nomura round
Dedicated pages for the four rounds Nomura runs. Practise each round on Intervyo.
Psychometric Tests
SHL, Cappfinity, Watson-Glaser and more, in the exact format Nomura uses.
HireVue
Real Nomura questions, identical timer, scored on six competencies.
Live Interview
Conversational mocks tuned to Nomura's style, with follow-ups.
Assessment Centre
Case work, technicals, group exercises. Full-day rehearsal.
Pay & culture
Working at Nomura
What they pay
Graduate
£70,000 base (recently raised to market; roughly £90,000-£115,000 total comp in Year 1 with bonus)
Internship
Pro-rata of the £70,000 base across the 9-10 week programme (historically around £45,000 pro-rata)
Perks
| Firm | Comp | Hours / week | Exit options |
|---|---|---|---|
| Deutsche Bank / UBS | ~£70,000-£75,000 base | 60-75 / wk | Strong PE and hedge funds |
| Barclays | ~£70,000 base | 60-75 / wk | Solid PE and corporate development |
| Mizuho / SMBC Nikko | ~£65,000-£70,000 base | 55-70 / wk | Moderate, strongest for Asia-linked roles |
| Jefferies / Macquarie | Higher base for top juniors | 70-85 / wk | Strong M&A and PE exits |
What working at Nomura is like
- Japan's largest investment bank; London (1 Angel Lane) is the EMEA headquarters and the core execution, structuring and market-making hub.
- A lean, meritocratic culture built on the 2008 acquisition of Lehman Brothers' EMEA and Asia-Pacific operations: Western execution standards within a conservative Japanese governance framework.
- Hours by division: Investment Banking 70-85/week with weekend work around live deals; Global Markets early starts (desks by ~06:45) winding down 18:00-18:30, weekends rare.
- A full-time, five-days-in-office mandate for front-office junior cohorts to maximise training and team integration.
- Low-ego and collaborative, with a flat junior structure and approachable seniors; arrogance is actively screened out.
- An annual 360-degree review buckets analysts for bonus and promotion; the Japanese parent gives a steady, long-term outlook versus the headcount swings seen at some Wall Street rivals.
- A distinctive Asia-EMEA cross-border franchise, plus Nomura Greentech, a market leader in energy-transition, carbon-capture and circular-economy advisory.
Timeline
When Nomura programmes open and close
By programme. Use these dates to plan applications across the cycle and submit early on rolling lines.
| Programme | Opens | Closes | Assessment | Offers | Notes |
|---|---|---|---|---|---|
| Spring Week / Spring Insight | Early September | Early January (often filled by late November) | Immediately on submission (psychometrics then HireVue) | Rolling November - February | First-years on a three-year course (or second-years on a four-year master's). Top performers fast-track to the following summer's internship via conversion interviews in April. |
| Summer Internship | Early September | Late November / early December (apply before mid-October) | Rolling September - December | Rolling October - February | The primary hiring engine. Typically 70-80% of the 9-10 week cohort convert to a full-time graduate offer on performance. |
| Off-Cycle Internship | Ad-hoc on business-line need (peaks spring and summer) | Open until filled | Accelerated, over roughly two weeks | Immediate on final panel approval | Driven by specific desk requirements rather than a fixed cycle; recent graduates and final-years available for 3-6 month placements. |
| Graduate Scheme (Full-Time Analyst) | Early September | Late October / early November | September - December | November - February | Direct slots are very limited because 70-80% of the cohort is filled from the prior summer's intern conversion pool. |
FAQ
Nomura application questions
How hard is it to get into Nomura?
The process is highly selective. Nomura receives thousands of applications a year for a limited number of UK seats across Investment Banking and Global Markets, with an estimated 4-5% offer rate. Successful applicants combine strong academics with relevant internships and well-developed technical skills. The funnel narrows at each stage, from the CV and Aon test sift through the HireVue and a rigorous live first round to the final Assessment Centre. It is less competitive than the US bulge brackets, but the technical and motivation bars are real.
What grades do I need to apply?
Nomura generally requires an obtained or predicted upper second-class honours degree (2:1 minimum) or international equivalent, with AAB or higher at A-level typical among successful applicants. Strong performance in quantitative and analytical modules is highly valued, especially for Global Markets and Risk. Because the firm uses contextualised recruitment software, fixed UCAS cut-offs are less rigid, but a strong academic foundation remains standard.
Does Nomura hire from non-target or non-Russell Group universities?
Yes. Target universities (Oxbridge, LSE, Imperial, Warwick, UCL, Durham) are well represented, but Nomura actively reviews applications from semi-target and non-target institutions such as Bath, Bristol, Nottingham, Manchester and Edinburgh. Candidates who achieve a strong First, display robust technical knowledge and have relevant experience are evaluated on equal footing.
