You’re on your way. You worked relentlessly on your résumé. You edited and tweaked until you got it just right. It didn’t end there. You practiced your pitch a dozen times, probably bugged a few friends for advice, and now you’ve done it. You’ve landed the interview. That’s right, the interview with a top financial firm that will hopefully get you a new position in the world of financial services.
The Phone Screen — Don’t Screw It Up
In most cases, due to the sheer volume of applicants across the sector, your first real interview may be via phone. Often referred to as a phone screen or informational interview, you’ll be asked to schedule a phone meeting to review your résumé and further the discuss the role. Sounds easy enough, right? (Especially given that you’ve read that official job description nearly 40 times, can most likely recite it, and want that job.)
It’s a candidate purge. It is important to bear in mind that the first point of contact will most likely not be the hiring manager. Why? Most large firms have a huge volume of applicants and a lengthy corporate screening process. It’s most efficient for an in-house recruiter to conduct the first round of phone interviews.
It’s about basics. For phone interviews, stay relaxed and speak conversationally without sounding overly familiar. Here’s what you may be asked:
• Why do you know so far about the role?
• Why do you want the role? And why with this particular firm?
• Let’s talk through your résumé. Tell me why you worked at Company X for just 5
Be prepared for these common questions. If you get past this candidate purge, you will probably interview with multiple people on various levels before getting your foot in the door. From your phone screen, it will then be decided whether or not to pass you on the respective manager or hiring manager. And this is just the beginning.
Level Up: An Actual, In-person Interview
Interviews at this level usually include two parts.
Technical skills and aptitude: Once you get to the first in-person interview, technical knowledge will be tested. Be prepared to explain why you enrolled in that Advanced Economics course. Will you be open to a test? Of course you would be — after all, you’re a quantitative type and live for those complex balance sheets.
Top financial firms (and recruiters) are known to include a test as part of the interview process — be it a role for brokers, traders or investment banking desk jobs. Your grades may state one thing, but can you tackle a 12-page Excel file full of client data? Let’s hope so.
The long answers: Your aspirations and goals will, of course, come up during the big interview, and you must have reasonable answers that show thought, research, and ambition. This is when your fit and personality for the respective firm will come to the forefront. You obviously won’t say you want to be CEO in two years, but ambition won’t hurt, either. Remain humble, attentive and thoughtful in your replies. Your fit for the respective firm, how much you know about the culture, your expectations of the role and technical aptitude are what matters most. The same questions may even come up but in different ways by different interviewers.
Here’s a bit of what to expect:
• What makes you think you are a fit for this role?
• Why do you want to work for us?
• What will you bring to the role?
• Can you discuss capital flow?
• Can you walk me through a balance sheet?
• Are you open to relocation?
And expect the unexpected. Sometimes hiring managers ask unconventional questions — such as math problems, brainteasers or would you rather type situations — but it’s because they want to see if you can think on your feet. They also want to get a glimpse inside your thinking process. Stay relaxed and maintain your composure, even if you aren’t sure of your answer.
Send a digital thank you. Be sure to follow up in some fashion. A short, concise email is best. While pen are paper are nice, handwritten notes take time and may not arrive in a timely enough manner. Good luck!
About the Author: Dawn Kissi is an international multimedia journalist reporting on the business, finance and economies of the world’s emerging markets. She reports and writes on sovereign and geopolitical risk, as well as securities trading and the technology moving global exchanges and markets. She began her career in broadcast news at ABC News in New York, eventually movinginto print and digital journalism. She is a graduate of Columbia University’s Graduate School of Journalism.
Did you know nearly half of job seekers don’t even bother to negotiate job offers during the hiring process? Instead, most of them accept the job offer immediately!
Many people tend to avoid negotiation because they underestimate their value as a professional. Although not every hiring manager will initiate a negotiation, you need to take it upon yourself to show him or her how you’d be an asset to their company.
For some reason, job seekers are afraid of salary negotiation. However, what you need to know is 45 percent of employers expect to negotiate salaries for initial job offers. Remember, negotiation isn’t solely based upon salary. You can also negotiate benefits such as vacation time, healthcare benefits, and retirement.
