Graham graduated from Bath University with an honours degree in Business Administration.

On graduating he worked for Chestertons, Chartered Surveyors, where he set up an economic research unit, principally as support for the investment and development departments of the firm. His responsibilities included establishing the Investment Property Databank Index, widely accepted as the industry benchmark, publishing external research and producing development and investment appraisals for corporate clients. Examples of the work undertaken include the appraisal of potential out of town regional shopping centre development sites for a major private company, together with the appraisal of numerous standing investment opportunities for the firm's major clients.

In 1987 Graham joined Provident Mutual as a fund manager responsible for property equities, managing a £50m property equities fund in addition to the property interests of the firm's other investment funds. The period between 1987 and 1989 was one of intense activity in the property sector, and the work involved analysing the investment prospects of the numerous property companies that were floated over this period, together with the valuation of those companies that were acquired.

After a brief period at Hoare Govett as a property analyst, during which most of his stay was taken up with advising BAe on the takeover of Arlington Securities, he joined NatWest Markets in October 1989, becoming a Director in 1992. In February 1994, he left to join Goldman Sachs International.