Advice for Fledgling Financial Professionals
I wear many hats at my work, some having little to do with my actual job description. My favorite such example is my role as a recruiter. As a business unit recruiting representative, I get to travel to regional colleges and universities promoting my workplace and answering questions about our corporate culture.
These past few weeks have kept me busy with recruiting visits, and as a result, I have come up with the following tips for recent and future college grads:
1. You won’t get rich in most entry level positions.
I am always surprised by how recent grads expect to make $60,000+ right out of school. It’s possible to make that and much more if you are sitting for the CPA exam and work for a major auditing firm, or are an high-grade-point, top-tier (Harvard, et al.) grad entering I-banking - but for most 22-year olds with degrees in finance, real estate, or management - chances are you are going to be starting pretty low on the totem pole (think $35 - $45k). Most employers want you to prove yourself before moving you up the pay scale.
2. No job is beneath you
This ties into my previous point - and is especially true for those seeking financial sector jobs today’s economy. I am astounded by the number of young people at the colleges I visit who plan to land jobs in the commercial real estate field. I don’t know about other financial management firms, but our commercial real estate investment and commercial lending divisions are both in a hiring freeze. Maybe these recent grads have better luck on the coasts, but based on what I’m reading in the WSJ, that’s not likely.
Take a job, any job, in the firm that you most want to work for - even if the compensation isn’t where you want it to be - then work your way up. Most companies promote from within.
Here’s a personal example: I had a degree in communications, but thought that I may want to work in financial services - so I took a job as a part-time teller at the largest bank in town (and supplemented my $7-an-hour-income by bartending and waitressing). I went from a part-time teller to a personal banker in less than two years. The company never would have looked at me for a banker position based on my resume alone, but they knew me and knew my performance history - and I got my first office with a door because I was willing to start at the lowest level.
3. “Soft” skills count
I get so tired of communications and people-management skills taking a back seat to quantitative abilities at business schools. The number of “heads-down” jobs in the US is continually decreasing thanks to globalization, and in order to move up the ranks at most financial services firms, you need to be able to collaborate with contributors across all levels and sell concepts to the senior management team. Public speaking, people management, and writing skills count big-time. If you’re aware that you have a weakness in the “soft” stuff, work on improving in those areas - it will pay dividends for the future of your career.
4. Very few people find their “life’s work” directly out of college
I can’t think of a single person that I graduated with that is actually doing what they went to college to do. Not one. We each went through our own versions of the quarter-life crisis - some bounced around to multiple jobs before finding a good fit, many went back to school for advanced degrees in completely different fields, one went to trade school, and a couple got married and went the stay-at-home-spouse route. It’s ok not to know what you want to do or where you want to land. Try on different hats and start down a path - you never know where you’ll end up.
5. The corporate world will likely be different than what you originally imagined
Unless you land a job at the firm you interned at (a strategy that I highly advocate, by the way) - chances are that you’re going to be surprised how different corporate culture is from what you had pictured in your mind’s eye.
One of my closest friends couldn’t wait to graduate and start a suit-and-briefcase job with her newly minted PR degree. She got the job - and hated it. She now works in college administration. You will have “What am I doing here?” moments as well. That’s completely natural - just keep point number 4 in mind, work your hardest, and keep an eye out for the next opportunity .
And now a question for BankerGirl readers:
What advice would you give a recent/future graduate? I’ll take my favorites from the comments section and use them for a post when graduation season is upon us.
Stumble it!
February 10th, 2008 at 3:39 pm
I found your site on google blog search and read a few of your other posts. Keep up the good work. Just added your RSS feed to my feed reader. Look forward to reading more from you.
- Sue.
February 10th, 2008 at 5:06 pm
Good tips. I think it’s the same in a lot of industries…few places where a starting worker can pull in the big bucks.
February 10th, 2008 at 10:36 pm
Comprehensive list. I’ll pass this piece of sound advice to my daughters when they graduate later this year.