If you’ve just received an offer and you’re not feeling fully satisfied, here are some salary negotiation tips to help get more of what you want from your job offer:
Do your research and know your value.
Prior to entering the negotiation, do your research. If you’re going to negotiate a job offer, you need to be able to explain why you deserve a higher salary or additional benefits. Use websites such as Glassdoor.com to evaluate the common salaries for the position for which you’re applying. If you find other companies are offering higher wages, you can present the employer with that information and encourage them to offer a more competitive wage.
Sell yourself to the employer.
Employers are looking to hire the perfect candidate for their position. If you want the employer to offer you a higher salary, you need to prove your value. Show them your experience and share your accomplishments to paint them a picture of what you can do for their company. When you can market yourself as an asset for the company, it will help your negotiation seem more valid.
Be calm and stay in control.
Remember, during a salary negotiation, you want the ball to be in your court. Sure, while you want to impress the employer and provide them with what they want, you also need to focus on your needs. Salary negotiations can be stressful, but if you can prove to the hiring manager you can keep your cool and stay collected, they’ll be more likely to accept your offer.
Be ready for objections.
Probably one of the most challenging factors of a salary negotiation is being able to respond to objections. Don’t be surprised if an employer questions your negotiation or doesn’t agree with your offer. After you present your salary negotiation, be prepared to answer any questions the employer might have. If you did all your research and prepared for the negotiation, you should be ready to answer any questions he or she may have.
The next time you are offered a job, remember not to accept immediately. You’re in complete control of your career, so it’s up to you to decide if you deserve more from an offer. Don’t be afraid to express to the employer how you feel about the offer. Salary negotiation is a very important part of the interview process. Don’t be like nearly half of job seekers who miss out on the opportunity to receive a better offer.
What are some of your salary negotiation tips?
For this post, Doostang thanks our friends at Come Recommended.
In a perfect world, you apply for the job of your dreams, get a job offer that’s $5K more than you expected, realize your co-workers are going to be your new BFFs, and find out the company vacation package includes a time-share in St. Bart’s for employees to use.
Unfortunately, that’s not always how it works. Sometimes the job offer isn’t right for you, and if that case it’s better to say decline than accept, even in this tough economy. Taking a position that’s ultimately not a good fit can stress you out, hurt your resume and network if you don’t stay very long, and keep you from finding the job you’re really meant to have.
So how do you know when to say yes to a job offer and when to say no? Check out the job tips below.
Decline If the Money Isn’t Right
This one might seem like a no-brainer, but especially in a down economy, you’d be surprised at how many people accept job offers that don’t come close to meeting their needs. If you’re really desperate for a job, you might be tempted to say, “Sure, I’ll find a way to deal with $15K less than I’m accustomed to making.”
The problem here is that it’s easy to become resentful of your new employer if you don’t feel you’re getting what you’re worth, which can eventually affect your morale and performance. (Not to mention it’s hard to perform well at work if you’re stressed about money all the time.) If the offer is lower than you expected, try negotiating for another number that’s more doable, more vacation time, flex time, etc. If your potential employer isn’t willing to negotiate, it’s time to just say no to the job offer.
Decline If You Don’t Actually Want to Do the Job
The point of a job interview isn’t just to see if the company likes you, it’s to also see if you like the company and the job. Every now and then, you’ll apply for a position you assume will have one set of responsibilities from the job description, and then during the interview process it’s clear the company’s expectations are totally different.
If this happens to you, and you’re not comfortable with the hours, duties, or expectations the hiring manager has for the open position, say no to the job offer. Just because it originally sounded like something you might want doesn’t mean it is – and that’s what the interview process is all about.
Decline If You Don’t Fit With the Company Culture
Maybe the job sounds great and the offer is fantastic. But you’re looking for a business casual, flexible work environment, and your potential employer is more of a ties-and-jacket kind of place. Or maybe you firmly believe in work/life balance, and your new boss is expecting you to start at 60 hours per week.