What is the typical conversion rate from a Summer Internship to a full-time offer?
Conversion varies year-to-year with regional performance and headcount, but typically 70% to 80% of the summer cohort convert to a full-time graduate offer, provided they meet performance benchmarks across the 9-10 week programme. Because direct graduate slots are limited, the internship is the main route into the firm.
Does Nomura sponsor Skilled Worker visas for international graduate hires?
Yes. Nomura regularly sponsors Skilled Worker visas for full-time front-office London roles (Investment Banking, Global Markets, Global Research). These entry-level analyst positions meet the graduate-level skill classification (RQF Level 6) and exceed the salary thresholds, so the firm covers the cost of the Certificate of Sponsorship. Sponsorship is generally restricted to full-time graduate schemes and 9-10 week summer internships; it is typically unavailable for spring weeks or ad-hoc off-cycle placements without existing right to work.
Can I reapply if my application is rejected?
Yes. Unsuccessful candidates can reapply in the following academic year. The firm looks for candidates who have addressed previous feedback and developed their profile in the interim. Note the strict one-application-per-cycle policy: you cannot hold multiple live applications across divisions in a single cycle, and a CV or test rejection is usually final for that cycle.
How important is networking before submitting an application?
Networking is not mandatory and will not override a weak CV or poor test scores, but speaking with current analysts or attending campus events gives you specific, authentic detail to weave into your motivation answers. Referencing a real insight from a coffee chat makes a 'why Nomura' answer far more credible.
What is the dress code for an in-person Assessment Centre at 1 Angel Lane?
Strictly business formal: a conservative suit and tie or professional business attire. The same standard applies to virtual blocks; record against a clean, neutral, well-lit background. A polished appearance aligns with the firm's corporate standards.
Does the firm use automated screening tools for CV reviews?
Yes. Nomura uses contextualised recruitment software to understand academic achievements within a candidate's broader educational context, and Aon cut-e psychometrics act as an automated front-line filter before a human reviews your profile. Initial CV sifts are subsequently verified by human recruiters who assess experience and motivation.
Which division is typically the most competitive to get into?
The Nomura Greentech sustainable-finance franchise and specialised M&A groups within Investment Banking are the most competitive, driven by strong applicant volume and lean team structures. Global Markets front-office desks also demand the highest quantitative thresholds on the Aon assessments.
How not to fail
Mistakes that cost candidates Nomura offers
Specific failure modes the firm screens out. None of these need talent to avoid, only awareness.
- 01Submitting a generic application. Reusing identical answers across banks without tailoring to Nomura's structure, history and European presence leads to early rejection. If you can swap in another bank's name and the answer still works, it fails.
- 02Failing the basics of valuation. Candidates who cannot walk an Equity-Value-to-Enterprise-Value bridge or explain how a change in working capital affects free cash flow struggle in the first-round technical.
- 03Arrogance in interviews. Nomura's culture prizes collaboration and humility. Candidates who come across as arrogant or dismissive of team execution are routinely screened out.
- 04Poor time management on the online assessment. Spending too long on a single numerical chart prevents you from completing the test and drags down your accuracy score; with no negative marking, leaving blanks only costs you points.
- 05Unstructured HireVue responses. Answering without a framework like STAR causes you to run out of time before explaining the actual results of your actions.
- 06Lacking a ready market thesis. Failing to prepare an investment pitch or a clear view on a macro trend (such as central-bank rate policy) quickly exposes weak commercial awareness, especially in Global Markets.
- 07Not knowing Nomura's recent transactions. Being unable to name and discuss at least one or two recent EMEA mandates or Greentech deals signals shallow research.
- 08Neglecting risk in case studies. Focusing only on upside while ignoring downside protection and execution risk suggests an incomplete approach to transaction advisory.
If you are rejected
What to do next
A rejection is a standard part of the competitive London market. A CV or online-assessment rejection is typically final for that cycle, so refocus on the next window. If you reached the first round or Assessment Centre, you can ask your HR contact for brief, professional feedback and use it to fix the specific gap, whether technical or competency-based, before your next interviews.
Technical deficiencies
Re-study LBO and DCF mechanics, drill the accounting links and sharpen a defensible macro thesis.
Competency or fit gaps
Restructure your STAR stories around your individual contribution and lean into the low-ego, collaborative fit Nomura rewards.
Continental bulge brackets and issuers
Target firms whose cycles run later, such as BNP Paribas, Societe Generale and Credit Agricole.
Regional and mid-market advisory
Apply to boutiques and mid-market firms such as Alantra, Lincoln International and Baird, plus infrastructure and alternative-investment funds where an analytical background transfers well.
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Intervyo is not affiliated with or endorsed by Nomura. Process details are sourced from past applicants, the firm's published guidance and our own research; verify timings on the firm's official careers site before applying. Last updated 21 July 2026.
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