Thanks
February 11th, 2008 at 11:12 am
My advice will sound uber-corny:
If you don’t have passion for what you will do…don’t do it. Long term you won’t be successful. I ask everyone on my staff the same question; where do you want to end up, and then work backwards from the end point.
February 11th, 2008 at 9:01 pm
@ RacerX - I don’t know how I feel about the whole “follow your heart and the work will follow” philosophy, but I do agree that no one should stay in a job that you hate.
I love that you and your staff back into current roles from “where do you want to end up?” That’s great.
February 13th, 2008 at 3:16 pm
[…] wrote an interesting post the other day with some advice for fledgling financial professionals. I particularly liked point #2: No job is beneath you, which reminded me of a recent experience I […]
February 13th, 2008 at 3:50 pm
I similarly do recruiting which is outside my job function and truely love it but even thought I’m in the engineering and construction field I have to completely agree with your 5 tips.
Two other tips I have are:
-Be flexiable. So many students were interview only want X position or only want to live in Y location and miss out on the best opportunities because of that.
- Have Ego, but not too much. You need to have some ego so you share your best features with prospective employers but when you think you know more than people in the profession or are too egotistical about your accomplishments that’s when you get crossed off the list.
February 13th, 2008 at 5:21 pm
Amen sister: preach it!
February 17th, 2008 at 1:21 pm
[…] Advice for Fledgling Financial Professionals [BankerGirl] Tips for recent and future grads considering a career in finance. […]
February 17th, 2008 at 3:31 pm
I came here via Single Ma. Loved this post. My advice would be for a recent grad to learn to use the skills they have to parlay them into a job they would want and always think ahead. For instance, I thought I wanted to go to law school right out of college, so I got a job as a paralegal in a law firm. Once I was doing that job, I interacted a lot with insurance adjusters. I decided that I would like to have their job. I researched their job description and thought of how my current position had similar duties. I used that as a door to getting myself into that career.
Also, always dress for the job you want and not the one you have. Anyway, you already have tons of good tips on here.
February 17th, 2008 at 3:32 pm
One other comment.. Find a mentor in the career that you would like to be in, preferrably before you graduate. Build relationships and also join professional organizations so that you can have a leg up in networking.
February 17th, 2008 at 5:16 pm
As one of those grads who did make $60k+ out of school, I can definitely say:
- Don’t burn any bridges/accept all networks even the ones you think may never help you get ahead (also known as.. be nice to everyone)
- Don’t expect the world even if you earn a good salary, it just means they expect you to work like a dog and if you don’t….. be prepared.
- A degree gets you into the door but your work ethic and hard work is what keeps you in there and moving up.
- Don’t stay with a job just for the money.
February 18th, 2008 at 12:43 pm
Great tips!
Im not sure I have any advice other than what’s already been stated. I would just add to make sure that you are pursuing a profession that will actually pay the bills when you graduate. All that idealistic stuff doesnt mean anything to Pepco and Washington Gas lol!
February 18th, 2008 at 8:24 pm
Hi,
I found your site via Single Ma’s site as well. Love the article and feel it is very true (speaking from a relatively new grad’s perspective).
One good point to all you fellow finance grads out there is to try internships prior to your graduation!!! I did one and even if you end up doing a bunch of clerical stuff you get a feel for working in the corporate world! Besides no matter what job you attain BankerGirl has a point when she states “no job is beneath you”. But the plus side is this shows management and your fellow coworkers that you are a TEAM player and that is something that is remembered!!!
And one last thing I hope you all try to do is taking as MUCH out of your job as you can. Even if you start a job and you can’t envision yourself there forever, just try to LEARN as much as you can and take as many SKILLS as you can along with you when the time is right. But when you do decide to move on, despite the circumstances (and I’ve experienced some MAJORLY BAD ONES!!!), take the high road!
June 6th, 2008 at 7:31 am
[…] Girl’s Advice for Fledging Financial Professionals actually applies to many professional fields - if you’re planning on climbing a corporate […]