If this happens, you should seriously consider saying no to the job offer. Company culture is a huge part of your satisfaction levels; at the end of the day, if you don’t fit with the culture, you’re not going to be happy. And that could mean you’re back out on the job market sooner than you planned.
The morale of the story is that if you can’t go into a job feeling good about the package, position, and company culture, you probably won’t last very long. And why waste your time, or anyone else’s, when the job that’s really perfect for you is out there?
Have you ever said no to a job offer? Let us know in the comments below!
Doostang thanks our friends at myFootpath for this post!
About the Author: Noël Rozny is Web Editor & Content Manager at myFootpath, a career and education resource for students of all ages.
Finding ways to foster workplace creativity and innovation isn’t easy. But, if you want your company to thrive, you must empower employees to achieve great things. In doing so, they will likely take on responsibilities and roles that extend beyond their job description. This cycle of creativity and innovation is one you want to foster and maintain in order to see your company prosper.
If you’d like to see more of this in your workplace, here are some effective ways to amp up creativity and innovation in any office environment:
Be the leader they need
No one has a more important role than the leader when it comes to cultivating innovation and creativity. As a leader, if you show that you are invested in your team and their contributions, they will stay motivated.
On the flip side, if your employees continually come to you with new ideas that get pushed aside or forgotten about, they will stop bringing them altogether. Always set aside time to talk through everything and figure out how and if new ideas can be implemented. If they can’t, make sure they know new ideas are still appreciated — even just a simple thank you will do!
To take it one step further, you may also consider offering incentives or rewards. This could be gift cards, bonuses, or public/private recognition to make your team feel like you appreciate their ideas and that it pays off to share them.
Look at the bigger picture
If you’re just beginning to foster a more creative an innovative workplace, you may need to spur some ideas at first. One way to do this may be to identify company goals and outline tasks that employees can do to help the company achieve those goals.
These goals may be tied to increasing productivity and efficiency, profits, or team collaboration. By putting your employees in charge of a clear directive that will directly impact the company’s bottom line, you can empower them to make a difference.
Make sure you’re not just assigning extra responsibilities to your team, though. Clearly explain all of the goals and tasks, and then let your employees willingly raise their hands to take leadership of something. This way they will be able to choose something they are personally passionate about, leading to much better results.
Provide a workspace conducive to creativity
Google has slides, a fireman’s pole and napping rooms. Real estate investment firm Fundrise has an office dog, Zappa. Student hub, Chegg, has a lifesize chess set. Discovery commerce platform Birchbox hosts in-office concerts. The possibilities for making your workplace more conducive to creativity and innovation are endless!
Add bright colors, out-of-the-ordinary office furniture, and fun office activities to help employees get the creative juices flowing. If a slide or dog isn’t realistic, consider a ping pong table, a mini fridge stocked with beer, or a simple paint job to bring color to the office.
Encourage new ideas from everyone
You may think that all of your employees with good ideas are vying for your attention and making their new ideas known to the entire office. But it is possible that there are a few people with great ideas that feel they have no way to share them.
For your less outspoken employees, offer a suggestion box in which employees can submit their ideas quietly. Also, try to make a point to connect with the more quiet team members by taking them out to lunch or meeting with them so they feel they can share their ideas privately.
When someone mentions workplace diversity, we tend to think quotas and politics. However, diversity can have a significant and positive impact on creativity and innovation in your workplace.
If you’ve cultivated an environment in which everyone thinks the same way and tends to agree with the same things, it is going to be very difficult to get a well-rounded pool of ideas. Plus, where’s the fun in that?!
During the hiring process, consider the background and experience you already have on your team and make sure you are focused on bringing in talent with something new and fresh to offer.
Extend beyond expectations
To cultivate an innovative environment in which employees are driven to go beyond their job descriptions, cross-training can be very useful. Cross-training involves teaching an employee who was hired to perform one job function the skills required to perform other job functions.
Remember: There is a fine line between empowering your employees to learn additional job duties, and overwhelming them. When you find a healthy balance that empowers rather than overwhelms, you can formally organize a process to get employees prepared to do more than just one single job. This not only helps the company run more efficiently, but it also keeps them interested and engaged.
There are a number of ways you can spur healthy competition within the workplace. It generally comes about in two ways: organized or organically.
Organized competition can be something like an idea board. This is where all of the great ideas presented to leadership and gives recognition to each person that came up with the idea. Organic competition, on the other hand, will come about naturally between employees in similar roles.
Keep an eye on your team and see that these friendly competitions don’t get too out of control. It’s natural and fun to have a little competition among co-workers, but if it becomes malicious or is at the expense of others, it will require intervention by leadership.
Amping up creativity and innovation in an office environment can be a challenge, but simply encouraging feedback and competition, providing an inspiring workplace, and embracing your role as a leader can make a world of difference.
Weigh in! What kinds of things have you found to foster creativity in your workplace?
About the Author: Heather R. Huhman is a career expert, experienced hiring manager, and founder & president of Come Recommended, a content marketing and digital PR consultancy for job search and human resources technologies. She is also the instructor of Find Me A Job: How To Score A Job Before Your Friends, author of Lies, Damned Lies & Internships (2011) and #ENTRYLEVELtweet: Taking Your Career from Classroom to Cubicle (2010), and writes career and recruiting advice for numerous outlets.
If working at a huge multinational investment bank is not your cup of tea, then you might instead set your sights on landing a job at one of many specialized, or boutique, investment banks spread across the country.
How Are They Different?
Unlike large “bulge bracket” banks such as Goldman Sachs, J.P. Morgan and other Wall Street powerhouses, boutique investment banks tend to be much smaller and specialize in certain industry fields, including technology, biotech, healthcare and energy.
They’re also usually private partnerships, not publicly traded firms, and often resemble what investment banks used to look like before major regulatory changes and consolidations transformed the banking industry in the late 1990s and early 2000s.
And the top-tier boutique banks are considered excellent and often lucrative places to work for those yearning to break into investment banking.
“It’s one of the best training grounds for young investment bankers,” says Alex Hart, a managing director at Signal Hill, considered one of the more prestigious boutique investment banks in the U.S., with offices in Baltimore, Boston, Nashville, New York, Reston, Va., San Francisco and Bangalore, India. “You can gain a lot of experience at a boutique that you can’t find anywhere else.”
What’s Their Niche?
The evolution: Modern boutique investment banking can trace its roots to roughly the early 1980s, when then young tech companies like Microsoft, Apple and other tech firms were first emerging as titans, or potential titans, in places like Silicon Valley and Boston’s Route 128 high-tech corridor.
Back then, boutiques played a key role in helping startups and medium-sized firms by raising capital and providing advisory services for mergers and acquisitions (M&A). But the bottom fell out on many boutiques in the late 1990s, as federal regulatory reforms allowed larger banks to jump into a wider field of financial services, including investment banking. Several boutiques ended up getting snapped up by giant financial firms.
“Many of these (mergers) failed miserably, as the cultures were quite different,” says F. Mark D’Annolfo, who formerly worked in investment banking at Deutsche Bank Securities and Adams, Harkness & Hill, a boutique firm that was purchased last decade by Canaccord Genuity.
The current climate: Over the past 10 years or so, boutiques have reemerged as key players within the investment banking field, often taking on smaller deals that mega-huge firms don’t want to touch. In other words, they’ve found a nice and often very lucrative niche.
What’s their bread and butter today? Some boutiques raise capital for IPOs and other public offerings, while also providing advisory services for M&A deals. But the majority of boutiques focus on the M&A advisory side of the business, effectively acting as middlemen between small-to medium-sized firms of all stripes and potential financiers, such a private equity firms and other fund companies.
Why it works: Boutiques tend to specialize in certain industry fields — such as technology, healthcare, biotech and energy — and often locate in major cities with cutting-edge companies and industries. Their deals are usually smaller than what the bulge bracket banks handle. Boutique deals can range from $20 million to $1 billion.
“After that, you’re starting to compete with the big guys,” M. Benjamin Howe, chief executive and head of investment banking at AGC Partners in Boston, says of the huge Wall Street firms.
The Best of the Best: Top Boutique Banks
There are literally hundreds of investment banks across the U.S., largely because anyone can technically call him or herself an “investment banker” and try to act as a financial advisor on major M&A and other financial deals.
But the most well known, top-tier boutique investment banks include Evercore Partners, Signal Hill, AGC Partners, Pacific Crest, Catalyst Group, GCA Savvian and others who are considered key financial players within certain industry sectors.
D’Annolfo, the former investment banker and now managing director of the Stephen D. Cutler Center for Investments and Finance at Babson College, cautions that those applying for jobs at boutiques need to carefully research firms to make sure they’re the right fit, such as whether a bank’s industry focus matches a candidate’s own expertise and interests.
“You really have to do your homework, as the experience can be very different from firm to firm,” he says.
The Best of the Best: Ideal Candidates
The best boutiques want the same type of job candidates as the big investment banks: potential top-notch financial analysts who are excellent at sifting through and analyzing complex financial data.
They also tend to recruit from top colleges and universities, though some boutiques may be partial to smaller prestigious schools close to their headquarters or satellite offices. Like bulge bracket banks, they look highly upon candidates who have majors in both business and specialized fields, such as computer science, biology and other science-related fields.
Compensation at boutique investment banks tends to be lower than what is paid at the mega-
big banks, largely because their deals are smaller, and they don’t have as much capital and global franchises.
But the compensation at boutiques, by any other standard, is still excellent, with some boutique starting first-year analysts off at $80,000 to $100,000, with additional performance bonuses. The pay rises as employees move up the corporate ladder and, if they can crack into senior management positions, compensation can easily surge into the seven-figure range.
The Typical Day — and Why It’s Better Here
For junior employees at boutiques, the average day is not unlike what financial analysts endure at big firms — long hours of research, research and more research.
But there’s a huge difference: Early-career boutique employees can get much more involved in actual deal strategizing, working closely with senior investment bankers and even clients. In other words, their jobs can be more flexible within a collegial environment, allowing them to gain far more experience than they might at bulge bracket banks.
“They’re also on a much faster track to partnerships because firms are smaller,” says AGC Partners’ Howe.
And another big plus: Many young boutique bank employees can parlay their valuable experience into landing jobs at private equity firms, hedge funds and larger banks.
Some even occasionally take the entrepreneurial plunge by joining young startup firms that they’ve previously worked with on finance deals.
About the Author: Jay Fitzgerald is a business journalist based in Boston. Over the years, his articles have appeared in The Boston Globe, the Boston Business Journal, the Boston Herald and other publications.
Not in school? A foreign student? Recruiter doesn’t come to your school? You can still get an interview. And you can still get a job in I-banking. Here’s what our insiders recommend if you fall into one of these categories.
If you already work on Wall Street, you know where to go-and you’re probably not reading this guide. If you’re coming from another industry, you’ll probably have a tougher time. Everyone is happy to hire lawyers who are fully proficient in banking or, on the research side, people with deep industry experience. And a few firms are willing to take a chance on a brilliant academic. But most tend to fill the gaps in their analyst and associate pools with men and women who have worked in a similar capacity for competitors. If you are a lateral hire, the good news is that you don’t have to suffer at your current job waiting out the long recruiting season. Throughout the year, recruiters scurry around to replace those analysts or associates who have either defected or fallen off the corporate track. Because lateral hires are typically not interviewed during the normal training-program season, they usually begin their new jobs without much, if any, formal training.
For foreign nationals who lack the right visa status to work in the U.S. after attending an American university, the process is less complicated than you might think. Investment banking is an increasingly global enterprise. Recruiters unanimously agree that candidates who are not U.S. citizens are treated the same as any other applicant; your working status is not an issue. In fact, your proficiency in several languages and close ties to your own country may give you a highly desirable edge. If you receive an offer, the firm will arrange your visa and, after a given number of years, your green card.
NO-NAME COLLEGE DEGREE
“I don’t have a prestigious undergraduate degree and/or I attend a second-tier MBA program. Is all hope lost?”
No. If the top firms’ analysts all appear to be summa econ graduates of U.S. News & World Report’s Top 10, or if the associate class seems to have been culled from the ranks of former analysts or the Penn and Harvard Clubs, you’re not far off. Investment banking firms are disproportionately staffed with Ivy Leaguers and top-tier MBA graduates who get scooped up on the recruiting tour. But there is no need to give up just because the scoop never came for you. There is a way in, albeit a more difficult one. If you’re going to be the exception, you need well-honed interviewing tactics. Preparation, strategy, and aggressive but discriminating networking will all help get you the job.
The first step is networking. Do not waste postage blindly mailing your resume to every firm. Focus instead on setting up appointments with industry insiders, either through introductions from friends (or even friends of friends) or by targeting alumni of your school who work on the Street. Ask lots of thoughtful, informed questions and demonstrate your commitment to investment banking. Keep in mind that, like the S&T hopefuls, you will probably have to fly yourself to headquarters (most likely New York) on your own nickel and pay for your lodging. This show of initiative may just be your ticket in. Remember: Being hungry for an investment banking job is at least as important as having a top-tier school on your resume. What really makes a candidate stand out is enthusiasm and commitment to the work. One recruiter told us of a candidate she hired from a school where the firm does not recruit: “On top of her excellent academic and professional experience, I was so impressed with her initiative to seek out several people in the firm. She demonstrated a genuine interest in investment banking when she flew to New York to meet with us and several other firms over her Thanksgiving break.”
Most insiders concede, however, that candidates from lesser-known schools need to have either stellar work experience or the ability to fill a unique need at the firm, particularly for CorpFin positions. It also helps if they have previously worked with someone in the firm who can serve as a reference. At the same time, several recruiters for sales and trading reveal that they interview-and hire-many graduates from no-name undergraduate schools or MBA programs. One insider explains that if you went to a lesser known institution you need to be prepared to give a valid reason. The best reason, as you might guess, is that you received a full scholarship. And if you’ve already had a lot of relevant experience, the good news is that where you went to school has much less impact on your candidacy.
When I first heard of sourcers, I’ll be honest, I had no idea what their purpose was. The job duties seemed similar to a recruiter and I couldn’t discern the need to divide the role into two. It wasn’t until I had the opportunity to work as a sourcer that I learned how essential they are to the talent acquisition process. After being in the industry for years, I was actually surprised more companies hadn’t used these individuals sooner. Sourcers really make an impressive impact.
Below are some top duties I performed as a sourcer. I truly believe these things are what made the recruitment process more successful than any recruitment role I had been involved in the past:
- Support for recruiters and deep mining of candidates:Recruiters can be bombarded with a lot of tasks that take away from their ability to seek out top candidates. These tasks range from coordinating/communicating with hiring managers, managing ATS, administrative duties and so on. Although these things are essential to keep the process flowing, it prevents them from taking the necessary time to find passive candidates, post jobs in unique places, build relationships with distinct professional organizations and so on. Sourcers aren’t bogged down with all the irrelevant duties and can focus on mining for talent, which increases talent pipelines and creates better opportunities for quality candidates.
- Market research: Just as stated before, time can be limited for recruiters. Sourcers have the ability to not only mine for talent but also to perform deep research on the talent markets. They can determine the supply vs. demand, competitor intelligence, best places to find talent and more. Having this market research can help companies reposition their strategies to be more attractive and proactive.
- Employment branding: Of course posting to job boards is important for getting candidate applications, but sometimes recruiters are only able to have enough time to do just that. Sourcers can get creative with the job postings. For example, when I was sourcing for software developers in San Francisco, I took the time to craft postings for jobs, social media, and tech specific groups (i.e. GitHub). I would highlight interesting things about the company, teams, products and what not. It made the opportunity more “three dimensional” and helped it stand out from the typical noise.
- Initial screening: Time is precious and we can only screen so many candidates. Unfortunately, automatically screening out candidates before speaking to them can cause companies to miss out on hidden gems. Sourcers can provide a better candidate experience by performing initial screening processes, allowing candidates to have a chance to speak to a human and not feel like their resume went into a black hole.
Although the listed tasks above might seem very basic, it really is surprising how much it can help the talent acquisition strategy. As a sourcer in the past, I believed I made a difference in the process by finding quality candidates, unique candidate referral sources, creative ways to promote the brand and jobs. I also felt like the added support to recruiters helped cut down time-to-fill, which is always a huge bonus.
About the Author, Ashley Lauren Perez: After graduating with a bachelor’s degree in human resources and organizational management, Ashley pursued her passion and secured a career path in the human resources industry. She is currently a Sourcing Specialist for WilsonHCG, as well as a Brand Ambassador for WilsonHCG and #TChat. Additionally, she uses her experience and knowledge to write a blog focusing on an array of Social HR topics. Even if you aren’t in the Charleston, SC, area, you can easily connect with Ashley onLinkedIn,Twitter and Facebook.
Market research is an essential step in the talent acquisition process and, surprisingly, is a step that may be inadequately implemented or missed all together. During my time in recruiting and sourcing roles, I learned how helpful market research was when starting the initial search for candidates. It’s helpful when identifying current supply and demand, challenges and opportunities. It gave me a solid starting point when pipelining candidates, making my search more efficient and effective. It’s also helped me reposition the position to be competitive.
Here are a few simple things you should review while initially performing market research:
- Supply and demand reports: pulling these reports can provide some great insight into the talent market. Understanding how many candidates are available in comparison to posted jobs will allow a recruiter to see what they’re up against. Also, understanding average compensation, popular job titles and typical candidate profiles can allow a recruiter to reposition the verbiage if needed to ensure their job postings are more visible.
- Competitor intelligence: in some cases, the supply and demand reports will also show top job posters in the market. This can make it easy for recruiters to see organizations that are aggressively recruiting for the same types of candidates. In researching these companies, recruiters can develop their outreach and steer conversations with candidates in a way that can highlight positives of the job and company, creating a competitive twist.
- Pipelining: not all markets and job roles are the same, so it’s important for a recruiter to research the most popular resources to find candidates before investing in these channels. Investigate job boards, social media, career fairs, and so on to see the best places to post your job and source for talent.
- Partnerships: building relevant partnerships in the talent market can be a great way for you to get your job in front of the right people and allow for opportunities to network with candidates. Research relevant professional organizations, universities/colleges/technical schools, veteran assistance programs, chamber of commerce associations, professional meet ups, and so on to really get a feel for these opportunities.
Although these are four simple suggestions to initially pull market research, it’s surprising how helpful this information can be. It’s allowed my job postings and networking to become more visible, thus allowing for more traffic. It was especially helpful during times I was a virtual recruiter and couldn’t physically do these things. It’s helped me get in front of relevant candidates and identify different ways to position my postings and conversations to ensure my jobs were competitive in the market. Do yourself a favor next time you get a new requisition and perform some of the steps above. I’d love to hear how it impacts your success rate.
About the Author, Ashley Lauren Perez: After graduating with a bachelor’s degree in human resources and organizational management, Ashley pursued her passion and secured a career path in the human resources industry. She is currently a Sourcing Specialist for WilsonHCG, as well as a Brand Ambassador for WilsonHCG and #TChat. Additionally, she uses her experience and knowledge to write a blog focusing on an array of Social HR topics. Even if you aren’t in the Charleston, SC, area, you can easily connect with Ashley on LinkedIn,Twitter and Facebook.
News flash! You don’t have to work on Wall Street to be a financial analyst.
Financial analyst jobs come in all shapes and sizes, so there are plenty of opportunities to land
analyst positions at a wide variety of financial firms spread across the country — not just in Manhattan. Analyst jobs can serve as springboards to other finance jobs in various sectors,whether they’re at investments banks, hedge funds, brokerage companies, private equity firms or other types of companies located in major cities across the country and globe.
Really? Tell me more…
Take Roy Sandeman, 26, who got his MBA at Providence College three years ago and considered pursuing a finance career at one of New York’s big financial houses. But after extensive research and networking, Sandeman, who earned an undergraduate degree in mechanical engineering from the University of Leeds, decided to take a job as a financial analyst at a major commercial real estate firm in Boston, where he crunched numbers and analyzed multimillion dollar commercial real estate lease deals for major corporate tenants and office building owners.
How’d that work out?
Two years later, he was promoted to senior analyst within the firm’s capital markets group, helping put together even larger office and industrial building sale deals. He now hopes to move up the ladder into senior management positions in coming years. “You have to keep your eyes and options open,” says Sandeman, who believes his engineering background has helped him in his new finance career within commercial real estate. “I’m in a field I like. I’m still crunching numbers, but now I’m in direct contact with clients and helping out in actual deals.”
Following is a look at just two areas that financial analyst wannabes might consider: real estate and mutual fund financial analyst jobs.
Real Estate and Mutual Funds: Where You’ll Become an Expert
The job of a financial analyst always come down to roughly the same thing, no matter the sector: long, hard hours of carefully researching company, industry, market and economic data and then making recommendations to senior managers about a course of action — such as whether to pursue a deal or pull back. Candidates with degrees in business administration, finance, accounting, math and economics are preferred.
In the case of commercial real estate and mutual fund analysts, though, their research concentrations can and will vary greatly.
Real Estate: Financial analysts within commercial real estate — which also includes publicly traded Real Estate Investment Trusts (REITs) and commercial mortgage companies (which effectively serve as investment banks for the buying and selling of sometimes huge commercial properties) — have to learn the intricacies of the real estate industry: office and industrial lease prices for a given market; cash flows of office buildings and industrial facilities; and debt payment and refinancing details. In addition, analysts will need to keep up with average moving and renovation costs, the economic and employment conditions of particular industries within regions and countries, and a host of other variables specific to real estate.
Mutual Funds: Financial analysts at mutual funds — either independent mutual fund firms or funds within giant parent companies, such as banks or insurance firms — serve as the effective eyes and ears for portfolio managers who can oversee multibillion dollar funds of a seemingly infinite variety: small-cap funds, Blue Chip funds, tech funds, energy funds, healthcare funds, and the list goes on and on. Financial analysts at mutual funds are usually assigned to a specific sector fund for a few years, and they better master the sector intricacies they’re covering.
The Upside: Career Potential and Flexibility
Move on up in real estate. Financial analysts within commercial real estate traditionally move up the ladder to become brokers, vice presidents, directors or partners, depending on the terminology and structure of individual firms. MBA degrees are highly advisable in order to advance, but not always critically necessary. One thing is almost always a must: Studying for and getting a commercial real estate broker’s license.
Or climb the ladder in mutual funds. The ultimate goal of analysts at mutual funds is to become a portfolio manager overseeing funds and managing other analysts working under them. MBAs are highly desirable for those wanting to advance to higher positions, and becoming a Certified Financial Advisor is must.
Then, leverage that experience. A major attraction for financial analysts at commercial real estate and mutual funds is that they can parlay their sector expertise to land jobs at hedge funds, private equity firms, investment banks, REITs, asset managers and other financial firms specializing in their new fields.
And live where you want to. Because there are commercial real estate and mutual fund firms and offices in most major cities across the country and globe, financial analysts in these fields also have incredible geographic flexibility. They can generally work where they want after they gain some experience, or at least they have a greater opportunity to land jobs where they hope to go.
The Burning Question: What About Compensation?
Salary: According to the U.S. Bureau of Labor statistics, the mean salary of financial analysts is about $75,000 — and that roughly holds true for analysts within commercial real estate. The pay at mutual fund companies is usually higher, but it varies from firm to firm.
Bonuses! On top of regular pay, financial analysts within both fields usually get bonuses, from 20 percent to double their salaries, pushing their compensation higher.
Potential: The salary rises as an analyst gets promoted and takes over more responsibilities. Compensation in the hundreds of thousands of dollars and even in the low millions is the norm within both fields after bonuses and commissions are included.
About the Author: Jay Fitzgerald is a business journalist based in Boston. Over the years, his articles have appeared in The Boston Globe, the Boston Business Journal, the Boston Herald and other publications.